#  Risk Indicator
|  Fund characteristics	 |
| --- |
| Manager : Eric Bendahan |
| Legal structure : Luxembourg SICAV - UCITS |
| Fund launch date : 10/07/2017 |
| Share class launch date : 17/11/17 |
| ISIN Code : LU1616920697 |
| Bloomberg Ticker : EESEIEA LX |
| Classification : Eurozone equity |
| Benchmark : EURO STOXX Index Net Return - |
| SXXT Index |
| Reference currency : EUR |
| Distribution policy : Accumulation |
| Valuation frequency : Daily |

|  Administrative information	 |
| --- |
| Custodian : HSBC Continental Europe, Luxembourg |
| Fund admin : HSBC Continental Europe, Luxembourg |
| Management company : ELEVA Capital SAS |
| Subscription / redemption cutoff : 12:00 CET |
| Subscription / redemption settlement : T+2 |

|  Fees	 |
| --- |
| Subscription fees : Up to 3% |
| Redemption fees : 0% |
| Management fees : 1.5% |
| Performance fees : 15% of the outperformance to the |
| SXXT Index with a relative HWM over a 5-year period |

|  Contact	 |
| --- |
| Axel Plichon, Head of Business Development |
| axel.plichon@elevacapital.com |

This document should be read in conjunction with the prospectus and relevant KIDs which are available on our website www.elevacapital.com.
Past performance is no guarantee of future results. The UCITS Fund does not benefit from any guarantee or protection, so the initial invested capital may not be fully repaid.
Performance	

## Sources: ELEVA Capital
| 160 |  | 48.60% 38.87% EURO STOXX Index Net Return Cumulative performance |
| --- | --- | --- |
| 150 |
| 140 |
| 130 |
| 120 |
| 110 |
| 100 |
| 90 |
| 80 |
| 70 |
|  |
| ELEVA Euroland Selection (A1 EUR acc.) |
| Calendar year performance |
|  | Fund | Index |  |  | Fund | Index |
| 2017 | 2.06% | -0.14% | 1 month |  | 0.60% | 2.05% |
| 2018 | -12.02% | -12.72% | 3 months |  | 2.37% | 3.28% |
| 2019 | 27.50% | 26.11% | 6 months |  | 3.73% | 7.18% |
| 2020 | 3.86% | 0.25% | 9 months |  | 18.92% | 22.24% |
| 2021 | 25.36% | 22.67% | 1 year |  | 15.11% | 17.56% |
| 2022 | -13.18% | -12.31% | 2 years |  | 6.46% | 7.80% |
| 2023 | 14.83% | 17.16% | 3 years |  | 46.55% | 44.19% |
| Since inception | 48.60% | 38.87% |
|  Monthly Comment	 |  |  |
| Equities posted positive returns in July, driven by disinflation hopes and dec weakness in Europe and China continued. Earnings releases were suppor rewarded by investors who witnessed a material rotation into laggards. | ent data in the US tive generally, but | , even as growth beats were not |
| ELEVA Euroland Selection was up 0.60% vs the index up 2.05%, an underperfo Sector rotation had a slight negative impact on performance. Defensive se staples lagged, real estate (underweight) staged a recovery, and energy an commodity prices driven by hopes of additional pro-growth policy in China negative impact on performance, with significant intra sector rotation in staples and industrials, only partially counterbalanced by good choices in finan Banks were in favour (ING, Unicredit, Société Générale), results were surprises on net interest income and capital generation, resulting in higher cap Luxottica delivered a solid top growth. Investor sanctioned good YTD performers, even when strong results we Schneider Electric, LVMH). There was also some profit taking for Dass subdivision had a slowdown in their growth rate. | rmance of 145 bps ctors like healthca d materials did be Stock picking had consumer discreti cials. positively received ital return announ re posted (Ryan ault Systèmes as | . re and consumer tter with higher a more material onary, consumer with continued cements. Essilor air, Richemont, their healthcare |
| Economic growth is uneven, with negative surprises in Europe and in China good growth elsewhere. Falling inflation expectations reduce the risks of macro surprises are troughing in our view. In that environment we believe grow at a moderate pace. Cyclical and value exposure are up at 52% and 39% | alanced by resilie a Central Bank m that corporates wi respectively. | ce in the US and istake. European ll still be able to |
| Since inception, ELEVA Euroland Selection is up 48.60% vs the index up 38.87 | %, an outperforman | ce of 973 bps. |

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Translation (ENFR, 2023-07-31):
#  Indicateur de risque
|  Caractéristiques du compartiment	 |
| --- |
| Gérant : Eric Bendahan |
| Structure Légale : Luxembourg SICAV - UCITS |
| Date de lancement : 10/07/2017 |
| Date de lancement de la part : 17/11/17 |
| Code ISIN : LU1616920697 |
| Ticker Bloomberg : EESEIEA LX |
| Classification : Actions zone euro |
| Indice de référence : EURO STOXX Index Net Return - |
| SXXT Index |
| Devise de référence : EUR |
| Politique de dividendes : Accumulation |
| Fréquence de valorisation : Quotidienne |

|  Informations administratives	 |
| --- |
| Dépositaire : HSBC Continental Europe, Luxembourg |
| Valorisateur : HSBC Continental Europe, Luxembourg |
| Société de gestion : ELEVA Capital SAS |
| Heure limite de souscription / rachat : 12:00 CET |
| Date de valeur de souscription / rachat : J+2 |

|  Frais	 |
| --- |
| Frais de souscription : Jusqu’à 3% |
| Frais de rachat : 0% |
| Frais de gestion : 1.5% |
| Frais de performance : 15% de la surperformance par |
| rapport au SXXT avec HWM relatif sur 5 ans glissants |

|  Contact	 |
| --- |
| Axel Plichon, Head of Business Development |
| axel.plichon@elevacapital.com |

Ce document doit être lu conjointement avec le prospectus et le DIC qui sont disponibles sur notre site internet www.elevacapital.com.
Les performances passées ne préjugent en rien des performances futures. L'OPC ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué.
Performances	

## Sources : ELEVA Capital