RWC Global Convertibles Fund - rwcdr.co.uk

1 Cumulative Performance (%)NAV per Share1M3 MYTD1Y3Y5 YSIB EUR1, Index Thomson Reuters Global Focus Hedged convertible Bond Index (EUR)Discrete Monthly Performance - Class B EUR (%)Jan Feb Mar Apr May JunJul Aug Sep Oct Nov Dec Annual Returns (%) was broadly a mixed month for risk assets with the MSCI World up The continuing strength in theeuro weighed on equity markets in the region, with the Euro Stoxx falling Emerging markets performedparticularly well, with the MSCI Emerging Markets up Brent continued to rally another to finish the yearjust under $67.

2 Our fund had a strong month versus our index with a return of vs Thisoutperformance brings our fund ahead on the year, on a Net basis, with the EUR shareclass up at vs it sindex returns of , with the USD shareclass at vs for the index. Much of the outperformance came from our significant underweight to Steinhoff given the selloff in bonds andequity following the resignation of the CEO and delay in publishing accounts amid a suspected accounting , one of our largest fund weights, the Finisar 2033 bonds, provided additional outperformancefollowing the significant rally in the underlying shares after the announcement by Apple of an investment in a newFinisar 3D sensing manufacturing centre.

3 Trading over the month was focussed on continual trims of high delta names and rotation into the balanced portionof the universe over much of the year. Although our fund has outperformed our indices over 2017, our approach toremain balanced has faced some difficulty given the continual rise in markets with little volatility or correction. Wefeel that the 2018 period and beyond may be significantly more beneficial for our strategy given our view that thefollowing years may be characterised by a higher rate environment, weaker bond and high yield markets and amuch more volatile environment. While we think markets will still trade higher given Global economic strength, thismay occur with higher volatility, given uncertainty and higher valuations.

4 While we did have some new issuance in2017, the amount was lower than expectations but as we look to 2018 and rates accrete higher, we expect thenew issuance to continue Partners Limited - 60 Petty France, London SW1H 9 EUt. +44 (0)20 7227 6000f. +44 (0)20 7227 6003e. Performance - Class B EURPast performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The month end values shown for both the NAV and the index are the values released on the last day of the month. As such there is some mismatch between the performance details are NAV-NAV gross income.

5 RWC, Thomson Reuters, MSCIRWC Global Convertibles Fund29th December 2017$ $1, $14, AimTo provide strong risk adjusted returns through the fullmarket cycle by investing primarily in a diversified portfolioof convertible securities AuMTeam AuMFirm AumFund DetailsManagerDavide BasileLaunch Date29th December 2006 StructureUCITS IV Lux SICAVS hare ClassesCHF, EUR, GBP, USDM inimum InvestmentShare Class A25,000 Share Class B10,000,000 Share Class R25,000 Annual Management ChargeShare Class Class Class FrequencySemi-AnnualXD Dates30 Jun, 29 DecPay Dates13 Jul, 12 JanDealing - SubscriptionsDailyDealing - RedemptionsDailyDealing Cut Off13:00 CET (Trade date-1)AdministratorBrown Brothers HarrimanAuditorPricewaterhouseCoopers (LUX) fund CodesShare Class ISINS edolBloombergA CHFLU0391202164 B3F8667 MPCGCAC LXA EURLU0273642768 B1YB373 MPCGLCA LXA GBPLU0280814137 B1Y9SR2 MPCGCAG LXA USDLU0273642925 B1Y9SQ1 MPCGCAU LXB CHFLU0327224076 B29 NGZ0 MPCGCBC LXB EURLU0273643493 B1Y9SS3 MPCGLCB LXB EUR Dist.

6 LU1694764207 BYWG4J0 TBCB GBPLU0280814301 B1Y9SV6 MPCGCBG LXB GBP Dist. LU0892083196 B87W1L2 MPCGBGD LXB USDLU0273643733 B1Y9ST4 MPCGCBU LXB USD Dist. LU1694764389 BYWH9C1 TBCR CHFLU1319692791 BZ6 CTB8 RWGCRCH LXR EURLU1319692957 BZ6 CTR4 RWGCORE LXR GBP Dist. LU1017300424 BJBPXN0 RWCACRI LXR GBPLU1017300267 BJBPXM9 MPCGBRA LXR USDLU1319692528 BZ6 CST9 RWGCRUH LXIncome DistributionShare ClassPeriodDist per shareB GBP GBP EUR USD $ B EURT homson Reuters Global Focus Hedged convertible Bond Index (EUR)8010012014016060180 Dec2007 Dec2009 Dec2011 Dec2013 Dec2015 Dec2017 Authorised and regulated by the Financial Conduct AuthorityGeographic Breakdown (%)Delta Distribution of convertible Bonds (%)RWC Partners Limited - 60 Petty France, London SW1H 9 EUt.

7 +44 (0)20 7227 6000f. +44 (0)20 7227 6003e. document is directed only at persons that qualify as Professional Clients or Eligible Counterparties under the FCA rules. It is not intended for distribution to Retail fund is a sub- fund of RWC Funds SICAV, an open-ended investment company with variable share capital organised under the laws of Luxembourg. This document is not a solicitation or an offerto buy or sell any fund or other investment and is issued in the UK by RWC Partners Limited. This document does not constitute investment, legal or tax advice and expresses no views as to thesuitability or appropriateness of any investment and is provided for information purposes only.

8 The views expressed in the commentary are those of the investment person may distribute, copy or publish this document or any of its contents, in whole or in part, for any purpose, without the express, prior written permission of RWC Partners Limited and only injurisdictions and to investors where it is legally permissible to do representative and paying agent of the RWC-managed funds in Switzerland (the Representative in Switzerland ) is Soci t G n rale, Paris, Zurich Branch, Talacker 50, Box 5070, CH-8021 Zurich. In respect of the units of the RWC-managed funds distributed in Switzerland, the place of performance and jurisdiction is at the registered office of the Representative in performance is not a reliable indicator of future performance and the value of investments and the income from them may fall as well as rise.

9 An investor may not be able to get back the amountinvested and could lose all of their investment. The risks of investment are detailed in the prospectus and should be considered in conjunction with your investment prospectus, Key Investor Information Document, other constitutional documents as well as annual and semi-annual reports of RWC Funds are available free of charge on request from RWCP artners Limited. Issued by RWC Partners Global Convertibles Fund29th December 2017 Bond Quality Breakdown (%) < rating BBB-Statistical Data (%)Weighted Average of convertible Bonds122 Yield to Maturity / ** Duration Share Class NAV & PerformanceShare ClassNAV1 Month (%)YTD (%)A EUR1, USD1, CHF1, EUR1, EUR GBP USD1, USD GBP *The information above may differ from figures published elsewheredue to differences in the standard deviation calculationmethodology used.

10 The above figures are quoted based upon thepopulation methodology. *Relating to EUR share class using daily data.**Interest rate sensitivity. Includes implied ratings applied to non-rated holdings which arecalculated internally with no input from ratings : RWCU nited StatesJapanGermanyFranceChinaHong KongBritainNetherlandsSingaporeMexicoBel giumPortugalSwitzerlandTaiwanSpainThaila ndUaeFinlandMalaysiaIsle Of ManSwedenAustriaAustraliaNorwayItaly0510 1520253035 Information TechnologyConsumer DiscretionaryIndustrialsFinancialsMateri alsHealth CareReal EstateEnergyUtilitiesTelecommunication ServicesConsumer StaplesCash05101520255101520 Authorised and regulated by the Financial Conduct AuthoritySector Breakdown (%)0<10<20<30<40<50<60<70<80<90<100