Argos Argonaut - Banque Privée Edmond de Rothschild Europe

Argos Argonaut
UCITS
Monthly Review January 2015
Management Team : Philip Best, Marc Saint John Webb
Investment Style / Objective
Deep value equity fund - The Argonaut Fund aims to produce substantial capital growth, by investing in micro capitalization mis-valued
companies quoted on European stock markets. The fund focuses particularly on little-known or poorly followed smaller companies and situations
that have been ignored by mainstream investors (often because they are considered to be too small to be of interest). The fund is
managed with a rigorous “Value Investing” philosophy, aiming to limit potential downside in the selected shares, ensuring a “margin of
safety”. As a result, after more than 10 years since launch the fund has showed itself to be counter-intuitively resilient during market falls.
This “Long Only” fund is alternative by nature, but traditional by structure. It is not tied by country, index or sector weightings and invests
opportunistically as situations arise.
THE FUND IS CURRENTLY CLOSED TO NEW INVESTMENTS, BUT TO OBTAIN INFORMATION ON THE WAITING LIST AND LIKELY FUTURE OPENINGS,
PLEASE CONTACT FREDERIQUE REFAELA TROCHERY AT fr.trochery@argos-managers.ch
NAV EUR 414.91
Performance MTD Performance YTD Since Inception*
Argonaut Fund Class E — NAV EUR 414.91 (closed to subscription) +3.91% +3.91% +314.91%
Argonaut Fund Class A — NAV EUR 212.11 +3.91% +3.91%
Euromoney Smaller European Companies (Ex HSBC) +5.78% +5.78% +196.58%
Eurostoxx 50 +6.52% +6.52% +43.83%
MSCI Europe Micro Cap (EUR)** +4.35% +4.35%
* SICAV - June 2003 ** Index launched in November 2012 and calculated back to November 2007
Manager’s commentary
The Argonaut Fund started the year with a 3.9% rise in January: this trailed
the even sharper rises in the benchmark Euromoney Smaller Companies
index (+5.8%) and the large cap Eurostoxx 50 index (+6.5%). Larger
companies benefitted at the end of the month from a flow of buying in
equity ETFs following the European Central Bank’s announcement of its
Quantitative Easing programme. This also stimulated to a lesser extent the
midcaps in the Euromoney index, but has not yet really filtered down to our
micro-cap universe.
After several years of trailing the US markets, the tables have really turned
as European markets rose 7% whilst US markets actually fell 3%. This has
admittedly been partially compensated by a rise in the Dollar and a fall in
the Euro (accentuated by the ECB stimulus). We can expect the
improvement in competitiveness to provide a useful tailwind for the
profitability of European companies in 2015. Along with the positive effects
of the sharp fall in the oil price, it could contribute to a positive surprise (at
last) on European growth and analysts’ forecasts of 10% earnings growth
for European companies in 2015 could prove to be conservative.
The buoyant markets have led to a pick-up in the number of IPOs to the
European Bourses, and this could be followed by more corporate activity
and takeover bids as the natural pace of consolidation of smaller companies
resumes. This is a positive environment which should benefit The Argonaut
Fund as takeover bids have represented a very real contribution to
performance over the 12 years since inception (with the notable exception
of last year with only one bid on Bull at a rather feeble premium). To be
clear, it is not so much the number of bids that generate the returns, but
rather the fact that because we are invested in deep value situations, the
bidder has to pay a large premium (viz. 140% for Heiler Software in 2012)
for investors to be willing to tender their shares.
In the middle of the month the Swiss National Bank surprised markets by
abandoning its peg to the Euro, and this resulted in an instantaneous 15%
revaluation of the Swiss currency and an apparent sharp fall in the Swiss
equity market. The fund has 16% of its assets in Swiss equities, but the
overall impact was actually positive as none of our holdings fell more than
the 15% rise in the Swiss Franc. This is despite the fact that most of our
Swiss companies are exporters. We had an interesting discussion on the
subject of the impact of the rise in the Swiss Franc on the competitivity of
Swiss companies with dairy ingredients producer Hochdorf (one of our top
ten holdings). The company produces most of the powdered milk that goes
into the chocolate bars of the high quality Swiss brands, and also produces
Swiss-branded milk-based baby food which is increasingly exported to
China, as well as a host of other speciality ingredients. They have 2 plants
in Switzerland, one in Germany and a smaller one in Lithuania. Within 2
weeks of the Franc revaluation they have already contacted all their major
clients in Europe and have obtained agreement for a staggering 9% price
rise in Euros. Those industrial buyers who are not willing to pay a premium
for the ‘Swissness’ have asked for their deliveries to be progressively made
from the German plant. Those who need the ‘Swiss’ originated products
have almost no alternative to buying milk powder from Hochdorf. This
illustrates the pricing power of some branded ‘Swiss’ products where
customers are willing to pay a premium for perceived quality. Sales at
Hochdorf rose 14% in 2014 and we expect a continued strong improvement
in profitability to continue into 2015. Despite a solid performance since we
initiated our investment, the share is still very much an ‘orphan’ with no
broker coverage and very little contact with institutional investors. The
market capitalisation of the company is still only 130 MCHF (barely above its
book value) despite the fact that sales this year should reach more than 600
MCHF.
