Quantrust Macro Fund FACTSHEET – JUNE 2014 INVESTMENT STRATEGY FUND FACTS The investment environment is changing. The traditional Anglo-American centric world view is becoming less dominant as a result of the emergence of new global growth engines. In addition, globalisation has increased the interactions between regions, countries and sectors, making economic cycles shorter and more volatile and financial markets more turbulent. Strategy Manager Investment manager Domicile Denomination Liquidity Fund structure Global Macro (discretionary thematic) Willem Klein Haneveld CFA Quantrust Fund Management The Netherlands Euro Monthly Fonds voor gemene rekening (Dutch SICAV) Minimum subscription Service fee Management fee classes Performance fee High water mark Hurdle rate Clawback Series accounting EUR 1 million 0,25% (<EUR 100 million) / 0,20% (>EUR 100 million) Class A: 1,0% / Class B: 1,5% / Class C: 2,0% 20,0%, of which half is subject to a clawback clause Yes (absolute) Change in Euro area harmonised consumer price index Yes, for 50% of performance fees (details in prospectus) Yes Prime brokers Custodian Administrator Depository Auditor Morgan Stanley International / ABN AMRO Clearing Bank ABN AMRO Bank Circle Investment Support Services Depository Quantrust Macro Fund (Circle Partners) KPMG Quantrust Macro Fund seeks superior absolute returns through the cycle by following a focused long-short application of the Quantrust Approach: a low turnover, discretionary thematic macro strategy that was launched in 2005. The Quantrust Approach focuses on understanding the long cycles that drive investment returns and the interactions between economies and investment markets. It aims to take a step back from market volatility and view the world from different cultural and historical perspectives. Idea generation is fed by an in-house quantitative screening process in which the cycles and interactions are analysed consistently across borders and asset classes. Capital preservation has always been a key element of the Quantrust Approach: it is founded in the belief that the best long-term investment returns can be generated by dynamically allocating capital to asset classes with limited downside risks. To complement the capital protection inherent in the strategy selection process, Quantrust Macro Fund uses discretionary hedging for shorter term capital protection. Quantrust follows a highly disciplined investment process in which investment rationales and exit scenarios are recorded explicitly and underlying drivers are constantly retested. Quantrust Macro Fund has a strict set of investment restrictions and low exposure ranges. The fund does not use net leverage. Quantrust Fund Management is registered with the Netherlands Authority for Financial Markets (AFM) and the Dutch Central Bank (DNB). DETAILS FUND POSITIONING For further information please contact Quantrust Asset Management Willem Klein Haneveld / [email protected] / +31 20 773 1529 Exposure long positions Exposure short positions 87.5% -73.4% For subscriptions / redemptions please contact Circle Investment Support Services [email protected] / +31 33 467 3880 Gross exposure Net exposure 160.9% 14.1% The prospectus is available on www.quantrust.com Gross foreign currency hedges 0.0% PERFORMANCE AND RISK ANALYSIS (Lead Series of Share Class A) Performance (%) Year 2013 2014 Jan -0.05 -3.31 Feb -0.33 0.58 Mar -0.99 -2.52 Apr 0.20 -2.80 May 1.09 1.01 Performance analysis – since inception Performance (cumulative, %) Performance (annualised, %) Volatility (%, annualised) Sharpe ratio Jun -4.03 0.64 Jul 2.21 Aug -0.22 Sep -0.29 Oct -0.40 Nov 1.80 Dec 1.29 Year 0.15 -6.33 Cumulative performance – since inception (%) -6.19 -4.17 5.97 -1.18 10 8 6 4 2 Risk analysis – since inception Downside deviation <0 (%) Sortino ratio (negative returns) 5.34 -0.78 Maximum drawdown (%) Months to recover from maximum drawdown -7.86 n.a. Correlation equities Correlation bonds Correlation commodities 0.56 -0.20 0.05 0 -2 -4 -6 -8 -10 12 / 12 03 / 13 06 / 13 09 / 13 12 / 13 03 / 14 06 / 14 Source: Quantrust as of 30 June 2014. Note: Total returns (euro). Sharpe ratio is calculated using the total return of EB.REXX government Germany 5.5-10.5Y as the risk-free rate Note: Correlations with total returns (euro) of equities (MSCI all country world index), bonds (EB.REXX government Germany 5.5-10.5Y index), and