GENERALI INVESTMENTS SICAV

SRI AGEING POPULATION - BX

31 December 2020

KEY DATA

MANAGEMENT COMPANY Generali Investments

Luxembourg S.A.

INVESTMENT MANAGER Sycomore Asset

Management

FUND MANAGER Giulia CULOT / Olivier

CASSE

SicavFUND TYPE

DOMICILE Luxembourg

SUB-FUND LAUNCH DATE 12/10/2015

SHARE CLASS LAUNCH

DATE 16/10/2015

FIRST NAV DATE AFTER

DORMANT PERIOD No dormant period

CURRENCY Euro

CUSTODIAN BANK BNP Paribas Securities

Services Luxembourg

ISIN LU1234787205

BLOOMBERG CODE GLSRIBX LX

VALUATION

AUM 481.13 M EUR

136.55 EUR

144.59 EUR

95.53 EURLOWEST NAV OVER THE

LAST 12 MONTHS

HIGHEST NAV OVER THE

LAST 12 MONTHS

NAV PER SHARE

FEES

max. 5%SUBSCRIPTION FEE

0.7500%MANAGEMENT FEE

max. 5%CONVERSION FEE

max. 1%REDEMPTION FEE

n.a.PERFORMANCE FEE

0.92%TER

The objective of the Fund is to provide a long-term capital appreciation investing in equities of

Environment, Social and Governance (ESG) compliant companies selected through an analysis

process defined and followed by the Investment Manager across sectors identified as those

which could most benefit from the long-term demographic trend of the ageing of the population.

The Fund shall invest at least 90% of its net assets in listed equities issued by European

companies compliant with ESG criteria. For the purposes of the Fund, European companies are

companies listed on a stock exchange, or incorporated, in Europe. The Fund may also invest up

to 10% of its net assets in Money Market instruments, government bonds, corporate bonds,

convertibles and participation rights not focusing on sustainable development issued by

European companies. The Fund may use financial instruments and derivatives for hedging

purposes, for efficient portfolio management purposes and for investment purposes.

INVESTMENT OBJECTIVE AND POLICY

PERFORMANCE ANALYSIS AT 31 DECEMBER 2020

80

100

120

140

160

01/16 01/18 01/20

Portfolio Benchmark

05/18 12/2009/1902/1710/15

1M YTD 1YR 3YR 5YR 3YR P.A. 5YR P.A.

-2.68 14.34 28.73-2.68 4.56 5.172.26Portfolio

SI SI P.A. 2019 2018 2017 2016

36.55 6.16 28.69 -8.70 17.68 -4.33Portfolio

12/20-12/19 12/19-12/18 12/18-12/17 12/17-12/16 12/16-12/15

-2.68 28.69 -8.70 17.68 -4.33Portfolio

Benefits from a thematic investment approach focusing on the “grey power” and companiesexposed to this demographic shift, expected to generate above than average returns over themid to long term

Invests in a portfolio of European stocks with exposure to the theme in Europe but also globally

Invest in a 100% SRI compliant strategy, with companies identified through Sycomore AM’sproprietary ESG methodology

Takes advantage of the stock-picking skills and proprietary valuation models of ourmanagement team

KEY FEATURES

CATEGORY Equity

CATEGORY AND RISK PROFILE

1 2 3 4 5 6 7Lower risk Higher risk

Potentially lower rewards Potentially higher rewards

The risk and reward category shown is not guaranteedto remain unchanged and the categorisation of the subfund may shift over time. For more information aboutrisk, please see the KIID and Prospectus.

Past performance is not a guide to future performance and may be misleading. The performances are shown net of fees and expenses over the relevant period. Allperformance figures reflect the reinvestment of dividends and do not take into account the commissions and costs incurred on the issue and redemption of shares/parts.Please see the important information at the end of this document. Investing in the fund/sub-fund involves risks including the possible loss of capital. Please read the KIIDs andthe prospectus to find out about these risks. Legal information concerning the fund/sub-fund are available on the website: www.generali-investment.comNo official benchmark - From 10 July 2017, the MSCI Europe Net Total Return Index is used by the fund managers as internal comparison index.

GENERALI INVESTMENTS SICAV

SRI AGEING POPULATION - BX

31 December 2020

Fund Manager's Comments

Market view

The rebound in European Equity markets initiated in November with investors’ hopes of economic recovery supported by a progressive deployment of the

Covid19 vaccine continued in December after the Brexit agreement between the EU and Great Britain. This last time rally helped the sub-fund and the

MSCI Europe TR index to close the year with a very limited decline.

