OVHaiLLM/Flipper huggingface dataset:
#  Performance in %
Base data		 NAV per share	GBP 150.38
Total fund assets	GBP 881.39 m
Base currency	USD
Peak price	150.44 as per 28.08.2020 Cap. protection level	USD 0.00
Available currencies	CHF, EUR, GBP, SGD Currency hedging	hedged against base currency Share class	Kh (accumulation)
Bloomberg Ticker	MUJGEKH LX Security code ISIN	LU0912194684 Security code CH29275304
Security code D	A1T9BT
Investment manager	Bank Julius Bär & Co. AG
Please note that no performance values may be posted for funds younger than 1 year for legal reasons.
Fund management company
GAM (Luxembourg) S.A.

Translation (ENIT, 2020-08-31):
#  Evoluzione del valore in %
Codice di identificazione D
Gestore degli investimenti
A1T9BT
Bank Julius Bär & Co. AG
#  Largest positions
| Security |  | % |
| --- | --- | --- |
| Samsung Electronics Co Ltd Taiwan Semicon Man Co Ltd | KR TW | 4.40 4.26 |
| Icici Bank Ltd-Spon Adr | IN | 3.63 |
| Tencent Holdings Ltd | CN | 3.33 |
| HK Exchanges and Clearing | HK | 3.20 |
| Reliance Inds-Spons GDR 144A | IN | 3.16 |

Capitamall Trust	SG	2.98
Ascendas Real Estate Inv	SG	2.97
ALIBABA GROUP HOLDING LTD	CN	2.50
HDFC Bank Ltd	IN	2.48
Total32.91

Translation (ENIT, 2022-07-31):
#  Le maggiori posizioni
Titolo	%
Samsung Electronics Co Ltd	KR	4.40
Taiwan Semicon Man Co Ltd	TW	4.26
Icici Bank Ltd-Spon Adr	IN	3.63
Tencent Holdings Ltd	CN	3.33
HK Exchanges and Clearing	HK	3.20
Reliance Inds-Spons GDR 144A	IN	3.16
Capitamall Trust	SG	2.98
Ascendas Real Estate Inv	SG	2.97
ALIBABA GROUP HOLDING LTD	CN	2.50
HDFC Bank Ltd	IN	2.48
Totale32.91
#  Structure by sector
Financials Health Care Information Technology Consumer Staples
Consumer Discretionary
Industrials Materials Telecommunication Services

Translation (ENIT, 2021-06-30):
#  Struttura per settori
| Finanza |  | 20.4% |
| --- | --- | --- |
| Salute |  | 17.6% |
| Informatica |  | 15.5% |

Beni di prima necessita'
Beni voluttuari
Industria Materiali
Servizi di telecomunicazione
#  Structure by rating
AAA
Liquidity
The rating breakdown is based on a GAM composite rating calculated on a conservative basis.

Translation (ENIT, 2023-02-28):
#  Struttura per rating
|  |
| --- |
|  | 94.2% |
|  |
|  | 5.8% |
|  |

AAA
Liquidità
Il rating breakdown è dato dal rating composito di GAM calcolato su base conservativa.
|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rolling | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |  | B 04/20/23 | 0.000% | USD | 9.74 |
| perf. | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |  | B 06/15/23 | 0.000% | USD | 9.06 |
| Fund | -5.19 | n.a. | n.a. | n.a. | n.a. |  | B 06/29/23 | 0.000% | USD | 9.04 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. |  | B 02/22/24 | 0.000% | USD | 8.75 |
|  |  |  |  |  |  |  | B 05/18/23 | 0.000% | USD | 8.49 |

Translation (ENIT, 2023-02-28):
|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Perf. | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |  | B 04/20/23 | 0.000% | USD | 9.74 |
| rolling | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |  | B 06/15/23 | 0.000% | USD | 9.06 |
| Fondo | -5.19 | n.a. | n.a. | n.a. | n.a. |  | B 06/29/23 | 0.000% | USD | 9.04 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. |  | B 02/22/24 | 0.000% | USD | 8.75 |
|  |  |  |  |  |  |  | B 05/18/23 | 0.000% | USD | 8.49 |
-2.5
-5
-7.5
2021	2022	2023	2024	2025
Perf. C2-shares	Perf. C2-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Launch date20.08.2021
Launch Share class24.09.2021
Domicile	Luxembourg
Benchmark	No suitable benchmark available Total Expense Ratio	2.12% (31.12.2022) Management fee	1.75% + Perf. Fee
in %	YTD	1M	3M	6M	1Y	3Y
5Y	10Y
since
Minimum investment	USD 100000000
p.a.
p.a.
p.a. launch
p.a.
Registered in	CH GB LU
Fund	-0.29	0.02  -0.75  -2.65  -5.19	n.a.	n.a.	n.a.  -5.14

