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Tomasz Godziek

8 April 2020

For Professional Investors Only

JSS Sustainable Equity –Tech Disruptors

For questions please email: wholesale@jsafrasarasin.com or ic@jsafrasarasin.com

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Executive Summary

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Key messages

Source: Bank J. Safra Sarasin Ltd. As of March 31, 2020

⮚ Very strong and consistent performance in the up and down markets driven by good

stock selection and robust portfolio construction

⮚ Continously focusing on companies characterized by unique technologies, high

barriers to entry and with scalable business models

⮚ We are seeing inflection points in many technology themes (e.g. cloud, 5G & optical

networking, programmatic advertising, modern cybersecurity, electric vehicles)

⮚ Broad based interest in the fund continues: fund AUMs at 190M USD. Very resilient

during the COVID-19 outbreak

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The Fund

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Investing in the major technological innovations

that are reshaping our world…

Source: Bank J. Safra Sarasin Ltd.

Innovations and exposed industries

Connectivity

Information Processing

High-Tech Products

Cloud

5G

Optical Networking

Artificial Intelligence

Big Data and Analytics

Cybersecurity

Robotics

Electric Vehicles &

Autonomous Driving

Virtual Reality

Communications Equipment,

Electronic Equipment,

Semiconductors, Software, Real

Estate

Software, Semiconductors,

Internet, MedTech

Semiconductors, Electronic

Equipment, Life Science Tools,

Machinery

Core Themes Key Technologies Main Industries

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… via a differentiating investment approach

* The investment portfolio consists of at least 30 holdings

Covering the entire disruption

value chain by investing in firms

spearheading technological

innovation (“Enablers”) and those

benefiting from its adoption

(“Beneficiaries”)

Hybrid allocation integrating

cutting-edge disruptive growth

stories with more stable businesses

Superior diversification by

investing across sectors and

industries, rather than only in the

Technology sector*

Three core themes to invest

across the disruption universe

rather than focusing on individual

trends or technologies

Ability to flexibly adjust

allocation among themes,

capitalizing on technological and

macroeconomic cycles

Low level of correlation between

holdings, thanks to a high degree

of diversification in terms of themes,

technologies, and value chains

High conviction portfolio capable

of identifying and magnifying

specific investment opportunities

Multi-layered integration of

specialized research insights

throughout the investment process

Focus on mid-cap growth

companies with identifiable “paths

to success”, following in-depth

valuation-driven and sustainability-

focused research

…more than just technology…

…more than just one theme…

…more than just the “big names”…

Cross-thematic Investment

Universe

Technology Enablers and

Beneficiaries

Specialized Research-driven

Investment Approach

1 2 3

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As of 31.03.2020

Investment Team

Tomasz Godziek

Lead Portfolio Manager

Information Technology & Quant

Pierin Menzli

Portfolio Manager

Head of Thematic Equities

Yohann Terry

Portfolio Manager

Communication & Internet

MSc in Global Financial Markets,

MSc in International Trade, MSc in

Business and Management

Research; Doctoral Research

Program Member at Henley

Business School

Experience as Index Engineer,

Quantitative Analyst and Equity

Analyst

Investment experience: 10 years

M.A. HSG, University of St.Gallen

Experience as Head of Research,

Co-Founder, Managing Director,

Equity and Sustainability Analyst

Investment experience: 17 years

MBA, ESSEC Business School

Experience as Financial Controller,

Sell-Side Financial and

Sustainability Analyst

Investment experience: 16 years

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Performance

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Performance against the Morningstar peer group

since the fund inception (P USD acc share class)

Clear outperformance in the positive market, while being relatively more

resilient during the corrections thanks to the diversified portfolio structure

Source: Morningstar Direct as of March 31, 2020

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Performance against the Morningstar peer group

YTD (P USD acc share class)In Q1 2020 our Cybersecurity, Online Gaming and Cloud related stocks performed best, while stocks

exposed to Cashless Payments, Industrial Automation and Electric Vehicles were the laggards

Source: Morningstar Direct as of March 31, 2020

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Performance vs. closest peers: 1Y (P USD acc)

Strong and consistent outperformance. Outperforming 9, underperforming 1 of the largest

by AuMs and closest peers

*JSS Tech Disruptors fund – black line, NAVs as of April 4, 2020

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Special Topic: COVID-19

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COVID19 update

Key observations and actions

Source: Bank J. Safra Sarasin Ltd.

■ KPIs to monitor (order of relevance):

⮚ Mortality rate and total number of cases

⮚ Governmental actions

⮚ Clustering/density in specific regions/countries

⮚ Treatment and vaccine development

■ Our base case: New Flu-like disease, continues spreading worldwide in the coming weeks,

resulting in disruptions and uncertainties. However, the current market share price correction largely

reflects that case.

