This document provides information on the Oyster Market Neutral fund, a European equity strategy that aims to be uncorrelated with major asset classes. The fund focuses on anticipating revisions to earnings estimates using an experienced team. It targets a return of LIBOR + 5% with maximum volatility of 6% while keeping its beta exposure constantly at zero.

1. INVEST IN EUROPEAN EQUITIES WITH LOW MARKET CORRELATION
October 2015
OYSTER MARKET NEUTRAL
15
For professional, qualified and institutional investors only

2. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
HIGHLIGHTS
October 2015152/
1Internal guideline not mentioned in the prospectus of the sub-fund
Non directional European equity strategy, uncorrelated
to major asset classes
Experienced investment team
Focus on anticipating earnings estimates revisions
Beta exposure constantly at zero
Target performance : Libor + 5% with max 6% volatility1

3. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
INVESTMENT TEAM
OYSTER MARKET NEUTRAL
October 2015153/
GIACOMO
PICCHETTO
Co-portfolio manager
Joined SYZ Group in July
2011
From 2006 to 2011, he was
Partner at Arkos Capital co-
managing Talentum Funds,
a family of market neutral
hedge funds
From 2002 to 2005, he was
sell-side analyst and sales at
Intermonte, Cheuvreux and
Banca Leonardo
Graduated in Statistics
Science at Università
Cattolica, Milan
Worked with Stefano Girola
both on the buy and sell
side
OSVALDO
VITRONE
Financial analyst
Joined SYZ Group in March
2002 and is a financial
analyst. He started his
career as a risk manager at
Albertini Syz SpA
Osvaldo holds a Master’s
degree in Asset
Management from Bocconi
University of Milan
MATTEO
COZZI
Portfolio analyst
Joined SYZ Group in January
2014
Started his career in 2000 at
Merrill Lynch as a Pan-
European Salestrader
From 2002 to 2013 he was
Sales and Salestrader at
Deutsche Bank, Banca
Profilo and Hammer
Partners SA
Matteo holds a degree in
Business Administration
from Bocconi University of
Milan
STEFANO
GIROLA
Co-portfolio manager
Joined SYZ Group in
December 2008
Before joining SYZ Group,
he was analyst at Amber
Capital LP
From December 2004 to
August 2007, he was fund
manager at Arkos Capital,
co-managing Talentum
Funds
He started his career in
1999 as a sell-side analyst
at Intermonte SIM
Stefano holds a degree in
Business Administration
from Bocconi University of
Milan
GIONATA
CRIVELLI
Financial analyst
Joined SYZ Group in
September 2008 as financial
analyst. Gionata started his
career as a financial auditor
at Ernst & Young
Gionata holds a Master’s
degree in International
Management from Oxford
Brookes University in
Oxford (UK)

4. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
PERFORMANCE
OYSTER MARKET NEUTRAL - AS AT 30.09.2015
October 2015154/
Source: Lipper IM. Past performance does not guarantee or predict future
performance. Reference to an index is made for comparison purposes only.
The index is not mentioned in the investment policy of the sub-fund. (*)
Since 30.04.2010, track-record of the R EUR share class (LU0435361844).
Before this date, track record recalculated, since inception of the fund, from
gross NAVs and deducting similar fees (i.e. management fee and relative
performance fee of the R EUR share class, plus all other fees of the historic
annual TER computed on a monthly basis)95
100
105
110
115
120
125
07.09 01.10 07.10 01.11 07.11 01.12 07.12 01.13 07.13 01.14 07.14 01.15 07.15
OYSTER Market Neutral R EUR (*)
LIBOR EUR 3 Months
Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Year
Monthly returns
2015 1.6% -1.2% 1.2% -0.5% 1.2% -0.5% 0.6% 1.2% 1.3% 5.0%
2014 1.3% 2.4% -0.9% -3.4% -2.9% 0.0% 0.8% -0.8% 0.8% 1.6% 0.7% 0.9% 0.4%
2013 2.2% 3.1% 2.4% 0.1% -0.9% 2.4% 1.0% -0.9% -0.8% 1.0% 0.9% 0.8% 11.3%
2012 -0.9% 1.6% 1.8% 0.2% -1.3% 1.3% 2.5% -0.3% 0.5% 0.0% 1.6% -0.2% 6.8%
2011 -2.2% -1.4% -0.4% -0.4% 0.2% 0.1% 0.3% -1.1% 0.0% -1.2% -0.4% 0.6% -5.6%
2010 0.4% 0.3% 1.8% 1.1% -0.7% 0.4% -1.5% 0.0% 0.9% 0.4% 0.8% 0.0% 4.0%
2009 -0.2% 0.8% 1.0% 0.1% -0.4% 1.3%
YTD 1Y 3Y
Since launch
05.08.2009
Trailing
3Y
Since
Inception
Performance Portfolio metrics
5.0% 8.3% 18.9% 24.5% Annualised Return 5.9% 3.6%
0.0% 0.0% 0.4% 3.3% Annualised Volatility 4.9% 4.3%
Sharpe Ratio 1.16 0.76
Annualised Alpha 6.3% 3.1%
Annualised Beta -0.05 0.01
Correlation to Stoxx 600 0.08 0.05
Correlation to HFRI Equity Market Neutral 0.19 0.16
OYSTER Market Neutral R EUR (*)
LIBOR EUR 3 Months

5. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
PHILOSOPHY
Prices incorporate all publicly
available information,
reflected by consensus
estimates
Most stocks show a positive
correlation between trend in
expected earnings and price
Possibility to generate alpha by
anticipating revisions of
earnings estimates
INVESTMENT PROCESS
October 2015155/
Source: BofA Merrill Lynch Global research, European Quantitative Strategy, FactSet.
Past performance does not guarantee or predict future performance
Performance of the 25 largest upgrades vs the 25 largest downgrades
of top 250 European stocks over last 3 months
Portfolio rebalanced on a monthly basis
High EPS revision ratio
Low EPS revision ratio

6. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
OVERVIEW
INVESTMENT PROCESS
October 2015156/
IDEA
GENERATION
Corporate
contacts and
quantitative
filter
FUNDAMENTAL
ANALYSIS
Analysis of
potential
upgrades or
downgrades in
estimates
VALUATION &
TECHNICAL
Valuation
Stock price
timing
Short interest
RISK
MANAGEMENT
Pre-trade
simulation
Current portfolio
back testing
PORTFOLIO
CONSTRUCTION
Avoiding
unwanted bets
 Sensibility of the
portfolio to
various economic
factors
 Assessment of
country and sector
net exposure

7. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
RISK MANAGEMENT
An on-going improving process
 Regular monitoring
— Price momentum and market capitalisation factors are in place
— Potential spikes in short term performance volatility
— Rolling volatility based on different time horizons (30/60/90 days)
 Stop loss policy to reduce maximum drawdown
— Additional gross exposure reduction in case of significant movements on short term performance
INVESTMENT PROCESS
October 2015157/

8. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
RISK AND REWARD PROFILE
This risk level is mainly explained as follows:
 The fluctuation of stocks due to possible sudden
and/or prolonged fall of the financial markets.
 Intensive use of derivatives traded on an official
market or over the counter, which may amplify the
fluctuations in the market value of the underlying
asset.
 Concentration in a particular geographic area.
 Investment in bonds and other credit instruments,
the value and return of which could be affected by
fluctuations in interest rates, as well as by market
perception of the quality of the borrower.
This indicator is deemed to reflect the level of risk of
the fund. It can vary from 1 to 7 depending on the
weekly upward and downward fluctuations of the
portfolio over the last 5 years. The level 1 on the scale
does not mean that the portfolio is risk-free. However,
this indicator is based on historic data and therefore
does not guarantee the level of future risk of the fund.
Neither is this risk level an investment objective for
the fund and therefore it could vary over time.
Level 3 equates to an average fluctuation variance of
between 2% and 5%, according to the calculation
method described above.
OYSTER MARKET NEUTRAL
October 2015158/
1 2 3 4 5 6 7
Typically lower rewards Typically higher rewards
Lower risk Higher risk
This indicator does not take into account the
following risks:
 Credit risk: risk that, at a fixed maturity, the
borrower will be unable to meet its obligations
towards the fund.
 Liquidity risk: risk linked to the difficulty of selling
a portfolio investment on the market, preventing it
from being traded under optimum conditions..
 Counterparty risk: risk that the counterparty will
be unable to execute its financial obligations
under the terms of the contract (such as fixed term
deposits) or the transaction (such as financial
derivatives traded over the counter) in which it is
involved.
 Operational risk: risk of loss for the fund linked to
human or technical error, inadequate internal
procedures or control systems.
 Specific risks linked to the possible use of
derivatives (financial instruments whose valuation
is based on the value of another asset).
For further information about risks associated to this
fund, please see the full prospectus, available at the
head office of the SICAV
Source: latest Key Investor Information Document.
The indicator mentioned above concerns one specific share class of the sub-fund, for more details on another share class of the sub-fund, please refer to the last updated KIID

9. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
PORTFOLIO POSITIONING
SHORT BOOK POSITIONED TO BENEFIT
FROM A CHINA SLOWDOWN
Basic Resources and O&G: Chinese
economic slowdown
Construction & Materials: slower than
expected recovery
Retailers: with heavy competition
environment
LONG PORTFOLIO FOCUSED ON
EUROPEAN LOCAL BUSINESSES AND
MORE SPECIFIC STORIES
Retail Banks and AM in Italy, Spain,
Belgium: domestic recovery play
Technology: mobile payments and Internet
spending
Auto: strong growth in North America and
recovery in Europe
UK Challenger Banks: many market niches
uncovered by the incumbents create big
growth opportunities
Selective Luxury with high growth
OYSTER MARKET NEUTRAL
October 2015159/

10. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
PORTFOLIO BREAKDOWN
OYSTER MARKET NEUTRAL - AS AT 30.09.2015
October 20151510/
Source: OYSTER SICAV. Data given as information only and is as a given date and may evolve over time
Portfolio Portfolio Portfolio
Number of positions Exposure Asset allocation Long Short Net
Long 113 % Long 81.7% Bonds 63.9% 0.0% 63.9%
Short 69 % Short -73.5% Cash 35.3% -0.8% 34.5%
Total 182 Net exposure 8.2% Equities 15.1% -8.4% 6.7%
Gross exposure 155.2% Equities Derivatives 66.6% -65.1% 1.5%
Sector breakdown Long Short Net Major holdings long Main countries Long Short Net
Information Technology 10.3% -1.0% 9.3% WPP PLC 1.5% Italy 13.4% -5.1% 8.3%
Financials 13.2% -4.6% 8.6% EVONIK INDUSTR 1.4% France 7.5% -2.5% 5.0%
Consumer Discretionary 17.3% -11.2% 6.1% ASSA ABLOY AB 1.4% Belgium 3.0% 0.0% 3.0%
Consumer Staples 7.3% -3.0% 4.3% CAPITA GRP 1.4% Ireland 2.0% 0.0% 2.0%
Health Care 5.7% -2.3% 3.4% PRYSMIAN SPA 1.4% Portugal 1.4% 0.0% 1.4%
Materials 7.3% -4.6% 2.7% Spain 5.9% -4.8% 1.1%
Utilities 2.4% -1.0% 1.4% Denmark 2.1% -1.1% 1.0%
Telecommunication Services 1.9% -0.6% 1.3% Austria 1.5% -0.6% 0.9%
Energy 1.0% -0.6% 0.4% United States 0.5% 0.0% 0.5%
Industrials 15.4% -17.4% -2.0% Finland 1.5% -1.0% 0.5%
Others 0.0% -27.1% -27.1% Cyprus 0.4% 0.0% 0.4%
Others 42.4% -58.4% -16.0%

11. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
MARKET ENVIRONMENTS
October 20151511/
WHEN CHALLENGING ENVIRONMENT?
Prices and earnings decoupling : rare but negative
 Market rotations generally do not occur in «normal» market conditions
Why decoupling happened : Extra low yields compression pushed investors
towards a yield replacement trade more than offsetting earnings decline
Decoupling generate rotations :
 Contraction of earnings expectations because of significant economic slowdown in some countries or sectors
 Rising equity markets despite earnings contraction
Past 4 years rotations explained by
 Expected recovery in domestic economies & temporary strong performance of domestic businesses (Financials, Utilities,..)
Significant rotations are unlikely when earnings and price directions are coupled

12. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
CURRENT MARKET ENVIRONMENT
IS TURNING POSITIVE
Despite potential technical rebounds, no more significant rotations expected
 Interest rates at zero level: no further decline expected
 Earnings turning positive
 Price and earnings coupled again
 Valuation patterns have normalised following August correction
MARKET ENVIRONMENT
October 20151512/
94
95
96
97
98
99
100
101
102
07.14 10.14 01.15 04.15 07.15
MSCI Europe rolling 12M EPS
Source: Morgan Stanley

13. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
FUND KEY FACTS
OYSTER MARKET NEUTRAL
October 20151513/
Fund Type Share class Hedged ISIN code Management fee
Custodian/Central Administrator EUR LU0435361257 1.50%
Auditors R EUR LU0435361844 1.00%
Management Company No Load EUR LU1204262734 2.00%
Fund Manager R CHF Yes LU1045040190 1.00%
Index
1
R GBP Yes LU1091109659 1.00%
Liquidity
Institutional share class3
ISIN code Management fee
Management fee I EUR LU0933611567 0.90%
Performance fee
Trade date
Cut-off time
Settlement date
Institutional share class only 5 000 000 EUR Further information
Fund domicile
Registered in2
AT, BE, CH, DE, ES, FR, GB, IT, LU, NL, SE
Subscription fee Max 5%, max 3% for I EUR
Redemption fee Max 3%
1. Please note that the reference to an index is made for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund.
2. Not all share classes may be registered locally, please contact info@oysterfunds.com for further information.
3. For further details please refer to the prospectus.
4. Website not available for investors in Belgium.
UCITS compliant, Luxembourg SICAV
NAV available through
OYSTER Website, Bloomberg, Morningstar,
Reuters, SIX Telekurs, Finesti, Fundinfo
Luxembourg
www.oysterfunds.com
4
- info@oysterfunds.com
Minimum initial subscription
T+3
RBC Investor Services Bank SA
PricewaterhouseCoopers (PwC)
SYZ Asset Management (Luxembourg) SA
SYZ Asset Management (Suisse) SA
LIBOR EUR 3 Months
Max 2.25%
Daily
T-1 12:00 CET
T+0
Max 15% with high watermark
refer to the share classes for details

14. –
OYSTER is not opened to US persons .
For more details, please refer to the disclaimer at the end of this presentation
OYSTER FUNDS & REPRESENTATIVES
October 20151514/
ITALY
Entity in charge of paiments
RBC Investor Services Bank SA
Succursale di Milano
Via Vittor Pisani, 26
20124 Milano
Tel: +39 02 305 756 1
Entity in charge of paiments
State Street Bank S.p.A
Via Col Moschin 16
20136 Milano
Tel: +39 02 879 671 53
Entity in charge of paiments
Société Générale Securities
Services SpA
Via Benigno Crespi 19/A-MAC 2
I – 20159 Milano
Tel: +39 02 917 846 61
Entity in charge of paiments
Allfunds Bank SA
Via Santa Margherita 7
I – 20121 Milano
Tel: +39 02 896 283 01
OYSTER SICAV Representatives
Boulevard de la Foire 11-13
L – 1528 Luxembourg
Tel: +325 26 27 31-1
Fax: +325 26 27 36
info@oysterfunds.com
www.oysterfunds.com
GERMANY
Paying agent
BHF-Bank AG
Bockenheimer Landstrasse 10
D – 60323 Frankfurt
Tel: +49 (0)69 718 22 75
AUSTRIA
Paying agent
Raiffeisen International Bank AG
Am Stadtpark 9
A – 1030 Wien
Tel: +43 (0)1 717 070
BELGIUM
Financial agent – Financiële agent
Caceis Belgium S.A.
Avenue du Port 320
Havenlaan 86C b
B – 1000 Bruxelles
Tel: +32 (0)2 209 26 40
SYZ Asset Management
(Luxembourg) SA
54 rue Charles Martel
L – 2134 Luxembourg
Tel: +352 26 27 36-1
SPAIN
Distributor
Allfunds Bank S.A.
C/ Estafeta No 6 (La Moraleja)
Complejo Pza. de la Fuente –
Edificio 3
E – 28109 Alcobendas
Tel: +34 (0)91 274 64 00
FRANCE
Centralizing agent
BNP Paribas Securities Services
9 rue du Débarcadère
F – 93500 Pantin
Tel: +33 (0) 1 42 98 62 54
SWEDEN
Paying agent
MFEX Mutual Funds Exchange AB
Linnégatan 9-11
SE – 114 47 Stockholm
Tel: + 46 (0)8 559 03 650
SWITZERLAND
Representative
SYZ Asset Management (Suisse) SA
Rue du Rhône 30
CH – 1204 Genève
Tel: + 41 (0)58 799 19 05
Paying agent
Banque SYZ SA
Rue du Rhône 30
CH – 1204 Genève
Tel: + 41 (0)58 799 19 05
UNITED KINGDOM
Representative
SYZ Asset Management (Europe) Ltd
Authorised and Regulated by the FCA
Southwest House
11a Regent Street
London SW1Y 4LR
Tel: +44 (0) 20 30 400 500

