THE ATONRÂ FUND A JOURNEY INTO THE FUTURE - FOCUSED KNOWLEDGEABLE INDEPENDENT - DIGITALOCEAN
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YOUR ASSET MANAGEMENT COMPANY
Knowledgeable
Independent
Focused
The AtonRâ Fund
A Journey Into The Future
AUGUST 2020
www.atonra.ch • sales@atonra.ch • +41 22 906 16 16 • 7 rue de la Croix d'Or. 1204 Geneva. Switzerland
JANUARY 2020 1
Atonrâ At A Glance Thematic Investing The AtonRâ Fund Annexes: Thematic
Portfolios Data
3 Important Information 10 Thematic Investment 15 Exposure To The Most 20 AI & Robotics
Process Promising Themes
4 A Private Equity Approach 22 Bionics
To Listed Investments 11 Step 1 – Fundamental 16 Fund Characteristics
Research 24 Biotechnology
5 History 17 Track Record and Statistics
12 Step 2 – Stock Selection 26 Fintech
6 A Long Track Record On 19 Portfolio Overview
Sharply Focused Themes 13 Step 3 – Thematic Bucket 28 Mobile Payments
Construction 30 Security & Space
7 A Dedicated And
Complementary Team 14 Step 4 – Risk Management 32 Sustainable Future
8 The Discovery Of Themes
9 Our Research Know-How
AUGUST 2
2020
Important Information
About AtonRâ Partners
AtonRâ Partners is an asset management company. founded in 2004 with head AtonRâ Partners is a conviction-driven asset manager combining industrial and
office in Geneva. incorporated under Swiss law. duly approved by the Swiss Financial scientific research with financial analysis. AtonRâ Partners focuses on long-term
Market Supervisory Authority (FINMA) under the Swiss Col- lective Investment trends in the healthcare. renewable energy and technology sectors. powerful
Schemes Act. enough to be turned into thematic equity portfolios.
Disclaimer
This document has been produced by the organizational unit responsible for investment research The opinions herein do not consider individual clients’ circumstances. objectives. or needs. Prior to
(Research unit) and sales (Sales unit) of AtonRâ Partners and sent to you by the company sales entering into a transaction you should consult with your own legal. regulatory. tax. financial and
representatives. Although AtonRâ Partners SA believes that the information provided in this doc- ument accounting advisers to the extent you deem necessary to make your own investment decisions.
is based on reliable sources. it cannot assume responsibility for the quality. correctness. timeliness or
completeness of the information contained in this document. The information contained in this document is as of the date hereof only and is subject to change without
notice. Any prices are indicative. Past performance is not indicative or a guarantee of future results.
The information contained in this document is sent to you by way of information and cannot be divulged Investment losses may occur. and investors could lose some or all of their invest- ment. Individual clients’
to a third party without the prior consent of AtonRâ Partners. While all reasonable effort has been made financial objectives are not considered.
to ensure that the information contained is not untrue or misleading at the time of publication. no
representation is made as to its accuracy or completeness and it should not be relied upon as such. Any material provided to you is intended only for discussion purposes and is not intended as an offer or
solicitation with respect to the purchase or sale of any security and should not be relied upon by you in
This document does not replace a legal document and notably the fund prospectus or KIID relat- ing to evaluating the merits of investing in any securities. The products described in this document may not be
any specific financial instrument herein referred. which may be obtained upon request free of charge directly or indirectly offered or sold in the United States of America or to
from AtonRâ Partners. U.S. Persons.
AUGUST 3
2020
ATONRÂ AT A GLANCE
A Private Equity Approach To Listed Investments
DELIVERING EXCELLENCE KNOWLEDGE IS POWER
A pioneer in independent thematic A team of financial professionals and
equity research and investments. scientists ensure that knowledge
First to launch investment themes acquired throughout many years of
on Artificial Intelligence & fundamentalresearch and financial
Robotics. Bionics. Mobile analysis is constantly expanded and
Payments. The first asset manager capitalized upon.
integrating non-financial scientists to
the investment team.
TIME IS INVESTORS' ALLY DRIVEN BY PASSION
Technology changes the world Passion is the fuel that keeps the
and fosters growth. Yet it takes engine of innovationrunning and
time to turn it into capital innovation is the key to
appreciation. technological and scientific
progress.