■ Impact on Tech: broad based and two sided: supply and consumption. Yet, it will accelerate the

adoption of certain technologies

■ Our actions:

⮚ Developed KPIs, bull/bear/base scenarios

⮚ Reviewed the portfolio structure

⮚ Analyzed the liquidity profile of selected holdings and the portfolio

⮚ Defined COVID19 company exposure scorecard and executed on the selected trades

⮚ Rebalanced the portfolio once the excesses became too large

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COVID update – Short-term portfolio changes

Types of companies towards which we have tilted the portfolio in the initial phase

Source: Bank J. Safra Sarasin Ltd. As of March 8, 2020

Our preferred exposures and companies

Localized production vs. complex supply chain

Selling to large enterprises vs. SMEs

Many smaller vs. few larger deals

Business critical vs. discretionary spending

Recurring vs. short cyclical business models

Growth & Low Leverage vs. Value & High Leverage

Products benefitting from the “stay at home” trend

Exposure to cybersecurity, monitoring, alerting

Intel, Rohm

Salesforce, Microsoft

GoDaddy, Elastic

Data centers, Cybersecurity

Software & selected Internet holdings

Software, Internet

Ubisoft, Zscaler

Everbridge, Synopsys

Exposure Company examples

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Given the magnitude of the monetary and fiscal stimulus that central banks and governments have

injected into the economies, the rebound will be led by the value and cyclical stocks (e.g.

Semiconductors) in the first phase and growth and quality (e.g. Software) in the second phase

Therefore, we remained disciplined and rebalanced the portfolio structure when the relative weight of cyclical

& value versus quality & growth has dropped by 15%

The current situation will have long lasting implications and will change the future behaviours

of corporates and consumers.

The rising need for faster internet bandwidth, innovative cybersecurity solutions, decentralized

computing and more localized supply chains is set to rapidly increase in the coming years

COVID update – Mid/long-term view

Rebound game plan

Source: Bank J. Safra Sarasin Ltd. As of March 18, 2020

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Fund Style Positioning

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Style perspective – Portfolio style risk map

Diversified portfolio structure enables consistent outperformance in the different

phases of the macroeconomic environment

*bold – one of the top 10 position

Source: Bank J. Safra Sarasin Ltd. as March 8, 2020

Company examples:

Ciena

Disruptive Growth

20-50%

Internal Growth

20-50%

Cyclical Growth

20-50%

Quality

5-15%

Value

10-30%

Special Situation

0-10%

Company examples:

Elastic

Everbridge

The Trade Desk

Company examples:

Analog Devices

Kion

Tokyo Electron

Company examples:

Equinix

Company examples:

Ubisoft

Company examples:

Microsoft

Synopsys

Visa

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Appendix

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JSS Sustainable Equity – Tech Disruptors

Fund Details

As of July 2018.

Further details are included in the JSS Investmentfonds SICAV prospectus.

Name of fund JSS Sustainable Equity – Tech Disruptors

Fund domicile Luxembourg

Legal structure SICAV according to Luxembourg law / UCITS

Fund management company J. Safra Sarasin Fund Management (Luxembourg) S.A., Luxembourg

Portfolio management Bank J. Safra Sarasin Ltd, Basel

Custodian bank RBC Investor Services Bank S.A., Luxembourg

Share class P

Accounting currency USD and EUR

Currency share classes USD

Client segment Private clients (for Singapore qualified investors only)

Management fee p.a. P (1.60%)

Minimum subscription P (None)

Liquidity Daily subscription and redemption of fund shares

Authorisation for saleSwitzerland, Luxembourg, Liechtenstein, Germany, Austria, Netherlands, Gibraltar, Great Britain, Ireland,

France, Italy, Belgium, Spain, Sweden, Denmark, Singapore (qualified investors)

Share classes /

ISIN /

Securities-No.

P USD acc / LU1752456340 / 39891369

P USD dist / LU1752456423 / 39891455

P CHF acc / LU1842718188 / 42326331

P CHF dist / LU1842718261 / 42326332

P EUR acc / LU1752456696 / 39891456

P EUR dist / LU1752456852 / 39891457

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JSS Sustainable Equity – Tech Disruptors

Fund Details

As of April 2020.

Further details are included in the JSS Investmentfonds SICAV prospectus.

Name of fund jss sustainable equity - tech disruptors

Fund domicile Luxembourg

Legal structure SICAV according to Luxembourg law / UCITS

Investment company J. Safra Sarasin Fund Management (Luxembourg) S.A., Luxembourg

Portfolio management Bank J. Safra Sarasin Ltd, Basel

Depositary RBC Investor Services Bank S.A., Luxembourg

Share class I

Accounting currency USD

Currency share classes USD, EUR, CHF and USD (BRL)

Benchmark -

Client segment Institutional Clients

Management fee p.a. 0.80%

Minimum subscription I (USD / CHF 1 Mio.)

Liquidity Daily subscription and redemption of fund shares.

