dsm us large cap equitiesfunddocumentation.candoris.nl/dsm/dsm us equities - candoris.pdf ·...

FOR INVESTMENT PROFESSIONAL USE ONLY

DSM US Large Cap Growth EquitiesPerformance data as of 30/06/2020 gross of fees


Agenda1. About DSM Capital Partners

2. DSM’s Investment Style & Process

3. Performance & Characteristics

4. About Candoris

5. Important Information


Section One:

About DSM Capital Partners

FOR INVESTMENT PROFESSIONAL USE ONLY 4

About DSM Capital Partners, Ltd.A bottom-up, idea driven, growth stock firm

DSM: A growth firm with a value backbone

• 100% employee owned boutique founded in 2001, focusing exclusively on growth companies

• 25 employees currently managing over $8.7bn* in AUM long only, high-conviction growth strategies with 1 distinct philosophy

• Clients include corporate pension plans, foundations and endowments, other institutions, and high net worth individuals.

• Transparency – ease of access and open communications with clients

• Firm’s headquarters is located in Palm Beach Gardens, FL.

Candoris & DSM

• Partnership dates to 2013

• Committed to growth in the Nordics and throughout Europe

• Provides capacity to grow in strategy, without jeopardizing performance

* As of 30/06/2020


YTD 1 Year 3 Years 5 Years 10 Years Since Inception 18.5 Years¹

Returns as of: June 30, 2020

0%

25%

Median

75%

100%

DSM Capital

Partners LLC:

DSM LargeCap

Growth Equity

Standard & Poors

Index: S&P 500

Russell Index:

Russell 1000

Growth

Universe: eVestment US Large Cap Growth Equity

Results displayed in USD using Spot Rate (SR). ¹01/2002 - 06/2020

Strategy Overview

A Collegial and Engaged Culture Aligned withOur Clients’ Interests

• Analyst/PMs compensated on firm performance and quality of work – “Buy”, “Sell” and “Avoid” recommendations equally important

• Team members have significant ownership of DSM portfolios

• Transparency – ease of access and open communications with clients

A US Equity Strategy for Sustainable Growth ofCapital

• Long-term focus on quality growth companies with attractive valuations

• Concentrated, high-conviction portfolio

• A demonstrated record of both reward and risk terms


Organizational StructureDSM Capital Partners

Steve Memishian, CFAFounder,

Co-Managing Partner

Daniel StrickbergerFounder, CIO,

Co-Managing Partner

Research & Portfolio ManagementJustin Burk, CFAHannah Chang Pinaki Kar David McVey, CFA Takamune Fujikawa, CFASteve Tish, CFAEric Woodworth, CFAKenneth Yang, CFA Client Service & Operations

Patricia BonadioKristen D’AmbrosioVitas MartinenasHikaru Sato-Hua

Patricia MichellSandra MontoyaNina PetrushevNina Renna

TradingChris BertoniShayn Logan

Legal & ComplianceBlair Barton, JDRussell Katz, JD

Client Service & Business DevelopmentStephen Constantine James Brown

Meredith MeyerChief Operating Officer


DSM’s Investment TeamExperienced team dedicated to one single philosophy

DSM’s ten person investment team specializes in quality growth companies worldwide

• Proprietary research used to identify and model quality growth companies, complemented by a rigorous valuation discipline used for both buying and selling positions

• 250 expert calls per year; buy-in research

• Analyst/PM’s compensated on quality of work and firm performance

• “Buy”, “Sell”, and “Avoid” recommendations are equally important

• Investment team has significant ownership of DSM portfolios

The team’s focus on proprietary research, in conjunction with a disciplined approach to valuation, results in a concentrated, benchmark-agnostic portfolio of 35-45 names

Industry DSM

Daniel Strickberger 39yrs 19yrs

Chief Investment Officer

Justin Burk, CFA 22yrs 18yrs

Medical Technology, Enterprise Software, Computer Storage & Communications, Specialty Chemicals, Agriculture, Multi-Industry

