Investment, Market, Fund News and Insights

The board of directors of Mediolanum International Funds Limited (the “Board of Directors”), the management company (the “Management Company”) (“MIFL”) of Gamax Funds FCP would like to inform you that with effect as of 29th September 2021 the following amendments will be made in the prospectus of Gamax Funds (the “Prospectus”) in particular:

July 02 2021 Notice to Unitholders of Gamax Funds - Maxi-Bond

The board of directors of Mediolanum International Funds Limited (the “ Board of Directors”), the management company (the “Management Company”) (“MIFL”) of Gamax Funds FCP, wishes to notify unitholders of the Fund, of the fee waiver in respect of a portion of its management fee (as disclosed in the Fund’s prospectus) which shall take effect from on or about July 5, 2021 until such time as further notified to:

July 01 2021 Challenge - Notice to Euro Bond Fund/Euro Income Fund & International Bond Fund Unitholders

(UCITS authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended)

June 18 2021 Notice to Unitholders of Gamax Funds

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 15 July 2020, the following amendments will be made in the Prospectus of Gamax Funds (the “Prospectus”):

June 17 2021 Challenge - Notice to Energy Equity Fund/Financial Equity Fund & Technology Equity Fund Unitholders

(UCITS authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended)

June 17 2021 Notice to Long Short Strategy Collection Unitholders

Mediolanum International Funds Limited (the “Manager”), manager of Mediolanum Best Brands (the “Fund”), wishes to notify the Unitholders of Long Short Strategy Collection, a sub-fund of the Fund (the “Merging Sub-Fund”) of the outcome of the extraordinary general meeting of the Merging Sub-Fund which took place at Fourth Floor, The Exchange, IFSC, Dublin 1, Ireland on 28 May, 2021 (the “Original Meeting”).

June 01 2021 Notice to Long Short Strategy Collection Unitholders

Mediolanum International Funds Limited (the “Manager”), manager of Mediolanum Best Brands (the “Fund”), wishes to notify the Unitholders of Long Short Strategy Collection, a sub-fund of the Fund (the “Merging Sub-Fund”) of the outcome of the extraordinary general meeting of the Merging Sub-Fund which took place at Fourth Floor, The Exchange, IFSC, Dublin 1, Ireland on 28 May, 2021 (the “Original Meeting”).

June 01 2021 Notice to Counter Cyclical Equity Fund & Cyclical Equity Fund Unitholders

Mediolanum International Funds Limited, manager of CHALLENGE Funds (the “Fund”), wishes to notify Unitholders of the CHALLENGE Counter Cyclical Equity Fund and CHALLENGE Cyclical Equity Fund (together the “Sub-Funds”) that the proposed change of investment objective and policies of each of the Sub-Funds, full details of which are set out in a circular to Unitholders of the Sub-Funds dated 11 May, 2021, were approved at the EGMs of the relevant Sub-Funds held on 28 May, 2021.

April 13 2021 Notice to Unitholders of Gamax Funds FCP

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 19 May 2021 the following amendments will be made in the prospectus of Gamax Funds (the “Prospectus”

June 19 2020 Gamax FCP - Notice to Unitholders of Gamax Funds

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 15 July 2020, the following amendments will be made in the Prospectus of Gamax Funds (the “Prospectus”):

December 18 2019 Gamax Funds - Notice to Unitholders of Maxi-Bond

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 2 January, 2020 the following amendments will be made in the Prospectus and Fund Rules of Gamax Funds (respectively, the “Prospectus” and the “Fund Rules”).

December 18 2019 Gamax Funds - Notice to Unitholders of Junior

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 2 January, 2020 the following amendments will be made in the Prospectus and Fund Rules of Gamax Funds (respectively, the “Prospectus” and the “Fund Rules”).

