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Presentation Cygnus: Funds Experience 2016

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Presentation Cygnus con Juan Cruz: Funds Experience 2016

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Presentation Cygnus: Funds Experience 2016

  1. 1. RANKIA Valencia – 27th October 2016
  2. 2. CYGNUS UTILITIES, INFRASTRUCTURE & RENEWABLES Cygnus Overview Strategies Long/Short European Utilities, Infrastructure & Renewables Event Driven and Special Situations Europe Vehicles Cygnus Utilities, Infrastructure & Renewables (AIF) (May 2006) Cygnus Utilities, Infrastructure & Renewables UCITS (July 2016) Cygnus Europa Event Driven (AIF) (July 2010)  Cygnus Asset Management was founded in 2006 and is wholly owned by its partners. The firm currently manages approximately €500 MM and employs 18 professionals.  We have two alternative and absolute return investment management teams; one manages a L/S strategy focused on Utilities, Energy, Renewables and Infrastructures and the other is driven by event driven and special situation opportunities. Each of our strategies focus on Europe are available as Alternative Investment Funds and UCITS vehicles. Investment Team - Partners Business & Management - Partners Investor Relations Juan Cruz CIO & Portfolio Manager Utilities Luis Amusátegui Head of Research Utilities Alejandro Vigil Senior Research Analyst Utilities José Luis Pérez Portfolio Manager Event Driven Isabel C. Serra CEO José Maria Amusategui President BoD Blanca Gil Executive Director 2
  3. 3. CYGNUS UTILITIES, INFRASTRUCTURE & RENEWABLES Investor Base Spain 25% USA 29% Rest of the world 25% Switzerland 5% Continental Europe 14% UK 2% Family Office 39% Pension 20% HNW 15% Other Investment Funds 16% Banks & Insurance 7% Partners & Employees 3% BY GEOGRAPHY BY TYPE  Cygnus Asset Management is a registered investment manager with the CNMV and the SEC and is well known amongst both European and American investors. Cygnus´ investor base is primarily international and as a firm we have been recognized by leading entities in our industry, such as Extel, Thomson Reuters and Allocator. Source: Cygnus / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 3
  4. 4. CYGNUS UTILITIES, INFRASTRUCTURE & RENEWABLES Cygnus Overview Independent Cygnus Asset Management is wholly owned by its partners and has as a mission to manage both its funds and firm adhering to its strong convictions, which focus on ethics, compliance, and discipline by virtue of its commitment to operational excellence. Experienced All of the activities we undertake benefit from the knowledge, talent, and extensive experience of our professionals; many of which have over 25 years of industry experience. Experts We are experts in our sectors and markets, as well as in the instruments we invest with, while staying focused on European markets. We look for asymmetries in our favor, which allow us to maintain a profile of absolute return. Flexible We have the flexibility of constructing portfolios that look for positive risk adjusted returns in any market environment, while preserving capital through active risk management that is flexible in terms of the size and direction of the portfolio. We are disciplined and patient as we confront the cyclical and volatile nature of the markets. Committed and Accessible We are committed and accessible to our investors, with a philosophy of transparency and active communication by way of monthly letters and informative memos, such as the publication of articles and presentations. We maintain an active presence on the internet and on financial platforms, such as Bloomberg, Thomson Reuters, and investment databases, such as Morningstar. 4
  5. 5. Cygnus Utilities Investment Strategy (AIF / UCITS)  Opportunistic, thematic and concentrated equity fund, specialized in the power & energy market and related sectors in Europe.  Active portfolio management concentrated in some 30 Long/Short positions, typically with low net (+-20%), and variable gross (0-250%, typically between 120/140%).  Selective use of options to improve risk/reward of trades and to hedge market risk.  Two funds: one AIF (Alternative Investment Fund) (since 2006) and one UCITS (since 2013), originally with different mandates. 5