AUGUST 4
2020
ATONRÂ AT A GLANCE
History
2004 2014 2018 2019–2020 The Future...
EQUITY RESEARCH AS SWITCH TO ASSET CONTINUOUS LATEST DEVELOPMENTS WHERE DO WE WANT TO GO?
THE FOUNDATION OF OUR MANAGEMENT INNOVATION
APPROACH • FINMA license. • Leveraging our
• Fundamental research • Strengthening • UCITS umbrella fund. fundamental expertise
• Thematic research turned into Thematic of Academic in the private equity
on growth-oriented Investments. collaboration. world.
themes. • Launch of AMC’s • Technology Advisory • Launch of additional
• Intellectual capital and (actively managed Committee. themes.
critical understanding certificates). • Expansion of the
proved and recognized. workforce. ...keep innovating.
1Bn $1Bn
800Mn $750Mn
$550Mn
600Mn
aum $350Mn
400Mn
200Mn $50Mn $100Mn
$10Mn
0 2014 2015 2016 2017 2018 2019 August 2020
AUGUST 2020 5
ATONRÂ AT A GLANCE
A Long Track Record On Sharply FocusedThemes
Biotechnology Security & Space Fintech
The next generation of Security undertakes its digital Mobile payments opening
drugs to revolutionize transformation to enable and up the road for more
biotechnology forever. secure progress. efficient. accessible. and
Space is the next frontier. cheaper financial services.
2014 2015 2017 2018
APRIL OCTOBER JANUARY OCTOBER What's next?
2015 2016 2017
MARCH JANUARY MAY
Mobile Payments. Mobile Artificial Intelligence Bionics Sustainable Future
payments to rise sharply as Breakthroughs in hardware Living better not necessarily Grid-parity is the long-term
consumers move to coupled with massive data are longer. Technology opens new needed catalyst to speed up
smartphones for their daily the key fundamentals for AI to ways to tackle human the switch from fossils to
purchases. become ubiquitous in every disabilities and physical renewable energies.
industry. disorders.
AUGUST 2020 6
ATONRÂ AT A GLANCE
A Dedicated And ComplementaryTeam
PORTFOLIO MANAGEMENT / ANALYSIS SCIENTIFIC RESEARCH & FUNDAMENTAL ANALYSIS
Stefano Rodella Christophe Claudia Christoph Christopher Katherine Kevin
CEO / CIO Magnin Collin Sinhart Wittlinger Taglieri Decoster
Joachim Mark Loic Maad Sjoerd Toviah Yannick
Nahmani Temnikov Emissan Osta van Steenkiste Moldwin Ormen
FINANCE RISK & COMPLIANCE BUSINESS DEVELOPMENT DESIGN
Dina Fausto Christian Antoine David Małgorzata
CFO Wolf Walter Wigger Miklaszewska
AUGUST 2020 7
ATONRÂ AT A GLANCE
The Discovery Of Themes
Searching. identifying and selecting themes with an outsized impact
on the global economy.
1. The addressable market
2. The growth factor must
must be large enough to
be at least 3 times global
have an impact on global
GDP growth.
GDP over 5 to 10 years.
4. The three following cycles
must be present in each
theme:
3. The theme must be large
• Capital infrastructure
enough to overcome cyclical
phase.
swings.
• Application phase.
• Commercialization
phase.
AUGUST 2020 8
ATONRÂ AT A GLANCE
Our Research Know-How
Scouting / Idea Generation Tech compass Weekly meeting
Each scientist is responsible for scouting Based on the research generated. our Our Research team gathers and shares the
new technologies and trends in her or his engineers maintain an updated latest findings on a weekly basis in order to
field of competence. compass in order to keep the right tech assess and identify new trends and
track. Portfolio Managers & Financial technologies.
Analysts keep track of the financial and
revenue-generating potential.
Deep Dive Reporting / Follow up Knowledge Transfer
When a topic is judged as interesting and Every scientist is responsible for the Our Sales team organizes events (client
investable by Portfolio Managers. the generation of research documents that are visits. conference calls. thematic breakfast
scientist responsible for that thematic made available internally to build up a presentations) that help investors
presents a detailed analysis and is broad and comprehensive knowledge. understand specific topics of AtonRâ’s
questioned and challenged. fundamental research.
