MAGALLANES VALUE INVESTORS UCITS

R.C.S. Luxembourg B202078

MAGALLANES VALUE INVESTORS

UCITS Société d’Investissement à Capital Variable

Unaudited semi-annual report as at June 30, 2021

1

MAGALLANES

VALUE INVESTORS

UCITS Société d’Investissement à Capital Variable


MAGALLANES VALUE INVESTORS UCITS


No subscription can be received on the basis of these financial statements. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the Key Investor Information Documents ("KIIDs"), the latest annual report, including audited financial statements, and the most recent unaudited semi-annual report, if published thereafter.

2


Table of contents

3

Organisation of the SICAV 4

General information 6

Distribution abroad 7

Financial statements

Statement of net assets 8

Statement of operations and changes in net assets 9

Statistical Information 10

Sub-fund : MAGALLANES VALUE INVESTORS UCITS - EUROPEAN EQUITY

- Statement of investments and other net assets 11

- Geographical and industrial classification of investments 13

Sub-fund : MAGALLANES VALUE INVESTORS UCITS - IBERIAN EQUITY

- Statement of investments and other net assets 14

- Geographical and industrial classification of investments 15

Notes to the financial statements 16

Total Expense Ratio ("TER") 20

Performance 21

Other information to Shareholders 22


Organisation of the SICAV

4

Registered Office 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Board of Directors of the SICAV

Chairman Mrs Blanca HERNÁNDEZ RODRÍGUEZ, Chairman and Chief Executive Officer, Magallanes Value Investors S.A. S.G.I.I.C.

Directors Mrs Mónica DELCLAUX REAL DE ASUA, Chief Financial Officer, Magallanes Value Investors S.A. S.G.I.I.C.

Mr Iván MARTIN ARANGUEZ, Chief Executive and Chief Investment Officer, Magallanes Value Investors S.A. S.G.I.I.C.

Mr Rafael RUIZ HERNÁNDEZ, Independent Director

Management Company

FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Board of Directors of the Management Company

Chairman Mr Christian SCHRÖDER, Organisation Management, Head of Special Projects, Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

Members Mrs Michèle BERGER, Managing Director, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until January 18, 2021)

Mrs Annick BRETON, Managing Director, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since January 18, 2021 and until June 30, 2021)

Mr Marc BRIOL*, Chief Executive Officer Pictet Asset Services, Banque Pictet & Cie SA, 60, route des Acacias, CH-1211 Geneva 73, Switzerland

Mr Dorian JACOB, Managing Director*, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since July 1, 2021)

Mr Geoffroy LINARD DE GUERTECHIN, Independent Director, 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

* subject to CSSF's approval


Organisation of the SICAV (continued)

5

Mr Yves FRANCIS, Independent Director, 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Conducting Officers of the Management Company

Mrs Michèle BERGER, Managing Director, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until January 18, 2021)

Mr Philippe MATELIC, Member of the Management Committee in charge of Compliance, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until May 31, 2021)

Mrs Annick BRETON, Chief Executive Officer, Chief Operations Officer and Chief Financial Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (until June 30, 2021)

Mr Dorian JACOB, Chief Executive Officer, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mr Abdellali KHOKHA, Conducting Officer in charge of Risk Management, Conducting Officer in charge of Compliance* (since June 1, 2021), FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Mr Pierre BERTRAND, Conducting Officer in charge of Fund Administration of Classic Funds and Valuation*, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since July 1, 2021)

Mr Frédéric BOCK, Conducting Officer in charge of Fund Administration of Alternative Funds*, FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg (since July 1, 2021)

Investment Manager Magallanes Value Investors S.A. S.G.I.I.C., Calle Lagasca, 88, E-28001 Madrid, Spain

Depositary Bank Pictet & Cie (Europe) S.A., 15A, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Administrative Agent FundPartner Solutions (Europe) S.A., 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Cabinet de révision agréé / Auditor

Deloitte Audit, Société à responsabilité limitée, 20, boulevard de Kockelscheuer, L-1821 Luxembourg, Grand Duchy of Luxembourg

Legal and tax adviser Allen & Overy, Société en commandite simple, 33, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

* subject to CSSF's approval


General information

6

The business year of Magallanes Value Investors UCITS (the "SICAV") begins on January 1and terminates on December 31 of each year.

Annual report, including audited financial statements, for the end of each financial year are established as at December 31 of each year. In addition, unaudited semi-annual reports are established as per the last day of the month of June.