  6. 6. Universe by Geography and Sector Argentina Australia Brazil Canada Chile China Mexico United States Portugal Spain France Italy Germany UK Greece Romania Russia Switzerland Austria Poland Belgium Czech Nordic Countries The Netherlands Utilities (47) Renewables (40) Oil & Gas (37) Infrastructure (37) Other countries Legend Source: Cygnus / Data as of September 30th, 2016. 6
  7. 7. Cygnus Utilities, Infrastructure & Renewables (UCITS) July 2013 – September 2016 Cygnus Utilities, Infrastructure & Renewables (AIF) May 2006 – September 2016 Active Management 100 110 120 130 140 150 2013 2014 2015 2016 CYU UCIT, Class I HFI UCITS European Equity Eurostoxx50 (SX5T) 131,7 125,6 115,2 185,7 108,6 152,7 40 60 80 100 120 140 160 180 200 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Cygnus Utilities Class A Eurostoxx 50 (SX5T) EH European Equity $ CYGNUS UTILITIES AIF CYGNUS UTILITIES UCITS May 2006 - Sep 2016 July 2013 - Sep 2016 Return Since Cygnus Inception 85,7% 31,6% ARoR Since Inception 6,1% 8,8% Annualized Std Deviation 7,2% 9,2% Sharpe Ratio @ 0% 0,86 0,96 Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 7
  8. 8. Cygnus Utilities, Infrastructure & Renewables (UCITS) July 2013 – September 2016 Cygnus Utilities, Infrastructure & Renewables (AIF) May 2006 – September 2016 Risk Control: Vol. Rolling 60d Cygnus vs Sector 0% 10% 20% 30% 40% 50% 60% 70% 80% Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 CYGNUS UTILITIES UCITS Class I-Vol 60 Utilities Index (SX&R)-Vol 60  Stable target volatility of <10% p.a. 0% 10% 20% 30% 40% 50% 60% 70% 80% Jul-06 Sep-07 Oct-08 Dec-09 Jan-11 Mar-12 Apr-13 Jun-14 Jul-15 Sep-16 CYGNUS UTILITIES Class A-Vol 60d Utilities Index (SX6R)-Vol 60d Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 8
  9. 9. Cygnus Utilities, Infrastructure & Renewables (UCITS) July 2013 – September 2016 Cygnus Utilities, Infrastructure & Renewables (AIF) May 2006 – September 2016 Risk Management Seeks Asymmetrical Returns Risk Control: Rolling 12m Cygnus Utilities UCITS vs Utilities Index (SX6R) Risk Control: Rolling 12m Cygnus Utilities vs Utilities Index (SX6R) -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 12m rolling CYU UCITS Class I 12m rolling Utilities Index (SX6R) 2015 2014 July 2014 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 12 m rolling CYGNUS UTILITIES Class A 12 m rolling Utilities Index (SX6R) 2011 2010 2013 2014 2008 2012 2007 2009 April 2007 2015 Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 9
  10. 10. Cygnus Utilities, Infrastructure & Renewables (UCITS) July 2013 – September 2016 Cygnus Utilities, Infrastructure & Renewables (AIF) May 2006 – September 2016 Downside Control Capture Ratio -3,7% 3,2% -0,3% 1,1% -4% -3% -2% -1% 0% 1% 2% 3% 4% Utilities Index (SX6R) CYGNUS UTILITIES Class A Average monthly return when European Utilities Index is up Average monthly return when European Utilities Index is down -2,6% 2,7% -1,5% 1,9% -4% -3% -2% -1% 0% 1% 2% 3% 4% Utilities Index (SX6R) CYGNUS UTILITIES UCITS Class I Average monthly return when European Utilities Index is up Average monthly return when European Utilities Index is down Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 10
  11. 11. Cygnus Utilities, Infrastructure & Renewables (UCITS) July 2013 – September 2016 Cygnus Utilities, Infrastructure & Renewables (AIF) May 2006 – September 2016 Risk Adjusted Returns 0% 5% 10% Annualized Performance Risk CYGNUS UTILITIES UCITS Utilities Index Eurostoxx50 (SX5T) UCITS European Equity EH Composite Index 0% 5% 10% Annualized Performance Risk CYGNUS UTILITIES AIF EH European L/S Utilities Index Eurostoxx 50 (SX5T)  We aim to achieve positive adjusted returns in all cycles Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 11