AUGUST 2020 9
THEMATIC INVESTING
Thematic Investment Process
TOP DOWN BOTTOM-UP RESEARCH SIZING ENHANCE
RESEARCH CAREFUL SCREENING POSITIONS RISK-ADJUSTED RETURNS
STEP 1 STEP 2 STEP 3 STEP 4
Fundamental Thematic Bucket
Stock Selection Risk Monitoring
Research Construction
• Study of the value chain • Definition of the investment • Concentrated bucket • Constant validation of the
• Industrial visits & universe (15–35 stocks) investment thesis
presentations • Bull / Bear analysis
• Financial analysis and • Weightings according to
• Meetings with Industry selection of stocks conviction levels
Experts with highest EPS upside • Monitoring positions and risk
• Moderate turnover contribution
• Academic & scientific
conferences
TEAM INVOLVED: TEAM INVOLVED: TEAM INVOLVED: TEAM INVOLVED:
• Scientists • Portfolio Managers • Portfolio Managers
• Portfolio Managers
• Portfolio managers • Scientists • Risk Managers
AUGUST 2020 10THEMATIC INVESTING
Step 1 – Fundamental Research
• Portfolio managers and
scientists work together
AT O N R Â L A B
from start to end.
PORTFOLIO MANAGERS
• The evolving relationship between
business. science and industry is
crucial in order to be ahead of the
curve.
• Continuous R&D spending plays a
determinant role on the
understanding of new investment
themes.
Discovering how far a business can go requires conviction. curiosity and taking the risk of going toofar…
AUGUST 2020 11THEMATIC INVESTING
Step 2 – Stock Selection
Targeting companies with at least 20% of their expected revenues/earnings growth derived from the theme.
1) TheInvestable Universe 2) Identify The BestStocks
Exclusion • Favoring companies with high R&D budgets on
scientific and industrial research.
• Exclusion list of Norway’s Government
Pension Fund Global.
• Identifying revenue and EPS upside thanks to
Liquidity constraints
proprietary fundamental and financial research.
• Minimum of $5 Mn average daily volume per
stock.
• At least 80% of the portfolio can be sold • Understanding the best risk-adjusted returns of
within one week. each company.
Market cap constraints
• > $500 Mn
Understand the risks of each theme
AUGUST 2020 12THEMATIC INVESTING
Step 3 – Thematic BucketConstruction
Stock weights within thematic buckets depend on convictions level:
Top Conviction 6–10%
Strong Conviction 3–6%
Good Conviction 2–3%
Companies with Companies with Companies with the
important upside but higher risk. significant valuation upside. highest valuation upside relative to the
investment universe.
15-35 stocks per thematic bucket
Initial Weights Maximum Weights
• Max. 10% position in a thematic bucket • Max. 17% in a thematic bucket
• Min. 2% per position • Adjusted toTHEMATIC INVESTING
Step 4 – Risk Management
Investors
Bull/bear scenarii Weightings
gain access
are performed to and positions
to AtonRâ’s
better assess the are adjusted
research on the
Strong growth downside risk. Stop-loss when market Investors are
company’s
can only last so appraisal when a conditions provided with
website.
long and themes position declines develop and regular research
are to be exited and stock catalysts notes and timely
before growth underperforms unfold. reports (either on
normalizes. the bucket by themes or on
more than 15% specific stocks).
on a weekly
closing basis.
