Valora Group (Series 574) Notes due 2046

The portfolio is managed under a disciplined value investing philosophy, based on the principle that price is the ultimate determinant of investment merit. At the right valuation, any company can represent a compelling opportunity; at higher valuations, it may warrant holding or divestment. Short-selling is not permitted, as the strategy is focused on building enduring ownership in real businesses.

All investments are analyzed with a minimum five-year horizon, requiring a long-term mindset. Market volatility and drawdowns are expected, yet the focus remains on intrinsic value rather than short-term price fluctuations. The portfolio invests in companies whose fundamental worth is stable and measurable, even when market sentiment is irrational.

A central pillar of the approach is the margin of safety: acquiring assets at a significant discount to their estimated intrinsic value. This cushion protects capital and enhances the probability of superior returns over time. Through rigorous fundamental analysis, patience, and disciplined capital allocation, the strategy aims to compound investor capital sustainably and responsibly.

From time to time, and depending on market conditions, the Portfolio Manager may diverge from its core investment strategy by investing in other assets such as Fixed Income Instruments, Options, and Mutual Funds.