OVHaiLLM/Flipper huggingface dataset:
## Key identifiers
Bloomberg ticker	CSGSEUA LX
Valor no.	35537817
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg ticker	NGSINU

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CSGSEUA LX
Valoren-Nr.	35537817
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg Ticker	NGSINU
# Portfolio under-/overweighted compared to benchmark
## Top 10 under-/overweighted stocks
Underweighted	Overweighted
| Instrument Name | ISIN | Weight |  | Instrument Name | ISIN | Weight |
| --- | --- | --- | --- | --- | --- | --- |
| ASML HOLDING NV | NL0010273215 | -2.70% |  | TOTALENERGIES | FR0000120271 | 3.66% |
| SHELL PLC | GB00BP6MXD84 | -2.06% |  | DIAGEO PLC | GB0002374006 | 3.56% |
| LVMH | FR0000121014 | -1.93% |  | UNILEVER PLC | GB00B10RZP78 | 3.02% |
| NOVO NORDISK CLASS B | DK0060534915 | -1.82% |  | SANOFI SA | FR0000120578 | 2.75% |
| HSBC HOLDINGS PLC | GB0005405286 | -1.36% |  | NESTLE SA | CH0038863350 | 2.71% |
| SAP | DE0007164600 | -1.13% |  | MUENCHENER RUECKVERSICHERUNGS-GESE | DE0008430026 | 2.32% |
| UNILEVER PLC | GB00B10RZP78 | -1.13% |  | SIEMENS N AG | DE0007236101 | 2.28% |
| LOREAL SA | FR0000120321 | -0.98% |  | IBERDROLA SA | ES0144580Y14 | 2.25% |
| BP PLC | GB0007980591 | -0.94% |  | ASTRAZENECA PLC | GB0009895292 | 2.24% |
| BRITISH AMERICAN TOBACCO PLC | GB0002875804 | -0.88% |  | ZURICH INSURANCE GROUP AG | CH0011075394 | 2.24% |

Translation (ENDE, 2022-03-31):
# Portfolio-Unter-/Übergewichtung gegenüber der Benchmark
## 10 grösste unter-/übergewichtete Titel
Untergewichtet	Übergewichtet
| Wertschriften Name | ISIN | Gewicht. |  | Wertschriftenname | ISIN | Gewicht. |
| --- | --- | --- | --- | --- | --- | --- |
| ASML HOLDING NV | NL0010273215 | -2.70% |  | TOTALENERGIES | FR0000120271 | 3.66% |
| SHELL PLC | GB00BP6MXD84 | -2.06% |  | DIAGEO PLC | GB0002374006 | 3.56% |
| LVMH | FR0000121014 | -1.93% |  | UNILEVER PLC | GB00B10RZP78 | 3.02% |
| NOVO NORDISK CLASS B | DK0060534915 | -1.82% |  | SANOFI SA | FR0000120578 | 2.75% |
| HSBC HOLDINGS PLC | GB0005405286 | -1.36% |  | NESTLE SA | CH0038863350 | 2.71% |
| SAP | DE0007164600 | -1.13% |  | MUENCHENER RUECKVERSICHERUNGS-GESE | DE0008430026 | 2.32% |
| UNILEVER PLC | GB00B10RZP78 | -1.13% |  | SIEMENS N AG | DE0007236101 | 2.28% |
| LOREAL SA | FR0000120321 | -0.98% |  | IBERDROLA SA | ES0144580Y14 | 2.25% |
| BP PLC | GB0007980591 | -0.94% |  | ASTRAZENECA PLC | GB0009895292 | 2.24% |
| BRITISH AMERICAN TOBACCO PLC | GB0002875804 | -0.88% |  | ZURICH INSURANCE GROUP AG | CH0011075394 | 2.24% |
## Key identifiers
Bloomberg ticker	CSEQSBU LX
Valor no.	21007211
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg ticker	NGSINU

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CSEQSBU LX
Valoren-Nr.	21007211
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg Ticker	NGSINU
## Key identifiers
Bloomberg ticker	CRLEEDU LX
Valor no.	48854223
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg ticker	NGSINU

