June 2021

Fortem Capital Alternative Growth Fund

Monthly Report – 30th June 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% over the medium to long term, whilst aiming to reduce equity market beta in short term draw-downs. It will invest in a Core portfolio comprised of defined return equity strategies that aim to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

The Fund will

• Invest in structural risk premia – i.e. sources of return that are not dependent on equity markets or macroeconomics.
• Take advantage of opportunistic trades caused by structural distortions in derivative markets.
• Employ stringent counterparty controls, limiting credit exposure to high grade sovereign risk.

Performance (%) – Share Class A (Acc £)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019         -0.19 0.42 0.78 -0.65 -0.25 -0.53 0.56 -0.42 1.01
2020 1.24 0.77 3.36 -1.54 -0.57 0.13 -0.02 -1.29 -0.24 -0.23 -0.29 0.27 2.00
2021 -0.05 0.17 0.02 -0.26 0.13 -0.54             -0.53

Key Facts

Investment Manager Fortem Capital Limited
AUM £49,509,735
Fund Launch Date 10th May 2019
Fund Type Irish Domiciled UCITS V ICAV
Base Currency GBP
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30 am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class C: Accumulation
Initial Share Price £1.0000
Minimum Subscription 5,000,000^
Annual Management Charge Class A: 60bps Class C: 30bps
OCF Class A: 80bps
Class C: 50bps + 15% Perf Fee*
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) on www.fortemcapital.com/fund.php

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.0248 IE00BJ116W86 FCAGFAAID
Class C GBP 1.0239 IE00BJ116X93 FCAGFACID
Class A EUR 978.63 IE00BMFJH592 FCAGFEAID
Class A USD 1008.08 IE00BMFJH600 FCAGFUAID

*15% of NAV growth subject to a high water mark, see Fund
Supplement for more details
^Minimum sizing can be waved upon request

Platform availability

7im Allfunds Ascentric Aviva FNZ Novia Fin’l Nucleus Standard Life** Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Portfolio breakdown

Summary of Individual Strategy Risk and Attribution

Portfolio Risk

Portfolio Risk Gross

Portfolio Exposure

Portfolio Daily VaR(99%)

1.93%

132.0%

0.29%

Portfolio Risk is the expected standard deviation of the portfolio NAV, expressed on an annualised basis. It is calculated using a 10 year correlation matrix

Portfolio Stand Alone risk is the expected standard deviation of the portfolio if there were no diversification benefits between strategies. This occurs if all correlations are at 1.

Daily VaR (99%) is an alternative measure of risk that looks at maximum expected loss. At 99% confidence, one can expect that there will be at least 1 day in a 100 where the daily loss on the Fund can be expected to be greater than the calculated VaR

Gross portfolio exposure measures that total notional value of all the swap positions as a percentage of the portfolio NAV

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

June 2021

Fortem Capital Progressive Growth Fund

Monthly Report – 30th June 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% along with reduced equity beta over the medium to long term. A Core portfolio of defined return equity investments will be used to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

Fund performance (%) – Share Class A (Acc) in £

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2018 0.34 -0.88 0.45 2.66 -0.20 -0.15 1.38 -0.78 0.29 -1.54 0.34 -4.24 -2.47
2019 5.03 1.76 1.17 1.48 -1.60 2.32 1.08 -1.62 1.49 0.00 0.75 1.00 13.46
2020 -0.79 -4.84 -8.16 4.38 3.19 0.41 -0.35 2.53 -1.03 -2.84 7.46 1.18 0.19
2021 -1.64 1.24 3.72 1.19 0.65 0.40 5.61

Fund performance (%) – Share Class A (Acc) vs. proxy basket

Proxy basket of indices consists of underlying indices to which the Fund has market sensitivity, as measured by delta. Their weight within the basket is rebalanced each month end to match that of the Fund’s delta, normalised to an overall basket weight of 100%.

