OVHaiLLM/Flipper huggingface dataset:
# OUTLOOK
Convertible bonds, particularly those trading closest to the bond floor with a technically free equity option, have so far outperformed other asset classes on a risk-adjusted basis in H2. At current levels, convertibles look compelling compared to other traditional investments, thanks to their asymmetry. Holders are being paid to wait for equity markets to recover. Our defensive approach and preference for higher quality credits and companies where growth is already funded means, in our view, that bond floors will hold and convexity will continue to generate returns. As we look into Q4 and 2023 with the possibility of a recession, we prefer names with pricing power in an inflationary environment and those exposed directly or indirectly to the climate transition. We continue to believe that the US will outperform the Eurozone in relative terms and that issuance could pick up in the coming months.

Translation (ENFR, 2022-09-30):
# PERSPECTIVES
Les obligations convertibles, en particulier celles qui se négocient au plus près du plancher obligataire et qui sont assorties d’une option sur actions techniquement gratuite, ont jusqu’à présent surpassé les autres classes d’actifs sur une base ajustée au risque au second semestre.
Aux niveaux actuels, les obligations convertibles semblent attractives par rapport aux autres placements traditionnels, grâce à leur asymétrie. Les porteurs sont rémunérés pour attendre le redressement des places boursières. Notre approche défensive et notre préférence pour les crédits de qualité supérieure et les entreprises dont la croissance est déjà financée signifient, selon nous, que les planchers obligataires se maintiendront et que la convexité continuera de générer des performances. Alors que nous contemplons le quatrième trimestre et l’année 2023 avec la possibilité d’une récession, nous préférons les entreprises en mesure d’imposer leurs prix dans un environnement inflationniste et celles exposées directement ou indirectement à la transition climatique. Nous continuons de penser que les Etats-Unis vont surperformer la zone euro en termes relatifs et que les émissions pourraient reprendre dans les mois à venir.
# THEMATIC INSIGHT
June is seasonally a quiet month for company reporting, so we take the opportunity to try to meet with the management teams of various companies, both those held within the portfolio and adjacent companies. Those meetings confirmed, in our mind, the path that we have taken with the portfolio in 2023. Since early this year we have been reallocating profits from Global brands within the Consumer Staples sphere more towards Digital brands, a decision that has behoved the portfolio thus far in 2023.
Last month we touched on the success being enjoyed by Adobe and signed off by saying how excited we were about the future of our Digital brands. Another Digital brand which has helped drive the portfolio

Translation (ENFR, 2023-06-30):
# APERÇU THÉMATIQUE
Le mois de juin est habituellement un mois calme en ce qui concerne les rapports d’entreprises. Nous en profitons ainsi pour essayer de rencontrer les équipes de direction de diverses entreprises, tant celles détenues au sein du portefeuille que les entreprises adjacentes. Ces
# GROSS PERFORMANCE CONTRIBUTION	CAPITAL ALLOCATION BY STRATEGY
ALL
ALL ROADS
ALL ROADS
ALL ROADS
ROADS
ALL ROADS
CONSERVATIVE
GROWTH	STRATEGY	ALL ROADS
CONSERV. GROWTH
MTD	YTD	MTD	YTD	MTD	YTD 	Fixed Income – Sovereign	29.2%	14.6%	50.8%
| Fixed Income – Sovereign | 0.7% | 0.7% | 0.4% | 0.4% | 1.2% | 1.2% |  | Fixed Income – Inflation-Linked | 2.1% | 1.2% | 3.1% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed Income – Inflation-Linked | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |  | Fixed Income – Developed CDS | 16.5% | 8.3% | 28.9% |
| Fixed Income – Developed CDS | 0.2% | 0.2% | 0.1% | 0.1% | 0.4% | 0.4% |  | Fixed Income – Emerging CDS | 6.6% | 3.3% | 11.6% |
| Fixed Income – Emerging CDS | 0.2% | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% |  | Equities – Developed Markets | 11.9% | 6.0% | 20.8% |
| Equities – Developed Markets | 0.8% | 0.8% | 0.4% | 0.4% | 1.4% | 1.4% |  | Equities – Emerging Markets | 5.9% | 2.9% | 10.3% |
| Equities – Emerging Markets | 0.4% | 0.4% | 0.2% | 0.2% | 0.7% | 0.7% |  | Commodities | 8.0% | 4.0% | 13.9% |
| Commodities | 0.4% | 0.4% | 0.2% | 0.2% | 0.7% | 0.7% |  | Volatility | 4.9% | 2.4% | 8.1% |
| Volatility | -0.1% | -0.1% | -0.1% | -0.1% | -0.2% | -0.2% |  | Exposure | 85.1% | 42.6% | 147.4% |
| FX | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% |  | Non Euro Exposure | 1.8% | 1.2% | 3.4% |
| Cash & Other | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% |  |  |  |  |  |
| TOTAL | 3.0% | 3.0% | 1.7% | 1.7% | 4.9% | 4.9% |  |  |  |  |  |