AUGUST 2020 14THE ATONRÂ FUND
ExposureToThe Most PromisingThemes
The AtonRâ Fund
• Long-only fund
• UCITS domiciled in Luxembourg
• Global listed equities
Theme Allocation
• Selection of AtonRâ themes
• 7 themes at inception (min 4. max 10)
• New themes can be added & themes nearing
maturity will be exited
Portfolio Management
• Fully replicates existing themes portfolios
• Themes equally weighted. rebalanced quarterly
• Stocks weighting at theme level reflected in the
AtonRâ Fund
AUGUST 2020 15THE ATONRÂ FUND
Fund Characteristics
Launch date: Transfer Agent:
07 July 2020 Société Générale Luxembourg
Umbrella: Administrator:
AtonRâ SICAV Société Générale Luxembourg
Fund category: Investment Manager:
UCITS AtonRâ Partners SA
Management Company: Auditor:
Lemanik Asset Management SA PwC Luxembourg
Representant in Switzerland: Carnegie
Depositary:
Fund Services; Paying Agent: Banque
Société Générale Luxembourg
Cantonale de Genève
Share classes
Minimum initial Management Performance fee
Class ISIN Currency
investment fee (HWM)
Founder* LU2170994714 USD USD 100 1% 10%
Institutional B LU2170994805 USD USD 10 Mn 1% 10%
Institutional A LU2170994987 USD USD 5 Mn 1.25% 12.5%
P-Retail LU2170995109/ USD / EUR USD 100/ EUR 100 1.5% 15%
LU2170995281
R-Retail LU2170995521/ USD/ EUR USD 100 / EUR 100 2.5% 15%
LU2170995794
* closed to new investors
AUGUST 2020THE ATONRÂ FUND
Track Record and Statistics 1/2
• Enhance Your Risk-Adjusted Returns
CUMULATIVE RETURN FROM 01/2016
290%
265%
240%
215%
190%
165%
140%
115%
90%
16
17
18
19
6
7
8
9
0
6
7
8
9
16
17
18
19
20
6
7
8
9
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l-1
l-1
l-2
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v-1
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n-
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p-
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ay
ar
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ar
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M
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MSCI ACWI TR INDEX USD THE ATONRÂ FUND PRO FORMA NET RETURN*
Pro forma based on the actual historical portfolios of AtonRâ’s thematic certificates (see Annexes: Thematic Portfolios Data) before July 7th. Actual
performance of the fund since its July 7th 2020 launch. Themes at inception: Mobile Payments. Biotechnology. AI & Robotics. Security & Space.
Subsequent additions: Bionics (Jan. 2017); Fintech (May 2017); Sustainable Future (Oct. 2018).
* Pro Forma of the Founder Class (1% Management Fee. 10% Performance Fee) assuming initial AuM of USD 40Mn and no subsequent investment.
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
AUGUST 2020THE ATONRÂ FUND
Track Record and Statistics 2/2
Calendar Net Return
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2020 4.02% -3.23% -13.67% 16.11% 9.82% 3.40% 6.85%* 5.15%* 28.72%
2019 11.94% 6.11% 1.05% 1.47% -5.74% 7.21% 1.77% -3.60% -1.13% 1.36% 6.50% 2.42% 31.98%
2018 13.77% -2.07% -0.33% -1.33% 6.04% -1.20% 2.08% 8.57% 1.56% -13.51% 2.24% -9.17% 3.77%
2017 5.69% 6.13% 2.62% 2.95% 3.47% 1.45% 3.27% 4.77% 2.41% 3.29% 2.36% -1.02% 44.20%
2016 -0.75% 6.60% 1.20% 5.00% -4.70% 6.73% -0.33% 2.15% -4.35% 2.54% -0.46% 13.65%
PORTFOLIO STATISTICS THE ATONRÂ FUND (NET) MSCI ACWI NET TOTAL RETURN USD
Beta 1.17 –
Cumulative total return 188.91% 56.17%
Annualized performance 25.99% 10.20%
Max monthly gain 16.11% 10.71%
Max monthly loss -13.67% -13.50%
Annualized volatility 20.13% 14.46%
Tracking error 10.89% -
Turnover (trailing 12 months) 52.84% -
Max drawdown -19.68% -21.37
Sharpe ratio 1.22 0.61
Sortino ratio 1.69 0.68
Treynor ratio 0.21 0.09
Information ratio 1.58 -
Upside capture ratio 164% -
Downside capture ratio 105% -
Performance data from February 2016 to July 7th 2020 reflect the historical performances of AtonRâ's thematic certificates. Performance for July 2020 reflects proforma historical peformances (from June 30th to July 7th)
and from July 8 th. *The actual performance of the fund since its July 7th 2020 launch. July allocation doesnt include stocks traded on the chinese. korean and brazilian markets.
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
AUGUST 2020THE ATONRÂ FUND
Portfolio Overview
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
AI & Robotics The third step of technological evolution
Thanks to increasing computing power and big data. Artificial Intelligence (AI) has been expanding at a fast pace. with notably major
advances in the fields of natural language processing and computer vision.
The development of the Internet of Things and of standard operating systems for objects and devices could give another massive boost to AI
applications over coming years. With this. smart cars. smart homes and smart factories could become reality sooner than expected.