15. Disclaimer
This marketing document has been issued by the management company, SYZ Asset Management (Luxembourg) SA
(hereinafter referred to as "OYSTER”). It is not intended for distribution to or use by individuals or legal entities that are
citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution,
publication, issue or use. The whole information hereby provided, be it written, visual or by any other means can be used
exclusively by a professional investor following its request for the purposes of fund selection as required in the request for
approval or due diligence procedures. OYSTER and/or any related companies do not authorize, under any circumstances,
the distribution or use of this information for other means than those described above, nor its transmission to a third
party without a prior written authorization of OYSTER.
Users are solely responsible for verifying that they are legally authorized to consult the information herein.
Only the most recent version of the prospectus, by-laws, key investor information document and annual and half-yearly
reports (hereinafter referred to as the “legal documentation”) should be considered as a basis for investment decisions.
These documents are available on the website, www.oysterfunds.com, or from the SYZ Asset Management (Luxembourg)
SA offices at 54, Charles Martel L-2134 Luxembourg. The information or data contained in the present document does not
in any way constitute an offer or a recommendation to buy or sell shares in the fund’s units.
Furthermore, any reference to a specific security in this document should not be construed as a recommendation or
investment advice. They are intended solely to inform the investor as to past performance, and do not reflect the opinion
of OYSTER or any related companies as to future returns. The information, opinions and assessments contained in the
present document shall apply at the time of publication and may be revoked or changed without prior notice.
Furthermore, this document may include details and data on the research, investment processes and internal guidelines
that are not mentioned in the prospectus of the fund(s) and are provided for information purposes only at the given date
(herein after the “Information”). This Information may be changed at any time, without prior information or subsequent
information, depending notably on market conditions, fund management team assessment of the markets and available
investment opportunities.OYSTER has not taken any measures to adapt to each individual investor who remains
responsible for his own independent decisions. Moreover, investors are advised to consult their legal, financial or tax
advisors before taking any investment decisions. Tax treatment depends entirely on the financial situation of each investor
and may be subject to change. It is recommended that investors obtain the appropriate expert advice before taking any
investment decisions. The value of the units referred to may fluctuate and investors may not recoup all or part of their
original investment. Investors should consult the fund prospectus for further details on the risks involved. Past
performance is not indicative of future results. It is calculated in the unit currency and, where investments are made in a
different currency, may also be affected by fluctuations in exchange rates. The performance data given does not include
commissions or any fees linked to the subscription to and/or repurchase of shares. It is possible that companies linked to
OYSTER and their executives, directors or personnel hold or have held stakes or positions in the securities listed in this
document, or that they have traded or acted as market maker for these securities. Moreover, these entities or individuals
may also have past or present ties with the executives of the companies issuing the abovementioned shares; furnish or
have furnished financial or other services; or are or have been a director of the companies in question. This marketing
document is in no way intended to replace the legal documentation of the fund and/or any information that investors
obtain from their financial advisors. Please note that reference to an index is made for information purposes only. The
index is not mentioned, in the investment policy of the fund. The performance of the fund may differ from the
performance of the index. For further information on the index please refer to the website of its service provider.
OYSTER is a Luxembourg SICAV that is not open to citizens or residents of the USA. www.oysterfunds.com –
info@oysterfunds.com