December 18 2019 Gamax Funds - Notice to Unitholders of Asia Pacific

The board of directors (the “Board of Directors”) of Mediolanum International Funds Limited, the management company (the “Management Company”) of Gamax Funds FCP (“Gamax Funds”), would like to inform you that with effect as of 2 January, 2020 the following amendments will be made in the Prospectus and Fund Rules of Gamax Funds (respectively, the “Prospectus” and the “Fund Rules”):

November 26 2019 Challenge - Notice to Challenge Funds Unitholders

Mediolanum International Funds Limited, manager of Challenge Funds, wishes to notify Unitholders of the Fund that it reserves the right to impose an “anti-dilution levy” in respect of all sub-funds of the Fund.

November 26 2019 Best Brands - Notice to Mediolanum Best Brands Unitholders

Mediolanum International Funds Limited, manager of Mediolanum Best Brands, wishes to notify Unitholders of the Fund that it reserves the right to impose an “anti-dilution levy” in respect of all sub-funds of the Fund.

November 22 2019 Best Brands - Notice to Mediolanum Franklin Templeton Emerging Markets Selection Unitholders

Mediolanum International Funds Limited, manager of Mediolanum Best Brands, wishes to notify Unitholders of Mediolanum Franklin Templeton Emerging Markets Selection that Franklin Templeton Investment Management Limited will no longer act as investment advisor of the Sub-Fund with effect from November 27, 2019. Notificación a los Partícipes del Mediolanum Franklin Templeton Emerging Markets Selection

July 12 2019 NOTICE TO UNITHOLDERS OF GAMAX FUNDS FCP

The board of directors of GAMAX Management AG (the “Board of Directors”), the management company of GAMAX Funds FCP (the “Fund”) and a member of the Mediolanum Group of companies, would like to inform the unitholders of the Fund that it has been decided to proceed with a restructuring of the asset management activities of the Mediolanum Group with the aim of centralizing its asset management activities in Ireland where they will be performed by a dedicated team of specialists.

September 25 2018 GAMAX Management AG: How to Avoid One-Hit-Wonders in the Portfolio

Investing in strong brands. GAMAX Management AG: How to Avoid One-Hit-Wonders in the Portfolio

August 16 2018 NOTICE TO UNITHOLDERS OF GAMAX FUNDS FCP

The board of directors of GAMAX Management AG, the management company of GAMAX Funds FCP (the “Fund”), would like to inform the unitholders of the Fund that with effect as of 17 September 2018 the following amendments will be made in the prospectus of the Fund.

April 18 2017 GAMAX Management AG société anonyme 11/13, Boulevard de la Foire L-1528 Luxembourg R.C.S. Luxembour

NOTICE TO UNIT HOLDERS OF THE GAMAX FCP FUND

April 14 2015 Netflix and friends are changing the face of the consumer market

Brand expert Moritz Rehmann analyses the video-on-demand market Netflix and friends are changing the face of the consumer market

December 16 2014 Esprit and Karstadt are facing tough challenges

Brand expert Moritz Rehmann assesses attractive companies “Esprit and Karstadt are facing tough challenges”

December 10 2014 Against the tide? No reason to fear Asian stocks

There are more than just professional reasons why Jan Ehrhardt, portfolio manager of the GAMAX Maxi-Fonds Asien International, views the prospects of the Asian markets in 2015 with optimism.

October 21 2014 Young, educated, affluent: Investing in strong brands

Companies that can adapt to the needs of young adults have great growth potential. If all the fundamentals are in place, these offer attractive investment opportunities.

September 18 2014 Chinese eCommerce market leader is going public

There is huge interest in the initial public offering of the Chinese ecommerce giant Alibaba. There are good reasons for this, as explained by the fund managers of GAMAX Maxi-Fonds Asien International, who are hoping for an allocation of Alibaba shares.

September 09 2014 Mobile payment via the iPhone: as successful as iTunes?

The introduction of a mobile payment system on the iPhone 6 promises similar potential to what was seen in the launch of the iTunes music platform 13 years ago, comments GAMAX portfolio manager Moritz Rehmann.