CONSUMER APPLICATIONS INDUSTRIAL APPLICATIONS
TECH VENDORS
AI &ROBOTICS
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
AI & Robotics
SINCE
INCEPTION
Total Net Return Since Incep.
233,25%
Annualised Net Return
Monthly Net Return (USD) 27,85%
AnnualisedVolatility
23,00%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2020 -0.8% -1.9% -9.7% 17.4% 11.6% 6.1% 8.5% 3.7% 37.4% Sharpe Ratio
1,16
2019 17.0% 6.8% 3.6% 2.4% -14.3% 11.7% 3.8% -3.9% 0.1% 4.2% 3.8% 4.6% 43.2% Sortino Ratio
-2.4% -15.4% 6.2% -11.2% 2,15
2018 11.9% -1.3% -4.1% -6.0% 7.7% -5.4% -0.3% 9.7% -13.7%
2017 2.9% 5.0% 7.2% -0.9% 7.2% -1.6% 5.3% 5.4% 2.4% 5.1% 3.2% -2.8% 42.6% Correlation*
0,73
2016 -9.8% 0.5% 8.0% 2.0% 6.5% -0.8% 11.6% 0.5% 3.6% -2.2% 3.5% 3.1% 28.2%
Beta
2015 3.6% 5.2% -1.3% 7.5% 1,17
340 Upside CaptureRatio
182,04%
325
310 Downside Capture Ratio
132,08%
295
280 Average Monthly Return
2,26%
265
250 Up Months
235 65,52%
220 Average up month
205 5,97%
190 Down Months
175 34,48%
160 Average down month
145 -4,80%
130
Best up month
115 17,38%
100
85 Worst month -15,42%
5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0
v -1 eb-1 ay- 1 ug-1 ov -1 eb-1 ay- 1 ug-1 ov -1 eb-1 ay- 1 ug-1 ov -1 eb-1 ay- 1 ug-1 ov -1 eb-2 ay- 2 ug-2 Max Drawdown
-31,43%
No F M A N F M A N F M A N F M A N F M A
Return Distribution *MSCI ACWI Net Total Return USD
30
20
10
Discover this theme on our website
0
5%
AI MSCI ACWI N et Return
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
AI &ROBOTICS
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Bionics Making human enhancement a reality
Innovations in the fields of medicine. artificial intelligence. robotics and sensors are finally giving a new life to medical technologies and are
making human enhancement a reality.
The investment universe encompasses next-generation prosthetics. medical wearables and devices. surgical and medical robots. exoskeletons.
3D printing. synthetic biology and artificial intelligence. All play a major role in the emergence of bionics.
MEDICAL WEARABLES
3D PRINTING EXOSKELETONS
SURGERY
r
o
b
o
AI t
s
SYNTHETIC BIOLOGY ARTIFICIAL ORGANS BIONICS LIMBS
BIONICS
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Bionics
SINCE
INCEPTION
Total Net Return Since Incep.
102,29%
Annualised Net Return
Monthly Net Return (USD) 21,46%
AnnualisedVolatility
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL 18,27%
2020 -0.2% -5.4% -6.8% 14.7% 7.6% -0.0% 10.7% 3.5% 24.4% Sharpe Ratio
1,09
2019 9.7% 7.6% -0.1% -3.8% -2.1% 8.3% -0.3% -0.7% -0.1% 1.1% 7.1% -0.4% 28.1%
Sortino Ratio
2,14
2018 9.7% -2.9% 0.7% 2.5% 5.9% 0.2% 3.5% 5.8% 3.9% -12.5% 5.5% -10.7% 9.5%
2017 -0.2% 4.3% 2.2% 3.0% 2.9% 2.7% -2.4% 2.5% -1.9% 1.7% 3.2% -2.6% 15.9% Correlation* 0,82
205 Beta 1,10
Upside CaptureRatio
190 132,30%
Downside Capture Ratio 111,18%
175
Average Monthly Return 1,75%
160
Up Months 59,09%
145 Average up month 5,02%
130 Down Months 40,91%
Average down month -2,96%
115
Best up month 14,71%
100
Worst month -12,53%
85 Max Drawdown -27,04%
Feb-17 May-17 Aug-17 Nov-1 7 Feb-18 May-18 Aug-18 Nov-1 8 Feb-19 May-19 Aug-19 Nov-1 9 Feb-20 May-20 Aug-20
Return Distribution *MSCI WorldTotal Net Return Index
15
10
5
Discover this theme on our website
0
5%
Bionics MSCI World Net Return Healthcare
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
BIONICS
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Biotechnology New drug technologies for today’s diseases
The investment universe focuses on tomorrow's new generation of drugs that might revolutionize the future of biotechnology. Such
technologies include RNA-based drugs. cell and gene therapies. in addition to a new generation of vaccines.
