# ANALYSIS OF THE NET PERFORMANCE
#### ANNUALIZED MONTHLY PERFORMANCES AND SPREAD WITH BENCHMARK
-0.1 %	40
-0.2 %	30
-0.3 %	20
Lower risk	Higher risk
-0.4 %	10
Potentially lower return	Potentially higher return

## KEY FIGURES
Net Asset Value (NAV) : 20,391.84 ( EUR )
Assets Under Management (AUM) : 8,594.75 ( million EUR )
-0.5 %
-0.6 %
07/20  08/20  09/20  10/20  11/20  12/20  01/21 02/21  03/21  04/21  05/21  06/21
Portfolio Benchmark Basis points spread
0
-10
Last coupon : -

## KEY PEOPLE
Management company : CPR ASSET MANAGEMENT Fund manager : Julien Lévy / Lucie Dronneau Custodian / Administrator :
CACEIS Bank / CACEIS Fund Administration France

#### ANNUALISED PERFORMANCES ¹
| Since | 31/12/2020 | 31/05/2021 | 31/03/2021 | 30/06/2020 | 28/06/2018 | 30/06/2016 | 30/06/2011 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio | -0.55% | -0.56% | -0.56% | -0.46% | -0.34% | -0.26% | 0.14% |
| Benchmark | -0.56% | -0.56% | -0.56% | -0.53% | -0.45% | -0.41% | -0.14% |
| Spread | 0.01% | 0.00% | 0.01% | 0.07% | 0.10% | 0.15% | 0.28% |

YTD	1 month	3 months	1 year	3 years	5 years	10 years
Non-capital guaranteed fund
¹ Data corresponding to periods of more than a year are annualised.
ANNUAL PERFORMANCES ²
2020	2019	2018	2017	2016
| Portfolio | -0.38% | -0.23% | -0.31% | -0.11% | 0.06% |
| --- | --- | --- | --- | --- | --- |
| Benchmark | -0.47% | -0.40% | -0.37% | -0.36% | -0.32% |
| Spread | 0.10% | 0.17% | 0.06% | 0.24% | 0.39% |


## OPERATION & FEES
Frequency of NAV calculation : Daily Order cut-off time : 12:00
Execution NAV / Redemption Date : D / D Minimum initial subscription : 10000000 Euros Minimum subsequent subscription :
1 thousandth(s) of (a) share(s)
Subscription fee (max) : 1.00% Redemption fee : 0.00%
Annual management charges (max.) : 0.15% Performance fees : Yes
² Performance varies over time and is not a reliable indication of future results. The investments are subject to market fluctuations and may gain or lose value.
| RISK ANALYSIS |  |
| --- | --- |
|  | 1 year | 3 years | 5 years |
| Portfolio volatility | 0.02% | 0.04% | 0.03% |
| Benchmark volatility | 0.01% | 0.01% | 0.01% |
| Annualised data |  |  |  |

All details are available in the legal documentation
CPR Asset Management, S.A capital of 53 445 705 € - 399 392 141 RCS Paris - SGP approved AMF n° GP01-056.
90, Boulevard Pasteur 75015 Paris - France - 01 53 15 70 00 www.cpr-am.fr

## RETURN ON

#### PORTOFOLIO ANALYSIS
GLOBAL ANALYSIS
UCIT	
| WAM | 59 |
| --- | --- |
| WAL Regulatory | 111 |
| Agency average LT rating | A- |
| Nb of issuers | 75 |
| Number of lines | 168 |
| Liquidity inf. 7 days | 40.38% |
| Liquidités 24h | 27.10% |


#### MATURITY BREAKDOWN
0-1 month
1-3 months
3-6 months
6-12 months
1-2 years
Cash
0 %	10 %	20 %	30 %	40 %	50 %
Portfolio

#### BREAKDOWN BY INSTRUMENT TYPE (AS % OF TOTAL ASSETS)	PORTFOLIO STRUCTURE
13.69
40.38 %
43.74 %
TCN
Liquidities Bond DAT
Putable
40.38 %
45.42
…
Financials Liquidity Corporates
Sovereigns/Supra/Agencies

