Upload
others
View
11
Download
0
Embed Size (px)
Citation preview
NOTZ STUCKI FUNDS FACTSHEETS
August 2015
INDEX
MULTI-STRATEGY
GLOBAL MULTI-STRATEGY
Haussmann, SCA, SICAV-SIF P.1
NS Selection - Columbus P.2
ASIA MULTI-STRATEGY
NS Selection - Arowana P.3
EQUITIES
EQUITY LONG/SHORT
Long/Short Selection - Lynx P.4
Long/Short Selection - US Strat P.5
Long/Short Selection - Asia P.6
Ikebana Japan Long/Short Ltd. P.7
LONG ONLY
DGC - Equity World P.8
DGC - Stock Selection P.9
DGC – Franck Muller Luxury Fund P.10
FLEXIBLE
DGC - Flexible Allocation P.11
DGC - Horizonte P.12
DGC - NS Balanced P.13
ABSOLUTE RETURN
GLOBAL MACRO / CTA
Multi Strategy SICAV - Vision P.14
Multi Strategy SICAV - Trend P.15
NS Selection - Capitrade CTA P.16
RELATIVE VALUE
Multi Strategy SICAV - Pendulum P.17
DGC - Low Volatility P.18
FIXED INCOME STRATEGIES
DGC - Convertible & Credit Fund P.19
DGC - Bond Euro P.20
NSP Fit P.21
Citadel Selection Inc. P.22
August 2015
STRATEGY INVESTMENT CURR. INCEPTION NAV MTD YTDLAST 12
MONTHS
ANNUALIZ. VOL.
LAST 12 M.ISIN TELEKURS BLOOMBERG
Haussmann, SCA, SICAV-SIF Class A USD USD January 1974 2767.96 -3.81% 2.21% 5.31% 6.68% LU1129548050 26210789 HAUFNDI LXHaussmann, SCA, SICAV-SIF Class C EUR EUR February 2003 2424.03 -3.86% 2.30% 5.58% 6.73% LU1129548993 26210966 HAUFNDC LXHaussmann, SCA, SICAV-SIF Class D CHF CHF July 2010 1285.35 -3.93% 1.19% 4.33% 6.74% LU1129549454 26210971 HAUFNDD LXNS Selection - Columbus Class USD USD January 1985 939.58 -3.88% 2.52% 5.81% 6.97% LU0559924872 119622308 COLSELC LX
NS Selection - Columbus Class EUR EUR July 2002 186.87 -3.94% 2.63% 6.10% 7.01% LU0559924955 11962309 CMBSEUI LX
NS Selection - Columbus Class CHF CHF May 2004 139.07 -3.99% 0.94% 4.06% 7.05% LU0559925176 11962315 COLUMBS LX
NS Selection - Columbus Class GBP GBP February 2007 121.00 -3.82% 2.92% 6.36% 6.97% LU0559925093 11962312 COLSTRL LX
NS Selection - Arowana class A USD USD 31-Jul-2013 1268.06 0.79% 9.56% 11.85% 8.11% LU0950665264 21845053 NSCMSAA LX
NS Selection - Arowana class A EUR EUR 31-Oct-2013 117.75 0.73% 9.91% 12.37% 8.03% LU0950665421 21845054 NSCMSAE LX
Long/Short Selection - Lynx Class I EUR EUR November 1987 375.03 -2.15% 7.39% 13.26% 6.19% LU0675178148 13754331 LSLYXIE LX
Long/Short Selection - Lynx Class I USD USD April 2005 149.65 -2.11% 8.01% 14.03% 6.06% LU0675178494 13754334 LSLYXIU LX
Long/Short Selection - Lynx Class I CHF CHF December 2007 94.85 -2.21% 7.14% 12.80% 6.13% LU0675178650 13754337 LSLYXIC LX
Long/Short Selection - Lynx Class A EUR EUR June 2012 374.49 -2.15% 7.36% 13.21% 6.19% LU0675178221 13754332 LSLYXAE LX
Long/Short Selection - Lynx Class A CHF CHF June 2012 94.59 -2.24% 6.95% 12.59% 6.13% LU0675178734 13754338 LSLYXAC LX
Long/Short Selection - US Strat Class I USD USD March 1999 215.95 -3.58% -1.34% -2.41% 7.40% LU0675177769 13754323 LSUSSIU LX
Long/Short Selection - US Strat Class I EUR EUR February 2000 140.21 -3.64% -1.36% -2.37% 7.28% LU0675177926 13754326 LSUSSIE LX
Long/Short Selection - Asia Class I USD USD January 1979 580.19 -3.32% -2.63% -4.03% 7.72% LU0675178817 13754340 LSASIIU LX
Long/Short Selection - Asia Class I EUR EUR October 2003 142.44 -3.36% -2.68% -3.98% 7.87% LU0675179039 13754369 LSASIIE LX
Long/Short Selection - Asia Class I GBP GBP February 2007 94.31 -3.28% -2.38% -3.68% 7.75% LU0675179203 13754371 LSASIIS LX
Ikebana Japan Long/Short Ltd. USD December 2001 250.70 -4.11% 5.76% 11.06% 8.92% VGG4708F1062 1333026 IKEJLSU VI
Ikebana Japan Euro Ltd. EUR December 2001 229.25 -4.16% 5.26% 10.40% 8.95% VGG4708F1146 1333032 IKEJPNE VI
DGC - Equity World EUR Class EUR 24-Jan-2007 119.83 -6.44% 5.86% 11.70% 11.81% LU0283566767 2871598 DVGEQFW LX
DGC - Equity World CHF Class CHF 12-Apr-2011 139.38 -6.63% 4.89% 10.43% 11.90% LU0610332032 12748038 DGCEWRC LX
DGC - Equity World USD Class USD 31-Jan-2013 136.38 -7.00% 4.48% 9.72% 12.12% LU0864888259 20228095 DGCEWRU LX
DGC - Stock Selection class A EUR EUR 3-Jul-2013 121.63 -8.93% 2.32% 2.61% 13.28% LU0947862743 21720665 DGCSSAE LX
DGC - Stock Selection class A CHF CHF 3-Jul-2013 120.22 -9.14% 1.52% 1.75% 13.43% LU0947862669 21720557 DGCSSAC LX
DGC - Stock Selection class A USD USD 3-Jul-2013 119.32 -9.48% 0.95% 0.90% 13.64% LU0947863048 21721479 DGCSSAU LX
DGC - Stock Selection class B EUR EUR 9-Jul-2014 106.46 -8.85% 2.94% 3.55% 13.28% LU0998532633 22952876 DGCSSBE LX
DGC - Franck Muller Luxury Fund Class A EUR EUR 10-Dec-2014 98.40 -8.74% -2.69% LU1143003736 26339679 DGCAEUR LX
DGC - Franck Muller Luxury Fund Class A CHF CHF 10-Dec-2014 97.20 -8.96% -3.77% LU1143004031 26306918 DGCACHF LX
DGC - Franck Muller Luxury Fund Class A USD USD 10-Dec-2014 97.10 -9.09% -3.75% LU1143003819 26305764 DGCAUSD LX
DGC - Franck Muller Luxury Fund Class B CHF CHF 10-Dec-2014 97.87 -8.89% -3.14% LU1143004460 26540815 DGCBCHF LX
DGC - Flexible Allocation EUR Class EUR 3-Feb-2010 122.09 -3.40% 2.54% 3.62% 6.97% LU0475277165 10830613 DVGFXAL LX
DGC - Flexible Allocation CHF Class CHF 3-Nov-2010 116.19 -3.51% 1.57% 2.55% 6.95% LU0547752963 11818247 DVGFXAC LX
DGC - Horizonte class A EUR EUR 30-Mar-2012 114.77 -2.29% 0.41% 2.38% 3.67% LU0714639076 14423196 DGCHZAE LX
DGC - Horizonte class A USD USD 30-Mar-2012 114.87 -2.30% 0.36% 2.11% 3.67% LU0714639159 14423197 DGCHZAU LX
DGC - Horizonte class A CHF CHF 31-Jan-2013 108.95 -2.37% -0.11% 1.72% 3.68% LU0864888689 20228134 DGCHZBEC LX
DGC - Horizonte class B EUR EUR 21-Aug-2013 107.60 -2.26% 0.58% 2.64% 3.66% LU0714639233 14423198 DGCHZPB LX
DGC - Horizonte class B USD USD 16-Apr-2014 104.75 -2.29% 0.51% 2.34% 3.64% LU0714639316 14423357 DGCHZBU LX
DGC - NS Balanced class A EUR EUR 24-Jul-2013 109.92 -3.08% 2.97% 4.18% 5.07% LU0953299699 21867921 DGCNBAE LX
DGC - NS Balanced class A CHF CHF 11-Sep-2013 107.36 -3.24% 1.97% 3.10% 5.08% LU0953299855 21867951 DGCNBAC LX
DGC - NS Balanced class A USD USD 10-Dec-2014 103.54 -3.23% 2.60% 3.84% 5.14% LU0953300026 21867974 DGCNBAU LX
DGC - NS Balanced class B EUR EUR 24-Jul-2013 110.50 -3.06% 3.16% 4.44% 5.08% LU0953300539 21868515 DGCNBBE LX
Multi Strategy SICAV - Vision Class I USD USD March 2000 153.38 -0.22% -3.21% 1.31% 6.16% LU0560038357 11834153 DGCVINI LX
Multi Strategy SICAV - Vision Class I EUR EUR March 2000 139.08 -0.26% -3.12% 1.71% 6.28% LU0560038514 11834179 DGCVEHI LX
Multi Strategy SICAV - Trend Class I USD USD September 2004 162.24 -5.10% -4.02% 2.31% 11.65% LU0560038191 11834116 DGCTREN LX
Multi Strategy SICAV - Trend Class I EUR EUR January 2005 136.98 -5.16% -3.87% 2.58% 11.86% LU0560038274 11834148 DGCTRNE LX
NS Selection - Capitrade CTA Class EUR EUR July 2012 140.51 -3.42% -13.31% 9.53% 23.71% LU0795245223 18904690 NSCCTAE LX
NS Selection - Capitrade CTA Class USD USD July 2012 122.19 -3.67% -13.35% 9.35% 23.84% LU0795245579 18918265 NSCCTAU LX
Multi Strategy SICAV - Pendulum Class I USD USD January 1999 215.40 -0.98% 3.33% 3.64% 4.02% LU0722502654 14493281 MSPENIU LX
Multi Strategy SICAV - Pendulum Class I EUR EUR September 2000 166.69 -1.03% 3.42% 3.79% 4.15% LU0722507372 14493284 MSPENIE LX
Multi Strategy SICAV - Pendulum Class I CHF CHF February 2004 116.21 -1.11% 1.84% 2.18% 4.00% LU0722507612 14493297 MSPENIC LX
Multi Strategy SICAV - Pendulum Class I GBP GBP January 2007 111.88 -0.96% 3.57% 4.04% 4.07% LU0722507885 14493299 MSPENIG LX
DGC - Low Volatility class A EUR EUR 31-Jul-2013 103.10 -0.62% 1.00% 2.39% 2.05% LU0947862230 21720469 DGCLVAE LX
DGC - Low Volatility class A CHF CHF 31-Jul-2013 101.81 -0.68% 0.26% 1.56% 2.05% LU0947862156 21720402 DGCLVAC LX
DGC - Low Volatility class A USD USD 31-Jul-2013 102.52 -0.57% 1.10% 2.36% 2.06% LU0947862586 21720482 DGCLVAU LX
DGC - Convertible & Credit A USD USD 31-Jul-2009 141.61 -1.87% 1.26% 0.43% 5.64% LU0903162229 20897273 DGCCCAU LX
DGC - Convertible & Credit A EUR EUR 31-Jul-2009 138.38 -1.83% 0.86% -0.30% 5.61% LU0903161841 20897264 DGCCCAE LX
DGC - Convertible & Credit A CHF CHF 31-Jul-2009 132.88 -1.90% 0.11% -0.93% 5.59% LU0903162062 20897270 DGCCCAF LX
DGC - Convertible & Credit B EUR EUR 19-Jun-2013 110.89 -1.75% 1.38% 0.43% 5.59% LU0903162575 20897278 DGCBEUR LX
DGC - Convertible & Credit B CHF CHF 12-Jun-2013 110.25 -1.83% 0.68% -0.14% 5.56% LU0903162732 20898491 DGCCCBC LX
DGC - Bond Euro class B EUR EUR 20-Jul-1998 163.90 -0.43% 0.84% 1.39% 1.66% LU0089444409 928016 DOSBNDE LX
NSP Fit Inc. Class A shares - USD Class USD July 1978 29.03 -0.41% 1.08% 0.62% 1.19% PAP1908M1052 1524229 NSPFITI PP
NSP Fit Inc. Class B shares - EUR Class EUR October 2011 11.54 -0.52% 0.52% 0.00% 1.16% 13994190 NSPFIBE PP
NSP Fit Inc. Class C shares - CHF Class CHF October 2011 11.27 -0.62% -0.27% -1.14% 1.23% 13994210 NSPFICC PP
Citadel Selection Inc. CHF February 1988 235.64 -0.59% 0.06% 0.06% 1.21% PAP2867R1013 2287767 CITASEL PP
S&P 500 Index -6.26% -4.21% -1.56% 10.75%
MSCI World Index -6.81% -3.76% -5.91% 11.03%
MSCI Europe Index -8.68% 5.05% 4.90% 15.67%
MSCI AC Asia Pacific Index -8.51% -5.73% -12.13% 13.13%
Barclays Global AGG 1-5 TR Index Hedged USD -0.05% 0.81% 1.25% 0.76%
Libor USD 1 month 0.02% 0.13% 0.17% 0.02%
HFRI FOF: Conservative Index -0.95% 1.59% 1.92% 2.37%
NSP Fit Inc.: NAV of the last Wednesday of the monthCitadel selection Inc.: NAV of the last Friday of the month
Dividend payment in AugustHaussmann, SCA, SICAV-SIF Class A USD: A dividend of USD 4.00 has been paid on August 15th, 2015Haussmann, SCA, SICAV-SIF Class C EUR: A dividend of EUR 3.50 has been paid on August 15th, 2015Haussmann, SCA, SICAV-SIF Class D CHF: A dividend of CHF 1.85 has been paid on August 15th, 2015
FIXED INCOME
BENCHMARKS
MULTISTRATEGY
EQUITY LONG/SHORT
EQUITY LONG ONLY
EQUITY FLEXIBLE
ABSOLUTE RETURN GLOBAL MACRO
ABSOLUTE RETURN RELATIVE VALUE
Haussmann, SCA, SICAV-SIF Class A USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A USD NAV: 2767.96
Class C EUR NAV: 2424.03
Class D CHF NAV: 1285.35
HISTORICAL PERFORMANCE
Main Share Class Class A USD
Main Currency USD
Fund Inception January 1974
AUM (USD) 2,030,203,281
Strategy Multistrategy
Sub-strategy Multistrategy
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate None
Investment Min
Class A USD 50,000
Class C EUR 50,000
Class D CHF 50,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.30% 3.39% 0.48% -0.75% 2.10% -1.08% 1.72% -3.81% 2.21% -4.21%
2014 -1.70% 2.81% -1.77% -1.40% 1.78% 0.73% -1.06% 1.24% 0.22% -0.10% 2.79% 0.12% 3.57% 11.39%
Management Fee 2013 3.75% 0.58% 2.31% 1.38% 2.63% -1.57% 1.94% -1.74% 2.14% 2.18% 2.13% 1.65% 18.65% 29.60%
Class A USD 1.90% 2012 3.04% 3.13% 0.81% -0.76% -3.50% 0.10% 0.67% 1.58% 1.82% -0.34% 0.74% 1.73% 9.21% 13.41%
Class C EUR 1.90% 2011 -0.38% 0.40% 0.39% 1.44% -1.46% -1.40% -0.62% -3.68% -3.81% 3.78% -1.61% -0.71% -7.63% 0.00%
Class D CHF 1.90% 2010 -1.20% 0.43% 3.11% 0.47% -4.03% -1.12% 1.13% -0.07% 3.12% 1.64% 0.66% 2.03% 6.11% 12.78%
Note: In addition, a dividend of USD 4.00 has been paid on August 15th, 2015.
