Quaero Capital Funds (Lux) - Cullen ESG US Value A1 USD/  LU2004858408  /

The Sub-Fund is established for an unlimited duration. However if, for any reason, the net assets of the Sub-Fund or of any Class or Sub-Class fall below the equivalent of EUR 5,000,000, or if a change in the economic or political environment of the Sub-Fund, Class or Sub-Class may have material adverse consequences on the Sub-Fund, Class or Sub-Class's investments, or if an economic rationalisation so requires, the board may decide on a compulsory redemption of all Shares outstanding in the Sub-Fund, Class or Sub-Class on the basis of the Net Asset Value per Share (after taking account of current realisation prices of the investments as well as realisation expenses), calculated as of the day the decision becomes effective. The Sub-Fund's investment objective is to seek long-term capital appreciation through responsible investment in equities of U.S. (United States of America) companies, mainly which have favourable environmental, social and governance ("ESG") characteristics. The Sub-Fund is actively managed. The Sub-Fund uses the index Russell 1000 Value Net Total Return USD for performance comparison only. The Sub-Fund does not track the index and can deviate significantly or entirely from the index. The Sub-Fund will mainly invest in equities of companies across all market capitalizations - with what the sub-investment manager believes is a relatively low price/earnings ratio, - that meet a minimum rating on MSCI's proprietary ESG ranking system (or other equivalent ranking system), and - which are domiciled, headquartered or exercise their main activity in the U.S. The Sub-Fund intends to exclude companies from its investment universe that fall into the lowest two rankings MSCI's proprietary ESG ranking system. However, companies that fall into the two lowest rankings or that have not been evaluated or ranked by MSCI but which the sub-investment manager nevertheless believes demonstrate appropriate ESG characteristics may still be included in the portfolio. On an ancillary basis, the Sub-Fund may invest in any other type of eligible assets, such as equities other than those above-mentioned, equity related securities (such as real estate investment trusts), money market instruments, cash and undertakings for collective investment (UCIs). However, the Sub-Fund will not invest more than 10% of its net assets in UCIs. Except the geographical focus on the U.S., the choice of investments will not be limited by economic sector or the currency in which investments will be denominated. The Sub-Fund may invest up to 30% of its net assets in non-U.S. equities. If the sub-investment manager considers it to be in the best interests of the shareholders, the Sub-Fund may also hold up to 100% of its net assets in cash and cash equivalents, on a temporary basis and for defensive purposes.

The Sub-Fund is established for an unlimited duration. However if, for any reason, the net assets of the Sub-Fund or of any Class or Sub-Class fall below the equivalent of EUR 5,000,000, or if a change in the economic or political environment of the Sub-Fund, Class or Sub-Class may have material adverse consequences on the Sub-Fund, Class or Sub-Class's investments, or if an economic rationalisation so requires, the board may decide on a compulsory redemption of all Shares outstanding in the Sub-Fund, Class or Sub-Class on the basis of the Net Asset Value per Share (after taking account of current realisation prices of the investments as well as realisation expenses), calculated as of the day the decision becomes effective.