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The Family Businesses Fund

In tough times, family businesses are the best survivors.

Fund that invests at a global scale in listed family companies.

Once the investment universe is delimited to those businesses which are run by a family, that is involved in the business and with the purpose of transferring the control to the future generations, we focus on selecting quality companies that have attractive valuations, with overall strong fundamentals and that are differentiated from their competitors (added value, differentiating characteristics, etc.); in other words, that represent a good buy opportunity.

The fund does not follow any benchmark index; the distribution both sectorial and local depends on the value selection by the manager and, under no circumstances, from the index structure.

It is an active management where we only invest it those companies for which we have the conviction that, in the long-term, are going to create value.

The intrinsic value of family companies (long-term vision, loyalty, motivation, low indebtedness, etc.) makes them behave better in times of economic crisis, a characteristic that we want to incorporate into our fund, and that in the long term they gain profitability than their non-family comparables.

We find many family-owned companies in Europe (Germany, Italy, Switzerland, France or Spain) and are usually focused on consumption and industry. They are the main source of employment in different economies, as family businesses are often laborive in human capital.

The experience of the March Group as a family business as well as an investor, with a long and successful track, supports this thesis.

The yield of March International – The Family Businesses Fund A-EUR was +1.08% in September, compared to -3.04% for the MSCI World LC. Year to date, the fund’s yield is -14.70% and the index is -0.33%.

Consumer discretionary, consumer staples and industry are the sectors with the greatest weight. By country, the fund focuses its investments on the USA, France and Switzerland.

In September we lowered our exposure to equity, reducing our position in well-performing companies such as Berkshire Hathaway, Alphabet, Oracle, Thai Beverage and Roche.

In September, we believe Prosegur Cash now has good upside potential after Garda’s offer for G4S, a listed company which is one of Prosegur’s rivals. The implicit valuation for Prosegur and Prosegur Cash, using the multiples for this transaction, points to strong upside potential.

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2020 2019 2018 2017 2016

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* Data as of:

Francisco Javier Pérez Fernández

Head of Global Equities

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