Key Facts

Investment Manager Fortem Capital Limited
Net Asset Value £258,985,108.60
Fund Launch Date 20th September 2017
Fund Type Irish UCITS V ICAV
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class D: Distribution
Initial Share Price £1.000
Minimum Subscription £5,000,000^
Annual Management Charge 50bps
OCF 70bps
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) www.fortemcapital.com/fund/

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.1841 IE00BF047831 FCPGFAA ID
Class D GBP 1.0236 IE00BD7Y3W82 FCPGFDD ID
Class A USD 1.1420 IE00BJH53458 FCPGFUA ID
Class A EUR 1.0901 IE00BJH53565 FCPGFEA ID
Class D EUR 1.2033 IE00BKMG0L60 FCPGFED ID

^can be waived on request

Gross Redemption Yield of Core Portfolio only*

Immediate spot moves -20% -15% -10% -5% 0% +5% +10% +15% +20%
Return (%) 25.3% 21.8% 16.3% 11.9% 6.1% 3.8% 3.6% 3.6% 3.6%
Time to Maturity (Av. yrs) 3.9 3.3 2.5 1.8 0.9 0.6 0.5 0.5 0.5
GRY to Maturity (Av. %) 6.0% 6.1% 6.3% 6.4% 6.6% 6.7% 6.7% 6.7% 6.7%

Past performance is not necessarily a guide for the future.  Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Portfolio breakdown

36 month projected Fund performance**

-15% -10% -5% 0% +5% +10
Immediate -9.1% -5.4% -2.4% 0.0% 1.8% 3.0%
3 months -6.8% -2.9% 0.1% 2.3% 4.1% 5.3%
6 months -5.0% -0.9% 2.1% 4.5% 6.2% 7.4%
12 months -1.1% 2.9% 6.2% 8.4% 9.8% 10.8%
36 months 14.2% 16.5% 18.0% 19.1% 19.1% 21.1%

Summary of equity index barrier exposures^

* Scenarios are net of fees. Assumes no reinvestment of maturing investments.

** sensitivity of the Fund to underlying market moves.

***Scenarios are net of fees. Represent sensitivities to equity market moves only. Assumes Diversifiers deliver 3% p.a.. Assumes current asset allocation weights

^Cover to capital preservation represents for each investment, the level by which the underlying equity index may fall, before capital is eroded, assuming each investments runs to it’s maturity. Cover to capital growth represents for each investment, the level by which the underlying equity index may fall, before capital growth is zero, assuming each investments runs to it’s maturity.

Platform availability

7im Aegon Allfunds Ascentric Aviva Elevate
Fidelity Intly FNZ Fusion James Hay Novia Fin'l Novia Global
Nucleus Old Mutual Standard Life Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

May 2021

Fortem Capital US Equity Income 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

Investment objective

Aiming to generate annual income of 4% p.a., whilst providing for capital growth such that the Fund’s total return tracks the S&P 500 Index’s total return, with the opportunity for some outperformance. The target income will be generated from a combination of dividends on the underlying stocks and premiums from the selling of listed options on the S&P 500 Index.  The Fund will additionally employ hedging techniques in order to minimize daily tracking error to the S&P 500 Total Return Index.

Background

– Gravitation towards passive US equity as consistent alpha hard to find.
– Cost has and continues to become increasingly important.
– S&P 500 trackers have low income.
– Active income funds tend to deviate away from the benchmark for a number of reasons:
– Stock / sector / factor deviation in order to select higher yielding companies
– Selling of options without mitigating the additional market risk they introduce

The Fund will

– Gain exposure to the S&P 500 Total Return Index collecting dividends gross of WHT
– Buy and sell cheap / rich listed options and collect up-front premiums
– Dividend Yield + Sold Option Premiums → 4% p.a. target income
– Use S&P 500 futures to manage the Fund’s exposure back to a daily target beta of 1

Data from 31st December 2004 to 31st March 2021

Source: Fortem Capital, Bloomberg

*Net of fees

 

Key Facts

Investment Manager Fortem Capital Limited
Net Asset Value $15,949,703
Fund Launch Date 13th May 2021
Fund Type Irish Domiciled UCITS V ICAV
Base Currency USD
Liquidity Daily
Dealing Deadline 10:30am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation
Class F: Distribution
Initial Share Price $1.00
Minimum Subscription $5,000,000^
Annual Management Charge 40bps
OCF 60bps
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) www.fortemcapital.com/fund/

^can be waived on request

Performance Breakdown

SIMULATED PAST PERFORMANCE: Past performance data shown in this communication is derived from back-testing simulations. This is provided for illustrative purposes only.  Details of the calculation  methodology are available on request. Past performance is not necessarily a guide for the future.  Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Key Benefits