Hannah Chiang 22yrs 5yr

Payment Processing, Chinese Online Advertising, Retail, Apparel, Consumer Discretionary

Pinaki Kar 12yrs 12yrs

Biotech/Pharma, Consumer Staples, Discount Stores, Medical Technology, Industrial Glass, Business Software, Semiconductors

David McVey, CFA 24yrs 19yrs

Internet Services, Payment Processing, Banking, Media/ Advertising, Energy Services, Investment Management

Takemune Fujikawa 25yrs 2yrs

Tobacco, Consumer Services, Industrial Distributors, Luxury Products

Steve Tish, CFA 28yrs 13yrs

Biotech, Pharmaceuticals, Restaurants, Gaming, Lodging, Travel

Eric Woodworth, CFA 19yrs 19yrs

Personal Computers, Railroads, Freight Forwarders, Aviation, Computer Services, Networking Software, Security Software

Kenneth Yang, CFA 21yrs 6yrs

Consumer Discretionary, Industrials, Investment Management, Business Services, Instrumentation


Section Two:

DSM’s Investment Style & Process


Investment PhilosophyUnwavering adherence to convictions and discipline

DSM believes that concentrated portfolios of carefully selected equity securities of quality companies – those that demonstrate predictable earnings growth and are attractively valued – hold potential for long-term outperformance of broad market indexes.

This philosophy drives DSM’s distinct investment process, built on three core principles:

• Identify quality growth companies and perform fundamental research on them

• Create and utilize proprietary earnings models

• Utilize valuation discipline

GROWTH QUALITY

VALUATION

DSM US LARGE

CAPGROWTH


Investment PhilosophyEssentials of our style

Intellectual Property; High Barriers to Entry

Strong Business Fundamentals

Predictable Revenue and Earnings Growth

Gaining Market Share

Growing End-Markets

Favorable Industry Dynamics

Consistent Management Execution

High ROA/ROE; Free Cash Flow

Solid Balance Sheets

Sustainable Revenue and Earnings Growth

Strong Business Models

Stable Pricing

Few Competitors

Appropriate ESG Characteristics

GROWTH QUALITY

VALUATION

DSM US LARGE CAPGROWTH

Reasonable Valuation Reduces P/E Compression Risk

Manageable “Low Case” Return

Attractive “Most Likely” Return


Investment Process OverviewA consistent approach leading to repeatable outcomes

Idea Generation &Fundamental

AnalysisBuy

DecisionPortfolio

ConstructionMonitoring &

Selling

QUALITYValidation

GROWTHEarnings

Modelling

VALUATIONBelow

Intrinsic Value

POSITION SIZINGIncreases with conviction based

on fundamental execution

RETURN POTENTIAL

Risk Management & ESG


Investment Process OverviewESG is fully integrated into our investment process

ESG considerations are integrated into

stock selection, sizing, and selling

MSCI feeds & in-depth monitoring

Proprietary DSM ESG scoring

system

Identifying material ESG

issues

Proactive management interactions

Centralized ESG database with daily reporting

Portfolio decision making

Environment• Biodiversity & Land Use• Energy & Climate Change• Operational Waste• Supply Chain Management• Water StressCustomer• Anticompetitive Practices• Customer Relations• Marketing & Advertising• Privacy & Data Security• Product QualityHuman Rights & Community• Civil Liberties & Human Rights• Local Community ImpactLabor Rights & Supply Chain• Child Labor• Collective Bargaining• Workforce Diversity & Discrimination• Health & Safety• Supply Chain Labor StandardsGovernance• Bribery & Fraud• Controversial Investments• Governance StructuresOther


Fundamental AnalysisHarnessing the power of earnings to drive cash flow and fuel financial returns