  12. 12. Cygnus Utilities, Infrastructure & Renewables (UCITS) July 2013 – September 2016 Cygnus Utilities, Infrastructure & Renewables (AIF) May 2006 – September 2016 Uncorrelated Returns y = 0,7768x - 4E-05 R² = 0,051 -10% -5% 0% 5% 10% 15% 20% -3% -2% -1% 0% 1% 2% 3% Correlation: Fund vs. Utilities Index y = 1,3634x - 9E-05 R² = 0,609 -10% -5% 0% 5% 10% 15% 20% -3% -2% -1% 0% 1% 2% 3% Correlation: Fund vs. Utilities Index  The strategy has low correlation to equity markets Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 12
  13. 13. Correlation and Beta vs Eurostoxx50  The strategy provides uncorrelated returns and low Beta exposure to the market. CYGNUS UTILITIES UCITS 0,0 0,2 0,4 0,6 0,8 1,0 Correlation Beta CYGNUS UTILITIES AIF MSCI Value Index Tier 1 Fund Eurostoxx 50 Source: Cygnus , Bllomberg / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 13
  14. 14. Dispersion Drivers in Cygnus Universe / Complex Interrelations CYGNUS UNIVERSE CLIMATE CHANGE/ TECHNOLOGY - Renewable policies - CO2 price - Weather patterns (short-term) - Solar/wind market shares - Thermal cannibalization - Grid upgrades - Energy efficiency - Electric/ Autonomous car REGULATION - Political intervention - Inflation - Retail tariffs - Consumer bills / reregulation? - Pool marginal price or cost/plus - Supply margins - Renewable regulation MACRO - Interest rate - Country risk - Growth - Inflation - Liquidity events - Debt levels COMMODITIES - Oil/Gas link - Gas price dynamics - Coal price dynamics - Shale gas EU/US/China - E&P delivery volumes GAS & POWER PRICES - Plants decommission - Clean dark spreads - Clean spark spreads - Renewable output - Geographical area generation mix - Wholesale price dynamics - Infrastructure build up - Reserve margins - Gas price decoupling - Spot vs forward curves - Distributed power - Electric and gas demand MICRO - FCF: capex vs dividends - Geographic revenues - Net debt / capital increases - Trading multiples - Business restructuring - Generation portfolio and cost cutting - Credit ratings - Disposal of assets vs dilution - Valuation - Cost cutting programs - EPS growth dynamics and trend - Sell side analyst and trend - Sell side analyst consensus INFRASTRUCTURES - Capacity margins - Capacity payments - Prevention closures - Interconnections - Bottle necks - Infrastructure build up - Smart Grids CENTRAL BANKS/GOVERNMENTS - Debt levels - Politics / Populism - Geopolitical risk - Fiscal Politics - Pensions and Welfare 14
  15. 15. CURRENT MACRO SCENARIO POSSIBLE GROWTH SCENARIO REGULATED UTILITIES LOW RATES LOW GROWTH BACK TO NORMAL GROWTH BACK TO NORMAL RATES OIL & GAS INFRASTRUCTURES INTEGRATED UTILITIES RENEWABLES RENEWABLES INTEGRATED UTILITIES INFRASTRUCTURES OIL & GAS REGULATED UTILITIES Macro Scenario and Investment Universe 15
  16. 16. Research Tools 16  Energy Models  Oil, gas, coal and CO2 price impact.  Infrastructure and Capacity Models  Electricity demand and growth, reserve margins (installed capacity vs demand) built developing plants and future prospects.  Subsectors and Sensibilities  Our subsectors are: gas, integrated electricity, generators and transmission, as well as water, wind, solar and technology companies which are related to the environmental themes.  Main factors that we follow: subsectors regulation, EU guidelines, interconnection lines and all the above.  Company Models  Proprietary valuation models, forecasts that were reviewed regularly and thoroughly. Meetings and contacts with companies.  Evaluation and monitoring of macroeconomic situation 16
  17. 17. Appendix 17
