MACQUARIE Funds · Limited (ACN 008 583 542) or of any entity in the Macquarie Group. They are...

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STRICTLY CONFIDENTIAL

MACQUARIE Funds

Macquarie Investment Management Austria Kapitalanlage AG

Kaerntner Strasse 28 1010 Vienna, Austria

+43 1 90400 0 www.macquarie.at/mim

Short-term bondsg AT0000781679 Macquarie SR Plusg AT0000A08S45 S5g AT0000A287L2 M110

Bond fundsg AT0000A0B2A9 M100g AT0000A0B281 Macquarie Euro Target Return Fundg AT0000664792 S3g AT0000727383 S700g AT0000A1NB63 Macquarie Euro Corporate Bond Fundg LU1274828372 Macquarie Euro Government Bond Fund B EURg LU1274829420 Macquarie Euro Government Bond Fund I EURg AT0000818059 Macquarie Bonds Europeg AT0000817846 Macquarie MS Bonds Emerging Marketsg LU1818615764 Macquarie Sustainable Emerging Markets LC Bond Fund B EURg LU1818617620 Macquarie Sustainable Emerging Markets LC Bond Fund I EURg LU1818619758 Macquarie Sustainable Emerging Markets LC Bond Fund I2 EURg LU1818621739 Macquarie Sustainable Emerging Markets LC Bond Fund SI EURg LU1818621226 Macquarie Sustainable Emerging Markets LC Bond Fund SI CHFg LU1818622117 Macquarie Sustainable Emerging Markets LC Bond Fund SI GBPg LU1818623198 Macquarie Sustainable Emerging Markets LC Bond Fund SI USDg AT0000A287N8 Macquarie Inflation-Linked Bond Fund

Multi assetg AT0000781588 Macquarie Global Multi Asset Stable Diversified Fundg AT0000781596 Macquarie Global Multi Asset Flexible Allocation Fundg AT0000737697 Macquarie Business Classg LU1274825196 Macquarie Global Multi Asset Absolute Return Fund A EURg LU1274825865 Macquarie Global Multi Asset Absolute Return Fund B EURg LU1274826673 Macquarie Global Multi Asset Absolute Return Fund I EUR

Convertible fundsg LU1274831590 Macquarie Global Convertible Fund B EURg LU1274833612 Macquarie Global Convertible Fund I EUR

Equity fundsg AT0000819818 M300

Investment objective

Investment strategy Inception date 30 June 1999

Reference currency EUR

Fund size EUR 100,140,025

Authorisation status UCITS compliant

AT0000781679 - (T) EUR

Fund performance net of fees to 29.01.2021

AISRHLQ AV - (T) EUR

Management fee * 0.10% p.a.

Initial charge max. 2.00%

Manager comment

Minimum initial subscription -

-Minimum additionalsubscription amount

Bloomberg code

Reference portfolio -

CustodianLiechtensteinische Landesbank (Österreich) AG, Wien

Investment ManagerMacquarie Investment Management Austria Kapitalanlage AG

Fund details

Fund charges

Total expense ratioas at 30 June 2020

0.17%

Fund codes and minimum investment amounts

ISIN

T = Accumulating

Performance excluding subscription fees. The figures are based on the cumulative performance during the referenced periods excluding upfront fee. Calculation example considering upfront fee: Investment amount of EUR 1.000 is reduced by the upfront fee of 2.00% (EUR 19.61) on the day of investment. The performance may be further reduced by annual bank charges for keeping the client’s accounts.

At the beginning of the year, positive risk appetite prevailed after the Democrats had won the majority in the US Senate, making further stimulus packages very likely. Especially in the USA, and later also in the Euro Zone, this led to an increase in inflation expectations and thus to an increase in yields on safe government bonds. Italian bonds additionally saw a widening of risk premiums due to a government dissolution. In contrast, risk spreads of emerging market bonds and corporate bonds, for which numerous new issues caused supply pressure, remained largely stable. Turbulences and a moderate correction of the equity markets at the end of the month did not affect the bond markets.

Past performance is not a reliable indicator of future results.

The Macquarie SR Plus Fund is a fixed income fund which aims to achieve steady returns.

The fund invests in government and corporate bonds, especially those within the finance sector. The fund focuses on bonds with very low exposure to interest rates. These can include money market instruments, floating rate notes with intra-annual rate adjustments, fixed coupon bonds (maturity <3 years) and term deposits. The investment team considers issuer diversification, ratings and strong positioning within the capital structure (senior bonds) when constructing the portfolio.

Investment Management

Macquarie SR Plus

For professional investor use only - not for distribution to retail investors

01/2021 YTD 1 year 3 years 5 years-0.05% -0.05% -0.26% -0.94% -0.71%

Monthly Report - January 2021

Bonds 87.67%

Floating Rate Notes 7.52%

Cash and Time Deposits 4.81%

A1-A3 39.70%

AA1-AA3 26.30%

BBB1-BBB3 20.16%

AAA 12.23%

NOT RATED 1.61%

01Y-02Y 41.75%

06M-01Y 22.07%

01M-03M 13.81%

02Y-03Y 9.03%

01M 8.36%

Contacts Austria

+43 1 90400-34548

[email protected]

http://www.macquarie.at/mim

** The fund may contain derivative instruments for hedging purposes, whereby the sum of the Top 5 Positions can exceed 100%.

0.625% STADSHYPOTEK AB (FIXED) 11/2021

1.375% CREDIT SUISSE AG LONDON (FIXED) 01/2022

0.125% CAISSE CENT CREDIT IMMOB (FIXED) 03/2021

3.750% TELSTRA CORP LTD (FIXED) 05/2022

2.52%

2.24%

2.10%

2.10%

Financial instruments **

1.000% BMW FINANCE NV (FIXED) 02/2022

0.250% BELFIUS BANK SA/NV (FIXED) 03/2022

2.60%

IMPORTANT INFORMATION AND RISK WARNINGSFor professional investors only

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The potential abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

Investments in the products described on this page are not deposits or other liabilities of Macquarie Bank Limited (ACN 008 583 542) or of any entity in the Macquarie Group. They are subject to investment risks, which include, inter alia, possible delays in repayment and loss of income and capital invested. None of Macquarie Bank Limited, Macquarie Investment Management Austria Kapitalanlage AG nor any other member of the Macquarie Group guarantee any particular rate of return or the performance of the investment products. Nor do they guarantee the repayment of capital from the investments. Macquarie Investment Management Austria Kapitalanlage AG is not an authorized deposit-institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). Obligations of Macquarie Investment Management Austria Kapitalanlage AG do not represent deposits or other liabilities of Macquarie Bank Limited (ABN 46 008 583 542). Macquarie Bank Limited does not guarantee or otherwise provide assurance with respect to the obligations of Macquarie Investment Management Austria Kapitalanlage AG. Value and yield of investment funds can increase or decrease. Past performance is not necessarily a correct indicator of future performance. Variable exchange rates can also effect the development of your investment. The risk assessments given are based on general experience and are not legally binding. This overview is not an offer to sell or a solicitation to buy a mutual fund.

The prospectus and the Key Investor Information Document of the above mentioned fund have been published in accordance with Investment Fund Act of 2011. The documents as amended are available in German at the seat of the Investment Management Company ("Kapitalanlagegesellschaft"), LLB Invest Kapitalanlagegesellschaft m.b.H., Heßgasse 1, 1010 Vienna and in Germany at the Paying Agent Commerzbank Aktiengesellschaft, Neue Börsenstraße 1, 60487 Frankfurt am Main. Due to different calculation methodologies the calculated performance may deviate from the performance evidenced in the annual reports of the investment fund.