Over the month, the best performing sectors were a mix of cyclicals (Materials / Consumer Discretionary) and defensives (Real Estate). In contrast, both

Banks and Healthcare declined in December.

Regarding GIS SRI Ageing Population, the Consumers and Pensions & Savings investment pillars delivered positive returns while the Healthcare one

posted a muted but positive performance.

In Consumers, the top contributors over the month mainly operate in the lifestyle and luxury space (within the Ageing Well and Social Status sub-segments

of the portfolio). Adidas rose by 11%, helped by positive comments from its CEO about the year-end trading and market share gains in USA. Moreover,

the group will present early 2021 its new five-year growth plan that is expected to include ambitious targets for the current year. Richemont, up 6%,

continued to perform well, supported by the recovery of the Cartier brand and a promising ecommerce expansion in China thanks to a new joint-venture

with Alibaba and Farfetch. Alongside these names, HelloFresh (newly invested in the Ageing Well sub-segment of the portfolio early-December) jumped

34% after the German meal-kit specialist increased its 2020 guidance and provided outstanding outlook for 2021 with expected sales growth between

20% and 25% at constant exchange rate.

In Pensions & Savings, the Life Insurance sub-segment outperformed the whole investment pillar thanks to its exposure to UK names such as Prudential

and L&G, respectively up 15% and 5%. Both names climbed after EU and UK agreed Brexit trade deal a week before the end of the transition period.

Prudential PLC remains one of our preferred names for the potential recovery in its Asian business (particularly in China) and the de-risking of its US

subsidiary Jackson. In the Asset Management part, Anima bounced 6%, supported by a 2020 profit announcement significantly above analysts’

expectations. The Italian company may be at the center of M&A speculation in the coming months as BPM, its largest shareholder, might play a role in

the Italian banking consolidation.

In Healthcare, despite the sector underperformance in December, selected names in Medical Equipment & Services and Phama helped to display a

positive return. Among the top performers, Korian and Siemens Healthineers rose respectively 12% and 9%. The French leader in nursing homes

announced new transactions with the objective to increase its real asset ownership rate to 25% by end-2021. With the success of the recent share issue,

Korian’s financial strength will fuel geographic expansion and business diversification in the coming months. In Pharma, Merck Kgaa gained 5% and

closed 2020 with the best performance in Pharma (up 35%) thanks to a diversified exposure to Healthcare, Life Sciences and Performance Materials.

The top performers in December were as follows:

- Positive: Prudential, Korian, Adidas, Siemens Healthineers, Ontex

- Negative: Ipsen, Scor, AstraZeneca, Kone, bioMérieux

Portfolio Activity

At the beginning of December, ahead of the Investor Day, we initiated new position in HelloFresh as it was expected to reassure investors about the long

lasting benefits of the consumers’ discovery of the meal kit delivery service and the company’s ability to keep sustaining positive growth, while preserving

profitability. On the opposite side, we progressively reduced our holding in Ontex, where we recognize the upside of a potentially newly announced strategy

to create some momentum in the name, but for which we believe that this is more than compensated by the risks of the managerial transition and M&A.

Lastly, we cut our exposure to Symrise after the group temporarily shut down its production following a cyberattack involving malware intrusion. The

inherent risks attached to cybersecurity are closely monitored in our ESG analysis under our SPICE methodology.

At the end of December, the respective weightings of Consumers, Healthcare and Pension & Savings stood at respectively 44%, 37% and 19%.

Outlook

Ageing population is a structural growth theme supporting above average returns over time. Businesses within our investment pillars of Healthcare,

Pension & Savings and Consumers are expected to grow faster than global GDP over the coming years and to show lower cyclicality. Examples include

travel & leisure, asset management, oncology, incontinence, anti-ageing cosmetics, vitamins and dietary supplements.