Authorisation for sale

Switzerland, Luxembourg, Liechtenstein, Germany, Austria, Netherlands, Gibraltar (not for CHF fund share

classes), Great Britain, Ireland, France, Italy, Belgium, Spain, Sweden, Denmark, Singapore (qualified

investors)

Share classes /

ISIN /

Securities-No.

I USD acc / LU1752458551 / 39891466

I USD dist / LU1752458635 / 39891467

I CHF acc / LU1842718691 / 42326335

I CHF dist / LU1842718774 / 42326336

P USD acc / LU1752456340 / 39891369P USD dist / LU1752456423 / 39891455P EUR acc / LU1752456696 / 39891456P EUR dist / LU1752456852 / 39891457

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Important Legal Information

Switzerland

SICAV I

This document constitutes marketing material. If it refers to a financial instrument for which a prospectus and/or a key investor/information document

exists, these are available free of charge from Bank J. Safra Sarasin Ltd, Elisabethenstrasse 62, P.O. Box, CH-4002 Basel, Switzerland.

This document has been prepared by Bank J. Safra Sarasin Ltd (“Bank”) for the sole use of the recipient only. The information and descriptions of

the investment product contained in this document are intended purely for information purposes and do not constitute financial, legal or tax advice

and/or any other recommendation, offer or solicitation to acquire or sell investment products, to engage in a transaction, or to conclude any type of

business, nor are they any substitute for, in each individual case, obtaining the necessary advice and information on risk from your professional

advisor to an extent which you consider appropriate and reasonable, in order to ensure that the transaction is appropriate and suitable to your

financial goals and circumstances.

This document is based on publicly available information and data (“the Information”) believed to be correct, accurate and complete. The Bank has

not verified and is unable to guarantee the accuracy and completeness of the Information contained herein. Possible errors or incompleteness of the

Information do not constitute legal grounds (contractual or tacit) for liability, either with regard to direct, indirect or consequential damages. There is

no obligation on the part of Bank or any other person to update the content of this document. The views and opinions contained in this document,

along with the quoted figures, data and forecasts, may be subject to change without notice.

The collective investment fund described in this document is a subs-fund of JSS Investmentfonds. JSS Investmentfonds is a UCITS organized as an

open-ended investment company (société d’investissement à capital variable – “SICAV”) regulated by the Commission de Surveillance du Secteur

Financier (“CSSF”). It has been authorized for marketing in Switzerland by the Swiss Financial Market Supervisory Authority FINMA.

The price and value as well as any income that might accrue of any financial instrument mentioned in this document may move upwards or

downwards.

Past performance is no indication of current or future performance. The performance shown does not take account of any commissions and costs

incurred on the issue and redemption of units. Such costs and commissions have a negative impact on the performance of the fund. Information

containing forecasts are intended for information purpose only and are neither projections nor guarantees for future results and could differ

significantly for various reasons from actual performance. Investments in foreign currencies are subject to exchange rate fluctuations. Exchange rate

risk will apply if the investor’s reference currency is not the same as the investment currency.

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Important Legal Information

Switzerland

SICAV I

Investing in this fund entails risks which are outlined in the prospectus. The latest available prospectus as well as the Key Investor Information

Document “KIID” should be carefully read and an independent consultant should be consulted before considering any investment. The above

mentioned documents, the articles of incorporation as well as the annual and semi-annual reports are available free of charge from the paying agent

(Bank J. Safra Sarasin Ltd, Elisabethenstrasse 62, P.O. Box, CH-4002 Basel, Switzerland) or the Swiss representative (J. Safra Sarasin

Investmentfonds Ltd, Wallstrasse 9, CH-4002 Basel, Switzerland).

The Bank and/or an affiliate of the J. Safra Sarasin Group, its clients and/or officers may hold a position or engage in transactions in any of the

financial instruments mentioned.

The Bank does not accept any liability whatsoever for losses arising from the use of the Information (or parts thereof) contained in this document. In

particular, neither the Bank nor its shareholders and employees shall be liable for the views contained in this document.

This publication is intended only for investors in Switzerland. It may only be distributed in countries where its distribution is legally permitted. This

information is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) such offering is

prohibited. Shares/Units of this fund may not be offered, sold or delivered to persons domiciled in the USA, US nationals or US person as defined by

FATCA-rules. Consequently, services and/or products mentioned in this document may not be available in all countries. Interested parties should

contact the local J. Safra Sarasin Group-representative to be informed about the services and products available in their country of residence.

© Copyright Bank J. Safra Sarasin Ltd. All rights reserved.

Bank J. Safra Sarasin Ltd

Elisabethenstrasse 62

P.O. Box

CH-4002 Basel

T: +41 (0) 58 317 44 44

F: +41 (0) 58 317 44 00

www.jsafrasarasin.com

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Bank J. Safra Sarasin Ltd

Elisabethenstrasse 62

P.O. Box

CH-4002 Basel

Switzerland

T: +41 (0)58 317 44 44

F: +41 (0)58 317 44 00

www.jsafrasarasin.ch

For further information please contact us