STATISTICAL ANALYSIS (Since January 1974) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.8% -6.3% -6.8%
Performance Fee Annualized ReturnCompound ROR 14.5% 7.5% 6.7%
Class A USD None Arithmetic ReturnAverage Monthly Return 1.2% 0.7% 0.6%
Class C EUR None Max Monthly GainLargest Month Gain 14.9% 16.3% 14.3%
Class D CHF None Max Monthly LossLargest Month Loss -22.7% -21.8% -19.0%
% positive returns% Positive Months 66% 60% 59%
ReturnCumulative Return 27834% 1922% 1418%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 12.2% 15.4% 14.9%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 1.10 0.42 0.39
Omega (threshold 1)Omega Ratio (1%) 1.17 0.84 0.80
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 2.12 0.73 0.67 Assymetric return profile vs. Index 1
Class A USD LU1129548050 Ann. Downside deviation (vs 0%)Downside-Deviation 6.8% 10.2% 10.0% Annual Up Capture vs Benchmark 1Up Capture Ratio 77%
Class C EUR LU1129548993 Max DrawdownMaximum Drawdown -31.5% -52.6% -55.4% Annual Down Capture vs Benchmark 1Down Capture Ratio 40%
Class D CHF LU1129549454 Length Max Drawdown (months)Months In Maximum Drawdown 16 16 16
Recovery Time Max Drawdown (months)Months To Recover 55 48 61
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 10.2% 10.9%
Beta to Benchmark 1Beta 0.54 0.52
Correlation to Benchmark 1Correlation 0.68 0.63
R² vs Benchmark 1R-squared 0.46 0.40
Top Holdings Weight
Fund Domicile Egerton European Dollar Fund 6.5%
Luxembourg Glenview Capital 6.4%
Investment Manager Pershing Square International 5.3%
Haussmann General Partner The Children's Investment Fund 5.2%
Administrator MW Eureka Fund Euro 5.1%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Haussmann, SCA, SICAV-SIF Class A USD
UBS (Luxembourg) SA Index 1: S&P 500 Index
Website Index 2: MSCI World Index
www.notzstucki.com Performance data after March 2011 excludes dividends. The list of dividends paid can be found on www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Haussmann is a company organised as a "société d'investissement à capital variable (SICAV)", registered as a "fonds d'investissement specialisé"
pursuant to the Luxembourg law of February 13, 2007 on specialised investment funds.
The investment objective of Haussmann is to achieve superior risk-adjusted returns whilst limiting drawdowns to protect capital in difficult market
environments.
Haussmann invests primarily in a selection of hedge funds managed by experienced independent investment managers. The selected investment
managers focus mainly on global equity hedge and macro related strategies in developed markets. These strategies will be diversified across various
investment styles including, but not limited to: equity long/short (US, Europe, Asia, Japan, Emerging Markets), long bias, trading oriented, event
driven/activist, currency and fixed income trading.
Haussmann’s target annual return is 8-12% with a target volatility of 2/3’s of the equity market.
-10000%
-5000%
0%
5000%
10000%
15000%
20000%
25000%
30000%
35000%
-10000%
-5000%
0%
5000%
10000%
15000%
20000%
25000%
30000%
35000%
De
c-1
97
3
De
c-1
97
4
De
c-1
97
5
De
c-1
97
6
De
c-1
97
7
De
c-1
97
8
De
c-1
97
9
De
c-1
98
0
De
c-1
98
1
De
c-1
98
2
De
c-1
98
3
De
c-1
98
4
De
c-1
98
5
De
c-1
98
6
De
c-1
98
7
De
c-1
98
8
De
c-1
98
9
De
c-1
99
0
De
c-1
99
1
De
c-1
99
2
De
c-1
99
3
De
c-1
99
4
De
c-1
99
5
De
c-1
99
6
De
c-1
99
7
De
c-1
99
8
De
c-1
99
9
De
c-2
00
0
De
c-2
00
1
De
c-2
00
2
De
c-2
00
3
De
c-2
00
4
De
c-2
00
5
De
c-2
00
6
De
c-2
00
7
De
c-2
00
8
De
c-2
00
9
De
c-2
01
0
De
c-2
01
1
De
c-2
01
2
De
c-2
01
3
De
c-2
01
4
Haussmann, SCA, SICAV-SIF Class A USD S&P 500 Index MSCI World Index
-1.2%
2.8%
-3.4%
3.5%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Haussmann, SCA, SICAV-SIF Class A USD
S&P 500 Index
20.5%
0.5%
24.0%
8.3%
21.6%
20.3%
4.8%
Global Macro
Global Equity L/S
US Equity Hedge
Asia, Emerging Markets
Europ. Equity Hedge
Global Equity Long Bias
Cash
0% 10% 20% 30%
1
NS Selection - Columbus Class USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class USD NAV: 939.58
Class EUR NAV: 186.87
Class CHF NAV: 139.07
Class GBP NAV: 121.00
HISTORICAL PERFORMANCE
Main Share Class Class USD
Main Currency USD
Fund Inception January 1985
AUM (USD) 249,120,130
Strategy Multistrategy
Sub-strategy Multistrategy
Subscription Monthly
Redemption Monthly
Notice Period 20 days
Fund Level Gate None
Investment Min
Class USD 125,000
Class EUR 125,000
Class CHF 125,000
Class GBP 125,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.34% 3.66% 0.52% -0.78% 2.14% -1.11% 1.80% -3.88% 2.52% -4.21%
2014 -1.74% 2.95% -1.85% -1.47% 1.86% 0.76% -1.14% 1.48% 0.23% -0.12% 2.97% 0.12% 3.96% 11.39%
Management Fee 2013 3.93% 0.40% 2.39% 1.45% 2.69% -1.58% 2.09% -1.78% 2.19% 2.25% 2.12% 1.77% 19.29% 29.60%
Class USD 1.90% 2012 3.48% 3.18% 0.76% -0.80% -3.63% 0.24% 0.56% 1.59% 1.74% -0.34% 0.45% 1.84% 9.26% 13.41%
Class EUR 1.90% 2011 -0.39% 0.53% 0.32% 1.32% -1.48% -1.38% -0.56% -3.85% -4.28% 3.96% -1.77% -1.38% -8.85% 0.00%
Class CHF 1.90% 2010 -0.95% 0.71% 3.23% 0.39% -3.83% -1.69% 1.22% -0.40% 3.12% 1.53% 0.69% 2.14% 6.10% 12.78%
Class GBP 1.90%
STATISTICAL ANALYSIS (Since January 1985) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.9% -6.3% -6.8%
Performance Fee Annualized ReturnCompound ROR 11.6% 8.4% 7.3%
Class USD None Arithmetic ReturnAverage Monthly Return 1.0% 0.8% 0.7%
Class EUR None Max Monthly GainLargest Month Gain 11.6% 13.2% 11.6%
Class CHF None Max Monthly LossLargest Month Loss -22.7% -21.8% -19.0%
Class GBP None % positive returns% Positive Months 68% 63% 60%
ReturnCumulative Return 2775% 1079% 779%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 10.8% 15.1% 15.2%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.98 0.49 0.42
Omega (threshold 1)Omega Ratio (1%) 0.97 0.87 0.83
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.70 0.81 0.70 Assymetric return profile vs. Index 1
Class USD LU0559924872 Ann. Downside deviation (vs 0%)Downside-Deviation 6.8% 10.3% 10.4% Annual Up Capture vs Benchmark 1Up Capture Ratio 65%
Class EUR LU0559924955 Max DrawdownMaximum Drawdown -33.0% -52.6% -55.4% Annual Down Capture vs Benchmark 1Down Capture Ratio 41%
Class CHF LU0559925176 Length Max Drawdown (months)Months In Maximum Drawdown 16 16 16
Class GBP LU0559925093 Recovery Time Max Drawdown (months)Months To Recover 57 48 61
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 6.9% 7.9%
Beta to Benchmark 1Beta 0.53 0.48
Correlation to Benchmark 1Correlation 0.74 0.67
R² vs Benchmark 1R-squared 0.55 0.46
Top Holdings Weight
Fund Domicile Egerton European Dollar Fund 6.5%
Luxembourg Glenview Capital 6.4%
Investment Manager Pershing Square International 5.3%
Notz Stucki Europe SA The Children's Investment Fund 5.2%
Administrator MW Eureka Fund Euro 5.1%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: NS Selection - Columbus Class USD
UBS (Luxembourg) SA Index 1: S&P 500 Index
Website Index 2: MSCI World Index
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Columbus is a Sub-fund of NS Selection SICAV-SIF, a company organised as a "société d'investissement à capital variable (SICAV)", registered as a
"fonds d'investissement specialisé" pursuant to the Luxembourg law of February 13, 2007 on specialised investment funds.
Columbus is a multimanager fund investing primarily in Haussmann SCA SICAV-SIF, which focuses primarily on global equity hedge and macro related
strategies in developed markets.
The investment objective of Columbus is to achieve superior risk-adjusted returns whilst limiting drawdowns to protect capital in difficult market
environments.
Columbus invests primarily in a selection of hedge funds managed by experienced independent investment managers. The selected investment
managers focus mainly on global equity hedge and macro related strategies in developed markets. These strategies will be diversified across various
investment styles including, but not limited to: equity long/short (US, Europe, Asia, Japan, Emerging Markets), long bias, trading oriented, event
driven/activist, currency and fixed income trading.
-500%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
-500%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
De
c-1
98
4
De
c-1
98
5
De
c-1
98
6
De
c-1
98
7
De
c-1
98
8
De
c-1
98
9
De
c-1
99
0
De
c-1
99
1
De
c-1
99
2
De
c-1
99
3
De
c-1
99
4
De
c-1
99
5
De
c-1
99
6
De
c-1
99
7
De
c-1
99
8
De
c-1
99
9
De
c-2
00
0
De
c-2
00
1
De
c-2
00
2
De
c-2
00
3
De
c-2
00
4
De
c-2
00
5
De
c-2
00
6
De
c-2
00
7
De
c-2
00
8
De
c-2
00
9
De
c-2
01
0
De
c-2
01
1
De
c-2
01
2
De
c-2
01
3
De
c-2
01
4
NS Selection - Columbus Class USD S&P 500 Index MSCI World Index
-1.3%
2.3%
-3.6%
3.3%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
NS Selection - Columbus Class USD S&P 500 Index
20.5%
0.5%
24.0%
8.3%
21.6%
20.3%
4.8%
Global Macro
Global Equity L/S
US Equity Hedge
Asia, Emerging Markets
Europ. Equity Hedge
Global Equity Long Bias
Cash
0% 10% 20% 30%
2
NS Selection - Arowana class A USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A USD NAV: 1268.06
Class A EUR NAV: 117.75
HISTORICAL PERFORMANCE
Main Share Class Class A USD
Main Currency USD
Fund Inception 31-Jul-2013
AUM (USD) 30,943,356
Strategy Absolute Return
Sub-strategy Multistrategy
Subscription Monthly
Redemption Monthly
Notice Period 68 days
Fund Level Gate None
Investment Min
Class A USD 125,000
Class A EUR 125,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.05% 0.01% 1.09% 7.72% 2.30% -1.35% -1.13% 0.79% 9.56% -5.73%
2014 -0.47% 0.28% -1.04% -0.21% 0.30% 1.31% 1.35% 0.21% 0.21% 0.38% 0.35% 1.12% 3.84% -2.46%
Management Fee 2013 3.06% 0.69% 0.39% 2.41% 0.84% -1.05% 0.65% 0.22% 1.80% 1.14% 1.10% 0.79% 12.65% 9.27%
Class A USD 0.75% 2012 0.99% 2.33% -1.00% -0.13% -1.71% -0.05% -0.19% 0.44% 0.02% 0.32% 0.28% 2.70% 3.99% 13.61%
Class A EUR 0.75% 2011 -0.41% -0.61% 0.72% 1.04% -0.58% -1.22% 1.14% -2.76% -3.56% 1.60% -1.30% -0.69% -6.56% -17.31%
STATISTICAL ANALYSIS (Since January 2011) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month 0.8% -8.5% -1.0%
Performance Fee Annualized ReturnCompound ROR 4.8% -1.2% 2.7%
Class A USD None Arithmetic ReturnAverage Monthly Return 0.4% 0.0% 0.2%
Class A EUR None Max Monthly GainLargest Month Gain 7.7% 8.0% 1.6%
Max Monthly LossLargest Month Loss -3.6% -10.2% -2.1%
% positive returns% Positive Months 66% 52% 66%
ReturnCumulative Return 25% -6% 13%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 5.5% 13.9% 0.03
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.69 -0.16 0.65
Omega (threshold 1)Omega Ratio (1%) 0.34 0.50 0.03
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.77 -0.12 1.54 Assymetric return profile vs. Index 1
Class A USD LU0950665264 Ann. Downside deviation (vs 0%)Downside-Deviation 2.7% 10.5% 1.78% Annual Up Capture vs Benchmark 1Up Capture Ratio 33%
Class A EUR LU0950665421 Max DrawdownMaximum Drawdown -7.2% -19.3% -5.4% Annual Down Capture vs Benchmark 1Down Capture Ratio 10%
Length Max Drawdown (months)Months In Maximum Drawdown 8 13 5
Recovery Time Max Drawdown (months)Months To Recover 13 10 15.0
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 5.0% 1.7%
Beta to Benchmark 1Beta 0.24 1.16
Correlation to Benchmark 1Correlation 0.60 0.56
R² vs Benchmark 1R-squared 0.36 0.32
Top Holdings Weight
Fund Domicile Instinct Japan Opportunity Fund 7.4%
Luxembourg 3W Greater China Focus Fund 6.0%
Investment Manager ChinaAMC China Growth Fund (offshore) 3.9%
Notz Stucki Europe SA Silver Tree 3.6%
Administrator Ariose China Growth Fund 2.2%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: NS Selection - Arowana class A USD
UBS (Luxembourg) SA Index 1: MSCI AC Asia Pacific Index
Website Index 2: HFRI FOF: Conservative Index
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Arowana is a Sub-fund of NS Selection SICAV-SIF, a company organised as a "société d'investissement à capital variable (SICAV)", registered as a
"fonds d'investissement specialisé" pursuant to the Luxembourg law of February 13, 2007 on specialised investment funds.
Arowana is a low volatility multi-strategy fund of funds investing in Asia (including India), Australia and New Zealand with a bias towards Greater China.
The investment objective of Arowana is to achieve superior investment returns with less volatility and risk than conventional balanced portfolios of
equity and fixed income securities.
The allocation derives from a top-down approach with an opportunistic overlay. A substantial portion of the portfolio tends to be invested in funds with
assets under management below US$500m.
Arowana's target annual return is 10-15% with a target volatility of 4-6%.
