This is a marketing communication

October 2023

SEILERN WORLD GROWTH USD U I

Fund Data Objective
The fund seeks to achieve growth of your investment by investing mainly in shares (equity) and similar
Legal Status securities issued by high quality companies listed on the stock exchanges of countries within the
Irish UCITS Organisation for Economic Cooperation and Development (OECD) and, in particular, the U.S. and
Western European OECD countries.
Fund launch date
15 January 1996 Commentary
Liquidity Dassault Systèmes was the best performer this month, up +10.0%. The company reported stronger than
Daily at NAV expected Q3 results driven by new licenses growth, with large deal momentum improving. Nike was
second best, rising +7.5%. The company released strong results at the end of September and
Available Currencies subsequently a range of competitors and official datapoints suggested a healthier consumer than
USD, GBP, EUR, CHF previously thought. Lonza was the worst performer falling -26%. Due to a number of short-term issues,
Fund Size (USD) as at 31/10/2023 the company issued guidance at their CMD well below investor expectations. Poor communication
2,170m compounded the downgrades and sent the shares lower. A recently added stock was the second-worst
performer, down -15.3%. It fell due to fears of regulation changes affecting the business.

Fund Performance
Portfolio Manager
Seilern Investment Management Ltd.
Investment Team
Cumulative
Share Class Name Fund MSCI World TR Difference
Seilern World Growth USD U I
1M -3.3% -2.9% -0.4%
Share Class Launch Date 3M -11.0% -9.3% -1.7%
05 July 2006 2023 YTD 10.3% 7.9% +2.4%
1Y 16.7% 10.5% +6.2%
Share Class Currency 3Y 14.2% 26.5% -12.3%
USD 5Y 61.7% 48.7% +13.0%
ISIN Code 10Y 186.9% 106.7% +80.2%
IE00B5ST2S55 Since Launch 360.6% 194.3% +166.3%
Annualised
Bloomberg Code
STWDIUS ID Fund MSCI World TR Difference
CAGR 3Y 4.5% 8.1% -3.6%
OCF (2023)
CAGR 5Y 10.1% 8.2% +1.8%
0.85%
CAGR 10Y 11.1% 7.5% +3.6%
Morningstar Rating CAGR Since Launch 9.2% 6.4% +2.8%
««««« Over 10 years

Contact 350

Management Company 300

Seilern International AG
250
Investment Manager
200
Seilern Investment Management Ltd.
150
Depositary
Brown Brothers Harriman (Ireland) Ltd 100
Website 31/10/2013 31/10/2015 31/10/2017 31/10/2019 31/10/2021 31/10/2023
www.seilernfunds.com Seilern World Growth USD U I
MSCI World TR
Email
[email protected] Source: ©FactSet Research Systems, USD U I share class, net of fees, as at 31 October 2023
Past performance does not predict future returns. Returns for periods over one year are
Phone (for non-EEA based clients) annualised. Investments in the Fund are subject to certain risks and the value of an investment
+44 207 494 1996 can go down as well as up and investors may not get back their original amount invested. The
performance calculation is based on USD. If the currency in which the past performance is
Phone (for EEA based and Swiss displayed, and/or the currency in which fees and charges are paid by the Fund, differs from the
clients) currency of the country in which you reside, then you should be aware that due to exchange
+423 230 0020 rate fluctuations the performance shown may increase or decrease if converted into your local
currency. The Fund is actively managed, which means that the investments are selected at the
discretion of the investment manager.
This is a marketing communication

October 2023

SEILERN WORLD GROWTH USD U I

Monthly Performance
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2023 8.4% -0.6% 7.8% 2.2% -1.4% 5.0% 0.8% -1.6% -6.5% -3.3% 10.3%
2022 -11.6% -3.7% 1.3% -11.2% -2.7% -6.9% 11.9% -9.0% -11.8% 5.4% 9.2% -3.2% -30.6%
2021 -5.0% 5.3% 0.5% 7.9% 0.6% 4.2% 7.1% 1.9% -6.9% 8.3% -1.8% 4.6% 28.7%
2020 0.7% -7.4% -9.3% 9.7% 9.5% -0.6% 6.5% 6.5% -2.0% -2.1% 11.0% 4.4% 27.2%
2019 7.3% 4.9% 3.8% 3.4% -5.0% 5.9% 1.5% 1.3% 0.6% 1.2% 2.5% 3.5% 35.2%
2018 6.5% -0.8% -0.3% 0.7% 2.8% 1.6% 1.3% 2.5% 0.2% -7.8% 2.3% -6.7% 1.6%
2017 3.2% 3.7% 1.8% 3.9% 3.4% -0.5% 3.1% -0.3% 2.2% 3.1% 0.9% 0.9% 28.5%
2016 -3.6% -0.6% 7.7% 0.1% 1.3% -0.4% 3.9% -0.6% -0.4% -3.5% -0.6% 1.6% 4.5%
2015 -1.7% 8.0% 0.6% 1.0% 1.0% -1.8% 4.1% -5.6% -0.5% 6.7% -1.0% -0.1% 10.2%
2014 -2.1% 6.0% -2.2% -1.5% 2.4% 0.1% -2.2% 1.8% -0.9% 1.4% 3.2% -0.5% 5.3%
Source: ©FactSet Research Systems, USD U I share class, net of fees, as at 31 October 2023