  18. 18. Monthly Net Performance % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2006 -1.19 1.16 1.59 4.19 3.01 2.63 1.33 5.41 19.49 2007 6.82 -1.09 0.39 -1.60 2.53 -2.06 -0.49 1.03 -0.40 0.94 4.95 0.67 11.92 2008 -1.25 -1.54 2.89 2.60 3.52 -3.55 5.88 3.19 -5.45 -4.35 2.11 2.18 5.67 2009 0.07 1.62 0.14 5.00 4.00 1.78 0.77 2.08 1.76 1.59 1.76 -4.31 17.19 2010 0.71 0.12 -0.09 -1.77 -1.60 1.21 0.08 -0.08 -1.08 -1.80 1.85 -0.01 -2.53 2011 0.11 2.00 1.84 -0.29 0.11 -0.48 0.09 -7.41 1.24 1.68 -0.06 -1.21 -2.70 2012 2.92 1.00 1.81 -0.14 -0.24 1.09 0.78 -0.75 0.95 1.01 0.17 1.83 10.86 2013 1.69 -1.34 2.38 -0.92 1.38 -0.23 -0.12 0.48 -0.86 0.77 0.72 -0.93 2.98 2014 0.57 3.49 0.00 -0.35 0.59 1.21 -1.72 -0.25 -0.52 -1.29 0.82 1.57 4.10 2015 2.46 1.34 -0.98 0.57 0.26 -1.34 -1.38 -1.67 0.29 1.69 0.73 -2.82 -0.99 2016 1.54 0.71 0.54 0.24 -0.39 -0.70 -0.14 -2.13 0.86 0.47 Cyngus Utilities, Infrastraucture & Renewables (AIF) Cyngus Utilities, Infrastraucture & Renewables (UCITS) Source: Cygnus / Data as of September 30th, 2016. Please refer to additional important disclosures at the end of these materials. 18 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2013 3,88 0,07 2,47 4,27 0,74 0,56 0,13 2014 2,83 7,19 2,66 0,90 2,84 3,92 -3,05 -0,21 -0,29 -2,16 0,84 -1,55 0,14 2015 4,44 5,03 -0,10 0,82 2,01 -4,05 -0,94 -3,59 -0,56 5,19 0,89 -4,34 0,04 2016 0,35 -1,79 1,32 1,28 -0,19 -1,21 -0,12 -1,88 0,45 -0,02
  19. 19. Team Team Member Education '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 UBS Various Companies Manag. Account. 1993 Economics,ICADE, Madrid,Spain Energyand Utilities Analyst Mako Investment Managers EquityResearch,European Utilities UBS Corporate Finance Division Santander Capital Markets,Madrid Merril Lynch Equities Sales & Trading Ahorro CorporaciónMorgan Stanley Spain Equities Trading Cygnus Cygnus Cygnus Cygnus Cygnus Cygnus Citigroup COO Cygnus Cygnus Responsible for the Iberian ElectricityIndustry PETER JAYAWARDENA (COO) 1992 Associate Member of Chartered Institude of Manag.Accountants, London 2011MBA Imperial College,London 1996 - MBA,INSEAD 1991- BSc.Wharton Sch. Upenn.,USA Banco Santanderde Negocios LAFRAGUA, S.A. (Now WMT, CA) AVP Independent Consulting and Advisory JOSÉ MARÍA AMUSATEGUI (P resident) BLANCA GIL (Investor Relations) AB Asesores BNP Paribas Head of Fixed Income Origination UBS Wealth Management Director,KeyClient Department ALEJANDRO VIGIL (Senior Research Analyst) 1995 - BA Business Adm., CUNEF,Madrid,Spain JOSÉ CASTAÑEDA (Trader) 1996 - B.Economics, U.Comp.,Madrid,Spain Petroleum Argus CFO Lisbon Brokers Spain BNP Paribas Spain ISABEL SERRA (CEO) 1990 - B.S.Economics, CUNEF,Madrid,Spain Santander Head of Equity Arb Prop Team LUIS AMUSÁTEGUI (Head of Research) 1993 - MBA,Columbia Business School,USA Tisbury Capital JUAN CRUZ (CIO) Argentaria Head of EquityArbitrage Prop Team BBVA& Partners, Co-Founder Responsible for Utilities Portfolio Bestinver Analyst Caja Madrid Bolsa Corporate Finance UBS 1982 LawDegree,U.Comp., Madrid 1984 MBA,ESADE, Barcelona,Spain Corporate AdvisoryKeyClients Khronos LLC Vice President JigsawConsortium Ltd Fitness Network CFO Commercial Manager Philip Wilson Publishing Finance Manager 19
  20. 20. Bios – Investment Professionals The investment team is formed by four professionals with an extensive experience in the Utilities Sector in Europe. Juan Cruz, Founding Partner & CIO - has over 25 years of experience in long/short equity and proprietary trading ● Founding partner of BBVA & Partners (2000-2005), a Madrid based hedge fund, responsible for the Utilities portfolio ● Head of equity arbitrage prop trading at Santander and at Argentaria (now BBVA) ● B.Sc. in Economics from CUNEF, Madrid, Spain. Luis Amusátegui, Founding Partner & Head of Research – over 20 years of experience covering the sector ● Analyst for Pan-European utilities at Tisbury Capital, a London based hedge fund ● Ranked number 1 buy-side utilities analyst by Extel in 2011, and number 2 in 2009, 2010 and 2013 ● Senior utilities analyst Pan-European Utilities team UBS (team consistently ranked in top 3 by Institutional Investor and Extel) ● Andersen Consulting and McKinsey & Co ● MBA from Columbia University, New York and a B.A. in Computer Science from St. Louis University, Missouri. Alejandro Vigil, Partner & Senior Research Analyst - joined Cygnus in March 2008 ● over 20 years of experience covering the sector ● Ranked number 1 buy-side utilities analyst by Extel in 2009, 2010, 2013 and 2014 ● Sell-side analyst at Citi for 3 years (2005-2008) covering Iberian utilities and the renewables sector ● Sell-side analyst at Santander, CajaMadrid and Bestinver ● B.Sc. in Economics from CUNEF, Madrid, Spain. José Castañeda, Senior Trader - joined Cygnus in February 2008, with more than 20 years of market experience ● Derivatives sales trader for Merrill Lynch and BNP Paribas specialized in Spanish equities and derivatives ● Equities trader for Morgan Stanley ● Equities sales trader at Ahorro Corporación ● B.Sc. in Economics from Universidad Complutense de Madrid, Spain. 20