Translation (ENFR, 2023-01-31):
# CONTRIBUTION À LA PERFORMANCE BRUTE	ALLOCATION DU CAPITAL PAR STRATÉGIE
ALL
ALL ROADS
ALL ROADS
ALL ROADS ROADS ALL CONSERVATI GROWT
STRATÉGIE	ALL ROADS
CONSERVATIVE
GROWTH	STRATÉGIE
ROADS
VE	H
MTD	YTD	MTD	YTD	MTD	YTD 	Revenu fixe – Obligations souveraines	29.2%	14.6%  50.8%
| Revenu fixe – Obligations souveraines | 0.7% | 0.7% | 0.4% | 0.4% | 1.2% | 1.2% |  | Revenu fixe – Indexé sur l’inflation | 2.1% | 1.2% | 3.1% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenu fixe – Indexé sur l’inflation | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |  | Revenu fixe – CDS marchés développés | 16.5% | 8.3% | 28.9% |
| Revenu fixe – CDS marchés développés | 0.2% | 0.2% | 0.1% | 0.1% | 0.4% | 0.4% |  | Revenu fixe – CDS marchés émergents | 6.6% | 3.3% | 11.6% |
| Revenu fixe – CDS marchés émergents | 0.2% | 0.2% | 0.1% | 0.1% | 0.3% | 0.3% |  | Actions – Marchés développés | 11.9% | 6.0% | 20.8% |
| Actions – Marchés développés | 0.8% | 0.8% | 0.4% | 0.4% | 1.4% | 1.4% |  | Actions – Marchés émergents | 5.9% | 2.9% | 10.3% |
| Actions – Marchés émergents | 0.4% | 0.4% | 0.2% | 0.2% | 0.7% | 0.7% |  | Matières premières | 8.0% | 4.0% | 13.9% |
| Matières premières | 0.4% | 0.4% | 0.2% | 0.2% | 0.7% | 0.7% |  | Volatilité | 4.9% | 2.4% | 8.1% |
| Volatilité | -0.1% | -0.1% | -0.1% | -0.1% | -0.2% | -0.2% |  | Exposition | 85.1% | 42.6% | 147.4% |
| FX | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% |  | Non Euro Exposure | 1.8% | 1.2% | 3.4% |
| Cash & Autres | 0.1% | 0.1% | 0.0% | 0.0% | 0.1% | 0.1% |  |  |  |  |  |
| TOTAL | 3.0% | 3.0% | 1.7% | 1.7% | 4.9% | 4.9% |  |  |  |  |  |
# PORTFOLIO RISK EXPOSURE – EXPECTED SHORTFALL CONTRIBUTION
ALL ROADS
ALL ROADS
ALL ROADS
ALL ROADS
ALL ROADS CONSERVATIVE	GROWTHRISK METRICS	ALL ROADS CONSERVATIVE	GROWTH
| Fixed Income – Sovereign | 2.01% | 1.00% | 3.51% | 1-year ex-ante ES | 9.5% | 4.8% | 16.7% |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fixed Income – Inflation-Linked | 0.13% | 0.07% | 0.23% | Max DD Since Inception (monthly data) | -9.2% | -4.4% | -16.3% |
| Fixed Income – Developed CDS | 1.22% | 0.61% | 2.13% | Max 1y DD (monthly data) | -9.2% | -4.4% | -16.3% |
| Fixed Income – Emerging CDS | 0.33% | 0.16% | 0.57% | Leverage | 0.85 | 0.43 | 1.47 |
| Equities – Developed Markets | 2.99% | 1.49% | 5.23% | Yield-To-Maturity | 1.7% | 0.8% | 2.9% |
| Equities – Emerging Markets | 1.42% | 0.71% | 2.48% | Duration | 2.7 | 1.3 | 4.7 |

Commodities	1.45%	0.73%	2.54%	1-year equity Beta	0.1	0.10.3
TOTAL	9.54%	4.77%	16.70%1-year fixed income Beta	0.6	0.3	1.0