Annual reports, including audited financial statements, are published within 4 months following the end of the accounting year and unaudited semi-annual reports are published within 2 months following the end of period to which they refer.

The Net Asset Value ("NAV") per Share of each Share Class within each sub-fund is made public at the offices of the SICAV, the Management Company and the Administrative Agent on each NAV calculation day.

A detailed schedule of changes in the securities portfolios for the period ended June 30, 2021for the different sub-funds is available free of charge upon request at the registered office of the SICAV.

The annual reports, including audited financial statements, and the unaudited semi-annual reports are available to Shareholders free of charge at the registered office of the SICAV, from the Depositary Bank and from any Paying Agent or Representative in the countries in which the SICAV is marketed i.e.: Belgium, Germany, France, Spain, Switzerland and United-Kingdom.


Distribution abroad

7

Distribution in and

from Switzerland

Representative

The Swiss Representative is FundPartner Solutions (Suisse) SA, 60, route des Acacias, CH-1211

Geneva 73, Switzerland.

Paying Agent

The paying agent in Switzerland is Banque Pictet & Cie SA, with registered office at 60, route des

Acacias, CH-1211 Geneva 73, Switzerland.

Place of distribution of reference documents

The latest Prospectus, the Key Investor Information Documents ("KIIDs"), the Articles of

Incorporation, the annual report, including audited financial statements, and unaudited

semi-annual report of the SICAV, and a breakdown of the purchases and sales of the SICAV can

be obtained free of charge from the registered office of the Representative in Switzerland.

Additional Information

for German Investors

Paying and Information Agent

Deutsche Bank AG

Taunusanlage 12

60325 Frankfurt am Main

Germany


Statement of net assets as at June 30, 2021

The accompanying notes form an integral part of these financial statements.

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COMBINED MAGALLANES VALUE

INVESTORS UCITS -

EUROPEAN EQUITY

MAGALLANES VALUE

INVESTORS UCITS -

IBERIAN EQUITY

EUR EUR EUR

ASSETS

Investments in securities at acquisition cost 441,964,350.88 386,148,349.14 55,816,001.74

Net unrealised gain/loss on investments 13,464,492.59 22,428,724.83 -8,964,232.24

Investments in securities at market value (note 2.d) 455,428,843.47 408,577,073.97 46,851,769.50 Cash at banks (note 2.d) 16,026,465.66 14,570,853.95 1,455,611.71

471,455,309.13 423,147,927.92 48,307,381.21 LIABILITIES

Investment management fees payable (note 6) 1,563,239.40 1,386,267.46 176,971.94

"Taxe d’abonnement" payable (note 3) 26,159.43 22,990.12 3,169.31

Other fees payable (note 9) 182,116.72 165,002.78 17,113.94

1,771,515.55 1,574,260.36 197,255.19

TOTAL NET ASSETS AS AT JUNE 30, 2021 469,683,793.58 421,573,667.56 48,110,126.02

TOTAL NET ASSETS AS AT DECEMBER 31, 2020 323,340,391.81 278,905,721.87 44,434,669.94

TOTAL NET ASSETS AS AT DECEMBER 31, 2019 511,305,498.00 393,768,780.56 117,536,717.44


Statement of operations and changes in net assets for the period ended June 30, 2021


9

COMBINED MAGALLANES VALUE INVESTORS UCITS - EUROPEAN EQUITY

MAGALLANES VALUE INVESTORS UCITS -

IBERIAN EQUITY

EUR EUR EUR

NET ASSETS AT THE BEGINNING OF THE PERIOD 323,340,391.81 278,905,721.87 44,434,669.94 INCOME

Dividends, net (note 2.g) 5,974,442.96 5,101,433.54 873,009.42

5,974,442.96 5,101,433.54 873,009.42 EXPENSES

Investment management fees (note 6) 2,794,233.41 2,452,443.51 341,789.90

Depositary fees, bank charges and interest (note 8) 119,948.63 108,081.46 11,867.17

Professional fees, audit fees and other expenses 219,057.80 154,025.75 65,032.05

Administrative Agent fees (note 7) 97,366.95 85,969.67 11,397.28

"Taxe d’abonnement" (note 3) 71,840.95 62,959.00 8,881.95

Transaction fees (note 2.h) 273,341.38 245,493.24 27,848.14

3,575,789.12 3,108,972.63 466,816.49 NET INVESTMENT INCOME 2,398,653.84 1,992,460.91 406,192.93

Net realised gain/loss on sales of investments (note 2.e) 8,164,554.00 8,979,322.30 -814,768.30

