4NP VER CAPITAL CREDIT FD - L Report aggiornato al: 31 dicembre 2014 4Descrizione POLITICA DI GESTIONE: PROFILO DI RISCHIO: Gestione in obbligazioni high yield non Investment Grade, basata sull’analisi fondamentale di ciascun emittente. Focalizzazione su aziende europee, prestando attenzione alla diversificazione geografica e settoriale, attraverso limiti di concentrazione per singolo emittente e per singolo settore; definizione di una duration obiettivo. Attività di trading per incrementare il rendimento, sfruttando situazioni contingenti di mercato; portafoglio bilanciato in funzione del contesto macroeconomico. 4Rendimenti cumulati % 4Rendimenti % Trimestrali 2 trim 3 trim 2,01 -1,83 -1,10 3,02 1 trim 2,83 0,57 2014 2013 2012 2011 2010 YTD Fondo 3,65 5,72 0,23 4 trim 0,65 3,18 0,23 4Misure di rischio Fondo 0,69 -1,40 3,65 90 giorni 180 giorni 1 anno 3 anni 5 anni 4Grafico di performance Volatilità 1Y Max Drawdown 2,29 % 4,17 % 4Composizione di portafoglio 100 110,00 75 107,50 Fondo 105,00 50 102,50 25 Jan-2015 Nov-2014 Sep-2014 Jul-2014 May-2014 Mar-2014 Jan-2014 Nov-2013 Sep-2013 Jul-2013 May-2013 Mar-2013 Jan-2013 100,00 4Esposizione Geografica PTF % (primi 5) Gov. - Francia Lussemburgo Germania Italia Olanda Soc. 16,19 14,42 12,30 11,73 10,96 0-1 Y - 1-3 Y 0,51 0,21 0,41 1,12 3-5 Y 1,12 1,73 2,50 5,76 10,72 21,82 OB Liquidità 4Esposizione Valutaria Sovr. - Altro 1,46 1,10 0,94 - Totale 17,65 14,42 13,39 12,67 10,96 4Rating e Maturity PTF Obbligazionario % AAA AA+ AA AAA+ A ABBB+ BBB BBBBB+ BB BBAltro Totale 0 1,67 5,55 6,05 10,76 34,28 58,30 10-99 Y 0,93 0,96 1,90 2,68 3,01 1,85 1,68 5,73 18,75 Totale 0,00 0,00 0,00 0,00 0,00 0,93 0,96 0,00 3,57 3,81 10,79 10,40 18,41 51,14 100,00 % PTF* 98,66 1,34 Euro Dollaro USA 4Primi 10 Titoli 5-10 Y Altro % PTF* La Mondiale Perpetual International Personal Finance 07Ap2021 SPCM SA 5,50% 06/15/2020 CNH Industrial 2.875% 27Set2021 CERVED GROUP SPA 6,375% 01/15/2020 Abengoa Greenfield 6.5% 01Ott2019 Heidelbergcement 7.5% 03Ap2020 SERVUS LUX HDG 7,75% 06/15/2018 BRISA CONCESSAO 6,875% 04/02/2018 PEUGEOT 7,375% 03/06/2018 % Primi 10 titoli sul patrimonio Numero Azioni Numero Obbligazioni 1,82 1,49 1,45 1,40 1,39 1,34 1,19 1,18 1,12 1,11 13,48 0 118 *Con %PTF si intende la % sul portafoglio NP SICAV VER CAPITAL CREDIT FUND 4Anagrafica Società di gestione: NEXTAM PARTNERS SICAV Data di partenza Gestore Data inizio Classe NAV al 2014-12-31 Patrimonio Netto 16 dicembre 2011 VER CAPITAL SGR 20 dicembre 2012 5,05 EUR 54.983.734,90 EUR Patrimonio Classe Domicilio Valuta del fondo UCITS Inc/Acc Isin 33.708.904,39 EUR Lussemburgo EUR SI Inc LU0862793717 Investim. Min. ingresso Comm.ne di Rimborso Comm.ne di Gestione Annuale Comm.ne di Sottoscrizione Comm.ne di Performance 10.000 EUR 3,00% 1,00% 3,00% 10,00% Gruppo Nextam Partners - Via Bigli 11, 20121 Milano - Tel: +39 02 7645121 - Fax +39 0276451299. Le informazioni contenute hanno carattere riservato e non possono essere copiate, riprodotte, distribuite o trasferite a qualunque soggetto senza il preventivo consenso scritto di Nextam Partners. Le informazioni contenute non vogliono essere in alcun modo espressione di consulenza finanziaria o offerta al pubblico di prodotti finanziari. I rendimenti passati non sono indicativi di quelli futuri. Prima dell'adesione leggere il prospetto d'offerta. Dati non ufficiali, rivenienti da stime gestionali e non da dati contabili. 4 Nextam Partners VER CAPITAL CREDIT FUND (VCCF), December 2014 Ver Capital Credit Fund Ver Capital Credit Fund’s (VCCF) objective is to maximize absolute return through capital growth and income. VCCF invests predominantly in nonfinancial high yield bonds issued by European companies and/or Euro denominated. Key drivers of VCCF return are: bottom-up issue selection, sector and geographical diversification and portfolio rotation with yield, duration and volatility targets. VCCF is structured as a sub-fund, UCITS IV Compliant, with daily NAV, of the Luxembourg Sicav Nextam Partners. Available on All Funds platforms (both Institutional and Retail) and on Inception date Dec. 16th, 2011 Skandia Unit-linked platform Market December turned out to be another volatile month on the European HY market, due to persistent economic