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

## Key facts
Strategy	Equities
Geography	United States
Benchmark	MSCI USA Equal Weighted
Index (M1USEW)
| Max. Drawd. | -37.3% | -39.5% |
| --- | --- | --- |
| Beta | 0.99 |  |
| Track. Err. | 4.9% |  |
| Info. Ratio | - |  |

Reference Ccy.	USD
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 & statistics 
(I EUR share class)*
2200
Launch Date	24/03/2016 No of holdings	175
AuM (USD)	32.9 m
Morningstar™ Sustainalytics™
| Inv. Manager | Veritas Investment Associates (VIA AM) |
| --- | --- |
| Man. Company | Eric Sturdza Management Company SA |
| Domicile | Luxembourg |
| Registration | LU, IT (EUR Instit. Only), FR, 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. |


## Legal information
2000
| 1800 | Ann. Return | 7.2% | 8.4% |
| --- | --- | --- | --- |
| 1600 | Volatility | 20.5% | 20.2% |
| 1400 | Sharpe Ratio | 0.35 | 0.42 |

1200
1000
800
600
31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021
- EUR Bench.

|  | Instit. (I) | Private (P) |
| --- | --- | --- |
| Launch Date | 09/05/2016 | 09/02/2021 |
| Min. Invest. | EUR 0.2m | 1 000 EUR |
| Entry Charge (max.) | 0.50% | 0.50% |
| Exit Charge | 0.00% | 0.00% |
| Mgmt. Fees | 0.76% | 1.50% |
| Operat. Exp. | 0.22%** | 0.22%*** |
| Subscript. Tax | 0.01% | 0.05% |
| Ong. Chgs. | 0.99% | 1.77% |
| Perf. Fees | 10.00% | 10.00% |
| NAV | 1562.70 | 955.86 |


## Available share classes
|  | Jan. | Feb. | Mar. | April | May | June | July | Aug. | Sept. | Oct. | Nov. | Dec. | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2016 | Fund | -4.30% | 1.01% | 6.00% | -0.64% | 2.10% | -0.59% | 4.18% | -0.05% | 0.04% | -2.68% | 5.54% | 1.34% | 12.03% |
| Bench. | -6.53% | 0.74% | 7.93% | 1.47% | 1.41% | -0.16% | 4.43% | 0.05% | 0.06% | -2.66% | 4.98% | 0.81% | 12.46% |
| 2017 | Fund | 2.92% | 3.70% | 0.10% | 1.10% | 0.34% | -0.06% | 1.81% | 0.07% | 2.50% | 2.34% | 1.57% | 0.16% | 17.77% |
| Bench. | 2.32% | 3.07% | -0.31% | 0.72% | 0.50% | 1.04% | 1.31% | -0.97% | 2.54% | 1.01% | 3.53% | 0.94% | 16.77% |
| 2018 | Fund | 4.06% | -3.96% | -2.54% | -2.31% | 2.10% | -0.98% | 3.57% | 2.57% | -1.08% | -8.92% | 1.12% | -9.69% | -15.93% |
| Bench. | 4.31% | -4.37% | -0.86% | -0.09% | 1.36% | 0.75% | 2.71% | 2.09% | -0.38% | -7.98% | 2.28% | -10.21% | -10.93% |
| 2019 | Fund | 7.67% | 3.45% | 0.69% | 3.65% | -6.43% | 7.04% | 0.11% | -2.91% | 1.49% | 2.11% | 4.00% | 1.33% | 23.58% |
| Bench. | 9.79% | 3.65% | 0.35% | 3.49% | -7.08% | 7.24% | 0.83% | -3.40% | 2.63% | 1.08% | 3.55% | 2.21% | 25.91% |
| 2020 | Fund | -0.47% | -8.48% | -16.24% | 12.89% | 6.03% | 2.56% | 5.25% | 5.35% | -4.00% | -2.60% | 10.95% | 4.46% | 12.54% |
| Bench. | -1.37% | -8.88% | -18.70% | 13.69% | 6.20% | 1.47% | 5.08% | 4.42% | -2.29% | -0.59% | 14.02% | 4.23% | 13.38% |
| 2021 | Fund | 0.55% | 3.97% | 5.23% | 4.95% | 1.30% | 1.35% | 2.43% | 2.73% | -5.01% | 5.50% | 0.74% | 3.54% | 30.39% |
| Bench. | -1.04% | 5.12% | 4.21% | 4.94% | 1.36% | 1.57% | 1.25% | 2.25% | -4.28% | 5.67% | -3.08% | 4.53% | 24.25% |
| 2022 | Fund | -7.43% | -3.80% | 1.46% | -8.33% | 1.51% | -9.30% | 9.11% | -4.87% |  |  |  |  | -20.85% |
| Bench. | -5.96% | -1.32% | 2.07% | -8.09% | -0.15% | -9.50% | 8.65% | -3.50% |  |  |  |  | -17.53% |