  • 4% pa target income paid out or reinvested
  • Potential for some outperformance
  • Targeting daily beta of 1 to S&P 500 Total Return Index, inclusive of income
  • Physically backed with underlying equities
  • Daily liquidity

Key Risks

  • Capital at risk: Investors may lose capital in line with the performance of the underlying S&P 500 Total Return Index
  • Tracking error: The Fund’s Total Return performance may deviate from the benchmark
  • Income risk: If dividend yields and implied volatility levels fall, investors may receive less than 4% target income

Disclaimers

– 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 US Income 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

May 2021

Fortem Capital Alternative Growth Fund

Monthly Report – 28th May 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% over the medium to long term, whilst aiming to reduce equity market beta in short term draw-downs. It will invest in a Core portfolio comprised of defined return equity strategies that aim to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

The Fund will

• Invest in structural risk premia – i.e. sources of return that are not dependent on equity markets or macroeconomics.
• Take advantage of opportunistic trades caused by structural distortions in derivative markets.
• Employ stringent counterparty controls, limiting credit exposure to high grade sovereign risk.

Performance (%) – Share Class A (Acc £)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 -0.19 0.42 0.78 -0.65 -0.25 -0.53 0.56 -0.42 1.01
2020 1.24 0.77 3.36 -1.54 -0.57 0.13 -0.02 -1.29 -0.24 -0.23 -0.29 0.27 2.00
2021 -0.05 0.17 0.02 -0.26 0.13 0.02

Key Facts

Investment Manager Fortem Capital Limited
AUM £49,686,961
Fund Launch Date 10th May 2019
Fund Type Irish Domiciled UCITS V ICAV
Base Currency GBP
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30 am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class C: Accumulation
Initial Share Price £1.0000
Minimum Subscription 5,000,000^
Annual Management Charge Class A: 60bps Class C: 30bps
OCF Class A: 80bps
Class C: 50bps + 15% Perf Fee*
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) on www.fortemcapital.com/fund.php

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.0304 IE00BJ116W86 FCAGFAAID
Class C GBP 1.0291 IE00BJ116X93 FCAGFACID
Class A EUR 984.80 IE00BMFJH592 FCAGFEAID
Class A USD 1013.57 IE00BMFJH600 FCAGFUAID

*15% of NAV growth subject to a high water mark, see Fund
Supplement for more details
^Minimum sizing can be waved upon request

Platform availability

7im Allfunds Ascentric Aviva FNZ Novia Fin’l Nucleus Standard Life** Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Portfolio breakdown

Summary of Individual Strategy Risk and Attribution

Portfolio Risk

Portfolio Risk Gross

Portfolio Exposure

Portfolio Daily VaR(99%)

1.40%

120.0%

0.29%

Portfolio Risk is the expected standard deviation of the portfolio NAV, expressed on an annualised basis. It is calculated using a 10 year correlation matrix

Portfolio Stand Alone risk is the expected standard deviation of the portfolio if there were no diversification benefits between strategies. This occurs if all correlations are at 1.

Daily VaR (99%) is an alternative measure of risk that looks at maximum expected loss. At 99% confidence, one can expect that there will be at least 1 day in a 100 where the daily loss on the Fund can be expected to be greater than the calculated VaR

Gross portfolio exposure measures that total notional value of all the swap positions as a percentage of the portfolio NAV

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

May 2021

Fortem Capital Progressive Growth Fund

Monthly Report – 28th May 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% along with reduced equity beta over the medium to long term. A Core portfolio of defined return equity investments will be used to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

Fund performance (%) – Share Class A (Acc) in £

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2018 0.34 -0.88 0.45 2.66 -0.20 -0.15 1.38 -0.78 0.29 -1.54 0.34 -4.24 -2.47
2019 5.03 1.76 1.17 1.48 -1.60 2.32 1.08 -1.62 1.49 0.00 0.75 1.00 13.46
2020 -0.79 -4.84 -8.16 4.38 3.19 0.41 -0.35 2.53 -1.03 -2.84 7.46 1.18 0.19
2021 -1.64 1.24 3.72 1.19 0.65               5.19

Fund performance (%) – Share Class A (Acc) vs. proxy basket

Proxy basket of indices consists of underlying indices to which the Fund has market sensitivity, as measured by delta. Their weight within the basket is rebalanced each month end to match that of the Fund’s delta, normalised to an overall basket weight of 100%.

