The Fund Manager writes

Fund Performance

SinceReturn in euro* 1 mnth 3 mnths 2020 2019** start**TCM Global Emerging High DividendClass AB -0.86% 4.50% -15.32% 6.55% -9.78%Emerging Markets TR Index 3.87% 9.31% -6.41% 5.41% -1.35%iShares Emerging Markets ETF 3.22% 10.23% -7.58% 4.98% -2.97%

* Based on Total Return (Bloomberg data)

Fund Profile

TCM Global Emerging HighDividend Equity (Lux)During July the Emerging Markets Index continued its recovery after the turmoil caused by the Covid-19 pandemic.

The rally during July was partly due to the weakness of the US dollar. Weakness in the US dollar came from thetensions between the US and China, the upcoming presidential election in the US and the possibility of more stimulusand rate cuts by the Fed. In euro terms the benchmark went up by 3.87%. The fund lost 0.86% and underperformed thebenchmark. Most of the underperformance could be attributed to the strong performance of heavy weights like TSMC.Investors were positive on the continued recovery in economic data, together with further monetary and fiscalsupport in several emerging countries. Taiwan was the leading country in the EM Index, led higher by technologystocks, strong recovery of export orders and industrial production against May data. The MSCI Taiwan gained 16.7% inlocal currency and 11.7% in euro terms (total return). Another big gainer was Brazil. The markets outperformedbecause of signs of renewed progress in the government’s reform agenda. An important development was therebound of economic growth in China. GDP for Q2 recovered to 3.2% YoY, which was better than expected, after a fallof -6.8% in Q1. Manufacturing PMI rose to 52.8 from 51.2 a month ago. In the fund a new position has been set up inChina Aircraft Leasing Group. The company provides aircraft leasing, fleet planning consultation, structured financing,fleet replacement package deal, third party aircraft resale and aircraft disassembly solutions. In terms of fundamentaldata the stock has a dividend yield of more than 10%, a ROE of almost 25% and a P/E of 4.9. After the turmoil duringMarch the stock looks attractive, especially as we expect a normalization in the airline leasing industry. The stock metthe quality requirements of the fund.At the end of July the portfolio contained 115 companies across 23 countries. Biggest gainers were Zhuzhou Kibing(+48.47%), China Lesso Group (+41.52%) and Tianneng Power (+30.03%) all from China or Hong Kong. All returns are ineuro. The countries with the largest weightings are China (27.9%), Taiwan (18.5%) and South Africa (6.5%). At the endof July the fund’s P/E amounted to 10.89x with a dividend yield (DY) of 6.10%, while the index currently has a P/E of17.36 and a DY of 2.36%.

The fund invests in listed companies from the Emerging Markets Universe with an attractive dividend yield (such as butnot limited to Brazil, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia,Mexico, Morocco, Qatar, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey andUnited Arab Emirates). The fund primarily aims to generate a long-term return in excess of the benchmark, the MSCIEmerging Markets Total Return Net Index, comprising capital gains or losses plus net dividend. The equally weightedportfolio will be re-weighted and re-allocated on a periodically scale. The risk profile is high, due to investments inequities and Emerging Markets.

** Data is from 30-04-2019. The period from inception (25-03-2019) until the end of April has been used to setup the portfolio.

70

75

80

85

90

95

100

105

110

115

04/2

019

05/2

019

06/2

019

07/2

019

08/2

019

09/2

019

10/2

019

11/2

019

12/2

019

01/2

020

02/2

020

03/2

020

04/2

020

05/2

020

06/2

020

07/2

020

%

TCM Global Emerging High Dividend Class AB iShares Emerging Markets ETF Emerging Markets TR Index

31 July 2020

Strategy: High Dividend Equity

Universe:Emerging Markets

Benchmark: Emerging Markets Index(Total Return)

ESG: UN Global Compact andControversial Weapons (screening bySustainalytics)

Status: UCITS

Structure: Open-end

Domicile: Luxembourg

Inception Date: 25 March 2019

Currency: EUR

Net Asset Value per share:Share Class AB - 90.95

Total Fund size: 15.1 million

Share Class size:Share Class AB - 15.1 million

Management Company:Novacap Asset Management S.A.

