UBS Asset ManagementMarketing MaterialFor professional clients only

November 2019

Concentrated Alpha Equity

12 years outperformance with active management

Max AnderlHead of Concentrated Alpha Equity

E S G

The problem with passiveSection 1

2

The need for active management

1 Allianz Global Investors 2019 Institutional Investor Survey, April 2019

Capital market economy

How does it work? • Financial markets allocate limited resources according to supply and demand

Why is it beneficial?• Increases productivity by providing funds for innovation to meet new demand• Letting companies fail in order to free up capacity (workers, capital, assets) for better use through

creative destruction

What happens if the majority of investors are Passive?

Negative effects of Passive Investing

• Inefficient capital allocation; rely on others doing the work of the "invisible hand" of capital markets• Free-rider problem and inefficient markets, which could lead to a failing economic model• Less incentives to engage in Stewardship:

– Detailed governance not possible due to large number of companies– No incentive as any improvements will benefit all competitors tracking the same index– Additional costs for passive managers

And the future is worrying…• While most investors see active managers are better stewards of assets than passive managers• Majority think actively managed portfolios are not worth the cost1

3

Market share: Passive winning; Active losing

Equity: High proportion of passive assets in USA and Asia

Source: BayernLB Research, as at 31 December 2018.

FI: Passivation less advanced than equity

55,4%

66,7%

52,4%

44,6%

33,3%

47,6%

0%

20%

40%

60%

80%

100%

US Europe Asia

Active Passive

70,0%

81,7%90,5%

30,0%

18,3%9,5%

0%

20%

40%

60%

80%

100%

US Europe Asia

Active Passive

4

Past performance is the main decision criterion

Source: FTSE Russell, Smart beta: 2018 global survey findings from asset owners

What investment objectives initiated evaluation of smart beta strategies?

Historic price determines return and risk

Making a case for active fund management: Our history

Section 2

6

Performance to 30 September 2019

Source: UBS Asset ManagementNote: Please note that historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views. Past performance is not a guide to future results. See attached disclosure information. Portfolio characteristics are shown net of fees. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.1 Since inception of Q-acc share class 31 May 2013, annualised2 Morningstar quartile ranking as of 30 September 2019. 3 Active risk is the standard deviation of the difference between the monthly composite and benchmark returns, based on logarithmic returns. Active risk is annualised for periods greater than one year.4 Annualised standard deviation based on monthly logarithmic returns5 Information ratio is the arithmetic value added divided by the active risk. For periods greater than one year, annualised returns are used to calculate the value added and the active risk. Note: Copyright © 200x-200y Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Q-accMorningstar RatingTM :

Net of fees Gross of fees

% return Return MSCI Europe Value added Quartile ranking2 Return MSCI Europe Value added

3 months 1.3 2.6 -1.2 1.6 2.6 -1.01 year 6.9 5.7 +1.2 1 8.1 5.7 +2.43 years (p.a.) 7.0 7.6 -0.6 2 8.2 7.6 +0.55 years (p.a.) 6.2 5.4 +0.8 1 7.4 5.4 +1.910 years (p.a.) 10.7 7.8 +2.9 1 12.2 7.8 +4.4

Portfolio characteristics SI1

Beta 0.8

Active risk3 7.6%Volatility4

Fund 11.9%Benchmark 11.9%

Information ratio5 0.20

50

100

150

200

250

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Wea

lth s

erie

s

European Opportunity Unconstrained MSCI Europe

7

European Opportunity Unconstrained vs. MSCI Europe

Source: UBS Asset Management.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information. Returns in EUR.

Annualised three-year rolling returnsMonthly data 31 May 2007 – 30 September 2019

-20

-15

-10

-5

0

5

10

15

20

25

30

-20 -15 -10 -5 0 5 10 15 20 25 30

Euro

pean

Opp

ortu

nity

Unc

onst

rain

ed (%

)

MSCI Europe (net) in EUR (%)

Outperforming in 81% of 3Y rolling periods(calculated monthly)

Outperformance

Underperformance

Outperforming months in rising market: 45%

Outperforming months in falling market: 70%

8

0

5

10

15

20

25

30

<1 <2 <3 <4 <5 <6 <7 <8 <9 <10

Port

folio

wei

ght

(net

%)

Score

87% of the long book rank above average on ESG

Source: UBS Asset Management as of 30 September 2019.Note: ESG scores by UBS, MSCI and Sustainalytics are each given a 1/3 weighting. Above average defined as a score above 5. The holdings above represent long positions only and exclude short positions, on which we do not take an active ESG view.

