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BLUECHIPS OF

THE FUTURE

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APPROACHING TECH INVESTING: CAPEX VS REVENUE

Technology Hype

This time gets underestimated

Initial Capex10% of

Company Revenue

REVENUE

Exponential RevenueInitial Cost

Marketing, PressTechnology CompaniesHigh Valuations

Business Integration & TransformationValue Creation in and ex TechLower Valuations

CAPEX

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Q U A L I T Y A C C E S S T O I N N O V A T I O N

The Singularity Fund, via the Nasdaq Singularity Index, offers early exposure to

innovation in and outside the technology sector in high quality companies that

have demonstrated revenue creation in tech.

75%

25%

Singularity Fund

Blue Chip* Non-Blue Chip

*Blue Chip: per quality criteria by SAMCO (credit rating, life of company, growth, number of institutional investors)

52%

48%

Non-Tech Tech

INNOVATION IN BLUECHIPS

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Live Performance YTD 2020

~17,000

~2150

~520

300

Sources: FactSet

SINGULARITY INDEX™

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NFI

DEN

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Live Performance 2019

~17,000

~2150

~520

300

Sources: FactSet

SINGULARITY INDEX™

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SIN

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LAR

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NFI

DEN

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Live Performance 2018

~17,000

~2150

~520

300

Sources: FactSet

SINGULARITY INDEX™

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SIN

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NFI

DEN

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Live Performance Since Launch (21. Dezember 2017)

~17,000

~2150

~520

300

Sources: FactSet

SINGULARITY INDEX™

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The Singularity Fund tracks the Singularity Index

~17,000

~2150

~520

300

Sources: Bloomberg

THE SINGULARITY FUND™

70

80

90

100

110

120

130

140

150D

ec-1

7

Jan

-18

Feb

-18

Mar

-18

Ap

r-1

8

May

-18

Jun

-18

Jul-

18

Au

g-1

8

Sep

-18

Oct

-18

No

v-1

8

Dec

-18

Jan

-19

Feb

-19

Mar

-19

Ap

r-1

9

May

-19

Jun

-19

Jul-

19

Au

g-1

9

Sep

-19

Oct

-19

No

v-1

9

Dec

-19

Jan

-20

Feb

-20

Mar

-20

Ap

r-2

0

May

-20

Jun

-20

Jul-

20

Multiflex SICAV - The Singularity Fund - D1 - Capitalization Nasdaq Singularity Index NTR MSCI AC World NTR

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Performance in a Correction - defensive vs tech

~17,000

~2150

~520

300

Sources: FactSet

THE SINGULARITY FUND™

October 2018 Correction: Selective selling

Singularity Fund:

-16,9%

MSCI AC World Technology:

-22.6%%

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Performance in a correction – liquidity crisis

~17,000

~2150

~520

300

Sources: FactSet

SINGULARITY FUND™

Q1 2020 Correction: Liquidity crisis

Singularity Fund:

-31,8%

MSCI AC World Technology:

-32.5%

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Quality Check: Favorable profitability and liquidity ratios

Sources: Bloomberg

THE SINGULARITY FUND™

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T E C H E Q U I T I E S I N H I G H D E M A N D

Tech stocks have priced in growth rates above 50% CAGR for the next 5-10 years.

Venture Capital in new technologies is facing higher demand than supply.

Valuations for early-stage access have become very expensive, commanding a

premium despite very high risk.

INNOVATION SEEMS EXPENSIVE

Source: Bloomberg; Median 10 largest Technology Funds Active; Median 10 largest Single Sector Technology Funds

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C H E A P E R A C C E S S T O I N N O V A T I O N

Access to high quality innovation can be achieved via public markets in and

outside the tech sector – at attractive valuation.

INNOVATION OUTSIDE TECHNOLOGY

Source: Bloomberg; Median 10 largest Technology Funds Active; Median 10 largest Single Sector Technology Funds