# DORVAL MANAGEURS EUROPE
I Share (EUR) - Acc
EQUITIES STRATEGY
INVESTMENT THEMES	

##### Monthly report as at 31 May 2022
| Main positive contributors over the month |  |
| --- | --- |
| Securities | Investment themes | Average weighting (%) | Performance (%) | Contribution to performance (%) |
| TOTAL ENERGIES | Capacity to go through the crisis and to rebound | 3.9% | 17.71% | 0.65% |
| BNP PARIBAS | Financials | 3.7% | 14.37% | 0.51% |
| ING GROEP NV | Financials | 2.0% | 18.72% | 0.35% |
| STMICROELECTRONICS NV | Digitalization of the economy | 3.6% | 4.18% | 0.31% |
| ENI | Capacity to go through the crisis and to rebound | 2.9% | 9.36% | 0.27% |

| Main negative contributors over the | month |  |
| --- | --- | --- |
| Securities | Investment themes | Average weighting (%) | Performance (%) | Contribution to performance (%) |
| PUBLICIS GROUPE SA | Capacity to go through the crisis and to rebound | 2.8% | -11.64% | -0.35% |
| CAPGEMINI | Digitalization of the economy | 3.0% | -7.96% | -0.25% |
| VEOLIA ENVIRONNEMENT | Environmental and energy transition | 1.7% | -6.67% | -0.12% |
| VINCI | Capacity to go through the crisis and to rebound | 3.5% | -3.40% | -0.12% |
| ACCOR | Stock-Picking | 2.4% | -3.04% | -0.06% |

| Inception date | 30 Jun 2011 |
| --- | --- |
| First NAV date | 30 Jun 2011 |
| Asset Management company | Dorval Asset Management |
| Custodian | Caceis Bank France |
| Delegated financial manager | Caceis Fund Administration |
| NAV frequency | Daily |
| Settlement of subscriptions | D+2 business days |

| Settlement of redemptions | D+2 business days |
| --- | --- |
| Unit decimalisation | Yes |
| Initial minimum subscription | 50 000 € |
| Subscription fee not retained by the UCITS | 2% max |
| Redemption fees | None |
| Management fees | 0.90 % |
| Reference Indicator | MSCI PAN EURO DNR |

| Legal structure | Mutual Fund (FCP) |
| --- | --- |
| Country of legal registration | France |
| UCITS | Yes |
| Investment period | 5 years |
| AMF classification | European equities |
| Eligible for PEA French share savings plans | Yes |
| Eligible for PME-PEA French share savings plans | No |
| Currency | EUR |
| Target subscribers | All subscribers |


## CHARACTERISTICS

##### Cut-off time - Paris time	Performance fees

##### Centralisation of orders before 1:00 p.m. Execution of the order on D at the latest

##### 20% of outperformance above its index if the fund’s performance is positive (see page 8)
MORNINGSTAR METHODOLOGY © 2022 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 each month 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 (ENIT, 2022-05-31):
# DORVAL MANAGEURS EUROPE
Quota I (EUR) - Acc
GESTIONE DI AZIONI
STORICO DELLA PERFORMANCE NETTA DAL LANCIO (%)	

##### Report mensile al 31 maggio 2022
Le performance passate non sono un indicatore affidabile delle performance future. I calcoli delle performance per l’OICVM sono effettuati a dividendi netti reinvestiti. I calcoli delle performance per l'indice di riferimento sono effettuati, a decorrere dal 1° gennaio 2013, a dividendi netti reinvestiti.

## PERFORMANCE NETTA DAL LANCIO
Active share
L’active share valuta la differenza di composizione di un portafoglio azionario rispetto all’indice di riferimento.

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Performance DORVAL MANAGEURS EUROPE Quota I Performance Indice di riferimento
Performance nette cumulative
|  | 1 mese | 3 mes | 6 mesi | YTD | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |  | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo - Quota I | 3.20% | 2.76% | -0.62% | -4.40% | -4.37% | 0.94% | -18.41% | 121.20% | 85.80% |  | 0.31% | -3.99% | 8.26% | 5.84% |
| Indice di riferimento | -0.43% | 0.20% | 0.42% | -5.05% | 5.31% | 27.62% | 28.30% | 126.34% | 99.57% |  | 8.47% | 5.11% | 8.51% | 6.53% |
| Differenza | 3.63% | 2.56% | -1.04% | 0.66% | -9.68% | -26.67% | -46.71% | -5.14% | -13.76% |  | -8.15% | -9.10% | -0.25% | -0.70% |
| Performance nette 12 mesi |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 - YTD | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | - |
| Fondo - Quota I | -4.40% | 13.36% | -10.09% | 10.59% | -29.22% | 22.87% | 11.51% | 20.59% | 6.19% | 35.28% | 24.67% | - |
| Indice di riferimento | -5.05% | 26.04% | -5.17% | 25.04% | -9.87% | 9.24% | 3.02% | 6.71% | 6.44% | 18.97% | 12.71% | - |
| Differenza | 0.66% | 12.68% | -4.92% | -14.45% | -19.35% | 13.63% | 8.49% | 13.88% | -0.25% | 16.30% | 11.97% | - |


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Performance nette annualizzate

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