Maturity (Top 5 positions) **

Top Holdings

Bond ratings **

2.55%

2.54%

2.53%

2.52%

4.250% CAISSE FRANCAISE DE FIN (FIXED) 01/2022

3.24%

0.000% HENKEL AG & CO KGAA (FIXED) 09/2021

0.625% ARKEA HOME LOANS (FIXED) 09/2022

2.000% PROCTER & GAMBLE CO/THE (FIXED) 11/2021

mailto:[email protected]


Investment strategy Inception date 15 February 2008




AT0000A08S45 - (V) EUR

AT0000A08RS4 - (T) EUR


ALLIS5V AV - (V) EUR

ALLIS5T AV - (T) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


0.66%


ISIN

V = Fully accumulatingT = Accumulating




The S5 Fund is a fixed income fund which aims to achieve steady returns.

The fund primarily invests in subordinated corporate bonds. The focus lies on investment-grade bonds issued by companies outside of the banking sector. Bonds with a high-yield rating can be included. Depending on the market view, senior bonds can be included in the fund. The fund is actively managed with an emphasis on security selection.


S5


01/2021 YTD 1 year 3 years 5 years-0.50% -0.50% +2.48% +14.17% +15.09%


BBB1-BBB3 51.40%

BB1-BB3 36.30%

A1-A3 10.39%

N/A 1.92%

Utilities 27.02%

Financial 17.49%

Energy 17.15%

Consumer, Non-cyclical 14.32%

Industrial 8.65%

25Y+ 97.63%

01M 1.13%

10Y-15Y 0.88%

20Y-25Y 0.36%

Contacts Austria

+43 1 90400-34548

[email protected]



2.625% ABERTIS FINANCE BV (VARIABLE) 12/2049

2.875% MERCK KGAA (VARIABLE) 06/2079

2.750% ELIA GROUP SA/NV (VARIABLE) 12/2049

3.375% ENI SPA (VARIABLE) 12/2049

3.52%

3.41%

2.92%

2.59%

Bond ratings **

1.625% ENBW (VARIABLE) 08/2079

2.625% ALLIANZ SE (VARIABLE) 12/2049

6.39%





Maturity **

Top Holdings

Industry sectors (Top 5 positions) **

5.07%

4.29%

3.98%

3.63%

3.125% BAYER AG (VARIABLE) 11/2079 6.59%

3.625% BP CAPITAL MARKETS PLC (VARIABLE) 12/2049

3.875% VOLKSWAGEN INTL FIN NV (VARIABLE) 12/2049

2.125% TOTAL SE (VARIABLE) 12/2049



Investment strategy Inception date 24 May 2019




AT0000A287L2 - (V) EUR


LLBM110 AV - (V) EUR



Manager comment



Bloomberg code




Fund details

Fund charges

Total expense ratioas at 30 April 2020

0.41%


ISIN

V = Fully accumulating




The M110 is a fixed income fund which aims to achieve steady returns.

This fund invests in term deposits, European government bonds, bonds issued by supranationals and agencies, and in covered bonds with a maturity of less than 3 years and with a good rating. The portfolio management team pays particular attention to the liquidity of the actively selected bonds during the portfolio construction.


M110


01/2021 YTD 1 year 3 years 5 years-0.11% -0.11% -1.13%


Money Market EUR 100.00%

AAA 89.32%

AA1-AA3 10.68%

06M-01Y 61.79%

03M-06M 23.25%

01M-03M 8.09%

01M 6.86%

Contacts Austria

+43 1 90400-34548

[email protected]



3.250% NETHERLANDS GOVERNMENT (FIXED) 07/20210.000% BUNDESSCHATZANWEISUNGEN (FIXED) 06/2021

2.71%

2.14%

Asset classes **

0.000% BUNDESSCHATZANWEISUNGEN (FIXED) 09/2021

0.000% KFW (FIXED) 05/2021

21.18%





Maturity securities **

Top Holdings

Bond ratings **

9.30%

7.65%

6.43%

6.41%

GERMAN TREASURY BILL 31.25%

DUTCH TREASURY CERT

3.500% REPUBLIC OF AUSTRIA (FIXED) 09/2021

2.000% BUNDESREPUB. DEUTSCHLAND (FIXED) 01/2022



Investment strategy Inception date 24 September 2008




AT0000A0B2A9 - (T) EUR

AT0000A0B2B7 - (V) EUR


INNCBPT AV - (T) EUR

INNCBVA AV - (V) EUR



Manager comment



Bloomberg code




Fund details

Fund charges

Total expense ratioas at 29 May 2020

0.35%


ISIN

T = AccumulatingV = Fully accumulating



The investment strategy was adjusted according to the investment guidelines on 20 December 2012. The focus of investment was changed from euro-denominated government bonds to euro-denominated corporate bonds in June 2016. All data refer to the time after the investment strategy was adjusted on 20 December 2012. However, for data since inception on 24 September 2008 please consult the KIID.Past performance is not a reliable indicator of future results.

The current strategy of the fund has been used since 01 June 2016. The historical performance of the fund is therefore not representative for the investment strategy of the fund.

The fund is an actively managed fixed income fund and invests in EUR denominated investment grade corporate bonds with maturities of less than 10 years. A balanced mix of corporate sectors (including financials) and issuers is applied. Up to 10% of the fund volume can be invested in subordinated bonds (Tier 2). The rates sensitivity (rates duration) of the funds is largely hedged by using derivatives (rates duration is between 0 and 2.5 years). The fixed income team puts emphasis on the liquidity of actively selected individual securities.


M100




Corporate Bonds 88.84%


Government Bonds EMU -65.22%

BBB1-BBB3 62.64%

A1-A3 29.76%

BB1-BB3 6.22%

AA1-AA3 1.38%

Financial 56.07%


Consumer, Cyclical 11.30%

Utilities 7.78%

Communications 6.44%

Contacts Austria

+43 1 90400-34548

[email protected]



1.125% SANTANDER UK GROUP HLDGS (FIXED) 09/2023

1.500% KRAFT HEINZ FOODS CO (FIXED) 05/2024

0.875% MEDIOBANCA DI CRED FIN (FIXED) 01/2026

0.875% HYPO NOE LB NOE WIEN AG (FIXED) 10/2023

2.11%

2.11%

2.10%

2.10%

Asset classes **

2.000% CREDIT AGRICOLE ASSRNCES (FIXED) 07/2030

1.500% UBS GROUP AG (FIXED) 11/2024

2.32%






Top Holdings

Bond ratings **

2.22%

2.20%

2.17%

2.14%

0.125% KBC GROUP NV (VARIABLE) 01/2029

2.70%

2.000% ANHEUSER-BUSCH INBEV SA/ (FIXED) 03/2028

1.125% CREDIT MUTUEL ARKEA (FIXED) 05/2029

2.125% INTESA SANPAOLO SPA (FIXED) 05/2025







AT0000A0B281 - (T) EUR

AT0000A0B299 - (V) EUR


INNCDPT AV - (T) EUR

INNCDVA AV - (V) EUR



Manager comment



Bloomberg code




Fund details

Fund charges

Total expense ratioas at 30 October 2020

0.41%


ISIN

T = AccumulatingV = Fully accumulating




The Macquarie Euro Target Return Bond Fund is a fixed income fund which aims to achieve steady returns through controlled risk taking.

The fund invests mainly in investment grade bonds of the Eurozone. An allocation in high yield and foreign currency bonds (such as USD and GBP) on a currency hedged basis is also possible. The focus is on active positions in interest rate and spread duration, country allocation, yield curve, sector and stock selection. The allocation is made in accordance with the market assessment of the Fixed Income team of Macquarie Investment Management Austria. The fund is not tied to a benchmark.


