Foord Global Equity Fund (Luxembourg)

Monthly Commentary – December 2022

• Global equities (-3.9%) retraced on hawkish central bank rhetoric despite softer CPI prints, with emerging markets (-1.4%) outperforming developed markets (-4.2%) — global equities (-18.4%) fell sharply for 2022, with emerging markets (-20.1%) underperforming developed markets (-17.7%)
• Within developed markets, European bourses were flat, outperforming US counterparts (-5.9%) as European GDP surprised and on expectations that China’s reopening would benefit the region — US markets were rattled by persistent Fed hawkishness and poor near-term corporate earnings prospects
• Emerging market outperformance was led by China’s continued rebound (+5.2%) — reopening measures continued to prop up markets in addition to strong government support to stimulate the domestic economy
• Global sectors were negative in December, with utilities (+0.1%) the only exception — information technology (-7.8%) and consumer discretionary (-7.0%) led decliners as investors pulled out of riskier sectors
• The fund outperformed the index in December, with investments in Trip.com (+16.1%), Alibaba (+8.0%) and Tencent Holdings (+16.4%) being key contributors — for the year, the fund clawed back 400 basis points of 2021 underperformance

Management Fee (Percentage of the applicable Net Asset Value per share)
Class R: 0.85% + 15% of outperformance over the benchmark
The annual fee comprises a fixed standard fee plus a performance fee, subject to an overall minimum
The annual fee may be adjusted up daily (subject to fulfilling the performance conditions) by the performance fee, calculated as the difference between the portfolio performance and the benchmark return for the same period multiplied by the performance fee sharing rate