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CRLEEDU LX
Valoren-Nr.	48854223
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg Ticker	NGSINU
## Key identifiers
Bloomberg ticker	CGSEUBU LX
Valor no.	26377044
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg ticker	NGSINU

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CGSEUBU LX
Valoren-Nr.	26377044
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg Ticker	NGSINU
## Key identifiers
Bloomberg ticker	CREIEEE LX
Valor no.	54830267
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg ticker	HE727621

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CREIEEE LX
Valoren-Nr.	54830267
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg Ticker	HE727621
# Asset breakdown - by ICB Sector - REITS
## In % of total economic exposure

## in %	
Portfolio 
| Infrastructure REITs | 4.10 |
| --- | --- |
| Storage REITs | 4.04 |
| Timber REITs | 3.97 |
| Others | 11.96 |

Translation (ENDE, 2022-03-31):
# Vermögensstruktur - nach ICB Sektor - REITS
## in % des Exposures

## in %	
Portfolio 
| Finanzwerte	28.10 |  |  |
| --- | --- | --- |
| Residential REITs	20.73 |  |  |
| Büro-REITs	11.12 |  |  |
| Auf Gesundheitswesen	5.69 spezialisierte REITs |  |
|  |  |
|  |
| Real Estate Holding &	5.54 Development |  |
|  |  |
|  |
| Industrie-REITs	4.75 |  |  |
| Infrastruktur-REITs	4.10 |  |  |
| Lagerhallen-REITs	4.04 |  |  |
| Timber REITs	3.97 |  |  |
| Rest	11.96 |  |  |
# Asset breakdown - by market capitalization
## In % of total economic exposure

## in %	
Portfolio 
| <5B	9.62 |  |  |
| --- | --- | --- |
| 5B-10B	11.45 |  |  |
| 10B-20B	10.32 |  |  |
| 20B-30B	14.06 |  |  |
| 30B-50B	4.95 |  |  |
| 50B-100B	9.52 |  |  |
| >100B	7.84 |  |  |
| Others	32.23 |  |  |

| Top 10 positions Instrument Name | Portfolio | GICS sector |
| --- | --- | --- |
| PROLOGIS REIT INC | 4.90% | Real Estate |
| CAMDEN PROPERTY TRUST REIT | 4.45% | Real Estate |
| MID AMERICA APARTMENT COMMUNITIES | 3.81% | Real Estate |
| HCA HEALTHCARE INC | 3.28% | Health Care |
| ARENA REIT STAPLED UNITS | 3.11% | Real Estate |
| AVALONBAY COMMUNITIES REIT INC | 2.68% | Real Estate |
| PUBLIC STORAGE REIT | 2.65% | Real Estate |
| HANDR REAL ESTATE INVESTMENT TRUST | 2.08% | Real Estate |
| SWISS PRIME SITE AG | 2.08% | Real Estate |
| SBA COMMUNICATIONS REIT CORP CLASS | 2.07% | Real Estate |

| Transactions: Top 5 Buy - MTD |  |  | Transactions: Top 5 Sell- MTD |  |
| --- | --- | --- | --- | --- |
| Instrument Name | Net amount |  | Instrument Name | Net amount |
| LAND SECURITIES GROUP REIT PLC | 1'832'278.91 |  | BRITISH LAND REIT PLC | 2'293'688.32 |
| ESSEX PROPERTY TRUST REIT INC | 1'515'925.18 |  | CBRE GROUP INC CLASS A | 1'908'937.99 |
| SBA COMMUNICATIONS REIT CORP CLASS | 1'463'431.64 |  | SL GREEN REALTY REIT CORP | 1'798'906.49 |
| HUDSON PACIFIC PROPERTIES REIT INC | 1'461'257.80 |  | VONOVIA | 1'382'295.73 |
| EQUINIX REIT INC | 1'440'437.16 |  | VICI PPTYS INC | 1'377'150.24 |

