Azvalor Lux SICAV - AZVALOR BLUE CHIPS R/  LU1651854041  /

The investment objective of the Master Fund is to ensure sustained profitability over time, by applying a value investing philosophy selecting undervalued assets with high upside potential. At least 75% of total exposure shall be in equities from all sectors, investing over 75% of exposure to equities in large caps (3 billion euro minimum), and the rest in small and mid-caps. Investments shall be mainly in OECD issuers/markets, and up to 35% of total exposure may be invested in emerging issuers/markets. Geographical or sectoral concentration may temporarily occur. Currency risk shall be 0-100% of total exposure. The rest of total exposure shall be invested in fixed income, mainly public yet also private (including liquid money market instruments both listed and unlisted) from issuers/markets of the Euro zone. Fixed income issues shall have a credit rating equal to or greater than that of the Kingdom of Spain at any given moment.

The investment objective of the Master Fund is to ensure sustained profitability over time, by applying a value investing philosophy selecting undervalued assets with high upside potential.