QUALITY

Validation

GROWTH

Earnings

Modelling

VALUATION

Below

Intrinsic Value

BUY AND SELL DECISIONS

Identify companies with predictable revenue and earnings growth

Create detailed earnings models for candidate companies

Select equities selling below intrinsic value to reduce risk

• Strong business models• Few competitors • Stable pricing• Consistent management execution• Balance sheet strength• High ROA/ROE, free cash flow• ESG considerations• Intellectual property• Barriers to entry • Favorable industry dynamics• Growing end-markets• Gaining share

• Forecast 4 to 5 years• Revenue projections by product• Revenue/cost sensitivity analysis- Focus on major cost drivers- Project costs driven by competition• Scenario analysis- Most likely earnings case- Potential low earnings case

• Buying undervalued equities to reduce PE compression risk

• Lower entry level valuation reduces price risk

• Scenario analysis - Most likely returns- Low case returns


Scenario AnalysisDisciplined framework for projecting return potential for individual equities

HYPOTHETICAL RETURN POTENTIAL

Most Likely Case Low Case

Revs/EPS growth At forecast level Low end of potential

Target P/E outcome Achieved Not achieved

Y1 Price $20

Y1 EPS $1.00

Y1 P/E 20

Y2-4 EPS Growth 18% 14%

Y4 EPS $1.64 $1.48

Target P/E (Y3) 23 23

Y3 P/E 23 18

Y3 Price $37.79 $26.67

Y1-3 Annual Return 24% 10%

Setting the P/E Target▪ Industry factors▪ Stock-specific factors▪ Macro factors▪ Historic PE range

Elements of Expected Return▪ EPS growth▪ Dividend yield▪ Change in P/E ratio


Investment Decisions and Construction DisciplinesRelentless focus on identifying and capturing opportunities in all regions and industries

BUY AND SELL DECISIONS

Team Analysis Construction

Transaction Dynamics Buy Decision Diversification

▪ CIO & lead analyst/PM initiate case▪ Lead analyst/PM present▪ Investment team discusses▪ “Devil’s Advocate” discussion▪ Non-binding private vote by

investment team

▪ Growth– Strong fundamentals – Revenue and earning growth

▪ Quality – Predictable revenue and earnings

growth ▪ Valuation

– Stock is undervalued based on next four quarters projected earnings

– Attractive “Most Likely” return– Manageable “Low Case” return

▪ Typically 5 to 7 sectors▪ Up to 20% non-US*

Risk Management

▪ Evaluate common risks across holdings▪ Evaluate overlapping risks across

industries, sectors, geographies

Sell Decision General Weighting

▪ Price appreciation reduces future return potential

▪ “On-deck” stocks offer more attractive return potential

▪ Risk of business deterioration▪ Reduced revenue/earnings outlook

▪ Typically 25 to 35 positions▪ 1% to 2% weight to start▪ 3% to 5% average weight at cost▪ 5% to 7% at cost for select investments

*Adjustable to meet client restrictions


Partnering with DSMA compelling history of capital growth and attractive risk-reward outcomes

THE DSM DIFFERENCE

History of long-term focus and fundamental analysis applied across all strategies

Highly-skilled investment team with proven record of delivering attractive outcomes in both reward and risk terms

Culture of accountability and complete commitment to clients

Openness and transparency provided at all levels

Continuous client communication and service


Section Three:

Performance & Characteristics


DSM US Large Cap GrowthHistorical Performance

GIPS Compliant Gross Composite Performance - DSM US Large Cap Growth

Source: eVestmentData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.

