# DORVAL GLOBAL CONVICTIONS
R Share (EUR) - Acc
FLEXIBLE STRATEGY
NET PERFORMANCE SINCE INCEPTION (%)	

### Monthly report as at 30 September 2021
Net cumulative performance

### 1 Month 3 Months 6 Months	YTD	1 Year	3 Years  5 Years 10 Years	Since

### inception
Net annualised performance

### 3 Years 5 Years 10 Years	Since

### inception

### Reference Indicator	-0.98%	0.14%	2.21%	5.56%	11.41%  18.57%  33.56%  91.98%	103.25%	5.84%	5.96%	6.74%	5.70%
Net calendar performance

### 2021 - YTD	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010

### Reference Indicator	5.56%	5.02%	13.97%	-2.04%	3.60%	5.33%	5.47%	9.54%	10.28%	6.77%	-4.64%	2.82%
Past performance is not a reliable indicator of future performance. Performance calculation takes into account net dividends re-invested for the fund and net dividends re-invested for the reference indicator since 1st January 2013. Since 09/30/2021, the reference indicator consists of 60% capitalised €STR index and 40% MSCI World Equal Weighted Net Total Return Local Index net dividends reinvested.

## PORTFOLIO BREAKDOWN

### Top 5 Currencies	%

### EUR79.56

### CAD4.08

### NOK2.56

### GBP2.49

### MXN2.21

### Asset allocation (exposure rate)

### Equity	45.99%

### North America	18.08%

### Europe	13.19%

### Emerging Market	1.09%

### Asia Pacific	13.62%

### Bond	-1.53%

### North America	-5.67%

### Sovereign	-5.67%
| Modified duration | -0.46 | Europe | 3.99% |
| --- | --- | --- | --- |
| Credit quality | % | Sovereign | 2.14% |
| AAA AA+ | -5.67 - | Corporate | 1.85% |
| AA | -5.50 | Emerging Market | 0.15% |
| AA- A+ | - - | Sovereign | 0.15% |
| A | - | Other | 3.98% |
| A- BBB+ | - 0.09 | Money Market | 46.99% |
| BBB | - | Cash | 1.31% |
| BBB- BB+ BB BB- B+ B B- | 7.64 - - 1.89 - - - |  |  |
| RISK ANALYSIS |  | NET EQUITY EXPOSURE RATE |  |

| Ratio | 1 Year | 3 Years | 5 Years |
| --- | --- | --- | --- |
| Sharpe ratio | 2.28 | 0.61 | 0.50 |
| Beta | 1.19 | 0.91 | 0.85 |
| Alpha | 0.01 | 0.00 | -0.03 |
| Information ratio | 1.53 | -0.17 | -0.64 |
| Volatility - R Share | 6.43 | 9.18 | 7.63 |
| Reference Indicator Volatility | 5.25 | 8.99 | 7.76 |


### 90

### 80

### 70

### 60

### 50

### 40
| Ratio | Results | Date |
| --- | --- | --- |
| Max performance | 84.60% | from 10/03/2009 to 06/09/2021 |


### 30

### 20

### 10

### Max drawdown	-20.03%	from 29/01/2018 to 18/03/20200

### Recovery period	251	days

### Gain frequency	62.99%	per month
DORVAL GLOBAL CONVICTIONS - R Share

Translation (ENFR, 2021-09-30):
# DORVAL GLOBAL CONVICTIONS
Part R (EUR) - Acc
GESTION FLEXIBLE
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	-0.98%	0.14%	2.21%	5.56%	11.41%  18.57%  33.56%  91.98%	103.25%	5.84%	5.96%	6.74%	5.70%
Performances nettes calendaires

### 2021 - YTD	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010

#### Indicateur de référence	5.56%	5.02%	13.97%	-2.04%	3.60%	5.33%	5.47%	9.54%	10.28%	6.77%	-4.64%	2.82%
Les performances passées ne sont pas un indicateur fiable des performances futures. Les calculs de performance sont réalisés dividendes nets réinvestis pour l’OPCVM et depuis le 1er janvier 2013 pour l'indicateur de référence. Depuis le 30/09/2021, l’indice de référence est composé de 60% de l’indice €STR capitalisé et 40% de l’indice MSCI World Equal Weighted Net Total Return Local Index dividendes nets réinvestis.

## CONSTRUCTION DE PORTEFEUILLE
| Taux d'investissement actions brut	38.24% Taux d’exposition actions net	45.99% Répartition par devise Top 5 Devises	% EUR79.56 CAD4.08 NOK2.56 GBP2.49 MXN2.21 Sensibilité taux et répartition par notation |  | Allocations d'actifs (taux d'exposition) Actions	45.99% Amérique du Nord	18.08% Europe	13.19% Pays émergents	1.09% Asie Pacifique	13.62% Obligations	-1.53% Amérique du Nord	-5.67% Souverain	-5.67% |
| --- | --- | --- |
|  |  |  |
| Sensibilité Taux | -0.46 |  |  | Europe | 3.99% |
| Note de crédit | % |  |  | Souverain | 2.14% |
| AAA AA+ | -5.67 - |  |  | Corporate | 1.85% |
| AA | -5.50 |  |  | Pays émergents | 0.15% |
| AA- A+ | - - |  |  | Souverain | 0.15% |
| A | - |  |  | Autres | 3.98% |
| A- BBB+ | - 0.09 | Monétaires | 46.99% |
| BBB | - | Liquidités | 1.31% |
| BBB- BB+ BB BB- B+ B B- | 7.64 - - 1.89 - - - |  |  |
| ANALYSE DE RISQUE |  | TAUX D'EXPOSITION NET AUX ACTIONS |  |


#### 90
| Ratio | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- |
| Ratio de Sharpe | 2.28 | 0.61 | 0.50 |
| Bêta | 1.19 | 0.91 | 0.85 |
| Alpha | 0.01 | 0.00 | -0.03 |
| Ratio d’information | 1.53 | -0.17 | -0.64 |
| Volatilité - Part R | 6.43 | 9.18 | 7.63 |
| Volatilité indicateur | 5.25 | 8.99 | 7.76 |
| Ratio	Valeur |  | Date |  |
| Gain maximum enregistré	84.60% du 10/03/2009 au 06/09/2021 |


#### 80

#### 70

#### 60

#### 50

#### 40

#### 30

#### 20

#### 10

#### Perte maximale enregistrée	-20.03% du 29/01/2018 au 18/03/20200

#### Délai de recouvrement	251	jours

#### Fréquence de gain	62.99%	par mois
DORVAL GLOBAL CONVICTIONS - Part R