Portfolio Analysis
Top 10 Holdings Sector Allocation Geographic Allocation
Company Weight Sector Weight Country Weight
Microsoft 6.7% Health Care 39.1% United States 68.4%
Mastercard 6.2% Information Technology 35.0% Eurozone 14.9%
Dassault Systemes 5.6% Consumer Discretionary 9.2% Switzerland 8.0%
West Pharma Services 5.6% Financials 6.2% Denmark 4.3%
SAP 5.0% Communication Services 4.6% United Kingdom 2.6%
NIKE 4.9% Industrials 2.6% Cash 1.8%
Adobe 4.7% Consumer Staples 1.5%
Alphabet 4.6%
IDEXX Laboratories Inc 4.5%
Lonza Group 4.5%
Source: ©FactSet Research Systems, as at 31 July 2023

Share Classes
Price as at CAGR Since
Class ISIN Bloomberg Initial Fee Annual Fee Launch Date 1M
31 October 2023 Launch
USD U I IE00B5ST2S55 STWDIUS ID 468.7 0% 0.75% 05/07/06 9.2% -3.3%
EUR U I IE00BF5H4C09 SESWGEU ID 137.4 0% 0.75% 29/04/20 9.5% -3.1%
GBP U I IE00B4Z5CM38 STWDGSI ID 477.4 0% 0.75% 19/09/12 15.1% -2.7%
CHF U I IE00BMPRPS20 SESWGCU ID 132.1 0% 0.75% 16/04/20 8.2% -3.8%
USD H C IE00BF5H4G47 STWGUHC ID 176.7 0% 0.85% 23/03/18 10.7% -3.3%
EUR H C IE00BF5H5052 STWDGHC ID 155.1 0% 0.85% 23/03/18 8.1% -3.4%
GBP H C IE00BF5H4F30 STWGGHC ID 161.6 0% 0.85% 23/03/18 8.9% -3.3%
CHF H C IE00BMPRPT37 SESWGCH ID 128.7 0% 0.85% 16/04/20 7.1% -4.3%
EUR U C IE0009PBXO55 SESWGUC ID 112.8 0% 0.85% 23/06/22 7.2% -3.1%
GBP U C IE00BK9Z4D62 SESAGUC ID 135.4 0% 0.85% 04/09/19 7.5% -2.7%
EUR U R IE00B2NXKW18 STWDERU ID 458.7 0% 1.50% 01/01/08 10.5% -3.2%
GBP U R IE00B2NXKV01 STWDGBU ID 714.1 0% 1.50% 01/01/08 11.7% -2.8%
USD H R IE00B5NLJK73 STWDUSD ID 466.3 0% 1.50% 29/06/01 7.3% -3.3%
EUR H R IE0031724234 STWDGRE ID 311.0 0% 1.50% 28/03/02 5.4% -3.4%
GBP H R IE0031724127 STWDGRA ID 458.7 0% 1.50% 01/09/00 6.8% -3.3%
CHF H R IE00B5WHP863 STWDGRF ID 365.0 0% 1.50% 15/01/96 7.5% -3.6%
Source: ©FactSet Research Systems, as at 31 October 2023 Key: U = Unhedged, H = Hedged, I = Institutional, R = Retail, C = Clean
Past performance does not predict future returns. Investments in the Fund are subject to certain risks and the value of an investment can go down
as well as up and investors may not get back their original amount invested.
This is a marketing communication

October 2023

SEILERN WORLD GROWTH USD U I

Principal Risk Factors
The Fund is subject to a range of risks including:
Market Risk: The Fund is subject to normal market fluctuations and the risks associated with investing in international securities markets.
Investment Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested.
Political Risk: The Fund invests in markets where economic and regulatory risks can be significant.
No Capital Guarantee: Positive Returns are not guaranteed and no form of capital protection applies.
Currency Risk: The Fund may acquire assets in currencies other than the base currency of the Fund and as a result the value of the Fund's investments may
rise and fall due to changes in foreign exchange rates.
Hedging Risk: In respect of hedged (H) share classes, the value of the Fund's investment in derivatives depends primarily on the performance of the underlying
asset. A small movement in the value of the underlying asset may cause a large movement in the value of the derivative. There is no guarantee that the Fund's
use of hedging to protect against changes in currency exchange rates will be successful.

More information in relation to risks in general may be found in the “Risk Factors” section of the prospectus.

