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.
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– 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.
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intended for indicative purposes only and is as at the date
of the document.
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– 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.

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