Net realised gain on foreign exchange 12,538.19 12,538.19 0.00

Net realised loss on forward foreign exchange contracts -32,774.98 -32,774.98 0.00 NET REALISED GAIN/LOSS 10,542,971.05 10,951,546.42 -408,575.37 Change in net unrealised appreciation:

- on investments 59,614,979.84 52,447,271.04 7,167,708.80 INCREASE IN NET ASSETS AS A RESULT OF OPERATIONS 70,157,950.89 63,398,817.46 6,759,133.43

Proceeds from subscriptions of shares 141,692,350.94 135,473,416.11 6,218,934.83

Cost of shares redeemed -65,506,900.06 -56,204,287.88 -9,302,612.18 NET ASSETS AT THE END OF THE PERIOD 469,683,793.58 421,573,667.56 48,110,126.02


Statistical Information


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Sub-fund

Class

Currency Number of shares

outstanding

30.06.2021

Net asset value

per share

30.06.2021

Net asset value

per share

31.12.2020

Net asset value

per share

31.12.2019

MAGALLANES VALUE INVESTORS UCITS - EUROPEAN EQUITY

R EUR 1,066,164.01 150.93 124.09 129.02

I EUR 1,421,827.52 155.25 127.34 131.73

I GBP GBP 192,231.09 109.76 93.86 91.88

P EUR 96,965.35 158.30 129.59 133.54

MAGALLANES VALUE INVESTORS UCITS - IBERIAN EQUITY

R EUR 185,890.34 127.63 109.78 127.56

I EUR 185,662.27 131.35 112.70 130.31

Sub-fund and Share Class Shares outstanding -

beginning of period

Shares issued Shares redeemed Shares outstanding -

end of period


R 857,849.94 350,141.90 -141,827.83 1,066,164.01

I 1,092,573.52 542,078.10 -212,824.10 1,421,827.52

I GBP 196,465.29 49,465.80 -53,700.00 192,231.09

P 98,163.44 - -1,198.09 96,965.35


R 210,733.26 17,286.24 -42,129.16 185,890.34

I 189,004.58 32,140.99 -35,483.30 185,662.27


Statement of investments and other net assets as at June 30, 2021 (expressed in EUR)


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Description Currency Quantity Market value (note 2) % of net assets

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

AUSTRIA

KAPSCH TRAFFICCOM EUR 77,491.00 1,139,117.70 0.27

ROSENBAUER INTERNATIONAL EUR 45,568.00 2,424,217.60 0.58

VIENNA INSURANCE GROUP EUR 337,498.00 7,813,078.70 1.85

11,376,414.00 2.70

BELGIUM

EURONAV EUR 1,539,198.00 12,067,312.32 2.86

GROUPE BRUXELLES LAMBERT EUR 122,148.00 11,523,442.32 2.73

23,590,754.64 5.59

CANADA

NUTRIEN USD 366,712.00 18,742,227.45 4.45

18,742,227.45 4.45

CAYMAN ISLANDS

SHELF DRILLING NOK 2,421,465.00 1,203,031.48 0.29

1,203,031.48 0.29

DENMARK

MAERSK DRILLING DKK 205,277.00 7,232,488.33 1.72

7,232,488.33 1.72

FINLAND

NOKIA EUR 2,819,633.00 12,732,052.81 3.02

12,732,052.81 3.02

FRANCE

BOUYGUES EUR 309,672.00 9,658,669.68 2.29

CARREFOUR EUR 714,859.00 11,855,936.52 2.81

RENAULT S.A. EUR 371,107.00 12,649,182.10 3.00

SAVENCIA EUR 171,652.00 12,152,961.60 2.88

TARKETT EUR 668,502.00 13,370,040.00 3.17

59,686,789.90 14.15

GERMANY

COVESTRO EUR 275,760.00 15,017,889.60 3.56

HELLA EUR 306,873.00 17,724,984.48 4.20

METRO EUR 815,036.00 8,508,975.84 2.02

PORSCHE AUTOMOBILE HOLDING PFD -NVTG- EUR 243,866.00 22,035,731.76 5.23

63,287,581.68 15.01

GREECE

MYTILINEOS HOLDINGS EUR 639,435.00 9,808,932.90 2.33

9,808,932.90 2.33


Statement of investments and other net assets as at June 30, 2021 (expressed in EUR) (continued)


