Presentation Cygnus con Juan Cruz: Funds Experience 2016

1. RANKIA
Valencia – 27th October 2016

2. CYGNUS
UTILITIES,
INFRASTRUCTURE
& RENEWABLES
Cygnus Overview
Strategies
Long/Short European Utilities, Infrastructure & Renewables Event Driven and Special Situations Europe
Vehicles
Cygnus Utilities, Infrastructure & Renewables (AIF) (May 2006)
Cygnus Utilities, Infrastructure & Renewables UCITS (July 2016)
Cygnus Europa Event Driven (AIF) (July 2010)
 Cygnus Asset Management was founded in 2006 and is wholly owned by its partners. The firm
currently manages approximately €500 MM and employs 18 professionals.
 We have two alternative and absolute return investment management teams; one manages a L/S
strategy focused on Utilities, Energy, Renewables and Infrastructures and the other is driven by
event driven and special situation opportunities. Each of our strategies focus on Europe are
available as Alternative Investment Funds and UCITS vehicles.
Investment Team - Partners Business & Management - Partners Investor Relations
Juan Cruz
CIO & Portfolio
Manager Utilities
Luis Amusátegui
Head of
Research Utilities
Alejandro Vigil
Senior Research
Analyst Utilities
José Luis Pérez
Portfolio Manager
Event Driven
Isabel C. Serra
CEO
José Maria Amusategui
President BoD
Blanca Gil
Executive Director
2

3. CYGNUS
UTILITIES,
INFRASTRUCTURE
& RENEWABLES
Investor Base
Spain
25%
USA
29%
Rest of the
world
25%
Switzerland
5%
Continental
Europe
14%
UK
2%
Family
Office
39%
Pension
20%
HNW
15%
Other
Investment
Funds
16%
Banks &
Insurance
7%
Partners &
Employees
3%
BY GEOGRAPHY BY TYPE
 Cygnus Asset Management is a registered investment manager with the CNMV and the SEC
and is well known amongst both European and American investors. Cygnus´ investor base is
primarily international and as a firm we have been recognized by leading entities in our industry,
such as Extel, Thomson Reuters and Allocator.
Source: Cygnus / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
3

4. CYGNUS
UTILITIES,
INFRASTRUCTURE
& RENEWABLES
Cygnus Overview
Independent
Cygnus Asset Management is wholly owned by its partners and has as a
mission to manage both its funds and firm adhering to its strong
convictions, which focus on ethics, compliance, and discipline by virtue of
its commitment to operational excellence.
Experienced
All of the activities we undertake benefit from the knowledge, talent, and
extensive experience of our professionals; many of which have over 25
years of industry experience.
Experts
We are experts in our sectors and markets, as well as in the instruments we
invest with, while staying focused on European markets. We look for
asymmetries in our favor, which allow us to maintain a profile of absolute
return.
Flexible
We have the flexibility of constructing portfolios that look for positive risk
adjusted returns in any market environment, while preserving capital
through active risk management that is flexible in terms of the size and
direction of the portfolio. We are disciplined and patient as we confront the
cyclical and volatile nature of the markets.
Committed and
Accessible
We are committed and accessible to our investors, with a philosophy of
transparency and active communication by way of monthly letters and
informative memos, such as the publication of articles and presentations.
We maintain an active presence on the internet and on financial platforms,
such as Bloomberg, Thomson Reuters, and investment databases, such as
Morningstar.
4

5. Cygnus Utilities Investment Strategy (AIF / UCITS)
 Opportunistic, thematic and concentrated
equity fund, specialized in the power &
energy market and related sectors in
Europe.
 Active portfolio management
concentrated in some 30 Long/Short
positions, typically with low net (+-20%),
and variable gross (0-250%, typically
between 120/140%).
 Selective use of options to improve
risk/reward of trades and to hedge market
risk.
 Two funds: one AIF (Alternative
Investment Fund) (since 2006) and one
UCITS (since 2013), originally with
different mandates.
5

6. Universe by Geography and Sector
Argentina
Australia
Brazil
Canada
Chile
China
Mexico
United
States
Portugal
Spain
France
Italy
Germany
UK
Greece
Romania
Russia
Switzerland
Austria
Poland
Belgium
Czech
Nordic Countries
The Netherlands
Utilities (47)
Renewables (40)
Oil & Gas (37)
Infrastructure (37)
Other countries
Legend
Source: Cygnus / Data as of September 30th, 2016.
6

