OVHaiLLM/Flipper huggingface dataset:
Absolute Objective
 Performance attribution	
On the government bond side, the contribution was positive essentially thanks to the portfolio’s short G4 duration position. The sovereign debt arbitrage between G4 issues
benefited from the rise of the 10Y spread between UK gilts and German Bunds (+25 bps). Despite the underperformance of the long BTPs - short Bunds arbitrage which saw the 10Y spread increase during the month of August (+15 bps), the contribution of the non-G4 sovereign debt allocation was important given the positive retracement of local emerging debt against US treasuries.
Currency positions came out positive this month despite the surge of the US dollar against the euro, the Canadian dollar and, more significantly, against the yen (+4.5%) that remained negatively impacted by the Fed and the BoJ looking in opposite directions. For the same reason, the inter-bloc (short EUR vs. JPY) arbitrage also underperformed. Intra-bloc positions were positive as gains were generated on the long EURCHF and AUDCAD. Although marginal in its contribution to overall performance, the emerging FX allocation was positively supported by the long Brazilian (BRL), long Chilean peso (CLP), and long ruble (RUB).
Credit strategies proved profitable this month. Emerging hard currency debt issues added to performance despite losses on European Additional Tier 1 bonds.

Translation (ENFR, 2022-08-31):
Fonds Objectif
 Attribution de performance	
Sur le front des obligations souveraines, la contribution est positive grâce à la position vendeuse de sensibilité des émissions du G4. L'arbitrage obligataire entre les pays du G4 bénéficie de la hausse du spread 10 ans entre les gilts britanniques et les bunds allemands (+25 bps). Malgré la sous-performance de l'arbitrage acheteur BTPs - vendeur Bunds liée à
l’augmentation du spread 10 ans au cours du mois d'août (+15 bps), la contribution de l'allocation souveraine hors G4 est forte compte tenu du revirement positif de la dette émergente locale contre les treasuries américains.
Les positions de change ressortent positives ce mois-ci malgré l'envolée du dollar américain
contre l'euro, le dollar canadien et, plus significativement, contre le yen (+4,5%) qui reste
négativement impacté du fait que la Fed et la BoJ continuent de s’orienter vers des directions opposées. Pour cette même raison, l'arbitrage inter-bloc (vendeur EUR vs JPY) sous-performe également. Les stratégies intra-bloc ressortent positives en raison des gains générés sur les
positions longues d’EURCHF et AUDCAD. Bien que marginale dans sa contribution à la performance, l'allocation en devises émergents est positivement soutenue par les positions acheteuses de real brésilien (BRL), peso chilien (CLP) et rouble russe (RUB).
Les stratégies de crédit se révèlent payantes. Les émissions émergentes libellées en devises externes ont contribué à cette performance malgré les pertes affichées sur les obligations européennes AT1.
| USD I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | 2.52% | -0.04% | 2.56% |
| 3 months | -8.54% | -5.77% | -2.94% |
| 6 months | -11.50% | -4.97% | -6.88% |
| YTD | -19.01% | -12.12% | -7.84% |
| 1 year | -20.04% | -11.85% | -9.29% |
| 3 years (annual.) | -3.76% | -3.03% | -0.75% |
| 5 years (annual.) | 2.03% | 0.23% | 1.80% |
| ITD (Annual) | 4.37% | 0.90% | 3.44% |

Translation (ENFR, 2022-10-31):
| USD I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | 2.52% | -0.04% | 2.56% |
| 3 mois | -8.54% | -5.77% | -2.94% |
| 6 mois | -11.50% | -4.97% | -6.88% |
| Depuis le début d'année | -19.01% | -12.12% | -7.84% |
| 1 an | -20.04% | -11.85% | -9.29% |
| 3 ans (annual.) | -3.76% | -3.03% | -0.75% |
| 5 ans (annual.) | 2.03% | 0.23% | 1.80% |
| Depuis le lancement (annual.) | 4.37% | 0.90% | 3.44% |
| EUR I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | -0.28% | 0.25% | -0.53% |
| 3 months | 4.85% | 0.72% | 4.11% |
| 6 months | 7.22% | 1.16% | 5.99% |
| YTD | 1.81% | 0.50% | 1.31% |
| 1 year | 9.96% | 1.41% | 8.43% |
| 3 years (annual.) |  |  |  |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 6.56% | 0.88% | 5.63% |