After a 78% rise in 2014, the shares of Italian woodworking equipment
producer Biesse continued higher with a further rise of 30% in January.
Biesse makes machines that cut, shape, pierce and laminate wood boards.
Their clients are the manufacturers of furniture (Ikea), fitted kitchens and
doors/windows etc. and the clients revenues and profitability suffered from
the Great Recession which led them to cut their investment spending
drastically over the last years. The fund currently has 24% of its
investments in the ‘out of favour’ Capital Goods and Machinery sector
(Groupe Gorgé, Isra Vision, Starrag, Bolzoni…) as we have been finding
value there as many companies are still in their turnaround phase (whilst
having solid and secure balance sheets). As for Biesse, we believe that their
clients will start to invest in new equipment once their confidence in the
future starts to improve. Furthermore, after years of underinvestment these
clients are already being forced to increase their investment spending as
their manufacturing lines are aging, leading to increasing maintenance
costs, and the new lines would generate substantial productivity gains. An
illustration of what might be starting to happen for European capital goods
companies can be seen in the statistics for Biesse’s sales subsidiary in
Spain: whereas sales had been 25 M€ in 2006, they fell 85% to only 3 M€ in
2013. From this level they then doubled to 7 M€ in 2014 and are expected
to rise by a further 50% in 2015. These machinery companies have cut
costs substantially over the last years, so these rises in volumes will have a
leveraged impact on their profitability improvements over the next 3 years.
Just as Biesse’s sales in Spain are still well below pre-Great Recession
levels, its share price is still only half of the level it was 8 years ago.
Elsewhere German machine vision specialist Isra Vision rose 18% as the
management revealed that the order book was up 35%. With sales
worldwide and manufacturing and R&D costs mainly in Europe, Isra should
be a prime beneficiary of the more competitive Euro (their prime competitor
Cognex being US-based).
French camping car maker Trigano also added a further 18% in January as
the company announced an acceleration of the growth in sales for its
vehicles in Europe at the end of the year. We expect a strong rise in
profitability this year as the rising volumes will leverage the impact of the
lower cost base generated by the continued restructuring and streamlining
of operations. Furthermore, the company will benefit from having made two
lowly-priced key acquisitions in Italy during the downturn, which now makes
it the market leader in Europe. Market share gains in Germany and Northern
Europe will now be the priority and growth driver.
This document does not constitute an offer or solicitation to purchase the shares in the Fund described here-in. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any
decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements. The information and figures here-in are valid on the date here-of. There is no obligation to update the
figures here-in.
The Swiss prospectus, KIID, articles of association, annual and semi-annual reports in French and other information can be obtained for free from the Swiss representative of the fund: Carnegie Fund Services S.A., 11, rue
du Général-Dufour, CH-1204 Genève, Suisse, web : www.carnegie-fund-services.ch. The Swiss paying agent is the Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genève, Suisse. The latest prices are available
on www.fundinfo.com.
For further information please contact: Argos Investment Advisors S.A., Luxembourg, e-mail: info@argos-funds.com, www.argos-funds.com. Tel. + 352 26 26 25 05
Argos Investment Managers S.A., Geneva, e-mail: info@argos-managers.ch, Tel. +41 22 799 90 90, Fax. +41 22 799 90 99

mai 03
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German housebuilder Helma Eigenheimbau AG rose 16% after
announcing an 11% rise in orders (and a continuation of the strong trend in
Q4) which guarantees another strong year of growth in 2015. The share has
now been multiplied by more than 5 compared to our entry price and we
have taken the opportunity of the continued rise to take profits on a
substantial portion of our holding. We have long been the largest
institutional investors in Helma with at one point close to 10% of the
outstanding shares, but now our ‘value’ criteria are leading us elsewhere.