Translation (ENIT, 2023-02-28):
-2.5
-5
-7.5
2021	2022	2023	2024	2025
Rend. quote C2	Rend. quote C2 dall'inizio
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal20.08.2021
Lancio dell'azione24.09.2021
Domicilio	Lussemburgo
Benchmark	Non è disponibile un indice di rif. adatto Total Expense Ratio	2.12% (31.12.2022)
Commissione di gestione 1.75% + Perf. Fee
in % al	YTD	1M	3M	6M	1A	3A
annuo
5A
annuo
10A
annuo
dall' inizio p.a.
Investimento minimo	USD 100000000 Registrato in	CH GB LU
Fondo	-0.29	0.02  -0.75  -2.65  -5.19	n.a.	n.a.	n.a.  -5.14
#  Performance in %
Fund management company
GAM (Luxembourg) S.A.
40
30
20
10
0
-10
-20
-30
2014	2015	2016	2017	2018	2019	2020	2021	2022
Perf. B-shares	Perf. B-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Launch date28.07.2014
Launch Share class28.07.2014
Domicile	Luxembourg
Benchmark	MSCI AC Asia ex Japan ND Total Expense Ratio	1.50% (30.06.2022)
Management fee	1.30%
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y	10Y  since p.a.	p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -21.37 | -1.00 | -7.64 | -16.20 | -24.60 | 1.04 | -0.21	n.a.  -0.24 |
| BM | -17.30 | -0.01 | -5.66 | -12.60 | -21.73 | 3.84 | 1.05	n.a.	n.a. |
| Rolling | 31.08.2021 | 31.08.2020 | 31.08.2019 | 31.08.2018 | 31.08.2017 |
| perf. | - 31.08.2022 | - 31.08.2021 | - 31.08.2020 | - 31.08.2019 | - 31.08.2018 |
| Fund | -24.60 | 12.93 | 21.13 | -2.32 | -1.77 |
| BM | -21.73 | 17.61 | 21.62 | -6.34 | 0.47 |

Commission	Issue: max. 5.00% Redemption: max3.00%2
Registered in	AT BE BH CH DE ES FR GB IE IT LU NL SE
2 
Only if no issuing commission was charged.

Translation (ENIT, 2022-08-31):
#  Evoluzione del valore in %
Gestore degli investimenti
Bank Julius Baer Singapore Branch
40
30
20
10
0
-10
-20
-30
2014	2015	2016	2017	2018	2019	2020	2021	2022
Rend. quote B	Rend. quote B dall'inizio
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal28.07.2014
Lancio dell'azione28.07.2014
Domicilio	Lussemburgo
Benchmark	MSCI AC Asia ex Japan ND Total Expense Ratio	1.50% (30.06.2022) Commissione di gestione 1.30%
| in % al | YTD | 1M | 3M | 6M | 1A | 3A | 5A | 10A | dall' | Commissione | di emissione: max. 5.00% di rimborso: max. 3.00%2 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | annuo | annuo | annuo | inizio p.a. | Registrato in | AT BE BH CH DE ES FR GB IE IT LU NL SE |

| Fondo | -21.37 | -1.00 | -7.64 | -16.20 | -24.60 | 1.04 | -0.21 | n.a. | -0.24 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BM | -17.30 | -0.01 | -5.66 | -12.60 | -21.73 | 3.84 | 1.05 | n.a. | n.a. | 2  Soltanto se non è stata riscossa alcuna commissione di emissione. |

| Perf. | 31.08.2021 | 31.08.2020 | 31.08.2019 | 31.08.2018 | 31.08.2017 |
| --- | --- | --- | --- | --- | --- |
| rolling | - 31.08.2022 | - 31.08.2021 | - 31.08.2020 | - 31.08.2019 | - 31.08.2018 |
| Fondo | -24.60 | 12.93 | 21.13 | -2.32 | -1.77 |
| BM | -21.73 | 17.61 | 21.62 | -6.34 | 0.47 |
#  Largest positions	
Security	%
Oracle Corp	US	3.22
Exxon Mobil Corp	US	2.90
Charles Schwab Corp	US	2.67
BHP GROUP LTD-DI	AU	2.48
ConocoPhillips	US	2.40
Total13.67

Translation (ENIT, 2023-01-31):
#  Le maggiori posizioni	
Titolo	%
Oracle Corp	US	3.22
Exxon Mobil Corp	US	2.90
Charles Schwab Corp	US	2.67
BHP GROUP LTD-DI	AU	2.48
ConocoPhillips	US	2.40
Totale13.67
-2.5
-5
-7.5
-10
-12.5
2019	2020	2021	2022	2023
Perf. since inception (Fund)	Perf. since inception (BMK)
2019	2020	2021	2022	2023
Perf. calendar year (Fund)	Perf. calendar year (BMK)
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law Launch Share class19.12.2019
Domicile	Luxembourg
Benchmark	No suitable benchmark available Total Expense Ratio	0.76% (30.06.2022)
Management fee	0.30% Minimum investment	EUR 100000
Commission	Issue: max. 0.00% Redemption: max0.00%1
Registered in	CH ES IT LU
1 
Only if no issuing commission was charged.