commodities (S&P GSCI commodity index) DISCLAIMER This document is issued by the Quantrust Fund Management. Nothing contained herein shall in any way constitute an advice, an offer or solicitation to buy or sell any securities or other financial structured product. Whilst reasonable care has been taken in compiling the information contained herein, such information is not intended to and should not be used or relied upon for any transaction. Quantrust Fund Management is not responsible for any errors or omissions. In addition, historic data relating to performance is provided for information only and past performance is no guarantee for future returns. Quantrust Fund Management BV is authorized and regulated by the Netherlands Authority for Financial Markets (AFM) and the Dutch Central Bank (De Nederlandsche Bank). This information document or any part of it should not be copied, reproduced or distributed to anyone without the prior written approval of Quantrust Fund Management. Quantrust Macro Fund FACTSHEET – JUNE 2014 SHARE CLASS A – LEAD SERIES Number of units (#) Performance (%) Year 2013 2014 1,450.0000 Jan -0.05 -3.31 Feb -0.33 0.58 Mar -0.99 -2.52 Apr 0.20 -2.80 May 1.09 1.01 NAV per unit (euro) Jun -4.03 0.64 Jul 2.21 Aug -0.22 938.06 Sep -0.29 Oct -0.40 Nov 1.80 Dec 1.29 Year 0.15 -6.33 Performance and risk analysis – since inception Performance (cumulative, %) Performance (annualised, %) -6.19 -4.17 Downside deviation <0 (%) Sortino ratio (negative returns) 5.34 -0.78 Volatility (%, annualised) Sharpe ratio 5.97 -1.18 Maximum drawdown (%) Months to recover from maximum drawdown -7.86 n.a. SHARE CLASS A – SERIES MAY 2013 Number of units (#) Performance (%) Year 2013 2014 299.2500 Jan Feb Mar Apr -3.31 0.58 -2.52 -2.80 May 0.89 1.01 NAV per unit (euro) Jun -4.03 0.64 Jul 2.21 Aug -0.22 946.82 Sep -0.29 Oct -0.40 Nov 1.80 Dec 1.24 Year 1.08 -6.33 Performance and risk analysis – since inception Performance (cumulative, %) Performance (annualised, %) -5.32 -4.58 Downside deviation <0 (%) Sortino ratio (negative returns) 5.97 -0.77 Volatility (%, annualised) Sharpe ratio 6.67 -1.03 Maximum drawdown (%) Months to recover from maximum drawdown -7.85 n.a. SHARE CLASS A – SERIES JUNE 2013 Number of units (#) Performance (%) Year 2013 2014 498.7500 Jan Feb Mar Apr May -3.31 0.58 -2.52 -2.80 1.01 NAV per unit (euro) Jun -4.03 0.64 Jul 2.21 Aug -0.22 938.87 Sep -0.29 Oct -0.40 Nov 1.80 Dec 1.29 Year 0.24 -6.33 Performance and risk analysis – since inception Performance (cumulative, %) Performance (annualised, %) -6.11 -5.66 Downside deviation <0 (%) Sortino ratio (negative returns) 6.20 -0.91 Volatility (%, annualised) Sharpe ratio 6.82 -1.45 Maximum drawdown (%) Months to recover from maximum drawdown -7.85 n.a. SHARE CLASS A – SERIES FEBRUARY 2014 Number of units (#) Performance (%) Year 2014 249.3750 Jan Feb 0.53 Mar -2.52 Apr -2.80 May 1.01 NAV per unit (euro) Jun 0.64 Jul Aug 968.26 Sep Oct Nov Dec Year -3.17 Performance and risk analysis – since inception Performance (cumulative, %) Performance (annualised, %) Volatility (%, annualised) Sharpe ratio -3.17 n.a. n.a. n.a. Downside deviation <0 (%) Sortino ratio (negative returns) Maximum drawdown (%) Months to recover from maximum drawdown n.a. n.a. -5.25 n.a. Source: Quantrust as of 30 June 2014. Note: Total returns (euro). Sharpe ratio is calculated using the total return of EB.REXX government Germany 5.5-10.5Y as the risk-free rate DISCLAIMER This document is issued by the Quantrust Fund Management. Nothing contained herein shall in any way constitute an advice, an offer or solicitation to buy or sell any securities or other financial structured product. Whilst reasonable care has been taken in compiling the information contained herein, such information is not intended to and should not be used or relied upon for any transaction. Quantrust Fund Management is not responsible for any errors or omissions. In addition, historic data relating to performance is provided for information only and past performance is no guarantee for future returns. Quantrust Fund Management BV is authorized and regulated by the Netherlands Authority for Financial Markets (AFM) and the Dutch Central Bank (De Nederlandsche Bank). This information document or any part of it should not be copied, reproduced or distributed to anyone without the prior written approval of Quantrust Fund Management.