Quaero Capital Funds (Lux) - Argonaut

The objective is to maximize long term capital growth by investing primarily in a portfolio of micro and small capitalisation European companies. The fund will invest at least 75% of its net assets, excluding cash and cash equivalents, in shares of companies quoted on European stock exchanges, applying a strongly “bottom up” stock picking approach. It will aim to exploit valuation inefficiencies in the market using a strong “value” style approach and investing in companies which, at the time of purchase, are micro-capitalisation companies or, to a limited extent, in larger stocks and substantially undervalued situations where the risk/reward profile provides interesting opportunities. The fund will not invest more than 10% of its net assets in UCITS and other UCIs.