Translation (ENFR, 2022-08-31):
# 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. La stratégie
1	2	3	4	5	6	7
Risque de perte en capital
Points clés
Stratégie	Actions
Région	États-Unis
Benchmark	MSCI USA Equal Weighted
Index (M1USEW)
Devise de réf.	USD
Lancement	24/03/2016
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 & statistiques 
(part I EUR)*
I-EUR Bench.
2200
2000
| Nb de positions | 175 | 1800 | Perf. Ann. | 7.2% | 8.4% |
| --- | --- | --- | --- | --- | --- |
| AuM (USD) | 32.9 M | 1600 | Volatilité | 20.5% | 20.2% |
| Morningstar™ |  | 1400 | Sharpe | 0.35 | 0.42 |
| Sustainalytics™ |  | 1200 | Perte Max. | -37.3% | -39.5% |

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
|  | Instit. (I) | Private (P) |
| --- | --- | --- |
| Lancement | 09/05/2016 | 09/02/2021 |
| Invest. min. | 0.2M EUR | 1 000 EUR |
| Frais d’entrée (max.) | 0.50% | 0.50% |
| Frais de sortie | 0.00% | 0.00% |
| Frais de gestion | 0.76% | 1.50% |
| Frais de fonct. | 0.22%** | 0.22%*** |
| Taxe d’abonn. | 0.01% | 0.05% |
| Frais récurrents | 0.99% | 1.77% |
| Comm. de perf. | 10.00% | 10.00% |
| NAV | 1562.70 | 955.86 |

Identifiants
|  | I | P |
| --- | --- | --- |
| ISIN | LU1369531170 | LU1369531501 |
| BBG | VSEUINE LX | VIVSUPE LX |

1000
| Beta | 0.99 |  |
| --- | --- | --- |
| Track. Err. | 4.9% |  |
| Ratio d'Info. | - |  |

800
600
31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021
|  | Jan. | Fév. | Mar. | Avril | Mai | Juin | Juil. | Août | Sept. | Oct. | Nov. | Déc. | Année |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2016 | Fonds | -4.30% | 1.01% | 6.00% | -0.64% | 2.10% | -0.59% | 4.18% | -0.05% | 0.04% | -2.68% | 5.54% | 1.34% | 12.03% |
| Bench. | -6.53% | 0.74% | 7.93% | 1.47% | 1.41% | -0.16% | 4.43% | 0.05% | 0.06% | -2.66% | 4.98% | 0.81% | 12.46% |
| 2017 | Fonds | 2.92% | 3.70% | 0.10% | 1.10% | 0.34% | -0.06% | 1.81% | 0.07% | 2.50% | 2.34% | 1.57% | 0.16% | 17.77% |
| Bench. | 2.32% | 3.07% | -0.31% | 0.72% | 0.50% | 1.04% | 1.31% | -0.97% | 2.54% | 1.01% | 3.53% | 0.94% | 16.77% |
| 2018 | Fonds | 4.06% | -3.96% | -2.54% | -2.31% | 2.10% | -0.98% | 3.57% | 2.57% | -1.08% | -8.92% | 1.12% | -9.69% | -15.93% |
| Bench. | 4.31% | -4.37% | -0.86% | -0.09% | 1.36% | 0.75% | 2.71% | 2.09% | -0.38% | -7.98% | 2.28% | -10.21% | -10.93% |
| 2019 | Fonds | 7.67% | 3.45% | 0.69% | 3.65% | -6.43% | 7.04% | 0.11% | -2.91% | 1.49% | 2.11% | 4.00% | 1.33% | 23.58% |
| Bench. | 9.79% | 3.65% | 0.35% | 3.49% | -7.08% | 7.24% | 0.83% | -3.40% | 2.63% | 1.08% | 3.55% | 2.21% | 25.91% |
| 2020 | Fonds | -0.47% | -8.48% | -16.24% | 12.89% | 6.03% | 2.56% | 5.25% | 5.35% | -4.00% | -2.60% | 10.95% | 4.46% | 12.54% |
| Bench. | -1.37% | -8.88% | -18.70% | 13.69% | 6.20% | 1.47% | 5.08% | 4.42% | -2.29% | -0.59% | 14.02% | 4.23% | 13.38% |
| 2021 | Fonds | 0.55% | 3.97% | 5.23% | 4.95% | 1.30% | 1.35% | 2.43% | 2.73% | -5.01% | 5.50% | 0.74% | 3.54% | 30.39% |
| Bench. | -1.04% | 5.12% | 4.21% | 4.94% | 1.36% | 1.57% | 1.25% | 2.25% | -4.28% | 5.67% | -3.08% | 4.53% | 24.25% |
| 2022 | Fonds | -7.43% | -3.80% | 1.46% | -8.33% | 1.51% | -9.30% | 9.11% | -4.87% |  |  |  |  | -20.85% |
| Bench. | -5.96% | -1.32% | 2.07% | -8.09% | -0.15% | -9.50% | 8.65% | -3.50% |  |  |  |  | -17.53% |

| NAV	SI-USD	Bench. USD Initiale |
| --- |
| 1 mois	 1922 $ | +15 $  (+1%) | +2 $  (+0%) |
| YTD	 2 275 $ | +234 $  (+10%) | +63 $  (+3%) |
| 1 an	 2 177 $ | +254 $  (+12%) | +95 $  (+4%) |
| 3 ans	 1358 $ | +320 $  (+24%) | +162 $  (+12%) |
| 5 ans	 1263 $ | +321 $  (+25%) | +244 $  (+19%) |
| Lancement  1000 $ | +453 $  (+45%) | +291 $  (+29%) |
| 31/12/2015	988 $ | +466 $  (+47%) | +293 $  (+30%) |