Key Facts

Investment Manager Fortem Capital Limited
Net Asset Value £250,679,393.90 
Fund Launch Date 20th September 2017
Fund Type Irish UCITS V ICAV
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class D: Distribution
Initial Share Price £1.000
Minimum Subscription £5,000,000^
Annual Management Charge 50bps
OCF 70bps
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) www.fortemcapital.com/fund/

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.1794 IE00BF047831 FCPGFAA ID
Class D GBP 1.0196 IE00BD7Y3W82 FCPGFDD ID
Class A USD 1.1375 IE00BJH53458 FCPGFUA ID
Class A EUR 1.0864 IE00BJH53565 FCPGFEA ID
Class D EUR 1.1992 IE00BKMG0L60 FCPGFED ID

^can be waived on request

Gross Redemption Yield of Core Portfolio only*

Immediate spot moves -20% -15% -10% -5% 0% +5% +10% +15% +20%
Return (%) 23.5% 20.1% 14.6% 10.5% 5.9% 3.6% 3.2% 3.2% 3.2%
Time to Maturity (Av. yrs) 3.7 3.1 2.3 1.6 0.9 0.6 0.5 0.5 0.5
GRY to Maturity (Av. %) 5.9% 6.0% 6.2% 6.2% 6.7% 6.1% 6.1% 6.1% 6.1%

Portfolio breakdown

36 month projected Fund performance**

  -15% -10% -5% 0% +5% +10
Immediate -8.4% -4.8% -2.1% 0.0% 1.5% 2.5%
3 months -5.7% -1.8% 0.9% 3.1% 4.5% 5.5%
6 months -3.7% -0.1% 3.0% 5.1% 6.4% 7.3%
12 months 0.2% 4.0% 6.8% 8.8% 10.1% 10.9%
36 months 15.1% 17.2% 18.5% 19.5% 20.1% 20.6%

Past performance is not necessarily a guide for the future.  Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Summary of equity index barrier exposures^

* Scenarios are net of fees. Assumes no reinvestment of maturing investments.

** sensitivity of the Fund to underlying market moves.

***Scenarios are net of fees. Represent sensitivities to equity market moves only. Assumes Diversifiers deliver 3% p.a.. Assumes current asset allocation weights

^Cover to capital preservation represents for each investment, the level by which the underlying equity index may fall, before capital is eroded, assuming each investments runs to it’s maturity. Cover to capital growth represents for each investment, the level by which the underlying equity index may fall, before capital growth is zero, assuming each investments runs to it’s maturity.

Platform availability

7im Aegon Allfunds Ascentric Aviva Elevate Fidelity Intl Fusion
James Hay Novia Fin’l Novia Global Nucleus Old Mutual Standard Life Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

April 2021

Fortem Capital US Equity Income 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

Investment objective

Aiming to generate annual income of 4% p.a., whilst providing for capital growth such that the Fund’s total return tracks the S&P 500 Index’s total return, with the opportunity for some outperformance. The target income will be generated from a combination of dividends on the underlying stocks and premiums from the selling of listed options on the S&P 500 Index.  The Fund will additionally employ hedging techniques in order to minimize daily tracking error to the S&P 500 Total Return Index.

Background

– Gravitation towards passive US equity as consistent alpha hard to find.
– Cost has and continues to become increasingly important.
– S&P 500 trackers have low income.
– Active income funds tend to deviate away from the benchmark for a number of reasons:
– Stock / sector / factor deviation in order to select higher yielding companies
– Selling of options without mitigating the additional market risk they introduce

The Fund will

– Gain exposure to the S&P 500 Total Return Index collecting dividends gross of WHT
– Buy and sell cheap / rich listed options and collect up-front premiums
– Dividend Yield + Sold Option Premiums → 4% p.a. target income
– Use S&P 500 futures to manage the Fund’s exposure back to a daily target beta of 1

Data from 31st December 2004 to 31st March 2021

Source: Fortem Capital, Bloomberg

*Net of fees

 

Key Facts

Investment Manager Fortem Capital Limited
Net Asset Value $10,028,000
Fund Launch Date 13th May 2021
Fund Type Irish Domiciled UCITS V ICAV
Base Currency USD
Liquidity Daily
Dealing Deadline 10:30am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation
Class F: Distribution
Initial Share Price $1.00
Minimum Subscription $5,000,000^
Annual Management Charge 40bps
OCF 60bps
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) www.fortemcapital.com/fund/