Medical innovations will allow for more personalized treatment and better diagnosis. Such innovations are further supported by authorities
such as the FDA which encourages the approval of this new generation of drugs by recruiting specialized teams and establishing specific
guidelines.
CARDIOVASCULAR
NEUROLOGY
PERSONALIZED MEDICINE IMMUNOTHERAPY
RARE DISEASES
BIOTECHNOLOGY
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Biotechnology
SINCE
INCEPTION
Total Net Return Since Incep.
54,08%
Annualised Net Return
Monthly Net Return (USD) 8,26%
AnnualisedVolatility
29,03%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2020 -3.4% -0.3% -11.3% 22% 9.0% 0.9% 0.3% -0.5% 14. 4% Sharpe Ratio
0,26
2019 15.8% 11.6% 0.3% -8.2% -4.7% 7.4% -3.4% -9.0% -4.9% 2.5% 15.9% 3.5% 25.0% Sortino Ratio
2018 11.3% -3.0% 2.3% -2.6% 3.9% -4.2% -0.2% 7.4% -0.3% -17.0% 5.9% -12.3% -11.8% 0,42
2017 10.5% 7.9% 5.8% 2.8% -4.0% 7.6% 3.4% 13.6% 3.0% -2.0% 3.7% 0.4% 65.5% Correlation*
0,81
2016 -16.4% -0.9% 7.6% 2.5% 7.5% -13.8% 9.2% -0.8% 6.4% -16.6% 1.0% -10.7% -26.5%
Beta
2015 -3.81% 0.0% 9.6% -1.1% 6.7% -4.0% -14.2% -7.5% 16.9% 1.2% 0.4% 0,85
Upside CaptureRatio
104,44%
175
Downside Capture Ratio 96,42%
160
Average Monthly Return 1,08%
145
Up Months 55,38%
130
Average up month 6,87%
115 Down Months 44,62%
100 Average down month -6,11%
85 Best up month 21,98%
70 Worst month -16,97%
5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0
r-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -1 pr-1 J ul-1 c t- 1 an -2 pr-2 J ul-2 Max Drawdown -36,31%
Ap O J A O J A O J A O J A O J A
Return Distribution *ARCA Biotech Index
25
20
15
10
5 Discover this theme on our website
0
5%
Biotech ARCA Biotechnolog y Index
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
BIOTECHNOLOGY
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Fintech Disruptors and enablers. both winners
The pace of innovation in financial technology (Fintech) has been accelerating lately with notably the emergence of mobile payments.
Banks and insurers will have no choice but to invest heavily as Fintech is expected to spark major operating efficiencies through increased
automation and is also likely to lift the financial industry's revenue outlook through enhanced customer experience and engagement.
B2B PAYMENTS
FINANCIAL SOFTWARE BLOCKCHAIN
MOBILE PAYMENTS AI & BOTS
P2P LENDING
PAYMENT PROCESSING
LOYALTY & REWARDS
b io met r i c s & s e c u r i t y
FINTECH
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Fintech
SINCE
INCEPTION
Total Net Return Since Incep.