European Opportunity Unconstrained – long-only positions re-scaled to 100% of total book

HighestLowest

Equal-weighted ESG scores across UBS, MSCI and Sustainalytics

Exceptions:

1. Engaging with company

2. Scores have incomplete data

3. Outlier scores among data providers

9

Even top performing PMs have periods of underperformance

18%

18%

19%

20%

26%

Time spent in each quintile(as a % of 7 years)

Bottom quintile

4th quintile

3rd quintile

2nd quintile

Top quintile

35%

65%

Time spent above/beneath benchmark(as a % of 7 years)

Below benchmark

Above benchmark

Over 7 years, top managers spent roughly 2-4 years

trailing peers/benchmark

Source: MFS White Paper “Time to Align” published in November 2017, based on a study conducted by Casey Quirk and eVestment.

Relative performance of top quintile managers over 7 yearsGlobal Equity universe, 2009-2016

Understanding the value of negative alpha in the pursuit of long-term outperformance

10

Our historyOur strategies

Max Anderl took charge of idea generation and portfolio construction after Neil Mears retired. He had been working with Neil within UBS since 2000.

Jeremy Leung assumed Max’s previous role as deputy PM, having already worked with Neil and Max as a member of the broader equities team within UBS since 2007.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Our people

Europe EquityConcentrated AlphaLong only

May 31, 2004

European Opportunity UnconstrainedLong shortTarget beta 1.0

May 31, 2007

Global Equity Concentrated AlphaLong only

September 30, 2007

Equity OpportunityLong ShortMarket neutralTarget beta 0.0

October 31, 2010

Directional long shortTarget beta 0.5

April 30, 2014

Global Equity Opportunity UnconstrainedLong shortTarget beta 1.0

September 2015

Refined portfolio construction to target higher beta following our back tests.

Neil Mears

Max Anderl

Jeremy Leung

2016 2017 2018

11

Equity Opportunity Long Short FundNet Performance of Q-PF-acc share class1 as at 30 September 2019

Source: FactSet, UBS Asset Management. Performance net of fees (Q-PF share class). HFRI Equity Hedge is a hedge fund peer group index. Note: Returns are cumulative and absolute. Absolute means that returns are not linked to a benchmark. Returns on absolute type investments can still be negative compared to initial investment values.Please note that past performance is not a guide to the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.1 Since inception of strategy (31 October 2010). Before November 2012, I-B share class returns adjusted to match Q-PF fees. Post November 2012, Q-PF share class returns.

% EUR Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

2017 -3.9 2.5 -2.1 -0.3 2.1 -1.9 0.3 -0.4 -0.7 4.9 0.7 -0.7 0.2

2018 0.1 -1.2 0.6 0.8 3.1 0.5 1.1 3.5 -1.9 -2.3 -1.1 0.1 3.1

2019 -0.6 1.6 3.0 -0.4 1.2 2.7 1.0 1.3 -2.5 7.3

EOLS HFRI

1 Year Return 3.8% -2.8%

5 Year Return (p.a.) 1.6% 1.0%

Return S.I.1 (p.a.) 3.5% 2.2%

3 Year Volatility (p.a.) 7.2% 4.5%

Correlation to MSE -0.1 0.8

Correlation to MSW 0.1 0.7

1. Strong performance in stock selection

• Positive return in 2018 in EUR

• Strong steady return YTD in EUR avoiding mistakes of 2016 due to stricter sector allocation limits

2. Fund remains uncorrelated to equity markets

• No correlation to MSCI World or MSCI Europe

• As expected, volatility remained lower in 2018 and 2019 versus historical average

3. No performance fee until high water mark is reached

12

Summary

• Long/Short absolute return equity strategy

• Stock selection driven returns with market overlay

– Fundamental, quantitative and qualitative analysis

– Reduced past volatility via introduction of limits in net exposures in industries

• Inception date: 29 October 2010

• EUR 194m AUM, UCITS fund with daily liquidity

Fund Overview

Source: UBS Asset Management as at 30 September 2019Note: Absolute means that returns are not linked to a benchmark. Note that returns on absolute type investments can still be negative compared to initial investment values.