  21. 21. Bios – Other Principals Founding Partners Isabel C. Serra (CEO) and José María Amusátegui (President) are members of the Management Committee and are responsible for business management and development, and regulatory relationships of the firm among other things. Isabel has experience in management and investments from both operating companies as well as HF and PE ● Independent consulting and advisory services to individual and institutional clients ● 1999-2001 VP of Khronos LLC, a registered investment adviser in New York, evaluating investment opportunities, legal structures and negotiating credit agreements ● 1996-1999 AVP Strategic Projects Division at Carhco (currently Wal-Mart of Central America) ● 1991-1995 Emerging Markets-Fixed Income at Banco Santander de Negocios in Madrid ● MBA from INSEAD ● B.Sc. in Economics from the Wharton School, UPenn ● Certified by the International Securities Market Association in Zurich. José María has over 25 years’ experience in consulting, PE, investment and private banking ● UBS IB Corporate Finance (M&A and Primary Equity Capital Markets) 1992-1998 ● UBS Wealth Management, creating a Corporate Finance capacity and running the Key Clients Group in Spain 1999 - 2006 ● 1986 consulting division Arthur Andersen (now Accenture) ● 1988 Advent España SA a venture capital firm part of the Advent International network ● Law degree from Complutense University ● MBA from ESADE, Barcelona ● CAIA. Peter Jayawardena (COO) is also a member of the Management Committee and is responsible for ensuring strong governance processes, robust risk management, and operational effectiveness for the firm. Peter joined Cygnus as COO in July 2016, with over 25 years of experience in management, accounting, finance, and operations ● From 2004 to 2015, Peter was COO of the London- based Mako Investment Managers, which manages Pelagus Capital Fund, where he was instrumental in building the business to USD 1.2bn ● Prior to joining Mako Investment Managers, he was with a private equity deal as CFO for Fitness Network Ltd. ● From Apr 2000 to May 2003 was Commercial Manager at Jigsaw Consortium Ltd, a Unilever joint-venture ● Peter holds a MBA (Finance Prize Winner) from Imperial College, London and is an Associate Member (since 1992) of the Chartered Institute of Management Accountants, London, having completed examinations in 1989 ● At Mako Investment Managers, he was registered with the FCA as a CF4/CF30, SEC Relevant Person and an Approved Person with the NFA. Blanca Gil (Executive Director) is responsible for investor relations, compliance and new products ● From 2000 to 2006, she was Director of the Key Clients team at UBS Spain, handling large client portfolios: Family Offices, Private and Institutional investors ● Between 1998 and 2000 Blanca worked at BNP Paribas in fixed income origination and later in structured products for the private banking division ● Blanca began her professional career in 1993 in AB Asesores in the securitization and fixed income departments. Towards the end of her tenure there she worked in asset management, focusing on marketing activities related to domestic institutional investors ● Blanca holds a BSc in Business from ICADE (E-2). 21