Macquarie Euro Target Return Fund






Money Market USD 0.04%


Germany 26.04%

Netherlands 13.79%

Spain 12.96%

United States 12.60%

France 11.75%

01M-03M 40.10%

06M-01Y 16.75%

05Y-07Y 16.73%

01M 11.73%

10Y-15Y 11.61%

Contacts Austria

+43 1 90400-34548

[email protected]



4.200% BONOS Y OBLIG DEL ESTADO (FIXED) 01/2037


1.047% JPMORGAN CHASE & CO (VARIABLE) 11/2032

0.875% MONDELEZ INTL HLDINGS NE (FIXED) 10/2031

2.77%

2.04%

1.86%

1.86%

Asset classes **

0.000% REPUBLIC OF AUSTRIA (FIXED) 04/2023

0.000% NETHERLANDS GOVERNMENT (FIXED) 01/2022

5.45%






Top Holdings

Countries (Top 5 positions) **

5.29%

4.90%

4.28%

2.83%


8.63%


GERMAN TREASURY BILL








AT0000664792 - (T) EUR

AT0000664784 - (A) EUR


ALLIS3T AV - (T) EUR

ALLIS3A AV - (A) EUR



Manager comment



Bloomberg code




Fund details

Fund charges

Total expense ratioas at 31 August 2020

0.36%


ISIN

T = AccumulatingA = Distributing





The fund invests predominantly in Euro-denominated Government Bonds and has a duration risk that is similar to a portfolio consisting of 50% 1-3year and 3-5year bonds respectively.


S3


01/2021 YTD 1 year 3 years 5 years-0.20% -0.20% -0.28% +0.78% +0.52%


Government Bonds EMU 92.15%


BBB1-BBB3 38.22%

AA1-AA3 33.10%

AAA 22.88%

A1-A3 5.79%

04Y-05Y 31.55%

02Y-03Y 29.18%

03Y-04Y 17.05%

01Y-02Y 14.36%

06M-01Y 5.40%

Contacts Austria

+43 1 90400-34548

[email protected]



0.000% BUNDESOBLIGATION (FIXED) 04/2025



0.600% BUONI POLIENNALI DEL TES (FIXED) 06/2023

4.37%

4.28%

4.03%

3.56%

Asset classes **

0.000% FRANCE (GOVT OF) (FIXED) 05/2022


8.73%




The prospectus and the Key Investor Information Document of the above mentioned fund have been published in accordance with Investment Fund Act of 2011. The documents as amended are available in German at the seat of the Investment Management Company ("Kapitalanlagegesellschaft"), Macquarie Investment Management Austria Kapitalanlage AG, Kärntner Straße 28, 1010 Vienna and in Germany at the Paying Agent Commerzbank Aktiengesellschaft, Neue Börsenstraße 1, 60487 Frankfurt am Main. Due to different calculation methodologies the calculated performance may deviate from the performance evidenced in the annual reports of the investment fund.


Top Holdings

Bond ratings **

5.58%

5.25%

4.69%

4.40%


10.61%


0.000% BUNDESOBLIGATION (FIXED) 04/2023




Investment strategy Inception date 31 October 2000




AT0000727383 - (T) EUR

AT0000A1E2A5 - (A) EUR


ALZS700 AV - (T) EUR

ALS700A AV - (A) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


0.24%


ISIN






The Fund strategically invests in in a broad universe of euro government bonds. Tactical deviations from the strategic asset allocation are kept to a minimum.


S700






BBB1-BBB3 39.12%

AA1-AA3 37.42%

AAA 20.44%

A1-A3 3.02%

10Y+ 25.97%

07Y-10Y 18.45%

03Y-05Y 18.27%

01Y-03Y 15.51%

05Y-07Y 12.09%

Contacts Austria

+43 1 90400-34548

[email protected]







2.93%

2.83%

2.79%

2.63%

Asset classes **



3.12%






Top Holdings

Bond ratings **

3.12%

3.07%

3.06%

3.01%


3.31%










AT0000A1NB63 - (T) EUR


MACECBF AV - (T) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


0.52%


ISIN

T = Accumulating




Macquarie Euro Corporate Bond Fund is a fixed income fund which aims to achieve steady returns.

The fund is an actively managed fixed income fund and invests in EUR denominated corporate bonds with a clear focus on investment grade issues. Senior and subordinated bonds are allowed. A balanced mix of corporate sectors (including financials) and issuers is applied. The fixed income team puts emphasis on the liquidity of actively selected individual securities.


Macquarie Euro Corporate Bond Fund


01/2021 YTD 1 year 3 years 5 years-0.23% -0.23% +1.73% +7.35%





France 28.38%

Germany 13.00%

Italy 10.26%

Netherlands 7.95%

Austria 7.10%

05Y-07Y 26.90%

10Y+ 23.77%

03Y-05Y 20.51%

07Y-10Y 17.95%

<01Y 6.51%

Contacts Austria

+43 1 90400-34548

[email protected]



0.125% KBC GROUP NV (VARIABLE) 01/2029

6.125% VEOLIA ENVIRONNEMENT SA (FIXED) 11/2033

1.600% VODAFONE GROUP PLC (FIXED) 07/2031

1.375% TELSTRA CORP LTD (FIXED) 03/2029

2.11%

1.82%

1.80%

1.77%

Asset classes **

0.600% OP CORPORATE BANK PLC (FIXED) 01/2027

0.300% IBM CORP (FIXED) 02/2028

2.69%






Top Holdings


2.31%

2.22%

2.19%

2.17%

7.500% DEUTSCHE TELEKOM INT FIN (FIXED) 01/2033

2.90%

0.625% BANQUE FED CRED MUTUEL (FIXED) 02/2031


1.000% BPCE SA (FIXED) 04/2025







LU1274828372 - B EUR


MEGBBEU LX - B EUR


Initial charge -

Manager comment

Minimum initial subscription100EUR/USD/CHF/GBP/SEK

100EUR/USD/CHF/GBP/SEK

Minimum additionalsubscription amount

Bloomberg code


Custodian and centraladministration agent

Royal Bank of Canada


Fund details

Fund charges

Total expense ratioas at 31 December 2020

0.63%


ISIN

H = Hedgeddist = distributing



The Macquarie Euro Government Bond Fund is a fixed income fund which aims to achieve steady returns.

The fund invests in euro government bonds. The team actively manages allocation (countries, duration, issuance) based on assessment of market conditions. Other asset classes (e.g. covered bonds, hedged US bonds, corporate bonds) can be added to the portfolio.


Macquarie Fund Solutions -Macquarie Euro Government Bond Fund Class B EUR


01/2021 YTD 1 year 3 years 5 years-0.66% -0.66% +0.98% +13.63%




Italy 33.82%

France 20.10%

Germany 13.23%

Spain 13.02%

Luxembourg 6.26%

07Y-10Y 24.44%

10Y+ 23.50%

<01Y 21.26%

05Y-07Y 15.40%

03Y-05Y 9.49%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]

http://www.mim-emea.com



0.000% UNEDIC (FIXED) 11/2030

0.875% SOCIETE NATIONALE SNCF (FIXED) 02/2051

0.010% CAISSE DES DEPOTS ET CON (FIXED) 09/2025

1.97%

1.93%

1.88%

1.86%

Asset classes **

0.000% AGENCE FRANCAISE DEVELOP (FIXED) 10/2027


2.87%



The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.mim-emea.com/sicav, in the United Kingdom at the Facilities Agent Duff & Phelps Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG, United Kingdom, in Germany at the Information and Paying Agent Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany and in Austria at the Paying Agent Erste Bank der österreichischen Sparkassen, Am Belvedere 1, 1100 Vienna, Austria (documents are available in German).

