A focus on high quality companies in Asia, which are generally privately controlled, subject to limited regulatory risks and a demonstrated track record being managed with strong return orientation.

We believe that Asian equities is an area where in-depth fundamental research with a value orientation can uncover considerable investment opportunities.

This space tends to be under researched and populated by companies in their growth stage of development where considerable shareholder value can be realized. By adopting a highly concentrated portfolio approach, centered on profitable, stable and sustainable businesses with strong valuation support, we can deliver attractive returns to our investors and outperform the broader market over time.

The strategy is benchmark agnostic thus no consideration is given to the composition of benchmarks in determining how to build our portfolios.

Victoire Asia Equity Strategy

Objective

The objective is to achieve positive absolute and superior returns to its benchmark (MSCI EM Asia SMID) over the market cycle by investing in attractively valued and higher quality companies listed in key EM Asian equity markets.

Philosophy

The Strategy adopts a concentrated value approach to invest primarily in high quality companies with sustainable business models that are undiscovered, misunderstood or mispriced by the market. Strong importance is placed on corporate governance practices.

Strategy

Long-only fundamental bottom-up investing in a concentrated portfolio, typically holding 15-20 high conviction positions.

Characteristics of the Target Companies

Companies with strong and sustainable profitability metrics, low financial leverage, limited regulatory risks and a demonstrated track record being managed with minority shareholder alignment and supportive governance dynamics.

The investments of the Fund are subject to normal market risks, such as the risk that stock or bond prices in general may decline over short or extended periods. The securities markets tend to be cyclical, with periods in which prices generally rise or decline.

The Investment Manager believes, however, that such risks may be reduced through the Fund’s strategies of diversification and of investing in securities the prices of which are already discounted from their fundamental value.

There is no assurance that the investment objectives of the Fund and of each Sub-Fund will be achieved. In addition, the Fund does not expect to make regular, frequent or substantial cash distributions.

Accordingly, an investment in the Fund may not be suitable for investors with a need for current income. Further, an investment in the Fund should not be considered as a complete investment program.

Moreover, investors should recognize that investing in emerging markets generally involves certain risks, including those set forth on the Prospectus, which would not necessarily be associated with investments in the securities of issuers in the United States of other developed countries.

As a result of a number of the factors set forth on the Prospectus with regard to political, economic, legal and financial circumstances in emerging market countries, the Fund, on behalf of any Sub-Fund, may determine, from time to time, that, notwithstanding otherwise favorable investment criteria, it may not be practicable or appropriate to invest in a particular country.

This Strategy is available for investors who are not Restricted Persons, as defined on the Prospectus of Alma Capital Investment Funds, an open-ended Luxembourg-based investment company (société d’investissement à capital variable, the “SICAV”) on March 10, 2011 and authorised under Part I of the 2010 Law.

Daily prices can be found on Bloomberg under tickers AVASMIU LX (Institutional USD share class) and AVAVRUS LX (Retail USD share class).

Contact us for further information on how to subscribe at vair@victoireinvest.com or +852 3116 6138. Alternatively, you may contact the register transfer agent for the Fund:

Register and Transfer Agent

BNP Paribas Securities Services
Transfer Agency
60, Avenue J.-F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Phone: +352 2696 2030
Fax: +352 2696 9747
Email: lux.ta.bp2sclientservices@bnpparibas.com