July 22 2014 Microsoft: Attack of the Apple-IBM alliance

Cool meets the experts: With the cooperation between Apple and IBM announced on 16 July, one of the most successful companies from the mobile segment will join forces with one of the leading providers in enterprise mobility management to form one powerful team.

July 21 2014 World Finance Award for Mediolanum Asset Management

Mediolanum Asset Management Limited, manager of the GAMAX Funds Maxi-Bond, has been awarded the title of best Investment Management Company in Ireland in the World Finance Awards 2014. Last Monday, the financial magazine World Finance announced the investment management awards. The award for Ireland’s best investment management company was won by Mediolanum Asset Management (MAML).

July 02 2014 Japan: Why it pays to enter the market now?

The Japanese stock market has benefitted from PM Shinzo Abe's expansive fiscal policy. Historically low stock evaluations and good growth forecasts create a first-class environment right now for fundamental stock pickers to enter the Japanese market - before many international investors have enough confidence to return to the Tokyo market.

June 15 2014 GAMAX Management: Germany is the lynchpin of Europe

Another key juncture has been reached in the euro crisis. Spain, the fourth largest eurozone economy, has requested a bailout from the European Financial Stability Facility (ESFS). In Greece, the elections of June 17th will determine whether the country will ultimately exit the single currency bloc. Germany has been pushing strict austerity and making clear that it will not support the introduction of eurobonds. And, rightly so, says the german fund manager of the GAMAX Funds FCP and CEO of DJE Kapital AG, Dr. Jens Ehrhardt:

June 08 2014 Stars, jerseys, shoes and stocks?

The World Cup begins in Brazil in one week. Investors too are eagerly awaiting the biggest sports event of the year. It is tempting to invest in companies which stand to benefit from the World Cup. Major sports companies such as Nike, Adidas and Puma are often mentioned as examples. Every four years when the World Cup is on, a so-called "sneaker war" breaks out between the three giants in the field.

May 12 2014 GAMAX Funds Junior: More Microsoft, less Amazon

Weak macroeconomic indicators and rich valuations have contributed to the relative underperformance of growth stocks since the start of the year. Portfolio manager Moritz Rehmann sees stability with potential for growth in the technology segment with Microsoft right now, where a drastic change in strategy has provided positive stimuli.

May 12 2014 Facebook and Apple

GAMAX Management AG today announced that given the current low growth environment, it is important to invest in a collection of high quality companies trading at a discount to their estimate of their intrinsic value.

April 18 2014 Market developments have made the ‘human factor’ indispensable for asset management

At present, mathematically modelled performance plays a more secondary role within the financial and capital markets. Other factors are being pushed to the fore by political decision making, and this is having an impact: “Psychological factors can only be assessed subjectively. The human factor in the form of an active portfolio manager is thus gaining ever greater importance for the asset management industry”, says Furio Pietribiasi, Chairman of the Board of Directors of GAMAX Management AG. Dr. Jens Ehrhardt, CEO of DJE Kapital AG (DJE), sees a good time to get into equity markets, despite the ongoing battle against the European debt crisis. Continental companies are now at historically low valuations comparable to levels seen in the wake of the 2008 financial crisis, but on considerably sounder footing. Asian markets continue to offer the best long-term risk/return profile.

February 16 2014 International equity funds: defensive-active strategies pay off over the long Term

In a recent study Morningstar Italy, leading provider of independent investment research, examined the strategies employed by successful actively managed international large cap equity funds. The result: defensive-active strategies outperform both aggressive-active management and passive management approaches.

December 15 2011 GAMAX Management funds available through Legal & General International (Ireland) Limited products

Investment company, GAMAX Management AG, has announced a cooperation agreement with financial services firm, Legal & General International (Ireland) Limited. Beginning immediately, Independent financial advisors and clients of the Dublin-based life insurer will be able to include GAMAX funds in their unit-linked insurance portfolios. With its active management approach, the funds managed by DJE Kapital AG in Munich are geared particularly toward long-term wealth accumulation. Fund management targets consistent low volatility while maintaining outperformance against the benchmark.