Translation (ENDE, 2022-03-31):
# Vermögensstruktur - nach Marktkapitalisierung
## in % des Exposures

## in %	
Portfolio 
| <5 Mia	9.62 |  |  |
| --- | --- | --- |
| 5 Mia - 10 Mia	11.45 |  |  |
| 10 Mia - 20 Mia	10.32 |  |  |
| 20 Mia - 30 Mia	14.06 |  |  |
| 30 Mia - 50 Mia	4.95 |  |  |
| 50 Mia - 100 Mia	9.52 |  |  |
| >100 Mia	7.84 |  |  |
| Rest	32.23 |  |  |

| 10 grösste Positionen Wertschriftenname | Portfolio | GICS-Sektor |
| --- | --- | --- |
| PROLOGIS REIT INC | 4.90% | Immobilienanlagen |
| CAMDEN PROPERTY TRUST REIT | 4.45% | Immobilienanlagen |
| MID AMERICA APARTMENT COMMUNITIES | 3.81% | Immobilienanlagen |
| HCA HEALTHCARE INC | 3.28% | Gesundheitswesen |
| ARENA REIT STAPLED UNITS | 3.11% | Immobilienanlagen |
| AVALONBAY COMMUNITIES REIT INC | 2.68% | Immobilienanlagen |
| PUBLIC STORAGE REIT | 2.65% | Immobilienanlagen |
| HANDR REAL ESTATE INVESTMENT TRUST | 2.08% | Immobilienanlagen |
| SWISS PRIME SITE AG | 2.08% | Immobilienanlagen |
| SBA COMMUNICATIONS REIT CORP CLASS | 2.07% | Immobilienanlagen |

| Transaktionen:Top 5 Kauf - MTD |  |  | Transaktionen:Top 5 Verkauf - MTD |  |
| --- | --- | --- | --- | --- |
| Wertschriftenname | Nettobetrag |  | Wertschriftenname | Nettobetrag |
| LAND SECURITIES GROUP REIT PLC | 1'832'278.91 |  | BRITISH LAND REIT PLC | 2'293'688.32 |
| ESSEX PROPERTY TRUST REIT INC | 1'515'925.18 |  | CBRE GROUP INC CLASS A | 1'908'937.99 |
| SBA COMMUNICATIONS REIT CORP CLASS | 1'463'431.64 |  | SL GREEN REALTY REIT CORP | 1'798'906.49 |
| HUDSON PACIFIC PROPERTIES REIT INC | 1'461'257.80 |  | VONOVIA | 1'382'295.73 |
| EQUINIX REIT INC | 1'440'437.16 |  | VICI PPTYS INC | 1'377'150.24 |
## Key identifiers
Bloomberg ticker	CSEEUBP LX
Valor no.	55889437
Benchmark	MSCI World ESG Leaders (NR) in EUR Benchmark Bloomberg ticker		MBWOES

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CSEEUBP LX
Valoren-Nr.	55889437
Benchmark	MSCI World ESG Leaders (NR) in EUR Benchmark Bloomberg Ticker		MBWOES
## ESG overview
According to MSCI ESG methodology
Portfolio
Overall ESG quality rating	A
Overall ESG quality score	6.87
Coverage for MSCI Rating/Scoring	82.66%
Weighted Average MSCI Carbon Intensity (Tons of CO2e/$M sales)	35.04

Translation (ENDE, 2022-03-31):
## ESG-Übersicht
Gemäss der MSCI-ESG-Methodik
Portfolio
Overall ESG quality rating	A
Overall ESG quality score	6.87
Coverage MSCI Rating/Scoring	82.66%
Gewichtete durchschnittliche MSCI Kohlenstoffintensität (Tonnen CO2e / USD Mio. Umsatz)	35.04
## Key identifiers
Bloomberg ticker	CRLEEEE LX
Valor no.	48854236
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg ticker	HE727621