Please see the important information at the end of this document. Investing in the fund/sub-fund involves risks including the possible loss of capital. Please read the KIIDs andthe prospectus to find out about these risks. Legal information concerning the fund/sub-fund are available on the website: www.generali-investment.com

GENERALI INVESTMENTS SICAV

SRI AGEING POPULATION - BX

31 December 2020

HOLDINGS & TRANSACTIONS

HOLDING SECTOR GROSS %

TOP 10 EQUITY

MERCK KGAA (MRK GY) Health Care 4.48%

KONINKLIJKE PHILIPS NV (PHIA NA) Health Care 4.37%

L'OREAL (OR FP) Consumer Staples 3.79%

LVMH MOET HENNESSY LOUIS VUI (MC FP) Consumer Discretionary 3.75%

ROCHE HOLDING AG-GENUSSCHEIN (ROG Health Care 3.43%

KONINKLIJKE DSM NV (DSM NA) Materials 3.34%

SCHNEIDER ELECTRIC SE (SU FP) Industrials 3.07%

BEIERSDORF AG (BEI GY) Consumer Staples 2.89%

DASSAULT SYSTEMES SA (DSY FP) Information Technology 2.84%

TRIGANO SA (TRI FP) Consumer Discretionary 2.49%

Total Top 10 (%)

Total Top 20 (%)

34.44%

55.79%

RATIOS

1YR 3YR 5YR SI

18.0229.83 19.84 18.18Standard Deviation Ptf

0.34-0.13 0.23 0.29Sharpe Ratio

0.47-0.17 0.30 0.40Sortino Ratio

PERFORMANCE AND RISK ANALYSIS - SYNTHESIS

SINCE INCEPTION

Maximum drawdown (%) -29.6

Peak to trough drawdown (dates) Feb 20 - Mar 20

Length (in days) 35

Recovery Period (in days) 0

Worst Month March 2020

Lowest Return -12.9

Best Month November 2020

Highest Return 11.3

DRAWDOWN

Please see the important information at the end of this document. Investing in the fund/sub-fund involves risks including the possible loss of capital. Please read the KIIDs andthe prospectus to find out about these risks. Legal information concerning the fund/sub-fund are available on the website: www.generali-investment.comThe above holdings are neither representative of the overall portfolios performance nor do they represent the performance of other holdings held within the portfolio. Thecomposition of the portfolio may change from time to time at the sole discretion of the investment manager.

ESG FOOTPRINT

FUND BENCHMARK

ESG 3.4 3.1

Environment 3.3 3.1

Social 3.5 3.1

Governance 3.5 3.4

Carbon Footprint 62 254

in t eq. CO₂/year/€m of capitalization

NET ENVIRONMENTAL CONTRIBUTION

100%-100% 0%

-1%

Fund Index

-1%

The NEC – Net Environmental Contribution measures the extent to which

business models are aligned with the energy and environmental transition and

with the targets set in relation to climate change. (NEC 1.0 calculated by

Sycomore AM for years 2017 to 2019).

NUMBER OF STOCKS

FUND

Number of Positions (ex derivatives) 69

Number of derivative positions 1

Equity Derivatives 1

Total number of positions 70

GENERALI INVESTMENTS SICAV

SRI AGEING POPULATION - BX

31 December 2020

BREAKDOWNS

Fund

NET RELATIVESECTOR

Health Care

32.1%

Consumer

Discretionary

18.9%

Financials

17.9%

Industrials

9.7%

Consumer Staples

8.3%

Materials

6.7%

Information

Technology

2.8%

Cash

3.5%

NET RELATIVEMARKET CAP

Over 30 bn

53.0%

5-30 bn

32.8%

Under 5 bn

10.7%

Cash

3.5%

Please see the important information at the end of this document. Investing in the fund/sub-fund involves risks including the possible loss of capital. Please read the KIIDs andthe prospectus to find out about these risks. Legal information concerning the fund/sub-fund are available on the website: www.generali-investment.comThe above holdings are neither representative of the overall portfolios performance nor do they represent the performance of other holdings held within the portfolio. Thecomposition of the portfolio may change from time to time at the sole discretion of the investment manager.

NET RELATIVECURRENCY

EUR

74.5%

GBP

11.7%

CHF

11.0%

DKK

1.8%

SEK

1.0%

USD

0.1%

NOK

0.0%

GENERALI INVESTMENTS SICAV

SRI AGEING POPULATION - BX

31 December 2020

www.generali-investments.com

Please see the important information at the end of this document. Investing in the fund/sub-fund involves risks including the possible loss of capital. Please read the KIIDs andthe prospectus to find out about these risks. Legal information concerning the fund/sub-fund are available on the website: www.generali-investment.comCertain information in this publication has been obtained from sources outside of Generali Investments Partners S.p.A. Società di gestione del risparmio. While suchinformation is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof.

