August 2021 – AGF

Fortem Capital Alternative Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 31st August 2021

July was a throwback to last year when stronger growth numbers competed with the spread of a new variant in investors minds. Restrictions continued to be eased across many major economies, but the delta variant tempered investor enthusiasm at various points in the month. Again it was moves in the bond market that were most notable, as US Treasury yields continued to move lower, the 10-year moving below 1.2%. Equities also moved higher. Unsurprisingly, given the fall in yields, it was growth that outperformed as illustrated by the S&P 500’s strong showing. Emerging markets continued their underperformance; the Chinese crackdown on private tutoring companies caused widespread selling of shares such that the Hang Seng was down 10% over the month. Inflation numbers globally continued to print hot, with US inflation hitting a 13-year high in June. For now the bond market continues to accept the ‘transitory’ narrative, but if inflation turns out to be more secular, any taper might cause a severe tantrum.

The Fund was flat over the month.

Unsurprisingly, the Fund’s rates strategies were the biggest detractors given both the moves lower in both yields (higher bond prices) and volatility seen over the course of the month. However, these strategies are structural in nature over the longer term, and should benefit over shorter periods if indeed there is complacency in bond markets and turbulence to come. Elsewhere, most other strategies produced positive returns. Commodity curve benefitted from some of the recent steepening into record backwardation blowing off some steam, while equity quality benefitted from the outperformance of those companies with the farthest distance to default as measured by the Merton Model within the Russell 2000.

June and the early part of July were somewhat of a ‘perfect storm’ as the bond market told a very different story from the underlying data. However, the worst of this seems to have passed and the Fund, having always retained its convexity for the next crisis, should start to return to persistent positive returns as markets normalise in the wake of the biggest market intervention in history.

Total Return 2021 Aug
UK 100 13.2% 2.1%
US 500 21.2% 3.0%
Europe 50 20.0% 2.6%
Japan 225 3.1% 3.0%
Hong Kong 50 -3.0% -0.1%
US 2000 15.8% 2.2%
Swiss 30 19.2% 2.4%
BCOM 23.0% -0.3%
US Treasury -0.7% -0.2%
FTSE EPRA 24.1% 4.4%
PGF 6.5% 0.9%
AGF -0.5% 0.0%
Real Estate 21.9% 3.6%
US Equity Income n/a 3.0%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Alternative Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

August 2021

Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 31st August 2021

Strong growth continued to butt heads with the Delta variant in August.

Although cases have picked up globally, it is notable that hospitalisations have not risen in Europe, where vaccination rates are generally fairly high, to anything like the same extent of previous spikes. Not so in the US where there has been far lower take-up. In the UK and Israel, whose successful vaccination programmes were relatively early, the data is suggesting that efficacy does start to wear off after 6m, leading to a number of booster programmes being mooted.

August can be a tricky month for equities, but delivered strong returns as investors were happy to look to strong growth and through virus and inflation concerns, as well as potentially running out of anywhere else to invest. The Fund had a similarly positive month, adding 0.9%. There were positive contributions from most Greeks, delta and theta in particular which added a combined 0.7%.

One investment called during the month paying its original investment and full capital growth coupons of 22.5% despite the UK 100 being below its strike level in 2019; a good example of these products producing significant returns even when the underlying indices do not. Two new investments were added to the Core Portfolio, both dual-index structures on UK 100 / US 500.

The Diversifier Portfolio was flat. The current exposure and protection levels of the Fund can be found on the accompanying Monthly Report.

Total Return 2021 Aug
UK 100 13.2% 2.1%
US 500 21.2% 3.0%
Europe 50 20.0% 2.6%
Japan 225 3.1% 3.0%
Hong Kong 50 -3.0% -0.1%
US 2000 15.8% 2.2%
Swiss 30 19.2% 2.4%
BCOM 23.0% -0.3%
US Treasury -0.7% -0.2%
FTSE EPRA 24.1% 4.4%
PGF 6.5% 0.9%
AGF -0.5% 0.0%
Real Estate 21.9% 3.6%
US Equity Income n/a 3.0%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

July 2021 – AGF

Fortem Capital Alternative Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th July 2021

July was a throwback to last year when stronger growth numbers competed with the spread of a new variant in investors minds. Restrictions continued to be eased across many major economies, but the delta variant tempered investor enthusiasm at various points in the month. Again it was moves in the bond market that were most notable, as US Treasury yields continued to move lower, the 10-year moving below 1.2%. Equities also moved higher. Unsurprisingly, given the fall in yields, it was growth that outperformed as illustrated by the S&P 500’s strong showing. Emerging markets continued their underperformance; the Chinese crackdown on private tutoring companies caused widespread selling of shares such that the Hang Seng was down 10% over the month. Inflation numbers globally continued to print hot, with US inflation hitting a 13-year high in June. For now the bond market continues to accept the ‘transitory’ narrative, but if inflation turns out to be more secular, any taper might cause a severe tantrum.

The Fund was flat over the month.