Translation (ENFR, 2023-01-31):
# EXPOSITION AU RISQUE DU PORTEFEUILLE – CONTRIBUTION À « L’EXPECTED SHORTFALL »
ALL ROADS
ALL ROADS
ALL ROADS
ALL ROADS
ALL ROADS CONSERVATIVE	GROWTHPARAMÈTRES DE RISQUE	ALL ROADS CONSERVATIVE	GROWTH
| Revenu fixe – Obligations souveraines | 2.01% | 1.00% | 3.51% | ES ex-ante 1 an | 9.5% | 4.8% | 16.7% |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenu fixe – Indexé sur l’inflation | 0.13% | 0.07% | 0.23% | DD max. | -9.2% | -4.4% | -16.3% |
| Revenu fixe – CDS marchés développés | 1.22% | 0.61% | 2.13% | DD max. 1 an | -9.2% | -4.4% | -16.3% |
| Revenu fixe – CDS marchés émergents | 0.33% | 0.16% | 0.57% | Levier | 0.85 | 0.43 | 1.47 |
| Actions – Marchés développés | 2.99% | 1.49% | 5.23% | Rendement à l’échéance | 1.7% | 0.8% | 2.9% |
| Actions – Marchés émergents | 1.42% | 0.71% | 2.48% | Duration | 2.7 | 1.3 | 4.7 |

Commodities	1.45%	0.73%	2.54%	Beta actions 1 an	0.1	0.10.3
TOTAL	9.54%	4.77%	16.70%Beta revenu fixe 1 an	0.6	0.3	1.0
# PERFORMANCE COMMENT
For the month of June 2023, the LO Funds-World Brands EUR P was up 4.56% vs. the MSCI World EUR up 3.63% in EUR. The LOF World Brands USD P is up 21.67% while the MSCI World USD is up 15.09%. In June, the outperformance was driven by security selection (USA). The fund’s sector allocation to the USA and Europe contributed positively while our allocation to China contributed negatively (China represents 4.16% of the portfolio).
The bottom 5 detractors in June 2023 on a securities level were: YG Entertainment, Salesforce, Alphabet, AMD and Helens International. The top 5 contributors were Tesla, Ferrari, Adobe, Royal Caribbean Cruises and Lululemon Athletica.

Translation (ENFR, 2023-06-30):
# COMMENTAIRE SUR LA PERFORMANCE
## En juin 2023, LO Funds – World Brands EUR P a gagné 4,56%, contre une hausse de 3,63% en EUR de l’indice MSCI World EUR. LO
Funds – World Brands USD P a gagné 21,67%, contre une hausse de 15,09% pour l’indice MSCI World USD. En juin, la sélection de titres (Etats-Unis) a été le moteur de la surperformance. L’allocation sectorielle du fonds aux Etats-Unis et en Europe a apporté une contribution positive, tandis que notre allocation à la Chine a pesé sur la performance (la Chine représente 4,16% du portefeuille).
Les 5 positions les moins performantes au niveau des titres en juin 2023 sont : YG Entertainment, Salesforce, Alphabet, AMD et Helens International. Les cinq meilleures performances ont été signées par Tesla, Ferrari, Adobe, Royal Caribbean Cruises et Lululemon Athletica.
# MARKET REVIEW
Global equity markets advanced strongly in June 2023. The Euro Stoxx 50 Index was up 7.04% in USD, the Nasdaq Composite Index was up 6.59% and the S&P 500 Index was up 6.47%. The Nikkei 225 was up 4.03% in USD. The Chinese equity market underperformed greatly developed markets. The Chinese CSI 300 Index was down 0.83% in USD while the Hong Kong Hang Seng Index (HIS) was up 3.67% in USD.

## The Hong Kong equity market is trading at very low valuation multiples.
In the month of may, the MSCI World Communication Services Index was up 2.62% in USD and the MSCI World Information Technology Index was up 6.14% in USD. The MSCI World Consumer Discretionary Index was up 11.85% and the MSCI World Consumer Staples was up 2.99% in USD. The MSCI World Financials was also up 6.44% in USD.