In Switzerland this document is distributed by Macquarie Investment Management Switzerland GmbH and directed only at qualified investors (the “Qualified Investors”), as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended (“CISA”) and its implementing ordinance. The Prospectus, the Articles, the annual and semi-annual report and further information can be obtained free of charge from the representative in Switzerland, Carnegie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Geneva, Switzerland, as well as from Macquarie Investment Management Switzerland GmbH.

Representative in Switzerland: Carnegie Fund Services S.A., 11, rue du Général–Dufour, CH–1204 Geneva, Switzerland. The Articles, the Prospectus, the Key Investor Information Documents and the most recent annual and semi-annual reports for Switzerland can be obtained free of charge at the Swiss Representative. Paying Agent in Switzerland: Banque Cantonale de Genève, 17, quai de l’Ile, CH–1204 Geneva, Switzerland. Issued in Switzerland by Carnegie Fund Services S.A., 11, rue du Général–Dufour, CH–1204 Geneva, Switzerland. For the shares of the funds distributed to qualified investor in Switzerland, the place of jurisdiction is Geneva, Switzerland.

Within the European Economic Area, issued and distributed by Macquarie Investment Management Europe Limited (MIMEL) to Professional Clients or Eligible Counterparties defined in the Markets in Financial Instruments Directive 2004/39/EC. MIMEL is incorporated and registered in England and Wales (Company No. 09612439, Firm Reference No. 733534). The registered office of MIMEL is Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD. MIMEL is authorised and regulated by the Financial Conduct Authority.

The value of an investment in the Fund and any income from it may fall as well as rise and investors may not get back the amount originally invested. Past performance is not necessarily a guide to future performance. Particularly if the performance refers to a period of less than 12 months (YTD performance data, Fund launch less than 12 months ago), the performance data is no guide to future performance due to the short comparison period. Potential initial or redemption charges are not reflected in the performance data. Any performance data is shown in the Fund currency.

Emerging markets can be more volatile than developed markets.

Where Macquarie has expressed views and opinions, these may change. Please refer to the latest relevant Full Prospectus and the Fund’s Key Investor Information Documents for more information. The distribution and the offering of funds in certain jurisdictions may be restricted by law.

Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions.

This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring shares in the Fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile# (ii) any foreign exchange controls# and (iii) any relevant tax consequences. The Fund is not registered under any US securities law, and may not be offered or sold in the USA, its territories or possessions, nor to any US persons. The Fund is not publicly offered for sale in any jurisdiction in which the Fund is not authorised to be publicly sold. The Fund is available only in jurisdictions where its promotion and sale is permitted.

INVESTMENTS IN ANY OF THE SUB-FUNDS OF MACQUARIE FUND SOLUTIONS ARE NOT DEPOSITS WITH OR OTHER LIABILITIES OF MACQUARIE BANK LIMITED OR OF ANY ENTITY IN THE MACQUARIE GROUP AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE DELAYS IN REPAYMENT AND LOSS OF INCOME AND CAPITAL INVESTED. NEITHER MACQUARIE BANK LIMITED NOR ANY MEMBER COMPANY OF THE MACQUARIE GROUP GUARANTEES ANY PARTICULAR RATE OF RETURN OR THE PERFORMANCE OF ANY OF THE SUB-FUNDS OF MACQUARIE FUND SOLUTIONS, NOR DO THEY GUARANTEE THE REPAYMENT OF CAPITAL FROM ANY OF THE SUBFUNDS OF MACQUARIE FUND SOLUTIONS.

© 2019 Macquarie Group Limited


Top Holdings


2.76%

2.19%

2.13%

2.04%

BUONI ORDINARI DEL TES 15.00%


0.000% CAISSE D*AMORT DETTE SOC (FIXED) 11/2030




Investment strategy Inception date* 19 February 2016




LU1274829420 - I EUR

LU1274829263 - I EUR (dist)


MEGBCEU LX - I EUR

MEGBCED LX - I EUR (dist)


Initial charge -

Manager comment

Minimum initial subscription1,000,000EUR/USD/CHF/GBP/SEK

50,000EUR/USD/CHF/GBP/SEK


Bloomberg code





Fund details

Fund charges


0.59%


ISIN


* The Sub-Fund was launched on 19 February 2016 by way of a merger with Macquarie Duration Plus, an Austrian UCITS. The performance results covering periods prior to this date therefore relate to the performance of Macquarie Duration Plus. The cost and fee structure of Macquarie Duration Plus is slightly different to the cost and fee structure of the Sub-Fund.



The Macquarie Euro Government Bond Fund is a fixed income fund which aims to achieve steady returns.

The fund invests in euro government bonds. The team actively manages allocation (countries, duration, issuance) based on assessment of market conditions. Other asset classes (e.g. covered bonds, hedged US bonds, corporate bonds) can be added to the portfolio.


Macquarie Fund Solutions -Macquarie Euro Government Bond Fund Class I EUR






Italy 33.82%

France 20.10%

Germany 13.23%

Spain 13.02%

Luxembourg 6.26%

07Y-10Y 24.44%

10Y+ 23.50%

<01Y 21.26%

05Y-07Y 15.40%

03Y-05Y 9.49%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]




0.000% UNEDIC (FIXED) 11/2030

0.875% SOCIETE NATIONALE SNCF (FIXED) 02/2051

0.010% CAISSE DES DEPOTS ET CON (FIXED) 09/2025

1.97%

1.93%

1.88%

1.86%

Asset classes **

0.000% AGENCE FRANCAISE DEVELOP (FIXED) 10/2027


2.87%



The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.mim-emea.com/sicav, in the United Kingdom at the Facilities Agent Duff & Phelps Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG, United Kingdom, in Germany at the Information and Paying Agent Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany and in Austria at the Paying Agent Erste Bank der österreichischen Sparkassen, Am Belvedere 1, 1100 Vienna, Austria (documents are available in German).












Top Holdings


2.76%

2.19%

2.13%

2.04%



0.000% CAISSE D*AMORT DETTE SOC (FIXED) 11/2030




Investment strategy Inception date 28 August 1998




AT0000818059 - (T) EUR

AT0000A1E2B3 - (A) EUR


S200FON AV - (T) EUR

S200FDA AV - (A) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


0.34%


ISIN





The Macquarie Bonds Europe Fund is a fixed income fund which aims to achieve steady returns.

The fund invests in euro bonds with the major proportion in government bonds. The team actively manages allocation (countries, duration, issuance) based on assessment of market conditions. Other asset classes (e.g. covered bonds, hedged US bonds) can be added to the portfolio.


Macquarie Bonds Europe







Anleihen, Staat, ex EMU 0.36%

BBB1-BBB3 52.24%

AA1-AA3 19.01%

AAA 15.29%

A1-A3 13.46%

<01Y 30.17%

10Y+ 29.63%

07Y-10Y 25.31%

05Y-07Y 11.20%

03Y-05Y 9.95%

Contacts Austria

+43 1 90400-34548

[email protected]







1.59%

1.56%

1.54%

1.40%

Asset classes **



2.19%






Top Holdings

Bond ratings **

1.82%

1.77%

1.63%

1.61%







Investment strategy Inception date 14 August 1998




AT0000817846 - (T) EUR


ALSIEEM AV - (T) EUR



Manager comment



Bloomberg code



Investment ManagerMacquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Advisers

Fund details

Fund charges


1.11%


ISIN

T = Accumulating


At the beginning of the year, risk appetite prevailed after the Democrats had won the majority in the US Senate, making further stimulus packages very likely. This initially caused stocks to rise, but also increased inflation expectations and thus yields. The storm on the Capitol had no negative impact. On the other hand, further worsening corona numbers and lockdowns put pressure on economic sentiment. Overvaluation worries and turbulence surrounding excessive price increases in secondary stocks (e.g. GameStop) led to a sharp rise in equity-volatility and a correction at the end of the month. During the month, the euro fell slightly, while oil prices rose sharply thanks to production cuts.