Performances in the table above is annualized

Data as of 30-06-2020 YtD 1 Year 3 Year 5 Year 10 yearSince

Inception US Equity Growth (in USD)DSM US Equity Growth (Inception – Jan 02) 10,88% 22,76% 18,69% 15,40% 17,92% 11,04%Russell 1000 Growth 9,81% 23,28% 18,99% 15,89% 17,23% 8,95%S&P 500 -3,08% 7,51% 10,73% 10,73% 13,99% 7,67%Outperformance Russell 1000 Growth +1,07% -0,53% -0,31% -0,49% +0,68% +2,09%Ourperformance S&P 500 +13,96% +15,25% +7,96% +4,67% +3,93% +3,37%


Growth of $100 - Since Inception

G $100 - 18.5 Years

750

700

650

600

550

500

450

400

350

300

250

200

150

100

5 0

0

DSM Capital

Partners LLC:

DSM LargeCap

Growth Equity

Standard & Poors

Index: S&P 500

Russell Index:

Russell 1000

Growth


Historical PerformanceDSM US Large Cap Growth v. Benchmark

Growth of US$ 100 – Since inception



Earnings and Revenue Scorecard – US Large Cap GrowthHistory of earnings results of holdings

Portfolio holdings have delivered a solid record of earnings growth relative to consensus estimates

Source: Bloomberg. ^Source: DSM. Quarterly calculations are weighted averages based on position sizes. *As of: 31/12/2019

PORTFOLIO EARNINGS RESULTS - PAST TWENTY-ONE QUARTERS

1Q20

4Q19

3Q19

2Q19

1Q19

4Q18

3Q18

2Q18

1Q18

4Q 17

3Q17

2Q17

1Q17

4Q 16

3Q16

2Q16

1Q16

4Q15

3Q15

2Q15

1Q15

EPS % vs. Consensus* 6 7 5 11 9 5 9 8 9 4 7 10 5 5 5 6 6 5 4 4 3

EPS % YoY Growth (Ex Options)^

8 21 18 16 19 22 28 28 32 34 33 33 30 31 23 21 21 23 17 19 19

Revenue % YoY Growth^ 14 18 17 18 16 17 19 21 23 22 24 25 25 28 28 26 16 21 19 21 16

FWD 4Q P/E on Date of Mid-Q Letter^

24.7x

23.8x

24.0x

24.3x

23.7x

20.7x

21.8x

21.6x

22.0x

22.7x

23.7x

21.3x

20.3x

18.6x

19.4x

19.0x

17.9x

20.7x

20.9x

20.2x

20.8x


DSM US LC Growth active trading performanceBuy and Hold vs Active Management

This table shows the performance of the actual DSM strategy and a virtual buy and hold portfolio. The buy and hold portfolio is based on the performance of weights and holdings per the 30th of June (no trading took place). You can clearly see that trimming, adding and switching names does add value.

Portfolio - Annual Returns

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD to

30/06/20

Since Inception till

(%, p,a)DSM Large Cap Growth (in US$)DSM Large Cap Growth (Gross)

-16,5% 27,1% 11,0% 13,1% 11,4% 20,8% -37,8% 25,4% 24,1% -0,2% 19,9% 37,2% 11,3% 8,5% -1,6% 39,8% -3,8% 37,6% 10,9% 11,0%

BUY AND HOLD STRATEGY (GROSS)

-19,9% 24,9% 7,7% 14,2% 7,2% 14,7% -39,2% 25,2% 18,3% -0,2% 16,2% 38,3% 7,9% 4,3% -4,8% 34,7% -4,4% 38,4% 10,8% 8,6%

Difference (Manager Activity)

3,4% 2,2% 3,3% -1,2% 4,2% 6,0% 1,4% 0,2% 5,8% 0,0% 3,7% -1,1% 3,4% 4,2% 3,2% 5,1% 0,6% -0,8% 0,1% 2,4%


Portfolio CharacteristicsA concentrated portfolio built on the basis of growth, quality and valuation fundamentals

22

Source: Bloomberg.*As of 30/06/2020

Characteristics DSM LCGRussell 1000

Growth

Number of Holdings 25 435Weighted Avg Market Cap $534B $575BMost Likely EPS Growth4 19% NALow case EPS Growth4 16% NACalendar 2021 P/E 25.8x 27.4xCalendar 2022 P/E 21.0x 23.6xPrice to Book Ratio 8.9 10.4Dividend Yield5 0.4% 1.0%Trailing 12 Month Turnover9 21% NALT Debt/Equity 54% 113%Active Share1 66% NA

