# Investment objectives & strategy
Lower Risk
Lower Expected Reward
Higher Risk Higher Expected Reward
1	2	3	4	5	6	7

## Key facts
| Strategy | Equities |
| --- | --- |
| Geography | United States |
| Benchmark | MSCI USA Equal Weighted Index (M1USEW) |
| Reference Ccy. | USD |
| Launch Date | 24/03/2016 |
| No of holdings | 173 |
| AuM (USD) | 54.5 m |

Legal information
Inv. Manager	Veritas Investment Associates (VIA AM)
Man. Company	Eric Sturdza Management
Company SA
Domicile	Luxembourg
LU, IT (EUR Instit. Only), FR,

### VIA Smart-Equity US is a UCITS fund invested in US Equities through a systematic approach.
Its strategy consists in selecting liquid US companies with the best value creation profile from a shareholder’s point of view that have at the same time high profitability, good perspectives and have relatively inexpensive valuations. In order to better account for the economic reality of the stocks, their accounting data are normalized prior to assess their fundamentals. The portfolio is reviewed monthly to ensure proper reactivity, but it is rebalanced only by fraction to limit timing dependency and slippage. The strategy is implemented mostly through the purchase of stocks, but derivatives may also be used to reduce risk and enhance performance.
Historical performance 
(SI USD share class)*
2400
2200
2000
1800
1600
1400
1200
1000
800
|  | Jan. | Feb. | Mar. | April | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2016 | Fund | -4.23% | 1.09% | 6.39% | -0.46% | 2.42% | -0.31% | 4.29% | 0.08% | 0.20% | -2.46% | 5.48% | 1.53% | 14.37% |
| Bench. | -6.47% | 0.81% | 8.01% | 1.54% | 1.49% | -0.08% | 4.51% | 0.15% | 0.16% | -2.56% | 5.08% | 0.92% | 13.60% |
| 2017 | Fund | 3.06% | 3.78% | 0.25% | 1.26% | 0.48% | 0.20% | 2.02% | 0.20% | 2.56% | 2.38% | 1.87% | 0.52% | 20.15% |
| Bench. | 2.44% | 3.17% | -0.19% | 0.84% | 0.64% | 1.17% | 1.46% | -0.83% | 2.67% | 1.15% | 3.68% | 1.10% | 18.63% |
| 2018 | Fund | 4.37% | -3.76% | -2.33% | -2.08% | 2.32% | -0.77% | 3.78% | 2.87% | -0.85% | -8.68% | 1.39% | -9.35% | -13.33% |
| Bench. | 4.50% | -4.21% | -0.66% | 0.14% | 1.59% | 0.96% | 2.95% | 2.32% | -0.17% | -7.75% | 2.53% | -9.97% | -8.55% |
| 2019 | Fund | 7.90% | 3.66% | 1.00% | 3.93% | -6.13% | 7.30% | 0.32% | -2.72% | 1.73% | 2.37% | 4.14% | 1.61% | 27.18% |
| Bench. | 10.08% | 3.88% | 0.58% | 3.75% | -6.85% | 7.46% | 1.07% | -3.20% | 2.85% | 1.28% | 3.74% | 2.42% | 29.34% |
| 2020 | Fund | -0.29% | -8.36% | -15.70% | 13.33% | 6.22% | 2.69% | 5.51% | 5.48% | -3.89% | -2.44% | 11.10% | 4.63% | 15.49% |
| Bench. | -1.18% | -8.73% | -18.59% | 13.82% | 6.26% | 1.53% | 5.14% | 4.48% | -2.23% | -0.53% | 14.09% | 4.30% | 14.62% |
| 2021 | Fund | 0.66% | 4.01% | 5.42% | 5.13% | 1.44% | 1.33% | 2.66% | 2.86% | -5.05% | 5.37% | 0.73% | 3.72% | 31.66% |
| Bench. | -0.98% | 5.18% | 4.28% | 5.00% | 1.41% | 1.63% | 1.30% | 2.31% | -4.23% | 5.73% | -3.02% | 4.60% | 25.13% |
| 2022 | Fund | -7.29% |  |  |  |  |  |  |  |  |  |  |  | -7.29% |
| Bench. | -5.90% |  |  |  |  |  |  |  |  |  |  |  | -5.90% |

31/12/2015	31/12/2016	31/12/2017	31/12/2018	31/12/2019	31/12/2020	31/12/2021
Registration
CH, UK, AT, DE, SE
Legal Form	SICAV / UCITS
Fund Admin.	SS&C
Custodian	BNY Mellon
Auditor	KPMG Sub./Red. Freq.	Daily
Cut-off	T - 12:00 CET
Settlement Date  T + 2 Subs./T + 3 Reds.