Translation (ENFR, 2023-02-28):
| EUR I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | -0.28% | 0.25% | -0.53% |
| 3 mois | 4.85% | 0.72% | 4.11% |
| 6 mois | 7.22% | 1.16% | 5.99% |
| Depuis le début d'année | 1.81% | 0.50% | 1.31% |
| 1 an | 9.96% | 1.41% | 8.43% |
| 3 ans (annual.) |  |  |  |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 6.56% | 0.88% | 5.63% |
| EUR I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | -1.51% | 0.40% | -1.90% |
| 3 months | 14.36% | 1.22% | 12.98% |
| 6 months | 22.79% | 2.16% | 20.19% |
| YTD | 3.67% | 0.82% | 2.83% |
| 1 year | 55.59% | 3.41% | 50.45% |
| 3 years (annual.) |  |  |  |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 26.99% | 2.88% | 23.43% |

Translation (ENFR, 2023-02-28):
| EUR I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | -1.51% | 0.40% | -1.90% |
| 3 mois | 14.36% | 1.22% | 12.98% |
| 6 mois | 22.79% | 2.16% | 20.19% |
| Depuis le début d'année | 3.67% | 0.82% | 2.83% |
| 1 an | 55.59% | 3.41% | 50.45% |
| 3 ans (annual.) |  |  |  |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 26.99% | 2.88% | 23.43% |
|  |
| --- |
| H2O ALLEGRO FCP HSGD-I 08/10/20	3Y Perf:	-	5Y Perf:	-	ITD Perf: |
| FR0011973619	NAVPS: 35011.45	3Y Vol:	-	5Y Vol:	-	ITD Vol:	NaN |

Translation (ENFR, 2023-02-28):
|  |
| --- |
| H2O ALLEGRO FCP HSGD-I 08/10/20	3Y Perf:	-	5Y Perf:	-	ITD Perf: |
| FR0011973619	NAVPS: 35011.45	3Y Vol:	-	5Y Vol:	-	ITD Vol:	NaN |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | -2.65% -2.46% -0.59% | 0.00% 0.00% 0.01% | -2.65% -2.47% -0.61% |
| YTD | -0.59% | 0.01% | -0.60% |
| 1 year 3 years (annual.) 5 years (annual.) | -1.76% | 0.07% | -1.83% |
| ITD (Annual) | 3.52% | 0.09% | 3.43% |

Translation (ENFR, 2022-06-30):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | -2.65% -2.46% -0.59% | 0.00% 0.00% 0.01% | -2.65% -2.47% -0.61% |
| Depuis le début d'année | -0.59% | 0.01% | -0.60% |
| 1 an 3 ans (annual.) 5 ans (annual.) | -1.76% | 0.07% | -1.83% |
| Depuis le lancement (annual.) | 3.52% | 0.09% | 3.43% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | 2.83% | 0.47% | 2.35% |
| 3 months | 7.98% | 1.36% | 6.53% |
| 6 months | 9.54% | 2.50% | 6.86% |
| YTD | 15.13% | 2.84% | 11.95% |
| 1 year | 46.61% | 4.04% | 40.92% |
| 3 years (annual.) |  |  |  |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 25.35% | 2.45% | 22.35% |

Translation (ENFR, 2023-07-31):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | 2.83% | 0.47% | 2.35% |
| 3 mois | 7.98% | 1.36% | 6.53% |
| 6 mois | 9.54% | 2.50% | 6.86% |
| Depuis le début d'année | 15.13% | 2.84% | 11.95% |
| 1 an | 46.61% | 4.04% | 40.92% |
| 3 ans (annual.) |  |  |  |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 25.35% | 2.45% | 22.35% |
| EUR I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | 1.60% | 0.43% | 1.17% |
| 3 months | 0.77% | 1.20% | -0.42% |
| 6 months | 2.24% | 2.29% | -0.05% |
| YTD | 5.67% | 3.42% | 2.18% |
| 1 year | 12.58% | 3.83% | 8.42% |
| 3 years (annual.) | 6.33% | 1.66% | 4.60% |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 6.38% | 1.63% | 4.67% |

