#  Definitions
## More than $100,000	31.12

## $50,000 - $100,000	18.22

## $25,000 - $50,000	13.10

## $10,000 - $25,000	20.19

## $5,000 - $10,000	14.92

## Less than $5,000	2.46
3-year risk statistics (annualized)*

## Sharpe ratio (%)	0,88

## Treynor ratio	16,54

## Tracking error (%)	9,04

## Information ratio	-0,25

## Risk adjusted alpha	-5,49

## Beta	1,23

## R-squared	0,88

## M-squared	16,46

## Standard deviation (%)	23,06
Investment risks

## The fund does not offer any capital guarantee or protection and you may not get back the amount invested.

## The fund is subject to the following risks which are materially relevant but may not be adequately captured by the indicator:
Investment in company shares: The fund invests in shares of companies, and the value of these shares can be negatively affected by changes in the company, its industry or the economy in which it operates.
Geographical focus: This fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions.
Concentrated fund: The fund invests in fewer companies than other funds which invest in shares usually do. This means that the fund does not spread its risk as widely as other funds and will therefore be affected more if an individual company has significant losses.
Sustainability: The fund’s integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the fund and may also cause the fund to sell investments that will continue to perform well. A sustainability risk could materialise due to an environmental, social or governance event or condition which may impact the fund’s investments and negatively affect the returns of the fund.
Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets.

## Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.

## A temporary negative cash position may be due to (1) unsettled trade activity (2) permitted purposes, such as borrowing or derivatives use, if allowed by the prospectus.

## * Refer to the Definitions section on page 2
Risk and reward profile: There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment. The fund does not offer any capital guarantee or protection.
Sharpe ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance. Treynor ratio: Measure of risk adjusted portfolio performance where Beta acts as a proxy for the level of risk associated with a given portfolio. Tracking error: Dispersal of differences between the returns obtained by the Fund and the benchmark variation. Information ratio: The ratio of annualized expected residual return to residual risk. Risk adjusted alpha: Measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: Measures the sensitivity of the fund to the movements of its benchmark. R-Squared: Measures the strength of the linear relationship between the fund and its benchmark. RSquared at 1.00 implies perfect linear relationship and zero implies no relationship exists. M-Squared: A measure of portfolio risk, the Modigliani ratio serves to adjust for the risk that a given portfolio takes in excess of the risk-free rate. Standard deviation: Measures the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk.

Translation (ENFR, 2022-01-31):
#  Définitions
Profil de risque et de rendement: Il n’est pas certain que le fonds demeure dans la catégorie susmentionnée et le classement du fonds est susceptible d’évoluer dans le temps. Les données historiques, telles que celles utilisées pour calculer l’indicateur, pourraient ne pas constituer une indication fiable du profil de risque futur du fonds. La catégorie la plus basse n’est pas synonyme d’investissement sans risque. Le fonds n’offre aucune garantie ou protection du capital.
Ratio de Sharpe: Mesure ajustée du risque calculée à l’aide de l’écart type et de l’excédent de rendement afin de déterminer le rendement par unité de risque. Plus le ratio de Sharpe est élevé, meilleure est la performance ajustée du risque historique du fonds. Ratio de Treynor: Mesure de la performance de portefeuille ajustée du risque dans laquelle le bêta sert d’indicateur du niveau de risque associé à un portefeuille donné. Tracking Error: Dispersion des différences entre les rendements obtenus par le fonds et les fluctuations de l’indice de référence. Ratio d’information: Ratio du rendement résiduel annualisé escompté sur le risque résiduel. Alpha de risque ajusté: Mesure la différence entre le rendement effectif d’un fonds et sa performance escomptée, compte tenu de son niveau de risque mesuré par le bêta. Bêta: Mesure la sensibilité du fonds aux fluctuations de son indice de référence. R²: Mesure la force de la corrélation linéaire entre le fonds et son indice de référence. Un R² à 1,00 implique une corrélation linéaire parfaite et un R² nul indique qu’il n’existe aucune relation. M²: Mesure du risque de portefeuille, le ratio de Modigliani sert à ajuster la mesure du risque auquel un portefeuille s’expose au-delà du taux sans risque. Volatilité: Mesure le risque ou la volatilité du rendement d’un investissement sur une période donnée. Plus l’écart type est élevé, plus le risque est important.