Top 10 Holdings Location %

Microsoft Corp. US 10.8%Adobe Inc. US 9.3%Alibaba Group Holdings US 7.7%Alphabet Inc. US 7.2%Tencent Holdings Ltd. China 7.2%Amazon.com China 7.0%Visa Inc US 7.0%PayPal Holdings US 6.1%Facebook Inc. US 5.7%Automatic Data Processing US 4.2%

0,0%

49,0%

3,4%

0,0%

10,3%

17,7%

0,0%

1,5%

17,8%

0,0%

44,7%

5,7%

1,1%

14,8%

10,5%

0,2%

3,9%

19,2%

Utilities

Technology

Producer Durables

Materials & Processing

Health Care

Financial Services

Energy

Consumer Staples

Consumer DiscretionarySECTOR ALLOCATION

Russell 1000 Growth

DSM US Large Cap

83%

16%

98%

2%

US

Non-US

REGIONAL ALLOCATION

Russell 1000 GrowthDSM US Large Cap


YTD 1 Year 3 Years 5 Years 10 Years Since Inception 18.5 Years¹

Returns as of: June 30, 2020

0%

25%

Median

75%

100%

DSM Capital

Partners LLC:

DSM LargeCap

Growth Equity

Standard & Poors

Index: S&P 500

Russell Index:

Russell 1000

Growth



Returns various periodsDSM US Large Cap Growth v. Benchmark and Peers

Consistent Outperformance



Upside Market Capture Since Inception¹ Downside Market Capture Since Inception¹

70

75

80

85

90

95

100

105

110

115

Since Inception 18.5 Years 1/2002 - 6/2020

120

DSM Capital

Partners LLC:

DSM LargeCap

Growth Equity

Standard & Poors

Index: S&P 500

Russell Index:

Russell 1000

Growth



Upside/Downside CaptureDSM US Large Cap Growth v. Benchmark and Peers

Higher Upside Capture and lower Downside Capture leads to superior returns since inception



Returns Since Inception 18.5 Years¹ Standard Deviation Since Inception 18.5 Years¹

Since Inception 18.5 Years 1/2002 - 6/2020

19

18

17

16

15

14

13

12

11

10

9

8

7

6

DSM Capital

Partners LLC:

DSM LargeCap

Growth Equity

Standard & Poors

Index: S&P 500

Russell Index:

Russell 1000

Growth



Returns and Standard DeviationDSM US Large Cap Growth v. Benchmark and Peers

DSM US Large Cap Growth outperforms the benchmark and almost all peers since inception.



Source: Bloomberg

Predictable earnings growth prevails over time

Standard deviation of EPS Growth Rate

EPS

Gro

wth

Rate

0%

5%

10%

15%

20%

25%

30%

35%

0% 10% 20% 30% 40% 50% 60%

DSM Act EPS% YoY Gr

DSM Est EPS% YoY Gr

RLG Act EPS% YoY Gr

RLG Est EPS% YoY Gr


Fund Launch:July 2016

Structure:UCITS

AUM:$44.1 million as of *30/06/2020

Exchange:Luxembourg

Benchmark:Russel 1000 Growth

Liquidity:Daily Liquidity & Valuation

ISIN:

LU1016061126Fund Composite Data:

Active Share 71.51%*

DSM US Large Cap Growth UCITS FundFund Information

Management Fee<€10 million 84 basis points

>€10 million 60 basis points

Larger Investments To be discussed

Other ExpensesCapped at 15 basis points for Institutional Investors; In reality, about 11 basis points

Custodian:Northern Trust

Central Admin:Northern Trust

Transfer Agent:Northern Trust

Source: eVestment as of 30/06/2020 since inceptionData quoted is past performance gross of fees. Current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate.

