1 ANDBANK EUROPEAN EQUITIES -A Sub-fund of ANDBANK FUNDS FCP Risk Profile 1 2 3 4 5 6 Performance & analysis at January 31, 2015 7 Objectives & Investment Policy The objective is to achieve long-term capital appreciation. The Sub-fund will invest principally in equity securities issued by companies domicilied in an European country or deriving a significant part of their revenues from European countries. Characteristics Share Class Fund Man. Co. Domicile Asset Class Currency Valuation Launch Date Investment Horizon Nav Evolution since inception A UCITS Luxembourg Equity EUR Daily 12/11/2013 5-7yr 108 106 104 102 ISIN Bloomberg Ticker Radical Andbank LU0986194024 ANDBNKA LX 38319 100 98 Benchmark 96 MSCI Europe Net Returns 94 01-2014 Management Company Andbank Asset Management Luxemburg Custody Citibank International plc Investment Advisor Andorra Gestió Agrícol Reig, S.A.U. 03-2014 05-2014 07-2014 09-2014 11-2014 01-2015 2015 performance evolution MTD YTD 10% 7,53% 6% Management Fee 1,50% Ongoing Charge 2,84% 2% -2% -6% -10% Jan. Past performance should not be considered an indicator of future performance AUMs (Mill.) No. Of Shares NAV Volatility (%) Max. Drawdown (%) Tracking Error (%) Positive Weeks (%) Sharpe Ratio Alpha (%) Beta Monthly Historical evolution (%) 32,82 275.941 118,94 15,42 - 9,29 61,90 0,49 0,13 0,77 Monthly data last 3 yrs Annualized return(%) 1 yr 3 yr 5 yr Since inception 16,37 15,59 2015 2014 2013 2012 2011 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 7,53 YTD -0,85 7,00 -0,50 -1,10 1,52 -0,41 -2,14 1,44 0,79 -0,94 2,91 -0,32 7,53 7,29 - - - - - - - - - - 1,34 1,73 3,09 - - - Past performance should not be considered an indicator of future performance Top 10 Holdings Position Sector NOVARTIS AG-REG Consumer Non-cyclical BAYER AG-REG Consumer Non-cyclical ASTRAZENECA PLC Consumer Non-cyclical ROCHE HOLDING AG-GENUSSCHEINConsumer Non-cyclical TELEFONICA SA Communications VALEO SA Consumer Cyclical BANCO SANTANDER SA Financial MERCK KGAA Consumer Non-cyclical ROYAL DUTCH SHELL PLC-A SHS Energy UPM-KYMMENE OYJ Basic Materials ANDBANK EUROPEAN EQUITIES -A ANDBANK EUROPEAN EQUITIES 1 Country Switzerland Germany United Kingdom Switzerland Spain France Spain Germany Netherland Finland Div.Yield 2,7 1,6 3,5 3,1 4,4 1,4 8,0 1,1 5,7 3,8 Weight(%) 3,17 2,74 2,61 2,42 2,06 1,86 1,85 1,78 1,76 1,69 1 ANDBANK EUROPEAN EQUITIES -A ANDBANK LATIN AMERICAN Subfondo deANDBANK ANDBANK FUNDS Sub-fund of FUNDS FCP FCP Manager Review The two main focuses of attention in the month of January were the expected announcement of QE by the ECB and the victory of SYRIZA parliamentary elections in Greek. Although much remains concerned, global inflation and the continued decline in oil prices. So last January 22 the ECB announced the expected QE, with a rate of purchase of public and private debt of € 60 bn per month, beginning in March 2015 to September 2016. In addition, the monetary authority remains flexible to extend the volume and duration of the stimulus to reach the inflation target of 2%. The risk will not be shared to 100% by the ECB, as the central banks of the countries themselves buy their own government debt, taking them on their balance sheets, the risk of debt defaults. SYRIZA won parliamentary elections in Greece, with 149 seats, 2 below the absolute majority of 151 seats. Given the significant majority, a few days formed a coalition government with the Independent Greeks, a right-wing party, which had won 13 seats. Surprising as it may seem coalition between these two parties, there is great determination in both groups to end austerity policies. Inflation worries and much globally. The CPI in the Eurozone January stood at levels of -0.6% YoY due to low levels of energy, with the price of a barrel of oil breaking $ 50. Core inflation in December, stood at levels 0.8% + YoY, it being far from the mid term set by the ECB 2%. The S & P 500 fell 3.0% in January due to seasonal disappointing results for the fourth quarter, where concerns about the impact of the strong dollar and slowing global growth were a recurring theme. Meanwhile developments in European equity markets during the month were: DAX: + 9.06%, Ibex-35 + 1.20%, CAC-40: + 8.45% FTSE Mib: + 7.84% FTSE 100: +3.09 %, Eurostoxx 50: + 6.87%. While the American market, had a worse relative performance, closing the S & P 500 4.10%, Dow Jones -4.55% and the Nasdaq -2.97%. On the part of the MSCI Emerging emerging in Euros, took a + 8.49% and the MSCI World in euro ended the month at + 5.07%. The main bets during the month of January were underweight Consumer staples, finance and Energy against overweight sectors Consumer Discretionary and HealthCare. The worst performers during the month were: Banco de Santander , Basf y Boskalis . From the other side, the best performers shares were: Yara, Merck and Valeo Sector Breakdown Basic Materials Communications Consumer Cyclical Consumer Non-cyclical Diversified Energy Financial Government Industrial Technology Utilities Funds Cash Currency Breakdown 6,5% 11,0% 14,1% 26,9% 0,0% 5,9% 19,9% 0,0% 6,5% 4,6% 2,0% 0,0% 2,6% EUR CHF DKK GBP NOK SEK Country Breakdown 52,8% 12,3% 3,8% 22,1% 3,8% 5,2% Germany Belgium Bermuda Denmark Spain Finland France Netherland Italy Norway United Kingdom South Africa Sweden Switzerland Cash 15,2% 3,1% 1,2% 3,8% 5,6% 5,0% 9,5% 6,5% 3,1% 3,5% 20,6% 2,2% 5,2% 12,7% 2,6% This document is commercial and is supplied only for purposes of information; it does not form nor can it be interpreted as an offer, invitation or inducement to the sale, purchase or subscription of securities, nor can its content constitute the basis of any contract, undertaking or decision of any kind. This document does not replace the essential legal information which must be consulted before making any investment decision; the legal information prevails in the event of any disagreement. The client is recommended to read together with this document the key investor information document (KIID) or the information leaflet, these are available on the webpage www.andbank.com and in the branches of the marketing entity. The information contained in this document refers to the date appearing on it, therefore it may be subject to changes due to market fluctuations. The performance shown refers to past performance and does not guarantee future results. Current expenses and, where applicable, commissions on results/management are included in the calculations of past performance, which do not include the effects of possible subscription and/or reimbursement commissions. Investments in the investment funds or other financial products referred to in this document can be subject to many risks: market, credit, issuer and counterparty risks, liquidity and exchange risks, fluctuations in value and the possible loss of the capital invested. ANDBANK EUROPEAN EQUITIES -A ANDBANK EUROPEAN EQUITIES 2