Cambiar Small Cap Fund Investor CL — Cambiar Investors — Fact Sheet (July 2020)

2 slides from Cambiar Small Cap Fund Investor CL's fact sheet, July 2020

Slide 1: Cambiar Europe Select ADR
CAMBIAR EUROPE SELECT ADR Portfolio Attributes 2Q 2020 » 35-45 stock portfolio = Conviction-weighted (‘bottom up’) portfolio construction = Diversification across multiple sectors and countries = Typical time horizon for holdings: 1-2 years Performance 20% 4 15% + 0% — | io i 5% 4 i 10% 4 15% + 2020
Slide 2: Top Ten Country Allocations and Top Ten Holdings
Top Ten Country Allocations Top Ten Holdings Cambiar MSCI Europe Security Weight Sector Germany 22.4% 14.8% Reckitt Benckiser 44% Consumer Staples France 21.2% 17.5% Prosus 3.9% Consumer Discretionary United Kingdom 17.9% 21.3% Deutsche Boerse 3.6% Financials Netherlands 9.9% 7.7% RWE 3.3% Utilities