# DORVAL GLOBAL CONVICTIONS PATRIMOINE
R Share (EUR) - Acc
FLEXIBLE STRATEGY
NET PERFORMANCE SINCE INCEPTION (%)	

### Monthly report as at 31 May 2021
Net cumulative performance

### 1 Month 3 Months 6 Months  YTD	1 Year	3 Years  5 Years 10 Years	Since

### inception
Net annualised performance

### 3 Years 5 Years 10 Years	Since

### inception
| Fund - R Share | 0.10% | 1.48% | 3.00% | 2.05% | 6.56% | -	-	- | 7.79% |  | -	-	- | 2.59% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reference Indicator | 0.29% | 1.76% | 2.64% | 2.04% | 8.12% | -	-	- | 13.44% |  | -	-	- | 4.39% |
| Difference | -0.19% | -0.28% | 0.36% | 0.02% | -1.55% | -	-	- | -5.65% |  | -	-	- | -1.80% |
| Net calendar performance |  |  |  |  |  |  |  |  |  |  |
|  | 2021 - YTD | 2020 | 2019 | -	-	-	-	-	-	-	-	- |
| Fund - R Share | 2.05% | 4.62% | 3.34% | -	-	-	-	-	-	-	-	- |
| Reference Indicator | 2.04% | 4.88% | 7.79% | -	-	-	-	-	-	-	-	- |
| Difference | 0.02% | -0.27% | -4.45% | -	-	-	-	-	-	-	-	- |

Past performance is not a reliable indicator of future performance. Performance calculation takes into account net dividends re-invested for the fund
and net dividends re-invested for the reference indicator. Since 09/30/2020, the reference indicator consists of 80% Bloomberg Barclays EU Govt 0-5 Year TR and 20% MSCI World Equal Weighted Local Index net total return.

## PORTFOLIO BREAKDOWN

### Asset allocation (exposure rate)

### Top 5 Currencies	%

### EUR88.26

### JPY1.79

### CAD1.73

### USD1.70

### NOK1.07

### Equity	21.40%

### North America	8.37%

### Europe	7.21%

### Emerging Market	0.12%

### Asia Pacific	5.70%

### Bond	9.75%

### North America	-1.19%

### Sovereign	-1.19%
| Modified duration | 0.02 | Europe | 10.94% |
| --- | --- | --- | --- |
| Credit quality | % | Sovereign | 7.89% |

| AAA AA+ | -1.19 - |
| --- | --- |
| AA | -2.01 |
| AA- | - |
| A+ | - |
| A | - |
| A- | - |
| BBB+ | - |
| BBB | - |
| BBB- | 9.91 |
| BB+ | - |
| BB | - |
| BB- | 3.04 |
| B+ | - |
| B | - |
| B- | - |


### Corporate	3.04%

### Money Market	62.04%

### Cash	2.21%

## RISK ANALYSIS
| Ratio | 1 Year | 3 Years | 5 Years |
| --- | --- | --- | --- |
| Sharpe ratio | 2.11 | - | - |
| Beta | 1.02 | - | - |
| Alpha | -0.03 | - | - |
| Information ratio | -0.97 | - | - |
| Volatility - R Share | 3.34 | - | - |
| Reference Indicator Volatility | 2.89 | - | - |

| Ratio | Results | Date |
| --- | --- | --- |
| Max performance | 13.51% | from 18/03/2020 to 10/05/2021 |


### Max drawdown	-7.19%	from 19/02/2020 to 18/03/2020

## NET EQUITY EXPOSURE RATE

### 30

### 25

### 20

### 15

### 10

### 5

### 0

### Recovery period	82	days

### Gain frequency	66.67%	per month
DORVAL GLOBAL CONVICTIONS PATRIMOINE - R Share

Translation (ENFR, 2021-05-31):
# DORVAL GLOBAL CONVICTIONS PATRIMOINE
Part R (EUR) - Acc
GESTION FLEXIBLE
HISTORIQUE DE LA PERFORMANCE NETTE DEPUIS CRÉATION (%)	

#### Reporting mensuel au 31 mai 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	0.29%	1.76%	2.64%	2.04%	8.12%	-	-	-	13.44%	-	-	-	4.39%
Performances nettes calendaires

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

#### Indicateur de référence	2.04%	4.88%	7.79%	-	-	-	-	-	-	-	-	-
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. A compter du 30/09/2020, l’indice de référence est composé de 80% de l’indice Bloomberg Barclays EU Govt 0-5 Year TR et 20% de l’indice MSCI World Equal Weighted Local Index DNR.

## CONSTRUCTION DE PORTEFEUILLE

#### Allocations d'actifs (taux d'exposition)

#### Top 5 Devises	%

#### EUR88.26

#### JPY1.79

#### CAD1.73

#### USD1.70

#### NOK1.07

#### Actions	21.40%

#### Amérique du Nord	8.37%

#### Europe	7.21%

#### Pays émergents	0.12%

#### Asie Pacifique	5.70%

#### Obligations	9.75%

#### Amérique du Nord	-1.19%

#### Souverain	-1.19%
| Sensibilité Taux | 0.02 | Europe | 10.94% |
| --- | --- | --- | --- |
| Note de crédit | % | Souverain | 7.89% |

| AAA AA+ | -1.19 - |
| --- | --- |
| AA | -2.01 |
| AA- | - |
| A+ | - |
| A | - |
| A- | - |
| BBB+ | - |
| BBB | - |
| BBB- | 9.91 |
| BB+ | - |
| BB | - |
| BB- | 3.04 |
| B+ | - |
| B | - |
| B- | - |


#### Corporate	3.04%

#### Monétaires	62.04%

#### Liquidités	2.21%

## ANALYSE DE RISQUE
| Ratio | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- |
| Ratio de Sharpe | 2.11 | - | - |

| Bêta |  | 1.02 | - | - |
| --- | --- | --- | --- | --- |
| Alpha |  | -0.03 | - | - |
| Ratio d’information |  | -0.97 | - | - |
| Volatilité - Part R |  | 3.34 | - | - |
| Volatilité indicateur |  | 2.89 | - | - |
| Ratio | Valeur |  | Date |  |
| Gain maximum enregistré	13.51% du 18/03/2020 au 10/05/2021 |


#### Perte maximale enregistrée	-7.19% du 19/02/2020 au 18/03/2020

## TAUX D'EXPOSITION NET AUX ACTIONS

#### 30

#### 25

#### 20

#### 15

#### 10

#### 5

#### 0

#### Délai de recouvrement	82	jours

#### Fréquence de gain	66.67%	par mois
DORVAL GLOBAL CONVICTIONS PATRIMOINE - Part R