On the downside, our biggest disappointment was the 26% fall in the
shares of French maker of accessories for video games and mobile phones
BigBen Interactive. The company’s sales over the all important
Christmas season grew less than expected (only 3%) and the management
announced a small profit warning linked to the rise in the Dollar which is the
currency in which they make a large portion of their purchases (which are
mostly sourced in Asia). This factor affects their competitors too, so we are
confident that the rise in costs will be passed on to clients in the selling
price this year. We have had several meetings with the management who
are convinced that profitability will now improve. In the meantime, the
valuation appears ever more attractive on a 40% discount to book value
Fund vs Index performance
Argos Argonaut
UCITS
January 2015
and a multiple of less than 5 times the net profits they generated in 2013.
Our position in Falkland Islands Holding has been a victim of the oil price
fall. The share fell 13% in January and is now 20% lower than when we
started buying the share a year ago. The company operates supermarkets,
other retail operations and all sorts of services (insurance, travel, tourism,
shipping, construction, property) in the Falkland Islands. The main upside
potential was expected to come from the sharp rise in economic activity
over the next few years that was due to come from oil companies
development of the significant oilfields in the region. The low oil price may
put into question part of this upside in the short term, but we have invested
in this company with a margin of safety in that the value of the current
business, plus their ferry operation in Portsmouth (UK) and their fine art
logistics company Momart still cover more than the market capitalisation at
our purchase price.
Total assets under management in the fund at end January stood at 186M€,
compared with 167M€ a month earlier. Uninvested cash rose to 8.7% from
4.7%, and the total number of individual positions remained unchanged at
57.
500.00
450.00
Argonaut Fund Class E
Eurostoxx 50
Euromoney Smaller European Companies (Ex HSBC)
MSCI Europe Micro Cap
400.00
350.00
300.00
250.00
200.00
150.00
100.00
50.00
Investor information
Strategy Objective
To maximise long term capital growth by investing
primarily in a portfolio of micro and small capitalisation
European companies
Currency Class
EUR CHF SEK GBP USD
Legal Form Luxembourg Umbrella SICAV—Part I Telekurs Class A EUR 10189164
Registration for Public Distribution Luxembourg, Switzerland, France, United Kingdom Telekurs Class E EUR (Closed to new investments) 10162152
UCITS Status Yes Telekurs Class A CHF 12342015
Investment Manager Argos Investment Managers SA Telekurs Class A SEK 11875249
Management Team Philip Best, Marc Saint John Webb Telekurs Class A GBP 11325180
Administrator and custodian Edmond de Rothschild Europe Telekurs Class A USD 13762857
Auditor PriceWaterhouseCoopers, Luxembourg ISIN Code Class A EUR LU0428317514
Legal Advisors Allen & Overy, Luxembourg ISIN Code Class E EUR (Closed to new investments) LU0428315906
Targeted Equity Level 90-100% ISIN Code Class A CHF LU0584436546
Geographical Region Europe ISIN Code Class A SEK LU0551533457
Inception date 1 June 2003 ISIN Code Class A GBP LU0512346346
Reference Index
Euromoney Smaller European Companies Index
(Ex HSBC)
ISIN Code Class A USD
LU0675400260
Number of Stocks Generally between 40 and 60 Bloomberg Class A EUR ARGIFAU LX
Subscription and Redemption 10th, 20th and last day of each month Bloomberg Class E EUR (Closed to new investments) ARGIFEE LX
Subscription Notice
Redemption Notice
2 business days before valuation date (6 pm
Luxembourg time max)
15 business days before valuation date (6 pm
Luxembourg time max)
Bloomberg Class A CHF
Bloomberg Class A SEK
ARGOASF LX
ARGONAS LX
Minimum investment Equiv. EUR 10’000 Bloomberg Class A GBP ARGONAG LX
Annual management fee 1.5% Bloomberg Class A USD ARGOAAU LX
Performance fee
12.5% over absolute 5% per annum subject to High
Water Mark
Institutional Classes
Available on request
Subscription and redemption fees as mentioned in the prospectus can be waived upon identification of the investor either via the relevant form or direct notice providing the INVESTING INSTITUTION’S NAME, the BANK
ORIGINATING THE SUBSCRIPTION, the SUBSCRIPTION / REDEMPTION AMOUNT and DATE to info@argos-advisors.lu or by fax to +41 22 799 90 99.