^can be waived on request

Performance Breakdown

SIMULATED PAST PERFORMANCE: Past performance data shown in this communication is derived from back-testing simulations. This is provided for illustrative purposes only.  Details of the calculation  methodology are available on request. Past performance is not necessarily a guide for the future.  Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Key Benefits

  • 4% pa target income paid out or reinvested
  • Potential for some outperformance
  • Targeting daily beta of 1 to S&P 500 Total Return Index, inclusive of income
  • Physically backed with underlying equities
  • Daily liquidity

Key Risks

  • Capital at risk: Investors may lose capital in line with the performance of the underlying S&P 500 Total Return Index
  • Tracking error: The Fund’s Total Return performance may deviate from the benchmark
  • Income risk: If dividend yields and implied volatility levels fall, investors may receive less than 4% target income

Disclaimers

– 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 US Income 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

April 2021

Fortem Capital Progressive Growth Fund

Monthly Report – 30th April 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% along with reduced equity beta over the medium to long term. A Core portfolio of defined return equity investments will be used to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

Fund performance (%) – Share Class A (Acc) in £

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2018 0.34 -0.88 0.45 2.66 -0.20 -0.15 1.38 -0.78 0.29 -1.54 0.34 -4.24 -2.47
2019 5.03 1.76 1.17 1.48 -1.60 2.32 1.08 -1.62 1.49 0.00 0.75 1.00 13.46
2020 -0.79 -4.84 -8.16 4.38 3.19 0.41 -0.35 2.53 -1.03 -2.84 7.46 1.18 0.19
2021 -1.64 1.24 3.72 1.19 4.51

Fund performance (%) – Share Class A (Acc) vs. proxy basket*

Proxy basket of indices consists of underlying indices to which the Fund has market sensitivity, as measured by delta. Their weight within the basket is rebalanced each month end to match that of the Fund’s delta, normalised to an overall basket weight of 100%.

Key Facts

Investment Manager Fortem Capital Limited
Net Asset Value £245,104,170.84
Fund Launch Date 20th September 2017
Fund Type Irish UCITS V ICAV
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class D: Distribution
Initial Share Price £1.000
Minimum Subscription £5,000,000^
Annual Management Charge 50bps
OCF 70bps
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) www.fortemcapital.com/fund/

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.1718 IE00BF047831 FCPGFAA ID
Class D GBP 1.0130 IE00BD7Y3W82 FCPGFDD ID
Class A USD 1.1295 IE00BJH53458 FCPGFUA ID
Class A EUR 1.0799 IE00BJH53565 FCPGFEA ID
Class D EUR 1.1922 IE00BKMG0L60 FCPGFED ID

^can be waived on request

Gross Redemption Yield of Core Portfolio only*

Immediate spot moves -20% -15% -10% -5% 0% +5% +10% +15% +20%
Return (%) 22.10% 18.70% 13.30% 9.60% 5.90% 4.00% 3.70% 3.70% 3.70%
Time to Maturity (Av. yrs) 3.5 2.9 2.0 1.5 0.9 0.6 0.6 0.6 0.6
GRY to Maturity (Av. %) 5.80% 6.20% 6.40% 6.50% 6.60% 6.70% 6.70% 6.70% 6.70%

Portfolio breakdown

36 month projected Fund performance**

-15% -10% -5% 0% +5% +10
Immediate -8.3% -4.8% -2.1% 0.0% 1.6% 2.8%
3 months -6.0% -2.3% 0.6% 2.9% 4.8% 6.0%
6 months -4.3% -0.5% 2.4% 4.7% 6.4% 7.5%
12 months -0.3% 3.5% 6.4% 8.6% 10.1% 11.1%
36 months 14.6% 17.2% 18.6% 19.5% 20.2% 20.6%

Summary of equity index barrier exposures^

* Scenarios are net of fees. Assumes no reinvestment of maturing investments.

** sensitivity of the Fund to underlying market moves.

***Scenarios are net of fees. Represent sensitivities to equity market moves only. Assumes Diversifiers deliver 3% p.a.. Assumes current asset allocation weights

^Cover to capital preservation represents for each investment, the level by which the underlying equity index may fall, before capital is eroded, assuming each investments runs to it’s maturity. Cover to capital growth represents for each investment, the level by which the underlying equity index may fall, before capital growth is zero, assuming each investments runs to it’s maturity.