Data from January 2011 to June 2013 is the track record of Arowana Asian Fund Ltd, in which the fund invests most its assets (adjusted with the fund’s fees)
-20%
-10%
0%
10%
20%
30%
40%
-20%
-10%
0%
10%
20%
30%
40%
De
c-2
01
0
Ma
r-20
11
Ju
n-2
01
1
Se
p-2
01
1
De
c-2
01
1
Ma
r-20
12
Ju
n-2
01
2
Se
p-2
01
2
De
c-2
01
2
Ma
r-20
13
Ju
n-2
01
3
Se
p-2
01
3
De
c-2
01
3
Ma
r-20
14
Ju
n-2
01
4
Se
p-2
01
4
De
c-2
01
4
Ma
r-20
15
Ju
n-2
01
5
NS Selection - Arowana class A USD MSCI AC Asia Pacific Index
-0.3%
1.0%
-3.1%
2.9%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
NS Selection - Arowana class A USD
MSCI AC Asia Pacific Index
3.0%
8.0%
6.0%
7.0%
7.0%
10.0%
18.0%
37.0%
4.0%
Credit Long/Short
Event-Driven
Long Only
Macro
Multi Strategy
Market Neutral
Trading
Equity Long/Short
Cash
0% 10% 20% 30% 40%
3
Long/Short Selection - Lynx Class I EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class I EUR NAV: 375.03
Class I USD NAV: 149.65
Class I CHF NAV: 94.85
Class A EUR NAV: 374.49
Class A CHF NAV: 94.59
HISTORICAL PERFORMANCE
Main Share Class Class I EUR
Main Currency EUR
Fund Inception November 1987
AUM (EUR) 207,231,278
Strategy Equity
Sub-strategy Long Short
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate 20%
Investment Min
Class I EUR 5,000
Class I USD 5,000
Class I CHF 5,000
Class A EUR 5,000
Class A CHF 5,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.68% 3.03% 1.22% -0.67% 2.96% -1.26% 3.52% -2.15% 7.39% 5.05%
2014 -0.60% 2.59% -1.36% -2.54% 1.22% -0.32% -1.49% 1.31% 0.57% 1.10% 2.62% 1.08% 4.11% 4.09%
Management Fee 2013 2.40% 1.85% 1.45% 0.53% 1.84% -0.83% 2.76% -2.08% 2.47% 2.34% 1.73% 1.82% 17.42% 16.43%
Class I EUR 1.50% 2012 1.96% 2.31% 0.72% 0.04% -2.77% 0.02% 0.67% -0.01% 0.73% 0.32% 2.07% 0.59% 6.74% 13.37%
Class I USD 1.50% 2011 -1.60% 0.61% -0.59% 1.11% -0.78% -0.58% -1.88% -3.59% -1.99% 2.39% -1.08% -0.83% -8.59% -10.94%
Class I CHF 1.50% 2010 -0.59% 0.03% 2.70% 0.43% -3.46% -0.95% 1.79% -0.82% 3.25% 1.45% 0.32% 2.50% 6.64% 8.04%
Class A EUR 1.50%
Class A CHF 1.50%
STATISTICAL ANALYSIS (Since January 1999) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -2.2% -8.7%
Performance Fee Annualized ReturnCompound ROR 5.7% 1.2%
Class I EUR None Arithmetic ReturnAverage Monthly Return 0.5% 0.2%
Class I USD None Max Monthly GainLargest Month Gain 11.4% 13.4%
Class I CHF None Max Monthly LossLargest Month Loss -11.2% -13.9%
Class A EUR None % positive returns% Positive Months 63% 57%
Class A CHF None ReturnCumulative Return 152% 23%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 8.6% 15.5%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.55 0.01
Omega (threshold 1)Omega Ratio (1%) 0.55 0.62
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.04 0.11 Assymetric return profile vs. Index 1
Class I EUR LU0675178148 Ann. Downside deviation (vs 0%)Downside-Deviation 5.5% 11.4% Annual Up Capture vs Benchmark 1Up Capture Ratio 47%
Class I USD LU0675178494 Max DrawdownMaximum Drawdown -36.2% -57.1% Annual Down Capture vs Benchmark 1Down Capture Ratio 33%
Class I CHF LU0675178650 Length Max Drawdown (months)Months In Maximum Drawdown 17 102
Class A EUR LU0675178221 Recovery Time Max Drawdown (months)Months To Recover
Class A CHF LU0675178734 STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 5.1% 5.1%
Beta to Benchmark 1Beta 0.37 0.37
Correlation to Benchmark 1Correlation 0.67 0.67
R² vs Benchmark 1R-squared 0.45 0.45
Top Holdings Weight
Fund Domicile Blackrock European Hedge Fund 13.6%
Luxemboug MW Eureka Fund Euro 11.9%
Investment Manager Lansdowne Developed Markets Fund Ltd. EUR 11.6%
Notz, Stucki Europe S.A. Egerton European Equity Fund 9.6%
Administrator Pelham Long Short Fund A EURO 9.5%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Long/Short Selection - Lynx Class I EUR
UBS (Luxembourg) SA Index 1: MSCI Europe Index
Website Index 2:
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Lynx is a sub-fund of Long/Short Selection, a company organised as "société d'investissement à capital variable (SICAV)", registered under Part II of
the Luxembourg law of December 17, 2010 on collective investment undertakings.
Lynx invests primarily in hedge funds principally allocating to European equity markets and managed by carefully selected experienced investment
managers based in Europe. Most of the selected managers are involved in bottom-up stocks picking (both long and short equities) within European
equities unless there are better opportunities outside of Europe in certain sectors where there is no equivalent listing in Europe or for investing in a
particular theme. The portfolio will be diversified across investment managers with different investment styles (market neutral, small/mid cap specialist,
macro biased, directional, trading oriented or event-driven).
Lynx's target return is 6-10% with a target volatility of 2/3 of its benchmark's.
-100%
-50%
0%
50%
100%
150%
200%
-100%
-50%
0%
50%
100%
150%
200%
De
c-1
99
8
Ju
n-1
99
9
De
c-1
99
9
Ju
n-2
00
0
De
c-2
00
0
Ju
n-2
00
1
De
c-2
00
1
Ju
n-2
00
2
De
c-2
00
2
Ju
n-2
00
3
De
c-2
00
3
Ju
n-2
00
4
De
c-2
00
4
Ju
n-2
00
5
De
c-2
00
5
Ju
n-2
00
6
De
c-2
00
6
Ju
n-2
00
7
De
c-2
00
7
Ju
n-2
00
8
De
c-2
00
8
Ju
n-2
00
9
De
c-2
00
9
Ju
n-2
01
0
De
c-2
01
0
Ju
n-2
01
1
De
c-2
01
1
Ju
n-2
01
2
De
c-2
01
2
Ju
n-2
01
3
De
c-2
01
3
Ju
n-2
01
4
De
c-2
01
4
Ju
n-2
01
5
Long/Short Selection - Lynx Class I EUR MSCI Europe Index
-1.1%
1.7%
-3.8%
3.3%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Long/Short Selection - Lynx Class I EUR
MSCI Europe Index
77.4%
10.9%
9.0%
3.8%
-1.1%
Equity L/S
Market Neutral
Long Only
Small Cap
Cash
-50% 0% 50% 100%
4
Long/Short Selection - US Strat Class I USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class I USD NAV: 215.95
Class I EUR NAV: 140.21
HISTORICAL PERFORMANCE
Main Share Class Class I USD
Main Currency USD
Fund Inception March 1999
AUM (USD) 16,214,446
Strategy Equity
Sub-strategy Long Short
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate 20%
Investment Min
Class I USD 5,000
Class I EUR 5,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 -3.03% 4.39% 0.60% -0.78% 1.83% -0.95% 0.42% -3.58% -1.34% -4.21%
2014 -1.53% 2.63% -0.96% -1.07% 2.34% 1.40% -1.00% 2.11% -1.50% -0.61% 1.13% -0.09% 2.74% 11.39%
Management Fee 2013 2.75% 0.19% 1.69% 0.88% 2.17% 0.14% 1.14% -0.88% 1.17% 1.43% 2.21% 2.16% 16.07% 29.60%
Class I USD 1.50% 2012 1.94% 1.89% 0.57% -0.55% -3.37% -0.32% -0.27% 1.48% 0.68% -0.36% 0.68% 0.66% 2.96% 13.41%
Class I EUR 1.50% 2011 0.77% 0.63% -0.49% 1.61% 0.06% -1.56% -0.30% -5.39% -4.87% 3.75% -1.94% -0.86% -8.59% 0.00%
2010 -0.11% 0.71% 2.32% 0.70% -2.46% -2.25% 1.46% -0.95% 1.95% 1.30% 0.78% 1.82% 5.25% 12.78%
STATISTICAL ANALYSIS (Since March 1999) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.6% -6.3%
Performance Fee Annualized ReturnCompound ROR 4.8% 2.9%
Class I USD None Arithmetic ReturnAverage Monthly Return 0.4% 0.3%
Class I EUR None Max Monthly GainLargest Month Gain 9.1% 10.8%
Max Monthly LossLargest Month Loss -9.5% -16.9%
% positive returns% Positive Months 62% 59%
ReturnCumulative Return 117% 59%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 7.9% 15.0%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.48 0.12
Omega (threshold 1)Omega Ratio (1%) 0.48 0.66
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 0.94 0.26 Assymetric return profile vs. Index 1
Class I USD LU0675177769 Ann. Downside deviation (vs 0%)Downside-Deviation 5.1% 10.8% Annual Up Capture vs Benchmark 1Up Capture Ratio 44%
Class I EUR LU0675177926 Max DrawdownMaximum Drawdown -27.6% -52.6% Annual Down Capture vs Benchmark 1Down Capture Ratio 36%
Length Max Drawdown (months)Months In Maximum Drawdown 14 16
Recovery Time Max Drawdown (months)Months To Recover 48
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 3.7% 3.7%
Beta to Benchmark 1Beta 0.34 0.34
Correlation to Benchmark 1Correlation 0.65 0.65
R² vs Benchmark 1R-squared 0.42 0.42
Top Holdings Weight
Fund Domicile Glenview Capital 18.5%
Luxembourg Alliance Bernstein SICAV Select Absolute Alpha Class F 17.9%
Investment Manager Visium Global Fund 17.9%
Notz, Stucki Europe S.A. Omega Overseas Partners 11.6%
Administrator Millennium International, Ltd 11.0%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Long/Short Selection - US Strat Class I USD
UBS (Luxembourg) SA Index 1: S&P 500 Index
Website Index 2:
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
US Strat is a sub-fund of Long/Short Selection, a company organised as "société d'investissement à capital variable (SICAV)", registered under Part II
of the Luxembourg law of December 17, 2010 on collective investment undertakings.
The investment objective of US Strat is to achieve superior risk-adjusted returns with a low correlation to traditional asset classes.
US Strat invests mainly in hedge funds managed by experienced independent investment managers with whom the Notz Stucki Group has built a long-
term relationship. The selected investment managers invest mainly in the US equity market applying different alternative investment strategies (market
neutral, small/mid cap specialist, directional, trading oriented or event-driven) - all of them will generally carry short positions as they seek to achieve an
absolute positive performance.
US Strat's target annual return is 6-10% with a target volatility of half that of its benchmark.
-100%
-50%
0%
50%
100%
150%
200%
-100%
-50%
0%
50%
100%
150%
200%
Feb
-19
99
Au
g-1
99
9
Feb
-20
00
Au
g-2
00
0
Feb
-20
01
Au
g-2
00
1
Feb
-20
02
Au
g-2
00
2
Feb
-20
03
Au
g-2
00
3
Feb
-20
04
Au
g-2
00
4
Feb
-20
05
Au
g-2
00
5
Feb
-20
06
Au
g-2
00
6
Feb
-20
07
Au
g-2
00
7
Feb
-20
08
Au
g-2
00
8
Feb
-20
09
Au
g-2
00
9
Feb
-20
10
Au
g-2
01
0
Feb
-20
11
Au
g-2
01
1
Feb
-20
12
Au
g-2
01
2
Feb
-20
13
Au
g-2
01
3
Feb
-20
14
Au
g-2
01
4
Feb
-20
15
Au
g-2
01
5
Long/Short Selection - US Strat Class I USD S&P 500 Index
-1.2%
1.5%
-3.7%
3.1%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Long/Short Selection - US Strat Class I USD
S&P 500 Index
53.4%
47.0%
-0.4%
Trading
Fundamental
Cash
-20% 0% 20% 40% 60%
5
Long/Short Selection - Asia Class I USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class I USD NAV: 580.19
Class I EUR NAV: 142.44
Class I GBP NAV: 94.31
HISTORICAL PERFORMANCE
Main Share Class Class I USD
Main Currency USD
Fund Inception January 1979
AUM (USD) 18,194,306
Strategy Equity
Sub-strategy Long Short
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate 20%
Investment Min
Class I USD 5,000
Class I EUR 5,000
Class I GBP 5,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.28% 1.59% 0.76% 3.69% 1.07% -2.58% -3.90% -3.32% -2.63% -5.73%
2014 -2.60% 0.90% -0.86% -0.85% 0.35% 0.51% 0.17% 0.10% -1.45% 0.67% 0.75% -1.39% -3.70% -2.46%
Management Fee 2013 2.20% 0.46% 0.56% 0.77% 0.48% -3.25% -0.07% -0.88% 1.79% 1.79% 0.03% 0.01% 3.85% 9.27%
Class I USD 1.50% 2012 1.80% 2.58% 0.41% -0.72% -3.86% -0.39% -0.01% 0.37% 1.95% -0.87% 0.08% 0.42% 1.62% 13.61%
Class I EUR 1.50% 2011 -1.42% -0.64% 1.76% 2.04% -1.61% -0.87% 2.00% -3.86% -6.06% 2.37% -2.18% -0.56% -8.99% -17.31%
Class I GBP 1.50% 2010 -1.79% -0.01% 4.04% 1.43% -5.53% 0.24% 2.12% -0.30% 4.01% 0.93% 0.07% 3.33% 8.45% 14.32%
STATISTICAL ANALYSIS (Since January 1988) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.3% -8.5%
Performance Fee Annualized ReturnCompound ROR 5.2% 1.0%
Class I USD None Arithmetic ReturnAverage Monthly Return 0.5% 0.2%
Class I EUR None Max Monthly GainLargest Month Gain 16.0% 21.2%
Class I GBP None Max Monthly LossLargest Month Loss -15.6% -19.7%
% positive returns% Positive Months 58% 53%
ReturnCumulative Return 312% 30%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 13.0% 19.8%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.33 0.00
Omega (threshold 1)Omega Ratio (1%) 0.70 0.71
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 0.61 0.07 Assymetric return profile vs. Index 1
Class I USD LU0675178817 Ann. Downside deviation (vs 0%)Downside-Deviation 8.6% 13.7% Annual Up Capture vs Benchmark 1Up Capture Ratio 48%
Class I EUR LU0675179039 Max DrawdownMaximum Drawdown -43.3% -57.1% Annual Down Capture vs Benchmark 1Down Capture Ratio 43%
Class I GBP LU0675179203 Length Max Drawdown (months)Months In Maximum Drawdown 50 159
Recovery Time Max Drawdown (months)Months To Recover 11 44
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 4.9% 4.9%
Beta to Benchmark 1Beta 0.42 0.42
Correlation to Benchmark 1Correlation 0.64 0.64
R² vs Benchmark 1R-squared 0.41 0.41
Top Holdings Weight
Fund Domicile Indus Pacifichoice Asia Fund 12.0%
Luxembourg Nevsky Fund USD Class 11.5%
Investment Manager Horizon Asia 10.0%
Notz Stucki Europe SA EB Asia Absolute Return Fund 9.8%
Administrator Ikebana Japan Long/Short Ltd. 9.1%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Long/Short Selection - Asia Class I USD
UBS (Luxembourg) SA Index 1: MSCI AC Asia Pacific Index
Website Index 2:
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Asia is a sub-fund of Long/Short Selection, a company organised as "société d'investissement à capital variable (SICAV)", registered under Part II of
the Luxembourg law of December 17, 2010 on collective investment undertakings.
The investment objective of Asia is to achieve superior risk-adjusted returns with a low correlation to traditional asset classes.
Asia invests with both equity long short and traditional managers focusing primarily on the Far East (Pacific Rim countries - Asian countries including
Japan, India and Australia), as well as in Emerging Markets. The portfolio will be diversified across investment managers with different investment
styles, but primarily managers specializing in equities.
Asia's target annual return is 6-10% with a target volatility of 2/3’s of its benchmark.
-100%
0%
100%
200%
300%
400%
500%
-100%
0%
100%
200%
300%
400%
500%
De
c-1
98
7
De
c-1
98
8
De
c-1
98
9
De
c-1
99
0
De
c-1
99
1
De
c-1
99
2
De
c-1
99
3
De
c-1
99
4
De
c-1
99
5
De
c-1
99
6
De
c-1
99
7
De
c-1
99
8
De
c-1
99
9
De
c-2
00
0
De
c-2
00
1
De
c-2
00
2
De
c-2
00
3
De
c-2
00
4
De
c-2
00
5
De
c-2
00
6
De
c-2
00
7
De
c-2
00
8
De
c-2
00
9
De
c-2
01
0
De
c-2
01
1
De
c-2
01
2
De
c-2
01
3
De
c-2
01
4
Long/Short Selection - Asia Class I USD MSCI AC Asia Pacific Index
-1.7%
2.4%
-4.5%
4.4%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Long/Short Selection - Asia Class I USD
MSCI AC Asia Pacific Index
6
Ikebana Japan Long/Short Ltd.
