This document provides an overview and performance summary of the EDM Strategy European Equities Fund as of June 30, 2012. The fund manager comments that while global growth forecasts have been revised down, the fund focuses on companies not highly susceptible to economic slowdowns. Recent additions to the portfolio include the freight forwarders Panalpina and Kuehne & Nagel due to their quality and attractive valuations. Long-term performance charts show the fund outperforming benchmarks over various time periods.

1. EDM Strategy Return Date: 30/06/2012
European Equities Portfolio Date: 30/06/2012
Snapshot Fund´s Data
Category Europe Equity Large Cap Inception Date 31/10/1995
Custodian / Administrator RBC Dexia Investor Services Bank S.A. NAV (Daily, €) 274,18
Auditor Deloitte S.A. Fund Size (€) 72.501.754,00
Domicile Luxembourg Base Currency Euro
UCITS Yes ISIN LU0028445327
5 Years Risk-Reward Fund´s Manager Comment
Time Period: 01/07/2007 to 30/06/2012 At this stage, there is no doubt in anybody’s mind that the IMF’s global growth rate (3.5% for 2012) must be
2,0 EDM Strategy revised downwards. This supports our investment style which is focused on investing in companies that are not
so susceptible to an economic slowdown. Companies that can, in short, obtain good results at any stage of the
STOXX 50
-1,0 cycle. There are many such examples in our funds: Capita Group, Roche, Grifols, Inditex, etc. and we have
EURO STOXX 50
spoken about them all on previous occasions.
Europe Large-Cap Growth Equity (Category)
-4,0 On this occasion we would like to talk about a more cyclical sector which all the while maintains excellent
quality. Freight Forwarders are global logistical transport companies. They are unique because they do not have
-7,0 their own fleet (and, therefore, do not have the problem of high operating leverage if business slows) and, as
intermediaries, they are capable of consolidating any debt and offering their SME clients very competitive
rates. Since they have very low investment requirements, they generate a high cash flow which allows then to
-10,0 remunerate shareholders in the form of dividends and the repurchase of shares.
-13,0
The top European Freight Forwarders are Panalpina, Kuehne & Nagel and DSV. Each one has its own unique
features: Panalpina is a heavyweight in the air freight sector, the second at sea and the third on the road.
Kuehne & Nagel and DSVwere the most interesting to us in terms of quality and quantity. The first had the
Return
-16,0 most consistent results and was therefore less volatile. The second struck usas a result of its attractive valuation
0,0 4,0 8,0 12,0 16,0 20,0 24,0 28,0 and active shareholder-orientated cash management. We have recently included both companies in the EDM
Strategy Fund portfolio.
Std Dev
Historical Performance vs. Benchmark
Time Period: 01/01/2000 to 30/06/2012
120,0
110,0
100,0
90,0
80,0
70,0
60,0
50,0
40,0
30,0
20,0
2000 2002 2004 2006 2008 2010 2012
EDM Strategy STOXX 50 EURO STOXX 50
Europe Large-Cap Growth Equity (Category)
Returns
100,0
80,0
59,7
60,0
40,0 27,4 33,6
27,1
20,0 13,5
5,1 0,5
0,0
-2,2 -2,4 -7,0 -5,7 -2,6 -2,3 -6,0
-20,0
-20,5 -21,6 -22,2
-40,0 -28,8 -27,7
-39,7
Return
-60,0 -49,6
-80,0
YTD 1 year 3 years 5 years 7 years 10 years 15 years
EDM Strategy STOXX 50 EURO STOXX 50
Statistical Risk
1 year 3 years 5 years 7 years 10 years 15 years 20 years
Alpha 0,00 3,64 6,22 6,19 4,10 2,24
Beta 0,78 0,75 0,77 0,77 0,74 0,66
Volatility 4,33 10,75 13,53 12,46 12,63 13,27
Correlation 0,90 0,92 0,92 0,92 0,90 0,83
Sharpe Ratio -0,20 0,23 -0,12 0,16 0,19 0,10
Sortino Ratio -0,25 0,33 -0,16 0,21 0,25 0,13
All EDM return data are expressed in euros and are stated net of expenses and fees. Each Set of comparisons takes into account: a) Retail class at fund level (the one with the highest charge). b) Price returns at Indice level (ex dividends)
EDM Strategy is available on the following fund platforms: Allfunds Bank, Inversis, RBC Dexia España, KBL Private Bankers and FMEX.