Platform availability

7im Aegon Allfunds Ascentric Aviva Elevate Fidelity Intl Fusion
James Hay Novia Fin’l Novia Global Nucleus Old Mutual Standard Life Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

April 2021

Fortem Capital Alternative Growth Fund

Monthly Report – 30th April 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% over the medium to long term, whilst aiming to reduce equity market beta in short term draw-downs. It will invest in a Core portfolio comprised of defined return equity strategies that aim to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

The Fund will

• Invest in structural risk premia – i.e. sources of return that are not dependent on equity markets or macroeconomics.
• Take advantage of opportunistic trades caused by structural distortions in derivative markets.
• Employ stringent counterparty controls, limiting credit exposure to high grade sovereign risk.

Performance (%) – Share Class A (Acc £)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 -0.19 0.42 0.78 -0.65 -0.25 -0.53 0.56 -0.42 1.01
2020 1.24 0.77 3.36 -1.54 -0.57 0.13 -0.02 -1.29 -0.24 -0.23 -0.29 0.27 2.00
2021 -0.05 0.17 0.02 -0.26 -0.12

Key Facts

Investment Manager Fortem Capital Limited
AUM £49,375,089
Fund Launch Date 10th May 2019
Fund Type Irish Domiciled UCITS V ICAV
Base Currency GBP
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30 am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class C: Accumulation
Initial Share Price £1.0000
Minimum Subscription 5,000,000^
Annual Management Charge Class A: 60bps Class C: 30bps
OCF Class A: 80bps
Class C: 50bps + 15% Perf Fee*
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) on www.fortemcapital.com/fund.php

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.0291 IE00BJ116W86 FCAGFAAID
Class C GBP 1.0278 IE00BJ116X93 FCAGFACID
Class A EUR 984.00 IE00BMFJH592 FCAGFEAID
Class A USD 1012.32 IE00BMFJH600 FCAGFUAID

*15% of NAV growth subject to a high water mark, see Fund
Supplement for more details
^Minimum sizing can be waved upon request

Platform availability

7im Allfunds Ascentric Aviva FNZ Novia Fin’l Nucleus Standard Life** Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Portfolio breakdown

Summary of Individual Strategy Risk and Attribution

Portfolio Risk

Portfolio Risk Gross

Portfolio Exposure

Portfolio Daily VaR(99%)

1.31%

108.7%

0.26%

Portfolio Risk is the expected standard deviation of the portfolio NAV, expressed on an annualised basis. It is calculated using a 10 year correlation matrix

Portfolio Stand Alone risk is the expected standard deviation of the portfolio if there were no diversification benefits between strategies. This occurs if all correlations are at 1.

Daily VaR (99%) is an alternative measure of risk that looks at maximum expected loss. At 99% confidence, one can expect that there will be at least 1 day in a 100 where the daily loss on the Fund can be expected to be greater than the calculated VaR

Gross portfolio exposure measures that total notional value of all the swap positions as a percentage of the portfolio NAV

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

March 2021

Fortem Capital Alternative Growth Fund

Monthly Report – 26th March 2021

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

Investment objective

The Fund aims to provide positive returns of 4% over the medium to long term, whilst maintaining negligible equity market beta. It will invest in a core portfolio comprised of alternative beta strategies sourced from across the asset class spectrum that provide capital growth, independent of equity market cycles and macroeconomics. The Fund will make a smaller allocation to opportunistic investments that also meet strict capital preservation and investment return criteria.

The Fund will

• Invest in structural risk premia – i.e. sources of return that are not dependent on equity markets or macroeconomics.
• Take advantage of opportunistic trades caused by structural distortions in derivative markets.
• Employ stringent counterparty controls, limiting credit exposure to high grade sovereign risk.