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class USD NAV: 250.70
HISTORICAL PERFORMANCE
Main Share Class Class USD
Main Currency USD
Fund Inception December 2001
AUM (USD) 15,659,084
Strategy Equity
Sub-strategy Long Short
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate None
Investment Min
Class USD 1,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 -1.47% 5.09% 1.14% 3.10% 3.23% -1.37% 0.33% -4.11% 5.76% 9.34%
2014 -2.94% -1.55% 2.15% 0.14% 2.71% 3.46% 0.45% -0.32% 1.82% -0.06% 3.35% -0.15% 9.19% 8.18%
Management Fee 2013 3.98% 1.21% 4.50% 10.96% -2.11% 4.19% 4.58% -1.73% 5.52% -0.55% 3.26% 5.73% 46.56% 51.44%
Class USD 1.50% 2012 0.64% 3.68% 1.18% -1.36% -4.51% 0.54% -1.51% -0.53% 0.63% 0.14% 8.81% 1.94% 9.50% 17.92%
2011 0.58% 1.40% -2.78% -0.30% -0.47% 0.20% 0.54% -3.09% -1.94% 0.59% -1.72% 0.57% -6.35% -19.00%
2010 -0.51% -0.35% 2.91% 2.55% -3.51% -0.62% -0.61% -1.15% 0.92% -0.28% 0.84% 18.54% 18.58% -1.02%
STATISTICAL ANALYSIS (Since December 2001) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -4.1% -7.4%
Performance Fee Annualized ReturnCompound ROR 6.9% 4.2%
Class USD None Arithmetic ReturnAverage Monthly Return 0.6% 0.5%
Max Monthly GainLargest Month Gain 18.5% 12.6%
Max Monthly LossLargest Month Loss -5.7% -20.1%
% positive returns% Positive Months 56% 55%
ReturnCumulative Return 151% 75%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 10.1% 17.7%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.58 0.18
Omega (threshold 1)Omega Ratio (1%) 0.67 0.76
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.50 0.34 Assymetric return profile vs. Index 1
Class USD VGG4708F1062 Ann. Downside deviation (vs 0%)Downside-Deviation 4.6% 12.2% Annual Up Capture vs Benchmark 1Up Capture Ratio 45%
Max DrawdownMaximum Drawdown -29.6% -58.0% Annual Down Capture vs Benchmark 1Down Capture Ratio 35%
Length Max Drawdown (months)Months In Maximum Drawdown 36 59
Recovery Time Max Drawdown (months)Months To Recover 50
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 5.1% 5.1%
Beta to Benchmark 1Beta 0.38 0.38
Correlation to Benchmark 1Correlation 0.67 0.67
R² vs Benchmark 1R-squared 0.45 0.45
Top Holdings Weight
Fund Domicile Arcus Zensen Fund 12.5%
British Virgin Islands Lindsell Train Japanese Equity Fund JPY 9.4%
Investment Manager RIT PK Japan 9.2%
Notz Stucki Europe SA Sparx Long-Short Fund 8.9%
Administrator Akamatsu Fund 8.3%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Ikebana Japan Long/Short Ltd.
UBS (Luxembourg) SA Index 1: Topix Hedged in USD
Website Index 2:
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Ikebana Japan Long/Short Ltd. is an open-ended investment fund.
The investment objective of Ikebana is to achieve superior risk-adjusted returns with a low correlation to traditional asset classes.
Ikebana's investment policy is to invest its assets in other funds managed by experienced independent advisers who invest mainly in the Japanese
equity market on a long /short and long only basis.
These fund managers will use techniques both to reduce their fund's exposure to the broader Japanese stock market, and seek to protect capital during
periods of market weakness. Some managers will use leverage. The objectives of the underlying funds are in general to deliver superior absolute
performance, in USD terms, independent of the return of the Japanese stock market indices.
Ikebana's target annual return is 6-10% with a target volatility of half that of its benchmark.
-50%
0%
50%
100%
150%
200%
-50%
0%
50%
100%
150%
200%
No
v-2
00
1
Ma
y-2
002
No
v-2
00
2
Ma
y-2
003
No
v-2
00
3
Ma
y-2
004
No
v-2
00
4
Ma
y-2
005
No
v-2
00
5
Ma
y-2
006
No
v-2
00
6
Ma
y-2
007
No
v-2
00
7
Ma
y-2
008
No
v-2
00
8
Ma
y-2
009
No
v-2
00
9
Ma
y-2
010
No
v-2
01
0
Ma
y-2
011
No
v-2
01
1
Ma
y-2
012
No
v-2
01
2
Ma
y-2
013
No
v-2
01
3
Ma
y-2
014
No
v-2
01
4
Ma
y-2
015
Ikebana Japan Long/Short Ltd. Topix Hedged in USD
-1.2%
2.1%
-3.9%
4.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Ikebana Japan Long/Short Ltd. Topix Hedged in USD
7
DGC - Equity World EUR Class
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class EUR NAV: 119.83
Class USD NAV: 136.38
Class CHF NAV: 139.38
HISTORICAL PERFORMANCE
Main Share Class Class EUR
Main Currency EUR
Fund Inception 24-Jan-2007
AUM (EUR) 153,194,678
Strategy Equity
Sub-strategy Long Only
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class EUR None
Class USD None
Class CHF None
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 3.61% 5.99% 2.81% -1.72% 3.11% -3.21% 2.17% -6.44% 5.86% 2.71%
2014 -0.72% 3.01% -1.92% -1.45% 3.29% 0.95% -0.29% 2.63% 0.02% 0.89% 3.35% 1.17% 11.31% 16.26%
Management Fee 2013 2.95% 3.15% 3.25% -0.46% 3.17% -2.53% 2.35% -0.84% 2.78% 2.60% 2.04% 1.45% 21.59% 15.05%
Class EUR 1.50% 2012 4.50% 3.87% 2.15% -1.94% -1.56% -1.38% 4.06% 0.44% 0.92% -0.95% 1.25% 0.34% 12.03% 11.69%
Class USD 1.50% 2011 0.23% 0.49% -1.55% 1.48% -0.94% -2.00% 1.46% -11.10% -2.95% 3.10% -2.06% 3.87% -10.31% -6.39%
Class CHF 1.50% 2010 -0.53% 0.08% 6.19% 3.25% -8.79% 1.14% 2.13% -1.40% 5.36% 1.44% 1.42% 5.03% 15.43% 18.09%
STATISTICAL ANALYSIS (Since February 2007) EQUITY REGIONAL EXPOSURE (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -6.4% -8.3% 0.0%
Performance Fee Annualized ReturnCompound ROR 2.1% 2.5% 1.3%
Class EUR None Arithmetic ReturnAverage Monthly Return 0.3% 0.3% 0.1%
Class USD None ReturnCumulative Return 20% 24% 12%
Class CHF None
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 16.3% 13.8% 0.5%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.07 0.11 0.60
ISIN
Class EUR LU0283566767 Annual Up Capture vs Benchmark 1
Class USD LU0864888259 Annual Down Capture vs Benchmark 1
Class CHF LU0610332032
Comparison To Benchmark Index 1 Index 2 CURRENCY BREAKDOWN (% Allocation)
Annualized Alpha vs Benchmark 1Annualized Alpha 0.4% 21.5%
Beta to Benchmark 1Beta 0.91 -12.58
Correlation to Benchmark 1Correlation 0.77 -0.37
R² vs Benchmark 1R-squared 0.59 0.13
Fund Domicile
Luxembourg Top Holdings Weight
Management Company Sands Capital Fund PLC 10.2%
Notz, Stucki & Cie S.A. Conventum - Lyrical Fund 9.7%
Investment Manager Hereford Funds - DSM US Large 9.2%
Notz, Stucki & Cie S.A. Eleva UCITS Fund - Eleva Europe 7.5%
Administrator Echiquier Agressor 6.7%
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Equity World EUR Class
UBS (Luxembourg) S.A. Index 1: MSCI AC World Index Daily Price EUR
Website Index 2: Libor EUR 1 month
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Equity World is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable" (SICAV
UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Equity World is a multimanager fund investing in a selection of long only fund managers exposed to worldwide equity markets (Europe, North America,
Asia and Emerging Markets).
The investment objective of the sub-fund is to perform in line with the MSCI All Country World in euros Index (hedged in the subfund's currency when
applicable) thanks to a concentrated selection of underlying funds and Exchange Traded Equity products, which will be included in the portfolio for their
performance consistency and their alignment with Notz Stucki’s macro views.
-60%
-40%
-20%
0%
20%
40%
60%
-60%
-40%
-20%
0%
20%
40%
60%
Ja
n-2
00
7
Ap
r-20
07
Ju
l-20
07
Oct-
20
07
Ja
n-2
00
8
Ap
r-20
08
Ju
l-20
08
Oct-
20
08
Ja
n-2
00
9
Ap
r-20
09
Ju
l-20
09
Oct-
20
09
Ja
n-2
01
0
Ap
r-20
10
Ju
l-20
10
Oct-
20
10
Ja
n-2
01
1
Ap
r-20
11
Ju
l-20
11
Oct-
20
11
Ja
n-2
01
2
Ap
r-20
12
Ju
l-20
12
Oct-
20
12
Ja
n-2
01
3
Ap
r-20
13
Ju
l-20
13
Oct-
20
13
Ja
n-2
01
4
Ap
r-20
14
Ju
l-20
14
Oct-
20
14
Ja
n-2
01
5
Ap
r-20
15
Ju
l-20
15
DGC - Equity World EUR Class MSCI AC World Index Daily Price EUR
58.5%
37.1%
4.4%
USD
EUR
GBP
0% 50% 100%
45.3%
30.3%
15.9%
6.9%
1.6%
USA
Europe
Global
Japan
China
0% 20% 40% 60%
8
DGC - Stock Selection class A EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A EUR NAV: 121.63
Class A CHF NAV: 120.22
Class A USD NAV: 119.32
Class B EUR NAV: 106.46
HISTORICAL PERFORMANCE
Main Share Class Class A EUR
Main Currency EUR
Fund Inception 3-Jul-2013
AUM (EUR) 145,085,226
Strategy Equity
Sub-strategy Long Only
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class A EUR None
Class A CHF None
Class A USD None
Class B EUR 3,000,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 2.60% 7.10% 2.92% -1.02% 1.86% -3.05% 1.65% -8.93% 2.32% 3.93%
2014 -0.95% 2.56% 0.54% -0.80% 3.35% 0.96% -0.55% 3.45% 0.67% -0.19% 0.03% -0.23% 9.07% 17.21%
Management Fee 2013 3.14% 3.24% 3.56% -0.84% 2.70% -3.01% 2.65% -1.35% 2.34% 3.02% 0.97% 1.24% 18.88% 18.74%
Class A EUR 1.50% 2012 3.15% 2.06% 2.30% -0.81% -3.20% 3.06% 2.06% 0.16% 0.96% -1.00% 0.99% 1.54% 11.66% 11.45%
Class A CHF 1.50% 2011 1.74% 2.00% -2.50% 1.57% -0.23% -2.52% -1.19% -9.25% -5.33% 8.34% -0.04% 1.63% -6.62% -4.53%
Class A USD 1.50% 2010 -1.93% 2.77% 7.36% 1.24% -5.81% -2.61% 3.14% -2.58% 3.44% 2.13% 1.54% 5.70% 14.48% 17.16%
Class B EUR 0.60%
STATISTICAL ANALYSIS (Since January 2008) EQUITY REGIONAL EXPOSURE (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -8.9% -8.1%
Performance Fee Annualized ReturnCompound ROR 4.4% 4.0%
Class A EUR None Arithmetic ReturnAverage Monthly Return 0.4% 0.4%
Class A CHF None ReturnCumulative Return 40% 35%
Class A USD None
Class B EUR None
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 14.2% 13.9%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.24 0.22
ISIN
Class A EUR LU0947862743 Annual Up Capture vs Benchmark 1
Class A CHF LU0947862669 Annual Down Capture vs Benchmark 1
Class A USD LU0947863048
Class B EUR LU0998532633 Comparison To Benchmark Index 1 Index 2 SECTOR BREAKDOWN (% Allocation)
Annualized Alpha vs Benchmark 1Annualized Alpha 0.7% 0.7%
Beta to Benchmark 1Beta 0.95 0.95
Correlation to Benchmark 1Correlation 0.93 0.93
R² vs Benchmark 1R-squared 0.87 0.87
Fund Domicile
Luxembourg Top Holdings Weight
Management Company Facebook Inc 4.4%
Notz Stucki Europe SA LYXOR UCITS ETF JPX-Nikkei 400 4.0%
Investment Manager UBS Group AG 3.8%
Notz, Stucki & Cie S.A. United Rentals Inc 3.4%
Administrator Schlumberger Ltd 3.4%
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Stock Selection class A EUR
UBS (Luxembourg) S.A. Index 1: MSCI World EUR
Website Index 2:
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Stock Selection is a subfund of Diversified Growth Company (DGC), a company organised as a "société d'investissement à capital variable" (SICAV
UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Stock Selection invests in Equities and Equity-related products.
Stock Selection’s investment objective is to outperform the MSCI World in euros Index. The sub-fund will invest in global equities with an emphasis on
developed markets with no specific style or geographic bias. Equities will be included in the portfolio following a strict valuation process and will also fit
with Notz Stucki’s main investment themes.
Data from January 1st 2008 to July 3rd 2013 is based on a real portfolio, adjusted with the fund's fees. Data from July 4th is the real fund's performance.
-60%
-40%
-20%
0%
20%
40%
60%
-60%
-40%
-20%
0%
20%
40%
60%
De
c-2
00
7
Ma
r-20
08
Ju
n-2
00
8
Se
p-2
00
8
De
c-2
00
8
Ma
r-20
09
Ju
n-2
00
9
Se
p-2
00
9
De
c-2
00
9
Ma
r-20
10
Ju
n-2
01
0
Se
p-2
01
0
De
c-2
01
0
Ma
r-20
11
Ju
n-2
01
1
Se
p-2
01
1
De
c-2
01
1
Ma
r-20
12
Ju
n-2
01
2
Se
p-2
01
2
De
c-2
01
2
Ma
r-20
13
Ju
n-2
01
3
Se
p-2
01
3
De
c-2
01
3
Ma
r-20
14
Ju
n-2
01
4
Se
p-2
01
4
De
c-2
01
4
Ma
r-20
15
Ju
n-2
01
5
DGC - Stock Selection class A EUR MSCI World EUR
17.7%
15.9%
15.3%
14.2%
11.7%
10.5%
8.3%
4.2%
2.2%
Financial
Industrial
Consumer, Cyclical
Technology
Basic Materials
Consumer, Non-cyclical
Energy
Funds
Communications
0% 10% 20%
51.0%
38.3%
8.9%
0.9%
0.9%
USA
Europe
Japan
China
Mexico
0% 20% 40% 60%
9
DGC - Franck Muller Luxury Fund Class A EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A EUR NAV: 98.40
Class A CHF NAV: 97.20
Class A USD NAV: 97.10
Class B EUR Not invested
Class B CHF NAV: 97.87
HISTORICAL PERFORMANCE
Main Share Class Class A EUR
Main Currency EUR
Fund Inception 10-Dec-2014
AUM (EUR) 26,819,427
Strategy Equity
Sub-strategy Long Only
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class A EUR 10,000
Class A CHF 10,000
Class A USD 10,000
Class B EUR 3,000,000
Class B CHF 3,000,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 3.49% 3.25% 3.17% -3.31% 0.47% -2.23% 1.83% -8.74% -2.69% 1.31%
2014 1.12% 1.12% -1.69%
Management Fee
Class A EUR 1.50%
Class A CHF 1.50%
Class A USD 1.50%
Class B EUR 0.60%
Class B CHF 0.60%
STATISTICAL ANALYSIS (Since December 2014) EQUITY REGIONAL EXPOSURE (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -8.7% -10.5% -8.1%
Performance Fee Arithmetic ReturnAverage Monthly Return -0.1% 0.1% 0.7%
(with 5% hurdle rate) ReturnCumulative Return -2% 0% 5%
Class A EUR 10.00%
Class A CHF 10.00%
Class A USD 10.00%
Class B EUR 10.00%
Class B CHF 10.00%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 14.0% 18.6% 15.9%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) -0.22 -0.08 0.38
ISIN Annual Up Capture vs Benchmark 1
Class A EUR LU1143003736 Annual Down Capture vs Benchmark 1
Class A CHF LU1143004031
Class A USD LU1143003819 Comparison To Benchmark Index 1 Index 2 CURRENCY BREAKDOWN (% Allocation)
Class B EUR LU1143004387 Annualized Alpha vs Benchmark 1Annualized Alpha -2.0% -7.6%
Class B CHF LU1143004460 Beta to Benchmark 1Beta 0.71 0.83
Correlation to Benchmark 1Correlation 0.95 0.95
R² vs Benchmark 1R-squared 0.89 0.91
Fund Domicile
Luxembourg
Investment Advisor
Genthod Global Wealth Management Top Holdings Weight
Investment Manager Carnival Corp 6.3%
Notz, Stucki & Cie S.A. Hermes International 4.9%
Management Company Under Armour Inc 4.7%
Notz Stucki Europe SA Moncler SpA 4.5%
Administrator Hugo Boss AG 4.5%
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Franck Muller Luxury Fund Class A EUR
UBS (Luxembourg) S.A. Index 1: S&P Global Luxury Index in EUR
Website Index 2: MSCI World EUR
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Franck Muller Luxury Fund is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital
variable" (SICAV UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Franck Muller Luxury Fund invests in a portfolio of global high quality stocks operating in the luxury sector, including manufacturing, retail, marketing
and/or high end consumer goods and services by leveraging the luxury sector know-how and insights provided by the Franck Muller Group.
