Altana Director Alignment Strategy Fund YTD +0.99%

Monthly Newsletter May 2017: -1.12%*

©2017 Private & Confidential | info@AltanaWealth.com | www.AltanaWealth.com

Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority

Altana Wealth SAM | 33 Avenue St Charles| Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 1

Portfolio Manager: Alphons Vermorken Chief Investment Officer: Lee Robinson

Trading Live With Goldman Sachs Strategy Gross NAV: 123.06

Fund Strategy

Altana Director Alignment Strategy Fund LS (ADAS-LS) is a systematic US equity Long/Short strategy investing in mid/large cap stocks with a market cap over USD 1b. It generates alpha on both the long and the short book by filtering directors’ transactions.

ADAS Performance (net*)

ADAS LS Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2016 2.60% 1.43% -0.17% 4.05% -0.38% -1.01% -1.59% 5.72% 0.55% -0.71% 6.23% 3.61% 21.86%

2017 0.79% 0.77% 0.89% -0.32% -1.12% 0.99%

Returns (% m/m) net of all trading cost but excluding fees.

S&P 500

S&P 500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2016 -5.07% -0.41% 5.73% 0.27% 1.53% 0.09% 3.56% -0.12% -0.12% -1.94% 3.42% 1.82% 9.54%

2017 1.79% 3.72% -0.04% 0.91% 1.16% 7.73%

Returns (% m/m) net of all trading cost but excluding fees.

Split Returns 2017

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

Long 1.61% 1.52% -0.33% -0.47% -2.95% -0.71%

Short -0.81% -0.76% 1.23% 0.15% 1.82% 1.62%

Average Exposure

2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

Gross 76% 103% 156% 99% 131% 115%

Net -2% 31% 30% 42% 43% 29%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

70

80

90

100

110

120

130

Exposure Growth

Net Exposure ADAS LS S&P 500

ADAS vs. S&P 500

May 2017

Strategy statistics (May 2017)

ADAS S&P 500 Sharpe ratio 1.91

Largest draw-down -5.65%

NAV 123.06 118.00 Worst month -1.59%

Month return -1.12% 1.16% Best month +6.23%

Year-to-date 0.99% 7.73% Tracking error (live vs. Simulated) 0%

Inception-to-date 23.06% 18.00% Average number of long positions 36

Annualised volatility (’16-’17) 8.26% 8.89% Average number of short positions 22

©2017 Private & Confidential | info@AltanaWealth.com | www.AltanaWealth.com

Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority

Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 2

Main Performance Contributors

Top Performers

Long % Short %

1 CARVANA CO 0.67 1 BED BATH & BEYOND INC 0.51

2 FRONTIER COMMUNICATIONS CORP 0.25 2 SABRE CORP 0.43

3 SYNTEL INC 0.22 3 BRINKER INTERNATIONAL INC 0.39

4 LIBERTY MEDIA COR-SIRIUSXM C 0.21 4 SALLY BEAUTY HOLDINGS INC 0.26

5 LIBERTY MEDIA COR-SIRIUSXM A 0.21 5 AMTRUST FINANCIAL SERVICES 0.25

Bottom Performers

Long % Short %

1 SERVISFIRST BANCSHARES INC -0.25 1 FIRST SOLAR INC -0.12

2 BIOGEN INC -0.26 2 INTEGRA LIFESCIENCES HOLDING -0.12

3 SERITAGE GROWTH PROP- A REIT -0.26 3 COMCAST CORP-CLASS A -0.12

4 MAIN STREET CAPITAL CORP -0.29 4 CDW CORP/DE -0.13

5 OPKO HEALTH INC -1.93 5 SPROUTS FARMERS MARKET INC -0.16

Portfolio Activity & Outlook Exposure & Number of Trades & Market Caps In May 2017, the Altana Director Alignment Strategy Fund (ADAS) only generated positive returns on the short side. The overall L/S YTD return as of month-end May was +0.99%. The S&P 500 was up by 1.16% in May implying a YTD return of +7.73% for 2017 as of end of May. April’s long book’s positive returns were to a large extent driven by Carvana (CVNA), an e-commerce platform provider taken public in April, which has been subject to large price swings since its IPO. OPKO Health shares were negatively affected by the report of its Q1 loss of $31m, which was larger than previously expected. The short book’s return returns benefitted from Bed Bath & Beyond’s share price decrease. The firm has been suffering under a drop in same-store sales, a re-focus on e-commerce, and a low shareholder support in its recent annual meeting. Directors’ dealings continued to indicate a negative sentiment in May. The director sentiment ratio has, however, slightly picked up relative to April. On average, in May 2017, we traded on 36 long and 22 short positions, pointing to the rigorous analysis and filteirng applied to the entirety of insider transactions. With regards to the strengthening director sentiment ratio, we expect insider buying to pick up in the second half of the calender year. In order to provide more insights into director sentiment, we have created a web page containing some high-level statistics on director sentiment. Director Sentiment Page We are pleased to announce that ADAS UCITS has been formally launched in June and we are accepting inward investments. We look forward to welcoming you as an investor. Please contact us for more details. Alphons Vermorken

Net Sector Exposure

-100%

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0%

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100%

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200%

Gross Exposure Net Exposure Average

-200

-100

0

100

200

Open Long Open Short

Average Long Average Short

-100%

-50%

0%

50%

100%

Net Mid Cap Net Large Cap

-100%

0%

100%

Financial Technology Consumer, Cyclical Industrial Energy Communications Consumer, Non-cyclical Utilities Basic Materials

©2017 Private & Confidential | info@AltanaWealth.com | www.AltanaWealth.com

Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority

Altana Wealth SAM | 33 Avenue St Charles | Monaco 98000 | Tel: +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières 3

For further information, please contact us at investorservices@altanawealth.com;

London: +44(0) 207 079 1088 or Monaco: +377 97 70 56 36.

Disclaimer

This report is prepared by Altana Wealth Limited (“Altana”) , which is authorised and regulated by the Financial Conduct Authority (“FCA”) in the United

Kingdom (FRN: 532912). The Altana Director Alignment System (“ADAS”) is managed by Altana Wealth Limited. ADAS will be a Sub-Fund of Altana

UCITS Funds Plc an investment company with variable capital incorporated with limited liability in Ireland with registered number 540012 and established

as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in

Transferable Securities).collective investment in transferable securities under Directive 2009/62/EC.The Fund is a recognised scheme for the purposes of

section 264 the Financial Services and Markets Act 2000 of the United Kingdom. Most of the protections provided by the United Kingdom regulatory

system, and compensation under the United Kingdom Financial Services Compensation Scheme, will not be available. The contents of this factsheet are

directed only at persons who would be defined as Professional Clients and Eligible Counterparty clients under the rules of the FCA rules. The services

provided by Altana are only available to persons classified as Professional Clients and Eligible Counterparties (as defined in the FCA rules). As such, no

reliance should be placed on anything contained in this factsheet by persons other than Professional Clients and Eligible Counterparty clients.

In particular, persons who are Retail Clients (as defined in the FCA rules), should not act or rely upon the information provided in this factsheet and the

services referred to herein will not be available to such persons. They are advised to contact their Financial Adviser. This factsheet is not intended for

distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is

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investment risks, including but not limited to, currency exchange and market risks, fluctuations in value, liquidity risk and, where applicable, possible loss

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Fund can be found in the prospectus or key investor information document. These documents constitute the sole binding basis for the purchase of Fund

units. Issued by Altana Wealth June 2017.