Further to the Markets in Financial Instruments Directive (MiFID) we hereby share with you our Best Execution Report. This consists of a trading volumes table showing the top five companies we place client deals with, together with the types of asset traded. The second line of this table shows whether an asset type (for example, equities or ETFs) forms only a small part of our overall business. This will be marked Y for yes, if this is affirmative.

Best execution requirements apply to the execution and/or reception and transmission of orders for investments. Altorfer does not execute orders, but we do place, receive and transmit them. The information published amalgamates the data from our discretionary and advisory services. Orders where a client has requested a specific trade are marked as directed orders.

The second document is the written text of our Best Execution Report. This document gives a summary of the analysis and conclusions drawn from the Trading Volumes table, and information on how we decide where to place trades.

Meeting our obligations under the Revised Shareholder Rights Directive II (SRD II)

We are required by this Directive to explain whether or not we have an engagement policy in relation to the companies we invest in, where the companies’ shares are admitted to trading on a regulated market. As the proportion of shares we hold in investee companies is much lower than those held by large institutional investors, and because trading in these assets makes up a very small percentage of our trading activity, we are not able to engage with investee companies to the extent envisaged by SRD II. We do not therefore have a formal engagement policy.