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 – 28th May 2021

May was characterised by a raft of positive economic data, but with a slightly more muted response from risk assets compared with the previous month. It may be the case that after such a strong start to the year, risk assets were due to pause for breath, but it is likely that they might need good data, without being so good that it forces central bank hands with regards to accommodative policy. European markets performed best as the pace of vaccinations increased, restrictions started to be eased, and PMIs recovered. Hard data is now suggesting marked inflationary pressures, bond markets have been sanguine for the time being, but the effects would need to indeed turn out to be transitory for this to continue in all likelihood.

Against the positive backdrop in May the Fund increased by 0.7%. There were positive contributions across most of the greeks, led by delta and theta, and further supported by vega due to the fall in volatility over the month. Two new positions were added to the Core Portfolio in May, both with UK & European underlying indices.

The Diversifier Portfolio was positive over the month, buoyed in particular by the commodity strategies. Once more, the rates volatility strategies were the laggard as bond markets continue to look through the data for the time being.

The Fund retains a large level of protection, with cover to capital 41.6% and cover to growth 39.9% on average, and still retains the ability to outperform equity markets in multiple scenarios, as shown on the projected Fund performance on page 2 of the factsheet.

Total Return 2021 May
UK 100 10.4% 1.1%
US 500 12.4% 0.7%
Europe 50 16.2% 3.1%
Japan 225 6.8% 1.2%
Hong Kong 50 8.0% 2.0%
US 2000 15.3% 0.2%
Swiss 30 9.7% 3.9%
BCOM 18.9% 2.8%
US Treasury -2.3% 0.3%
FTSE EPRA 11.2% 1.7%
PGF 5.2% 0.7%
AGF 0.0% 0.1%
Real Estate 10.8% 2.8%

– 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

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