The Fund Manager writes

Fund Performance

SinceReturn in euro** 1 mnth 3 mnths 2020 2019 2018 start***TCM Africa High DividendClass BD 0.98% 8.81% -24.59% 10.00% -22.89% -36.04%Africa ex SA TR -0.47% 7.85% -20.17% 18.96% -12.89% -17.28%

* Since start of the High Dividend Strategy of the fund** Based on Total Return (Bloomberg data)*** Data is from inception of the share class: 24-05-2018

Fund Profile

TCM Africa High DividendEquity (Lux)In June, the fund was 1% higher at the end of the month, while the benchmark index fell 0.5%. In May, the Egyptian stock

market was the biggest loser, but in June it was the biggest winner (5.0%). The Nigerian stock market was the biggest winnerlast month, but the biggest loser this month (-4.0%). In Morocco, with a 20% weighting in the fund, the stock market rose by 1%.Compared to other parts of the world, the number of corona cases in Africa is relatively low. African countries may be lessvulnerable to the rapid spread of the coronavirus than many people fear, partly caused to their experiences with Ebola. Theycan quickly roll out many of the procedures and precautions they have taken against Ebola. In addition, the population in manyAfrican countries is relatively young and fewer people have overweight, making them less susceptible to the virus.The economic damage probably is past its worst in Egypt. Activity indicators deteriorated at a slower pace in June. Thegovernment has now lifted a number of restrictions, as companies adapted by firing staff and cutting salaries. The Egyptian PMIincreased rose from 40.7 in May to 44.6 in June. In addition, capital inflows into the country have resumed for the first timesince February, suggesting more confidence among investors.In Nigeria there are also signs of economic stabilization. Particularly the strong recovery in the oil price was positive. Despitethis recovery, Nigerian banks have asked the central bank for permission to restructure its loan portfolios because of theeconomic impact. To further boost the economy, the Nigerian Senate has approved a $ 5.5 billion stimulus package.

The fund currently holds positions in 30 stocks in 7 different countries. The countries with the largest weightings are Egypt(23.3%), Morocco (20.7%), and Nigeria (18.1%). These markets currently have the most interesting high dividend shares thatmeet the quality requirements. The weighting of a country is therefore mainly determined by the relative attractiveness of themarket compared to other countries.

The fund invests in listed African companies in the northern and sub-Sahara regions of Africa. The portfolio will havelimited exposure to the South African market. Many African countries can be regarded as a Frontier Market at an earlystage of economic development, with an attractive dividend yield. The fund primarily aims to generate a long-termreturn in excess of the benchmark, the MSCI Africa ex South Africa Total Return Net Index, comprising capital gains orlosses plus net dividend. The equally weighted portfolio will be re-weighted and re-allocated on a periodically scale.The risk profile is high, due to investments in equities and Frontier Markets.

30 June 2020

Strategy: High Dividend Equity

Universe:Africa

Benchmark: Africa ex South AfricaIndex (Total Return)

ESG: UN Global Compact andControversial Weapons (screening bySustainalytics)

Status: UCITS

Structure: Open-end

Domicile: Luxembourg

Inception Date: 24 May 2018

Currency: EUR

Net Asset Value per share:Share Class A - 83.61

Total Fund size: 8.0 million

Share Class sizes:Share Class A - 0.004 million

Management Company:Novacap Asset Management S.A.

Investment Manager:Trustus Capital Management B.V.

Fund Management:Frontier Markets TeamWytze RiemersmaMarco Balk

Custodian:Caceis Bank Luxembourg Branch

Paying Agent:Caceis Bank Luxembourg Branch

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TCM Africa High Dividend Equity* Africa ex. SA TR

Sector Allocation Top 10 Holdings

Position Weighting

Marsa Maroc 5.24%Maroc Telecom 5.00%Safaricom Plc 4.69%Airtel Africa Plc 4.39%Compagnie Miniere De Touissi 4.28%Commercial International Ban 4.25%Zenith Bank Plc 4.13%United Bank For Africa Plc 4.03%Total Maroc Sa 3.95%East African Breweries Ltd 3.92%

Total weightings Top 10 43.89%

Country Allocation Fund Characteristics

Characteristics Fund

Number of positions 30 32

Dividend Yield in %* 7.88 4.93

Price/Earnings Ratio* 9.78 9.35

Price to Book Ratio * 1.19 1.94

* source: Bloomberg/TCM

Subscription A Class AD Classinformation Accumulation Accumulation

Minimum subscription EUR 20 EUR 20Additional subscription EUR 10 EUR 10Subscription frequency daily dailyRedemption frequency daily dailySubscription Fee * up to 0.5% up to 0.5%Redemption Fee * up to 0.5% up to 0.5%Conversion Fee * up to 0.25% up to 0.25%Investor Restriction no restrictions no restrictionsDividend pay-out No NoInvestment Management Fee 2.5% per annum 2% per annumPerformance Fee 10% 10%Ongoing Charges Figure (2020) 3.24% 2.74%Clean share class No YesISIN Code LU1730854350 LU1730854434Bloomberg ticker TCMAFRA LX TCMAFAD LX

AFRICA exSA

* added back to the fund

Can be offered to investors in FI, LU, NL, NO, SE LU, NL

0.00%0.00%0.00%0.00%

6.36%6.38%6.86%

9.07%10.15%

11.96%14.08%

35.14%

Utilities

Information Technology

Real Estate

Energy

Consumer Discretionary

Health Care

Materials

Consumer Staples

Cash

Industrials

Communication Services

Financials

1.47%

2.13%

3.39%

4.39%

10.15%

16.33%

18.09%

20.70%

23.34%

South Africa

Botswana

Ghana

United Kingdom

Cash

Kenya

Nigeria

Morocco

Egypt

Sustainability

DisclaimerTCM Africa High Dividend Equity (Lux) is a sub fund of TCM Investment Funds Luxembourg, domiciled in Luxembourg. The fund is authorized in Luxembourg and isregulated by the Commission de Surveillance du Secteur Financier. The information in this document provides insufficient information for an investment decision.Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of thefund are available free of charge at the registered office of the fund located at 5, Allée Scheffer, L-2520 Luxembourg and on the website of the Management Company:www.novacap-am.com/en/funds. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown doesnot take account of any commissions and costs charged when subscribing to and redeeming units.

TCM has entered into an agreement with Sustainalytics for the screening ofthe portfolios of the TCM equity funds on ESG criteria (UN Global Compactand Controversial Weapons).

Contact Information5 Allée Scheffer, L-2520Luxembourg+31 513 48 22 00info@tcminvestmentfunds.nlwww.tcminvestmentfunds.com