#### EVOLUTION OF WAL AND WAM (IN DAYS)	BREAKDOWN BY EMISSION RATING
70	130
60	120
WAL
WAM
50	110
40	100
30	90
AA A BBB+ BBB BBB-
06/20
07/20
08/20
09/20
10/20
11/20
12/20
01/21
02/21
03/21
04/21
05/21
06/21
20	80
WAM (59) WAL (put days) (109)
NR
Liquidites
0 %	10 %	20 %	30 %	40 %	50 %
WAL (Weighted Average Life) : credit duration in days
WAM (Weighted Average Maturity) : modified duration in days
Agency Internal
| MAIN POSITIONS IN PORFOLIO |  |
| --- | --- |
|  | Portfolio | Maturity | Country | Instrument Group | Counterparty |
| SOCIETE GENERALE | 6.94% | - | France | - | - |
| BANQUE FED.CREDIT MUTUEL | 4.93% | - | France | Money market | - |
| UNICREDIT SPA | 4.48% | - | Italy | Money market | - |
| BPCE SA | 2.96% | - | France | Money market | - |
| INTESA SANPAOLO BANK LUX SA | 2.61% | - | Luxembourg | - | - |
| NORDEA BANK ABP | 2.45% | - | Finland | Money market | - |
| NATIXIS SA | 1.88% | - | France | Money market | - |
| CREDIT INDUS ET COMMERCIAL SA | 1.82% | - | France | Money market | - |
| BANCO SANTANDER SA | 1.73% | - | Spain | Money market | - |
| SVENSKA HANDELSBANKEN AB | 1.66% | - | Sweden | Money market | - |

For reverse repurchase, displayed maturity is of 1 day. It corresponds to the time necessary to settle the transaction
* Counterparty column: information only available for the reverse repurchase
COUNTRY / SECTORS / MATURITIES MATRIX
|  | 0-1 month | 1-3 months | 3-6 months | 6-12 months | 1-2 years | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Euro Zone | 4.44% | 10.73% | 18.73% | 16.83% | 1.28% | 52.01% |
| Finland | 0.18% | - | 1.20% | 1.12% | 0.24% | 2.74% |
| Financials | 0.18% | - | 1.20% | 1.12% | 0.24% | 2.74% |
| France | 2.16% | 6.65% | 12.21% | 8.28% | 0.50% | 29.80% |
| Financials | 1.47% | 4.82% | 9.29% | 7.76% | 0.50% | 23.84% |
| Govies & agencies | 0.00% | - | 1.53% | - | - | 1.53% |
| Corporate | 0.69% | 1.83% | 1.39% | 0.52% | - | 4.43% |
| Germany | 0.41% | - | - | - | 0.45% | 0.86% |
| Corporate | 0.41% | - | - | - | 0.45% | 0.86% |
| Italy | 0.35% | 0.52% | 3.24% | 4.57% | - | 8.67% |
| Financials | - | - | 3.12% | 4.57% | - | 7.69% |
| Govies & agencies | 0.00% | - | - | - | - | 0.00% |
| Corporate | 0.35% | 0.52% | 0.12% | - | - | 0.99% |
| Luxembourg | - | 1.88% | 0.59% | 0.73% | - | 3.20% |
| Financials | - | 1.88% | 0.59% | 0.73% | - | 3.20% |
| Netherlands | 0.16% | - | - | 0.27% | 0.09% | 0.53% |
| Financials | 0.16% | - | - | 0.27% | 0.09% | 0.53% |
| Spain | 1.18% | 1.68% | 1.49% | 1.86% | - | 6.21% |
| Financials | 0.47% | 0.40% | 0.91% | 1.18% | - | 2.96% |
| Govies & agencies | - | - | - | 0.11% | - | 0.11% |
| Corporate | 0.71% | 1.28% | 0.59% | 0.57% | - | 3.14% |
| Rest of the world | 0.65% | 3.00% | 1.23% | 1.95% | 0.79% | 7.61% |
| Canada | - | - | - | - | 0.28% | 0.28% |
| Financials | - | - | - | - | 0.28% | 0.28% |
| China | - | - | 0.11% | - | - | 0.11% |
| Financials | - | - | 0.11% | - | - | 0.11% |
| Japan | - | - | - | - | 0.51% | 0.51% |
| Corporate | - | - | - | - | 0.51% | 0.51% |
| Sweden | - | 0.84% | 0.24% | 1.18% | - | 2.25% |
| Financials | - | 0.84% | 0.24% | 1.18% | - | 2.25% |
| United Kingdom | - | 1.68% | - | - | - | 1.68% |
| Financials | - | 0.24% | - | - | - | 0.24% |
| Corporate | - | 1.44% | - | - | - | 1.44% |
| United States | 0.65% | 0.48% | 0.88% | 0.77% | - | 2.78% |
| Financials | 0.41% | 0.13% | - | 0.30% | - | 0.84% |
| Corporate | 0.24% | 0.35% | 0.88% | 0.47% | - | 1.94% |
| Cash | 40.38% | - | - | - | - | 40.38% |

Translation (ENFR, 2021-06-30):
# ANALYSE DE LA PERFORMANCE
#### PERFORMANCES MENSUELLES ANNUALISEES ET ECART AVEC L'INDICE
-0,1 %	40
-0,2 %	30
-0,3 %	20
A risque plus faible	A risque plus élevé
-0,4 %	10
Rendement potentiellement plus faible