7. Cygnus Utilities, Infrastructure & Renewables (UCITS)
July 2013 – September 2016
Cygnus Utilities, Infrastructure & Renewables (AIF)
May 2006 – September 2016
Active Management
100
110
120
130
140
150
2013 2014 2015 2016
CYU UCIT, Class I HFI UCITS European Equity Eurostoxx50 (SX5T)
131,7
125,6
115,2
185,7
108,6
152,7
40
60
80
100
120
140
160
180
200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Cygnus Utilities Class A Eurostoxx 50 (SX5T) EH European Equity $
CYGNUS UTILITIES AIF CYGNUS UTILITIES UCITS
May 2006 - Sep 2016 July 2013 - Sep 2016
Return Since Cygnus Inception 85,7% 31,6%
ARoR Since Inception 6,1% 8,8%
Annualized Std Deviation 7,2% 9,2%
Sharpe Ratio @ 0% 0,86 0,96
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
7

8. Cygnus Utilities, Infrastructure & Renewables (UCITS)
July 2013 – September 2016
Cygnus Utilities, Infrastructure & Renewables (AIF)
May 2006 – September 2016
Risk Control: Vol. Rolling 60d Cygnus vs Sector
0%
10%
20%
30%
40%
50%
60%
70%
80%
Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16
CYGNUS UTILITIES UCITS Class I-Vol 60 Utilities Index (SX&R)-Vol 60
 Stable target volatility of <10% p.a.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Jul-06 Sep-07 Oct-08 Dec-09 Jan-11 Mar-12 Apr-13 Jun-14 Jul-15 Sep-16
CYGNUS UTILITIES Class A-Vol 60d Utilities Index (SX6R)-Vol 60d
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
8

9. Cygnus Utilities, Infrastructure & Renewables (UCITS)
July 2013 – September 2016
Cygnus Utilities, Infrastructure & Renewables (AIF)
May 2006 – September 2016
Risk Management Seeks Asymmetrical Returns
Risk Control: Rolling 12m
Cygnus Utilities UCITS vs Utilities Index (SX6R)
Risk Control: Rolling 12m
Cygnus Utilities vs Utilities Index (SX6R)
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
12m rolling CYU UCITS Class I 12m rolling Utilities Index (SX6R)
2015 2014 July
2014
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
12 m rolling CYGNUS UTILITIES Class A 12 m rolling Utilities Index (SX6R)
2011
2010
2013
2014
2008
2012
2007
2009
April
2007
2015
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
9

10. Cygnus Utilities, Infrastructure & Renewables (UCITS)
July 2013 – September 2016
Cygnus Utilities, Infrastructure & Renewables (AIF)
May 2006 – September 2016
Downside Control
Capture Ratio
-3,7%
3,2%
-0,3%
1,1%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
Utilities Index (SX6R)
CYGNUS UTILITIES Class A
Average monthly return
when European Utilities
Index is up
Average monthly return
when European Utilities
Index is down
-2,6%
2,7%
-1,5%
1,9%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
Utilities Index (SX6R)
CYGNUS UTILITIES UCITS Class I
Average monthly return
when European Utilities
Index is up
Average monthly return
when European Utilities
Index is down
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
10

11. Cygnus Utilities, Infrastructure & Renewables (UCITS)
July 2013 – September 2016
Cygnus Utilities, Infrastructure & Renewables (AIF)
May 2006 – September 2016
Risk Adjusted Returns
0%
5%
10%
Annualized
Performance
Risk
CYGNUS
UTILITIES
UCITS Utilities
Index
Eurostoxx50
(SX5T)
UCITS
European
Equity
EH Composite
Index
0%
5%
10%
Annualized
Performance
Risk
CYGNUS
UTILITIES
AIF
EH European
L/S
Utilities
Index Eurostoxx 50
(SX5T)
 We aim to achieve positive adjusted returns in all cycles
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
11

12. Cygnus Utilities, Infrastructure & Renewables (UCITS)
July 2013 – September 2016
Cygnus Utilities, Infrastructure & Renewables (AIF)
May 2006 – September 2016
Uncorrelated Returns
y = 0,7768x - 4E-05
R² = 0,051
-10%
-5%
0%
5%
10%
15%
20%
-3% -2% -1% 0% 1% 2% 3%
Correlation: Fund vs. Utilities Index
y = 1,3634x - 9E-05
R² = 0,609
-10%
-5%
0%
5%
10%
15%
20%
-3% -2% -1% 0% 1% 2% 3%
Correlation: Fund vs. Utilities Index
 The strategy has low correlation to equity markets
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
12