There is also a Global Growth UCITS Fund available.Fund Launch : March 2014AuM : $99.3 millionISIN : LU1016061043

Alpha 2,71

Beta 0,92Std Dev 15,27UMC 100,62DMC 90,93Information Ratio 0,33Tracking Error 6,28Sharpe Ratio 0,64


Section Four:

About Candoris


About CandorisAccess to the world’s best investment strategies

Candoris is:

• A Dutch firm with 6 employees in 2020 and ambitions to broaden its marketing

• Honest and direct in communication

• Transparent about the managers we market and the reasons why

• Transparent on price, fund and separate account solutions

Can·dor“kandər-ˌ dôr”

noun: candour; candor

1. The quality of being open and honest in expression; frankness.

Synonyms: frankness, openness, honesty, candidness, truthfulness, sincerity, forthrightness, directness, plain-spokenness, bluntness, straightforwardness, outspokenness


Current Activities:

• Marketing of investment strategies• Support with combining managers and portfolio optimization• Relationship management and client servicing• Fund setup under Candoris UCITS and Candoris QIAIF• Investor Support with Manager Selection

Target investors are:

• Institutional investors• Private banks • Wholesale distribution companies

Creating access for investors:

• Offering fund solutions • On the ground representation

Entrepreneurial company pairing boutique investment strategies with a compelling story, strong, unique and repeatable investment process and proven track record with investors

About CandorisAccess to the world’s best investment strategies


Candoris organizational structure

ARC ***

Business development Austria

Full coverage of the Austrian Market

Privilege Management***

Business development Switzerland

Smaller institutions, smaller private banks and family offices

Ronald Sminia**

Candoris Linked EmployeeBusiness Development NetherlandsWholesale distributors, private banks,family offices

Roy Scheepe**

Candoris Linked Employee;Business Development Germany

*Candoris employee **Candoris linked employee ***External 3rd party marketing firm Direct marketing to investors

Martijn van Vliet*Director Business DevelopmentDenmark, Sweden, Finland

Rick van de Kamp*Director Strategies and FundsNetherlands Inst, Norway, Ireland

Rogier van de Kamp*Data intelligence/IT

Anne de Jong* Coordinator Business DevelopmentCoordinates all marketing activities and reporting

Kern Capital Advisors***

Business development Switzerland

Larger institutions, larger private banks and family offices


Candoris matches clients’ needs with unique strategies and solutions

For Investors:• Introduce and market investment strategies and styles that are unique and create alpha

• Facilitate European investment vehicles (funds) or mandates

• Manager selection, compare investment strategies with peers, provide insight on adding a strategy in portfolio context

• The organizations we introduce are boutiques, frequently employee-owned, and specialized

For Asset Managers:• Access to Northern European market at limited expense, Central Continental contact point

• Asset managers can focus on managing their assets while Candoris does the marketing

• Organize/fulfil regulatory requirements

• Organizing roadshows typically twice a year through Northern European market

• Establishing funds both UCITS and QIAIF

• ICAV, benefit from our existing Candoris ICAV structure; new sub-funds can be added

• Benefit from our agreements with all service providers, ie Manco, Custodian, Audit, Directorship


Selected Strategies & ManagersAccess to the world’s best investment strategies

Investment Manager Investment Strategy Style

DSM Capital Partners –Palm Beach Gardens, FL Global, US and EME Equities Equity Growth

Coho Partners -Philadelphia, PA ESG US Equities Equity Value-Core/Capital Preservation

Eleva Capital -Paris European Equities Equity Small & Mid Cap and Absolute

Return

Pacific Asset Management -Newport Beach, CA US Senior Loans Fixed Income Large Syndicated Liquid

Strategic Income Management (SiM) –Seattle, WA US High Yield Fixed Income All Cap/Opportunistic

VanEck –New York, NY

EMD Unconstrained, Emerging Markets Equities

Fixed Income HC, LC, Corporates Equity All Cap

Orchard Capital Management –Chicago, IL Select Small Cap Select Small Cap Equity Value


