# DORVAL MANAGEURS SMID CAP EURO
I Share (EUR) - Acc
EQUITIES STRATEGY
DEFINITIONS	

### Monthly report as at 30 September 2021

### Active share: Active share measures the difference in breakdown of an equity portfolio as compared to its benchmark.
Alpha: Coefficient used to measure a fund’s additional positive or negative performance as compared to levels its market risk – as measured by its reference indicator – would justify. We calculate: Alpha = Fund average (MoyenneFonds) - (Reference indicator average (MoyenneIndice) * Beta).
Beta: Measure of a fund’s sensitivity to market movements (represented by its reference indicator). A beta higher than 1 indicates that the fund amplifies the trends of its reference market on the upside as well as on the downside. Conversely, a beta lower than 1 means that the fund tends to react less to movements in its reference market. We calculate: Beta = Fund-reference indicator covariance (CovarianceFondsIndice) / Reference indicator variance (VarianceIndice);
- Fund-reference indicator covariance (CovarianceFondsIndice): covariance for weekly fund and reference indicator performances
- Reference indicator variance (VarianceIndice): variance in the reference indicator’s weekly performances
- Fund average (MoyenneFonds), Reference indicator average (MoyenneIndice): average of weekly performances for fund and reference indicator.


### Dividend yield: Returns are the yield on shares, equating to the dividends paid by companies that the fund invests in, divided by these companies’ share price.

### DNR: Net dividends reinvested

### EV/EBIT: Enterprise value divided by operating profit. This multiple is useful in assessing the speed at which an investor will recover the initial investment in a company after a full takeover.

### Gain frequency: Ratio of the number of positive observations to the total number of observations since fund inception.

### Growth in earnings per share: Trends in profits for companies in the fund’s holdings, weighted for the proportion of these shares held in the fund.
Information ratio: The information ratio measures the fund’s relative performance adjusted for each point of volatility compared to its reference indicator. We calculate: Information ratio (RatioInfo) = Average difference (MoyenneDiff) / Average standard deviation (StdDevDiff);
- Average difference (MoyenneDiff): The average of the performance differences between the fund and the reference indicator
- Average standard deviation (MoyenneStdDev): The standard deviation of performance differences between the fund and the reference indicator.


### Maximum performance: Maximum gain historically recorded by the fund.

### Maximum drawdown: Maximum loss historically recorded by the fund.
P/E multiple: The price/earnings multiple is calculated by dividing the share price by its net earnings per share. The P/E is used to value a share as compared to share prices for sector peers: the lower the P/E, the cheaper the share price is deemed to be.

### Recovery period: Time expressed in number of days the fund takes to exceed the highest net asset value over the indicated period.

### Risks: Risk data are calculated over a given timeframe based on weekly performances.
Sharpe ratio: Indicator of a fund’s outperformance relative to a risk-free rate, divided by the risk taken (fund volatility). The Sharpe ratio measures the marginal performance per unit of risk. The higher the ratio, the higher the fund’s risk-adjusted yield. We calculate: Information ratio (RatioInfo) = (Annualised fund performance (PerfsFondsAnnualise) - Risk-free rate (TauxSansRisque)) / (Fund standard deviation (FondsStdDev) * Sqrt (52));
- Annualised fund performance (PerfFondsAnnualise): the fund’s annualised performance over the investment period
- Risk-free rate (TauxSansRisque): the annualised EONIA performance over the investment period
- Fund standard deviation (FondsStdDev): The fund’s performance standard deviation.

Tracking error: Tracking error is the standard deviation for the series of differences between portfolio returns and benchmark returns. High tracking error implies a major difference between the fund and the benchmark, whether on the upside or downside.
Volatility: Amplitude in the variation of a financial instrument over a given time period. High volatility means that the share price varies significantly and therefore that the risk associated with the share is high.

### MANAGERS GLOSSARY

### The fund management team ranks the company managers in 4 broad categories:
Homegrown Managers: these executives started their career in the company they manage today. In most cases, they have more than 10 years’ experience in the company in a management position in an international context;

### Rescuers: they were given authority during a crisis. These managers are the heads of a pool of companies in turnaround situations;

### Empire Builders: genuine niche developers, they have the ability to identify one or more long-term growth opportunities;
Family Heirs: they have a family link with the Builder and take on the operational management of the company. They often start out with a poor image which is not always justified. They are often supported in their ventures by an experienced manager.