13. Correlation and Beta vs Eurostoxx50
 The strategy provides uncorrelated returns and low Beta exposure to
the market.
CYGNUS
UTILITIES
UCITS
0,0
0,2
0,4
0,6
0,8
1,0
Correlation
Beta
CYGNUS
UTILITIES
AIF
MSCI Value
Index
Tier 1
Fund
Eurostoxx 50
Source: Cygnus , Bllomberg / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
13

14. Dispersion Drivers in Cygnus Universe / Complex Interrelations
CYGNUS
UNIVERSE
CLIMATE CHANGE/
TECHNOLOGY
- Renewable policies
- CO2 price
- Weather patterns (short-term)
- Solar/wind market shares
- Thermal cannibalization
- Grid upgrades
- Energy efficiency
- Electric/ Autonomous car
REGULATION
- Political intervention
- Inflation
- Retail tariffs
- Consumer bills / reregulation?
- Pool marginal price or cost/plus
- Supply margins
- Renewable regulation
MACRO
- Interest rate
- Country risk
- Growth
- Inflation
- Liquidity events
- Debt levels
COMMODITIES
- Oil/Gas link
- Gas price dynamics
- Coal price dynamics
- Shale gas EU/US/China
- E&P delivery volumes
GAS & POWER PRICES
- Plants decommission
- Clean dark spreads
- Clean spark spreads
- Renewable output
- Geographical area generation
mix
- Wholesale price dynamics
- Infrastructure build up
- Reserve margins
- Gas price decoupling
- Spot vs forward curves
- Distributed power
- Electric and gas demand
MICRO
- FCF: capex vs dividends - Geographic revenues
- Net debt / capital increases - Trading multiples
- Business restructuring - Generation portfolio
and cost cutting - Credit ratings
- Disposal of assets vs dilution - Valuation
- Cost cutting programs
- EPS growth dynamics and trend
- Sell side analyst and trend
- Sell side analyst consensus
INFRASTRUCTURES
- Capacity margins
- Capacity payments
- Prevention closures
- Interconnections
- Bottle necks
- Infrastructure build up
- Smart Grids
CENTRAL
BANKS/GOVERNMENTS
- Debt levels
- Politics / Populism
- Geopolitical risk
- Fiscal Politics
- Pensions and Welfare
14

15. CURRENT
MACRO SCENARIO
POSSIBLE
GROWTH SCENARIO
REGULATED
UTILITIES
LOW
RATES
LOW
GROWTH
BACK TO
NORMAL
GROWTH
BACK TO
NORMAL
RATES
OIL & GAS
INFRASTRUCTURES
INTEGRATED
UTILITIES
RENEWABLES RENEWABLES
INTEGRATED
UTILITIES
INFRASTRUCTURES
OIL & GAS
REGULATED
UTILITIES
Macro Scenario and Investment Universe
15

16. Research Tools
16
 Energy Models
 Oil, gas, coal and CO2 price impact.
 Infrastructure and Capacity Models
 Electricity demand and growth, reserve
margins (installed capacity vs demand) built
developing plants and future prospects.
 Subsectors and Sensibilities
 Our subsectors are: gas, integrated electricity, generators and transmission, as well as
water, wind, solar and technology companies which are related to the environmental
themes.
 Main factors that we follow: subsectors regulation, EU guidelines, interconnection lines
and all the above.
 Company Models
 Proprietary valuation models, forecasts that were reviewed regularly and thoroughly.
Meetings and contacts with companies.
 Evaluation and monitoring of macroeconomic situation
16