Translation (ENFR, 2023-10-31):
| EUR I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | 1.60% | 0.43% | 1.17% |
| 3 mois | 0.77% | 1.20% | -0.42% |
| 6 mois | 2.24% | 2.29% | -0.05% |
| Depuis le début d'année | 5.67% | 3.42% | 2.18% |
| 1 an | 12.58% | 3.83% | 8.42% |
| 3 ans (annual.) | 6.33% | 1.66% | 4.60% |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 6.38% | 1.63% | 4.67% |
|  | 3 years | 5 years | ITD |
| --- | --- | --- | --- |
| Fund yearly volatility | 6.8% |  | 6.8% |
| Sharpe ratio | 0.9 |  | 0.9 |
| Semi-variance | 4.8% |  | 4.8% |
| Sortino Ratio Maximum drawdown Recovery period | 1.3 -10.13% 173 days | from 10/02/2022 | 1.3 to 07/03/2022 |

Translation (ENFR, 2023-10-31):
|  | 3 ans | 5 ans | ITD |
| --- | --- | --- | --- |
| Volatilité annualisée du fonds | 6.8% |  | 6.8% |
| Ratio de Sharpe | 0.9 |  | 0.9 |
| Semi-variance | 4.8% |  | 4.8% |
| Ratio de Sortino Maximum drawdown Délai de recouvrement (jours ouvrés) | 1.3 -10.13% 173 jours | du 10/02/2022 | 1.3 au 07/03/2022 |
|  |
| --- |
| -	3Y Perf:	-	5Y Perf:	-	ITD Perf:	- |
| -	-	3Y Vol:	-	5Y Vol:	-	ITD Vol:	- |

Translation (ENFR, 2023-02-28):
|  |
| --- |
| -	3Y Perf:	-	5Y Perf:	-	ITD Perf:	- |
| -	-	3Y Vol:	-	5Y Vol:	-	ITD Vol:	- |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | -9.22% -7.86% -2.91% | 0.23% 0.60% 1.08% | -9.43% -8.40% -3.95% |
| YTD | 3.94% | 1.56% | 2.35% |
| 1 year 3 years (annual.) 5 years (annual.) | -0.53% | 2.06% | -2.54% |
| ITD (Annual) | 13.81% | 2.04% | 11.53% |

Translation (ENFR, 2022-09-30):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | -9.22% -7.86% -2.91% | 0.23% 0.60% 1.08% | -9.43% -8.40% -3.95% |
| Depuis le début d'année | 3.94% | 1.56% | 2.35% |
| 1 an 3 ans (annual.) 5 ans (annual.) | -0.53% | 2.06% | -2.54% |
| Depuis le lancement (annual.) | 13.81% | 2.04% | 11.53% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | 8.12% -4.83% 25.27% | 0.20% 0.53% 1.00% | 7.90% -5.33% 24.02% |
| YTD | 14.50% | 1.33% | 13.00% |
| 1 year 3 years (annual.) 5 years (annual.) | 6.67% | 2.00% | 4.58% |
| ITD (Annual) | 20.44% | 2.01% | 18.07% |

Translation (ENFR, 2022-08-31):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | 8.12% -4.83% 25.27% | 0.20% 0.53% 1.00% | 7.90% -5.33% 24.02% |
| Depuis le début d'année | 14.50% | 1.33% | 13.00% |
| 1 an 3 ans (annual.) 5 ans (annual.) | 6.67% | 2.00% | 4.58% |
| Depuis le lancement (annual.) | 20.44% | 2.01% | 18.07% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | 10.27% 30.30% 20.06% | 0.34% 0.92% 1.52% | 9.89% 29.11% 18.26% |
| YTD | 35.43% | 2.47% | 32.16% |
| 1 year 3 years (annual.) 5 years (annual.) | 35.43% | 2.48% | 32.15% |
| ITD (Annual) | 26.32% | 2.22% | 23.57% |