Translation (ENFR, 2023-06-30):
# ANALYSE DU MARCHÉ
## En juin 2023, les places boursières mondiales ont fortement progressé. L’indice Euro Stoxx 50 a progressé de 7,04% en USD, l’indice Nasdaq
Composite de 6,59% et l’indice S&P 500 de 6,47%. Le Nikkei 225 a progressé de 4,03% en USD. Le marché actions chinois est largement resté dans l’ombre des marchés développés. L’indice chinois CSI 300 a reculé de 0,83% en USD tandis que le Hang Seng à Hong Kong (HIS) a progressé de 3,67% en USD. Le marché actions de Hong Kong se négocie à des multiples de valorisation très faibles.
L’indice MSCI World Communication Services a gagné 2,62% en USD en juin, tandis que le MSCI World Information Technology a grimpé de 6,14% en USD. L’indice MSCI World Consumer Discretionary a gagné 11,85% et l’indice MSCI World Consumer Staples a progressé de 2,99% en USD. Le MSCI World Financials a quant à lui enregistré une hausse de 6,44% en USD.
# PERFORMANCE COMMENT
LO Funds–World Brands EUR P rose 9.54% in January, outperforming the MSCI World (EUR), which rose 5.22%. The LO Funds–¬World Brands (USD) P unhedged was up 11.47%. The substantial outperformance was driven by sector allocation and stock selection. Our positioning in Consumer Discretionary, Communication Services and Information Technology (digital brands) contributed positively, as did our regional allocation, where we were overweight Europe and China.
The bottom five detractors in January 2023 on a stock level were Lululemon Athletica, PepsiCo, Coca-Cola, Procter & Gamble and Kirin Holdings. The top five contributors were Tesla, Hermes International, LVMH, Richemont and Canada Goose Holdings.

Translation (ENFR, 2023-01-31):
# COMMENTAIRE SUR LA PERFORMANCE
LO Funds–World Brands EUR P a progressé de 9,54% en janvier, surperformant l’indice MSCI World (EUR), qui a progressé de 5,22%. La part P non couverte du LO Funds–World Brands (USD) a progressé de 11,47%. Cette surperformance substantielle découle de l’allocation sectorielle et de la sélection de titres. Notre positionnement dans les secteurs de la consommation discrétionnaire, des services de communication et des technologies de l’information (marques numériques) a apporté une contribution positive, tout comme notre allocation géographique, avec une surpondération en Europe et en Chine.
Les cinq positions les moins performantes côté valeurs en janvier 2023 étaient Lululemon Athletica, PepsiCo, Coca-Cola, Procter & Gamble et Kirin Holdings. Les cinq meilleures contributions ont concerné Tesla, Hermes International, LVMH, Richemont et Canada Goose Holdings.
# MARKET REVIEW
Global equity markets rallied in January, driven by falling inflation and less negative earnings results than were expected. The Nasdaq Composite index rose 10.65% in the month and the S&P 500 index was up 6.18%. The Euro Stoxx 50 index increased 9.75% in local currency. The Chinese CSI 300 index was up 9.64% in USD, while the Hong Kong Hang Seng index (HIS) gained 9.9% in USD.

## The MSCI World Consumer Discretionary Index was up 14.55% (driven by Amazon and Tesla) and the MSCI World Communication Services

## Index rose 12.9%. The MSCI World Information Technology Index was up 10.03%, while the MSCI World Consumer Staples Index underperformed and rose only 0.98%.

Translation (ENFR, 2023-01-31):
# ANALYSE DU MARCHÉ
Les places boursières mondiales se sont redressées en janvier, dopées par la baisse de l’inflation et des résultats d’entreprises moins négatifs que prévu. L’indice Nasdaq Composite a progressé de 10,65%, tandis
que le S&P 500 grimpait de 6,18%. l’Euro Stoxx 50 a augmenté de 9,75% en monnaie locale. L’indice chinois CSI 300 a progressé de 9,64% en USD, tandis que le Hang Seng à Hong Kong (HIS) avançait de 9,9% en USD.
L’indice MSCI World Consumer Discretionary a augmenté de 14,55% (tiré par Amazon et Tesla) et l’indice MSCI World Communication Services a gagné 12,9%. L’indice MSCI World Information Technology a progressé de 10,03%, tandis que l’indice MSCI World Consumer Staples a sous-performé et n’a grappillé que 0,98%.
# THEMATIC INSIGHT
As alluded to above, 2023 got off to a good start, and we have already heard updates from a number of our Top 10 holdings in the luxury brands arena, including LVMH, Richemont and Ferrari. While Q4 2022 (specifically December) was held back by Covid-related lockdowns in China (a significant market for the luxury goods industry), we heard of a strong rebound in January. Chinese tourists are on the move again after three years of lockdown. Duty-free sales in Hainan, a popular Chinese holiday destination with multiple duty-free areas for tourists, reached USD 380.7 mn over the seven-day Spring Festival (21-27 January). We expect popular destinations like South Korea, Japan, Thailand and Hong Kong to be the first beneficiaries of resurging Chinese tourism and this summer, we expect to see a pickup in travel to Europe and the rest of the world. We remain optimistic that Chinese consumers will drive our luxury goods brands in 2023, both within China and across the world.
One area where the Fund has been increasing its capital deployment is digital brands. A recent addition to the portfolio has been Meta Platforms, the parent company of Facebook, Instagram and WhatsApp. The stock had become something of a pariah last year as it over-spent