weakness, the negative effects of the fall in oil prices and the Greek political turmoil. However, during the fourth quarter, European HY market experienced a decoupling (i.e. lower correlation) with the US market, where spreads widened markedly if compared to EU. Even if HY gross issuance set a new record in 2014, first time issuers were discouraged from coming to the market in the second half of the year due to macroeconomic uncertainties and the last month was no exception, with only a few participants to the primary market. On the other hand, the quality of new issuance has been relatively stable, with the proportion of BB rising slightly as opposed to lower rated supply. Decompression was the main theme of 2014: CCC credit was the worst performing while BB outperformed B, thus involving a concurrent shift to higher quality assets. Caution remains one of the main themes for the beginning of the new year. However, for 2015 some analysts expect an acceleration in consumer spending, which should lead to less volatility and recovery, in the context of a generally supporting ECB. Investment Tactics During the month of December we continued to carry out a conservative strategy, in order to minimize portfolio volatility. We remained on the higher side of the HY credit spectrum, mainly investing in the BB rating class and we selectively participated to the primary market. As a result of this strategy, VCCF was one of the few funds to make positive return in December and the best performer in our monitored peers group. The slight increase in the duration is mainly due to some hybrid securities, typically higher rated securities, that have been included in the portfolio in order to increase the average rating and the overall return. January investment strategy will be consistent with December and will be focused on maintaining the current average rating and on a careful th single asset selection. On December 18 , a dividend of € 0.2 per share was paid to institutional classes shares (I and L). NAV Performance Last Twelve Months December 2014 Year To Date 3.64% 0.069% 3.64% th On December 18 a € 0,2 per share dividend has been paid to institutional classes. Performance Comparison The iShares Markit Iboxx (“iShares” Isin IE00B66F4759), an Etf tracking the Markit Iboxx Euro high yield Index, has been selected in order to compare VCCF’s performance with the overall Euro high yield market. In December a € 0,2 per share dividend was paid to institutional classes. VCCF over-performed the iShares by 23.5 bps. Performance: VCCF Capital performance LTM, dividend paid at Dec.,18 2014 Performance Comparison: VCCF last month vs. Ishares Markit iBoxx. CLASS I Institutional LU0700166308 - CLASS L Institutional LU0862793717 - CLASS A Retail LU0700166217 Nextam Partners VER CAPITAL CREDIT FUND (VCCF), December 2014 Portfolio Performance Top 10 holdings Geographical dis tribution 93.37% EU Currency denomination 100% EUR Average rating BB- Average coupon (not including cash) 5.56% Yield to worst (not including cash) 4.20% Yield To Maturity (not including cash) 4.58% TOP 10 SECURITIES Ticker Wgt Cumulated Wgt La Mondiale LAMON 5.05 12/29/49 1,84% 1,84% Intl Personal Finance PL IPFLN 5 ¾ 04/07/21 1,50% 3,35% SPCM SA SNFF 5 ½ 06/15/20 1,46% 4,81% CNH Industrial FIN Eur S CNHI 2 ⅞ 09/27/21 1,42% 6,23% Cerved Group S.p.A. CERTCH 6 ⅜ 01/15/20 1,41% 7,64% Abengoa Greenfield S.A. ABGSM 6 ½ 10/01/19 1,33% 8,97% HEIGR 7 ½ 04/03/20 Modified Duration 4.08 Number of s ectors 35 Heidelbergcement Fin Lux 1,21% 10,18% Number of iss uer 105 Brisa Concessao Rodov SA BRCORO 6 ⅞ 04/02/18 1,13% 11,31% Number of iss uances 118 Peugeot SA PEUGOT 7 ⅜ 03/06/18 1,12% 12,43% Deutsche Bank AG DB 6 05/31/49 13,55% Top 10 holdings 13.55% Geographical allocation (Company headquarter) Top 20 sector allocation Geographical allocation (Country of risk) Allocation by rating Info Country Depositary Bank SICAV NAV Investment Manager 1,11% Contacts Luxembourg State Street Bank Luxembourg SA Nextam Partners SICAV Daily Ver Capital SGRpA Ver Capital SGRpA Mail Phone Number Web site [email protected] +39 02 62723811 www.vercapital.com CLASS I Institutional LU0700166308 - CLASS L Institutional LU0862793717 - CLASS A Retail LU0700166217