The Fund Manager writes

Fund Performance

SinceReturn in euro* 1 mnth 3 mnths 2019 2018** start**TCM Africa High DividendClass BD 2,60% 9,54% 10,00% -22,89% -15,18%Africa ex SA TR 2,95% 5,45% 18,96% -12,89% 3,62%

* Based on Total Return (Bloomberg data)** Data is from inception of the fund: 24-05-2018

Fund Profile

TCM Africa High DividendEquity (Lux)During the last month of the year the African markets were mainly positive, which resulted in a return of 2.6% for the fund

compared to the benchmark return of 3%. South Africa had a positive month, where the JSE African all-share Index rose by 6%.Among the individual positions, Standard Chartered Bank in Ghana was the top gainer with a return of 38%. In 2019 Ghanabank shares were under pressure, but buying interest is coming back now that the shares trade at a historical low valuation. Itis also expected that economic growth in the country will pick up in 2020.

On a macroeconomic level, there was news from Nigeria, where the purchasing manager’s index rose to 60.8. Production in thecountry is growing rapidly. As a result, employment also continued to grow for the third month in a row. This growth isexpected to continue in 2020. According to the IMF, the economy in Nigeria can grow 2.4% this year, if oil revenues in particularshow stable growth. The IMF indicates that higher growth is possible, but then reforms must be implemented. This requiresmore investments in growth-driven sectors such as energy, agriculture, industry and telecom.The IMF was also positive about Morocco in December. The country has made significant progress in recent years instrengthening its economic resilience with the help of a conditional loan of $ 3 billion. Further reforms in education,government and the labour market will result in more sustainable and structural growth.

A new name has been added to the portfolio; Obour Land For Food Industries. The Egyptian company is specialized inproducing high-quality white cheese. The share is trading at 9.5x expected earnings and a dividend yield of 4.7%. The fundcurrently holds positions in 31 stocks in 7 different countries. The countries with the largest weightings are Egypt (25%), Nigeria(21.3%) and Kenya (19%). These markets currently have the most interesting high dividend shares that meet the qualityrequirements. The weighting of a country is therefore mainly determined by the relative attractiveness of the market comparedto other countries. Consequently, the composition of the fund can differ significantly from the benchmark index.

The fund invests in listed African companies in the northern and sub-Sahara regions of Africa. The portfolio will havelimited exposure to the South African market. Many African countries can be regarded as a Frontier Market at an earlystage of economic development, with an attractive dividend yield. The fund primarily aims to generate a long-termreturn in excess of the benchmark, the MSCI Africa ex South Africa Total Return Net Index, comprising capital gains orlosses plus net dividend. The equally weighted portfolio will be re-weighted and re-allocated on a periodically scale.The risk profile is high, due to investments in equities and Frontier Markets.

70

75

80

85

90

95

100

105

110

05-2

018

06-2

018

07-2

018

08-2

018

09-2

018

10-2

018

11-2

018

12-2

018

01-2

019

02-2

019

03-2

019

04-2

019

05-2

019

06-2

019

07-2

019

08-2

019

09-2

019

10-2

019

11-2

019

12-2

019

%

TCM Africa High Dividend Equity BD Class Africa ex SA TR

31 December 2019

Strategy: High Dividend Equity

Universe:Africa

Benchmark: Africa ex South AfricaIndex (Total Return)

ESG: UN Global Compact andControversial Weapons (screening bySustainalytics)

Status: UCITS

Structure: Open-end

Domicile: Luxembourg

Inception Date: 24 May 2018

Currency: EUR

Net Asset Value per share:Share Class A - 111.47

Total Fund size: 9.9 million

Share Class sizes:Share Class A - 0.006 million

Management Company:Novacap Asset Management S.A.

Investment Manager:Trustus Capital Management B.V.

Fund Management:Frontier Markets TeamWytze RiemersmaMarco Balk

Custodian:Caceis Bank Luxembourg Branch

Paying Agent:Caceis Bank Luxembourg Branch

Sector Allocation Top 10 Holdings

Position Weighting

Equity Group Holdings Plc 5,10%Safaricom Plc 4,95%Kcb Group Ltd 4,84%Compagnie Miniere De Touissi 4,71%Marsa Maroc 4,64%Access Bank Plc 4,54%Maroc Telecom 4,52%Total Maroc Sa 4,38%Credit Agricole Egypt 4,32%Airtel Africa Plc 4,24%

Total weightings Top 10 46,24%

Country Allocation Fund Characteristics

Characteristics Fund

Number of positions 31 31

Dividend Yield in %* 7,19 4,21

Price/Earnings Ratio* 10,45 11,27

Price to Book Ratio * 1,46 2,51

* source: Bloomberg/TCM

Subscription A Class AD Classinformation Accumulation Accumulation

Minimum subscription EUR 20 EUR 20Additional subscription EUR 10 EUR 10Subscription frequency daily dailyRedemption frequency daily dailySubscription Fee * up to 0.5% up to 0.5%Redemption Fee * up to 0.5% up to 0.5%Conversion Fee * up to 0.25% up to 0.25%Investor Restriction no restrictions no restrictionsDividend pay-out No NoInvestment Management Fee 2.5% per annum 2% per annumPerformance Fee 10% 10%Ongoing Charges Figure (2019) 3,08% 2,58%Clean share class No YesISIN Code LU1730854350 LU1730854434Bloomberg ticker TCMAFRA LX TCMAFAD LX

AFRICA exSA

* added back to the fund

Can be offered to investors in FI, LU, NL, NO, SE LU, NL

0,00%0,00%0,00%0,35%0,66%

3,08%6,90%8,05%

9,71%13,71%

17,79%39,75%

Utilities

Information Technology

Real Estate

Cash

Energy

Health Care

Consumer Discretionary

Materials

Consumer Staples

Communication Services

Industrials

Financials

0,35%

1,93%

3,25%

4,24%

6,74%

18,26%

18,98%

21,26%

24,99%

Cash

Botswana

Ghana

United Kingdom

South Africa

Morocco

Kenya

Nigeria

Egypt

Sustainability

DisclaimerTCM Africa High Dividend Equity (Lux) is a sub fund of TCM Investment Funds Luxembourg, domiciled in Luxembourg. The fund is authorized in Luxembourg and isregulated by the Commission de Surveillance du Secteur Financier. The information in this document provides insufficient information for an investment decision.Please read the Key Investor Document and the prospectus. These documents as well as annual report, semi-annual report and the articles of incorporation of thefund are available free of charge at the registered office of the fund located at 5, Allée Scheffer, L-2520 Luxembourg and on the website of the Management Company:www.novacap-am.com/en/funds. The value of your investment may fluctuate. Past performance provides no guarantee for the future. The performance shown doesnot take account of any commissions and costs charged when subscribing to and redeeming units.

TCM has entered into an agreement with Sustainalytics for the screening ofthe portfolios of the TCM equity funds on ESG criteria (UN Global Compactand Controversial Weapons).

Contact Information5 Allée Scheffer, L-2520Luxembourg+31 513 48 22 00info@tcminvestmentfunds.nlwww.tcminvestmentfunds.com