# Performance
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
6/30/2014
8/31/2014
10/31/2014
12/31/2014
2/28/2015
4/30/2015
6/30/2015
8/31/2015
10/31/2015
12/31/2015
2/29/2016
4/30/2016
6/30/2016
8/31/2016
10/31/2016
12/31/2016
2/28/2017
4/30/2017
6/30/2017
8/31/2017
10/31/2017
12/31/2017
2/28/2018
4/30/2018
6/30/2018
8/31/2018
10/31/2018
12/31/2018
2/28/2019
4/30/2019
6/30/2019
8/31/2019
10/31/2019
12/31/2019
2/29/2020
4/30/2020
6/30/2020
8/31/2020
10/31/2020
12/31/2020
2/28/2021
4/30/2021
6/30/2021
-5.0%
| Management Fee	0.65%	Performance (%) | 1 Mth | 3 Mths | YTD | 1 Yr | 3 Yrs | 5 Yrs | SI |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ongoing Charges Figure	0.86%	Fund (Net) | 0.19 | 0.12 | 1.89 | 4.83 | 4.25 | 2.48 | 2.08 |
| Fund (Gross) Countries of Registration	DE,AT,CH,LU,FR,IT,UK, | 0.28 | 0.35 | 2.77 | 6.32 | 5.84 | 3.92 | 3.48 |
| IE,SG,SE,FI	Calendar Year (%) |  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| Fund (Net) |  | 1.17 | 2.40 | 0.34 | -2.68 | 6.46 | 6.55 |
|  Portfolio Management	 Fund (Gross) |  | 2.49 | 3.78 | 1.58 | -1.51 | 8.17 | 8.47 |
| Greg Temo - Lead PM, Hillel Olshin - PM, Eddie Yu - PM & Team  Fund Facts	 | 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 Size | $ 1.26 bn | 10 Largest Holdings by Issuer (%) |  |  | 10 Largest Industries (%) |  |  |  |
| Fund Inception | 18/06/2012 |  | Fund |  |  | Long | Short |  |
| Dealing |  | Grinding Media Inc. | 1.45 |  | Healthcare | 8.42 | 0.00 |  |
| Subscriptions | Daily | Level 3 Financing Inc | 1.41 |  | Diversified Financial Services | 7.39 | -0.25 |  |
| Redemptions | Daily with 4 business days notice | Graham Holdings Co | 1.29 |  | Homebuilders/Real Estate | 7.35 | -0.78 |  |
| Settlement | T + 3 | First Quantum Minerals L | 1.29 |  | Energy | 6.35 | -2.06 |  |
| Domicile | Irish-Domiciled UCITS | B&g Foods Inc | 1.24 |  | Services | 5.31 | -0.84 |  |
| Fees | 10% Performance Fee and up to | Caesars Entertain Inc | 1.19 |  | Automotive & Auto Parts | 4.85 | -0.40 |  |
|  | 1% Subscription | Covanta Holding Corp | 1.17 |  | Metals/Mining | 4.46 | -0.33 |  |
|  |  | Bausch Health Cos Inc | 1.12 |  | Telecommunications | 4.42 | 0.00 |  |

Enviva Partners Lp/fin C Amkor Technology Inc
1.12
1.11
Cable/Satellite TV Food/Beverage/Tobacco
3.99	-0.37
3.95	-0.96

Translation (ENFR, 2021-09-30):
# Performance
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
6/30/2014
8/31/2014
10/31/2014
12/31/2014
2/28/2015
4/30/2015
6/30/2015
8/31/2015
10/31/2015
12/31/2015
2/29/2016
4/30/2016
6/30/2016
8/31/2016
10/31/2016
12/31/2016
2/28/2017
4/30/2017
6/30/2017
8/31/2017
10/31/2017
12/31/2017
2/28/2018
4/30/2018
6/30/2018
8/31/2018
10/31/2018
12/31/2018
2/28/2019
4/30/2019
6/30/2019
8/31/2019
10/31/2019
12/31/2019
2/29/2020
4/30/2020
6/30/2020
8/31/2020
10/31/2020
12/31/2020
2/28/2021
4/30/2021
6/30/2021
-5.0%
| Performances (%) | 1 mois | 3 mois | YTD | 1 an | 3 ans | 5 ans | SI |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fonds (Nette) | 0.19 | 0.12 | 1.89 | 4.83 | 4.25 | 2.48 | 2.08 |
| Fonds (Brute) | 0.28 | 0.35 | 2.77 | 6.32 | 5.84 | 3.92 | 3.48 |
| Performances calendaires |  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| Fonds (Nette) |  | 1.17 | 2.40 | 0.34 | -2.68 | 6.46 | 6.55 |
| Fonds (Brute) |  | 2.49 | 3.78 | 1.58 | -1.51 | 8.17 | 8.47 |

| Greg Temo - Lead PM, Hillel Olshin - PM, Eddie Yu - PM & Team  Informations du fonds	 | Les données au-delà de 12 mois sont annualisées. La performance brute ne prend pas en compte les commissions, frais autres charges liées aux activités d’investissement dans les fonds. La prise en compte de ces frais réduira la vale annoncée. Les performances passées ne sauraient garantir la réalisation de performances futures. Source: Muzinich & C |
| --- | --- |
| Actif du fonds | $ 1.26 bn | 10 principaux émetteurs (%) |  |  | Les 10 principaux secteurs (%) |  |  |
| Création | 18/06/2012 |  | Fonds |  |  | Long | Short |
| Fréquence de |  | Grinding Media Inc. | 1.45 |  | Santé | 8.42 | 0.00 |
| Souscriptions | quotidiennes | Level 3 Financing Inc | 1.41 |  | Services financiers | 7.39 | -0.25 |
| Rachats | quotidiens (préavis de 4 jours ouvrés) | Graham Holdings Co | 1.29 |  | Constucteurs / Immobilier | 7.35 | -0.78 |
| Règlement | T + 3 | First Quantum Minerals L | 1.29 |  | Energie | 6.35 | -2.06 |
| Domiciliation | Domicilié en Irlande et agréé UCITS | B&g Foods Inc | 1.24 |  | Services | 5.31 | -0.84 |
| Frais | 10% de frais de surperformance et | Caesars Entertain Inc | 1.19 |  | Automobile / Pièces détachées | 4.85 | -0.40 |
|  | jusqu’à	1%	de	frais	de | Covanta Holding Corp | 1.17 |  | Métaux / Minerais | 4.46 | -0.33 |
|  | Souscription | Bausch Health Cos Inc | 1.12 |  | Télécommunications | 4.42 | 0.00 |

et ur o.
Enviva Partners Lp/fin C Amkor Technology Inc
1.12
1.11
Câble et Satellite TV Alimentation/boissons/tabac
3.99	-0.37
3.95	-0.96