# DORVAL GLOBAL CONVICTIONS
N 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 - N Share | 0.53% | 3.96% | 8.04% | 6.15% | 16.86% | 14.20% | -	- | 12.89% |  | 4.53% | -	- | 3.61% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Reference Indicator | 0.60% | 3.52% | 6.09% | 4.86% | 13.52% | 20.91% | -	- | 22.94% |  | 6.53% | -	- | 6.22% |
| Difference | -0.07% | 0.43% | 1.95% | 1.29% | 3.34% | -6.70% | -	- | -10.05% |  | -2.01% | -	- | -2.61% |
| Net calendar performance |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 - YTD | 2020 | 2019 | 2018 | -	-	-	-	-	-	-	- |
| Fund - N Share | 6.15% | 6.08% | 8.93% | -7.97% | -	-	-	-	-	-	-	- |
| Reference Indicator | 4.86% | 5.02% | 13.97% | -2.04% | -	-	-	-	-	-	-	- |
| Difference | 1.29% | 1.06% | -5.04% | -5.93% | -	-	-	-	-	-	-	- |

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 1st January 2013. Since 09/30/2020, the reference indicator consists of 60% EONIA Capitalization Index 7 D and 40% MSCI World Equal Weighted net total return.

## PORTFOLIO BREAKDOWN
Asset allocation (exposure rate)
Top 5 Currencies	%
EUR76.88
CAD4.17
USD2.96
GBP2.55
NOK2.38
Equity	45.72%
North America	18.04%
Europe	16.74%
Emerging Market	0.20%
Asia Pacific	10.74%
Bond	-1.01%
North America	-4.99%
Sovereign	-4.99%
| Modified duration | -0.34 | Europe | 3.83% |
| --- | --- | --- | --- |
| Credit quality | % | Sovereign | 2.16% |
| AAA AA+ | -4.99 - | Corporate | 1.67% |
| AA | -4.92 | Emerging Market | 0.15% |
| AA- A+ | - - | Sovereign | 0.15% |
| A | - | Other | 3.67% |
| A- BBB+ | - 0.08 | Money Market | 40.93% |
| BBB | - | Cash | 1.60% |
| BBB- BB+ BB BB- B+ B B- | 7.08 - - 1.73 - - - |  |  |
| RISK ANALYSIS |  | NET EQUITY EXPOSURE RATE |  |

| Ratio | 1 Year | 3 Years | 5 Years |
| --- | --- | --- | --- |
| Sharpe ratio | 2.29 | 0.54 | - |
| Beta | 1.10 | 0.90 | - |
| Alpha | 0.03 | -0.02 | - |
| Information ratio | 1.21 | -0.45 | - |
| Volatility - N Share | 7.57 | 9.11 | - |
| Reference Indicator Volatility | 6.41 | 8.96 | - |

90
80
70
60
50
40
| Ratio | Results | Date |
| --- | --- | --- |
| Max performance | 36.43% | from 18/03/2020 to 10/05/2021 |

30
20
10
Max drawdown	-19.05%	from 19/02/2020 to 18/03/20200
Recovery period	240	days
Gain frequency	63.41%	per month
DORVAL GLOBAL CONVICTIONS - N Share

Translation (ENFR, 2021-05-31):
# DORVAL GLOBAL CONVICTIONS
Part N (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	0.60%	3.52%	6.09%	4.86%	13.52%  20.91%	-	-	22.94%	6.53%	-	-	6.22%
Performances nettes calendaires

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

### Indicateur de référence	4.86%	5.02%	13.97%	-2.04%	-	-	-	-	-	-	-	-
Les performances passées ne sont pas un indicateur fiable des performances futures. Les calculs de performance sont réalisés dividendes nets réinvestis pour l’OPCVM et depuis le 1er janvier 2013 pour l'indicateur de référence. Depuis le 30/09/2020, l’indice de référence est composé de 60% de l’indice EONIA Capitalization Index 7 D et 40% de l’indice MSCI World Equal Weighted Local Index DNR.

## CONSTRUCTION DE PORTEFEUILLE
| Taux d'investissement actions brut	44.22% Taux d’exposition actions net	45.72% Répartition par devise Top 5 Devises	% EUR76.88 CAD4.17 USD2.96 GBP2.55 NOK2.38 Sensibilité taux et répartition par notation |  | Allocations d'actifs (taux d'exposition) Actions	45.72% Amérique du Nord	18.04% Europe	16.74% Pays émergents	0.20% Asie Pacifique	10.74% Obligations	-1.01% Amérique du Nord	-4.99% Souverain	-4.99% |
| --- | --- | --- |
|  |  |  |
| Sensibilité Taux | -0.34 |  |  | Europe | 3.83% |
| Note de crédit | % |  |  | Souverain | 2.16% |
| AAA AA+ | -4.99 - |  |  | Corporate | 1.67% |
| AA | -4.92 |  |  | Pays émergents | 0.15% |
| AA- A+ | - - |  |  | Souverain | 0.15% |
| A | - |  |  | Autres | 3.67% |
| A- BBB+ | - 0.08 | Monétaires | 40.93% |
| BBB | - | Liquidités | 1.60% |
| BBB- BB+ BB BB- B+ B B- | 7.08 - - 1.73 - - - |  |  |
| ANALYSE DE RISQUE |  | TAUX D'EXPOSITION NET AUX ACTIONS |  |


### 90
| Ratio | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- |
| Ratio de Sharpe | 2.29 | 0.54 | - |
| Bêta | 1.10 | 0.90 | - |
| Alpha | 0.03 | -0.02 | - |
| Ratio d’information | 1.21 | -0.45 | - |
| Volatilité - Part N | 7.57 | 9.11 | - |
| Volatilité indicateur | 6.41 | 8.96 | - |
| Ratio	Valeur |  | Date |  |
| Gain maximum enregistré	36.43% du 18/03/2020 au 10/05/2021 |


### 80

### 70

### 60

### 50

### 40

### 30

### 20

### 10

### Perte maximale enregistrée	-19.05% du 19/02/2020 au 18/03/20200

### Délai de recouvrement	240	jours

### Fréquence de gain	63.41%	par mois
DORVAL GLOBAL CONVICTIONS - Part N