Translation (ENIT, 2022-11-30):
-2.5
-5
-7.5
-10
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Lancio dell'azione19.12.2019
Domicilio	Lussemburgo
Benchmark	Non è disponibile un indice di rif. adatto Total Expense Ratio	0.76% (30.06.2022)
Commissione di gestione 0.30% Investimento minimo	EUR 100000
Commissione	di emissione: max. 0.00% di rimborso: max0.00%1
Registrato in	CH ES IT LU
1 
Soltanto se non è stata riscossa alcuna commissione di emissione.
# Structure by regions (equities)
USA
Europe
Japan
Others
Share class Cg / Currency EUR	30.11.2022	Marketing material for professional investors Opportunities
The fund aims to achieve gradual growth of the invested capital by supporting its solid foundation in bonds with the search for value in equity markets. The fund is recommended for those seeking medium-term investments, with medium-low risk, that meet environmental, social and governance (ESG) criteria.

Translation (ENIT, 2022-11-30):
# Struttura per regioni (azioni)
USA
Europa
Giappone
Altro
Classe azioni Cg / Moneta EUR	30.11.2022	Materiale di marketing per investitori professionali Opportunità
Il fondo mira a realizzare un incremento graduale del capitale investito affiancando alla solida base obbligazionaria la ricerca di valore sui mercati azionari. E'consigliato a chi desidera investire con un orizzonte temporale di medio periodo e un livello di rischio medio-basso, nel rispetto di criteri ambientali, sociali e di governance (ESG).
#  Base data		 NAV per share	EUR 102.75
Total fund assets	EUR 204.01 m
Base currency	EUR
Share class	N (accumulation)
Bloomberg Ticker	JBNHGKN LX Security code ISIN	LU0891033556 Security code CH20699424
Investment manager	Bank Julius Bär & Co. AG
Please note that no performance values may be posted for funds younger than 1 year for legal reasons.

Translation (ENIT, 2022-12-31):
#  Dati di base		 Valore netto	EUR 102.75
Patrimonio del fondo	EUR 204.01 Mln.
Valuta di riferimento	EUR
Classe azioni	N (accumulazione)
Bloomberg Ticker	JBNHGKN LX
Codice ISIN	LU0891033556
Codice di valor CH20699424
Rischio più basso	Rischio più elevato
Gestore degli investimenti
Bank Julius Bär & Co. AG
#  Largest positions
| Fund | -17.62 | 6.14 | 1.89 | 7.16 | -4.92 |  | Security | Interest rate |  | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BM | -15.57 | 6.46 | 2.10 | 7.42 | -3.02 |  | EIB Float 03/05/24 | 0.368% | USD | 2.17 |
|  |  |  |  |  |  |  | T 0 1/8 11/30/22 | 0.125% | USD | 1.43 |

| TRPCN Float 05/15/67 | 5.152% | USD | 0.76 |
| --- | --- | --- | --- |
| CCL 1 7/8 11/07/22 | 1.875% | EUR | 0.72 |
| ARCO 6 1/8 05/27/29 | 6.125% | USD | 0.55 |
| F 3 1/4 09/15/25 | 3.250% | EUR | 0.54 |

Namechange as per 16.06.2020 (previously without "Quality")
| the return may increase or decrease as a result of currency fluctuations. | T 2 7/8 PERP | 2.875% | EUR | 0.52 |
| --- | --- | --- | --- | --- |
|  | ABQKQD 4 PERP | 4.000% | USD | 0.52 |

Past performance is not an indicator of current or future trends. The performance values refer to the net asset value and are calculated without the commission and costs incurred on issue, redemption or swapping (e.g. transaction and custody costs of the investor). The indications are based on figures denominated in CHF. If this currency is different from the currency of the country in which the investor is resident,

Translation (ENIT, 2022-10-31):
#  Le maggiori posizioni
| TRPCN Float 05/15/67 | 5.152% | USD | 0.76 |
| --- | --- | --- | --- |
| CCL 1 7/8 11/07/22 | 1.875% | EUR | 0.72 |
| ARCO 6 1/8 05/27/29 | 6.125% | USD | 0.55 |
| F 3 1/4 09/15/25 | 3.250% | EUR | 0.54 |