Unsurprisingly, the Fund’s rates strategies were the biggest detractors given both the moves lower in both yields (higher bond prices) and volatility seen over the course of the month. However, these strategies are structural in nature over the longer term, and should benefit over shorter periods if indeed there is complacency in bond markets and turbulence to come. Elsewhere, most other strategies produced positive returns. Commodity curve benefitted from some of the recent steepening into record backwardation blowing off some steam, while equity quality benefitted from the outperformance of those companies with the farthest distance to default as measured by the Merton Model within the Russell 2000.

June and the early part of July were somewhat of a ‘perfect storm’ as the bond market told a very different story from the underlying data. However, the worst of this seems to have passed and the Fund, having always retained its convexity for the next crisis, should start to return to persistent positive returns as markets normalise in the wake of the biggest market intervention in history.

Total Return 2021 July
UK 100 11.0% 0.1%
US 500 17.7% 2.4%
Europe 50 16.9% 0.7%
Japan 225 0.1% -5.2%
Hong Kong 50 -3.0% -9.6%
US 2000 13.3% -3.6%
Swiss 30 16.3% 1.5%
BCOM 23.3% 1.8%
US Treasury -0.5% 1.1%
FTSE EPRA 19.0% 7.7%
PGF 5.6% 0.0%
AGF -0.5% 0.0%
Real Estate 17.8% 6.1%
US Equity Income n/a 2.4%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Alternative Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

July 2021

Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th July 2021

July was a throwback to last year when stronger growth numbers competed with the spread of a new variant in investors minds. Restrictions continued to be eased across many major economies, but the delta variant tempered investor enthusiasm at various points. In spite of this, the western equity indices to which the Fund is exposed posted positive numbers on the whole. The Chinese crackdown on the $100bn private tutor industry caused a ripple of investor worry throughout Asia.

Against this backdrop the Fund was flat over the month. Given the extreme moves seen, it was the Hang Seng index that was the major detractor, in spite of minimal exposure, costing the Fund 0.56%. Theta and dividends both contributed positively as did the Diversifier Portfolio.

There were three investments that matured over the month, all returning their full coupons and initial capital. These were replaced with three new investments linked to developed market indices in the UK and US. As investors will be aware, the Fund will only invest in maximum dual-index structures, and all investments are fully sovereign backed.

The Fund’s equity market sensitivity, or delta, increased to 41.5% during the month, a result of the reinvestments. There was also an increase in GRY as illustrated on the table on page 1 of the factsheet. These levels look attractive alongside the significant embedded protection of 39.5% on average before any capital loss is incurred at maturity, and 37.7% before full capital growth is not achieved.

Total Return 2021 July
UK 100 11.0% 0.1%
US 500 17.7% 2.4%
Europe 50 16.9% 0.7%
Japan 225 0.1% -5.2%
Hong Kong 50 -3.0% -9.6%
US 2000 13.3% -3.6%
Swiss 30 16.3% 1.5%
BCOM 23.3% 1.8%
US Treasury -0.5% 1.1%
FTSE EPRA 19.0% 7.7%
PGF 5.6% 0.0%
AGF -0.5% 0.0%
Real Estate 17.8% 6.1%
US Equity Income n/a 2.4%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

June 2021 – AGF

Fortem Capital Alternative Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th June 2021

June finally gave investors pause for thought with regards to the delicate balance central banks are attempting to strike while stoking inflation, without stoking the perception of inflation. But, in spite of this, both bonds and equities had another positive month.

The Federal Reserve surprised markets with its dot plot, bringing forward the first expected rate increase to 2023 in the face of continued inflationary surprises in the data. Perhaps the bigger story in light of this was the severe flattening of the yield curve; the 2s10s spread came in by 23bps over the month. Global equities in general were higher over the month, led by the US, as inflationary data was accompanied by more evidence of a global economic rebound. There was a continued reversal in the reflationary trade of value over growth, illustrated by the strong relative performance of the NASDAQ. For now it would seem that market participants are willing to take the Federal Reserve at their word with regards to inflation and its causes.

In the risk premia universe, the continued strength of the bond market had a negative effect on the Fund’s rates strategies, long rates volatility in particular. The strategies do have some residual long rates (short bond) exposure currently, and in a month in which Treasuries are so heavily bid, and US rates volatility comes down, they will suffer. However, the strategies are structural in nature over the longer term (see ‘Black Swan’ on the resources section of website for more detail) while having a defensive profile to benefit if there were to be turbulence ahead for the bond market as economies continue to grapple with increasing inflationary pressures.

The Fund decreased by 0.5% over the month.

A new position was added during the month; NASDAQ intraday momentum. The strategy is expected to deliver positive returns on a significant jump in volatility. The strategy is implemented on the NASDAQ due to the increase in tech stock option buying from retail, vastly increased AuMs in leveraged tech ETFs, and fewer volatility sellers post Covid-19.

Total Return 2021 June
UK 100 10.9% 0.4%
US 500 15.0% 2.3%
Europe 50 16.1% 0.7%
Japan 225 5.6% -0.1%
Hong Kong 50 7.4% -0.7%
US 2000 17.4% 1.9%
Swiss 30 14.7% 5.1%
BCOM 21.2% 1.9%
US Treasury -1.6% 0.7%
FTSE EPRA 10.4% -0.7%
PGF 5.6% 0.4%
AGF -0.5% -0.5%
Real Estate 11.0% 0.1%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Alternative Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."

