Azvalor Lux SICAV - Azvalor Int.I/  LU1333146287  /

The objective of the Sub-Fund is to outperform the MSCI Europe Total Return Net Index reference index over a minimum recommended investment horizon of five years. To achieve this objective, the Sub-Fund will invest at least 75% of its asset in equity and securities similar to equity of any market and sector, mainly OECD issuers/markets. Up to 35% of total exposure may be invested in emerging market issuers/markets. Investments in China are foreseen, but will not exceed 10% of the Sub Fund's assets. Equity selection is based on a rigorous process of fundamental company analysis, aiming at identifying companies the stock market valuation of which is not representative of the estimated intrinsic value, without constraints as to the capitalisation of the target companies. The portfolio can thus be exposed up to its totality in companies of small or average capitalisation (lower than a billion euros).

The objective of the Sub-Fund is to outperform the MSCI Europe Total Return Net Index reference index over a minimum recommended investment horizon of five years.