  22. 22. Important Disclosures Net performance results shown for Cygnus Utilities, Infrastructure & Renewables are for the Class A Shares (Initial) of the Fund. This Class of Shares has been chosen since it shows results since the inception of the Fund. This Class of Shares may not be open for investment, and may have different fees than Share Classes that are open for investment. Net performance results shown for Cygnus Utilities, Infrastructure & Renewables UCITS are for the Class I of the Fund. This Class of Shares has been chosen because it is currently open to investors, subject to specific terms. The Cygnus Utilities, Infrastructure & Renewables UCITS merged with Cygnus Value FI and pursuant to that merger commenced trading on Jul 11th, 2016. Cygnus Value FI had been in existence since Jul 1st, 2013 and had been trading until its trading activity was subsumed into Cygnus Utilities, Infrastructure & Renewables UCITS by virtue of the merger. Prior to the merger the Cygnus Utilities, Infrastructure & Renewables UCITS was dormant. The merger did not alter the trading or exposures of the portfolio of the Cygnus Value FI. Performance of Share Class I prior to Jul 11th, 2016 relates to its equivalent in Cygnus Value FI. Share Class I in Cygnus Value FI came into existence as of Jan 22nd, 2014 and as such, performance herein reported for the period Jul 1st, 2013 to such date is based on the actual returns of Share Class S of this fund, which was in existence from Jul 1st, 2103, by adjusting for differences in fees of the two classes. Returns from Jan 22, 2014 through to Jul 11th, 2016 are those of Class I in the Cygnus Value FI. The Fund attributions shown in this report are based on internal estimates and represent the accumulated gross trading profit and loss during the stated period. Non-portfolio expenses such as management or performance fees are not included. Information about the indices shown in this document is provided to allow for comparison of the performance of the Funds to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the Fund. In addition, the Fund’s holdings may differ substantially from the securities that comprise the indices shown. This material is for informational purposes only and does not constitute either an offer to sell nor a solicitation of any offer to buy a security. The information contained herein is being provided to you on a confidential basis and may not be distributed or reproduced, in whole or in part without the consent of Cygnus Asset Management SGIIC S.A. There can be no assurance that past performance is any indication or guarantee of similar performance in the future. Performance data is computed on a weekly based on the official NAV published every Friday. Official fund net asset values are calculated as of every Friday, subject to holidays and certain extraordinary events; month- end values for the fund identified above is the official fund net asset values calculated on the Friday immediately prior to month end. Cygnus Asset Management SGIIC SA is registered with the Comisión Nacional del Mercado de Valores (“CNMV”) as Alternative Investment Fund Manager (“AIFM”) and also is registered as an investment advisor with the SEC. Registration as an investment adviser does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained a particular level of skill or ability. Investments for the Funds are selected by, and will vary in the sole discretion of Cygnus and are subject to availability and market conditions, among other things. No representation is made that Cygnus’ or the Funds’ risk management, investment process or investment objectives will or are likely to be achieved or successful or that the Funds or underlying investments will make any profit or will not sustain losses. Past performance is not indicative of future results. Any assumptions, assessments, intended targets, statements or the like (collectively, “Statements”) regarding future events or which are forward-looking constitute only subjective views, outlooks, estimations or intentions, are based upon Cygnus’ expectations, intentions or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond Cygnus’ or any fund’s control. Cygnus undertakes no responsibility or obligation to revise or update such Statements. 22
  23. 23. www.cygnus-am.com Suero de Quiñones 34-36 28002 Madrid, Spain Blanca Gil bga@cygnus-am.com +34 917892269

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