The Macquarie MS Bonds Emerging Markets Fund is a fixed income fund which aims to achieve capital appreciation and steady returns.

This fund invests primarily in government bonds which are issued in international emerging markets. The fund is actively managed and invests primarily in US dollar bonds. The foreign exchange risk is hedged in euro. Macquarie Investment Management Advisers can add corporate bonds and local currency bonds issued in both emerging markets and 'frontier markets'.


Macquarie MS Bonds Emerging Markets




Bonds 94.38%


Floating Rate Notes 0.03%

FX-Forwards -0.38%

Latin America 37.35%

Asia 21.43%

Eastern Europe 15.49%

Africa 14.06%

Western Europe 8.25%

10Y+ 42.77%

07Y-10Y 26.77%

03Y-05Y 11.64%

05Y-07Y 7.46%

<01Y 6.39%

Contacts Austria

+43 1 90400-34548

[email protected]



2.252% REPUBLIC OF PANAMA (FIXED) 09/2032

4.875% DOMINICAN REPUBLIC (FIXED) 09/2032

3.850% REPUBLIC OF INDONESIA (FIXED) 10/2030

4.375% REPUBLICA ORIENT URUGUAY (FIXED) 01/2031

1.71%

1.57%

1.49%

1.43%

Financial instruments **

3.750% STATE OF QATAR (FIXED) 04/2030

4.375% KAZTRANSGAS JSC (FIXED) 09/2027

2.34%






Top Holdings

Regions (Top 5 positions) **

2.26%

1.97%

1.91%

1.88%

3.600% UNITED MEXICAN STATES (FIXED) 01/2025

2.57%

4.817% STATE OF QATAR (FIXED) 03/2049

3.125% REPUBLIC OF CHILE (FIXED) 03/2025

3.875% FED REPUBLIC OF BRAZIL (FIXED) 06/2030



Investment strategy Inception date* 2 May 2019




LU1818615764 - B EUR

LU1818615848 - B EUR (dist)


MASEMBE LX - B EUR

MASEBED LX - B EUR (dist)


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


1.23%


ISIN


* The Sub-Fund was launched on 02 May 2019 by way of a merger with Macquarie Sustainable Emerging Markets LC Bond Fund, an Austrian UCITS. The performance results covering periods prior to this date therefore relate to the performance of Macquarie Sustainable Emerging Markets LC Bond Fund. The cost and fee structure of Macquarie Sustainable Emerging Markets LC Bond Fund is slightly different to the cost and fee structure of the Sub-Fund.



The Macquarie Sustainable Emerging Markets LC Bond Fund is a fixed income fund which aims to achieve capital appreciation and steady returns while considering sustainability criteria.

The fund invests in highly rated bonds issued in emerging market currencies. Compared to other high quality bonds, the bonds selected pay much higher coupons. Due to this approach, the portfolio can experience active exchange rate risk. The fund meets certain criteria for sustainability.


Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class B EUR


01/2021 YTD 1 year 3 years 5 years-0.00% -0.00% -6.81% -0.27% +16.95%


Government Bonds Emerging Markets 92.54%


Money Market Misc 3.15%


Geldmarkt, CHF 0.04%

Polish Zloty 6.86%

Chinese Yuan Renminbi 6.51%

South African Rand 6.50%

Mexican Peso 6.43%

Indonesian Rupiah 6.42%

01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]



15.000% ASIAN DEVELOPMENT BANK (FIXED) 11/2021

1.250% INTL BK RECON & DEVELOP (FIXED) 08/2023

0.820% EUROPEAN BK RECON & DEV (FIXED) 07/2022


1.83%

1.67%

1.62%

1.62%

Asset classes (Top 5 positions) **

AFRICAN DEVELOPMENT BANK (ZERO COUPON) 02/2032

2.750% EUROPEAN INVESTMENT BANK (FIXED) 08/2026

2.54%



The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website mim-emea.com/sicav, in the United Kingdom at the Facilities Agent Duff & Phelps Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG, United Kingdom, in Germany at the Information and Paying Agent Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany, in Austria at the Paying Agent Erste Bank der österreichischen Sparkassen, Am Belvedere 1, 1100 Vienna, Austria (documents are available in German), in Sweden at the Paying Agent SEB Merchant Banking, SergelsTorg2, SE-106 40 Stockholm, Sweden, in France at the Centralising Agent RBC Investor Services Bank France SA, 105, rue Réaumur, 75002 Paris, France, in Ireland at the Paying Agent RBC Investor & Treasury Services, 4th Floor, One George's Quay, Dublin 2, Ireland, and in Liechtenstein at the Paying Agent Liechtensteinische Landesbank AG, Städtle 44, 9490 Vaduz, Liechtenstein.












Top Holdings

Currencies (Top 5 positions) **

2.39%

2.39%

2.37%

2.24%


5.76%

EUROPEAN BK RECON & DEV (ZERO COUPON) 01/2026









LU1818617620 - I EUR

LU1818619758 - I2 EUR

LU1818617893 - I EUR (dist)


MASEMIE LX - I EUR

MAMLBIE LX - I2 EUR

MSELBIE LX - I EUR (dist)


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.87%


ISIN


* The Sub-Fund was launched on 02 May 2019 by way of a merger with Macquarie Sustainable Emerging Markets LC Bond Fund, an Austrian UCITS. The performance results covering periods prior to this date therefore relate to the performance of Macquarie Sustainable Emerging Markets LC Bond Fund. The cost and fee structure of Macquarie Sustainable Emerging Markets LC Bond Fund is slightly different to the cost and fee structure of the Sub-Fund.






Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class I EUR


01/2021 YTD 1 year 3 years 5 years+0.03% +0.03% -6.52% +0.10% +17.38%







Polish Zloty 6.86%



Mexican Peso 6.43%


01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







1.83%

1.67%

1.62%

1.62%




2.54%















Top Holdings


2.39%

2.39%

2.37%

2.24%


5.76%






Investment strategy Inception date 18 March 2020




LU1818617620 - I EUR

LU1818619758 - I2 EUR

LU1818617893 - I EUR (dist)


MASEMIE LX - I EUR

MAMLBIE LX - I2 EUR

MSELBIE LX - I EUR (dist)


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.78%


ISIN







Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class I2 EUR


01/2021 YTD 1 year 3 years 5 years+0.51% +0.51%







Polish Zloty 6.86%



Mexican Peso 6.43%


01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







1.83%

1.67%

1.62%

1.62%




2.54%















Top Holdings


2.39%

2.39%

2.37%

2.24%


5.76%










LU1818621739 - SI EUR

LU1818621226 - SI CHF

LU1818622117 - SI GBP

Fund performance net of fees to 29.01.2021 LU1818622208 - SI GBP (dist)

LU1818623198 - SI USD

MASESIE LX - SI EUR

MASESIC LX - SI CHF

MASSIPA LX - SI GBP

MASSIPD LX - SI GBP (dist)

MASESIU LX - SI USD


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.74%


ISIN


* Performance is calculated in EUR. The Sub-Fund was launched in 2019, by way of a merger with Macquarie Sustainable Emerging Markets LC Bond Fund, an Austrian UCITS. The share class shown here was launched on 27.05.2019. The performance results covering periods prior to this date are set out in the Key Investor Information (KIID) and relate to the performance of other share classes of the Sub-Fund and of the Austrian UCITS Macquarie Sustainable Emerging Markets LC Bond Fund.






Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class SI EUR


01/2021 YTD 1 year 3 years 5 years+0.04% +0.04% -6.36% +0.52% +17.88%







Polish Zloty 6.86%



Mexican Peso 6.43%


01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







1.83%

1.67%

1.62%

1.62%




2.54%















Top Holdings


2.39%

2.39%

2.37%

2.24%


5.76%







Reference currency CHF



LU1818621739 - SI EUR

LU1818621226 - SI CHF

LU1818622117 - SI GBP


LU1818623198 - SI USD

MASESIE LX - SI EUR

MASESIC LX - SI CHF

MASSIPA LX - SI GBP


MASESIU LX - SI USD


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.74%


ISIN


* Performance is calculated in CHF. The Sub-Fund was launched in 2019, by way of a merger with Macquarie Sustainable Emerging Markets LC Bond Fund, an Austrian UCITS. The share class shown here was launched on 02.05.2019. The performance results covering periods prior to this date are set out in the Key Investor Information (KIID) and relate to the performance of other share classes of the Sub-Fund and of the Austrian UCITS Macquarie Sustainable Emerging Markets LC Bond Fund.






Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class SI CHF









Polish Zloty 6.86%



Mexican Peso 6.43%


01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







1.83%

1.67%

1.62%

1.62%




2.54%















Top Holdings


2.39%

2.39%

2.37%

2.24%


5.76%






Investment strategy Inception date* 1 August 2019

Reference currency GBP



LU1818621739 - SI EUR

LU1818621226 - SI CHF

LU1818622117 - SI GBP


LU1818623198 - SI USD

MASESIE LX - SI EUR

MASESIC LX - SI CHF

MASSIPA LX - SI GBP


MASESIU LX - SI USD


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.74%


ISIN


* Performance is calculated in GBP. The Sub-Fund was launched in 2019, by way of a merger with Macquarie Sustainable Emerging Markets LC Bond Fund, an Austrian UCITS. The share class shown here was launched on 01.08.2019. The performance results covering periods prior to this date are set out in the Key Investor Information (KIID) and relate to the performance of other share classes of the Sub-Fund and of the Austrian UCITS Macquarie Sustainable Emerging Markets LC Bond Fund.






Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class SI GBP









Polish Zloty 6.86%



Mexican Peso 6.43%


01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







1.83%

1.67%

1.62%

1.62%




2.54%















Top Holdings


2.39%

2.39%

2.37%

2.24%


5.76%







Reference currency USD



LU1818621739 - SI EUR

LU1818621226 - SI CHF

LU1818622117 - SI GBP


LU1818623198 - SI USD

MASESIE LX - SI EUR

MASESIC LX - SI CHF

MASSIPA LX - SI GBP


MASESIU LX - SI USD


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.74%


ISIN


* Performance is calculated in USD. The Sub-Fund was launched in 2019, by way of a merger with Macquarie Sustainable Emerging Markets LC Bond Fund, an Austrian UCITS. The share class shown here was launched on 02.05.2019. The performance results covering periods prior to this date are set out in the Key Investor Information (KIID) and relate to the performance of other share classes of the Sub-Fund and of the Austrian UCITS Macquarie Sustainable Emerging Markets LC Bond Fund.






Macquarie Fund Solutions -Macquarie Sustainable Emerging Markets LC Bond Fund Class SI USD









Polish Zloty 6.86%



Mexican Peso 6.43%


01Y-03Y 30.83%

<01Y 28.11%

03Y-05Y 21.01%

05Y-07Y 7.81%

10Y+ 6.35%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







1.83%

1.67%

1.62%

1.62%




2.54%















Top Holdings


2.39%

2.39%

2.37%

2.24%


5.76%






Investment strategy Inception date 24 May 2019




AT0000A287N8 - (T) EUR


MACILBD AV - (T) EUR



Manager comment



Bloomberg code




Fund details

Fund charges

Total expense ratioas at 30 April 2020

0.39%


ISIN

T = Accumulating




The Macquarie Inflation-Linked Bond Fund is a fixed income fund which aims to achieve steady returns while considering sustainability criteria.

The fund invests in inflation linked bonds of the German government, which refer to the European inflation rate (excluding tobacco). The AAA rating implies a very low default risk. Due to the focus on German inflation linked bonds and the broad availability of duration hedging instruments the inflation development is the key performance driver. To achieve this focus the duration risk is mostly hedged.


Macquarie Inflation-Linked Bond Fund


01/2021 YTD 1 year 3 years 5 years+0.60% +0.60% -1.23%



<01Y 100.00%

Contacts Austria

+43 1 90400-34548

[email protected]



Asset classes **





Maturity **

Top Holdings

Bond ratings (Top 5 positions) **







AT0000781588 - (T) EUR


SMPORT3 AV - (T) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


1.07%


ISIN

T = Accumulating




The Macquarie Global Multi Asset Stable Diversified Fund is a multi asset fund which aims to achieve capital appreciation and steady returns.

The fund is actively managed, with a strategic allocation of 50% equities, 40% bonds and 10% other asset classes. Allocation to regions, asset classes and sectors is actively managed by the team based on assessment of market conditions. Other asset classes (e.g. convertible bonds) can also be added to the portfolio. Due to the fund's ability to invest in most geographical regions, it may be subject to foreign currency risk.


Macquarie Global Multi Asset Stable Diversified Fund


01/2021 YTD 1 year 3 years 5 years+1.35% +1.35% +4.66% +7.79% +25.13%




Equities, North America 21.40%

Equities, Western Europe 17.62%

Equities, Emerging Markets 9.10%

Euro 63.19%

US Dollar 16.82%


Japanese Yen 3.09%

Swiss Franc 2.70%

North America 39.39%


Asia 10.55%

Pacific Rim 6.34%

Latin America 3.70%

Contacts Austria

+43 1 90400-34548

[email protected]



AMUNDI INDEX JPM EMU GOVIES IG

SPDR Refinitiv GLOBAL CONVERTIBLE BOND EUR Hdg ETF

S5

Macquarie US Smaller Companies I-Class in USD

6.18%

5.16%

3.50%

2.55%


iShares JPMorgan $ EM Bond EUR Hedged UCITS ETF (EMBE)

iShares MSCI USA ESG Enhanced ETF

14.52%






Top Holdings


12.05%

9.30%

8.79%

7.65%

M300 17.87%

iShares $ High Yield Corp Bond ETF

iShares Core MSCI Europe ETF

iShares MSCI EM ESG Enhanced ETF







AT0000781596 - (T) EUR


SMPORT4 AV - (T) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


1.17%


ISIN

T = Accumulating



The investment strategy was adjusted according to the investment guidelines on 3 November 2016. The focus of investment was changed from an equity fund of funds to a mixed/balanced fund with a global universe of different asset classes (allocation is actively managed by the asset allocation team of Macquarie Investment Management Austria in accordance with its investment assessment/estimate).Past performance is not a reliable indicator of future results.

The Macquarie Global Multi Asset Flexible Allocation Fund is a multi asset fund which aims to achieve steady returns using a targeted risk approach.

This fund primarily uses ETFs to invest in a global universe of different asset classes. Allocation is actively managed by the team based on assessment of market conditions. In order to generate steady returns, the portfolio’s overall risk is a highly important factor in the portfolio construction process. The risk is kept stable to the greatest possible extent.


Macquarie Global Multi Asset Flexible Allocation Fund


01/2021 YTD 1 year 3 years 5 years+1.24% +1.24% +1.16% -1.68% +21.54%






Equities, Pacific Rim 6.35%

Euro 62.54%

US Dollar 19.99%

Japanese Yen 2.59%

Swiss Franc 2.39%




Asia 7.40%

Pacific Rim 6.40%

Latin America 3.09%

Contacts Austria

+43 1 90400-34548

[email protected]



AMUNDI Index MSCI North America UCITS ETF

Xtrackers US TREASURIES EUR Hedged

iShares MSCI Japan ESG Enhanced ETF

S5

5.37%

4.43%

4.18%

3.23%




14.30%






Top Holdings


13.97%

13.90%

6.37%

5.77%

iShares MSCI USA ESG Enhanced ETF 17.69%

iShares eb.rexx® Government Germany 0-1yr ETF









AT0000737697 - (A) EUR


SIEMBUS AV - (A) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


1.06%


ISIN

A = Distributing




The Macquarie Business Class Fund is a multi asset fund which aims to achieve capital appreciation and steady returns.