## Available share classes
Super Instit. (SI)
Instit. (I)
Private (P)
*Past performances are not a reliable indicator of future returns.
Min. Invest.	$ 5m	$ 0.2m	$ 1,000

Translation (ENFR, 2022-01-31):
# Objectifs d’investissement et stratégie
Rendement espéré faible
Rendement espéré élevé

#### VIA Smart-Equity US est un fonds UCITS systématique fondamental sur actions nord-américaines.
1	2	3	4	5	6	7

## Points clés
| Stratégie | Actions |
| --- | --- |
| Région | États-Unis |
| Benchmark | MSCI USA Equal Weighted Index (M1USEW) |
| Devise de réf. | USD |
| Lancement | 24/03/2016 |
| Nb de positions | 173 |
| AuM (USD) | 54.5 M |

Informations légales
Gérant	Veritas Investment Associates (VIA AM)
Société de gestion  Eric Sturdza Management
Company SA
Domicile	Luxembourg
Enregistrement	LU, IT (Instit. EUR), FR, CH,
UK, AT, DE, SE
Forme juridique  SICAV / UCITS Valorisateur	SS&C
Dépositaire	BNY Mellon
Auditeur	KPMG
Liquidité	Quotidienne
Cut-off	T - 12:00 CET
Règl./Livraison	T + 2 Sous./T + 3 Rach.

## Parts disponibles

#### La stratégie sélectionne des entreprises américaines liquides qui ont le meilleur profil de création de valeur du point de vue de l’actionnaire en offrant à la fois : une forte rentabilité, de bonnes perspectives et un niveau d’évaluation relativement attractif . Afin de mieux rendre compte de la réalité économique de ces sociétés, leurs fondamentaux sont analysés à l’aide de données comptables normalisées. Le portefeuille est revu mensuellement pour assurer assez de réactivité – mais seulement par fraction afin de limiter tout risque lié au timing. La réplication de la stratégie est majoritairement effectuée via l’achat d’actions, mais le fonds est aussi susceptible d’utiliser des produits dérivés afin de stabiliser sa performance et de réduire son profil de risque.
Performance cumulée 
(part SI USD)*
2400
2200
2000
1800
1600
1400
1200
1000
800
|  | Jan. | Fév. | Mar. | Avril | Mai | Juin | Juil. | Août | Sept. | Oct. | Nov. | Déc. | Année |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2016 | Fonds | -4.23% | 1.09% | 6.39% | -0.46% | 2.42% | -0.31% | 4.29% | 0.08% | 0.20% | -2.46% | 5.48% | 1.53% | 14.37% |
| Bench. | -6.47% | 0.81% | 8.01% | 1.54% | 1.49% | -0.08% | 4.51% | 0.15% | 0.16% | -2.56% | 5.08% | 0.92% | 13.60% |
| 2017 | Fonds | 3.06% | 3.78% | 0.25% | 1.26% | 0.48% | 0.20% | 2.02% | 0.20% | 2.56% | 2.38% | 1.87% | 0.52% | 20.15% |
| Bench. | 2.44% | 3.17% | -0.19% | 0.84% | 0.64% | 1.17% | 1.46% | -0.83% | 2.67% | 1.15% | 3.68% | 1.10% | 18.63% |
| 2018 | Fonds | 4.37% | -3.76% | -2.33% | -2.08% | 2.32% | -0.77% | 3.78% | 2.87% | -0.85% | -8.68% | 1.39% | -9.35% | -13.33% |
| Bench. | 4.50% | -4.21% | -0.66% | 0.14% | 1.59% | 0.96% | 2.95% | 2.32% | -0.17% | -7.75% | 2.53% | -9.97% | -8.55% |
| 2019 | Fonds | 7.90% | 3.66% | 1.00% | 3.93% | -6.13% | 7.30% | 0.32% | -2.72% | 1.73% | 2.37% | 4.14% | 1.61% | 27.18% |
| Bench. | 10.08% | 3.88% | 0.58% | 3.75% | -6.85% | 7.46% | 1.07% | -3.20% | 2.85% | 1.28% | 3.74% | 2.42% | 29.34% |
| 2020 | Fonds | -0.29% | -8.36% | -15.70% | 13.33% | 6.22% | 2.69% | 5.51% | 5.48% | -3.89% | -2.44% | 11.10% | 4.63% | 15.49% |
| Bench. | -1.18% | -8.73% | -18.59% | 13.82% | 6.26% | 1.53% | 5.14% | 4.48% | -2.23% | -0.53% | 14.09% | 4.30% | 14.62% |
| 2021 | Fonds | 0.66% | 4.01% | 5.42% | 5.13% | 1.44% | 1.33% | 2.66% | 2.86% | -5.05% | 5.37% | 0.73% | 3.72% | 31.66% |
| Bench. | -0.98% | 5.18% | 4.28% | 5.00% | 1.41% | 1.63% | 1.30% | 2.31% | -4.23% | 5.73% | -3.02% | 4.60% | 25.13% |
| 2021 | Fonds | -7.29% |  |  |  |  |  |  |  |  |  |  |  | -7.29% |
| Bench. | -5.90% |  |  |  |  |  |  |  |  |  |  |  | -5.90% |

31/12/2015	31/12/2016	31/12/2017	31/12/2018	31/12/2019	31/12/2020	31/12/2021
Super Instit. (SI)
Instit. (I)
Private (P)
*Les performances passées ne constituent pas un indicateur fiable de la performance future.
Invest. min.	5M$	0.2M$	1 000 $