Advised Vehicles

Performances from 11/30/2025	ISIN	NAV	YTD	1 year	3 years annualized	5 years annualized	Since inception*
Halley Alinea Global (clase I)	LU0908524936	€114.70	8.9%	7.6%	7.9%	11.4%	120.4%
Rainbow Flexible Allocation (Inst.)	LU1406961968	€163.46	11.5%	10.8%	8.3%	7.4%	63.5%
Rainbow Emerging Markets Equities	LU0065943366	€226.18	13.9%	13.6%	3.8%	1.1%	681.3%
Rainbow Balanced Portfolio 3	LU0201732111	€25.30	23.1%	24.1%	12.0%	7.9%	152.7%

* Performance of Alinea Global since the start of the new investment process on March 31, 2020. Past performance does not guarantee future results.

* Performance of Rainbow Emerging Markets Equities since the fund’s marketing launch on January 29, 1999.

* Performance of Rainbow Balanced Portfolio 3 since the fund’s marketing launch on September 15, 2004.

* Performance of Rainbow Flexible Allocation since the fund’s marketing launch on July 15, 2016.

Halley Alinea Global

Alinea is a global mixed fund whose key comparative advantage lies in fundamental macro analysis. It aims to achieve annualized returns of 8-10%, with cruising volatility of 6-8% throughout the cycle. Additionally, the fund has a secondary objective: to avoid losses over any 12-month period, regardless of market conditions. In this sense, its strategy also aligns with that of a Global Macro fund.

In general, through active management, the primary goal of the fund managers is to maintain an asset allocation aligned with the most probable 12-month macro scenario, carefully considering both upside and downside risks. Throughout the cycle, the fund typically maintains an average equity exposure of 40-50%.

The investment approach is primarily top-down, but also incorporates bottom-up analysis to optimize portfolio positioning within each asset class.

The fund managers permanently invest the vast majority of their financial assets in the fund, ensuring strong alignment with investors' interests.

Documentation

KIID (class A) – Key Investor Information Document

KIID (class B) – Key Investor Information Document

KIID (class I) – Key Investor Information Document

Prospectus Halley SICAV

Rainbow Flexible Allocation

In 2016, the third sub-fund was established with the aim of providing investors with the most comprehensive range of instruments for investing in financial markets. The fund was designed with broad flexibility, allowing for swift adaptability to changing economic conditions and enabling a dynamic investment strategy. With this objective, “Rainbow Flexible Allocation” was created—a multi-asset, multi-strategy fund that integrates macroeconomic analysis with bottom-up research. The investment process begins with asset allocation, followed by the identification of investment themes and the execution of the strategy.

To enhance efficiency and effectiveness, markets or strategies that are harder to access—but add value through diversification—are implemented via ETFs or specialized funds. A specific example is emerging market exposure, which is primarily executed through funds in each asset class or strategy, with a maximum allocation of 20% of the portfolio.

The fund’s ability to utilize derivatives allows for optimized risk management across various market factors, including equities, interest rates, credit, and duration. Additionally, its global approach enables currency exposure to be used as a tool to enhance returns.

As with our other funds, we invest a portion of our own capital, demonstrating our strong conviction in the quality and growth potential of the fund.

Documentation

KIID (class B) – Key Investor Information Document

Prospectus Rainbow Funds

Summary 2024

Rainbow Emerging Market Equities

With over 25 years of history, our "Rainbow Emerging Markets" fund stands out as the first emerging markets fund managed entirely from Spain. Founded in 1997 by our Chief Investment Officer, but not marketed until 1999, the fund was created to meet the investment needs of his clients and family group at a time when no locally managed emerging market funds existed in Spain. We take pride in being pioneers in offering a specialized investment vehicle for such complex and volatile markets.

The fund follows a fundamental, growth-oriented bottom-up investment approach and is designed for long-term investors. Its portfolio focuses on emerging market equities, investing in countries such as Indonesia, the Philippines, China, South Korea, and Thailand. Our strategy is centered on identifying companies with strong growth potential, solid financial health, and unique competitive advantages that set them apart from their peers.

We reinforce our commitment and confidence in the fund by investing a portion of our own capital. This not only strengthens the alignment of interests between the advisors and fund participants but also reflects our strong conviction in the quality and growth potential of Rainbow Emerging Markets.