Performance (%) – Share Class A (Acc £)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2019 -0.19 0.42 0.78 -0.65 -0.25 -0.53 0.56 -0.42 1.01
2020 1.24 0.77 3.36 -1.54 -0.57 0.13 -0.02 -1.29 -0.24 -0.23 -0.29 0.27 2.00
2021 -0.05 0.17 0.02 0.15

Key Facts

Investment Manager Fortem Capital Limited
AUM £50,208,339
Fund Launch Date 10th May 2019
Fund Type Irish Domiciled UCITS V ICAV
Base Currency GBP
Base Currency GBP
Liquidity Daily
Dealing Deadline 10:30 am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class C: Accumulation
Initial Share Price £1.0000
Minimum Subscription 5,000,000^
Annual Management Charge Class A: 60bps Class C: 30bps
OCF Class A: 80bps
Class C: 50bps + 15% Perf Fee*
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.com
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) on www.fortemcapital.com/fund.php

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.0318 IE00BJ116W86 FCAGFAAID
Class C GBP 1.0299 IE00BJ116X93 FCAGFACID
Class A EUR 987.68 IE00BMFJH592 FCAGFEAID
Class A USD 1014.70 IE00BMFJH600 FCAGFUAID

*15% of NAV growth subject to a high water mark, see Fund
Supplement for more details
^Minimum sizing can be waved upon request

Platform availability

7im Allfunds Ascentric Aviva FNZ Novia Fin’l Nucleus Standard Life** Transact Zurich

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Portfolio breakdown

Summary of Individual Strategy Risk and Attribution

Portfolio Risk

Portfolio Risk Gross

Portfolio Exposure

Portfolio Daily VaR(99%)

1.27%
95%
0.39%

Portfolio Risk is the expected standard deviation of the portfolio NAV, expressed on an annualised basis. It is calculated using a 10 year correlation matrix

Portfolio Stand Alone risk is the expected standard deviation of the portfolio if there were no diversification benefits between strategies. This occurs if all correlations are at 1.

Daily VaR (99%) is an alternative measure of risk that looks at maximum expected loss. At 99% confidence, one can expect that there will be at least 1 day in a 100 where the daily loss on the Fund can be expected to be greater than the calculated VaR

Gross portfolio exposure measures that total notional value of all the swap positions as a percentage of the portfolio NAV

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."

February 2021

Fortem Capital Progressive Growth Fund

Monthly Report – 29th January 2021

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

Investment objective

The Fund aims to provide positive returns of 6-7% over the medium to long term, whilst aiming to reduce equity market beta in short term draw-downs. It will invest in a Core portfolio comprised of defined return equity strategies that aim to provide capital growth over the medium to longer term, in all but extreme negative market scenarios. The Fund will make a smaller allocation to Diversifying investments that also meet strict capital preservation and investment return criteria.

The Fund will

• Employ stringent counterparty controls, limiting credit exposure to high grade sovereign risk.
• Mitigate against material single index exposure via robust portfolio construction and management.
• Impose strict exposure limits to each investment, strike level, barrier level.

Monthly update

Equity markets began 2021 as they left 2020, riding a blue wave of further stimulus hopes, an end in sight to the pandemic, and a political rebirth in the US. But, as the month drew on, hope turned to panic as the r/wallstreetbets

Total Return 2021 Jan
Uk 100 -0.8% -0.8%
US 500 -1.0% -1.0%
Europe 50 -1.9% -1.9%
Swiss 300 -1.1% -1.1%
Japan 225 0.8% 0.8%
Hong Kong 50 3.9% 3.9%
US 2000 5.0% 5.0%
FCPGF -1.6% -1.6%

bros sent volatility soaring and markets
tumbling, to the extent that a number gave up all of the gains and more that had accrued in January to that point. The indices to which the Fund is predominately exposed ended the month down 0.8% and 1.9%.

Within the Core Portfolio, which is short volatility, the month-end spike in volatility was the Fund’s biggest detractor. Elsewhere, spot moves in the indices to which the Fund is exposed, dividends and rates were also negative contributors. Theta (time) contributed positively.

The Diversifier Portfolio was flat over the month. The Fund’s long rates volatility strategies, which take advantage of the structural anomaly that is the downward sloping term structure of US rates volatility, were the biggest contributors. Commodity strategies offset those gains as curves continued to strengthen into backwardation.

January provided a good example of how short term spikes in volatility affect funds deriving their returns from autocall-like strategies. It is for those short bursts of volatility that the Diversifier Portfolio is employed, to smooth the edges of the harshest spikes, as they did in March last year. But, while the Fund will give up something as volatility rises, it is also true that it recoups it as volatility falls again. And that the long term return will still be governed by the terms of the individual investments, and them satisfying their final barriers.