Franck Muller Luxury Fund's target return is to outperform the MSCI World.
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%N
ov-2
01
4
De
c-2
01
4
Ja
n-2
01
5
Feb
-20
15
Ma
r-20
15
Ap
r-20
15
Ma
y-2
015
Ju
n-2
01
5
Ju
l-20
15
Au
g-2
01
5
DGC - Franck Muller Luxury Fund Class A EUR S&P Global Luxury Index in EUR MSCI World EUR
46.2%
30.7%
8.7%
5.9%
3.9%
2.9%
1.7%
USD
EUR
GBP
CHF
HKD
CAD
JPY
0% 20% 40% 60%
50.5%
32.8%
8.8%
6.1%
1.8%
USA & canada
Europe
UK
Switzerland
Japan
0% 20% 40% 60%
10
DGC - Flexible Allocation EUR Class
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class EUR NAV: 122.09
Class CHF NAV: 116.19
HISTORICAL PERFORMANCE
Main Share Class Class EUR
Main Currency EUR
Fund Inception 3-Feb-2010
AUM (EUR) 53,623,572
Strategy Equity
Sub-strategy Flexible
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class EUR None
Class CHF None
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 2.61% 2.41% 1.67% -0.91% 1.21% -2.74% 1.87% -3.40% 2.54% 5.05%
2014 0.26% 2.52% 0.26% 0.81% 0.91% -0.71% -0.68% 0.08% 0.54% -1.23% 1.89% -0.13% 4.55% 4.09%
Management Fee 2013 1.82% 0.55% 1.02% 0.97% 1.65% -2.64% 1.66% -0.34% 2.61% 3.04% 1.33% 1.00% 13.29% 16.43%
Class EUR 1.25% 2012 2.85% 3.62% 1.10% -3.61% -1.44% -0.56% 3.90% 0.75% 1.84% -0.13% 1.21% 1.17% 10.97% 13.37%
Class CHF 1.25% 2011 0.21% 0.17% -2.23% 0.83% -0.69% -1.68% 0.27% -7.79% -2.49% 1.98% -1.84% 1.08% -11.86% -10.94%
2010 0.03% 1.98% 0.25% -3.64% 0.13% 0.41% -0.55% 1.67% 1.34% -1.09% 2.34% 2.76% 11.30%
STATISTICAL ANALYSIS (Since February 2010) EQUITY REGIONAL EXPOSURE (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.4% -8.7% 0.0%
Performance Fee Annualized ReturnCompound ROR 3.6% 6.6% 0.4%
Class EUR None Arithmetic ReturnAverage Monthly Return 0.3% 0.6% 0.0%
Class CHF None ReturnCumulative Return 22% 43% 2%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 6.9% 12.6% 0.1%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.38 0.45 -5.09
ISIN
Class EUR LU0475277165 Annual Up Capture vs Benchmark 1
Class CHF LU0547752963 Annual Down Capture vs Benchmark 1
Comparison To Benchmark Index 1 Index 2 CURRENCY BREAKDOWN (% Allocation)
Annualized Alpha vs Benchmark 1Annualized Alpha 0.4% 10.0%
Beta to Benchmark 1Beta 0.47 -15.59
Correlation to Benchmark 1Correlation 0.86 -0.28
R² vs Benchmark 1R-squared 0.74 0.08
Fund Domicile
Luxembourg Top Holdings Weight
Management Company Henderson - Cautious Managed Futures 15.5%
Notz Stucki Europe SA Lemanik SICAV - Italy 14.6%
Investment Manager Acatis - Gane Value Event Fond 14.0%
Notz, Stucki & Cie S.A. Walser Portfolio German Select 13.0%
Administrator Ethna-Aktiv 9.8%
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Flexible Allocation EUR Class
UBS (Luxembourg) S.A. Index 1: MSCI Europe Index
Website Index 2: Libor EUR 1 month
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Flexible Allocation is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable"
(SICAV UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Flexible Allocation is a multimanager fund investing in a selection of asset allocation funds, mostly invested in European securities, which have the
ability to raise or lower their exposure to equities, fixed income instruments, or cash according to their perception of market risks and opportunities.
The investment objective of Flexible Allocation is to achieve a positive absolute return.
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Ja
n-2
01
0
Ap
r-20
10
Ju
l-20
10
Oct-
20
10
Ja
n-2
01
1
Ap
r-20
11
Ju
l-20
11
Oct-
20
11
Ja
n-2
01
2
Ap
r-20
12
Ju
l-20
12
Oct-
20
12
Ja
n-2
01
3
Ap
r-20
13
Ju
l-20
13
Oct-
20
13
Ja
n-2
01
4
Ap
r-20
14
Ju
l-20
14
Oct-
20
14
Ja
n-2
01
5
Ap
r-20
15
Ju
l-20
15
DGC - Flexible Allocation EUR Class MSCI Europe Index Libor EUR 1 month
98.2%
1.7%
0.1%
EUR
GBP
CHF
0% 50% 100%
67.3%
32.7%
Europe
Global
0% 50% 100%
11
DGC - Horizonte class A EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A EUR NAV: 114.77
Class A USD NAV: 114.87
Class A CHF NAV: 108.95
Class B EUR NAV: 107.60
Class B USD NAV: 104.75
HISTORICAL PERFORMANCE
Main Share Class Class A EUR
Main Currency EUR
Fund Inception 30-Mar-2012
AUM (EUR) 103,800,706
Strategy Equity
Sub-strategy Flexible
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class A EUR 10,000
Class A USD 10,000
Class A CHF 10,000
Class B EUR 3,000,000
Class B USD 3,000,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.38% 1.66% 0.46% -0.15% 0.58% -1.07% 0.88% -2.29% 0.41% -2.29%
2014 -0.30% 1.04% -0.28% -0.19% 1.07% 0.26% -0.21% 0.97% 0.05% 0.86% 1.18% -0.14% 4.39% 7.15%
Management Fee 2013 1.53% 1.22% 1.12% 0.42% 1.03% -1.80% 1.30% -0.56% 0.92% 0.93% 0.39% 0.10% 6.74% 22.91%
Class A EUR 1.00% 2012 -0.13% -2.98% 1.03% 1.86% 0.49% 1.07% 0.13% 0.61% 0.55% 2.58% 2.41%
Class A USD 1.00%
Class A CHF 1.00%
Class B EUR 0.75%
Class B USD 0.75%
STATISTICAL ANALYSIS (Since April 2012) EQUITY REGIONAL EXPOSURE (%Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -2.3% -6.8% -0.1%
Performance Fee Annualized ReturnCompound ROR 4.1% 8.4% 1.6%
Class A EUR 5.00% Arithmetic ReturnAverage Monthly Return 0.3% 0.7% 0.1%
Class A USD 5.00% ReturnCumulative Return 15% 32% 6%
Class A CHF 5.00%
Class B EUR 5.00%
Class B USD 5.00% Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 3.5% 9.5% 0.8%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.89 0.78 0.76
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 1.3% 1.2%
ISIN Beta to Benchmark 1Beta 0.33 1.81
Class A EUR LU0714639076 Correlation to Benchmark 1Correlation 0.89 0.43
Class A USD LU0714639159 R² vs Benchmark 1R-squared 0.79 0.19
Class A CHF LU0864888689
Class B EUR LU0714639233
Class B USD LU0714639316 Bond Portfolio Fund STRATEGY BREAKDOWN (% Allocation)
Weight 44.3%
Average Rating A-
YTM 2.11%
Duration 1.24
Top Holdings Weight
Fund Domicile TCW Unconstrained 4.8%
Luxembourg db x-trackers DAX UCITS ETF 4.7%
Management Company iShares S&P 100 ETF 3.9%
Notz Stucki Europe SA Winton Global Equity 3.9%
Investment Manager Salar Fund PLC 3.7%
Notz, Stucki & Cie S.A.
Administrator
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Horizonte class A EUR
UBS (Luxembourg) S.A. Index 1: MSCI AC World Local
Website Index 2: Barclays Global AGG 1-5 TR Index Hedged EUR
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Horizonte is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable" (SICAV UCITS
IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Horizonte is an asset allocation fund that invests in equities (funds, ETFs, or direct investments) in fixed income (funds, ETFs, or direct investments),
absolute return (funds), currencies and cash. The fund has a global investment universe including emerging markets. The fund follows an opportunistic
approach to invest in markets looking at valuation, momentum and market liquidity for the different asset classes and regional allocation.
Horizonte's target return will be to outperform an index composed of 35% MSCI Hedged World in Euro and 65% Libor Euro 1 month (hedged in the sub-
fund's currency when applicable), with a volatility of approximately 45% of the MSCI World's Index (hedged in the sub-fund's currency when
applicable).
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%M
ar-
20
12
Ju
n-2
01
2
Se
p-2
01
2
De
c-2
01
2
Ma
r-20
13
Ju
n-2
01
3
Se
p-2
01
3
De
c-2
01
3
Ma
r-20
14
Ju
n-2
01
4
Se
p-2
01
4
De
c-2
01
4
Ma
r-20
15
Ju
n-2
01
5
DGC - Horizonte class A EUR MSCI AC World Local Barclays Global AGG 1-5 TR Index Hedged EUR
30.0%
2.5%
3.0%
4.7%
9.7%
49.1%
1.0%
Equities
EQ. Flexible
EQ. Long/short
Absolute Return
FI HY_EM_Conv
FI IG Bonds
Cash
0% 20% 40% 60%
45%
45%
7%
2%
1%
54%
25%
8%
7%
6%
US
Europe
Japan
EM
Other
0% 20% 40% 60%
Index 1
Fund
12
DGC - NS Balanced class A EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A EUR NAV: 109.92
Class A USD NAV: 103.54
Class A CHF NAV: 107.36
Class B EUR NAV: 110.50
HISTORICAL PERFORMANCE
Main Share Class Class A EUR
Main Currency EUR
Fund Inception 24-Jul-2013
AUM (EUR) 51,874,754
Strategy Equity
Sub-strategy Flexible
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class A EUR None
Class A USD None
Class A CHF None
Class B EUR 3,000,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 1.56% 2.42% 1.04% 0.28% 1.17% -1.42% 1.07% -3.08% 2.97% -2.29%
2014 -0.44% 1.55% -0.51% -0.68% 1.44% 0.49% -0.49% 0.97% -0.05% 0.22% 1.20% -0.20% 3.52% 7.15%
Management Fee 2013 2.00% 1.60% 1.47% 0.57% 1.35% -2.29% 1.83% -0.81% 1.67% 1.15% 0.77% 0.60% 10.28% 22.91%
Class A EUR 1.25% 2012 -0.14% -3.81% 1.36% 2.42% 0.66% 1.40% 0.19% 0.81% 0.73% 3.55% 2.41%
Class A USD 1.25%
Class A CHF 1.25%
Class B EUR 1.00%
STATISTICAL ANALYSIS (Since April 2012) EQUITY REGIONAL EXPOSURE (%Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.1% -6.8% -0.1%
Performance Fee Annualized ReturnCompound ROR 5.9% 8.4% 1.6%
Class A EUR 5.00% Arithmetic ReturnAverage Monthly Return 0.5% 0.7% 0.1%
Class A USD 5.00% ReturnCumulative Return 22% 32% 6%
Class A CHF 5.00%
Class B EUR 5.00%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 4.7% 9.5% 0.8%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 1.05 0.78 0.76
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 2.2% 1.9%
ISIN Beta to Benchmark 1Beta 0.43 2.43
Class A EUR LU0953299699 Correlation to Benchmark 1Correlation 0.88 0.43
Class A USD LU0953300026 R² vs Benchmark 1R-squared 0.77 0.19
Class A CHF LU0953299855
Class B EUR LU0953300539
Bond Portfolio Fund STRATEGY BREAKDOWN (% Allocation)
Weight 19.2%
Average Rating BBB+
YTM 4.78%
Duration 2.46
Top Holdings Weight
Fund Domicile Pershing Square 5.0%
Luxembourg Egerton Capital Equity Fund 3.9%
Management Company Arcus Japan Fund 3.9%
Notz Stucki Europe SA Muzinich Funds - Long Short Credit 3.7%
Investment Manager Marshall Wace TOPS fund 3.2%
Notz, Stucki & Cie S.A.
Administrator
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - NS Balanced class A EUR
UBS (Luxembourg) S.A. Index 1: MSCI AC World Local
Website Index 2: Barclays Global AGG 1-5 TR Index Hedged EUR
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
NS Balanced is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable" (SICAV
UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
NS Balanced is an asset allocation fund that invests in equities (funds, ETFs or direct investments), fixed income (funds, ETFs or direct investments),
absolute return (funds), currencies and cash. The fund has a global investment universe (including emerging markets). The fund follows an
opportunistic approach to invest in markets looking at valuation, momentum and market liquidity for the different asset classes and regional allocation.
NS Balanced's target return will be outperform an index composed of 50% MSCI Hedged World in Euro and 50% Libor Euro 1 month (hedged in the
subfund's currency when applicable), with a volatility of approximately 60% of the MSCI World's index (hedged in the subfund's currency when
applicable).
Note: performances from 31-Mar-12 to 24-July-13 are taken from a similar fund (DGC - Horizonte), adjusting for the different level of risk and commissions. Performance July 1st - July
24th is based on a similar fund (DGC - Horizonte), adjusted with the NS Balanced's fees and volatility. Performance July 25th - July 31st is the real fund's.