## CHIFFRES CLES
Rendement potentiellement
plus élevé
-0,5 %
-0,6 %
0
-10
Fonds non garanti en capital
Valeur Liquidative (VL) : 20 391,84 ( EUR ) Actif géré : 8 594,75 ( millions EUR ) Derniers coupons versés : -

##  ACTEURS
Société de gestion : CPR ASSET MANAGEMENT Gérants : Julien Lévy / Lucie Dronneau Dépositaire / Valorisateur :
CACEIS Bank / CACEIS Fund Administration France

##  MODALITES DE FONCTIONNEMENT
Fréquence de valorisation : Quotidienne Heure limite d'ordre : 12:00
VL d'éxécution / Date de valeur rachat : J / J Minimum 1ère souscription : 10000000 Euros Minimum souscription suivante :
07/20  08/20  09/20  10/20  11/20  12/20  01/21 02/21  03/21  04/21  05/21  06/21
Portefeuille Indice Ecart en points de base
Depuis le	1 mois	3 mois	1 an	3 ans	5 ans	10 ans

#### PERFORMANCES NETTES PAR PERIODE GLISSANTE ¹
| Depuis le | 31/12/2020 | 31/05/2021 | 31/03/2021 | 30/06/2020 | 28/06/2018 | 30/06/2016 | 30/06/2011 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Portefeuille | -0,55% | -0,56% | -0,56% | -0,46% | -0,34% | -0,26% | 0,14% |
| Indice | -0,56% | -0,56% | -0,56% | -0,53% | -0,45% | -0,41% | -0,14% |
| Ecart | 0,01% | 0,00% | 0,01% | 0,07% | 0,10% | 0,15% | 0,28% |

¹ Les données supérieures à un an sont annualisées.
2020	2019	2018	2017	2016

#### PERFORMANCES NETTES PAR ANNÉE CIVILE ²
| Portefeuille | -0,38% | -0,23% | -0,31% | -0,11% | 0,06% |
| --- | --- | --- | --- | --- | --- |
| Indice | -0,47% | -0,40% | -0,37% | -0,36% | -0,32% |
| Ecart | 0,10% | 0,17% | 0,06% | 0,24% | 0,39% |

² Les performances passées ne sont pas constantes dans le temps et ne sont pas un indicateur fiable des performances futures. Les investissements sont soumis aux fluctuations de marché et peuvent varier à la hausse comme à la baisse.

#### ANALYSE DU RISQUE
| 1 millième part(s)/action(s) |  | 1 an | 3 ans | 5 ans |
| --- | --- | --- | --- | --- |
| Frais d'entrée (max) : 1,00% | Volatilité du portefeuille | 0,02% | 0,04% | 0,03% |
| Frais de sortie (max) : 0,00% | Volatilité de l'indice | 0,01% | 0,01% | 0,01% |
| Frais de gestion annuels (max) : 0,15% | Données annualisées |  |  |  |
| Commission de surperformance : Oui |  |  |  |  |

Tous les détails sont disponibles dans la documentation juridique
CPR Asset Management, Société anonyme au capital de 53 445 705 € - 399 392 141 RCS Paris - SGP agréée par AMF n° GP01-056.
90, Boulevard Pasteur 75015 Paris - France - 01 53 15 70 00 www.cpr-am.fr

## INNOVER POUR LA

#### ANALYSE DU PORTEFEUILLE GLOBAL
ANALYSE GLOBALE
Portefeuille	
| WAM | 59 |
| --- | --- |
| WAL Réglementaire | 111 |
| Note Moy. Agence LT | A- |
| Nb. Emetteurs en PTF | 75 |
| Nb. Lignes en PTF | 168 |
| Liquidités | 40,38% |
| Liquidités 24h | 27,10% |


#### RÉPARTITION PAR MATURITÉS
0-1 mois
1-3 mois
3-6 mois
6-12 mois
1-2 ans Liquidités
0 %	10 %	20 %	30 %	40 %	50 %
Portefeuille

#### REPARTITION PAR TYPES D'INSTRUMENTS (EN % DE L'ACTIF)	REPARTITION PAR TYPES D'EMETTEURS
43,74 %
40
TCN
Liquidités Obligations DAT
Putable
40,38
45,42 %
Finance Liquidités Corporate
Etats et Agences