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CRLEEEE LX
Valoren-Nr.	48854236
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg Ticker	HE727621
## Asset allocation, stock selection and interaction
3 months	12 months
-4.0%	-3.0%	-2.0%	-1.0%	0.0%	1.0%	2.0%
Communication Services Consumer Discretionary Consumer Staples
Energy Financials Health Care Industrials
Information Technology
Materials Real Estate
Utilities
-25.0%  -20.0%  -15.0%  -10.0%	-5.0%	0.0%	5.0%
Communication Services Consumer Discretionary Consumer Staples
Energy Financials Health Care Industrials
Information Technology
Materials Real Estate
Utilities
Allocation	Selection	Interaction	Allocation	Selection	Interaction

Translation (ENDE, 2022-03-31):
Asset-Allokation, Titelselektion und Interaktion
3 Monate	12 Monate
-4.0%	-3.0%	-2.0%	-1.0%	0.0%	1.0%	2.0%
Kommunikationsdienstle... Zyklische Konsumgüter ichtzyklische Konsumgüter
Energie Finanzwesen Gesundheitswesen
Industrie Informationstechnologi...
Grundstoffe Immobilienanlagen Total
Versorger
-25.0%  -20.0%  -15.0%  -10.0%	-5.0%	0.0%	5.0%
Kommunikationsdienstle... Zyklische Konsumgüter ichtzyklische Konsumgüter
Energie Finanzwesen Gesundheitswesen
Industrie Informationstechnologi...
Grundstoffe Immobilienanlagen Total
Versorger
Allokation	Selektion	Interaktion	Allokation	Selektion	Interaktion
## Key identifiers
Bloomberg ticker	CRLEEBE LX
Valor no.	48765166
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg ticker	HE727621

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CRLEEBE LX
Valoren-Nr.	48765166
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg Ticker	HE727621
## ESG overview
According to MSCI ESG methodology
Portfolio
Overall ESG quality rating	AAA
Overall ESG quality score	8.62
Coverage for MSCI Rating/Scoring	97.91%

Translation (ENDE, 2022-03-31):
## ESG-Übersicht
Gemäss der MSCI-ESG-Methodik
Portfolio
Overall ESG quality rating	AAA
Overall ESG quality score	8.62
Coverage MSCI Rating/Scoring	97.91%
## Key identifiers
Bloomberg ticker	CREIEIC LX
Valor no.	54830271
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to CHF)
Benchmark Bloomberg ticker	HF727622

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CREIEIC LX
Valoren-Nr.	54830271
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to CHF)
Benchmark Bloomberg Ticker	HF727622
# Asset breakdown - by ICB Sector - REITS
## In % of total economic exposure

## in %	
Portfolio 
| Infrastructure REITs | 4.24 |
| --- | --- |
| Storage REITs | 4.17 |
| Timber REITs | 4.10 |
| Others | 9.06 |

Translation (ENDE, 2022-03-31):
# Vermögensstruktur - nach ICB Sektor - REITS
## in % des Exposures

## in %	
Portfolio 
| Finanzwerte	29.03 |  |  |
| --- | --- | --- |
| Residential REITs	21.41 |  |  |
| Büro-REITs	11.49 |  |  |
| Auf Gesundheitswesen	5.88 spezialisierte REITs |  |
|  |  |
|  |
| Real Estate Holding &	5.72 Development |  |
|  |  |
|  |
| Industrie-REITs	4.91 |  |  |
| Infrastruktur-REITs	4.24 |  |  |
| Lagerhallen-REITs	4.17 |  |  |
| Timber REITs	4.10 |  |  |
| Rest	9.06 |  |  |

| <5 Mia	9.94 |  |  |
| --- | --- | --- |
| 5 Mia - 10 Mia	11.82 |  |  |
| 10 Mia - 20 Mia	10.66 |  |  |
| 20 Mia - 30 Mia	14.52 |  |  |
| 30 Mia - 50 Mia	5.12 |  |  |
| 50 Mia - 100 Mia	9.83 |  |  |
| >100 Mia	8.10 |  |  |
| Rest	30.00 |  |  |
## Key identifiers
Bloomberg ticker	CREIEUE LX
Valor no.	54830160
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg ticker	HE727621

