# Top 2 long transactions
Buy	ZALANDO
Buy	ALSTOM
Sell	ZALANDO
Sell	BUNDESREPUB. DEUTSCHLAND 2%/13-150823
by lower bond yields. Additionally, investors were hoping that China might ease its restrictive Zero-COVID policy and growth could pick up again. Furthermore, the energy supply situation eased with natural gas inventories well filled after a mild start to winter in Europe.
The strategy was up in November, supported by a recovery of some quality growth stock picks in the long book. Our best long contributors included Eckert & Ziegler and Zalando. Eckert & Ziegler provides solutions for the radiopharma industry. Its shares rose after reporting Q3 figures. Additionally, Eckert & Ziegler received a green light from the European Medicines Agency for its phase III study on treating lymphoma patients with its gallium-68 based radiotracer Pentixafor. Online retailer Zalando was up after reporting Q3 results. Hopes for a better retail environment amid lower natural gas prices and government subsidies were helpful. Our worst contributors included Morphosys and LEG Immobilien. Morphosys was under pressure after Roche's Alzheimer drug Gantenerumab did not meet its primary endpoint. Morphosys licensed out this antibody to Roche and is entitled to royalties.
Nevertheless, Morphosys already gave away 60% of its royalty stream to Royalty Pharma to finance the takeover of Constellation Pharma. German residential real estate provider LEG was down as management became more conservative in terms of transactions, developments, investments, and dividends.
The best shorts included CropEnergies and Basic Fit. Bioethanol producer CropEnergies was down due to profit taking after shares had been up the month before. Fitness club operator Basic Fit was down after a cut to its revenue guidance.
The worst short contributors included Aroundtown and Ocado Group. Commercial and residential real estate provider Aroundtown was up as long-term bond yield came down, easing refinancing risk somewhat. Fulfillment center provider for online shops Ocado Group was up after a deal with South Korean Lotte Shopping.
Geopolitical tensions, rampant inflation, central banks in continuous hike mode, and unprecedented risks to the European energy situation do not add up to a favorable mix for equities. Net exposure was below average at month- end and a bit lower compared to the previous months after the recent recovery in equities.
- The fund’s risk and reward profile shows the variations in value an investment in this fund would have undergone over the past five years, whereby simulated performance data is used in the case of missing history. The fund’s risk rating may change in the future. Please note, higher possible gains generally also mean higher possible losses. The lowest risk category does not mean that the fund is risk free.
- If the currency of a financial product and/or its costs is different from your reference currency, the return and cost may increase or decrease as a result of currencyfluctuations.
- Subscription frequency: weekly, 5bd notice, Redemption frequency: weekly, 10bd notice
- Classification: Small Cap up to EUR 1.5 bn market cap, Mid Cap between EUR 1.5bn and EUR 15bn and the above EUR 15bn Large Cap.

1 / 3

Translation (ENES, 2022-11-30):
# Las 2 operaciones largas más destacadas
## Compra	ZALANDO

## Compra	ALSTOM

## Venta	ZALANDO

## Venta	BUNDESREPUB. DEUTSCHLAND 2%/13-150823