Equity Strategies & PerformanceAccess to the world’s best investment strategies

GIPS Compliant Gross Composite Performance


Data as of 30-06-2020 YtD 1 Year 3 Year 5 Year 10 YearSince

Inception

Emerging Markets Equity Strategy (in USD)

VanEck Emerging Markets Equity Strategy (Inception - Jan 06) -6,90% -0,04% 4,67% 4,26% 6,96% 7,46%

MSCI EM IMI -10,09% -3,97% 1,35% 2,35% 3,11% 4,85%DSM Emerging Markets growth (Inception Jul 2017) -1,02% 2,19% 6,59%

MSCI EM -9,78% -3,39% 1,90% 2,86% 3,27% 1,90%

Global Equity (in USD)

DSM Global Growth (Inception - Oct 10) 10,43% 20,46% 14,95% 14,26% 14,39%

MSCI ACWI ND -6,25% 2,11% 6,14% 6,46% 9,16% 7,91%

European Equities (in EUR)

Eleva Small & Mid Cap (Inception - Dec18) *performance since inception not annualized -1,11% 10,31% 35,16%

STOXX Europe Small 200 Index (net return) -13,20% -3,90% 11,75%

US Large Cap Equity (In USD)

Coho Relative Value Equity (Inception - Oct 00) -5,62% 7,10% 8,15% 8,29% 13,17% 9,22%S&P 500 -3,08% 7,51% 10,73% 10,73% 13,99% 6,04%Russell 1000 Value -16,26% -8,84% 1,82% 4,64% 10,41% 5,99%

US Equity Growth (in USD)

DSM US Equity Growth (Inception - Jan 02) 10,88% 22,76% 18,69% 15,40% 17,92% 11,04%

Russell 1000 growth 9,81% 23,28% 18,99% 15,89% 17,23% 8,95%

US Small Cap Value Equity (in USD)

Orchard US Small Cap Value (inception - Jul 01) -20,39% -13,30% -5,37% 2,11% 10,39% 9,24%

Russell 2000 Value -23,50% -17,48% -4,35% 1,26% 7,82% 6,55%


Fixed Income Strategies & PerformanceAccess to the world’s best investment strategies

GIPS Compliant Gross Composite Performance


Data as of 30-06-2020 YtD 1 Year 3 Year 5 Year 10 YearSince

Inception

EMD Unconstrained (in USD)

VanEck EMD Unconstrained (Inception - Aug 12) -3,63% -0,81% 2,81% 2,81% 2,49%

50% JPM EMBI & 50% JPM GBI-EM -4,80% -1,10% 2,43% 3,89% 3,89% 2,15%

US High Yield (in USD)

SiM US High Yield (Inception - Feb 11) -6,43% -3,07% 3,17% 4,75% 6,60%

BofA ML US High Yield Master II -4,78% -1,10% 2,94% 4,58% 6,48% 3,82%

Corporate (Bank) Loan Strategy (in USD)

PAM Corporate (Bank) Loan Strategy (Inception - Jan 07) -3,13% -0,20% 3,09% 3,96% 5,26% 5,17%

CS Leveraged Loan -4,76% -2,27% 2,13% 2,94% 4,34% 3,82%


Section Five:

Important Information


This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Candoris B.V.considers reliable; Candoris B.V. does not represent that such information is accurate or complete. Certain statements contained hereinmay constitute “projections,” “forecasts” and other “forward-looking statements” which do not reflect actual results and are based primarilyupon applying retroactively a hypothetical set of assumptions to certain historical financial data. Actual results, performance or events maydiffer materially from those in such statements. Any opinions, projections, forecasts and forward-looking statements presented herein arevalid only as of the date of this document and are subject to change. Nothing contained herein should be construed as (i) an offer to buyany security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Candoris B.V. assumes noobligation to update any forward-looking information.

Past performance is no guarantee of future results.

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