#  Performance in %
Fund management company
GAM (Luxembourg) S.A.
400
300
200
100
0
-100
-200
2014  2015  2016  2017  2018  2019  2020  2021  2022  2023
Perf. D-shares	Perf. D-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Launch date10.12.2010
Domicile	Luxembourg
Benchmark	Cust. Benchmark
Morningstar rating	2
Total Expense Ratio	1.04% (31.12.2022)
| Fund | 4.11 | -3.36 | 0.76 | 1.22 | -12.70 | 4.54	2.38	8.56	9.37	 2  © 2023 Morningstar. All Rights Reserved. |
| --- | --- | --- | --- | --- | --- | --- |
| BM | 0.08 | -2.96 | -0.23 | -1.92 | -12.81 | -5.20	n.a.	n.a.	n.a.	 3  Only if no issuing commission was charged. |

Total fee	0.90%
|  | Commission | Issue: max. 5.00% |
| --- | --- | --- |
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y  since |  |  | Redemption: max. 2.00%3 |
|  |  |  |  |  |  | p.a. | p.a. | p.a. launch p.a. |  | Registered in | AT CH DE FR LU |

| Rolling | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |
| --- | --- | --- | --- | --- | --- |
| perf. | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |
| Fund | -12.70 | -8.40 | 42.86 | 5.48 | -6.64 |
| BM | -12.81 | -4.57 | 2.38 | 9.96 | 0.95 |

The performance data for the period prior to 01.10.2019 correspond to the adjusted performance data for the B share class. The OE share class did not have any previous performance history.
Past performance is not an indicator of current or future trends. The performance values refer to the net asset value and are calculated without the commission and costs incurred on issue, redemption or swapping (e.g. transaction and custody costs of the investor). The indications are based on figures denominated in USD. If this currency is different from the currency of the country in which the investor is resident, the return may increase or decrease as a result of currency fluctuations. Indices cannot be purchased directly.

Translation (ENIT, 2023-02-28):
#  Evoluzione del valore in %
Gestore degli investimenti
Bruno Walter Finance SA
400
300
200
100
0
-100
| 2014 | 2015 | 2016  2017 | 2018  2019  2020  2021 | 2022 | 2023 | Total Expense Ratio | 1.04% (31.12.2022) |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | Rend. quote D | Rend. quote D dall'inizio |  |  | Total fee | 0.90% |
| in % al | YTD | 1M | 3M | 6M | 1A | 3A | 5A | 10A | dall' | Commissione | di emissione: max. 5.00% di rimborso: max. 2.00%3 |
|  |  |  |  |  |  | annuo | annuo | annuo | inizio p.a. | Registrato in | AT CH DE FR LU |

-200
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal10.12.2010
Domicilio	Lussemburgo
Benchmark	Cust. Benchmark
Morningstar rating	2
| Perf. | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |
| --- | --- | --- | --- | --- | --- |
| rolling | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |
| Fondo | -12.70 | -8.40 | 42.86 | 5.48 | -6.64 |
| BM | -12.81 | -4.57 | 2.38 | 9.96 | 0.95 |

I dati relativi alla performance prima del 01.10.2019 si riferiscono ai dati adattati sulla performance della classe B. La classe OE non aveva alcuna performance storica.
I rendimenti passati non costituiscono un indicatore dei trend attuali o futuri. I valori di performance si riferiscono al valore del patrimonio netto e sono calcolati senza tenere conto degli oneri fiscali delle commissioni e dei costi di sottoscrizione, rimborso o conversione (ad es. i costi di transazione e custodia dell'investitore). Le indicazioni si basano su cifre denominate in USD. Se tale valuta è diversa da quella del paese in cui risiede l'investitore, il rendimento potrebbe essere soggetto a variazioni, in positivo o in negativo, dovute alle fluttuazioni valutarie. Non è possibile acquistare direttamente gli indici.