November 21 2011 It’s time to re-invest in equities!

Uncertainty continues to dominate international financial markets and, investments such as sovereign bonds are losing their “safe haven” status.

October 17 2011 GAMAX Management brings investors innovative low volatility products

The portfolio management of the GAMAX Funds is provided by Munich-based fund manager DJE Kapital AG, one of the leading independent asset managers in German speaking Europe. The strategies used by Dr. Jens Ehrhardt focus on an active, lowvolatility approach to investing with the aim of generating returns that consistently outperform broad market indices but with lower volatility.

August 17 2011 Brand manufacturers grow with trend-aware young consumers in emerging markets

A clear focus on consumers in emerging markets and a sure instinct for current and future trends: these are the guiding principles for GAMAX Funds Junior (ISIN: LU0073103748 / WKN: 986703) fund managers. Their strategy concentrates on brands such as Apple, Abercrombie & Fitch and Volkswagen which appeal above all to a younger international target group – investors’ focus is on this growing global group of trend- and brand-aware consumers. Rating agency Feri has confirmed the excellent quality of the DJE Kapital AG managed fund, awarding the top “A” rating.

June 29 2011 GAMAX Management sees an above-average Risk-Reward Ratio in the emerging markets and Germany

In the medium to long-term, investment company GAMAX Management AG sees an above average risk-reward ratio for all share investors, particularly in the emerging markets and Germany. Apart from the issue with Greece, poor US economic data and a restrictive monetary policy in Asia, Dr. Peter Fischer, member of the board at GAMAX Management AG, draws investors’ attention to high-yielding Chinese shares and a competitive industry in Germany. On the other hand, he views the liquidity-driven boom on the USA share market critically.

May 24 2011 GAMAX consolidates distribution in cooperation with max.xs financial services

GAMAX Management AG is restructuring the distribution of its fund products. As of 1st June 2011, the Munich based company will cooperate with the independent, full service provider max.xs financial services AG from Frankfurt. "In max.xs, we have found a cooperative partner who will enable us to offer even more efficient and extensive support for institutional investors and intermediaries in the future", explains Dr. Peter Fischer, member of the executive board of GAMAX Management AG. max.ms will assume marketing and sales support for the GAMAX funds products exclusively for Germany and Austria.

March 30 2011 GAMAX Management: China remains the carthorse of Asian growth

China continues to be the most important country in Asia’s development. Its domestic consumption harbours particular potential. The management of the GAMAX Funds – Maxi-Fonds Asien International (ISIN: LU0039296719) is based on attractively evaluated small and mid-caps of the region. Despite the severe earthquake catastrophe, investors should also keep Japan in mind. “It is true that the effects of the catastrophe in Japan cannot yet be assessed with the data available at the moment. Nevertheless, the country’s reconstruction will also be an important issue for investors,” explains Dr. Peter Fischer, board member at GAMAX Management AG. In March, the fund, which is managed by DJE Kapital AG, received the Österreichischer Fondspreis 2011 (Austrian Fund Award) in its category.

March 14 2011 GAMAX Funds Junior: companies demonstrate the ability to identify sustainable trends

Abercrombie & Fitch, Apple, Google, Nintendo and Sandisk all have one thing in common; they prove with their products and services that they are capable of developing sustainable innovative product ideas and trends. The management of the GAMAX Funds Junior (ISIN: LU0073103748 / WKN: 986703) is based on investing in those global companies that appeal primarily to the younger generation. As an investor you therefore access the market potential of a growing global group of trend and brand conscious consumers.

January 18 2011 Backlog in Japanese shares: valuation level is a prognosis for the entry

Change of baton in the portfolio of Mediolanum GAMAX Funds Five Countries Select (ISIN: IE00B0LWC427): straight away Japan has replaced the Dutch share in the fund’s country allocation.

Notices