17. Appendix
17

18. Monthly Net Performance %
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2006 -1.19 1.16 1.59 4.19 3.01 2.63 1.33 5.41 19.49
2007 6.82 -1.09 0.39 -1.60 2.53 -2.06 -0.49 1.03 -0.40 0.94 4.95 0.67 11.92
2008 -1.25 -1.54 2.89 2.60 3.52 -3.55 5.88 3.19 -5.45 -4.35 2.11 2.18 5.67
2009 0.07 1.62 0.14 5.00 4.00 1.78 0.77 2.08 1.76 1.59 1.76 -4.31 17.19
2010 0.71 0.12 -0.09 -1.77 -1.60 1.21 0.08 -0.08 -1.08 -1.80 1.85 -0.01 -2.53
2011 0.11 2.00 1.84 -0.29 0.11 -0.48 0.09 -7.41 1.24 1.68 -0.06 -1.21 -2.70
2012 2.92 1.00 1.81 -0.14 -0.24 1.09 0.78 -0.75 0.95 1.01 0.17 1.83 10.86
2013 1.69 -1.34 2.38 -0.92 1.38 -0.23 -0.12 0.48 -0.86 0.77 0.72 -0.93 2.98
2014 0.57 3.49 0.00 -0.35 0.59 1.21 -1.72 -0.25 -0.52 -1.29 0.82 1.57 4.10
2015 2.46 1.34 -0.98 0.57 0.26 -1.34 -1.38 -1.67 0.29 1.69 0.73 -2.82 -0.99
2016 1.54 0.71 0.54 0.24 -0.39 -0.70 -0.14 -2.13 0.86 0.47
Cyngus Utilities, Infrastraucture & Renewables (AIF)
Cyngus Utilities, Infrastraucture & Renewables (UCITS)
Source: Cygnus / Data as of September 30th, 2016.
Please refer to additional important disclosures at the end of these materials.
18
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 3,88 0,07 2,47 4,27 0,74 0,56 0,13
2014 2,83 7,19 2,66 0,90 2,84 3,92 -3,05 -0,21 -0,29 -2,16 0,84 -1,55 0,14
2015 4,44 5,03 -0,10 0,82 2,01 -4,05 -0,94 -3,59 -0,56 5,19 0,89 -4,34 0,04
2016 0,35 -1,79 1,32 1,28 -0,19 -1,21 -0,12 -1,88 0,45 -0,02

19. Team
Team Member Education '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16
UBS
Various
Companies
Manag.
Account.
1993 Economics,ICADE,
Madrid,Spain
Energyand Utilities Analyst
Mako Investment Managers
EquityResearch,European Utilities
UBS
Corporate Finance Division
Santander
Capital Markets,Madrid
Merril Lynch
Equities Sales & Trading
Ahorro CorporaciónMorgan Stanley
Spain
Equities Trading
Cygnus
Cygnus
Cygnus
Cygnus
Cygnus
Cygnus
Citigroup
COO
Cygnus
Cygnus
Responsible for the Iberian
ElectricityIndustry
PETER
JAYAWARDENA
(COO)
1992 Associate Member of
Chartered Institude of
Manag.Accountants,
London 2011MBA
Imperial College,London
1996 - MBA,INSEAD
1991- BSc.Wharton Sch.
Upenn.,USA
Banco
Santanderde
Negocios
LAFRAGUA, S.A.
(Now WMT, CA)
AVP
Independent Consulting
and Advisory
JOSÉ MARÍA
AMUSATEGUI
(P resident)
BLANCA GIL
(Investor
Relations)
AB Asesores
BNP Paribas
Head of Fixed Income
Origination
UBS Wealth Management
Director,KeyClient Department
ALEJANDRO VIGIL
(Senior Research
Analyst)
1995 - BA Business Adm.,
CUNEF,Madrid,Spain
JOSÉ CASTAÑEDA
(Trader)
1996 - B.Economics,
U.Comp.,Madrid,Spain
Petroleum Argus
CFO
Lisbon
Brokers
Spain
BNP
Paribas
Spain
ISABEL SERRA
(CEO)
1990 - B.S.Economics,
CUNEF,Madrid,Spain
Santander
Head of Equity
Arb Prop Team
LUIS AMUSÁTEGUI
(Head of
Research)
1993 - MBA,Columbia
Business School,USA
Tisbury
Capital
JUAN CRUZ
(CIO)
Argentaria
Head of EquityArbitrage Prop Team
BBVA& Partners, Co-Founder
Responsible for Utilities Portfolio
Bestinver
Analyst
Caja
Madrid
Bolsa
Corporate Finance
UBS
1982 LawDegree,U.Comp.,
Madrid
1984 MBA,ESADE,
Barcelona,Spain
Corporate AdvisoryKeyClients
Khronos LLC
Vice President
JigsawConsortium Ltd Fitness
Network
CFO
Commercial Manager
Philip Wilson Publishing
Finance Manager
19

