# HIGHLIGHTS
PrivilEdge – H2O High Conviction Bonds is an actively managed global unconstrained fixed income strategy. It is managed by H2O Asset Management based in London. The objective of the fund is to outperform the JP Morgan Government Bond Broad Index over 3-year periods. The management team has a top-down philosophy focusing on government bonds, currencies and corporate bonds. They have an active portfolio management approach using derivatives and backed with fully integrated risk management process. Investment ideas are generally expressed through 10 to 15 investment themes. Most of the instruments used are highly liquid (daily liquidity). The views are put together totally independently from the positions embedded in the benchmark. Portfolio is systematically re-assessed as markets dictates.
NET PERFORMANCE AND ANNUAL PERFORMANCE IN GBP 

### Nov 30, 2016 - Jun 30, 2021

### Net assets (all classes)	GBP 336.09 million

### Liquidity (sub./red.)	Daily, 12:00

### Min. investment	EUR 3'000 or equivalent

### Management fee	0.80%
175
150 
23.71%	23.92%
9.87%

### Distribution fee	0.00%

### FROC	0.25%

### Performance fee	25% in excess of bmk +1.3% TER max (30 September 2020)	1.05%
125
100
7.65%	
1.26%
0.99%
6.03%	5.53%
-2.46%
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |


## RISK AND REWARD PROFILE
75 
-6.51%	
2017	2018	2019	2020	2021
PrivilEdge - H2O High Conviction Bonds, Syst. Hdg, (GBP) M A / D	Annual or YTD performance (Fund) JPM Government Bond Broad GBP Hedged	Annual or YTD performance (Bench.)
| Low |  | High |
| --- | --- | --- |
| CODES | Class A | Class D |
| ISIN | LU1525844749 | LU1525844822 |
| Bloomberg | PEHCMAG LX | PEHCMDG LX |
| NAV | GBP 17.29 | GBP 17.30 |
| RATINGS |  |  |
| Morningstar Rating |  |  |

Cumulative	Annualized
| NET PERFORMANCE IN GBP | Fund | Bench. |  |  | Fund | Bench. |
| --- | --- | --- | --- | --- | --- | --- |
| YTD | 9.87% | -2.46% |  |  | - | - |
| 1 month | 4.92% | 0.56% |  |  | - | - |
| 3 months | 2.15% | 0.85% |  |  | - | - |
| 1 year | 28.33% | -1.95% |  |  | - | - |
| 3 years | 37.97% | 10.33% |  |  | 11.26% | 3.31% |
| Total return (since 30.11.2016) | 72.90% | 11.75% |  |  | 12.64% | 2.44% |
| STATISTICS  30.11.2016 - 30.06.2021 | Fund | Bench. |  |  |  | Fund |
| Annualised volatility | 16.38% | 3.05% |  | Average rating |  | BBB |
| Sharpe ratio | 0.74 | 0.64 |  | Modified duration |  | 1.10 |
| Max. drawdown | -28.58% | -3.65% |  | Yield to maturity |  | 8.80% |
| Correlation |  | -0.024 |  | Number of positions |  | 63 |
| Tracking error |  | 16.74% |  |  |  |  |

Translation (ENFR, 2021-06-30):
# POINTS CLÉS
PrivilEdge – H2O High Conviction Bonds est une stratégie à gestion active sur des obligations internationales indépendantes de tout indice. Le fonds est géré par H2O Asset Management, basée à Londres. Son objectif est de surclasser l’indice JP Morgan Government Bond Broad élargi sur une période de trois ans. L’équipe de gestion applique une philosophie descendante axée sur les obligations gouvernementales, les monnaies et les obligations d’entreprises. Elle applique une gestion active du portefeuille recourant à des instruments dérivés et supportée par un processus de gestion des risques totalement intégré. Les idées d’investissement sont généralement exprimées par dix à quinze thèmes d’investissement. La plupart des instruments utilisés sont très liquides (liquidité quotidienne). Les opinions sont mises en œuvre de manière totalement indépendante des positions comprises dans l’indice de référence. Le portefeuille est systématiquement réévalué chaque fois que les marchés l’imposent.
PERFORMANCE NETTE ET PERFORMANCE ANNUELLE EN GBP 

### 30 nov. 2016 - 30 juin 2021
175
23.71%	23.92%
150    
9.87%

### FROC	0.25%

### Commission de performance	25% in excess of bmk

### +1.3%

### TER max (30 septembre 2020)	1.05%
125
100
7.65%	
1.26%
0.99%
6.03%	5.53%
-2.46%

## PROFIL DE RISQUE
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

Faible	Elevé
75 
-6.51%	
2017	2018	2019	2020	2021
PrivilEdge - H2O High Conviction Bonds, Syst. Hdg, (GBP) M A / D	Performance annuelle ou Année en cours (Fonds) JPM Government Bond Broad GBP Hedged	Performance annuelle ou Année en cours (Indice)

## CODES		

### Classe A		Classe D ISIN	LU1525844749	LU1525844822

### Bloomberg	PEHCMAG LX	PEHCMDG LX
Cumulée
PERFORMANCE NETTE EN GBP	
Fonds	Indice

### Année en cours	9.87%	-2.46%
|  | 3 mois | 2.15% | 0.85% |  | - | - |
| --- | --- | --- | --- | --- | --- | --- |
| Valeur Liquidative | GBP 17.29 | GBP 17.30 | 1 an | 28.33% | -1.95% |  | - | - |
|  |  |  | 3 ans | 37.97% | 10.33% |  | 11.26% | 3.31% |
| Perf. totale (depuis 30.11.2016)	72.90%	11.75%	12.64%	2.44% |
| NOTATION |  |  |  |  |  |  |  |
| Morningstar Rating |  | STATISTIQUES  30.11.2016 - 30.06.2021 | Fonds | Indice |  |  | Fonds |
|  | Volat. annualisée | 16.38% | 3.05% |  | Note de crédit moyenne | BBB |
| Ratio de Sharpe | 0.74 | 0.64 |  | Duration modifiée | 1.10 |
| Baisse maximum | -28.58% | -3.65% |  | Rendement à l'échéance | 8.80% |
| Corrélation |  | -0.024 |  | Nombre de positions | 63 |
| Tracking Error |  | 16.74% |  |  |  |


### 1 mois	4.92%	0.56%
Annualisée
Fonds	Indice

### -	-

### -	-