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8 december 2017

Monthly Update: November 2017

November was a yoyo month for equity markets, and our funds. We started the month with a new all-time high for our long-only global equity fund Aphilion Q² - "Equities": 336.81€ on November 6th, which amounts to an annualised return of +7.9% since its launch at the end of 2001. But the fund nevertheless closed the month slightly lower, showing once again that hot economic figures often leave the market cold. And rightly so: look forward, not back...

Balance had a negligible loss thanks to the underlying equity portfolio not fairing too badly. "Equities'" underperformance was mainly caused by regional allocation: European stocks on average shed over 2% with the MSCI World limiting losses in EUR to 0.5%. Balance is far less impacted by this because regional equity exposures are hedged separately.

Aphilion SIF had strong momentum coming into the month (after October's stellar+4.9%), but succumbed to some strong market reversals in the final week of November. Numerous positions that had done well in the recent past (and were partly responsible for the fund's excellent recent performance) reversed almost in tandem in the final week and pushed the fund into negative territory for the month: -3.5%. The situation has stabilized since then but we remain vigilant for what the rest of December might bring.

More numbers and information can be found in the fund factsheets (available by clicking on the buttons above), on our website for the Q² funds, and on www.aphilion.com/SIF for our hedge fund (well informed investors only).

Thank you for your continued interest and consideration,
Best Regards,

Jan Holvoet, Nico Goethals, Xavier Boussemaere
Fund Managers,
Aphilion sprl

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