Key Facts

Investment Manager Fortem Capital Limited
Net Asset Value £216,874,593
Fund Launch Date 20th September 2017
Fund Type Irish Domiciled UCITS V ICAV
Base Currency GBP Liquidity Daily
Dealing Deadline 10:30am Irish Time
Pricing Daily COB
Share Type Class A: Accumulation Class D: Distribution
Initial Share Price £1.000
Minimum Subscription Class A: £5,000,000^ Class D: £5,000,000^
Annual Management Charge Class A: 50bps Class D: 50bps
OCF Class A: 70bps Class D: 70bps
Reporting Status Registered with HMRC
Dealing Line +353 (0)1434 5124
Dealing Email davy_ta_queries@ntrs.comz
Depository, Admin, Registrar & TA Northern Trust
Auditor Deloitte
Prospectus & KIID (EN, NL) on www.fortemcapital.com/fund.php

Share Class Unit NAV ISIN Bloomberg
Class A GBP 1.1028 IE00BF047831 ID
Class D GBP 0.9627 IE00BD7Y3W82 FCPGFDD ID
Class A USD 1.0625 IE00BJH53458 FCPGFUA ID
Class A EUR 1.0184 IE00BJH53565 FCPGFEA ID
Class D EUR 1.1346 IE00BKMG0L60 FCPGFED ID

1 Excludes distribution of income
^ Minimum sizing can be waved upon request
* Includes the UK Equal Weight Index
Information as at 29th January 2021

Platform availability

7im Aegon Allfunds Ascentric Aviva Elevate Fidelity Intl Fusio
James Hay Novia Fin’l Novia Global Nucleus Old Mutual Standard Life Transact Zuric

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Portfolio breakdown

36 month projected Fund performance^

-15% -10% -5% 0% +5% +10
Immediate -10.3% -6.3% -2.9% 0.0% 2.5% 4.5
3 months -8.9% -4.5% -0.8 2.1 4.5 6.3
6 months -7.1% -2.9 0.6 3.7 6.6 8.8
12 months -3.5 1.0 4.8 8.0 10.7 12.5
36 months 13.9 18.3 21.2 23.0 24.4 25.3

^ These scenarios are net of
fees
^ Represent sensitivities to
equity market moves only.
^ Assumes Diversifiers deliver
3% p.a.
^ Assumes current asset
allocation weights

Summary of equity index barrier exposures

  • Cover to capital preservation represents for each investment, the level by which the underlying equity index may fall, before capital is eroded, assuming each investments runs to it’s maturity.
  • Cover to capital growth represents for each investment, the level by which the underlying equity index may fall, before capital growth is zero, assuming each investments runs to it’s maturity.

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The 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.

Fund performance (%) – Share Class A (Acc)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2018 0.34 -0.88 0.45 2.66 -0.20 -0.15 1.38 -0.78 0.29 -1.54 0.34 -4.24 -2.47
2019 5.03 1.76 1.17 1.48 -1.60 2.32 1.08 -1.62 1.49 0.00 0.75 1.00 13.46
2020 -0.79 -4.84 -8.16 4.38 3.19 0.41 -0.35 2.53 -1.03 -2.84 7.46 1.18 0.19
2021 -1.64

Share Class
Jan 18 – Jan 19 2.09
Jan 19 – Jan 20 7.18
Jan 20 – Jan 21 -0.68

Fund performance (%) – Share Class A (Acc) versus proxy basket of equity indices

FTSE D30 Index

*** Proxy basket of indices consists of underlying indices to which the Fund has market sensitivity, as measured by delta. Their weight within the basket is rebalanced each month end to match that of the Fund’s delta, normalised to an overall basket weight of 100%.

For example May 2019 the UK market delta = 21% and overall Fund delta = 50%, UK weight in proxy basket = 21% / 50% = 42%. This methodology is
applied for each underlying equity index.

The weights as calculated at May 2019 will be applied for calculating June 2019’s historical performance for the Proxy basket

Past performance is not necessarily a guide for the future. Forecasts are not reliable indicators of future performance. The value of investments, and the income from them, can go down as well as up and the investor may not get back the amount originally invested. The data is as at the date of this document and has been reviewed by Fortem Capital Limited.

Disclaimers

– 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 fulfill 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 fulfill the information standards set out in the relevant trading venue rules."