Marketing communication

VALL BANC FONS KERSIO FI

Value fund under special management

At Vall Banc we off er you expert advice on anything you need, addressing not only fi nancial matters but also your key objectives. Diversifi cation is the key to ensuring a well-balanced investment portfolio and thanks to our alliances with big-name managers, we are able to off er a broad range of options to achieve that balance.

Vall Banc Fons Kersio FI allows you to invest in equity, pursuing a long-term strategy with investments based on fundamental analysis and as little risk exposure as possible for your peace of mind.

Added diversifi cation for moderate risk profi les

Advisor with a track record of obtaining strong long-term returns

The fund advisor invest part of their family wealth in Kersio Capital SICAV

Benefi ts

ObjectiveAchieve long-term capital appreciation by off ering potentially attractive returns.

HowBy investing mainly in equity (at least 65%) of mid and large cap listed companies and focusing on the “value investing” management style, typically with greater exposure to the European markets.

What is value investing?

The Kersio team

Value investing originated at Columbia Business School under the tutelage of Benjamin Graham and David Dodd and was subsequently popularised by Warren Buff ett. It is an investment philosophy where the manager scrutinises a company to determine its intrinsic value and then compares that value with its market price to seek out profi table investment opportunities. Essentially, it means buying companies that are undervalued (companies whose real value is much higher than their market price) in the expectation that their market value will grow over time.

The Kersio advisory team, headed by Walter Scherk, features a number of highly regarded Spanish fund managers, all with an impressive track record. Their investment style infl uences the management of Vall Banc Fons Kersio FI, a fund specially designed for investors looking to gain exposure to European and global equity securities.

Top 5 companies and geographical distribution of Vall Banc Fons KersioNext we show the 5 main companies that compose the portfolio of Vall Banc Fons Kersio as well as the 5 main positions by geography.

SHARES % of portfolio

International Consolidated Airlanes 5,84 %

Inmobiliaria Colonial SA 5,55 %

Norway Royal Salmon ASA 5,53 %

HCA Healthcare INC 4,16 %

Novo Nordisk SHS B 4,02 %

COUNTRY % of portfolio

Norway 20,58 %

United States 17,54 %

Spain 14,99 %

United Kingdom 10,64 %

Canada 6,24 %

Source: Own elaboration. Data as of 12/27/2019

Vall Banc Fons Kersio FI| Value fund under special management

Marketing communication

www.vallbanc.ad • Av. Carlemany, 119 - AD700 Escaldes-Engordany - Andorra • +376 750 760

*Level of risk obtained from the actual volatility recorded by the OIC since its inception (calculations made with 74 weekly observations)

Risk profi le*

Investor profi leAimed at investors with a high risk tolerance.

Minimum investment1 unit.

Recommended investment horizon Minimum of three years.

Fees and costsFees paid by the CIU· Annual management fee: 1,65%· Annual depository fee: 0,10%· Management fee on returns: 20,00%Fees paid by the investor· Subscription fee: o%· Redemption fee: 0%

Net asset valueDaily.

Subscription and redemptionDaily.

The applicable net asset value will be taken on the day the redemption is requested, provided the redemption request is made before 13:00. Orders received after that cut-off time shall be deemed as eff ectively received on the next trading day.

TaxationAll credits and returns described in this document are subject to current tax legislation in the Principality of Andorra or the client’s country of tax residency, subject to any legal amendments that may enter into force during or after the term for subscribing the off er.

Factors to bear in mindThe fund may carry the risk of geographical, sectoral or other forms of concentration. The fund may also invest in emerging markets and this may carry additional risks as these markets are typically more volatile and unstable.

The net asset value of the positions held may be aff ected by one or more of the risks described above and experience a certain degree of volatility.

Key informationDenominació de l’OIC: VALL BANC FONS KERSIO, FIName of the CIU: VALL BANC FONS KERSIO, FIAFA registration number: 0181Reference currency: EURType of CIU: UCITS investment fundClassifi cation: ME - MULT (Mixed equity – Multi-currency).Fund manager: VALL BANC FONS, SAU (SGOIC 04/99)Depositary institution: VALL BANC, SA (EB 09/15)

More informationYou may consult the regulations, full prospectus, simplifi ed prospectus, quarterly reports, net asset value and audited public fi nancial statements at no cost by visiting any Vall Banc branch or the head offi ce of the fund manager. The full prospectus, quarterly reports and net asset value may also be viewed here: www.vallbanc.ad

Legal noticeThis document has been released by Vall Banc for marketing purposes and is separate from the compulsory legal documents relating to the CIU itself and the documentation needed to subscribe units. In no way does it replace or modify the simplifi ed prospectus or the bylaws of the CIU. The information set out in this document is for information purposes only. Under no circumstances does this document constitute a binding investment proposal as it may be incomplete, inaccurate or out of date. This information is no substitute for the sound knowledge or competence of the user, but may be used in conjunction with advice from a qualifi ed professional. All rights reserved

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