79,42%
Annualised Net Return
Monthly Net Return (USD) 19,46%
AnnualisedVolatility
21,82%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2020 2.7% -4.8% -14.6% 12.2% 10.0% 3.7% 3.6% 3.8% 15.0% Sharpe Ratio
0,83
2019 10.9% 5.4% 3.1% 5.0% -6.1% 7.2% 3.5% -3.8% -2.5% -1.4% 6.3% 0.5% 30.1% Sortino Ratio
2018 11.8% -3.1% 0.1% -1.4% 9.0% 0.3% 3.0% 12.5% 1.1% -15.0% -2.5% -10.2% 1.9% 1,43
2017 -0.0% -1.4% 5.9% 2.2% 3.1% 5.8% 0.9% 0.3% 17.7% Correlation*
0,81
Beta
1,13
175 Upside CaptureRatio
137,16%
Downside Capture Ratio
160 105,73%
Average Monthly Return
1,67%
145 Up Months
67,50%
Average up month 4,94%
130
Down Months 32,50%
115
Average down month -5,57%
100 Best up month 12,50%
Worst month -15,05%
85
Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Max Drawdown -33,65%
Return Distribution *MSCI ACWI Net Total Return USD
15
10
5 Discover this theme on our website
0
5%
Fintech MSCI ACWI N et Return
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
FINTECH
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Mobile Payments Now entering mass adoption phase
While the mobile payment infrastructure is now in place (NFC-enabled phones and POS terminals. various platforms such as Apple Pay). we are about
to enter the second phase of growth for the theme. which is the mass adoption of payment solutions by consumers.
Increasing marketing and improving ergonomics. security and value-added services (such as rewards. loyalty and couponing) should give
a major boost to consumer engagement.
TECH GIANTS
BIOMETRICS & SECURITY
HARDWARE VENDORS
PROCESSORS & NETWORKS
MOBILE PAYMENTS
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Mobile Payments
SINCE
INCEPTION
Total Net Return Since Incep.
208,74%
Annualised Net Return
Monthly Net Return (USD) 19,83%
AnnualisedVolatility 21,15%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
8.2% Sharpe Ratio
2020 3.5% -4.7% -18.3% 19.8% 15.1% 5.9% 6.1% 34.9% 0,90
2019 13.7% 5.1% 4.9% 4.5% -4.9% 7.5% 3.2% -3.8% -4.8% 0.7% 4.9% 1.2% 35.5% Sortino Ratio 1,21
2018 10.7% -2.5% -1.7% 0.7% 7.1% 0.2% 3.2% 10.1% 2.0% -17.1% 2.1% -10.0% 1.2%
2017 7.0% 5.4% 3.6% 3.3% 6.9% -0.0% 6.4% 0.7% 2.0% 7.6% 0.9% 0.5% 53.6% Correlation* 0,63
2016 -6.0% -1.3% 6.6% 0.8% 4.1% -4.1% 2.8% -1.0% 3.5% -3.8% -4.6% -0.0% -3.9%
Beta 0,96
2015 -0.9% 6.1% 0.3% 5.8% 3.9% -7.7% 1.5% -2.3% -3.2% 7.7% 4.4% -0.7% 14.7%
2014 0.6% 3.9% 2.4% -7.9% 2.5% -4.1% -1.9% 7.9% -3.8% -1.3% Upside CaptureRatio 158,69%
305
Downside Capture Ratio 119,64%
290
275
260 Average Monthly Return 1,66%
245
230 Up Months 66,23%
215
200 Average up month 4,89%
185
170 Down Months 33,77%
155
140 Average down month
125 -4,67%
110
Best up month 19,79%
95
80
Worst month -18,26%
4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0
y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-1 y- 1 g-1 v -1 b-2 y- 2 g-2
Ma A u No F e Ma A u No F e Ma A u No F e Ma A u No F e Ma A u No F e Ma A u No F e Ma A u Max Drawdown -36,27%
Return Distribution
25 *MSCI ACWI Net Total Return USD
20
15
10
5
Discover this theme on our website
0
5%
AtonRâ Mobile Payments MSCI ACWI Net Return
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
MOBILE PAYMENTS
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Security & Space Enabling and securing progress
Security is in the early stages of its digital and tech transformation thanks to innovations in artificial intelligence. robotics and augmented
reality. Space exploration could be another major source of upside for private contractors as the US plans missions to the Moon and beyond
and as the new NASA Administrator is a proponent of outsourcing some of the NASA’s operations to the private sector. Civil security will be in
the spotlight as the Internet of Things opens the way to new cyber attacks and as smart cities become reality. pointing to strong demand for
smart devices. inspection and detection systems and cyber security.