Translation (ENFR, 2023-01-31):
# APERÇU THÉMATIQUE
Comme mentionné ci-dessus, 2023 a démarré de belle manière, et certaines de nos 10 principales participations dans le domaine des marques de luxe, notamment LVMH, Richemont et Ferrari, ont déjà communiqué leurs rapports d’activité. Alors que le quatrième trimestre 2022 (plus précisément décembre) a été freiné par les blocages liés au Covid en Chine (un marché important pour les produits de luxe), nous avons constaté un puissant rebond en janvier. Les touristes chinois sont de retour après trois ans de confinement. Les ventes hors taxes à Hainan, une destination de vacances chinoise populaire avec de multiples zones hors taxes pour les touristes, ont atteint 380,7 millions
# PERFORMANCE
MONTH-
SINCE
| 31.01.2023 | TO- | YEAR- | MANAGEMENT |  |
| --- | --- | --- | --- | --- |
| INCEPTION | AUM	DATE | TO-DATE | CHANGE [4]	20222021 | 2020	2019	2018	2017 | 2016 |
| LO Funds – Golden Age PA [1]	29 February 2012 | USD 833 mn  5.97% | 5.97% | 142.53% -20.51%  14.55% | 20.36% 22.03% -5.32% 26.12% | -7.61% |
| LO Funds – Golden Age NA [2] | 6.05% | 6.05% | 166.65% -19.83%  15.52% | 21.39% 23.07% -4.51% 27.20% | -6.79% |
| Benchmark [3] | 7.08% | 7.08% | 161.82% -18.14%  21.82% | 15.90% 27.67% -8.71% 22.40% | 7.51% |


## Past performance is not a guarantee of future results. Performance is presented net of fees.
- Dividend accumulated private client share class, net performance in USD.
- Dividend accumulated institutional client share class, net performance in USD.
- MSCI World; ND performance in USD (hedged between 31 May 2012 and 30 September 2015).
- Since management change, which took place on 1 March 2012.

Translation (ENFR, 2023-01-31):
# PERFORMANCE
| 31.01.2023 |  | DEPUIS ACTIFS	LE DEPUIS LE SOUS DÉBUT DÉBUT DE | DEPUIS LE CHANGEMENT |  |
| --- | --- | --- | --- | --- |
|  | LANCEMENT | GESTION DU MOIS  L’ANNÉE | DE GÉRANT [4] | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
| LO Funds – Golden Age PA [1] | 29 février 2012 | USD 833 mio | 5.97% | 5.97% | 142.53% | -20.51% | 14.55% | 20.36% | 22.03% | -5.32% | 26.12% | -7.61% |
| LO Funds – Golden Age NA [2] |  |  | 6.05% | 6.05% | 166.65% | -19.83% | 15.52% | 21.39% | 23.07% | -4.51% | 27.20% | -6.79% |
| Benchmark [3] |  |  | 7.08% | 7.08% | 161.82% | -18.14% | 21.82% | 15.90% | 27.67% | -8.71% | 22.40% | 7.51% |


## La performance passée ne saurait préjuger de la performance future.
- Dividende cumulé classe d’actions clientèle privée, performance nette en USD.
- Dividende cumulé classe d’actions clientèle institutionnelle, performance nette en USD.
- MSCI World ND USD depuis le 30 septembre 2015, auparavant MSCI World ND USD Hedged depuis le 31 mai 2012, et MSCI World ND USD du 1 juin 2011 au 31 mai 2015 (MSCI World Healthcare ND USD auparavant).
- Depuis le changement de gérant, qui a eu lieu le 1er mars 2012.
# STRATEGY PHILOSOPHY
The TargetNetZero Fund is a core equity strategy that leverages the LOIM net-zero transition process.
The strategy aims to capture opportunities and reduce risks by increasing exposure to companies with CO2 trajectories declining towards 2050 net- zero targets, while reducing exposure to companies with high CO2 emissions that cannot achieve this. Key features include:
- Targeting a lower temperature scenario and enabling capital flows to companies aligned with the Paris Agreement
- Reducing carbon footprint relative to benchmarks by at least 30%
- Controlled factor/style, sector and country bias
- Enhanced passive approach with target ex-ante tracking error of 0.5-1%