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%M
ar-
20
12
Ju
n-2
01
2
Se
p-2
01
2
De
c-2
01
2
Ma
r-20
13
Ju
n-2
01
3
Se
p-2
01
3
De
c-2
01
3
Ma
r-20
14
Ju
n-2
01
4
Se
p-2
01
4
De
c-2
01
4
Ma
r-20
15
Ju
n-2
01
5
DGC - NS Balanced class A EUR MSCI AC World Local Barclays Global AGG 1-5 TR Index Hedged EUR
42.3%
4.3%
8.7%
12.1%
6.0%
19.2%
7.4%
Equities
EQ. Flexible
EQ. Long/short
Absolute Return
FI HY_EM_Conv
FI IG Bonds
Cash
0% 20% 40% 60%
44%
35%
12%
7%
2%
54%
25%
8%
7%
6%
US
Europe
Japan
EM
Other
0% 20% 40% 60%
Index 1
Fund
13
Multi Strategy SICAV - Vision Class I USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class I USD NAV: 153.38
Class I EUR NAV: 139.08
HISTORICAL PERFORMANCE
Main Share Class Class I USD
Main Currency USD
Fund Inception March 2000
AUM (USD) 18,413,990
Strategy Absolute Return
Sub-strategy Macro/CTA
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate 25%
Investment Min
Class I USD 5,000
Class I EUR 5,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 -0.08% -0.30% -0.19% -1.88% -0.21% -1.81% 1.48% -0.22% -3.21% -3.76%
2014 -1.22% 0.84% -2.01% -1.67% 0.87% 0.46% 0.02% -0.30% 0.53% -1.81% 4.47% 1.50% 1.50% 2.93%
Management Fee 2013 2.81% 0.19% 0.99% 2.47% -0.92% -1.85% -0.58% -1.04% -0.05% 0.07% 1.52% 1.42% 5.04% 24.10%
Class I USD 1.50% 2012 0.91% 0.86% -0.87% -1.06% 1.02% -1.74% 0.81% -0.01% 0.03% -0.96% -0.01% 1.74% 0.67% 13.18%
Class I EUR 1.50% 2011 -0.89% 0.37% -0.71% 1.38% -3.39% -1.94% 1.16% -1.34% 1.60% -1.86% -0.52% -0.46% -6.52% -7.62%
2010 -1.16% -0.66% 1.35% 0.58% -3.26% -0.34% 0.63% 0.07% 2.84% 1.63% 0.35% 2.02% 3.98% 9.55%
STATISTICAL ANALYSIS (Since January 2002) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -0.2% -6.8% 0.0%
Performance Fee Annualized ReturnCompound ROR 4.8% 3.7% 1.6%
Class I USD None Arithmetic ReturnAverage Monthly Return 0.4% 0.4% 0.1%
Class I EUR None Max Monthly GainLargest Month Gain 6.8% 10.9% 0.5%
Max Monthly LossLargest Month Loss -4.7% -19.0% 0.0%
% positive returns% Positive Months 60% 57% 100%
ReturnCumulative Return 90% 64% 25%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 7.1% 15.5% 0.01
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.53 0.17 1.25
Omega (threshold 1)Omega Ratio (1%) 0.47 0.70 0.00
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.13 0.33 Assymetric return profile vs. Index 1
Class I USD LU0560038357 Ann. Downside deviation (vs 0%)Downside-Deviation 4.2% 11.3% Annual Up Capture vs Benchmark 1Up Capture Ratio 29%
Class I EUR LU0560038514 Max DrawdownMaximum Drawdown -14.8% -55.4% Annual Down Capture vs Benchmark 1Down Capture Ratio 18%
Length Max Drawdown (months)Months In Maximum Drawdown 8 16
Recovery Time Max Drawdown (months)Months To Recover 61
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 4.2% 0.6%
Beta to Benchmark 1Beta 0.16 2.68
Correlation to Benchmark 1Correlation 0.35 0.20
R² vs Benchmark 1R-squared 0.13 0.04
Top Holdings Weight
Fund Domicile Discovery Global Opportunity 13.2%
Luxembourg Pharo Macro Fund 13.2%
Investment Manager Moore Macro Managers Fund 12.9%
Notz Stucki Europe SA QFR Victoria Fund 11.4%
Administrator Fortress Macro Fund 9.8%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Multi Strategy SICAV - Vision Class I USD
UBS (Luxembourg) SA Index 1: MSCI World Index
Website Index 2: Libor USD 1 month
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Vision is a sub-fund of the Multi Strategy SICAV, a company organised as a "société d'investissement à capital variable (SICAV)" and registered under
Part II of the Luxembourg law of December 17, 2010 on collective investment undertakings.
The investment objective of Vision is to achieve superior risk-adjusted returns with a low correlation to traditional asset classes.
Vision is a multimanager fund investing in a selection of hedge funds with a focus on discretionary global macro strategies. The selected hedge fund
managers may invest in various financial instruments including futures contracts and options, fixed income and engage in foreign exchange arbitrage,
as well as selling short securities.
Vision's target annual return is 6-10% with a target volatility of half that of its benchmark.
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
De
c-2
00
1
Ju
n-2
00
2
De
c-2
00
2
Ju
n-2
00
3
De
c-2
00
3
Ju
n-2
00
4
De
c-2
00
4
Ju
n-2
00
5
De
c-2
00
5
Ju
n-2
00
6
De
c-2
00
6
Ju
n-2
00
7
De
c-2
00
7
Ju
n-2
00
8
De
c-2
00
8
Ju
n-2
00
9
De
c-2
00
9
Ju
n-2
01
0
De
c-2
01
0
Ju
n-2
01
1
De
c-2
01
1
Ju
n-2
01
2
De
c-2
01
2
Ju
n-2
01
3
De
c-2
01
3
Ju
n-2
01
4
De
c-2
01
4
Ju
n-2
01
5
Multi Strategy SICAV - Vision Class I USD MSCI World Index
-0.5%
1.1%
-3.5%
3.3%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Multi Strategy SICAV - Vision Class I USD
MSCI World Index
84.9%
8.9%
6.2%
Macro Discretionary
Commodities
Cash
0% 50% 100%
14
Multi Strategy SICAV - Trend Class I USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class I USD NAV: 162.24
Class I EUR NAV: 136.98
HISTORICAL PERFORMANCE
Main Share Class Class I USD
Main Currency USD
Fund Inception September 2004
AUM (USD) 13,934,828
Strategy Absolute Return
Sub-strategy Macro/CTA
Subscription Monthly
Redemption Monthly
Notice Period 35 days
Fund Level Gate None
Investment Min
Class I USD 5,000
Class I EUR 5,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 3.75% 1.25% 2.40% -3.26% -1.09% -5.61% 4.08% -5.10% -4.02% -3.76%
2014 -2.60% 1.64% -1.05% 1.78% 4.29% 1.31% -2.18% 4.11% 0.45% 0.81% 3.92% 1.30% 14.36% 2.93%
Management Fee 2013 1.32% -1.06% 1.74% 2.02% -5.25% -3.46% -0.84% -2.10% -1.38% 2.37% 1.40% 0.33% -5.09% 24.10%
Class I USD 1.50% 2012 1.30% 1.42% -3.10% 0.01% 1.42% -3.31% 3.46% -1.88% -0.90% -3.26% 0.48% 1.37% -3.21% 13.18%
Class I EUR 1.50% 2011 -0.24% 1.86% -2.37% 3.89% -2.68% -2.11% 2.41% -1.25% -1.28% -2.49% -0.16% 0.68% -3.91% -7.62%
2010 -2.09% 0.83% 2.21% 1.56% -3.83% -0.60% -0.77% 2.67% 1.68% 2.28% -2.37% 3.42% 4.80% 9.55%
STATISTICAL ANALYSIS (Since September 2004) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -5.1% -6.8% 0.0%
Performance Fee Annualized ReturnCompound ROR 4.5% 4.4% 1.7%
Class I USD None Arithmetic ReturnAverage Monthly Return 0.4% 0.5% 0.1%
Class I EUR None Max Monthly GainLargest Month Gain 5.3% 10.9% 0.5%
Max Monthly LossLargest Month Loss -5.6% -19.0% 0.0%
% positive returns% Positive Months 58% 58% 100%
ReturnCumulative Return 62% 60% 20%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 8.1% 15.6% 0.01
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.43 0.21 1.22
Omega (threshold 1)Omega Ratio (1%) 0.53 0.72 0.00
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 0.87 0.38 Assymetric return profile vs. Index 1
Class I USD LU0560038191 Ann. Downside deviation (vs 0%)Downside-Deviation 5.2% 11.4% Annual Up Capture vs Benchmark 1Up Capture Ratio 30%
Class I EUR LU0560038274 Max DrawdownMaximum Drawdown -17.8% -55.4% Annual Down Capture vs Benchmark 1Down Capture Ratio 22%
Length Max Drawdown (months)Months In Maximum Drawdown 29 16
Recovery Time Max Drawdown (months)Months To Recover 15 61
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 4.3% 1.1%
Beta to Benchmark 1Beta 0.09 2.16
Correlation to Benchmark 1Correlation 0.18 0.15
R² vs Benchmark 1R-squared 0.03 0.02
Top Holdings Weight
Fund Domicile BlueTrend Fund Class A USD 19.7%
Luxembourg Winton Futures Fund 19.2%
Investment Manager Dynamic Offshore Fund Ltd 18.4%
Notz Stucki Europe SA Omnitrend Plus 17.0%
Administrator NS Selection - Capitrade CTA Class USD 16.1%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Multi Strategy SICAV - Trend Class I USD
UBS (Luxembourg) SA Index 1: MSCI World Index
Website Index 2: Libor USD 1 month
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Trend is a sub-fund of the Multi Strategy SICAV, a company organised as a "société d'investissement à capital variable (SICAV)" and registered under
Part II of the Luxembourg law of December 17, 2010 on collective investment undertakings.
The investment objective of Trend is to achieve superior risk-adjusted returns with a low correlation to traditional asset classes.
Trend is a multimanager fund investing in a selection of hedge funds with a focus on systematic Commodity Trading Advisors (CTA) strategies. The
selected hedge funds managers may purchase and sell puts, calls and other option instruments to supplement their hedging and leveraging activities.
In addition, investment managers may invest in various commodities futures contracts and engage in foreign exchange arbitrage, as well as selling
short securities. Most of the selected funds will implement systematic trading strategies based on in-depth quantitative analysis.
Trend's target annual return is 6-10% with a target volatility of half that of its benchmark.
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
Au
g-2
00
4
Feb
-20
05
Au
g-2
00
5
Feb
-20
06
Au
g-2
00
6
Feb
-20
07
Au
g-2
00
7
Feb
-20
08
Au
g-2
00
8
Feb
-20
09
Au
g-2
00
9
Feb
-20
10
Au
g-2
01
0
Feb
-20
11
Au
g-2
01
1
Feb
-20
12
Au
g-2
01
2
Feb
-20
13
Au
g-2
01
3
Feb
-20
14
Au
g-2
01
4
Feb
-20
15
Au
g-2
01
5
Multi Strategy SICAV - Trend Class I USD MSCI World Index
-0.6%
1.2%
-3.5%
3.4%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Multi Strategy SICAV - Trend Class I USD
MSCI World Index
71.9%
18.4%
9.7%
Trend Followers
Short Term Non-Trend
Cash
0% 20% 40% 60% 80%
15
NS Selection - Capitrade CTA Class EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class EUR NAV: 140.51
Class USD NAV: 122.19
Class CHF NAV: 79.83
HISTORICAL PERFORMANCE
Main Share Class Class EUR
Main Currency EUR
Fund Inception July 2012
AUM (EUR) 35,445,390
Strategy Absolute Return
Sub-strategy Macro/CTA
Subscription Daily
Redemption Daily
Notice Period 1 day
Fund Level Gate None
Investment Min
Class EUR 50,000
Class USD 50,000
Class CHF 50,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 1.62% -0.53% 5.29% -7.58% -1.91% -10.80% 4.30% -3.42% -13.31% -3.91%
2014 0.10% 7.81% -5.26% 0.04% 4.91% 4.50% -2.21% 3.39% 8.61% 13.61% 4.85% -2.33% 43.25% 2.88%
Management Fee 2013 2.53% 1.28% 0.58% 2.94% -4.59% -2.60% 0.43% -3.60% 3.14% -3.90% 5.02% 1.32% 2.04% 24.01%
Class EUR 2.00% 2012 2.05% 1.62% -2.63% -4.29% 10.65% -5.13% 1.59% 1.14% 0.27% -8.54% -0.59% 2.94% -2.18% 13.29%
Class USD 2.00% 2011 -1.89% 5.21% -2.81% 2.73% -5.27% -1.42% 3.33% 2.38% 3.70% -3.16% -1.18% -1.42% -0.40% -6.85%
Class CHF 2.00% 2010 1.31% -1.02% 7.15% -2.73% -4.38% -6.31% -0.34% 3.83% 8.94% 4.40% -2.47% 7.28% 15.29% 9.72%
Data from February 2010 to June 2012 correspond to Capitrade Systematic Global Futures FIL, which then became NS Selection SICAV-SIF - Capitrade CTA
Data from May 2008 to January 2010 correspond to Managed Account audited by PricewaterhouseCoopers
STATISTICAL ANALYSIS (Since May 2008) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -3.4% -6.8% -1.8%
Performance Fee Annualized ReturnCompound ROR 9.4% 1.5% 2.9%
Class EUR 20.00% Arithmetic ReturnAverage Monthly Return 0.9% 0.3% 0.3%
Class USD 20.00% Max Monthly GainLargest Month Gain 15.6% 11.0% 5.6%
Class CHF 20.00% Max Monthly LossLargest Month Loss -10.8% -19.0% -4.4%
% positive returns% Positive Months 55% 55% 57%
ReturnCumulative Return 94% 12% 23%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 15.9% 17.9% 7.5%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.53 0.03 0.25
Omega (threshold 1)Omega Ratio (1%) 0.92 0.68 0.43
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.08 0.11 0.61 Assymetric return profile vs. Index 1
Class EUR LU0795245223 Ann. Downside deviation (vs 0%)Downside-Deviation 8.8% 13.3% 4.7% Annual Up Capture vs Benchmark 1Up Capture Ratio 38%
Class USD LU0795245579 Max DrawdownMaximum Drawdown -19.1% -50.2% -11.6% Annual Down Capture vs Benchmark 1Down Capture Ratio 8%
Class CHF LU0795245900 Length Max Drawdown (months)Months In Maximum Drawdown 3 9 29
Recovery Time Max Drawdown (months)Months To Recover 52 13
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 10.9% 6.1%
Beta to Benchmark 1Beta -0.05 1.38
Correlation to Benchmark 1Correlation -0.05 0.65
R² vs Benchmark 1R-squared 0.00 0.42
Fund Domicile
Luxembourg
Investment Advisor
Investment Manager
Notz Stucki Europe SA
Administrator
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: NS Selection - Capitrade CTA Class EUR
UBS (Luxembourg) SA Index 1: MSCI World Index Hedged in Euro
Website Index 2: Newedge CTA Index Hedged in Euro
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Capitrade CTA is a Sub-fund of NS Selection SICAV-SIF, a company organised as a "société d'investissement à capital variable (SICAV)", registered
as a "fonds d'investissement specialisé" pursuant to the Luxembourg law of February 13, 2007 on specialised investment funds.
Capitrade CTA is a fund following a systematized trend-following strategy developed in-house by the CM Capital Markets Automated Systems team.
This strategy, based on automated quantitative research, invests in all asset types (Equities, Fixed Income, FX and Commodities) through derivatives
(mainly Futures).
Capitrade CTA's target return is 14-18%, with an annualized volatility of 15%.