All transactions which have been executed cannot be cancelled.
This document does not constitute an offer or solicitation to purchase the shares in the Fund described here-in. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any
decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements. The information and figures here-in are valid on the date here-of. There is no obligation to update the
figures here-in.
The Swiss prospectus, KIID, articles of association, annual and semi-annual reports in French and other information can be obtained for free from the Swiss representative of the fund: Carnegie Fund Services S.A., 11, rue
du Général-Dufour, CH-1204 Genève, Suisse, web : www.carnegie-fund-services.ch. The Swiss paying agent is the Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genève, Suisse. The latest prices are available
on www.fundinfo.com.
For further information please contact: Argos Investment Advisors S.A., Luxembourg, e-mail: info@argos-funds.com, www.argos-funds.com. Tel. + 352 26 26 25 05
Argos Investment Managers S.A., Geneva, e-mail: info@argos-managers.ch, Tel. +41 22 799 90 90, Fax. +41 22 799 90 99

Argos Argonaut
UCITS
Factsheet January 2015
Management Team : Philip Best, Marc Saint John Webb
Investment Style / Objective
Deep value equity fund - The Argonaut Fund aims to produce substantial capital growth, by investing in micro capitalization misvalued
companies quoted on European stock markets. The fund focuses particularly on little-known or poorly followed smaller
companies and situations that have been ignored by mainstream investors (often because they are considered to be too small to
be of interest). The fund is managed with a rigorous “Value Investing” philosophy, aiming to limit any potential downside in the
selected shares, ensuring a “margin of safety”. As a result, after more than 10 years since launch the fund has showed itself to be
counter-intuitively resilient during market falls. This “Long Only” fund is alternative by nature, but traditional by structure. It is not
tied by country, index or sector weightings and invests opportunistically as situations arise.
Fund vs Index calendar year performance (%)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ytd
2003 Argonaut Fund Class E 0.76 6.20 7.59 0.96 6.33 4.62 0.52 29.97
Euromoney Smaller Europ. Comp. (Ex HSBC) 5.11 6.39 5.82 -1.82 7.74 1.02 0.61 27.21
2004 Argonaut Fund Class E 7.22 4.37 -1.37 3.32 -0.93 4.05 -2.96 -2.09 3.41 2.42 5.64 4.28 30.32
Euromoney Smaller Europ. Comp. (Ex HSBC) 7.28 3.88 -2.18 0.54 -1.71 3.51 -2.60 -1.12 2.36 1.52 5.00 3.25 20.98
2005 Argonaut Fund Class E 9.77 4.95 -1.19 -0.25 2.10 2.31 7.01 -1.17 5.14 -2.29 1.01 1.87 32.61
Euromoney Smaller Europ. Comp. (Ex HSBC) 6.14 3.90 -1.18 -3.02 4.65 4.28 4.65 1.83 4.70 -4.71 4.09 4.63 33.56
2006 Argonaut Fund Class E 6.21 3.75 4.08 1.05 -5.97 -1.65 -0.88 0.65 1.79 3.23 0.88 4.42 18.34
Euromoney Smaller Europ. Comp. (Ex HSBC) 6.44 4.66 3.59 2.26 -6.76 -1.05 -0.19 2.84 2.68 4.64 2.25 5.80 29.89
2007 Argonaut Fund Class E 3.69 1.36 0.59 4.47 1.43 0.38 -0.42 -3.26 -2.22 0.94 -10.33 -1.08 -5.17
Euromoney Smaller Europ. Comp. (Ex HSBC) 3.76 -1.10 4.41 2.88 2.28 -2.41 -2.00 -3.31 -3.02 3.53 -9.60 -2.49 -7.78
2008 Argonaut Fund Class E -13.72 2.15 -4.38 4.04 2.22 -5.96 -5.11 2.81 -7.14 -18.17 -6.15 -2.21 -42.65
