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 December 2021

December saw a strong rally in risk assets as data from South Africa and later the UK
suggested a much lower risk of severe illness from Omicron than previous variants.
However, the policy reaction in a number of countries caused much of the momentum
that had built up in services to be lost. The equity indices to which the Fund is exposed
produced strong returns with the exception of the Hang Seng, which continues to suffer
its own idiosyncratic issues.

The Fund posted a return of 2.0% over the month, and returned 7.7% to investors over
the year, above its 6-7% longer term target.

Six investments called in December, all achieving their full capital return. The Fund was
able to take advantage of an improvement in pricing at the start of the month due to
elevated levels of volatility, which quickly came back down as virus data improved.

The Diversifier Portfolio was flat over the month.

It is looking possible that the Omicron variant could bring an end to the pandemic in its
restrictive sense; its sheer infectiousness means that it is crowding out more dangerous
variants. Whether this is good for risk assets is up for debate. In a world in which central
banks are less accommodative, markets will rely on fundamentals. It is fair to say that
equities may fail to continue to annualise in double digits, which should mean that the
Fund, which has a GRY of over 7%, and can produce meaningful positive returns if
equities are flat, up, or even fairly significantly down, will become an ever more useful
component of any multi-asset portfolio.

Total Return 2021 Dec
UK 100 18.4% 4.8%
US 500 28.2% 4.5%
Europe 50 23.3% 5.8%
Japan 225 6.3% 3.6%
Hong Kong 50 -11.9% -0.3%
US 2000 14.8% 2.2%
Swiss 30 23.7% 5.9%
BCOM 27.1% 3.5%
US Treasury -1.5% -0.3%
FTSE EPRA 28.3% 3.8%
PGF 7.7% 2.0%
AGF -0.9% -0.5%
Real Estate 24.1% 3.3%
US Equity Income n/a 4.5%


– 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."