CM Capital Markets Bolsa, Sociedad de
Valores SA
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
160%
Ap
r-20
08
Ju
l-20
08
Oct-
20
08
Ja
n-2
00
9
Ap
r-20
09
Ju
l-20
09
Oct-
20
09
Ja
n-2
01
0
Ap
r-20
10
Ju
l-20
10
Oct-
20
10
Ja
n-2
01
1
Ap
r-20
11
Ju
l-20
11
Oct-
20
11
Ja
n-2
01
2
Ap
r-20
12
Ju
l-20
12
Oct-
20
12
Ja
n-2
01
3
Ap
r-20
13
Ju
l-20
13
Oct-
20
13
Ja
n-2
01
4
Ap
r-20
14
Ju
l-20
14
Oct-
20
14
Ja
n-2
01
5
Ap
r-20
15
Ju
l-20
15
NS Selection - Capitrade CTA Class EUR MSCI World Index Hedged in Euro Newedge CTA Index Hedged in Euro
-0.1%
1.7%
-4.0%
3.8%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
NS Selection - Capitrade CTA Class EUR
MSCI World Index Hedged in Euro
16
Multi Strategy SICAV - Pendulum Class I USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class I USD NAV: 215.40
Class I EUR NAV: 166.69
Class I CHF NAV: 116.21
Class I GBP NAV: 111.88
HISTORICAL PERFORMANCE
Main Share Class Class I USD
Main Currency USD
Fund Inception January 1999
AUM (USD) 229,741,206
Strategy Absolute Return
Sub-strategy Relative Value
Subscription Monthly
Redemption Monthly
Notice Period 95 days
Fund Level Gate 20%
Investment Min
Class I USD 5,000
Class I EUR 5,000
Class I CHF 5,000
Class I GBP 5,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.91% 1.47% 1.22% -0.49% 1.01% -0.94% 1.12% -0.98% 3.33% -3.76%
2014 0.67% 1.82% -0.06% -0.88% 1.14% 0.89% -0.36% 0.57% 0.41% -2.02% 1.65% 0.30% 4.14% 2.93%
Management Fee 2013 1.83% 0.25% 0.94% 0.82% 1.72% -0.44% 0.77% -0.14% 1.13% 0.78% 0.79% 1.07% 9.93% 24.10%
Class I USD 1.50% 2012 1.50% 1.21% 0.83% 0.17% -0.50% -0.10% 0.87% 0.41% 0.60% 0.61% 1.20% 1.31% 8.40% 13.18%
Class I EUR 1.50% 2011 0.98% 0.78% -0.03% 0.27% -0.42% -0.91% -0.11% -2.38% -1.35% 1.03% -0.45% -0.43% -3.03% -7.62%
Class I CHF 1.50% 2010 0.69% 0.03% 1.42% 1.23% -1.43% -0.55% 0.75% 0.34% 0.99% 0.53% 0.36% 1.32% 5.79% 9.55%
Class I GBP 1.50%
STATISTICAL ANALYSIS (Since January 2000) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -1.0% -6.8% -0.7%
Performance Fee Annualized ReturnCompound ROR 4.9% 0.9% 3.4%
Class I USD None Arithmetic ReturnAverage Monthly Return 0.4% 0.2% 0.3%
Class I EUR None Max Monthly GainLargest Month Gain 2.7% 10.9% 2.4%
Class I CHF None Max Monthly LossLargest Month Loss -10.5% -19.0% -5.9%
Class I GBP None % positive returns% Positive Months 74% 55% 70%
ReturnCumulative Return 111% 16% 69%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 4.9% 15.7% 3.8%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.80 0.00 0.63
Omega (threshold 1)Omega Ratio (1%) 0.21 0.62 0.10
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.27 0.08 1.20 Assymetric return profile vs. Index 1
Class I USD LU0722502654 Ann. Downside deviation (vs 0%)Downside-Deviation 3.8% 11.6% 2.8% Annual Up Capture vs Benchmark 1Up Capture Ratio 24%
Class I EUR LU0722507372 Max DrawdownMaximum Drawdown -26.7% -55.4% -20.4% Annual Down Capture vs Benchmark 1Down Capture Ratio 7%
Class I CHF LU0722507612 Length Max Drawdown (months)Months In Maximum Drawdown 14 16 14
Class I GBP LU0722507885 Recovery Time Max Drawdown (months)Months To Recover 61 61 61
STRATEGY BREAKDOWN (% Allocation)
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 4.7% 1.2%
Beta to Benchmark 1Beta 0.16 1.09
Correlation to Benchmark 1Correlation 0.52 0.85
R² vs Benchmark 1R-squared 0.27 0.73
Top Holdings Weight
Fund Domicile Millennium International, Ltd 13.0%
Luxembourg Moore Macro Managers Fund 8.6%
Investment Manager Citadel Kensington Global Strategies Fund Ltd 7.2%
Notz Stucki Europe SA Visium Global Fund 6.1%
Administrator AllBlue Leveraged Feeder 6.0%
CF Fund Services, Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: Multi Strategy SICAV - Pendulum Class I USD
UBS (Luxembourg) SA Index 1: MSCI World Index
Website Index 2: HFRI FOF: Conservative Index
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Pendulum is a sub-fund of the Multi Strategy SICAV, a company organised as a "société d'investissement à capital variable (SICAV)" and registered
under Part II of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Pendulum is a low volatility multimanager fund investing in a selection of relative value and arbitrage managers. The investment objective of Pendulum
is to achieve superior risk-adjusted returns with a low correlation to traditional asset classes.
The selected fund managers use non-directional, market neutral and arbitrage strategies. This includes convertible, merger, fixed income and currency
arbitrage. Some managers will use leverage. The objectives of the underlying funds are in general to provide a consistent positive return with low
volatility and little correlation to the major fixed income and equity market indices.
Pendulum's target annual return is 4-7% with a target volatility of less than 4%.
-100%
-50%
0%
50%
100%
150%
200%
-100%
-50%
0%
50%
100%
150%
200%
De
c-1
99
9
De
c-2
00
0
De
c-2
00
1
De
c-2
00
2
De
c-2
00
3
De
c-2
00
4
De
c-2
00
5
De
c-2
00
6
De
c-2
00
7
De
c-2
00
8
De
c-2
00
9
De
c-2
01
0
De
c-2
01
1
De
c-2
01
2
De
c-2
01
3
De
c-2
01
4
Multi Strategy SICAV - Pendulum Class I USD MSCI World Index HFRI FOF: Conservative Index
-0.2%
0.9%
-3.7%
3.3%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Multi Strategy SICAV - Pendulum Class I USD
MSCI World Index
26.6%
15.7%
29.6%
16.1%
7.2%
4.8%
Multi-Strategy Arbitrage
Fixed Income / MacroRelative Value
Equity Arbitrage
Event-Driven
Credit Long Short /Convertible
Cash, T bills
0% 10% 20% 30% 40%
17
DGC - Low Volatility class A EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A EUR NAV: 103.10
Class A USD NAV: 102.52
Class A CHF NAV: 101.81
HISTORICAL PERFORMANCE
Main Share Class Class A EUR
Main Currency EUR
Fund Inception 31-Jul-2013
AUM (EUR) 45,954,437
Strategy Absolute Return
Sub-strategy Relative Value
Subscription Weekly
Redemption Weekly
Notice Period None
Fund Level Gate None
Investment Min
Class A EUR None
Class A USD None
Class A CHF None
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 2
2015 0.40% 0.43% 0.46% 0.52% 0.03% -0.96% 0.75% -0.62% 1.00% 0.56%
2014 0.33% 0.79% -0.99% -0.84% 0.06% -0.15% -0.18% 0.02% 0.57% -0.49% 0.98% 0.32% 0.40% 2.09%
Management Fee 2013 -0.50% 0.76% 0.15% 0.42% 0.83% 1.67% 0.60%
Class A EUR 0.75%
Class A USD 0.75%
Class A CHF 0.75%
STATISTICAL ANALYSIS (Since August 2013) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -0.6% -6.8% -0.1%
Performance Fee Annualized ReturnCompound ROR 1.5% 6.6% 1.6%
Class A EUR None Arithmetic ReturnAverage Monthly Return 0.1% 0.6% 0.1%
Class A USD None ReturnCumulative Return 3% 14% 3%
Class A CHF None
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 2.0% 9.2% 0.8%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.24 0.60 0.72
ISIN Assymetric return profile vs. Index 1
Class A EUR LU0947862230 Annual Up Capture vs Benchmark 1Up Capture Ratio 9%
Class A USD LU0947862586 Annual Down Capture vs Benchmark 1Down Capture Ratio 1%
Class A CHF LU0947862156
Comparison To Benchmark Index 1 Index 2 STRATEGY BREAKDOWN (% Allocation)
Annualized Alpha vs Benchmark 1Annualized Alpha 0.8% 0.5%
Beta to Benchmark 1Beta 0.11 0.67
Correlation to Benchmark 1Correlation 0.48 0.26
R² vs Benchmark 1R-squared 0.23 0.07
Fund Domicile Top Holdings Weight
Luxembourg Merrill Lynch - Marshall Wace Tops UCITS Fund 9.9%
Management Company Exane Funds 1 - Exane Overdrive Fund 7.1%
Notz Stucki Europe SA Muzinich Funds - Long Short Credit Yield 6.1%
Investment Manager DB Platinum IV Systematic Alpha Fund 5.6%
Notz, Stucki & Cie S.A. Old Mutual Global Equity Absolute Return 5.5%
Administrator
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Low Volatility class A EUR
UBS (Luxembourg) S.A. Index 1: MSCI AC World Local
Website Index 2: Barclays Global AGG 1-5 TR Index Hedged EUR
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Low Volatility is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable" (SICAV
UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Low Volatility invests mainly in UCITS funds that have a low correlation to the global equity market and global bond market in order to seek positive
absolute return performance in all market environments. The most typical strategies followed by the underlying funds will be: equity market neutral, low
beta equity long/short, credit market neutral, low beta fixed-income funds, CTAs, global macro, event-driven, and multistrategy.
Low Volatility's target return is Libor + 2.5% with a volatility lower than 5%.
-4%
-2%
0%
2%
4%
6%
8%
-4%
-2%
0%
2%
4%
6%
8%Ju
l-20
13
Au
g-2
01
3
Se
p-2
01
3
Oct-
20
13
No
v-2
01
3
De
c-2
01
3
Ja
n-2
01
4
Feb
-20
14
Ma
r-20
14
Ap
r-20
14
Ma
y-2
014
Ju
n-2
01
4
Ju
l-20
14
Au
g-2
01
4
Se
p-2
01
4
Oct-
20
14
No
v-2
01
4
De
c-2
01
4
Ja
n-2
01
5
Feb
-20
15
Ma
r-20
15
Ap
r-20
15
Ma
y-2
015
Ju
n-2
01
5
Ju
l-20
15
Au
g-2
01
5
DGC - Low Volatility class A EUR Barclays Global AGG 1-5 TR Index Hedged EUR
0.0%
0.2%
-2.2%
2.1%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
DGC - Low Volatility class A EUR
MSCI AC World Local
0.0%
15.8%
42.0%
8.5%
11.8%
12.7%
4.9%
4.3%
Multi-Strategy
Equity Long Short
Equity Relative Value
Managed Futures
Global Macro
Fixed Income Long Only
Fixed Income RelativeValue
Cash
0% 20% 40% 60%
18
DGC - Convertible & Credit A USD
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A USD NAV: 141.61
Class A EUR NAV: 138.38
Class A CHF NAV: 132.88
Class B EUR NAV: 110.89
Class B CHF NAV: 110.25
HISTORICAL PERFORMANCE
Main Share Class Class A USD
Main Currency USD
Fund Inception 31-Jul-2009
AUM (USD) 122,741,021
Strategy Fixed Income
Sub-strategy
Subscription Weekly
Redemption Weekly
Notice Period 5 days
Fund Level Gate None
Investment Min
Class A USD None
Class A EUR None
Class A CHF None
Class B EUR 5,000,000
Class B CHF 5,000,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 1.00% 2.25% -0.10% 1.61% 0.55% -2.51% 0.42% -1.87% 1.26% 0.36%
2014 -0.90% 2.00% -0.37% 0.29% 1.45% 0.40% -0.43% 2.06% -2.67% 0.10% 1.76% 0.04% 3.68% 7.80%
Management Fee 2013 1.00% -0.11% 0.24% 1.39% 1.21% -1.58% 1.97% -0.92% 2.40% 1.73% 0.57% 0.21% 8.32% -0.30%
Class A USD 1.75% 2012 2.33% 2.37% 0.70% -0.56% -1.97% 1.23% 1.54% 1.46% 1.57% 0.94% 0.91% 1.31% 12.41% 5.71%
Class A EUR 1.75% 2011 1.38% 1.66% 0.86% 0.33% -0.58% -1.18% -0.81% -4.18% -3.13% 3.11% -2.63% -0.10% -5.38% 5.90%
Class A CHF 1.75% 2010 0.55% 0.15% 1.79% 1.12% -2.86% -0.39% 2.85% 1.00% 1.64% 1.68% -0.50% 2.00% 9.28% 4.87%
Class B EUR 1.00%
Class B CHF 1.00%
STATISTICAL ANALYSIS (Since August 2009) UP MONTHS/DOWN MONTHS VS BENCHMARK
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -1.9% -0.3% -2.0%
Performance Fee Annualized ReturnCompound ROR 5.9% 4.3% 5.6%
Class A USD 10.00% Arithmetic ReturnAverage Monthly Return 0.5% 0.4% 0.5%
Class A EUR 10.00% Max Monthly GainLargest Month Gain 3.1% 2.0% 5.4%
Class A CHF 10.00% Max Monthly LossLargest Month Loss -4.2% -1.5% -6.0%
Class B EUR 10.00% % positive returns% Positive Months 70% 67% 58%
Class B CHF 10.00% ReturnCumulative Return 42% 29% 40%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 5.3% 2.6% 8.3%
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.92 1.28 0.56
Omega (threshold 1)Omega Ratio (1%) 0.40 0.09 0.58
ISIN Annual Sortino Ratio (vs 0%)Sortino Ratio (0%) 1.73 3.29 1.09 Assymetric return profile vs. Index 1
Class A USD LU0903162229 Ann. Downside deviation (vs 0%)Downside-Deviation 3.4% 1.3% 5.2% Annual Up Capture vs Benchmark 1Up Capture Ratio 71%
Class A EUR LU0903161841 Max DrawdownMaximum Drawdown -9.5% -2.9% -12.0% Annual Down Capture vs Benchmark 1Down Capture Ratio -62%
Class A CHF LU0903162062 Length Max Drawdown (months)Months In Maximum Drawdown 5 2 5
Class B EUR LU0903162575 Recovery Time Max Drawdown (months)Months To Recover 13 7 15
Class B CHF LU0903162732
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 5.6% 2.7%
Beta to Benchmark 1Beta 0.09 0.55
Correlation to Benchmark 1Correlation 0.05 0.86
R² vs Benchmark 1R-squared 0.00 0.75
Fund Domicile
Luxembourg
Management Company
Notz Stucki Europe SA
Investment Manager
CQS (UK) LLP
Administrator
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Convertible & Credit A USD
UBS (Luxembourg) S.A. Index 1: ML GBMI
Website Index 2: UBS Convertible Focus Bond Index
www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Convertible & Credit is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable"
(SICAV UCITS IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Convertible & Credit is a long only fund investing in convertible bonds and corporate credit securities.
The investment objective of the sub-fund is to achieve superior risk-adjusted returns with a low correlation to the fixed income asset class. Convertible
securities include convertible bonds, convertible notes, convertible preference shares, exchangeable bonds, warrants and any other suitable
convertible or exchangeable instruments. Equity and equity-linked securities, index and participation notes and equity linked notes may be held on an
ancillary basis. Corporate credit securities include corporate bonds and other corporate debt securities and non-convertible preferred stock.
Convertible & Credit's target annual return is 6-8% with a target volatility of less than 5%.
Credit/High
Yield/Convertible
-20%
0%
20%
40%
60%
80%
-20%
0%
20%
40%
60%
80%
Ju
l-20
09
Oct-
20
09
Ja
n-2
01
0
Ap
r-20
10
Ju
l-20
10
Oct-
20
10
Ja
n-2
01
1
Ap
r-20
11
Ju
l-20
11
Oct-
20
11
Ja
n-2
01
2
Ap
r-20
12
Ju
l-20
12
Oct-
20
12
Ja
n-2
01
3
Ap
r-20
13
Ju
l-20
13
Oct-
20
13
Ja
n-2
01
4
Ap
r-20
14
Ju
l-20
14
Oct-
20
14
Ja
n-2
01
5
Ap
r-20
15
Ju
l-20
15
DGC - Convertible & Credit A USD ML GBMI UBS Convertible Focus Bond Index
0.3%0.6%
-0.5%
0.8%
-2.0%
0.0%
2.0%
DGC - Convertible & Credit A USD ML GBMI
19
DGC - Bond Euro class B EUR
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class EUR NAV: 163.90
HISTORICAL PERFORMANCE
Main Share Class Class EUR
Main Currency EUR
Fund Inception 20-Jul-1998
AUM (EUR) 41,853,022
Strategy Fixed Income
Sub-strategy Global Bonds
Subscription Weekly
Redemption Weekly
Notice Period 1 day
Fund Level Gate None
Investment Min
Class EUR None
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.92% 0.43% 0.37% -0.21% -0.01% -0.79% 0.57% -0.43% 0.84% 0.56%
2014 0.06% 0.68% 0.29% 0.43% 0.41% 0.32% -0.10% 0.49% -0.09% 0.55% 0.17% -0.08% 3.18% 2.09%
Management Fee 2013 -0.22% 0.45% 0.29% 1.18% 0.05% -0.87% 0.73% -0.03% 0.37% 0.75% 0.25% 0.18% 3.14% 0.82%
Class EUR 0.75% 2012 2.50% 2.74% 1.19% -0.72% -0.48% -0.13% 1.79% 0.97% 1.10% 1.15% 0.91% 0.57% 12.16% 3.31%
2011 0.84% 0.08% 0.60% -0.07% 0.77% -0.73% 0.23% -2.78% -3.88% 0.77% -2.71% 2.03% -4.92% 2.86%
2010 0.97% 0.42% 0.91% 0.46% -1.20% 0.53% 0.57% 0.82% 0.23% 0.33% -0.62% -0.30% 3.14% 2.81%
STATISTICAL ANALYSIS (Since August 1998) COUNTRY BREAKDOWN (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -0.4% -0.1% 0.0%
Performance Fee Annualized ReturnCompound ROR 2.9% 3.4% 2.2%
Class EUR None Arithmetic ReturnAverage Monthly Return 0.2% 0.3% 0.2%
ReturnCumulative Return 64% 77% 45%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 2.7% 1.5% 0.00
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.73 1.57 2.59
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 0.1% 3.3%
Beta to Benchmark 1Beta 0.85 -0.15
Correlation to Benchmark 1Correlation 0.49 -0.03
ISIN R² vs Benchmark 1R-squared 0.24 0.00
Class EUR LU0089444409 Annual Up Capture vs Benchmark 1
Bond Portfolio Fund Annual Down Capture vs Benchmark 1
YTM 2.21%
Duration 2.13
Rating Breakdown Fund SECTOR BREAKDOWN (% Allocation)
AAA 0.0%
AA 8.3%
A 17.3%
BBB 49.7%
BB 6.4%
NR 18.4%
Fund Domicile
Luxembourg Top Holdings Weight
Management Company STANLN 7 3/4 04/03/18 4.9%
Notz Stucki Europe SA RABOBK 8.4 11/29/49 4.7%
Investment Manager UBS 5 1/8 05/15/24 4.3%
Notz, Stucki & Cie S.A. DPB 4.668 06/30/16 4.0%
Administrator SLHNVX 5.849 04/29/49 3.9%
Apex F Serv. (Malta) Ltd. Lux.
