# Strategies in %
| Morningstar Rating as of 30/12/2022 |  |
| --- | --- |
| Top Holdings |  |
| Lumyna-MW Europe TOPS Fund | 9.15 |
| Lumyna-MW Systematic Apha Fund | 8.73 |
| RV Capital | 8.67 |
| KLS Arete Macro Fund | 7.13 |
| Pictet SICAV | 7.12 |
| Total | 40.80 |

- The fund’s risk and reward profile shows the variations in value an investment in this fund would have undergone over the past five years, whereby simulated performance data is used in the case of missing history. The fund’s risk rating may change in the future. Please note, higher possible gains generally also mean higher possible losses. The lowest risk category does not mean that the fund is risk free.
- If the currency of a financial product and/or its costs is different from your reference currency, the return and cost may increase or decrease as a result of currency fluctuations.
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Asset Allocation presented on this page may change over time.
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Portfolio Commentary	
Month in review
The portfolio posted a positive performance in December. During the month, equity long-short and macro strategies contributed positively, while event-driven and CTA strategies were flat.
Equity long-short strategy were the largest contributor in December, as the China growth-oriented long-short manager was positive for the month. The fund added positive contribution from both sides of the book. The largest contributors for the month were longs in liquor names and a Chinese duty-free company. On the other hand, the largest detractors were longs in an EV manufacturer, a semi manufacturer and a solar energy company. Given the rapidly changing macro environment, the manager actively managed the fund’s exposures in December. Net exposure increased by close to 15% as shorts were covered, crystalizing gains, while long exposure was increased across most sectors. Internet and smart car supply chain exposure increased the most thanks to top ups in selective holdings including. The manager will continue to focus the fund’s exposures on investment opportunities expected to benefit from the reopening of the economy, paying significant attention to the companies’ fundamentals to avoid traps. They are working on a few attractive opportunities within the manufacturing space, and they plan on adding new experienced and specialized resources in Q1 this year in the investment team to help investigating sectors like industrials and cyclicals. Macro strategies were also up for the month, as the Asian macro UCITS manager posted a positive performance in December. China Property has been the biggest contributor for the month followed by Asia Bond Dislocation and Dislocated Perpetuals. On the other hand, Kiwi vs Aussie Growth detracted the most, followed by Asia FX Weakening on Tapering and Curve Dislocation Opportunities. The manager notes that they have performed reasonably well in 2022 given the complicated circumstances, although they could have done better in certain aspects. The manager believes that China will finally emerge for its three-year slumber with confidence in its own growth. They expect China policies to surprise on the upside and cause a steeper yield curve, stronger currency, and better risk asset performance. Regarding inflation, the manager expects food and energy inflation in Asia to fall, while services inflation may take more time to subside. In parallel, he believes we are very close to the end of the rate hike cycle in India and a few more countries in Asia, as most of them have tightened enough in their view. They expect Japan rates will trend higher, and cross market ideas will provide interesting opportunities. On currencies, the manager believes that we may soon hit peak USD levels, and they like NZD and KRW for the coming months. On equities, they like China and India equity over US equity.

Translation (ENFR, 2022-12-30):
# Stratégies en %
## Direction du fonds

## Credit Suisse Fund Management

## S.A.

## Domicile du fonds	Luxembourg

## Devise du fonds	EUR

## Passport	NOR, FIN, HUN

## Fin de l’exercice fiscal	30 novembre

## Encours total (en mio.)	136,49

## Date de lancement16.12.2010

## Frais de gestion par an 
2)	

## 0,85%

## Frais courants 
2)	

## 2,68%

## Comm. de perf. en % avec high watermark 15,00 TER avec commission de performance (11.2021) en %

## 2,68

## Souscription	Hebdomadaire

## Rachat	Hebdomadaire

## Catégorie de parts		Tranche FB (capitalisation)

## Monnaie des catégories de parts	EUR
| Code ISIN	LU0522193530 |
| --- |
| Code Bloomberg | CSPMSFE LX |
| N° de valeur | 11480404 |
| Valeur liquidative | 101,50 |
| Morningstar Rating as of 30.12.2022 |  |
| Principales positions |  |
| Lumyna-MW Europe TOPS Fund | 9,15 |
| Lumyna-MW Systematic Apha Fund | 8,73 |
| RV Capital | 8,67 |
| KLS Arete Macro Fund | 7,13 |
| Pictet SICAV | 7,12 |
| Total | 40,80 |

- Le profil risque/rendement du fonds montre les variations de valeur qu’un investissement dans ce fonds auraient subies au cours des cinq dernières années, au moyend’une simulation des données de la performance dans le cas d’une absence d’historique. L’évaluation des risques du fonds peut être amenée à changer à l’avenir. Veuillez noter que des bénéfices plus élevés impliquent aussi généralement des pertes plus élevées. Le niveau de risque le plus faible ne signifie pas que le fonds soit sans risque.
- Si la devise d’un produit financier et/ou ses coûts sont différents de votre devise de référence, son rendement et ses coûts peuvent augmenter ou décroitre en fonction de la fluctuation des devises.

L'allocation d'actifs présentée sur cette page peut changer au fil du temps.