### DEFINITIONS OF SRI STRATEGIES (ESG REPORTING)
Best-in-Universe: The best-in-universe approach focuses on companies carrying the highest non-financial scores, independently of their business sector. Sectors that are broadly deemed to be most virtuous will be more heavily represented, so this approach can lead to sector bias, which we fully recognize.
Engagement: Our engagement strategy comprises both individual shareholder engagement – exercising our voting rights, conducting direct and constructive dialogue with companies as part of a relationship established over the long term – and collaborative shareholder engagement via various influential financial market bodies: these policies are rolled out to encourage companies and/or policymakers to take on board non-financial criteria.
Exclusion: Our exclusion strategy covers both sector exclusion – ruling out sectors deemed to be harmful to society – and exclusion based on compliance with standards, whereby we exclude companies that do not comply with the United Nations Global Compact and companies subject to controversies that we feel are incompatible with our values.
Integration: Environmental, social and governance criteria (ESG) are directly integrated or embedded in the fund management process via an ESG score developed for each stock in the investment universe. The ESG score is used both to ascertain the eligible investment universe and as a building block for the portfolio construction and management process.
SRI Label: Created by the French Ministry of Finance, this public label aims at giving Sustainable Responsible Investment (SRI) management an extra visibility with savers. To obtain the SRI Label, the certification body conducts an audit to ensure the funds meet a set of labelling criteria. For further information on the methodology, visit www.lelabelisr.fr. References to rankings, labels, awards or ratings are not an indicator of the future performance of the fund or the investment manager.
MORNINGSTAR METHODOLOGY© 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. References to rankings, awards and/or ratings are not an indicator of future performance by the fund or the fund manager. The Morningstar rating applies to funds with a history of at least three years. It takes into account subscription fees, the risk-free return and the fund’s volatility in order to calculate the MRAR (Morningstar Risk Adjust Return) ratio for each fund. The funds are then ranked by decreasing order of MRAR: the first 10% receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the last 10% receive 1 star. The funds are ranked within 180 European categories.

Translation (ENFR, 2021-09-30):
# DORVAL MANAGEURS SMID CAP EURO
Part I (EUR) - Acc
GESTION ACTIONS
HISTORIQUE DE LA PERFORMANCE NETTE DEPUIS CRÉATION (%)	

### Reporting mensuel au 30 septembre 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	-4.03%	0.48%	6.35%	11.48%  27.40%  22.81%	-	-	30.79%	7.09%	-	-	6.34%
Performances nettes calendaires

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

### Indicateur de référence	11.48%	3.80%	26.81%	-14.94%	-	-	-	-	-	-	-	-
Les performances passées ne sont pas un indicateur fiable des performances futures. Les calculs de performance sont réalisés dividendes nets réinvestis pour l’OPCVM. Les calculs de performances de l’indicateur de référence sont réalisés dividendes nets réinvestis.

## PRINCIPAUX MOUVEMENTS
REPARTITION TYPES DE MANAGEURS
43.4%
6.0%
| Nombre de lignes totales actions | 55 |
| --- | --- |
| 5ère lignes actions | 14.2% |
| 10ère lignes actions | 26.9% |
| Capitalisation boursière médiane | 3,539.8 M€ |


### Dauphins Parachutés Bâtisseurs Héritiers
| Top 10 Actions | Pays | Secteur | Poids | Thématiques d'investissement |
| --- | --- | --- | --- | --- |
| Fonds | Indice |
| IPSOS | France | Télécom | 2.9% | 0.0% | Transformation sociétale (modes de vie, démographie, santé) |
| S&T AG | Autriche | Technologie | 2.9% | 0.0% | Innovation et Transformation des entreprises |
| GROUPE FNAC | France | Services aux consommateurs | 2.8% | 0.0% | Sélection de valeurs (hors thématiques) |
| CANCOM | Allemagne | Technologie | 2.8% | 0.0% | Innovation et Transformation des entreprises |
| AUTOGRILL | Italie | Services aux consommateurs | 2.8% | 0.0% | Sélection de valeurs (hors thématiques) |
| SOMFY | France | Industries | 2.7% | 0.0% | Transition énergétique et environnementale |
| NEXITY | France | Immobilier | 2.6% | 0.0% | Sélection de valeurs (hors thématiques) |
| KORIAN | France | Santé | 2.5% | 0.0% | Transformation sociétale (modes de vie, démographie, santé) |
| BIOMERIEUX | France | Santé | 2.5% | 0.4% | Transformation sociétale (modes de vie, démographie, santé) |
| SEB | France | Services aux consommateurs | 2.3% | 0.4% | Transformation sociétale (modes de vie, démographie, santé) |