Translation (ENFR, 2022-12-30):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | 10.27% 30.30% 20.06% | 0.34% 0.92% 1.52% | 9.89% 29.11% 18.26% |
| Depuis le début d'année | 35.43% | 2.47% | 32.16% |
| 1 an 3 ans (annual.) 5 ans (annual.) | 35.43% | 2.48% | 32.15% |
| Depuis le lancement (annual.) | 26.32% | 2.22% | 23.57% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | 2.19% 0.37% -1.92% | 0.11% 0.22% 0.23% | 2.09% 0.15% -2.15% |
| YTD | -1.62% | 0.24% | -1.86% |
| 1 year 3 years (annual.) 5 years (annual.) | -2.93% | 0.26% | -3.18% |
| ITD (Annual) | 2.43% | 0.18% | 2.25% |

Translation (ENFR, 2022-10-31):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | 2.19% 0.37% -1.92% | 0.11% 0.22% 0.23% | 2.09% 0.15% -2.15% |
| Depuis le début d'année | -1.62% | 0.24% | -1.86% |
| 1 an 3 ans (annual.) 5 ans (annual.) | -2.93% | 0.26% | -3.18% |
| Depuis le lancement (annual.) | 2.43% | 0.18% | 2.25% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | 1.32% | 0.33% | 0.99% |
| 3 months | 1.18% | 0.95% | 0.23% |
| 6 months | 2.11% | 1.68% | 0.43% |
| YTD | 4.15% | 1.88% | 2.22% |
| 1 year | 11.25% | 2.39% | 8.65% |
| 3 years (annual.) |  |  |  |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 5.10% | 0.80% | 4.27% |

Translation (ENFR, 2023-07-31):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | 1.32% | 0.33% | 0.99% |
| 3 mois | 1.18% | 0.95% | 0.23% |
| 6 mois | 2.11% | 1.68% | 0.43% |
| Depuis le début d'année | 4.15% | 1.88% | 2.22% |
| 1 an | 11.25% | 2.39% | 8.65% |
| 3 ans (annual.) |  |  |  |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 5.10% | 0.80% | 4.27% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | 0.12% | 0.19% | -0.07% |
| 3 months | 2.59% | 0.52% | 2.06% |
| 6 months | 3.75% | 0.76% | 2.96% |
| YTD | 1.13% | 0.37% | 0.76% |
| 1 year | 3.84% | 0.61% | 3.20% |
| 3 years (annual.) | 1.49% | 0.01% | 1.48% |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 1.64% | -0.06% | 1.70% |

Translation (ENFR, 2023-02-28):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | 0.12% | 0.19% | -0.07% |
| 3 mois | 2.59% | 0.52% | 2.06% |
| 6 mois | 3.75% | 0.76% | 2.96% |
| Depuis le début d'année | 1.13% | 0.37% | 0.76% |
| 1 an | 3.84% | 0.61% | 3.20% |
| 3 ans (annual.) | 1.49% | 0.01% | 1.48% |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 1.64% | -0.06% | 1.70% |
| EUR I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | 5.38% -12.87% -0.84% | 0.33% 0.90% 1.75% | 5.03% -13.64% -2.55% |
| YTD | -1.26% | 2.32% | -3.50% |
| 1 year 3 years (annual.) 5 years (annual.) | 0.34% | 3.50% | -3.05% |
| ITD (Annual) | 29.43% | 3.51% | 25.04% |

Translation (ENFR, 2022-08-31):
| EUR I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | 5.38% -12.87% -0.84% | 0.33% 0.90% 1.75% | 5.03% -13.64% -2.55% |
| Depuis le début d'année | -1.26% | 2.32% | -3.50% |
| 1 an 3 ans (annual.) 5 ans (annual.) | 0.34% | 3.50% | -3.05% |
| Depuis le lancement (annual.) | 29.43% | 3.51% | 25.04% |
| 3 years |  | 5 years | ITD |
| --- | --- | --- | --- |
| Fund yearly volatility Sharpe ratio |  |  |  | 34.7% 0.8 |
| Semi-variance |  |  |  | 24.5% |
| Sortino Ratio |  |  |  | 1.2 |
| Maximum drawdown | -45.49% |  | from 10/02/2022 | to 07/03/2022 |
| Recovery period |  | - |  |  |