12


IRELAND

C&C GROUP EUR 3,076,219.00 8,707,837.28 2.07

8,707,837.28 2.07

ITALY

AUTOGRILL EUR 2,487,924.00 15,375,370.32 3.65

TELECOM ITALIA SAVING -NC- EUR 27,860,000.00 12,447,848.00 2.95

27,823,218.32 6.60

LUXEMBOURG

ARCELORMITTAL EUR 808,916.00 20,910,478.60 4.96

20,910,478.60 4.96

MARSHALL ISLANDS

SCORPIO TANKERS USD 565,337.00 10,511,575.21 2.49

10,511,575.21 2.49

NETHERLANDS

ING GROUP EUR 1,145,000.00 12,755,300.00 3.03

OCI EUR 1,078,270.00 22,126,100.40 5.25

SIGNIFY EUR 259,032.00 13,816,766.88 3.28

48,698,167.28 11.56

NORWAY

AKER BP NOK 852,122.00 22,912,723.96 5.43

22,912,723.96 5.43

POLAND

ORANGE POLSKA PLN 7,736,929.00 11,507,580.66 2.73

11,507,580.66 2.73

SWEDEN

HUSQVARNA 'B' SEK 803,527.00 9,008,187.54 2.14

9,008,187.54 2.14

UNITED KINGDOM

ANTOFAGASTA GBP 585,935.00 9,798,044.76 2.32

EASYJET GBP 1,374,470.00 14,326,761.19 3.40

SERCO GROUP GBP 10,572,256.00 16,712,225.98 3.96

40,837,031.93 9.68

TOTAL INVESTMENTS 408,577,073.97 96.92

CASH AT BANKS

14,570,853.95 3.46

OTHER NET LIABILITIES

-1,574,260.36 -0.38

TOTAL NET ASSETS 421,573,667.56 100.00



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Geographical and industrial classification of investments as at June 30, 2021

Geographical classification

(in % of net assets)

Germany 15.01

France 14.15

Netherlands 11.56

United Kingdom 9.68

Italy 6.60

Belgium 5.59

Norway 5.43

Luxembourg 4.96

Canada 4.45

Finland 3.02

Poland 2.73

Austria 2.70

Marshall Islands 2.49

Greece 2.33

Sweden 2.14

Ireland 2.07

Denmark 1.72

Cayman Islands 0.29

96.92

Industrial classification


Communications 12.66

Automobiles 8.81

Transport and freight 8.75

Chemicals 8.01

Construction of machines and appliances 6.34

Construction and building materials 5.46

Oil 5.43

Miscellaneous 5.25

Metals and minings 4.96

Food and soft drinks 4.90

Miscellaneous trade 3.65

Electronics and electrical equipment 3.28

Banks and credit institutions 3.03

Retail and supermarkets 2.81

Holding and finance companies 2.73

Mining and steelworks 2.33

Stainless steel 2.32

Tobacco and alcohol 2.07

Insurance 1.85

Real Estate Shares 1.72

Public utilities 0.29

Utilities 0.27

96.92


Statement of investments and other net assets as at June 30, 2021 (expressed in EUR)


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TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING OR DEALT IN ON ANOTHER REGULATED MARKET