20. Bios – Investment Professionals
The investment team is formed by four professionals with an extensive experience in the Utilities
Sector in Europe.
Juan Cruz, Founding Partner & CIO - has over 25 years of experience in long/short equity and proprietary trading ●
Founding partner of BBVA & Partners (2000-2005), a Madrid based hedge fund, responsible for the Utilities portfolio
● Head of equity arbitrage prop trading at Santander and at Argentaria (now BBVA) ● B.Sc. in Economics from
CUNEF, Madrid, Spain.
Luis Amusátegui, Founding Partner & Head of Research – over 20 years of experience covering the sector ●
Analyst for Pan-European utilities at Tisbury Capital, a London based hedge fund ● Ranked number 1 buy-side
utilities analyst by Extel in 2011, and number 2 in 2009, 2010 and 2013 ● Senior utilities analyst Pan-European
Utilities team UBS (team consistently ranked in top 3 by Institutional Investor and Extel) ● Andersen Consulting and
McKinsey & Co ● MBA from Columbia University, New York and a B.A. in Computer Science from St. Louis
University, Missouri.
Alejandro Vigil, Partner & Senior Research Analyst - joined Cygnus in March 2008 ● over 20 years of experience
covering the sector ● Ranked number 1 buy-side utilities analyst by Extel in 2009, 2010, 2013 and 2014 ● Sell-side
analyst at Citi for 3 years (2005-2008) covering Iberian utilities and the renewables sector ● Sell-side analyst at
Santander, CajaMadrid and Bestinver ● B.Sc. in Economics from CUNEF, Madrid, Spain.
José Castañeda, Senior Trader - joined Cygnus in February 2008, with more than 20 years of market experience ●
Derivatives sales trader for Merrill Lynch and BNP Paribas specialized in Spanish equities and derivatives ● Equities
trader for Morgan Stanley ● Equities sales trader at Ahorro Corporación ● B.Sc. in Economics from Universidad
Complutense de Madrid, Spain.
20

21. Bios – Other Principals
Founding Partners Isabel C. Serra (CEO) and José María Amusátegui (President) are members of the Management
Committee and are responsible for business management and development, and regulatory relationships of the firm
among other things.
Isabel has experience in management and investments from both operating companies as well as HF and PE ● Independent
consulting and advisory services to individual and institutional clients ● 1999-2001 VP of Khronos LLC, a registered investment
adviser in New York, evaluating investment opportunities, legal structures and negotiating credit agreements ● 1996-1999 AVP
Strategic Projects Division at Carhco (currently Wal-Mart of Central America) ● 1991-1995 Emerging Markets-Fixed Income at
Banco Santander de Negocios in Madrid ● MBA from INSEAD ● B.Sc. in Economics from the Wharton School, UPenn ● Certified
by the International Securities Market Association in Zurich.
José María has over 25 years’ experience in consulting, PE, investment and private banking ● UBS IB Corporate Finance (M&A
and Primary Equity Capital Markets) 1992-1998 ● UBS Wealth Management, creating a Corporate Finance capacity and running
the Key Clients Group in Spain 1999 - 2006 ● 1986 consulting division Arthur Andersen (now Accenture) ● 1988 Advent España
SA a venture capital firm part of the Advent International network ● Law degree from Complutense University ● MBA from ESADE,
Barcelona ● CAIA.
Peter Jayawardena (COO) is also a member of the Management Committee and is responsible for ensuring strong governance
processes, robust risk management, and operational effectiveness for the firm. Peter joined Cygnus as COO in July 2016, with over
25 years of experience in management, accounting, finance, and operations ● From 2004 to 2015, Peter was COO of the London-
based Mako Investment Managers, which manages Pelagus Capital Fund, where he was instrumental in building the business to
USD 1.2bn ● Prior to joining Mako Investment Managers, he was with a private equity deal as CFO for Fitness Network Ltd. ● From
Apr 2000 to May 2003 was Commercial Manager at Jigsaw Consortium Ltd, a Unilever joint-venture ● Peter holds a MBA (Finance
Prize Winner) from Imperial College, London and is an Associate Member (since 1992) of the Chartered Institute of Management
Accountants, London, having completed examinations in 1989 ● At Mako Investment Managers, he was registered with the FCA as
a CF4/CF30, SEC Relevant Person and an Approved Person with the NFA.
Blanca Gil (Executive Director) is responsible for investor relations, compliance and new products ● From 2000 to 2006, she was
Director of the Key Clients team at UBS Spain, handling large client portfolios: Family Offices, Private and Institutional investors ●
Between 1998 and 2000 Blanca worked at BNP Paribas in fixed income origination and later in structured products for the private
banking division ● Blanca began her professional career in 1993 in AB Asesores in the securitization and fixed income
departments. Towards the end of her tenure there she worked in asset management, focusing on marketing activities related to
domestic institutional investors ● Blanca holds a BSc in Business from ICADE (E-2).
21