NEW GENERATION TECHNOLOGIES
SECURITY DEVICES SMART CITIES & HOMES
BIOMETRICS & CYBERSECURITY
SPACE
SECURITY & SPACE
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Security & Space
SINCE
INCEPTION
Total Net Return Since Incep. 85,78%
Annualised Net Return 14,49%
Monthly Net Return (USD)
AnnualisedVolatility 18,11%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2020 1.8% -9.6% -10.2% 9.4% 11.1% -0.4% -1.1% 4.8% Sharpe Ratio 0,74
6.0%
2019 15.4% 7.6% -1.5% 3.8% -6.6% 6.2% 2.7% -3.2% 0.2% 1.3% 6.9% 0.8% 36.8% Sortino Ratio 1,33
2018 6.4% -0.6% -1.9% -2.3% 2.2% -1.9% 4.3% 6.6% 3.4% -13.4% 0.8% -8.4% -6.7%
2017 -0.8% 6.7% 2.8% 4.2% 2.8% -3.2% 3.4% 3.3% 4.1% 0.9% -0.2% -0.4% 20.8% Correlation* 0,83
2016 -0.2% 0.8% 6.0% -0.7% 1.1% -4.5% 5.2% -1.1% 0.0% -0.9% 9.3% -0.4% 14.9%
Beta 1,13
190 Upside CaptureRatio 112,69%
Downside Capture Ratio 109,17%
175
Average Monthly Return 1,30%
160
Up Months 56,36%
145
Average up month 4,72%
130
Down Months 43,64%
115 Average down month -3,11%
100 Best up month 15,42%
Worst month -13,38%
85
Feb-16May-16Aug-16Nov-1 6Feb-17May-17Aug-17Nov-1 7Feb-18May-18Aug-18Nov-1 8Feb-19May-19Aug-19Nov-1 9Feb-20May-20Aug-20 Max Drawdown -33,55%
Return Distribution
*MSCI ACWI Net Total Return USD
15
10
5
Discover this theme on our website
0
5%
Defense MSCI ACWI Net Return
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
SECURITY & SPACE
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Sustainable Future Building a new world
Sustainable development is defined as “development that meets the needs of the present without compromising the ability of future
generations to meet their own needs”. Our Sustainable Future theme will capture the growth (estimated above 20% on average) in all
industries benefiting from the sustainable development of our planet.
We invest in pure players in renewable energies. energy storage. smart transportation. water & wastewater treatment. the digitalization
of energy systems and integration of smart technologies.
SMART CITIES & BUILDINGS
WATER & WASTEWATER TREATMENT
SMART TRANSPORTATION
SMART GRID
ENERGY STORAGE
ENERGY EFFICIENCY SMART AGRICULTURE SOLAR & WIND
SUSTAINABLE FUTURE
AUGUST 2020ANNEXES: THEMATIC PORTFOLIOS DATA
Sustainable Future
SINCE
INCEPTION
Total Net Return Since Incep.
82,89%
Annualised Net Return
Monthly Net Return (USD) 38,14%
AnnualisedVolatility
28,59%
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ANNUAL
2020 3.5% 0.1% -21.1% 13.9% 11.0 % 6.5% 17.5% 16.0% 50.0% Sharpe Ratio 1,30
2019 8.9% 5.0% 0.4% 4.5% -5.2% 9.3% -0.4% -3.4% 2.4% 1.3% 2.1% 5.7% 33.8% Sortino Ratio
2,24
2018 -2.0% 2.8% -9.6% -8.9%
Correlation*
0,90
185 Beta
1,17
Upside Capture Ratio
166,70%
170
Downside Capture Ratio
97,93%
155
Average Monthly Return 3,01%
140 Up Months 73,91%
Average up month 6,52%
125
Down Months 26,09%
110
Average down month -6,93%
95 Best up month 17,48%
Worst month -21,11%
80
Nov-1 8 Feb-19 May-19 Aug-19 Nov-1 9 Feb-20 May-20 Aug-20 Max Drawdown -39,84%
Return Distribution
*MSCI ACWI Net Total Return USD
10
5
Discover this theme on our website
0
5%
Sustain ab le Future USD MSCI ACWI N et Return
Data as of 31.08.2020; Past Performance is Not a Guarantee of Future Results
SUSTAINABLE FUTURE
AUGUST 2020Embrace The Future OfInvesting…
Explore our investment themes:
www.atonra.ch/investment-themes/
HEALTHCARE SUSTAINABLE AI AND SECURITY MOBILE
BIOTECHNOLOGY FINTECH BIONICS
M&A FUTURE ROBOTICS AND SPACE PAYMENTS
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