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CREIEUE LX
Valoren-Nr.	54830160
Benchmark	MSCI World ESG Leaders (NR) (USD cross hedged to EUR)
Benchmark Bloomberg Ticker	HE727621
## Key identifiers
Bloomberg ticker	CREIEUU LX
Valor no.	54830167
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg ticker	NGSINU

Translation (ENDE, 2022-03-31):
## Wertpapier-Kennung
Bloomberg Ticker	CREIEUU LX
Valoren-Nr.	54830167
Benchmark	MSCI World ESG Leaders (NR)
Benchmark Bloomberg Ticker	NGSINU
## Risk statistics	Tracking error ex-post rolling 12 months
Portfolio	Benchmark
Number of securities	59	260
Total Volatility (ex-ante)	14.97%	17.58%

Translation (ENDE, 2022-03-31):
## Risikostatistik	Rollierender ex post Tracking-Error (12 Monate)
Portfolio	Benchmark
Anzahl Titel	59	260
Total Volatilität (ex ante)	14.97%	17.58%
# The fund as of 30.06.2023
NAV (EUR)
Net assets (EUR m)
- of which EUR share class Units outstanding
ISIN

Translation (ENDE, 2023-06-30):
# Der Fonds per 30.06.2023
NAV (EUR)
Fondsvermögen (EUR Mio.)
- davon EUR-Klasse Anteile in Umlauf ISIN
# NAV Classic Value Equity Fund EUR* vs. Benchmark
06.10.2004 - 30.06.2023 (monthly data)
256.46
66.1
1.0
3‘904
LI0304884534

Translation (ENDE, 2023-06-30):
# NAV Classic Value Equity Fund EUR* vs. Benchmark
06.10.2004 - 30.06.2023 (monatliche Daten)
* Pro forma Werte bis und mit 2015 auf Basis des Classic Value Equity Fund CHF, angepasst um die Gebührenstruktur der EUR-Klasse.
256.46
66.1
1.0
3‘904
LI0304884534
# The fund as of 30.06.2023
NAV (CHF)
Net assets (CHF m)
- of which CHF share class Units outstanding
ISIN

Translation (ENDE, 2023-06-30):
# Der Fonds per 30.06.2023
NAV (CHF)
Fondsvermögen (CHF m)
- davon CHF-Klasse Anteile in Umlauf ISIN
# Investment objective and investment policy
The investment objective of the fund is the highest possible long-term total return while avoiding long-term losses. The fund invests mainly in equities with a market capitalization of at least CHF 2 bn worldwide, primarily in Western Europe and North America, using the value style. Investments must satisfy demanding criteria and are chosen in a thorough fundamental analysis. ESG criteria are also considered.

Translation (ENDE, 2023-06-30):
# Anlageziel und Anlagepolitik
Ziel des Fonds ist ein langfristig möglichst hoher Gesamtertrag unter Vermeidung nachhaltiger Verluste. Der Fonds investiert weltweit hauptsäch- lich in Aktien mit einer Marktkapitalisierung von mindestens CHF 2 Mrd., primär in Westeuropa und Nordamerika. Die Anlagen haben anspruchs- vollen Auswahlkriterien nach dem Value-Stil zu genügen und werden aufgrund einer gründlichen Fundamentalanalyse ausgewählt. ESG-Kriterien werden auch berücksichtigt.
# Uncertainty and AI-Hype characterize the market
There is lots of uncertainty about the direction of the economy. Higher interest rates are effectively slowing it down, and China is recovering less strongly than expected from the COVID lockdowns. At the same time, the enormous government spending on the green revolution and investments in the expansion of industrial capacities outside China are driving growth. Moreover, there is a lot of hype around artificial intelligence (AI). It is producing some strange effects. Just seven American tech stocks – Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA and Tesla – dominate the performance of the MSCI because they are so big. This group alone gained 18% in CHF in Q2. Without them, the index would have risen a mere 2.0% and 5.3% in the half year (H1), the same as the fund. The market is saying that AI will make the seven giants rich but no-one else.
That is simplistic. It will take a long time for the winners and losers from this important new technology to become apparent.

