# Performance
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
11/2013
12/2013
02/2014
04/2014
06/2014
08/2014
10/2014
12/2014
02/2015
04/2015
06/2015
08/2015
10/2015
12/2015
02/2016
04/2016
06/2016
08/2016
10/2016
12/2016
02/2017
04/2017
06/2017
08/2017
10/2017
12/2017
02/2018
04/2018
06/2018
08/2018
10/2018
12/2018
02/2019
04/2019
06/2019
08/2019
10/2019
12/2019
02/2020
04/2020
06/2020
08/2020
0.0%
| Management Fee	1.50%	Performance (%) | 1 Mth | 3 Mths | YTD | 1 Yr | 3 Yrs | 5 Yrs | SI |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ongoing Charges Figure	1.77%	Fund (Net) | 0.29 | 2.70 | 3.73 | 4.66 | 2.12 | 1.50 | 1.79 |
| Countries of Registration	DE,CH,IT,LU,AT,FR,UK,	Fund (Gross) IE,SG,BE,PT,ES,FI,SE, | 0.44 | 3.15 | 4.95 | 6.59 | 3.97 | 3.31 | 3.65 |
| NO,DK	Calendar Year (%) |  | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|  Portfolio Management	 Fund (Net) |  | 2.32 | 0.72 | 1.98 | -0.08 | -3.17 | 6.10 |
| Brian Lieberman - Lead PM, Greg Temo - PM & Team	Fund (Gross) |  | 4.45 | 2.50 | 3.79 | 1.61 | -1.52 | 8.21 |
|  Fund Facts	 Fund Size	$ 593.61 mn | All data over 12 months is annualised. Gross performance does not account for the effect of commissions, fees and oth charges associated with investment in the Fund, which would reduce the values depicted. Past performance is not indication of future returns. Source: Muzinich & Co. internal data. | er an |
| Fund Inception | 18/06/2012 | 10 Largest Holdings by Issuer (%) |  |  | 10 Largest Industries (%) |  |  |  |
| Dealing | Daily |  | Fund |  |  | Long | Short |  |
|  |  | Cco Hldgs Llc/cap Corp | 2.13 |  | Telecommunications | 12.84 | 0.00 |  |
| Settlement | T + 3 | T-mobile Usa Inc | 1.91 |  | Healthcare | 10.85 | 0.00 |  |
| Domicile | Irish-Domiciled UCITS | Bausch Health Cos Inc | 1.85 |  | Energy | 10.58 | -0.37 |  |
| Fees | 10% Performance Fee and up to | Gci Llc | 1.79 |  | Cable/Satellite TV | 6.84 | 0.00 |  |
|  | 1% / 2% for Subscription / | Level 3 Financing Inc | 1.75 |  | Banking | 6.29 | 0.00 |  |
|  | Redemption | Centurylink Inc | 1.72 |  | Broadcasting | 4.91 | -0.70 |  |
|  Fund Characteristics	 General Motors Finl Co | 1.69 | Automotive & Auto Parts | 4.71 | -0.18 |
| Average Credit Rating | BB3 | Gfl Environmental Inc | 1.65 | Diversified Financial Services | 3.92 | -0.36 |
| Duration to Worst | 3.05 | Csc Holdings Llc | 1.60 | Homebuilders/Real Estate | 3.45 | -0.34 |
| Yield to Worst (%) | 4.43 | Covanta Holding Corp | 1.52 | Containers | 3.24 | -0.38 |
| Yield to Maturity (%) | 5.04 |  |  |  |  |  |
| Cash Position (%) | 5.71 | Credit Breakdown |  | Duration Distribution |  |  |

Translation (ENFR, 2020-08-31):
# Performance
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
11/2013
12/2013
02/2014
04/2014
06/2014
08/2014
10/2014
12/2014
02/2015
04/2015
06/2015
08/2015
10/2015
12/2015
02/2016
04/2016
06/2016
08/2016
10/2016
12/2016
02/2017
04/2017
06/2017
08/2017
10/2017
12/2017
02/2018
04/2018
06/2018
08/2018
10/2018
12/2018
02/2019
04/2019
06/2019
08/2019
10/2019
12/2019
02/2020
04/2020
06/2020
08/2020
0.0%
| Performances (%) | 1 mois | 3 mois | YTD | 1 an | 3 ans | 5 ans | SI |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fonds (Nette) | 0.29 | 2.70 | 3.73 | 4.66 | 2.12 | 1.50 | 1.79 |
| Fonds (Brute) | 0.44 | 3.15 | 4.95 | 6.59 | 3.97 | 3.31 | 3.65 |
| Performances calendaires |  | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| Fonds (Nette) |  | 2.32 | 0.72 | 1.98 | -0.08 | -3.17 | 6.10 |
| Fonds (Brute) |  | 4.45 | 2.50 | 3.79 | 1.61 | -1.52 | 8.21 |

Les données au-delà de 12 mois sont annualisées. La performance brute ne prend pas en compte les commissions, frais et autres charges liées aux activités d’investissement dans les fonds. La prise en compte de ces frais réduira la valeur annoncée. Les performances passées ne sauraient garantir la réalisation de performances futures. Source: Muzinich & Co.
| Création | 18/06/2012 | 10 principaux émetteurs (%) | Les 10 principaux secteurs (%) |
| --- | --- | --- | --- |
| Fréquence de | Quotidienne |  | Fonds |  |  | Long | Short |
| transaction |  | Cco Hldgs Llc/cap Corp | 2.13 |  | Télécommunications | 12.84 | 0.00 |
| Règlement | T + 3 | T-mobile Usa Inc | 1.91 |  | Santé | 10.85 | 0.00 |
| Domiciliation | Domicilié en Irlande et agréé UCITS | Bausch Health Cos Inc | 1.85 |  | Energie | 10.58 | -0.37 |
| Frais | 10% de frais de surperformance et | Gci Llc | 1.79 |  | Câble et Satellite TV | 6.84 | 0.00 |
|  | jusqu’à 1% / 2% de frais de | Level 3 Financing Inc | 1.75 |  | Banque | 6.29 | 0.00 |
|  | Souscription / Rachat | Centurylink Inc | 1.72 |  | Radio et télé diffusion | 4.91 | -0.70 |
|  Caractéristiques du fonds	 General Motors Finl Co | 1.69 | Automobile / Pièces détachées | 4.71 | -0.18 |
| Notation moyenne | BB3 | Gfl Environmental Inc | 1.65 | Services financiers | 3.92 | -0.36 |
| Duration modifiée | 3.05 | Csc Holdings Llc | 1.60 | Constucteurs / Immobilier | 3.45 | -0.34 |
| Yield to Worst (%) | 4.43 | Covanta Holding Corp | 1.52 | Conteneurs | 3.24 | -0.38 |
| Yield to Maturity (%) | 5.04 |  |  |  |  |  |
| Position cash (%) | 5.71 | Répartition par notation |  | Répartition par duration |  |  |