#### EVOLUTION DE LA WAL ET DE LA WAM (EN JOURS)	REPARTITION DES EMISSIONS PAR NOTATIONS LONG TERME
70	130
60	120
WAL
WAM
50	110
40	100
30	90
AA A BBB+ BBB BBB-
06/20
07/20
08/20
09/20
10/20
11/20
12/20
01/21
02/21
03/21
04/21
05/21
06/21
20	80
WAM (59) WAL (date de put) (109)
NR
Liquidites
0 %	10 %	20 %	30 %	40 %	50 %
WAL (Weighted Average Life) : Durée de vie moyenne pondérée (DVMP) exprimée en nombre de jours
WAM (Weighted Average Maturity) : Maturité moyenne pondérée (MMP) exprimée en nombre de jours
Agence Interne
| PRINCIPALES LIGNES EN PORTEFEUILLE |  |
| --- | --- |
|  | Portefeuille | Maturité | Pays | Groupe d'instrument | Contrepartie |
| SOCIETE GENERALE | 6,94% | - | France | - | - |
| BANQUE FED.CREDIT MUTUEL | 4,93% | - | France | Monétaire | - |
| UNICREDIT SPA | 4,48% | - | Italie | Monétaire | - |
| BPCE SA | 2,96% | - | France | Monétaire | - |
| INTESA SANPAOLO BANK LUX SA | 2,61% | - | Luxembourg | - | - |
| NORDEA BANK ABP | 2,45% | - | Finlande | Monétaire | - |
| NATIXIS SA | 1,88% | - | France | Monétaire | - |
| CREDIT INDUS ET COMMERCIAL SA | 1,82% | - | France | Monétaire | - |
| BANCO SANTANDER SA | 1,73% | - | Espagne | Monétaire | - |
| SVENSKA HANDELSBANKEN AB | 1,66% | - | Suède | Monétaire | - |

Pour les prises en pension, la maturité affichée correspond au temps nécessaire pour déboucler l'opération
* Colonne contrepartie: information uniquement disponible pour les prises en pension
| MATRICE PAYS / SECTEURS / MATURITES |  |
| --- | --- |
|  | 0-1 mois | 1-3 mois | 3-6 mois | 6-12 mois | 1-2 ans | Total |
| Zone Euro | 4,44% | 10,73% | 18,73% | 16,83% | 1,28% | 52,01% |
| Finlande | 0,18% | - | 1,20% | 1,12% | 0,24% | 2,74% |
| Finance | 0,18% | - | 1,20% | 1,12% | 0,24% | 2,74% |
| France | 2,16% | 6,65% | 12,21% | 8,28% | 0,50% | 29,80% |
| Finance | 1,47% | 4,82% | 9,29% | 7,76% | 0,50% | 23,84% |
| Etats & Agences | 0,00% | - | 1,53% | - | - | 1,53% |
| Corporate | 0,69% | 1,83% | 1,39% | 0,52% | - | 4,43% |
| Allemagne | 0,41% | - | - | - | 0,45% | 0,86% |
| Corporate | 0,41% | - | - | - | 0,45% | 0,86% |
| Italie | 0,35% | 0,52% | 3,24% | 4,57% | - | 8,67% |
| Finance | - | - | 3,12% | 4,57% | - | 7,69% |
| Etats & Agences | 0,00% | - | - | - | - | 0,00% |
| Corporate | 0,35% | 0,52% | 0,12% | - | - | 0,99% |
| Luxembourg | - | 1,88% | 0,59% | 0,73% | - | 3,20% |
| Finance | - | 1,88% | 0,59% | 0,73% | - | 3,20% |
| Pays-Bas | 0,16% | - | - | 0,27% | 0,09% | 0,53% |
| Finance | 0,16% | - | - | 0,27% | 0,09% | 0,53% |
| Espagne | 1,18% | 1,68% | 1,49% | 1,86% | - | 6,21% |
| Finance | 0,47% | 0,40% | 0,91% | 1,18% | - | 2,96% |
| Etats & Agences | - | - | - | 0,11% | - | 0,11% |
| Corporate | 0,71% | 1,28% | 0,59% | 0,57% | - | 3,14% |
| Reste du monde | 0,65% | 3,00% | 1,23% | 1,95% | 0,79% | 7,61% |
| Canada | - | - | - | - | 0,28% | 0,28% |
| Finance | - | - | - | - | 0,28% | 0,28% |
| Chine | - | - | 0,11% | - | - | 0,11% |
| Finance | - | - | 0,11% | - | - | 0,11% |
| Japon | - | - | - | - | 0,51% | 0,51% |
| Corporate | - | - | - | - | 0,51% | 0,51% |
| Suède | - | 0,84% | 0,24% | 1,18% | - | 2,25% |
| Finance | - | 0,84% | 0,24% | 1,18% | - | 2,25% |
| Royaume-Uni | - | 1,68% | - | - | - | 1,68% |
| Finance | - | 0,24% | - | - | - | 0,24% |
| Corporate | - | 1,44% | - | - | - | 1,44% |
| Etats-Unis | 0,65% | 0,48% | 0,88% | 0,77% | - | 2,78% |
| Finance | 0,41% | 0,13% | - | 0,30% | - | 0,84% |
| Corporate | 0,24% | 0,35% | 0,88% | 0,47% | - | 1,94% |
| Liquidités | 40,38% | - | - | - | - | 40,38% |