SHARES

LUXEMBOURG

ARCELORMITTAL EUR 73,164.00 1,891,289.40 3.93

1,891,289.40 3.93

PORTUGAL

CORTICEIRA AMORIM EUR 100,115.00 1,061,219.00 2.21

CTT - CORREIOS DE PORTUGAL EUR 464,050.00 2,236,721.00 4.65

IBERSOL SGPS EUR 283,186.00 1,699,116.00 3.53

NOS SGPS EUR 567,568.00 1,677,731.01 3.49

RAMADA INVESTIMENTOS E INDUSTRIA EUR 105,822.00 630,699.12 1.31

SEMAPA EUR 220,166.00 2,527,505.68 5.24

SONAE SGPS EUR 2,530,914.00 2,024,731.20 4.21

11,857,723.01 24.64

SPAIN

AENA EUR 7,780.00 1,075,974.00 2.24

ALMIRALL EUR 141,413.00 2,080,185.23 4.32

APPLUS SERVICES EUR 233,480.00 1,923,875.20 4.00

BANKINTER EUR 235,000.00 996,165.00 2.07

CIA DE DISTRIBUCION INTEGRAL LOGISTA EUR 124,186.00 2,153,385.24 4.48

FAES FARMA EUR 171,332.00 576,703.51 1.20

FOMENTO CONSTRUCCIONES CONTRATAS EUR 181,950.00 1,783,110.00 3.71

GESTAMP AUTOMOCION EUR 631,827.00 2,821,739.38 5.86

GRUPO CATALANA OCCIDENTE EUR 62,762.00 2,042,903.10 4.25

IBERPAPEL GESTION EUR 103,782.00 1,857,697.80 3.86

INDITEX INDUSTRIA DE DISENO TEXTIL EUR 52,900.00 1,571,659.00 3.27

LINEA DIRECTA ASEGURADORA EUR 616,000.00 1,088,472.00 2.26

LINGOTES ESPECIALES EUR 36,802.00 437,943.80 0.91

MAPFRE EUR 1,095,796.00 1,953,256.37 4.06

METROVACESA EUR 224,586.00 1,495,742.76 3.11

MIQUEL Y COSTAS Y MIQUEL EUR 143,695.00 2,350,850.20 4.88

NATURGY ENERGY GROUP EUR 54,500.00 1,181,560.00 2.46

PROSEGUR (CIA DE SEGURIDAD) EUR 695,372.00 1,919,226.72 3.99

REPSOL EUR 212,064.00 2,238,123.46 4.65

SOL MELIA INTERNATIONAL EUR 249,068.00 1,554,184.32 3.23

33,102,757.09 68.81

TOTAL INVESTMENTS 46,851,769.50 97.38

CASH AT BANKS

1,455,611.71 3.03

OTHER NET LIABILITIES

-197,255.19 -0.41

TOTAL NET ASSETS 48,110,126.02 100.00



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Geographical and industrial classification of investments as at June 30, 2021

Geographical classification


Spain 68.81

Portugal 24.64

Luxembourg 3.93

97.38

Industrial classification


Utilities 13.95

Paper and forest products 12.95

Construction and building materials 11.16

Insurance 10.57

Automobiles 6.77

Gastronomy 6.76

Pharmaceuticals and cosmetics 5.52

Oil and gas 4.65

Tobacco and alcohol 4.48

Metals and minings 3.93

Communications 3.49

Retail and supermarkets 3.27

Real Estate Shares 3.11

Public utilities 2.46

Transport and freight 2.24

Banks and credit institutions 2.07

97.38


Notes to the financial statements as at June 30, 2021

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NOTE 1 GENERAL

MAGALLANES VALUE INVESTORS UCITS (the "SICAV") is an open-ended investment company organised under the laws of Luxembourg as a Société d'Investissement à Capital Variable (SICAV), incorporated on December 3, 2015 under the form of a public limited liability company (société anonyme) under part I of the amended law of December 17, 2010, (the "2010 Law"), on undertakings for collective investment, as amended ("UCI"). The SICAV is registered with the Luxembourg trade and companies register under number B202078.

Its deed of incorporation was published in the Memorial C ("Memorial"), on December 15, 2015. The SICAV is subject to the provisions of the 2010 Law and of the law of August 10, 1915 on commercial companies, as amended, insofar as the 2010 Law does not derogate therefrom. The registration of the SICAV pursuant to the 2010 Law constitutes neither approval nor disapproval by any Luxembourg authority as to the adequacy or accuracy of the current Prospectus or as to the assets held in the various sub-funds.

FundPartner Solutions (Europe) S.A., a public limited company (société anonyme) with

registered office at 15, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg, was appointed Management Company of the SICAV as at the incorporation of the SICAV. It is a Management Company within the meaning of Chapter 15 of the 2010 Law.

a) Sub-funds in activity

As at June 30, 2021, the SICAV includes two sub-funds in activity:

• MAGALLANES VALUE INVESTORS UCITS - EUROPEAN EQUITY, denominated in Euro (EUR),

• MAGALLANES VALUE INVESTORS UCITS - IBERIAN EQUITY, denominated in Euro (EUR).

b) Significant events and material changes

A new Prospectus came into force in March 2021.

c) Share Classes

Share Classes offered to investors are presented in the special section of the current Prospectus of the SICAV.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Presentation of financial statements

The financial statements are prepared in accordance with generally accepted accounting principles and presented in accordance with the legal reporting requirements applicable in Luxembourg relating to UCI.

b) Conversion of foreign currencies for each sub-fund

Cash at banks, other net assets as well as the market value of the investment portfolio in currencies other than the currency of the sub-fund are converted into the base currency of the sub-fund at the exchange rate prevailing at the closing date.


