# DORVAL MANAGEURS SMID CAP EURO
R Share (EUR) - Acc
EQUITIES STRATEGY
CHARACTERISTICS AND FUND RISKS	

### Monthly report as at 30 September 2021

## CHARACTERISTICS

### Cut-off time - Paris time	Performance fees

### Centralisation of orders before 1:00 p.m. Execution of the order on D at the latest

### 20% of outperformance above its index if the fund’s performance is positive
Dorval Asset Management takes a long-term investment approach, and we firmly believe that we have a pivotal role to play in directing investment to build a more responsible and sustainable economy. We engage with real economy stakeholders to encourage them to adapt their environmental, social and governance practices to support this transition, acting as a responsible investor as we pledge to meet the highest standards with both our clients and partners, as well as with the companies we invest in.
Dorval Asset Management’s approach since 2004 has consistently been built on shareholder dialogue, drawing on a practical and collaborative approach in our role as shareholder – further reinforced by our voting policy – as well as in our regular meetings with companies. This governance approach is resolutely grounded in the Manageurs range’s philosophy, which includes the original Dorval Manageurs fund.
However, we also look beyond this aspect and include all Environmental, Social and Governance considerations in our extra-financial analysis for securities in our initial investment universe and our assessment of managers.
For more information on our methodologies, please refer to our Dorval AM website: https://www.dorval-am.com/en_FR/our-esg-approach

## PROPRIETARY RATING METHODOLOGY
Our proprietary ESG methodology draws on input from our partner MSCI as well as in-house research information to develop issuer ratings across each fund’s investment universe.
Our approach is based on the following principles:
- We assess ESG challenges and allocate an in-house weighting after screening forsector-specific, geographical and market cap considerations;
- We assign an ESG rating for each issuer based on its exposure to the challenges set out, and the way they are managed by the company.

Our portfolio management teams and our financial and extra-financial analysts screen for 37 ESG challenges based on a range of qualitative and quantitative indicators, with a particular focus on 12 of these aspects.

## ESG STRATEGIES
RATING - PROPRIETARY METHODOLOGY
| 6.5 | ESG | E | S | G | Coverage |
| --- | --- | --- | --- | --- | --- |
| Fund |  | 6.5 | 5.8 | 6.2 | 6.5 | 97% |
| Investment universe | 5.6 | 5.1 | 5.4 | 5.9 | 100% |
| % difference | +16% | +14% | +15% | +9% |  |

Coverage: Calculated as a percentage of assets excluding cash investments
5.6
The extra-financial score - from 0 to 10, with 10 being the top score - is based on each of the E, S and G dimensions. We exclude 20% of the investment universe comprising companies with the lowest scores and with an eliminatory score on at least one of the dimensions. Issuers with an environmental or social rating of less than 1 or a governance score of under 2 are excluded. Any issuer with an overall extra-financial rating of less than 4 is also excluded.
Our methodology draws partly on primary data from an external provider. Our approach places governance at the very center of our ESG analysis and can therefore minimize certain environmental or social risks and opportunities.
Fund rating
Investment universe
| IPSOS S & T AG | ESG	E | S | G | Weight |
| --- | --- | --- | --- | --- |
| 7.6 5.4 | 8.9 4.3 | 7.3 3.5 | 6.6 6.4 | 2.9% 2.9% |
| GROUPE FNAC | 7.1 | 2.2 | 7.5 | 7.2 | 2.8% |
| CANCOM SE | 6.3 | 4.0 | 4.1 | 8.0 | 2.8% |
| AUTOGRILL | 6.1 | 4.2 | 6.9 | 5.8 | 2.8% |


## RATING FOR FUNDS' FIVE LARGEST HOLDINGS	RATING - PROPRIETARY METHODOLOGY
,5
Sources: Dorval AM, MSCI - all securities in universe have same weighting
1	2	3	4	5	6	7	8
Fund	Investment universe

## FUND'S ESG PERFORMANCE
ESG assessment	Coverage
| fund | investment universe |  | fund | investment universe |
| --- | --- | --- | --- | --- |
| 61.2 | 183.4 | -66.64% | 98% | 95% |
| 57% | 41% | 1.4x | 93% | 80% |
| 56% | 33% | 1.7x | 98% | 83% |
| 76% | 73% | 1.0x | 98% | 96% |
| 16% | 11% | 1.5x | 93% | 92% |

