The closing of the Strategic US Momentum & Value Fund

From the last day of November to the final NAV, the Strategic US Momentum & Value Fund, closely tracked the benchmark, returning -3.90% compared to -3.91% for the MSCI USA Net total return Index, bringing returns for the year to -0.41%.

Monthly Fund Commentary
4 Feb 2019

From the last day of November to the final NAV, the Strategic US Momentum & Value
Fund, closely tracked the benchmark, returning -3.90% compared to -3.91% for the MSCI
USA Net total return Index, bringing returns for the year to -0.41%.

Broadcom defied the sector’s difficulties and published strong financial results and
guidance, making this longstanding holding the best contributor for the month.
On the other hand, Ulta Beauty alongside the financial stocks, held by the portfolio
underperformed amid strong risk aversion and worries regarding the expansion phase of
the economic cycle coming to an end.

The Strategic US Momentum & Value Fund closed its doors in a year which will be
remembered for its tumultuous end, with virtually all markets and asset classes reporting
negative returns amid significant drawdowns. December’s movements bring further
support to the Investment Adviser’s conviction that a world with higher volatility and
fewer natural tailwinds to equity market valuations requires the investment strategy to
be adapted to best compound returns over time. Against the backdrop, the Investment
Advisory Team view the 2018 performance as a success and we thank our investors for
their trust.

The views and statements contained herein are those of the Eric Sturdza Group in their
capacity as Investment Advisers to the Fund as of 16/01/19 and are based on internal research
and modelling.