Notes to the financial statements as at June 30, 2021 (continued)

17

Income and expenses in currencies other than the base currency of the sub-fund are converted into the base currency of the sub-fund at the exchange rate applicable on the transaction date.

Resulting foreign exchange gains and losses are included in the statement of operations and changes in net assets.

c) Combined financial statements

The combined financial statements of the SICAV are expressed in Euro ("EUR") and are equal to the sum of the corresponding items of the different sub-funds denominated in currencies other than EUR, converted into EUR at the exchange rates prevailing at the closing date.

d) Valuation of assets

1. Transferable securities or money market instruments quoted or traded on an official stock exchange or any other regulated market, are valued on the basis of the last known price as of the relevant valuation day, and, if the securities or money market instruments are listed on several stock exchanges or regulated markets, the last known price of the stock exchange which is the principal market for the security or money market instrument in question, unless these prices are not representative.

2. For transferable securities or money market instruments not quoted or traded on an official stock exchange or any other regulated market, and for quoted transferable securities or money market instruments, but for which the last known price as of the relevant valuation day is not representative, valuation is based on the probable sales price estimated prudently and in good faith by the Board of Directors of the SICAV.

3. Units and shares issued by Undertakings for Collective Investments in Transferable Securities ("UCITS") or UCI are valued at their last available NAV as of the relevant Valuation Day.

4. Accrued interest on securities is taken into account if it is not reflected in the share price.

5. Cash is valued at nominal value, plus accrued interest.

6. All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation in accordance with the above paragraphs would not be possible or practicable, or would not be representative of their probable realisation value, are valued at probable realisation value, as determined with care and in good faith pursuant to procedures established by the Board of Directors of the SICAV.

e) Net realised gain/loss on sales of investments

Net realised gain/loss on sales of investments are calculated on the basis of the weighted average cost of investment sold.

f) Acquisition cost of securities

The cost of investments in securities denominated in currencies other than the base currency of the different sub-funds is calculated at the exchange rate prevailing on the acquisition date.



18

g) Income

Dividends are recorded net of withholding tax at ex-date. Interest is recorded on an accrual basis.

h) Transaction fees

The transaction fees represent the costs incurred by each sub-fund in connection with purchases and sales of investments. Transaction fees include brokerage fees, bank commissions, foreign tax, depositary fees and other transaction fees. They are included in the statement of operations and changes in net assets.

NOTE 3 "TAXE D’ABONNEMENT"

In accordance with current Luxembourg Law, the SICAV is not subject to any tax on income, capital gains tax or wealth tax. However, income collected by the SICAV on securities in its portfolios may be subject to withholding tax, which in normal circumstances, cannot be reclaimed.

Nevertheless, the SICAV’s net assets are subject to a subscription tax of 0.05% per annum payable at the end of each calendar quarter and calculated on the basis of the SICAV’s total net assets at the end of the relevant quarter; such tax is reduced to 0.01% per annum in respect of Share Classes comprising institutional investors only (as per article 174(2) of the Law). This tax is not applicable for the portion of the assets of a sub-fund invested in other Luxembourg undertakings for collective investment already subject to "taxe d’abonnement".

NOTE 4 SUBSCRIPTION, REDEMPTION AND CONVERSION OF SHARES

Shareholders or prospective investors may subscribe for a Share Class in a sub-fund at a

subscription price per share equal to:

(a) the initial subscription price where the subscription relates to the initial subscription period,

the initial subscription date or the Share Class launch date; or

(b) the NAV per share as of the valuation day on which the subscription is effected where the

subscription relates to a subsequent offering (other than the initial subscription period, the

initial subscription date or the Share Class launch date) of shares of an existing Share

Class in an existing sub-fund.

A Shareholder who redeems his/her/its shares will receive an amount per share redeemed

equal to the NAV per share as of the applicable valuation day for the relevant Share Class in

the relevant sub-fund, less, as the case may be, the redemption fee as stipulated in the relevant

special section of the Prospectus and any tax or duty imposed on the redemption of the shares.