Euromoney Smaller Europ. Comp. (Ex HSBC) -12.14 2.29 -3.43 2.46 0.41 -10.69 -4.28 3.09 -15.57 -20.24 -8.30 -3.17 -52.95
2009 Argonaut Fund Class E -1.12 -7.03 0.71 16.03 10.60 7.49 3.64 6.30 7.37 -1.03 0.68 -1.53 48.24
Euromoney Smaller Europ. Comp. (Ex HSBC) 0.74 -7.05 2.26 19.93 8.44 -0.45 7.23 8.67 5.32 -2.56 -0.52 5.18 55.12
2010 Argonaut Fund Class E 1.21 -2.83 3.17 2.21 -5.78 2.13 1.24 0.09 1.99 0.23 2.15 6.81 12.76
Euromoney Smaller Europ. Comp. (Ex HSBC) 1.92 -1.80 8.22 1.51 -7.37 -0.94 5.22 -1.82 5.27 3.55 -1.10 9.04 22.50
2011 Argonaut Fund Class E 7.37 4.36 2.85 2.37 2.77 -2.46 -1.32 -8.16 -7.83 4.99 -5.06 2.42 0.84
Euromoney Smaller Europ. Comp. (Ex HSBC) 0.96 1.22 -1.18 2.03 -1.04 -4.25 -3.42 -10.37 -7.82 5.95 -4.22 0.53 -20.52
2012 Argonaut Fund Class E 5.87 6.47 0.05 -0.59 -7.85 -0.64 1.98 0.40 -2.04 5.13 0.28 2.96 11.76
Euromoney Smaller Europ. Comp. (Ex HSBC) 8.54 5.43 -0.38 -1.55 -8.09 2.31 2.26 2.55 2.93 1.09 0.21 4.29 20.35
2013 Argonaut Fund Class E 5.30 0.48 0.90 1.14 6.02 -2.13 1.26 6.55 5.73 6.91 2.87 2.35 43.86
Euromoney Smaller Europ. Comp. (Ex HSBC) 4.07 2.75 -0.25 0.71 2.84 -4.16 5.66 1.24 5.39 4.70 1.70 1.56 29.08
2014 Argonaut Fund Class E 3.74 4.37 1.84 1.69 -0.53 1.47 -4.35 -1.37 -1.79 -4.84 3.16 -0.98 1.92
Euromoney Smaller Europ. Comp. (Ex HSBC) 1.50 6.12 -0.45 -1.27 1.33 -0.72 -2.94 0.88 -1.89 -2.39 1.90 1.10 2.89
2015 Argonaut Fund Class E 3.91 3.91
Euromoney Smaller Europ. Comp. (Ex HSBC) 5.78 5.78
Fund vs Indices rolling year performance (%)
91.29% 90.75%
91.29%
60.83%
55.77%
61.86%
37.04%
Argos Argonaut Class E
Euromoney Smaller Europ. Comp.
(Ex HSBC)
60.83%
42.97%
51.65%
Argos Argonaut Class E
MSCI Europe Micro Cap
(since inception of index)
2.09%
7.23%
2.09% 2.55%
1 year 3 years 5 years 7 years
1 year 3 years 5 years
This document does not constitute an offer or solicitation to purchase the shares in the Fund described here-in. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any
decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements. The information and figures here-in are valid on the date here-of. There is no obligation to update the
figures here-in.
The Swiss prospectus, KIID, articles of association, annual and semi-annual reports in French and other information can be obtained for free from the Swiss representative of the fund: Carnegie Fund Services S.A., 11, rue
du Général-Dufour, CH-1204 Genève, Suisse, web : www.carnegie-fund-services.ch. The Swiss paying agent is the Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genève, Suisse. The latest prices are available
on www.fundinfo.com.
For further information please contact: Argos Investment Advisors S.A., Luxembourg, e-mail: info@argos-funds.com, www.argos-funds.com. Tel. + 352 26 26 25 05
Argos Investment Managers S.A., Geneva, e-mail: info@argos-managers.ch, Tel. +41 22 799 90 90, Fax. +41 22 799 90 99

Argos Argonaut
UCITS
January 2015
Sectoral exposure
Retail 3%
Others 6%
Automotive &
Vehicles 8%
United Kingdom 11%
Others 1%
Geographic breakdown
Packaging 5%
New Europe 3%
Capital Goods 14%
France 32%
IT, Software &
Internet 4%
Sw itzerland 16%
Chemicals 3%
Industrial 11%
Construction and
Building Materials
10%
New Europe 3%
Food & drinks 15%
Electrical &
components 18%
Italy 16%
Ireland 3%
Germany 18%
Market capitalisation profile
Statistics
>300M EUR
200-300M EUR
Argos
Argonaut
Euromoney
Smaller
Europ. Comp.
