is that, in the long term, by losing less you win more.

Our experience in over 90 years of asset management

“OUTPERFORM BY LOSING LESS”

CARTAGO FUNDS

FUNDS WE ADVICE

US INCOME

	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Global Balanced USD	8.30	4.79	10.78	5.29	2.42	-12.51	21.26	9.21	1.72	9.45	7.16	7.84	2.78	3.69	5.60	-7.40	15.71	-5.47
Global Balanced EUR	8.27	4.80	10.71	5.30	2.42	-12.51	21.26	9.21	1.72	9.45	7.15	7.84	2.78	3.69	4.13	-9.74	12.00	-6.78
US Income USD	10.28	2.89	0.04	4.36	2.20	-11.12	14.60	12.21	5.21	13.76	4.63	7.56	-0.93	6.76	9.49	-6.23	14.91	-5.63
US Income EUR	10.48	3.44	0.41	5.09	3.07	-10.89	15.17	12.84	5.73	14.32	5.20	8.05	-0.48	7.29	9.71	-6.86	12.10	-7.07

* Figures shown are based on backtesting the funds over a period of 20 years until the 15th March 2017 for the Global Balanced Fund and the 15th March 2018 for the US Income Fund. These performance figures reflect what a client would have received net of fees.

Within a global universe, funds try to select strategies that make the most of Market inefficiencies, principally concentrating on businesses and sectors that investors have overlooked.

With this approach, we attempt a double objective: to preserve capital and generate positive gains over time, independently of market conditions.

The key to success in the investment process is to control the risk in every moment instead of looking for the highest returns, avoiding being exposed to severe corrections from markets.

Investing well is defining objectives, planning strategies

and choosing the most appropriate product,

managing in the most efficient way

INFORMATION ABOUT THE FUNDS
POLICY AND STRATEGY

The investment objective of the funds is to achieve capital appreciation for the investor in medium term, with a focus on capital preservation. The funds attempt to achieve this objective by seeking investment strategies of the best managers with the principle of risk diversification, directly or indirectly, through worldwide investments, mainly in global equities, investment grade and high yield bonds and money market instruments among others.

The funds are managed by following a geographical and sectoral diversification, based on a dynamic investment methodology. Their flexible allocation permits mitigating capital fluctuations, whilst the best source of profit is searched for. The funds are ideal for investors that seek to maximize profit with a conservative approach and very low volatility.

The key of the investment strategy of our funds is the combination of selective multi-strategy and active liquidity management

ADVISORY TEAM

The team is made up of professionals that have been working as a team for over 15 years
and that collectively have over 90 years of experience in asset management.

With Swiss, Spanish and North American nationalities, different specialties, professional experiences and sources of information allows us to access to the best strategies and opportunities at any time.

A system of economic indicators developed by themselves over many years has allowed to put into practice a successful method of risk reduction during large falls in markets. In this way, they put into practice their slogan “Outperform by losing less” into practice.

The Cartago Funds are an investment vehicle designed to achieve

the objectives of a correct wealth planning.

CARTAGO FUNDS

FUNDS WE ADVICE

GLOBAL BALANCED

US INCOME

Within a global universe, funds try to select strategies that make the most of Market inefficiencies, principally concentrating on businesses and sectors that investors have overlooked.

With this approach, we attempt a double objective: to preserve capital and generate positive gains over time, independently of market conditions.

The key to success in the investment process is to control the risk in every moment instead of looking for the highest returns, avoiding being exposed to severe corrections from markets.

INFORMATION ABOUT THE FUNDS
POLICY AND STRATEGY

The key of the investment strategy of our funds is the combination of selective multi-strategy and active liquidity management

ADVISORY TEAM

The team is made up of professionals that have been working as a team for over 15 years
and that collectively have over 90 years of experience in asset management.

With Swiss, Spanish and North American nationalities, different specialties, professional experiences and sources of information allows us to access to the best strategies and opportunities at any time.

A system of economic indicators developed by themselves over many years has allowed to put into practice a successful method of risk reduction during large falls in markets. In this way, they put into practice their slogan “Outperform by losing less” into practice.

CONTACT

Adepa Asset Management S.A.
6A rue Gabriel Lippmann
L – 5365 Munsbach, Luxembourg

Telephone: +352 26 89 80 52
Fax: +352 26 89 80 40

Email: infocenter@adepa.com

CARTAGO FUNDS

FUNDS WE ADVICE

GLOBAL BALANCED

US INCOME

Within a global universe, funds try to select strategies that make the most of Market inefficiencies, principally concentrating on businesses and sectors that investors have overlooked.

With this approach, we attempt a double objective: to preserve capital and generate positive gains over time, independently of market conditions.

The key to success in the investment process is to control the risk in every moment instead of looking for the highest returns, avoiding being exposed to severe corrections from markets.

INFORMATION ABOUT THE FUNDS POLICY AND STRATEGY

The key of the investment strategy of our funds is the combination of selective multi-strategy and active liquidity management

ADVISORY TEAM

The team is made up of professionals that have been working as a team for over 15 years and that collectively have over 90 years of experience in asset management.

With Swiss, Spanish and North American nationalities, different specialties, professional experiences and sources of information allows us to access to the best strategies and opportunities at any time.

A system of economic indicators developed by themselves over many years has allowed to put into practice a successful method of risk reduction during large falls in markets. In this way, they put into practice their slogan “Outperform by losing less” into practice.

CONTACT

Adepa Asset Management S.A. 6A rue Gabriel Lippmann L – 5365 Munsbach, Luxembourg

Telephone: +352 26 89 80 52 Fax: +352 26 89 80 40

Email: infocenter@adepa.com

INFORMATION ABOUT THE FUNDS
POLICY AND STRATEGY

The team is made up of professionals that have been working as a team for over 15 years
and that collectively have over 90 years of experience in asset management.

Adepa Asset Management S.A.
6A rue Gabriel Lippmann
L – 5365 Munsbach, Luxembourg

Telephone: +352 26 89 80 52
Fax: +352 26 89 80 40