Translation (ENFR, 2022-08-31):
| 3 ans |  | 5 ans | ITD |
| --- | --- | --- | --- |
| Volatilité annualisée du fonds Ratio de Sharpe |  |  |  | 34.7% 0.8 |
| Semi-variance |  |  |  | 24.5% |
| Ratio de Sortino |  |  |  | 1.2 |
| Maximum drawdown | -45.49% |  | du 10/02/2022 | au 07/03/2022 |
| Délai de recouvrement (jours ouvrés) |  | - |  |  |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | 0.46% | 0.01% | 0.45% |
| 3 months | -1.95% | -0.05% | -1.90% |
| 6 months | 0.09% | -0.15% | 0.23% |
| YTD | -1.10% | -0.21% | -0.90% |
| 1 year | -1.89% | -0.30% | -1.59% |
| 3 years (annual.) | 0.28% | -0.28% | 0.56% |
| 5 years (annual.) |  |  |  |
| ITD (Annual) | 0.95% | -0.25% | 1.20% |

Translation (ENFR, 2022-08-31):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | 0.46% | 0.01% | 0.45% |
| 3 mois | -1.95% | -0.05% | -1.90% |
| 6 mois | 0.09% | -0.15% | 0.23% |
| Depuis le début d'année | -1.10% | -0.21% | -0.90% |
| 1 an | -1.89% | -0.30% | -1.59% |
| 3 ans (annual.) | 0.28% | -0.28% | 0.56% |
| 5 ans (annual.) |  |  |  |
| Depuis le lancement (annual.) | 0.95% | -0.25% | 1.20% |
| EUR R | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | 2.90% 8.94% 5.50% | 0.18% 0.44% 0.57% | 2.72% 8.46% 4.90% |
| YTD | 4.87% | 0.58% | 4.27% |
| 1 year 3 years (annual.) 5 years (annual.) | 4.87% | 0.58% | 4.27% |
| ITD (Annual) | 5.20% | 0.32% | 4.87% |

Translation (ENFR, 2022-12-30):
| EUR R | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | 2.90% 8.94% 5.50% | 0.18% 0.44% 0.57% | 2.72% 8.46% 4.90% |
| Depuis le début d'année | 4.87% | 0.58% | 4.27% |
| 1 an 3 ans (annual.) 5 ans (annual.) | 4.87% | 0.58% | 4.27% |
| Depuis le lancement (annual.) | 5.20% | 0.32% | 4.87% |
| EUR I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month 3 months 6 months | -6.19% -9.49% -8.84% | 0.35% 0.97% 1.83% | -6.52% -10.36% -10.48% |
| YTD | -7.36% | 2.68% | -9.78% |
| 1 year 3 years (annual.) 5 years (annual.) | -11.82% | 3.56% | -14.86% |
| ITD (Annual) | 24.07% | 3.54% | 19.83% |

Translation (ENFR, 2022-09-30):
| EUR I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois 3 mois 6 mois | -6.19% -9.49% -8.84% | 0.35% 0.97% 1.83% | -6.52% -10.36% -10.48% |
| Depuis le début d'année | -7.36% | 2.68% | -9.78% |
| 1 an 3 ans (annual.) 5 ans (annual.) | -11.82% | 3.56% | -14.86% |
| Depuis le lancement (annual.) | 24.07% | 3.54% | 19.83% |
| Share class: | H2O VIVACE FCP I |
| --- | --- |
| Investment currency: | EUR |
| ISIN Code: | FR0011006220 |
| Bloomberg Code: | NAH2VII FP Equity |
| SRRI: | 7 |
| Minimum initial subscription: | EUR 100,000 |
| Objective: | ESTER compounded daily +4.00% |
| Fixed fee: | 1.00% |
| Performance fee: | 25% > Objective |
| Entry Fee: |  |
| Fund AUM EUR: | 165,614,817 |
| Share class AUM EUR: | 27,227,057 |
| NAV per share EUR: | 114,757.94 |