T at 1 pm (T being the

dealing day)

T+3

DailyVALUATION

SETTLEMENT

Day +1NAV CALCULATION

Day +1NAV PUBLICATION

DEALING DETAILS

CUT OFF TIME

LABELS / REWARDS

awarded by AFNOR in 2020: Generali Investments Sivav (GIS) SRI

Ageing Population fund ranked 2° in

the category “Equity Thematic funds”

at the Italian SRI Awards 2019.

awarded one star by FNG in 2021 as

sustainable investment vehicle

Label ISR 2020-2023 (SRI Label) for GIS SRI Ageing PopulationThe SRI Label is a tool for choosing sustainable and responsible investments. Created and supported by the Finance Ministry of France, the label goal is to increase thevisibility of SRI products among savers in France and Europe. Detailed information on the Label ISR and the methodology can be found here: https://www.lelabelisr.fr/enSource: Generali Investments Partners S.p.A. Società di gestione del risparmio, 2020. Please be aware that the Risk and Reward Profiles of the sub-fund is category 6" asindicated in the KIID for the Generali Investments Sicav (GIS) SRI Ageing Population.For more information about the risks of the subfunds, please refer to the risk section of the prospectus. The risk category associated with the subfunds is not guaranteed andmay change over time.

Source: ETicaNews, November 2019. SRI Awards are assigned on the basis of a proprietary quantitative model, which integrates 3 factors: MSCI ESG score; performanceand risk over 3 years; governance. Please refer to the following website to find out more about the awards and the methodology:~http://www.salonesri.it/awards/

FNG Label 2021 for GIS SRI Ageing Population by the Forum Nachhaltige Geldanlagen e. V. (FNG) for sustainable investments in the German-speaking countries for itsparticularly ambitious and comprehensive sustainability strategy, which gained it additional points in the areas of institutional credibility, product standards, and transformation& impact.The FNG Label is the SRI quality standard on the German speaking markets. Its holistic approach is based on a minimum standard. These minimum requirements consist oftransparency and process criteria, the exclusion of weapons, nuclear power, coal, fracking, oil sands and the inclusion of provision for the four areas of the UN GlobalCompact: human rights, labour, environment and anti-corruption. Additionally, portolio holdings have to been analysed on ESG-criteria. Building on these, the multi-grademodel gives funds the opportunity to score additional points in the areas of institutional credibility, product standards, and transformation & impact. The auditor of the FNGLabel is the University of Hamburg. GNG (Gesellschaft für die Qualitätssicherung Nachhaltiger Geldanlagen mbH) is responsible for handling organisational matters. Furtherinformation on the FNG Label can be found at www.fng-siegel.org.

Important Information

The sub-fund is part of Generali Investments SICAV (an investment company qualifying as a “société d’investissement à capital variable” with multiple sub-funds under the laws

of the Grand Duchy of Luxembourg) managed by Generali Investments Luxembourg S.A. who appointed Generali Investments Partners S.p.A. Società di gestione del risparmio

as investment manager. The information contained in this document is only for general information on products and services provided by Generali Investments Partners S.p.A.

Società di gestione del risparmio. It shall under no circumstance constitute an offer, recommendation or solicitation to subscribe units/shares of undertakings for collective

investment in transferable securities or application for an offer of investments services. It is not linked to or it is not intended to be the foundation of any contract or commitment.

It shall not be considered as an explicit or implicit recommendation of investment strategy or as investment advice. Before subscribing an offer of investment services, each

potential client shall be given every document provided by the regulations in force from time to time, documents to be carefully read by the client before making any investment

choice. Generali Investments Partners S.p.A. Società di gestione del risparmio, periodically updating the contents of this document, relieves itself from any responsibility

concerning mistakes or omissions and shall not be considered responsible in case of possible damages or losses related to the improper use of the information herein provided.

Past performance is not a guarantee of future performance and the sub-fund presents a risk of loss of capital. No assurance is released with regard to the approximate

correspondence of the future performances with the ones above mentioned. It is recommended to look over the regulation, available on our website www.generali-

investments.com. The client shall carefully read the KIID, which must be delivered before subscribing the investment, and the prospectus which are available on our website

(www.generali-investments.com), on Generali Investments Luxembourg S.A. (Management Company of Generali Investments SICAV) website (www.generali-investments.lu),

and by distributors. Generali Investments is a commercial brand of Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset

Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A.. Generali Investments is part of the

Generali Group which was established in 1831 in Trieste as Assicurazioni Generali Austro-Italiche.