Equity Opportunity Long Short Fund

Fund details

Typical gross exposure 180%

Range of net exposure -30% – +70%

Typical net exposure 50% over a full market cycle

Volatility target Approximately 10%

Region Opportunistically in companies globally

Market cap Predominantly large cap

Making a case for active fund management: How?

Section 3

14

Investment philosophy: risk vs reward

For illustrative purposes only

• We believe that market inefficiencies can be exploited, i.e. the market tends to overestimate the upside and underestimate the downside.

• We seek the best risk vs reward stocks with good upside potential and limited downside risk.

• Our flexible and benchmark agnostic approach allows us to add value in varying market environments.

Pric

e

Time

upside

downside

Positive risk vs reward: higher upside potential relative to downside risk

15

Overview of investment process

For illustrative purposes only

• Target active shareLong only: 80-85%Unconstrained: 100%

Client portfolio

Idea Generation: Three Circles

Quantitative

Fundamental

Qualitative

Portfolio Construction & Risk Management

• Bottom up stock selection process

• Disciplined yet flexible approach

• Benchmark agnostic

• High active share

• Holistic approach to risk

• Uncorrelated information sources

ESG A.I. and Big Data

3 Circle Investment Process – in use since inception in 2004

16

• Better returns after fee

• Relatively stable performance over time but unrealistic to expect outperformance every year

• Volatility in line with passive instrument

• Volatility positively tilted: historically significantly lower downside volatility when it hurts emotionally more

• ESG integration for free, including significant efforts to improve corporate governance and capital allocation

• Making your contribution to well functioning capital markets

Making the case for active fund management

Source: UBS Asset Management as at 30 September 2019.This does not constitute a guarantee by UBS AG, Asset Management.

E S G

Additional informationAppendix

18

Equity Opportunity Long Short FundNet Performance of Q-PF-acc share class1 as at 30 September 2019

Source: FactSet, UBS Asset Management. Performance net of fees (Q-PF share class). HFRI Equity Hedge is a hedge fund peer group index. Note: Returns are cumulative and absolute. Absolute means that returns are not linked to a benchmark. Returns on absolute type investments can still be negative compared to initial investment values.Please note that past performance is not a guide to the future. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.1 Since inception of strategy (31 October 2010). Before November 2012, I-B share class returns adjusted to match Q-PF fees. Post November 2012, Q-PF share class returns.

EOLS HFRI

1 Year Return 3.8% -2.8%

5 Year Return (p.a.) 1.6% 1.0%

Return S.I.1 (p.a.) 3.5% 2.2%

3 Year Volatility (p.a.) 7.2% 4.5%

Correlation to MSE -0.1 0.8

Correlation to MSW 0.1 0.7

1. Strong performance in stock selection

• Positive return in 2018 in EUR

• Strong steady return YTD in EUR avoiding mistakes of 2016 due to stricter sector allocation limits

2. Fund remains uncorrelated to equity markets

• No correlation to MSCI World or MSCI Europe

• As expected, volatility remained lower in 2018 and 2019 versus historical average