June 2021

Fortem Capital Progressive Growth Fund

UK & EU – For professional and institutional investors only
Switzerland – this is an advertising document for professional and institutional clients as defined by the Swiss Financial Services Act only

Monthly Commentary – 30th June 2021

June finally gave investors pause for thought with regards to the delicate balance central banks are attempting to strike while stoking inflation, without stoking the perception of inflation.

The Federal Reserve surprised markets with its dot plot bringing forward the first expected rate increase to 2023 in the face of continued inflationary surprises in the data. Perhaps the bigger story in light of this was the severe flattening of the yield curve; the 2s10s spread came in by 23bps over the month. Global equities in general were higher over the month, led by the US, as inflationary data was accompanied by more evidence of a global economic rebound. There was a continued reversal in the reflationary trade of value over growth in the month, illustrated by the strong relative performance of the NASDAQ.

Against this backdrop the Fund increased by 0.4%. There were positive contributions again from the Fund’s equity exposure, as well as benefitting from the drop in volatility, to which it is short.

The Diversifier Portfolio was flat over the month. A new diversifier position was added; NASDAQ intraday momentum. The strategy would be set to benefit from severe market stress that caused the index to sell off heavily throughout the day, as it did in March 2020.

Total Return 2021 June
UK 100 10.9% 0.4%
US 500 15.0% 2.3%
Europe 50 16.1% 0.7%
Japan 225 5.6% -0.1%
Hong Kong 50 7.4% -0.7%
US 2000 17.4% 1.9%
Swiss 30 14.7% 5.1%
BCOM 21.2% 1.9%
US Treasury -1.6% 0.7%
FTSE EPRA 10.4% -0.7%
PGF 5.6% 0.4%
AGF -0.5% -0.5%
Real Estate 11.0% 0.1%

– This document has been issued and approved as a financial promotion by Fortem Capital Limited for the purpose of section 21 of the Financial Services and Markets Acts 2000. Fortem Capital Limited registration number 10042702 is authorised and regulated by the Financial Conduct Authority under firm reference number 755370.
– This document is intended for Professional Investors, Institutional Clients and Advisors and should not be communicated to any other person.
– The information has been prepared solely for information purposes only and is not an offer or solicitation of an offer to buy or sell the product.
– Data is sourced from Fortem Capital Limited and external sources. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.
– Information, including prices, analytical data and opinions contained within this document are believed to be correct, accurate and derived from reliable sources as at the date of the document. However, no representation or warranty, expressed or implied is made as to the correctness, accuracy or validity of such information.
– Fortem Capital Limited assumes

no responsibility or
liability for any errors, omissions or inaccuracy with respect to the information contained within this document.
– All price and analytical data included in this document is
intended for indicative purposes only and is as at the date
of the document.
– The information within this document does not take into account the specific investment objective or financial situation of any person. Investors should refer to the final documentation and any prospectus to ascertain all of the risks and terms associated with these securities and seek independent advice, where necessary, before making any decision to buy or sell.
– The product may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person.
– The Fortem Capital Progressive Growth Fund is a Sub-Fund of Skyline, an open-ended investment company with variable capital incorporated on 1 June 2010 with limited liability under the laws of Ireland with segregated liability between Funds. The Company is authorised in Ireland by the Central Bank of Ireland pursuant to the UCITS Regulations.

“NOTICE TO INVESTORS DOMICILED OR RESIDENT IN SWITZERLAND – The interests in the UCITS Fund and any related services, information and opinions described or referenced in this document are not, and may not be, offered or marketed to or directed at persons in Switzerland (a) that do not meet the definition of “qualified investor" pursuant to the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 (“CISA") (“Non-Qualified Investors"), or (b) that are high net worth individuals (including private investment structures established for such high-net worth individuals if they do not have professional treasury operations) that have opted out of customer protection under the Swiss Federal Financial Services Act of 15 June 2018 (“FinSA") and that have elected to be treated as “professional clients" and “qualified investors" under the FinSA and the CISA, respectively (“Elective Qualified Investors").
In particular, none of the information provided in this document should be construed as an offer in Switzerland

for the purchase or sale of the interests or any related services, nor as advertising in Switzerland for the interests or any related services, to or directed at Non-Qualified Investors or Elective Qualified Investors. Circulating or otherwise providing access to this document or offering, advertising or selling the interests or any related services to Non-Qualified Investors or Elective Qualified Investors may trigger, in particular, approval requirements and other regulatory requirements in Switzerland.
This document does not constitute a prospectus pursuant to Articles 35 et seqq. FinSA and may not fulfil the information standards established thereunder. No key information document pursuant to Swiss law has been established for the interests. The interests will not be listed or admitted to trading on a Swiss trading venue and, consequently, the information presented in this document may not fulfil the information standards set out in the relevant trading venue rules."