Translation (ENFR, 2023-07-31):
# PHILOSOPHIE DE LA STRATÉGIE
Le fonds TargetNetZero est une stratégie d’investissement en actions qui s’appuie sur le processus de transition vers une économie neutre en carbone de LOIM.
La stratégie vise à saisir les opportunités et à réduire les risques en augmentant l’exposition aux entreprises dont les trajectoires d’émissions de CO2 diminuent pour atteindre les objectifs de neutralité carbone en 2050, tout en réduisant l’exposition aux entreprises à fortes émissions de CO2 qui ne peuvent pas atteindre cet objectif. Principales caractéristiques :
- Vise un scénario de baisse de la température et facilite les flux de capitaux dans les sociétés alignées sur l’Accord de Paris
- Réduction d’au moins 30% de l’empreinte carbone par rapport aux indices de référence
- Contrôle des biais factoriel/stylistique, sectoriel et géographique
- Approche passive optimisée avec un objectif de tracking error ex ante de 0,5% à 1%
# PRODUCT SPECIALISTS
PARIS	Lydia Chaumont	+33 1 49 26 46 52	PARIS	Jérôme Hémard	+33 1 49 26 46 74
USD 800 million was issued in June, including a two-tranche 0% deal from Tokyu Corp maturing in 2028 and 2030. The company provides local rail commuter services and sits at the core of the 100-year-old Tokyu Group based in Tokyo, an affiliation of more than 230 companies operating in retail, urban renewal, tourism and transportation.

Translation (ENFR, 2023-06-30):
# ANALYSTES
PARIS	Lydia Chaumont	+33 1 49 26 46 52	PARIS	Jérôme Hémard	+33 1 49 26 46 74
USD 39 milliards. Le second semestre pourrait être encore plus dynamique. En effet, la belle performance des actions depuis janvier pourrait déclencher des émissions et le mur d’échéances qui se profile pourrait inciter les émetteurs à émettre des convertibles plutôt que du high yield, surtout si les taux restent élevés pour plus longtemps. Il y a eu 17 transactions supplémentaires en juin, soit un volume total d’USD 6 milliards. Le marché japonais a été calme en 2023, mais les émissions ont avoisiné USD 800 millions en juin, dont une transaction en deux tranches à 0% de Tokyu Corp arrivant à échéance en 2028 et
2030. Ce prestataire de services ferroviaires de banlieue est au cœur de Tokyu, groupe centenaire basé à Tokyo qui englobe plus de
230 entreprises de commerce de détail, de rénovation urbaine, de tourisme et de transport.
# OUTLOOK
We expect global convertible bonds to continue to generate positive returns in H2 if the main central banks can engineer a soft landing and equities pursue their upward trajectory. Credit spreads have tightened since the widening in March and default forecasts are benign. Issuance should remain active, adding convexity and liquidity. Convertibles are an effective means of positioning for the market timing conundrum by remaining invested in both fixed income (for yield) and equity (for upside participation).

Translation (ENFR, 2023-06-30):
# PERSPECTIVES
Nous pensons que les obligations convertibles mondiales continueront de générer une performance positive au second semestre si les principales banques centrales assurent un atterrissage en douceur et si les actions poursuivent leur hausse. Après s’être élargis en mars, les spreads de crédit se sont resserrés et les prévisions de défauts sont modestes. Les émissions devraient rester élevées, apportant convexité et liquidité au marché. Les convertibles sont un moyen efficace de régler le problème du market timing tout en restant investi dans les titres obligataires (pour le rendement) et dans les actions (pour la participation à la hausse).
# PERFORMANCE IN FIGURES (AS AT 30 June 2023)
LO FUNDS – CONVERTIBLE
BENCHMARK (REFINITIV
PARTICIPATION IN THE
PERFORMANCE [1]
BOND (N EUR)
GLOBAL

Translation (ENFR, 2023-06-30):
# PERFORMANCE EN CHIFFRES (AU 30 juin 2023)
LO FUNDS – CONVERTIBLE
BENCHMARK (REFINITIV
PARTICIPATION A LA
PERFORMANCE [1]
BOND (N EUR)
GLOBAL