EDM Asset Management www.edmassetmanagement.com -1- Tel. +34914110398 +34934160143 edm@edm.es

2. EDM Strategy Return Date: 30/06/2012
Portfolio Date: 30/06/2012
European Equities
Portfolio Holdings Equity Sectors Equity Country Exposure
Portfolio Date: 30/06/2012 % %
% Basic Materials 4,8
Grifols SA 7,2 Denmark 9,5
Roche Holding AG 7,1 Consumer Cyclical 5,3
Tesco PLC 6,6
Financial Services 3,1 France 22,9
Capita PLC 6,4
Danone 6,0
Sap AG 5,7
Real Estate 0,0 Germany 12,9
Brenntag AG 4,8 Consumer Defensive 17,5
Coloplast 4,7 Spain 16,9
Essilor International SA 4,5 Healthcare 30,7
Eutelsat Communications 4,1
Utilities 0,0 Switzerland 12,9
Novo Nordisk A/S 3,8
Industria De Diseno Textil SA 3,8
Air Liquide SA 3,8
Communication Services 5,0 United Kingdom 24,9
Intertek Group PLC 3,5 Energy 0,0
Bolsas y Mercados Espanoles 3,1
Aggreko PLC 3,0 Industrials 23,9
Other 21,8
Total 100,0 Technology 9,8
Portfolio construction Stock picking methodology
• Long-only traditional investment style (bottom-up) •Focus on understandable and predictable businesses at reasonable prices
• Stock picking. No benchmarking (low overlapping against its benchmark) • Management quality & integrity are crucial for us
• Long-term investment horizon (5 years on average) • Demanding criteria: High quality of the business (ROE = 31%)
• Low turnover (15% average for the last 6 years) • Sustainable EPS growth (11%)
• High liquidity (92% of the portfolio can be sold within one trading day) • Low debt balance-sheet (Net Debt/EBITDA = 0,9)
• Restricted investment universe: only 100 companies globally • Recurrent and solid cash-flows
• Concentrated portfolio, maximum 30 companies • Companies focused on emerging markets to generate growth (1/3 Sales)
• Always fully equity invested (competition among stocks) • Following certain long-term Macro-trends
• 100% currency hedged (we do not predict currency fluctuations) • Lack of sectors whose profits are not easily foreseen
Equity Sectors vs benchmarks Style Box
Euro
Strategy Stoxx 50
Stoxx
Market Cap %
Large
Basic Materials 4,78 7,17 6,36 2,1 16,1 43,5
Market Cap Giant 41,7
Mid
Consumer Cyclical 5,28 3,60 10,13 3,1 13,9 16,6 Market Cap Large 20,1
Market Cap Mid 33,7
Small
Financial Services 3,11 17,20 21,54
2,4 2,2 0,0
Market Cap Small 4,5
Value Blend Growth
Market Cap Micro 0,0
Real Estate 0,00 0,00 0,99
Holdings-Based Style
Consumer Defensive 17,48 19,86 10,96
EDM Strategy
STOXX 50
Giant
Healthcare 30,71 18,53 10,04 EURO STOXX 50
Category
Utilities 0,00 3,62 7,90
Large
Communication Services 4,95 7,85 6,48
Mid
Energy 0,00 14,92 9,91
Small
Industrials 23,87 4,65 7,91
Micro
Technology 9,82 2,58 7,78
Deep-Val Core-Val Core Core-Grth High-Grth
EDM Asset Management www.edmassetmanagement.com -2- Tel. +34914110398 +34934160143 edm@edm.es