Important Information
The Seilern World Growth USD U I Fund (the “Sub-Fund”) is a collective investment Definitions:
scheme that is a sub-fund of Seilern International Funds plc (the “Fund”), an openended The Seilern World Growth USD U I fund is actively managed and uses the MSCI World
investment company umbrella fund with segregated liability between sub- funds, and TR as the benchmark index against which the Fund's performance is compared'. The
registered with the Central Bank of Ireland and domiciled in Dublin, Ireland. In the United MSCI World Index is a broad global equity benchmark that represents large and mid-cap
Kingdom it is a recognised scheme under s.264 Financial Services and Markets Act 2000 equity performance across 23 developed markets countries. “TR” stands for total return,
with the Financial Conduct Authority. and it assumes any cash distributions, including dividends are reinvested . “CAGR”
stands for the compound annual growth rate.
Seilern International AG (“SIAG”) is the management company and distributor for the
Fund. Seilern Investment Management Ltd. (“SIM”) is the investment manager to the
The Ongoing Charges Figure (OCF) is the total cost of running the Fund, including the
Fund.
cost of marketing, trading and distribution. The OCF is based on the year ending
This is a marketing communication and is not a contractually binding document. Please December 2021, and can vary year to year.
refer to the prospectus of the Fund and to the Key Information Document (the “KID”), or
for the UK investors, the Key Investor Information Document (the “KIID”), before making Tax treatment:
any final investment decisions.The content does not represent and is not intended to Potential investors should consult with their professional advisers in relation to the tax
constitute advice of any nature nor an investment recommendation or opinion regarding treatment of their holdings. Please note that the dividends/interest which the fund may
the appropriateness or suitability of any investment or strategy and does not consider the receive may be subject to withholding taxes. The tax treatment depends on the individual
particular circumstances specific to any individual recipient to whom this material has circumstances of each client and may be subject to change in the future.
been sent. Any data services and information available from public sources used in the
creation of this communication are believed to be reliable. Unless stated otherwise the Prospectus:
source of all information is SIM as of the date indicated. Opinions expressed are those of The Prospectus and KIDs or KIIDs, are available free of charge from our website:
SIM and SIAG as of the date of this communication’s publication, and are subject to www.seilernfunds.com . The prospectus is available in English, French and German. The
change. Directors of SIM and SIAG may have direct or indirect holdings in the Fund. KIDs are available in English, French, German, Icelandic, Italian and Spanish. Shares in
the Fund are offered only on the basis of information contained in the prospectus, the KID
Distribution of this communication and the availability of the Fund and/or any sub-funds or for the UK investors, the KIID , and the latest annual audited accounts. The decision to
may be restricted and the minimum subscription amount may be higher in certain invest in the Fund should take into account all the characteristics or objectives of the
jurisdictions. The product(s) mentioned within this communication (i) may not be Fund as described in its prospectus.
registered for distribution in your jurisdiction, and (ii) may only be available to professional
or otherwise qualified investors or entities. It is important that potential investors are able Guernsey: This promotion is directed only to licensed institutions. It is not for distribution
to ensure compliance with local regulations prior to making a subscription. Please refer to to private investors.
the offering documentation for additional information.
Any third party ratings are referred to for information purposes only and should not be Spain: The Fund is registered in Spain with the Comisión Nacional del Mercado de
construed as an endorsement of the fund or Seilern Investment Management Ltd. Please Valores (“CNMV”) under registration number 1359.
refer to the third party’s web- site for information regarding the criteria on which the rating
is determined. All information relating to a third party rating is proprietary to that third Switzerland: The principal fund documents (the prospectus, KIDs, memorandum and
party and/or its content and its providers; and may not be copied or distributed; and is not articles of association, annual report and semi-annual report) of the Fund may be
warranted to be accurate, complete, or timely. Morningstar is not responsible for any obtained free of charge from the Swiss Representative. In respect of the shares
damages or losses arising from any use of this information. Morningstar ratings are distributed in Switzerland, the place of performance and the place of jurisdiction is at the
shown for the reporting class only, and other classes may have different performance, registered office of the Swiss Representative. The Fund is domiciled in Ireland. The
characteristics, and/or ratings. Swiss representative and paying agent is RBC Investor Services Bank S.A., Esch-sur-
Alzette, Zweigniederlassung Zürich, Bleicherweg 7, CH-8027 Zürich.
Please note that the management company may decide to terminate the arrangements
made for the marketing of the Fund in any country where it has been registered for United States: This communication is not suitable for US persons.
marketing.
Please find a link to a summary of investor rights here: https://www.seilernfunds.com/wp- Issued by Seilern International AG who is authorised and regulated by
content/uploads/2023/01/8.-SeilernFundsSummaryofInvestorRights2022-1.pdf. the Liechtenstein Financial Markets Authority.
Information about the sustainability-related aspects of the Fund is available here.
The companies and/or financial instruments included in the Portfolio Analysis on page 2
are for reference purposes only. Their inclusion and the content of this information should
not be construed as a recommendation of their purchase or sale.