Indicator	Definition
Carbon intensity (tCO₂ eq/$m of revenues)
Carbon emission reduction targets
Promoting diversity
Independence of the Board of Directors
Tons of carbon emissions in Scope 1 and 2 (direct emissions) per million dollars of revenues generated, weighted for the proportion of companies in the scope in question.
Percentage of companies with a clear quantitative goal for reducing carbon emissions, weighted for the proportion of companies in the scope in question.
Percentage of companies that have taken measures to enhance diversity in their teams, weighted for the proportion of companies in the scope in question.
Percentage of members of Board of Directors complying with MSCI’s independence criteria, weighted for the proportion of companies in the scope in question.
Incorporation of CSR Percentage of companies that incorporate extra-
criteria into executive compensation
financial criteria into executive compensation, weighted for the proportion of companies in the scope in question.
Signatories to the UN Percentage of companies that signed the UN Global
Global Compact
Compact, weighted for the proportion of companies in the scope in question.
49%	31%	1.6x
100%	43%
Sources: Dorval AM, Bloomberg, MSCI, UN - all securities in the universe have the same weighting Coverage: Calculated as a percentage of total weighting for companies

## PORTFOLIO'S CONTRIBUTION TO SUSTAINABLE DEVELOPMENT GOALS
The Sustainable Development Goals (SDG) offer a blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate change, environmental degradation, prosperity, peace and justice.
The SDGs are interconnected and it is crucial to achieve both all these goals and their targets out to 2030 to ensure that no-one is left behind.
The total for the SDGs may exceed 100%, as all stocks can contribute to one or several goals. Our calculations draw on MSCI data and are based on companies' alignment with the 17 SDGs, weighted for the proportion each company represents in our fund.

Translation (ENFR, 2021-09-30):
# DORVAL MANAGEURS SMID CAP EURO
Part R (EUR) - Acc
GESTION ACTIONS
HISTORIQUE DE LA PERFORMANCE NETTE DEPUIS CRÉATION (%)	

##### Reporting mensuel au 30 septembre 2021
Performances nettes cumulées

##### 1 mois	3 mois	6 mois	YTD	1 an	3 ans	5 ans	10 ans	Depuis

##### création
Performances nettes annualisées

##### 3 ans	5 ans	10 ans	Depuis

##### création

##### Indicateur de référence	-4.03%	0.48%	6.35%	11.48%  27.40%  22.81%	-	-	30.79%	7.09%	-	-	6.34%
Performances nettes calendaires

#### 2021 - YTD	2020	2019	2018	-	-	-	-	-	-	-	-

##### Indicateur de référence	11.48%	3.80%	26.81%	-14.94%	-	-	-	-	-	-	-	-
Les performances passées ne sont pas un indicateur fiable des performances futures. Les calculs de performance sont réalisés dividendes nets réinvestis pour l’OPCVM. Les calculs de performances de l’indicateur de référence sont réalisés dividendes nets réinvestis.

## PRINCIPAUX MOUVEMENTS
REPARTITION TYPES DE MANAGEURS
43.4%
6.0%
| Nombre de lignes totales actions | 55 |
| --- | --- |
| 5ère lignes actions | 14.2% |
| 10ère lignes actions | 26.9% |
| Capitalisation boursière médiane | 3,539.8 M€ |


##### Dauphins Parachutés Bâtisseurs Héritiers
| Top 10 Actions | Pays | Secteur | Poids | Thématiques d'investissement |
| --- | --- | --- | --- | --- |
| IPSOS | France | Télécom | 2.9% | Transformation sociétale (modes de vie, démographie, santé) |
| S&T AG | Autriche | Technologie | 2.9% | Innovation et Transformation des entreprises |
| GROUPE FNAC | France | Services aux consommateurs | 2.8% | Sélection de valeurs (hors thématiques) |
| CANCOM | Allemagne | Technologie | 2.8% | Innovation et Transformation des entreprises |
| AUTOGRILL | Italie | Services aux consommateurs | 2.8% | Sélection de valeurs (hors thématiques) |
| SOMFY | France | Industries | 2.7% | Transition énergétique et environnementale |
| NEXITY | France | Immobilier | 2.6% | Sélection de valeurs (hors thématiques) |
| KORIAN | France | Santé | 2.5% | Transformation sociétale (modes de vie, démographie, santé) |
| BIOMERIEUX | France | Santé | 2.5% | Transformation sociétale (modes de vie, démographie, santé) |
| SEB | France | Services aux consommateurs | 2.3% | Transformation sociétale (modes de vie, démographie, santé) |