The fund is actively managed, with a strategic allocation of 30% equities, 60% bonds and 10% other asset classes. Allocation to regions, asset classes and sectors is actively managed by the team based on assessment of market conditions. Other asset classes (e.g. convertible bonds) can also be added to the portfolio. Due to the fund's ability to invest in most geographical regions, it may be subject to foreign currency risk.


Macquarie Business Class









Euro 75.35%

US Dollar 10.34%

Japanese Yen 2.48%


Swiss Franc 1.58%



Asia 8.01%

Latin America 4.97%

Pacific Rim 4.20%

Contacts Austria

+43 1 90400-34548

[email protected]




Macquarie Global Convertible Fund I EUR

Xtrackers USD Corporate Bond ETF EUR hedged

S5

5.04%

5.00%

4.27%

2.99%


S700


16.94%






Top Holdings


10.43%

9.37%

7.52%

6.07%

M300 18.07%

Macquarie Euro Government Bond Fund I EUR


Macquarie MS Bonds Emerging Markets







LU1274825196 - A EUR


MGMAAEU LX - A EUR


Initial charge 5.00%

Manager comment




Bloomberg code





Fund details

Fund charges


1.52%


ISIN


* The Sub-Fund was launched on 19 February 2016 by way of a merger with Macquarie Absolute Return Asset Allocation Fund, an Austrian UCITS. The performance results covering periods prior to this date therefore relate to the performance of Macquarie Absolute Return Asset Allocation Fund. The cost and fee structure of Macquarie Absolute Return Asset Allocation Fund is slightly different to the cost and fee structure of the Sub-Fund.



The Macquarie Global Multi Asset Absolute Return Fund is a multi asset fund which aims to achieve steady returns using a targeted risk approach.



Macquarie Fund Solutions -Macquarie Global Multi Asset Absolute Return Fund Class A EUR




Bonds 60.92%

Equities 30.70%


FX-Forwards 0.29%

Money Market 0.28%



Asia 5.03%

Pacific Rim 4.07%

Latin America 2.36%

<01Y 35.57%

10Y+ 14.36%

03Y-05Y 14.29%

01Y-03Y 12.96%

05Y-07Y 12.45%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]





iShares EUR High Yield Corp Bond ETF


6.21%

3.68%

2.96%

2.64%

Financial instruments (Top 5 positions) **



14.08%



The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.mim-emea.com/sicav, in the United Kingdom at the Facilities Agent Duff & Phelps Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG, United Kingdom, in Germany at the Information and Paying Agent Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany, in Austria at the Paying Agent Erste Bank der österreichischen Sparkassen, Am Belvedere 1, 1100 Vienna, Austria (documents are available in German) and in Sweden at the Paying Agent SEB Merchant Banking, Sergels Torg 2, SE-106 40 Stockholm, Sweden.












Top Holdings


13.12%

12.89%

9.45%

8.37%


16.41%

iShares S&P500 EUR hedged









LU1274825865 - B EUR


MGMABEU LX - B EUR


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.88%


ISIN







Macquarie Fund Solutions -Macquarie Global Multi Asset Absolute Return Fund Class B EUR


01/2021 YTD 1 year 3 years 5 years-0.09% -0.09% -0.75% -1.01%


Bonds 60.92%

Equities 30.70%


FX-Forwards 0.29%

Money Market 0.28%



Asia 5.03%

Pacific Rim 4.07%

Latin America 2.36%

<01Y 35.57%

10Y+ 14.36%

03Y-05Y 14.29%

01Y-03Y 12.96%

05Y-07Y 12.45%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







6.21%

3.68%

2.96%

2.64%




14.08%















Top Holdings


13.12%

12.89%

9.45%

8.37%


16.41%










LU1274826673 - I EUR


MGMACEU LX - I EUR


Initial charge -

Manager comment




Bloomberg code





Fund details

Fund charges


0.87%


ISIN


* The Sub-Fund was launched on 19 February 2016 by way of a merger with Macquarie Absolute Return Asset Allocation Fund, an Austrian UCITS. The performance results covering periods prior to this date therefore relate to the performance of Macquarie Absolute Return Asset Allocation Fund. The cost and fee structure of Macquarie Absolute Return Asset Allocation Fund is slightly different to the cost and fee structure of the Sub-Fund.






Macquarie Fund Solutions -Macquarie Global Multi Asset Absolute Return Fund Class I EUR




Bonds 60.92%

Equities 30.70%


FX-Forwards 0.29%

Money Market 0.28%



Asia 5.03%

Pacific Rim 4.07%

Latin America 2.36%

<01Y 35.57%

10Y+ 14.36%

03Y-05Y 14.29%

01Y-03Y 12.96%

05Y-07Y 12.45%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]







6.21%

3.68%

2.96%

2.64%




14.08%















Top Holdings


13.12%

12.89%

9.45%

8.37%


16.41%










LU1274831590 - B EUR

LU1274831327 - B EUR (dist)


MGLCBEU LX - B EUR

MGLCBED LX - B EUR (dist)


Initial charge -

Manager comment




Bloomberg code

Reference portfolio Convertibles 100%



Investment ManagerMacquarie Investment Management Austria Kapitalanlage AG, Cheyne Capital Management (UK) LLP

Fund details

Fund charges


1.22%


ISIN


* Since 8 January 2018, the Refinitiv Global Focus EUR Hedged Index serves as the fund's official benchmark. Until 8 January 2018, this index is provided as reference index just for information purposes.



The Macquarie Global Convertible Fund is a convertible bond fund which aims to achieve capital appreciation and steady returns.

The fund invests globally in convertible bonds. For the fund manager Cheyne Capital, solid analysis and the rating of issuers are particularly important for security selection. The fund manager aims at investing in convertible bonds that are trading at low premiums to their estimated pure bond values, in order to capture a particularly favourable combination of upside potential and downside protection. The currency risk is strategically hedged in EUR.


Macquarie Fund Solutions -Macquarie Global Convertible Fund Class B EUR

01/2021 YTD 1 year 3 years 5 yearsFund -0.12% -0.12% +15.25% +17.04%

Benchmark +0.25% +0.25% +19.87% +24.49%

For professional investor use only - not for distribution to retail investorsMonthly Report - January 2021


France 12.14%

Luxembourg 8.27%

Germany 8.17%

Netherlands 5.86%

Financial 20.42%



Technology 13.23%

Industrial 10.11%

BBB1-BBB3 36.68%

BB1-BB3 26.26%

A1-A3 20.59%

B1-B3 13.66%

AA1-AA3 2.81%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]



*** For securities that are not rated by a recognized rating agency, internal ratings are used.

AIRBUS SE (ZERO COUPON) 06/2021

1.875% BRENNTAG FINANCE BV (FIXED) 12/2022

0.500% TOTAL SE (FIXED) 12/2022

0.750% PALO ALTO NETWORKS (FIXED) 07/2023

1.56%

1.52%

1.49%

1.37%


ELIOTT CAPITAL SARL (ZERO COUPON) 12/2022

VEOLIA ENVIRONNEMENT SA (ZERO COUPON) 01/2025

1.73%



The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.mim-emea.com/sicav, in the United Kingdom at the Facilities Agent Duff & Phelps Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG, United Kingdom, in Germany at the Information and Paying Agent Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany, in Austria at the Paying Agent Erste Bank der österreichischen Sparkassen, Am Belvedere 1, 1100 Vienna, Austria (documents are available in German), in Sweden at the Paying Agent SEB Merchant Banking, Sergels Torg 2, SE-106 40 Stockholm, Sweden and in Liechtenstein at the Paying Agent Liechtensteinische Landesbank AG, Städtle 44, 9490 Vaduz, Liechtenstein.