Translation (ENFR, 2022-09-30):
| Catégorie de part: | H2O VIVACE FCP I |
| --- | --- |
| Devise de référence: | EUR |
| Code ISIN: | FR0011006220 |
| Code Bloomberg: | NAH2VII FP Equity |
| SRRI: | 7 |
| Montant minimal de souscription initiale: | EUR 100,000 |
| Objectif: | ESTER compounded daily +4.00% |
| Frais fixes de gestion: | 1.00% |
| Commission de performance: | 25% > Objectif |
| Frais de souscription: |  |
| Encours du fonds en EUR: | 165,614,817 |
| Encours de la part en EUR: | 27,227,057 |
| Valeur liquiditative en EUR: | 114,757.94 |
Funds Objective
 Performance attribution	
Stock and bond markets recorded a good start to the year, posting another positive correlation but on the upside, contrary to 2022. The mild winter defused the energy crisis, and mitigated the risk of a deep recession in Europe. The CPI readings in the US and in the Eurozone highlighted subsiding inflation, and alleviated market concerns of further aggressive monetary tightening on the part of central banks. In the US, stable consumption data contributed to a reassuring +2.9% Q4 GDP growth while the job market remained sturdy. Economic activity also surprised on the upside in Europe, but disappointed further in the UK.
Most of underperformance of the fund was triggered by the underweight modified duration (on average 6.2 versus 7.6 for the benchmark), and by the steepening of the German curve (10 -30 segment). The fund did not participate to any bond syndications over the month. In terms of portfolio adjustment, the modified duration was slightly increased the last week of the month from 4 to 5.9.

Translation (ENFR, 2023-01-31):
Fonds Objectif
 Attribution de performance	
Les marchés boursiers et obligataires ont enregistré un bon début d'année, affichant une nouvelle corrélation positive mais à la hausse, contrairement à ce qui s'était passé en 2022. L'hiver finalement clément a désamorcé la crise énergétique et atténué le risque d'une profonde récession en Europe. Les relevés d’inflation aux États-Unis et dans la zone euro ont mis en évidence un ralentissement et atténué les inquiétudes du marché quant à un nouveau resserrement monétaire agressif de la part des banques centrales. Aux États-Unis, les données stables sur la consommation ont contribué à une croissance rassurante de +2,9 % du PIB au quatrième trimestre, tandis que le marché de l'emploi est resté solide.
L'activité économique a également surpris à la hausse en Europe, mais a encore déçu au Royaume -Uni. La sous-performance du fonds s'explique principalement par la sous-pondération de la sensibilité (en moyenne 6,2 contre 7,6 pour l'indice de référence) et par la pentification de la courbe allemande (segment 10-30), alors que les courbes allemandes se sont aplaties. Le fonds n'a participé à aucune syndication obligataire au cours du mois. En termes d'ajustement du portefeuille, la sensibilité a été légèrement augmentée la dernière semaine du mois, passant de 4 à 5.9.
| USD I | Net Return | Objective | Excess Return |
| --- | --- | --- | --- |
| 1 month | -6.74% | -1.52% | -5.30% |
| 3 months | -9.22% | -4.30% | -5.15% |
| 6 months | -11.94% | -9.06% | -3.17% |
| YTD | -11.94% | -9.06% | -3.17% |
| 1 year | -12.90% | -8.94% | -4.35% |
| 3 years (annual.) | 1.74% | -1.12% | 2.90% |
| 5 years (annual.) | 4.66% | 1.16% | 3.47% |
| ITD (Annual) | 5.98% | 1.49% | 4.43% |

Translation (ENFR, 2022-06-30):
| USD I | Performance | Objectif | Ecart |
| --- | --- | --- | --- |
| 1 mois | -6.74% | -1.52% | -5.30% |
| 3 mois | -9.22% | -4.30% | -5.15% |
| 6 mois | -11.94% | -9.06% | -3.17% |
| Depuis le début d'année | -11.94% | -9.06% | -3.17% |
| 1 an | -12.90% | -8.94% | -4.35% |
| 3 ans (annual.) | 1.74% | -1.12% | 2.90% |
| 5 ans (annual.) | 4.66% | 1.16% | 3.47% |
| Depuis le lancement (annual.) | 5.98% | 1.49% | 4.43% |
# AXA WF Global Convertibles F (H) USD pf
Key Figures (USD)*
Fund Cumulative Performance (%)
Current NAV