22. Important Disclosures
Net performance results shown for Cygnus Utilities, Infrastructure & Renewables are for the Class A Shares (Initial) of the Fund. This Class of Shares has been chosen since it shows
results since the inception of the Fund. This Class of Shares may not be open for investment, and may have different fees than Share Classes that are open for investment.
Net performance results shown for Cygnus Utilities, Infrastructure & Renewables UCITS are for the Class I of the Fund. This Class of Shares has been chosen because it is currently
open to investors, subject to specific terms.
The Cygnus Utilities, Infrastructure & Renewables UCITS merged with Cygnus Value FI and pursuant to that merger commenced trading on Jul 11th, 2016. Cygnus Value FI had been in
existence since Jul 1st, 2013 and had been trading until its trading activity was subsumed into Cygnus Utilities, Infrastructure & Renewables UCITS by virtue of the merger. Prior to the
merger the Cygnus Utilities, Infrastructure & Renewables UCITS was dormant. The merger did not alter the trading or exposures of the portfolio of the Cygnus Value FI.
Performance of Share Class I prior to Jul 11th, 2016 relates to its equivalent in Cygnus Value FI. Share Class I in Cygnus Value FI came into existence as of Jan 22nd, 2014 and as
such, performance herein reported for the period Jul 1st, 2013 to such date is based on the actual returns of Share Class S of this fund, which was in existence from Jul 1st, 2103, by
adjusting for differences in fees of the two classes. Returns from Jan 22, 2014 through to Jul 11th, 2016 are those of Class I in the Cygnus Value FI.
The Fund attributions shown in this report are based on internal estimates and represent the accumulated gross trading profit and loss during the stated period. Non-portfolio expenses
such as management or performance fees are not included.
Information about the indices shown in this document is provided to allow for comparison of the performance of the Funds to that of certain well-known and widely recognized indices.
There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index and the indices represented do not take into account
trading commissions and/or other brokerage or custodial costs. The volatility of the indices may be materially different from that of the Fund. In addition, the Fund’s holdings may differ
substantially from the securities that comprise the indices shown.
This material is for informational purposes only and does not constitute either an offer to sell nor a solicitation of any offer to buy a security. The information contained herein is being
provided to you on a confidential basis and may not be distributed or reproduced, in whole or in part without the consent of Cygnus Asset Management SGIIC S.A. There can be no
assurance that past performance is any indication or guarantee of similar performance in the future. Performance data is computed on a weekly based on the official NAV published every
Friday. Official fund net asset values are calculated as of every Friday, subject to holidays and certain extraordinary events; month- end values for the fund identified above is the official
fund net asset values calculated on the Friday immediately prior to month end.
Cygnus Asset Management SGIIC SA is registered with the Comisión Nacional del Mercado de Valores (“CNMV”) as Alternative Investment Fund Manager (“AIFM”) and also is registered
as an investment advisor with the SEC. Registration as an investment adviser does not constitute an endorsement of the firm by the SEC nor does it indicate that the adviser has attained
a particular level of skill or ability.
Investments for the Funds are selected by, and will vary in the sole discretion of Cygnus and are subject to availability and market conditions, among other things. No representation is
made that Cygnus’ or the Funds’ risk management, investment process or investment objectives will or are likely to be achieved or successful or that the Funds or underlying investments
will make any profit or will not sustain losses. Past performance is not indicative of future results.
Any assumptions, assessments, intended targets, statements or the like (collectively, “Statements”) regarding future events or which are forward-looking constitute only subjective views,
outlooks, estimations or intentions, are based upon Cygnus’ expectations, intentions or beliefs, should not be relied on, are subject to change due to a variety of factors, including
fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are
beyond Cygnus’ or any fund’s control. Cygnus undertakes no responsibility or obligation to revise or update such Statements.
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