This communication does not have the purpose or the effect of initiating, directly or indirectly, the purchase of a product or the rendering of a service by Macquarie Fund Solutions (the “SICAV”) to Chilean, Colombia or Peruvian residents. By receiving this communication, the recipient acknowledges and agrees that it has contacted the SICAV at its own initiative and not as a result of any marketing efforts, promotion, advertising or publicity by the SICAV or any of their respective agents or representatives. The recipient of this communication acknowledges that (1) receiving this communication does not constitute a solicitation from the SICAV for its products and/or services, and (2) they are not receiving from the SICAV any direct or indirect promotion or marketing of financial and/or securities-related products and/or services.








Bond ratings (Data as of 30 December 2020) ** / ***

Top Holdings


1.71%

1.70%

1.64%

1.59%

AKAMAI 0.375% 20-01.09.27 /CV 1.74%

CIE GENERALE DES ESTABLI (ZERO COUPON) 11/2023

0.150% SIKA AG (FIXED) 06/2025

RAG-STIFTUNG (ZERO COUPON) 03/2023







LU1274833612 - I EUR

LU1274833539 - I EUR (dist)


MGLCCEU LX - I EUR

MGLCCED LX - I EUR (dist)


Initial charge -

Manager comment




Bloomberg code

Reference portfolio Convertibles 100%



Investment ManagerMacquarie Investment Management Austria Kapitalanlage AG, Cheyne Capital Management (UK) LLP

Fund details

Fund charges


1.18%


ISIN


* Since 8 January 2018, the Refinitiv Global Focus EUR Hedged Index serves as the fund's official benchmark. Until 8 January 2018, this index is provided as reference index just for information purposes. The Sub-Fund was launched on 19 February 2016 by way of a merger with Macquarie MS Convertibles Global Markets Plus, an Austrian UCITS. The performance results covering periods prior to this date therefore relate to the performance of Macquarie MS Convertibles Global Markets Plus. The cost and fee structure of Macquarie MS Convertibles Global Markets Plus is slightly different to the cost and fee structure of the Sub-Fund.



The Macquarie Global Convertible Fund is a convertible bond fund which aims to achieve capital appreciation and steady returns.

The fund invests globally in convertible bonds. For the fund manager Cheyne Capital, solid analysis and the rating of issuers are particularly important for security selection. The fund manager aims at investing in convertible bonds that are trading at low premiums to their estimated pure bond values, in order to capture a particularly favourable combination of upside potential and downside protection. The currency risk is strategically hedged in EUR.


Macquarie Fund Solutions -Macquarie Global Convertible Fund Class I EUR

01/2021 YTD 1 year 3 years 5 yearsFund -0.12% -0.12% +15.29% +17.18% +39.72%

Benchmark +0.25% +0.25% +19.87% +24.49% +38.87%

For professional investor use only - not for distribution to retail investorsMonthly Report - January 2021


France 12.14%

Luxembourg 8.27%

Germany 8.17%

Netherlands 5.86%

Financial 20.42%



Technology 13.23%

Industrial 10.11%

BBB1-BBB3 36.68%

BB1-BB3 26.26%

A1-A3 20.59%

B1-B3 13.66%

AA1-AA3 2.81%

Contacts

Austria: +43 1 90400 34548

Germany: +49 89 20300 76010

Switzerland: +41 44 562 1581

UK: +44 20 303 72049

[email protected]



*** For securities that are not rated by a recognized rating agency, internal ratings are used.

AIRBUS SE (ZERO COUPON) 06/2021

1.875% BRENNTAG FINANCE BV (FIXED) 12/2022

0.500% TOTAL SE (FIXED) 12/2022

0.750% PALO ALTO NETWORKS (FIXED) 07/2023

1.56%

1.52%

1.49%

1.37%


ELIOTT CAPITAL SARL (ZERO COUPON) 12/2022

VEOLIA ENVIRONNEMENT SA (ZERO COUPON) 01/2025

1.73%



The Fund is a sub-fund of Macquarie Fund Solutions, a Luxembourg SICAV registered at 11/13 Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg. The Articles, the Prospectus, and the Key Investor Information Documents as well as the most recent annual and semi-annual reports can be obtained free of charge in Luxembourg at the registered office of the Company, on the Company website www.mim-emea.com/sicav, in the United Kingdom at the Facilities Agent Duff & Phelps Limited, 14th Floor, The Shard, 32 London Bridge Street, London SE1 9SG, United Kingdom, in Germany at the Information and Paying Agent Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt/Main, Germany, in Austria at the Paying Agent Erste Bank der österreichischen Sparkassen, Am Belvedere 1, 1100 Vienna, Austria (documents are available in German), in Sweden at the Paying Agent SEB Merchant Banking, Sergels Torg 2, SE-106 40 Stockholm, Sweden and in Liechtenstein at the Paying Agent Liechtensteinische Landesbank AG, Städtle 44, 9490 Vaduz, Liechtenstein.




This communication does not have the purpose or the effect of initiating, directly or indirectly, the purchase of a product or the rendering of a service by Macquarie Fund Solutions (the “SICAV”) to Chilean, Colombia or Peruvian residents. By receiving this communication, the recipient acknowledges and agrees that it has contacted the SICAV at its own initiative and not as a result of any marketing efforts, promotion, advertising or publicity by the SICAV or any of their respective agents or representatives. The recipient of this communication acknowledges that (1) receiving this communication does not constitute a solicitation from the SICAV for its products and/or services, and (2) they are not receiving from the SICAV any direct or indirect promotion or marketing of financial and/or securities-related products and/or services.








Bond ratings (Data as of 30 December 2020) ** / ***

Top Holdings


1.71%

1.70%

1.64%

1.59%

AKAMAI 0.375% 20-01.09.27 /CV 1.74%

CIE GENERALE DES ESTABLI (ZERO COUPON) 11/2023

0.150% SIKA AG (FIXED) 06/2025

RAG-STIFTUNG (ZERO COUPON) 03/2023







AT0000819818 - (T) EUR


SIEQPAR AV - (T) EUR



Manager comment



Bloomberg code




Fund details

Fund charges


0.92%


ISIN

T = Accumulating




The funds objective is long-term capital appreciation through investment in a diversified portfolio of equities. The regional focus lies on companies based in developed markets.

The fund invests mainly in equities of companies based in North America, Europe and the Pacific (developed markets). The strategies focus is on regional allocation in order to benefit from particularly favorable macroeconomic conditions in certain countries and regions. In addition to macroeconomic factors, market dynamics and valuation indicators also play an important role in the market analysis. For the implementation of this strategy, mainly stocks of companies with large market capitalization are considered.


M300





Japan 9.00%

Liechtenstein 8.38%

United Kingdom 4.27%

France 3.48%

Financial 24.02%


Technology 15.25%


Consumer, Cyclical 10.51%

US Dollar 56.35%

Euro 18.02%

Japanese Yen 9.13%

Great Britain Pound 4.14%

Swiss Franc 3.41%

Contacts Austria

+43 1 90400-34548

[email protected]



JOHNSON & JOHNSON

NESTLE SA-REG

WESFARMERS LIMITED

JPMORGAN CHASE & CO

0.72%

0.69%

0.68%

0.65%


Tesla Inc

FACEBOOK INC-A

2.80%






Top Holdings


2.24%

1.88%

1.07%

1.04%

APPLE INC 3.82%

MICROSOFT CORP

AMAZON.COM INC

Alphabet Inc


Date post:	08-Oct-2020
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