3. No performance fee until high water mark is reached

% EUR Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

2010 2.2 -1.1 1.12011 -1.3 1.1 0.6 -0.7 0.2 1.7 0.1 -1.2 6.8 -6.7 2.6 3.8 6.52012 -6.6 1.7 -0.4 3.7 3.6 -0.1 4.1 -0.4 0.0 0.9 -0.6 -3.7 1.72013 -1.6 5.7 4.9 -0.7 -3.0 1.4 -0.1 -3.6 -4.4 1.4 3.1 2.7 5.32014 -0.7 2.0 -2.7 -2.9 2.7 2.6 1.7 2.6 3.3 2.8 -0.9 0.9 11.62015 6.2 -0.9 1.7 -1.5 1.5 -1.2 6.9 -0.7 2.8 0.5 1.8 1.4 19.72016 -0.1 -4.8 -5.1 -5.5 5.8 1.0 -3.5 -1.0 -2.1 -3.6 -3.4 -0.1 -20.62017 -3.9 2.5 -2.1 -0.3 2.1 -1.9 0.3 -0.4 -0.7 4.9 0.7 -0.7 0.22018 0.1 -1.2 0.6 0.8 3.1 0.5 1.1 3.5 -1.9 -2.3 -1.1 0.1 3.12019 -0.6 1.6 3.0 -0.4 1.2 2.7 1.0 1.3 -2.5 7.3

19

ESG integration within our investment process

Source: UBS Asset Management.

Exclude companies or sectors that do not meet certain social, environmental or ethical criteria

Integration of material ESG risks and growth opportunities into traditional investment valuation and research process resulting in an well diversified ESG oriented portfolio

Best-in-Class / positive screening: focus on investments with strong ESG characteristics in combination with attractive financial fundamentals.Sustainability themed: strategies that address specific sustainability issues such as climate change, food, water, renewable energy etc.

Investment in companies and projects with explicit intention to generate a measurable social and environmental impact alongside financial return

Exercising shareholder rights by proxy voting and (pro-)actively reaching-out to companies to discuss material ESG issues

Measure and report ESG and/or Impact performance of companies and investment portfolios

Impact

Sustainability Focus

ESG Integration

Exclusions

Proxy voting and Active Engagement (“Stewardship”)

Measurement and Reporting

Impact

Sustainability Focus

ESG integration

Exclusions

Proxy voting and Active Engagement

Measurement and Reporting

20

Strong internal global research platformOver 60 equity analysts and PMs in major financial locations around the world

United States

PM / Equity Analysts 22

Singapore

PM / Equity Analysts 7

Hong Kong

PM / Equity Analysts 6

Japan

Portfolio Managers 1

United Kingdom

PM / Equity Analysts 11

Switzerland

PM / Equity Analysts 14

Source: UBS Asset Management, as of 30 June 2019.Note: Total includes Associate PM's but excludes the Concentrated Alpha Equity PM team.

China

Portfolio Managers 2

21

Selective use of high quality independent research

Number of analysts

Accounting research 3AlphaValue 30Asian Economics 8Asset allocation research 4CFRA 20Empirical Research Partners 5European long short equities 8Finance sector specialist 44Global IT research 2Global long short stock research 24Independent global idea generator 9Independent pharma and telecoms 20Japanese long short specialist 2Management CV 10Short ideas provider 1Specialised value idea provider 3Strategy research 1US long short equities 7US long short equities and macro 40TOTAL 241

Around 240 independent1

external analyst resources globally with restricted access and limited client base

Source: UBS Asset Management, as of 30 June 2019.1 Defined as research providers outside of UBS who do not provide brokerage or investment banking services.

Independent research providers1

22

Years of investment industry experience: 20

Education: University of Innsbruck (Austria), MS; University of St Gallen(Switzerland) and Stockholm School of Economics (Sweden), Lic.oec.HSG

Maximilian Anderl, CFA

Maximilian Anderl is Head of Concentrated Alpha Equity and is the lead portfolio manager for the Global and European Concentrated Alpha long only and long / short strategies.

Maximilian has worked on the Concentrated Alpha team and its distinctive approach and strategies since its inception in 2004, becoming head of that team in March 2011.

Maximilian joined the European Equity Team in London in 2002, having joined UBS Asset Management, Zurich, in 2000 as an equity fund manager. In that role he was responsible for the retail funds and European client mandates.

Prior to joining UBS, Maximilian worked in academic research, university teaching, research and development and corporate finance for the pharmaceutical industry.

Maximilian is a Regular Member of the CFA Society of the UK and the CFA Institute.

Head of Concentrated Alpha EquityManaging Director

Note: As at March 2019

23

Performance: European Opportunity Unconstrained GIPS Disclosure

24

Disclaimer

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© UBS 2019. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

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Source for all data and charts (unless otherwise stated): UBS Asset Management

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25

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