DIVIDEND FUND

AGCM has since start primarily focused on growth companies, but due to Central Banks' historically large stimulus programs around the world, which have lead to significant higher valuations of companies with high growth, we now see so many attractively valued companies in Asia within the "Value" category that we have chosen to launch a fund containing only such holdings. The Fund's Asian companies have a high dividend yield in combination with attractive earnings multiples in relation to the growth estimates. The companies have strong balance sheets which support stability. In all, the characteristics make us believe that the Fund's holdings offer an attractive return at current levels while being a defensive investment which should be more resilient during turbulence on the stock exchanges than highly valued growth companies.

Allocation as of February 28, 2023