NHS Sicav – NOVACAP Global Strategy fund – Fact sheet – May 2016

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After the first season of the results of the year, the month of May has again been dominated by the central bankers, by the foreign exchange markets and the volatility in global markets. Macroeconomic statistics for the month were mixed. In the US particularly with on one hand, the US growth outlook for Q2 that was announced better than expected (2.8% versus 2.2%), mainly due to low growth during the first quarter, and on the other hand the payroll numbers below expectations that raise the question of the sustainability of US consumers consumption. Industrial production in Europe and England were also disappointing. Japan experienced meanwhile a particularly volatile month following the decisions of the Japanese Central Bank late April. The Nikkei fell ‐ 3.5% over the month to finish on 31/5 at + 3.4%. It remains however one of the worst market performer since the beginning of the year. Commodities recovered well globally with for example a barrel above $ 50. The asset allocation of the Global Strategy Portfolio has changed little over the month to absorb potential shocks of June. Some technical allocations were made during the month with purchases / sales of Eurostoxx 50 trackers. The net equity exposure remains low, around 40%, despite the opportunity cost that this might represent. The idea is that with the current levels of the markets, June will the theater of two unpredictable events ‐ the Brexit and the Spanish elections. With weak economic data and many market expectations, the equity exposure will therefore remain low until the uncertainty disappears. In any case, June will also provide

short to medium term buy signals, possibly after a further correction to increase the allocation to equities, primarily European and emerging markets.

Please find attached the fact sheets of Global Strategy Fund

Fact sheet May 2016 FR

Fact Sheet May 2016 EN

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Investment Committee

Investment Committee

NOVACAP Asset Management

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