## Benchmark
Since: 20/02/2014
| YTD | 1Y | 3Y | 10Y | Launch |  | Acc. | 100% Thomson Reuteurs Converti Focus Hedged USD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| -19.60 | -19.67 | -1.36 | - | +26.77 |  | 126.77 |  |
|  | Fund | Annualized Performance (%) |  | Assets Under Management (M) | Fund Key Metrics |

ble Global
3 Y.	5 Y.	10 Y.	Launch

### -0.46	+1.21	-	+2.79
EUR

### 623.82
Port.	Bench.
Number of Holdings	109	210

Translation (ENFR, 2022-09-30):
# AXA WF Global Convertibles F (H) USD pf
Chiffres clés (USD)*

## Indice de réference
Performances cumulées du fonds (%) YTD	1 an	3 ans	10 ans  Création

### -19.60	-19.67	-1.36	-	+26.77
Performances annualisées du fonds (%) 3 ans	5 ans	10 ans	Création

### -0.46	+1.21	-	+2.79
Valeur liquidative
Cap.

### 126.77
Actif net du fonds (M)
EUR

### 623.82
Depuis le: 20/02/2014
100% Thomson Reuteurs Convertible Global Focus Hedged USD
Port.

## Caractéristiques du portefeuille
Indice de réf.
Nombre de lignes	109	210
-1
5.1  5.2  5.3  5.4  5.5  5.6  5.7  5.8  5.9	6	6.1
Volatility (%)
Portfolio*	Benchmark**

Translation (ENFR, 2021-07-30):
-1
5.1  5.2  5.3  5.4  5.5  5.6  5.7  5.8  5.9	6	6.1
Volatilité (%)
Portefeuille*	Indice de réf.**
# AXA WF Framlington American Growth A EUR
Key Figures (EUR)*

## Benchmark
Fund Cumulative Performance (%) YTD	1Y	3Y	10Y	Launch

### -17.54	-9.15	+48.91  +266.40  +527.87
Fund Annualized Performance (%)
Current NAV
Acc.

### 627.87
Assets Under Management (M)
Since: 03/02/2020
100% S&P 500 Total Return Net

## Fund Key Metrics
Port.	Bench.
| 3 Y. | 5 Y. | 10 Y. | Launch |  | USD | Number of Holdings | 65 | 503 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| +14.18 | +15.66 | +13.85 | +15.17 |  | 145.77 | Turnover: Rolling 1Y (%) | 17 | - |
|  |  |  |  |  |  | Active Share (%) | 66 | - |

Translation (ENFR, 2022-09-30):
# AXA WF Framlington American Growth A EUR
Chiffres clés (EUR)*

## Indice de réference
Performances cumulées du fonds (%) YTD	1 an	3 ans	10 ans  Création

### -17.54	-9.15	+48.91  +266.40  +527.87
Performances annualisées du fonds (%) 3 ans	5 ans	10 ans	Création
+14.18	+15.66	+13.85	+15.17
# AXA WF Framlington Talents Global S USD
Key Figures (USD)*
Fund Cumulative Performance (%)
Current NAV

## Benchmark
Since: 01/01/2015
| YTD | 1Y | 3Y | 10Y | Launch |  | Acc. | 100% MSCI AC World Total Return Net |
| --- | --- | --- | --- | --- | --- | --- | --- |
| -9.66 | +1.83 | +37.43 | +114.17 | +45.06 |  | 145.06 |  |
|  |  |  |  |  |  |  | Fund Key Metrics |
| Fund Annualized Performance (%)	Assets Under Management (M)	Port.	Bench. |
| 3 Y. | 5 Y. | 10 Y. | Launch |  | EUR |  | Number of Holdings | 45 | 2959 |
| +11.17 | +9.38 | +7.91 | +2.55 |  | 130.41 |  | Turnover: Rolling 1Y (%) | 8 | - |
|  |  |  |  |  |  |  | Active Share (%) | 85 | - |

Translation (ENFR, 2022-02-28):
# AXA WF Framlington Talents Global S USD
Chiffres clés (USD)*

## Indice de réference
Performances cumulées du fonds (%) YTD	1 an	3 ans	10 ans  Création

### -9.66	+1.83	+37.43  +114.17	+45.06
Performances annualisées du fonds (%) 3 ans	5 ans	10 ans	Création
+11.17	+9.38	+7.91	+2.55