Translation (ENDE, 2023-06-30):
# Unsicherheit und AI-Hype prägen die Börse
An den Märkten herrscht wieder einmal grosse Unsicherheit über die Entwicklung der Konjunktur. Höhere Zinsen wirken bremsend, und China erholt sich weniger stark als gedacht von den COVID-Lockdowns. Demgegenüber kurbeln die enormen staatlichen Ausgaben für die Grüne Revolution und die Investitionen in den Ausbau von Industriekapazitäten ausserhalb von China die Wirtschaft an. Zudem treibt der Hype um künstliche Intelligenz (AI) seltsame Blüten. Gerade sieben amerikanische Tech-Aktien – Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA und Tesla – dominieren die Performance des MSCI. Diese Gruppe hat im Berichtsquartal in CHF 18% zugelegt. Ohne sie hätte sich der Index um knapp 2.0% und im Halbjahr um 5.3% verändert, gleich viel wie der Fonds. Die Börse sagt im Moment, dass nur die sieben Riesen mit AI reich werden
und sonst niemand. Das ist simplistisch. Es wird noch lange dauern, bis die Gewinner und Verlierer dieser wichtigen neuen Technologie feststehen.
# NAV Classic Value Equity Fund CHF vs. Benchmark
06.10.2004 - 30.06.2023 (monthly data)
160.69
64.7
63.7
396‘623
LI0019077903

Translation (ENDE, 2023-06-30):
# NAV Classic Value Equity Fund CHF vs. Benchmark
06.10.2004 - 30.06.2023 (monatliche Daten)
160.69
64.7
63.7
396‘623
LI0019077903
# Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Value Equity Fund CHF fell by 4.2% in the quarter under review (Q2). By comparison, the world’s stock markets, as measured by the MSCI World Index in CHF (MSCI), gained 5.0%. The euro and the dollar weakened and reduced performance by 1.8%-points. Around 2% of the fund’s units were redeemed.

Translation (ENDE, 2023-06-30):
# Anlagerisiko
Der Fonds konzentriert sich im Rahmen der europäischen UCITS-Richtlinie auf vergleichs- weise wenige Emittenten. Die Wertentwicklung des Fonds kann daher von der Entwicklung der Aktienmärkte, in denen er investiert ist, spürbar abweichen.
Sehr geehrte Anlegerinnen Sehr geehrte Anleger
Der Nettoinventarwert (NAV) des Classic Value Equity Fund CHF ist im Berichtsquartal (Q2) um 4.2% gesunken. Im Vergleich dazu haben die Börsen der Welt, gemessen am MSCI World Index in CHF (MSCI), 5.0% gewonnen. Der Euro und der Dollar haben sich abgeschwächt und die Performance im Berichtsquartal um 1.8%-Punkte geschmälert. Rund 2% der Fondsanteile wurden zurückgegeben.
### Update on FX hedging costs
Share class currency
The chart below shows the hedging cost or gain for each currency pair as at November 11, 2022 (one-year forward rate over the spot rate). Hedging costs have widened quarter-on-quarter across especially for the APAC currencies (JPY, AUD), driven by the rapid move upwards in US interest rates. Going forward, we expect hedging costs to widen further as interest rates continue to rise in response to inflation.