Investment Manager:Trustus Capital Management B.V.

Fund Management:Emerging Markets TeamWytze RiemersmaMarco Balk

Custodian:Caceis Bank Luxembourg Branch

Paying Agent:Caceis Bank Luxembourg Branch

Sector Allocation Top 10 Holdings

Position Weighting

Zhuzhou Kibing Group Co Lt-A 1.73%Tianneng Power Intl Ltd 1.57%China Lesso Group Holdings L 1.52%Vanguard International Semi 1.48%Taiwan Semiconductor Manufac 1.31%Flexium Interconnect Inc 1.26%Micro-Star International Co 1.23%Bim Birlesik Magazalar As 1.19%Firstrand Ltd 1.17%Ford Otomotiv Sanayi As 1.14%

Total weightings Top 10 13.61%

Country Allocation - Top 15 Fund Characteristics

Characteristics Fund Benchmark

Number of positions 115 1385Dividend Yield in %* 6.10 2.36Price/Earnings Ratio* 10.89 17.39Price to Book Ratio * 1.44 1.76

* source: Bloomberg/TCM

Investment Limits

Fund Benchmark

Country limit 20% 41.12%China limit (including HK) 35% 41.12%Sector limit 30% 18.35%Position limit Equally Weight 7.51%

Subscription AA Class AB Class AC Class AD Classinformation Accumulation Accumulation Accumulation Accumulation

Minimum subscription EUR 3 million EUR 3 million EUR 20 EUR 20Additional subscription EUR 1.000 EUR 1.000 EUR 10 EUR 10Subscription frequency daily daily daily dailyRedemption frequency daily daily daily dailySubscription Fee * up to 0.2% up to 0.2% up to 0.2% up to 0.2%Redemption Fee * up to 0.2% up to 0.2% up to 0.2% up to 0.2%Conversion Fee * up to 0.2% up to 0.2% up to 0.2% up to 0.2%Investor Restriction institutional investors institutional investors retail investors no restrictionsDividend pay-out No No No NoInvestment Management Fee 0.70% per annum 0.70% per annum 1.50% per annum 1.15% per annumPerformance Fee 10% 10% 10% 10%Ongoing Charges Figure (2020) 1.11% 1.15% 1.95% 1.56%Clean share class No Yes No YesISIN Code LU1929543988 LU1929544010 LU1929544101 LU1929544283Bloomberg ticker TCMEAAC LX TCMEABC LX TCMEACC LX TCMEADC LX

For the benchmark this respectively concerns the weighting for China(Country), Information Technology (Sector) and the largest individualposition.

* added back to the fund

Can be offered to investors in LU, NL LU, NL LU, NL LU, NL

0.80%3.24%3.37%

4.99%5.86%

6.86%7.75%

10.81%12.62%

13.84%14.31%

15.55%

CashHealth Care

Consumer StaplesEnergy

UtilitiesCommunication Services

Materials

IndustrialsReal Estate

Information TechnologyConsumer Discretionary

Financials

0.81%0.90%0.92%1.51%2.08%2.45%2.68%2.88%3.12%3.51%4.19%

5.37%5.50%6.33%6.52%

18.52%27.94%

BrazilPhilippines

CzechMalaysia

UAESouth Korea

IndonesiaQatarIndia

PakistanRussiaTurkey

Hong KongThailand

South AfricaTaiwan

China

Sustainability

Disclaimer

TCM has entered into an agreement with Sustainalytics for thescreening of the portfolios of the TCM equity funds on ESG criteria (UNGlobal Compact and Controversial Weapons).

TCM Global Emerging High Dividend Equity (Lux) is a sub fund of TCM Investment Funds Luxembourg, domiciled in Luxembourg. The fund is authorized inLuxembourg and is regulated by the Commission de Surveillance du Secteur Financier. The information in this document provides insufficient information foran investment decision. Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and thearticles of incorporation of the fund are available free of charge at the registered office of the fund located at 5, Allée Scheffer, L-2520 Luxembourg and on thewebsite of the Management Company: www.novacap-am.com/en/funds. The value of your investment may fluctuate. Past performance provides no guaranteefor the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

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