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: DGC - Bond Euro class B EUR
UBS (Luxembourg) S.A. Index 1*: Barclays Global AGG 1-5 TR Index Hedged EUR
Website Index 2: Libor EUR 1 month
www.notzstucki.com *From August 1998 to January 2007 ML GVMI hedged in EUR has been used as proxy for Barclays Global AGG 1 -5 TR Index Hedged EUR
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Bond Euro is a sub-fund of Diversified Growth Company (DGC), a company organized as a "société d'investissement à capital variable" (SICAV UCITS
IV), registered under Part I of the Luxembourg law of December 17, 2010 on collective investment undertakings.
Bond Euro is a fixed income fund investing in a diversified selection of investment grade corporate and government bonds.
The sub-fund will seize opportunities across different fixed income markets like corporate, financial, convertibles, FRNs and Government in order to
achieve a higher performance than the Euro Money Market.
-20%
0%
20%
40%
60%
80%
100%
-20%
0%
20%
40%
60%
80%
100%
Ju
l-19
98
Ja
n-1
99
9
Ju
l-19
99
Ja
n-2
00
0
Ju
l-20
00
Ja
n-2
00
1
Ju
l-20
01
Ja
n-2
00
2
Ju
l-20
02
Ja
n-2
00
3
Ju
l-20
03
Ja
n-2
00
4
Ju
l-20
04
Ja
n-2
00
5
Ju
l-20
05
Ja
n-2
00
6
Ju
l-20
06
Ja
n-2
00
7
Ju
l-20
07
Ja
n-2
00
8
Ju
l-20
08
Ja
n-2
00
9
Ju
l-20
09
Ja
n-2
01
0
Ju
l-20
10
Ja
n-2
01
1
Ju
l-20
11
Ja
n-2
01
2
Ju
l-20
12
Ja
n-2
01
3
Ju
l-20
13
Ja
n-2
01
4
Ju
l-20
14
Ja
n-2
01
5
Ju
l-20
15
DGC - Bond Euro class B EUR Barclays Global AGG 1-5 TR Index Hedged EUR
71.1%
9.1%
6.8%
3.7%
3.4%
2.5%
1.8%
0.8%
0.8%
Financial
Communications
Basic Materials
Consumer, Non-cyclical
Government
Utilities
Technology
Energy
Consumer, Cyclical
0% 50% 100%
20.9%
14.6%
11.4%
10.8%
9.9%
9.0%
8.7%
8.3%
3.1%
2.5%
0.8%
US
Switzerland
Germany
UK
Italy
France
Netherlands
Emerging
Spain
Israel
Denmark
0% 10% 20% 30%
20
Citadel Selection Inc.
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class CHF NAV: 235.64
HISTORICAL PERFORMANCE
Main Share Class Class CHF
Main Currency CHF
Fund Inception February 1988
AUM (CHF) 48,503,436
Strategy Fixed Income
Sub-strategy Global Bonds
Subscription Weekly
Redemption Weekly
Notice Period 1 day
Fund Level Gate None
Investment Min
Class CHF 10,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 -0.13% 0.53% 0.16% 0.30% 0.00% -0.53% 0.33% -0.59% 0.06% 0.02%
2014 0.52% 0.48% 0.44% 0.29% 0.62% 0.25% 0.02% 0.29% -0.14% 0.21% 0.21% -0.28% 2.95% 1.96%
Management Fee 2013 0.45% 0.18% 0.47% 0.89% 0.02% -1.34% 0.76% 0.16% 0.29% 0.72% 0.21% 0.14% 2.98% 0.73%
Class CHF 0.75% 2012 3.74% 1.65% 1.78% -0.26% -0.03% 0.56% 0.94% 1.03% 0.55% 0.72% 0.73% 0.62% 12.64% 3.09%
2011 -0.05% 0.10% 0.19% 0.61% 0.79% 0.13% -0.16% -1.49% -2.67% 1.67% -3.64% 2.27% -2.40% 1.76%
2010 0.77% 0.70% 0.16% 0.77% -0.38% -0.26% 0.64% 0.54% 0.23% 0.18% -0.35% -0.38% 2.64% 2.38%
STATISTICAL ANALYSIS (Since January 1997) COUNTRY BREAKDOWN (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -0.6% -0.2% -0.1%
Performance Fee Annualized ReturnCompound ROR 2.4% 2.1% 1.0%
Class CHF None Arithmetic ReturnAverage Monthly Return 0.2% 0.2% 0.1%
ReturnCumulative Return 55% 47% 20%
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 2.3% 1.5% 0.00
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 0.61 0.75 -0.03
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 1.2% 3.0%
Beta to Benchmark 1Beta 0.59 -0.60
Correlation to Benchmark 1Correlation 0.37 -0.08
ISIN R² vs Benchmark 1R-squared 0.14 0.01
Class CHF PAP2867R1013 Annual Up Capture vs Benchmark 1
Bond Portfolio Fund Annual Down Capture vs Benchmark 1
YTM 2.47%
Duration 1.63
Rating Breakdown Fund SECTOR BREAKDOWN (% Allocation)
AAA 0.0%
AA 5.9%
A 19.0%
BBB 26.1%
BB 19.2%
B 7.3%
NR 22.6%
Fund Domicile Top Holdings Weight
Republic of Panama SOCGEN 9 3/8 09/29/49 6.4%
Investment Manager CMZB 5.321 06/30/16 6.4%
Notz Stucki & Cie SA UBS 7 1/4 02/22/22 5.5%
Administrator RABOBK 8.4 11/29/49 5.5%
CF Fund Services, Lux. CS 7 7/8 02/24/41 5.3%
Auditor
PricewaterhouseCoopers, Lux. Fund: Citadel Selection Inc.
Custodian Index 1*: Barclays Global AGG 1-5 TR Index Hedged CHF
UBS (Luxembourg) SA Index 2: Libor CHF 1 month
Website *From January 1997 to January 2007 ML GVMI hedged in CHF has been used as proxy for Barclays Global AGG 1 -5 TR Index Hedged CHF
www.notzstucki.com Performance data after March 2011 excludes dividends. The list of dividends paid can be found on www.notzstucki.com
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
Citadel Selection Inc. is an open-ended fixed-income investment company investment company investing in a selection of investment grade corporate
and government bonds. It invest its assets primarily in high quality interest bearing securities, paying particular attention to their maturity, with the aim of
earning a higher return than available on the Swiss Franc money market. In addition, it may buy zero coupon or deep discount bonds with particular
attractions. The investment company will hedge most of its non-CHF denominated assets back into CHF, and can use derivatives to manage the
duration of the portfolio.
Its investment objective is to achieve a higher performance than the Swiss franc money market.
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
De
c-1
99
6
Ju
n-1
99
7
De
c-1
99
7
Ju
n-1
99
8
De
c-1
99
8
Ju
n-1
99
9
De
c-1
99
9
Ju
n-2
00
0
De
c-2
00
0
Ju
n-2
00
1
De
c-2
00
1
Ju
n-2
00
2
De
c-2
00
2
Ju
n-2
00
3
De
c-2
00
3
Ju
n-2
00
4
De
c-2
00
4
Ju
n-2
00
5
De
c-2
00
5
Ju
n-2
00
6
De
c-2
00
6
Ju
n-2
00
7
De
c-2
00
7
Ju
n-2
00
8
De
c-2
00
8
Ju
n-2
00
9
De
c-2
00
9
Ju
n-2
01
0
De
c-2
01
0
Ju
n-2
01
1
De
c-2
01
1
Ju
n-2
01
2
De
c-2
01
2
Ju
n-2
01
3
De
c-2
01
3
Ju
n-2
01
4
De
c-2
01
4
Ju
n-2
01
5
Citadel Selection Inc. Barclays Global AGG 1-5 TR Index Hedged CHF
79.4%
8.2%
3.5%
2.8%
2.4%
1.8%
1.7%
0.2%
Financial
Consumer, Non-cyclical
Utilities
Industrial
Basic Materials
Communications
Consumer, Cyclical
Energy
0% 50% 100%
30.8%
14.1%
14.0%
9.2%
8.4%
7.2%
6.9%
4.1%
2.3%
1.5%
1.2%
0.3%
Switzerland
Germany
UK
US
Netherlands
France
Emerging
Mexico
Japan
Spain
Israel
Italy
0% 20% 40%
21
NSP Fit Inc. Class A shares - USD Class
GENERAL INFORMATION FUND DESCRIPTION
Share Class NAV
Class A USD NAV: 29.03
Class B EUR NAV: 11.54
Class C CHF NAV: 11.27
HISTORICAL PERFORMANCE
Main Share Class Class A USD
Main Currency USD
Fund Inception July 1978
AUM (USD) 38,277,532
Strategy Fixed Income
Sub-strategy Global Bonds
Subscription Weekly
Redemption Weekly
Notice Period 4 b. days
Fund Level Gate None
Investment Min
Class A USD 10,000
Class B EUR 10,000
Class C CHF 10,000
1 2 3 4 5 6 7 8 9 10 11 12
MONTHLY PERFORMANCE (%) NET OF FEES
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Index 1
2015 0.42% 0.28% 0.41% 0.48% -0.10% -0.07% 0.07% -0.41% 1.08% 0.81%
2014 0.46% 0.32% 0.18% 0.49% 0.38% 0.10% 0.00% 0.24% -0.24% 0.21% 0.17% -0.59% 1.74% 2.15%
Management Fee 2013 0.62% 0.04% 0.36% 0.47% 0.25% -1.29% 1.16% -0.11% 0.68% 0.82% 0.14% 0.04% 3.22% 1.00%
Class A USD 0.60% 2012 2.17% 2.24% 0.86% -0.50% -0.31% 0.63% 1.13% 1.15% 1.29% 1.05% 0.59% 0.96% 11.82% 3.57%
Class B EUR 0.60% 2011 0.89% 0.15% 0.92% 0.99% 0.23% -1.05% 0.08% -3.90% -4.10% 1.97% -2.01% 0.58% -5.34% 2.34%
Class C CHF 0.60% 2010 0.04% 0.04% -0.04% 0.36% -0.20% 0.51% 2.27% 0.80% 0.87% 0.34% -1.47% -1.49% 1.99% 2.77%
STATISTICAL ANALYSIS (Since January 1997) COUNTRY BREAKDOWN (% Allocation)
Return Fund Index 1 Index 2
Return Last 1 monthLast Month -0.4% 0.0% 0.0%
Performance Fee Annualized ReturnCompound ROR 4.1% 3.9% 2.7%
Class A USD None Arithmetic ReturnAverage Monthly Return 0.3% 0.3% 0.2%
Class B EUR None ReturnCumulative Return 111% 105% 63%
Class C CHF None
Risk Fund Index 1 Index 2
Annualized VolatilityAnnualized Volatility 3.0% 1.5% 0.01
Annual Sharpe Ratio (Rf)Sharpe Ratio (1%) 1.02 2.00 2.48
Comparison To Benchmark Index 1 Index 2
Annualized Alpha vs Benchmark 1Annualized Alpha 0.0% 2.5%
Beta to Benchmark 1Beta 1.06 0.60
Correlation to Benchmark 1Correlation 0.51 0.13
ISIN R² vs Benchmark 1R-squared 0.26 0.02
Class A USD PAP1908M1052 Annual Up Capture vs Benchmark 1
Class B EUR None Bond Portfolio Fund Annual Down Capture vs Benchmark 1
Class C CHF None YTM 2.42%
Duration 1.58
Rating Breakdown Fund SECTOR BREAKDOWN (% Allocation)
AAA 0.0%
AA 10.9%
A 19.9%
BBB 22.8%
BB 14.5%
B 8.0%
NR 23.8%
Fund Domicile Top Holdings Weight
Republic of Panama CMZB 5.321 06/30/16 6.8%
Investment Manager RABOBK 8.4 11/29/49 4.3%
Notz Stucki & Cie SA C 0 05/15/18 3.8%
Administrator WFC 0 03/29/49 3.7%
CF Fund Services, Lux. DEPFA 4 7/8 10/28/15 3.5%
Auditor
PricewaterhouseCoopers, Lux.
Custodian Fund: NSP Fit Inc. Class A shares - USD Class
UBS (Luxembourg) SA Index 1*: Barclays Global AGG 1-5 TR Index Hedged USD
Website Index 2: Libor USD 1 month
www.notzstucki.com *From January 1997 to January 2007 ML GVMI hedged in EUR has been used as proxy for Barclays Global AGG 1 -5 TR Index Hedged EUR
EU Savings Tax Directive: Out of Scope
The information contained in this communication is confidential and is for the exclusive use of the original recipient(s). This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All
market prices, data, and other information are not warranted as to completeness or accuracy and are subject to change without notice. Any comments or statements made herein do not necessarily reflect those of Notz, Stucki Europe S.A., Notz, Stucki et Cie. or its subsidiaries and affiliates. For additional information,
please refer to the Prospectus of the Fund.
August 31, 2015
NSP Fit Inc. is an open-ended fixed-income investment company investing in an international balanced portfolio of bonds, money market instruments
and deposits predominantly denominated in US Dollars. Derivatives may be held in order to manage the duration of the portfolio.
Cash can be raised aggressively depending on market conditions, and most non-USD denominated assets will be hedged back into USD.
NSP Fit Inc. is actively managed in order to seize opportunities in the different categories of fixed income instruments.
-20%
0%
20%
40%
60%
80%
100%
120%
-20%
0%
20%
40%
60%
80%
100%
120%
De
c-1
99
6
Ju
n-1
99
7
De
c-1
99
7
Ju
n-1
99
8
De
c-1
99
8
Ju
n-1
99
9
De
c-1
99
9
Ju
n-2
00
0
De
c-2
00
0
Ju
n-2
00
1
De
c-2
00
1
Ju
n-2
00
2
De
c-2
00
2
Ju
n-2
00
3
De
c-2
00
3
Ju
n-2
00
4
De
c-2
00
4
Ju
n-2
00
5
De
c-2
00
5
Ju
n-2
00
6
De
c-2
00
6
Ju
n-2
00
7
De
c-2
00
7
Ju
n-2
00
8
De
c-2
00
8
Ju
n-2
00
9
De
c-2
00
9
Ju
n-2
01
0
De
c-2
01
0
Ju
n-2
01
1
De
c-2
01
1
Ju
n-2
01
2
De
c-2
01
2
Ju
n-2
01
3
De
c-2
01
3
Ju
n-2
01
4
De
c-2
01
4
Ju
n-2
01
5
NSP Fit Inc. Class A shares - USD Class Barclays Global AGG 1-5 TR Index Hedged USD
67.0%
5.4%
5.0%
4.4%
4.2%
3.8%
3.5%
3.2%
2.4%
1.1%
Financial
Consumer, Cyclical
Communications
Utilities
Government
Consumer, Non-cyclical
Covered
Basic Materials
Industrials
Technology
0% 50% 100%
30.3%
15.5%
10.9%
7.6%
7.3%
6.4%
5.7%
4.0%
3.4%
3.3%
2.3%
2.0%
1.3%
US
Germany
Switzerland
France
UK
Netherlands
Mexico
Spain
Emerging
Japan
Israel
Australia
Portugal
0% 20% 40%
22