Translation (ENDE, 2022-09-30):
### Jüngste Entwicklung der Kosten der Wechselkurssicherung
Share class currency
Die nachstehende Grafik zeigt die Wechselkurssicherungskosten beziehungsweise -gewinne für die einzelnen Währungspaare zum 11. November 2022 (Terminkurs über ein Jahr gegenüber Kassakurs). Die Wechselkurssicherungskosten haben sich im Vergleich zum Vorquartal aufgrund des raschen Anstiegs der US-Zinsen vor allem im Hinblick auf die APAC-Währungen (JPY, AUD) erhöht. Sie dürften nach unserer Einschätzung wegen der anhaltenden inflationsbedingten Zinsanstiege weiter nach oben gehen.
45
40
35
30
25
20
15
In percent (%)
18.1
APAC, Balanced APAC, Balanced APAC, Balanced APAC, Balanced APAC, Balanced APAC, Balanced Australia, Balanced Australia, Healthcare
Australia, Healthcare Australia, Industrial Australia, Industrial
13.4
Australia, Office Australia, Retail Canada, Balanced Canada, Balanced China, Industrial Europe, Balanced
8.7
15.2
14.1
14.2
14.4
19.5
23.3
25.9
28.7
31.1
32.5
30.7
46.6
46.0
49.1
52.2
57.0
Europe, Balanced
10.6
Europe, Balanced Europe, Balanced Europe, Balanced Europe, Logistics Europe, Logistics Europe, Logistics Co… Europe, Residential Europe, Residential
Europe, Retail Europe, Retail Ireland, Balanced Japan, Industrial Japan, Industrial Japan, Residential
13.3
20.7
20.3
18.3
20.8
24.1
32.3
36.3
43.4
45.8
50.1
Current underlying fund level leverage GREFS current leverage
49.3
48.7
48.4
51.6
Japan, Residential Netherlands, Office
UK, Balanced UK, Balanced UK, Balanced UK, Industrial UK, Life Science
13.8
UK, Student Housing UK, Value Added US Residential US, Alternative US, Alternative US, Alternative US, Balanced
2.0
2.8
0.0
0.0
10.6
13.3
18.2
22.9
26.2
26.3
33.8
33.6
43.2
45.8
US, Balanced
US, Balanced US, Balanced US, Balanced US, Balanced
41.9
US, Healthcare Co… US, Industrial US, Industrial US, Industrial US, Industrial US, Industrial
US, Residential US, Residential
US, Student Housing
5.3
12.2
19.6
20.4
18.0
20.4
24.1
28.5
30.0
24.8
31.5
44.0
43.5
9.9
Maximum underlying fund level leverage GREFS maximum permitted leverage
43.4
40.0

Translation (ENDE, 2022-09-30):
45
40
35
30
25
20
15
in Prozent (%)
18,1
APAC, Balanced APAC, Balanced APAC, Balanced APAC, Balanced APAC, Balanced APAC, Balanced Australia, Balanced Australia, Healthcare
Australia, Healthcare Australia, Industrial Australia, Industrial
13,4
Australia, Office Australia, Retail Canada, Balanced Canada, Balanced China, Industrial Europe, Balanced
8,7
15,2
14,1
14,2
14,4
19,5
23,3
25,9
28,7
31,1
32,5
30,7
46,6
46,0
49,1
52,2
57,0
Europe, Balanced
10,6
Europe, Balanced Europe, Balanced Europe, Balanced Europe, Logistics Europe, Logistics Europe, Logistics Co… Europe, Residential Europe, Residential
Europe, Retail Europe, Retail Ireland, Balanced Japan, Industrial Japan, Industrial Japan, Residential
13,3
20,7
20,3
18,3
20,8
24,1
32,3
36,3
43,4
45,8
50,1
Aktueller FK-Grad der Zielfonds GREFS aktueller FK-Grad
49,3
48,7
48,4
51,6
Japan, Residential Netherlands, Office
UK, Balanced UK, Balanced UK, Balanced UK, Industrial UK, Life Science
13,8
UK, Student Housing UK, Value Added US Residential US, Alternative US, Alternative US, Alternative US, Balanced
2,0
2,8
0,0
0,0
10,6
13,3
18,2
22,9
26,2
26,3
33,8
33,6
43,2
45,8
US, Balanced
US, Balanced US, Balanced US, Balanced US, Balanced
41,9
US, Healthcare Co… US, Industrial US, Industrial US, Industrial US, Industrial US, Industrial
US, Residential US, Residential
US, Student Housing
5,3
12,2
19,6
20,4
18,0
20,4
24,1
28,5
30,0
24,8
31,5
44,0
43,5
9,9
Max. zugelassener FK-Grad der Zielfonds GREFS maximal zugelassener FK-Grad
43,4
40,0