(Ex HSBC)
100-200M EUR
50-100M EUR
Cumulative return since inception 314.9% 196.7%
Annualised return since inception 13.0% 9.8%
Annualised volatility since inception 16.0% 17.8%
0-50M EUR
0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%
Largest holdings
Company name
Sector
BIESSE
Industrial Machinery
CAMELLIA
Agriculture
CICOR TECHNOLOGIES
Electronic Components
DELCLIMA
Industrial
Sharpe ratio since inception 0.69 0.44
Tracking error since inception 8.7%
Monthly Market upside capture vs Stoxx600 Index 107.0%
Monthly Market downside capture vs Stoxx600 Index 67.0%
Fund AUM 186.1 M€
Number of stocks 57
Stock average holding period
Circa 3 years
EXCEET GROUP
Electronic Components
Investor information
Strategy Objective
To maximise long term capital growth by investing
primarily in a portfolio of micro and small capitalisation
European companies
Currency Class
EUR CHF SEK GBP USD
Legal Form Luxembourg Umbrella SICAV—Part I Telekurs Class A EUR 10189164
Registration for Public Distribution Luxembourg, Switzerland, France, United Kingdom Telekurs Class E EUR (Closed to new investments) 10162152
UCITS Status Yes Telekurs Class A CHF 12342015
Investment Manager Argos Investment Managers SA Telekurs Class A SEK 11875249
Management Team Philip Best, Marc Saint John Webb Telekurs Class A GBP 11325180
Administrator and custodian Edmond de Rothschild Europe Telekurs Class A USD 13762857
Auditor PriceWaterhouseCoopers, Luxembourg ISIN Code Class A EUR LU0428317514
Legal Advisors Allen & Overy, Luxembourg ISIN Code Class E EUR (Closed to new investments) LU0428315906
Targeted Equity Level 90-100% ISIN Code Class A CHF LU0584436546
Geographical Region Europe ISIN Code Class A SEK LU0551533457
Inception date 1 June 2003 ISIN Code Class A GBP LU0512346346
Reference Index
Euromoney Smaller European Companies Index
(Ex HSBC)
ISIN Code Class A USD
LU0675400260
Number of Stocks Generally between 40 and 60 Bloomberg Class A EUR ARGIFAU LX
Subscription and Redemption 10th, 20th and last day of each month Bloomberg Class E EUR (Closed to new investments) ARGIFEE LX
Subscription Notice
Redemption Notice
2 business days before valuation date (6 pm
Luxembourg time max)
15 business days before valuation date (6 pm
Luxembourg time max)
Bloomberg Class A CHF
Bloomberg Class A SEK
ARGOASF LX
ARGONAS LX
Minimum investment Equiv. EUR 10’000 Bloomberg Class A GBP ARGONAG LX
Annual management fee 1.5% Bloomberg Class A USD ARGOAAU LX
Performance fee
12.5% over absolute 5% per annum subject to High
Water Mark
Institutional Classes
Available on request
Subscription and redemption fees as mentioned in the prospectus can be waived upon identification of the investor either via the relevant form or direct notice providing the INVESTING INSTITUTION’S NAME, the BANK
ORIGINATING THE SUBSCRIPTION, the SUBSCRIPTION / REDEMPTION AMOUNT and DATE to info@argos-advisors.lu or by fax to +41 22 799 90 99.
All transactions which have been executed cannot be cancelled.
This document does not constitute an offer or solicitation to purchase the shares in the Fund described here-in. Past performance is not a guarantee of future returns. The value of investments may fall as well as rise. Any
decision to invest should be based on a full reading of the fund prospectus and the most recent financial statements. The information and figures here-in are valid on the date here-of. There is no obligation to update the
figures here-in.
The Swiss prospectus, KIID, articles of association, annual and semi-annual reports in French and other information can be obtained for free from the Swiss representative of the fund: Carnegie Fund Services S.A., 11, rue
du Général-Dufour, CH-1204 Genève, Suisse, web : www.carnegie-fund-services.ch. The Swiss paying agent is the Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Genève, Suisse. The latest prices are available
on www.fundinfo.com.
For further information please contact: Argos Investment Advisors S.A., Luxembourg, e-mail: info@argos-funds.com, www.argos-funds.com. Tel. + 352 26 26 25 05
Argos Investment Managers S.A., Geneva, e-mail: info@argos-managers.ch, Tel. +41 22 799 90 90, Fax. +41 22 799 90 99