Documentation

KIID – Key Investor Information Document

Prospectus Rainbow Funds

Summary 2024

Rainbow Balanced Portfolio 3

Following the initial success of our first fund, we launched "Rainbow Balanced Portfolio" in 2004 to expand investment opportunities into other markets, particularly Europe, while catering to the needs of our more conservative investors.

This fund follows a bottom-up approach with a moderate global investment strategy, consisting of 70% equities and 30% fixed income. It seeks to identify high-quality assets from a fundamental perspective, complemented by technical analysis to optimize entry and exit points. Under equities, we prioritize companies with strong growth prospects, robust financial stability, and clear competitive advantages. Within fixed income, we focus on high-yield bonds, whether in OECD countries or emerging markets, always denominated in local currencies. This strategic combination allows us to maximize risk-adjusted returns while maintaining a balanced investment profile with a focus on long-term capital preservation.

As a moderate, long-term oriented fund, it stands out for our active participation, reinforcing confidence in the product. Our commitment to investing a portion of our own capital reflects our strong conviction in the fund’s resilience and further aligns the interests of advisors and investors.

Documentation

KIID – Key Investor Information Document

Prospectus Rainbow Funds

Summary 2024

Patrimonio Global Solutions FIL

Based on the premise that market prices tend to converge toward intrinsic value, the fund follows a bottom-up investment strategy rooted in the value investing approach. As a conservative fund, it aims to achieve stable returns above cash yields, maintaining a significant allocation to fixed income, with a focus on high-credit-quality bonds and low-volatility assets. Given its defensive orientation, the fund prefers investments in developed European countries. Recognizing the importance of diversification in risk management, the fund allocates 10% to alternative investments.

As with our other funds, we actively participate in the fund by investing our own capital.

Documentation

KIID (classes A, B y C) – Key Investor Information Document

Rainbow Fund Global Strategy

This is a highly conservative fund, with over 70% of the portfolio allocated to fixed income, aiming for long-term appreciation through a globally diversified portfolio. Unlike our other funds, it follows a top-down investment approach, analyzing global macroeconomic factors such as trade balances, currency fluctuations, inflation, and interest rates. This approach helps identify sectors, industries, or regions with the best investment prospects, after which well-positioned companies are selected to capitalize on macroeconomic trends.

As with all our funds, we reinforce confidence in the product by investing in it ourselves.

Documentation

KIID – Key Investor Information Document

Prospectus Rainbow Funds

Summary 2024

Torrecares Inversiones SICAV

Driven by the conviction that emerging technologies will redefine the global economy, the fund aims to generate returns significantly above market averages through high exposure to disruptive, high-growth technology companies, leveraging a momentum-based strategy.

This fund follows an aggressive investment approach, designed to capture maximum growth potential in fast-moving markets, particularly in the technology sector. Its focus is on identifying companies in key stages of development or expansion, whose disruptive technologies have the potential to transform their respective industries. These companies typically operate in sectors such as artificial intelligence, biotech, fintech, renewable energy, and other areas of advanced innovation.

The fund aligns with a growth investment style, prioritizing companies with accelerated growth in key metrics such as revenue and earnings, rather than traditional valuation metrics. Additionally, momentum investing plays a key role in its strategy, emphasizing assets with strong recent performance trends.

The U.S. market is the fund’s primary investment focus, given its role as the global epicenter of technological innovation. However, the fund also explores opportunities beyond the U.S. where disruptive potential aligns with its strategy.

Documentation

Prospectus

Privaclar SICAV

Privaclar SICAV was established in May 2003 with a global mixed and flexible investment strategy, meaning it has broad discretion in allocating exposure across different asset classes. This exposure can be achieved directly (through deposits, bonds, or equities) or indirectly via other investment funds (IICs) or any other assets permitted by current regulations. The fund follows a strategic allocation of 60% in fixed income and 40% in equities.

With this investment flexibility, Privaclar SICAV aims to optimize risk-return balance without attempting to track or replicate a benchmark index. It maintains an international investment focus, both in fixed income and equities. It invests directly in European and U.S. assets. For other geographical regions, particularly emerging markets, it utilizes investment funds or ETFs. Additionally, within its investment management capabilities, the use of derivatives is strictly limited to risk hedging purposes.