No additional subscription fee or redemption fee is charged for any of the sub-funds.



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NOTE 5 MANAGEMENT COMPANY FEES

The Management Company is entitled to receive out of the assets of each Share Class within

each sub-fund a management company fee of up to 0.10% p.a. on the average of the value of

the NAV of the relevant Share Class over the relevant exercise and is payable quarterly in

arrears with a minimum fee not exceeding EUR 50,000 p.a. per sub-fund. It is included in the

statement of operations and changes in net assets under the caption "Professional fees, audit

fees and other expenses".

NOTE 6 INVESTMENT MANAGEMENT FEES

The Investment Manager is entitled to an investment management fee at the following rates:

Share Class R, I and I GBP shares: up to 2.00% p.a. Share Class P shares: up to 1.00% p.a.

The investment management fee is based on the average of the value of the NAV of the

relevant Share Class over the relevant year and is payable monthly in arrears.

NOTE 7 ADMINISTRATIVE AGENT FEES

The Administrative Agent is entitled to receive out of the assets of each Share Class within each

sub-fund an administrative agent fee of up to 0.10% p.a. on the average of the value of the NAV

of the relevant Share Class over the relevant year and is payable quarterly in arrears with a

minimum fee not exceeding EUR 50,000 p.a. per sub-fund.

NOTE 8 DEPOSITARY FEES

The Depositary Bank is entitled to receive out of the assets of each Share Class within each

sub-fund a depositary fee of up to 0.10% p.a. on the average of the value of the NAV of the

relevant Share Class over the relevant year and is payable quarterly in arrears with a minimum

fee not exceeding EUR 50,000 p.a. per sub-fund.

NOTE 9 OTHER FEES PAYABLE

As at June 30, 2021, other fees payable include mainly Management Company, administration, depositary and audit fees.

NOTE10 SUBSEQUENT EVENT

No event occurred after the period-end.


Total Expense Ratio ("TER")

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Pursuant to the "Guidelines on the calculation and disclosure of the total expense ratio (TER) of collective investment schemes" of May 16, 2008 (version of April 20, 2015) of the Swiss Funds & Asset Management Association ("SFAMA"), the SICAV is required to publish a TER for the last 12-month period.

The TER is defined as the ratio between the total operating expenses (operating charges primarily consist of management company fees and investment management fees, depositary fees, bank charges and interest, service fees, taxes and duties) and the relevant Sub-fund’s / Share Class’ average NAV (calculated on the basis of the daily average of the total net assets for the relevant period) expressed in its reference currency.

For the period from July 1, 2020 to June 30, 2021 the TER were the following:

Class Currency Annualised TER


R EUR 1.97%

I EUR 1.48%

I GBP GBP 1.45%

P EUR 1.10%


R EUR 2.00%

I EUR 1.51%


Performance

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The performance per Share Class was calculated by comparing the net assets per share as at June 30, 2021 with the net assets per share as at December 31, 2020.

The performance was calculated at the end of each period according to the "Guidelines on the calculation and publication of performance data of collective investment schemes" of May 16, 2008 (version of July 1, 2013) of the Swiss Funds & Asset Management Association ("SFAMA").

The performance given is based on historical data, which is no guide to current or future performance. Commissions and fees levied for the issue or redemption of shares, as applicable, have not been taken into account in this performance calculation.

As at June 30, 2021, performances were the following:

Class Currency Performance for the period

ending June 30, 2021

Performance for the financial

year ending December 31, 2020






R EUR 21.62% -3.82% 20.89% -19.43%

I EUR 21.91% -3.33% 21.50% -19.00%

I GBP EUR 16.94% 2.15% 14.72% -19.91%

P EUR 22.15% -2.96% 21.96% -18.70%


R EUR 16.26% -13.94% 5.68% -9.61%

I EUR 16.54% -13.51% 6.21% -9.14%

* The performance of Share Classes launched during the year/period was calculated by comparing the net assets per share as at the launch date of the Share Class with the net assets per share as at the end of the year/period.


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Other information to Shareholders

SECURITIES FINANCING TRANSACTIONS REGULATION ("SFTR")

As at June 30, 2021, the SICAV is in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions and of Reuse. Nevertheless, no corresponding transactions were carried out during the period referring to the financial statements.

MAGALLANES VALUE INVESTORS UCITS

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