Cambio di nome per il 16.06.2020 (in precedenza senza "Quality")
| indicazioni si basano su cifre denominate in CHF. Se tale valuta è diversa da quella | T 2 7/8 PERP | 2.875% | EUR | 0.52 |
| --- | --- | --- | --- | --- |
| del paese in cui risiede l'investitore, il rendimento potrebbe essere soggetto a | ABQKQD 4 PERP | 4.000% | USD | 0.52 |

I rendimenti passati non costituiscono un indicatore dei trend attuali o futuri. I valori di performance si riferiscono al valore del patrimonio netto e sono calcolati senza tenere conto degli oneri fiscali delle commissioni e dei costi di sottoscrizione, rimborso o conversione (ad es. i costi di transazione e custodia dell'investitore). Le
variazioni, in positivo o in negativo, dovute alle fluttuazioni valutarie.
#  Largest positions
Security	%
Apple Inc	US	5.42
Microsoft Corp	US	5.37
Alphabet Inc A	US	5.07
UnitedHealth Group Inc	US	4.55
Visa Inc	US	3.92
Johnson & Johnson	US	2.82
Roche Holding GS	CH	2.81
Thermo Fisher Scientific Inc	US	2.59
Walmart Inc	US	2.51
Nvidia Corp	US	2.47
Total37.53

Translation (ENIT, 2022-08-31):
#  Le maggiori posizioni
Titolo	%
Apple Inc	US	5.42
Microsoft Corp	US	5.37
Alphabet Inc A	US	5.07
UnitedHealth Group Inc	US	4.55
Visa Inc	US	3.92
Johnson & Johnson	US	2.82
Roche Holding GS	CH	2.81
Thermo Fisher Scientific Inc	US	2.59
Walmart Inc	US	2.51
Nvidia Corp	US	2.47
Totale37.53
Classe azioni V / Moneta EUR	31.08.2022	Materiale di marketing
#  Base data		 NAV per share	CHF 109.86
Total fund assets	CHF 39.40 m
Base currency	CHF
Share class	M (accumulation)
Bloomberg Ticker	EDELECM SW Security code ISIN	CH0481373295 Security code CH48137329
Investment manager   Bank Julius Bär & Co. AG

Translation (ENIT, 2020-08-31):
#  Dati di base		 Valore netto	CHF 109.86
Patrimonio del fondo	CHF 39.40 Mln.
Valuta di riferimento	CHF
Classe azioni	M (accumulazione)
Bloomberg Ticker	EDELECM SW
Codice ISIN	CH0481373295
Codice di valor CH48137329
Rischio più basso	Rischio più elevato
Gestore degli investimenti
Bank Julius Bär & Co. AG
#  Statistics	
 Volatility fund/benchmark (%)	19.69 / 16.591 Tracking Error (%)	8.721
 Information ratio/Sharpe ratio	0.51 / 0.621 Correlation	0.901
 Jensen Alpha/Beta	4.56 / 1.071
1 
computed over 3 years

Translation (ENIT, 2022-04-30):
#  Dati statistici	
 Volatilità fondo/benchmark (%)	19.69 / 16.591 Tracking error (%)	8.721
 Information ratio/Sharpe ratio	0.51 / 0.621 Correlazione	0.901
 Jensen Alpha/Beta	4.56 / 1.071
1 
calcolato su base triennale
-25
-50
2020	2021	2022	2023	2024
Perf. BH-shares	Perf. BH-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Launch date17.04.2020
Launch Share class17.04.2020
Domicile	Luxembourg
Benchmark	MSCI World ND Total Expense Ratio	1.50% (31.12.2022)

Translation (ENIT, 2023-02-28):
-25
-50
2020	2021	2022	2023	2024
Rend. quote BH	Rend. quote BH dall'inizio
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal17.04.2020
Lancio dell'azione17.04.2020
Domicilio	Lussemburgo
Benchmark	MSCI World ND Total Expense Ratio	1.50% (31.12.2022) Commissione di gestione 1.30%
2013  2014  2015  2016  2017  2018  2019  2020  2021  2022
Perf. since inception (Fund)	Perf. since inception (BMK)
200
150
100
50

Translation (ENIT, 2022-11-30):
2013  2014  2015  2016  2017  2018  2019  2020  2021  2022
Perf. since inception (Fund)	Perf. since inception (BMK)
200
150
100
50
#  Structure by sector
Financials Information Technology
Health Care Consumer Staples
Energy Telecommunication Services
Industrials Materials

Translation (ENIT, 2023-01-31):
#  Struttura per settori
Finanza Informatica
Salute Beni di prima necessita'
Energia Servizi di telecomunicazione
Industria Materiali
1 
calcolato su base triennale
#  Structure by sector
| Information Technology |  | 27.8% |
| --- | --- | --- |
| Health Care |  | 23.2% |
| Consumer Discretionary | 7.7% |  |
| Telecommunication Services | 7.0% |  |
| Industrials | 4.7% |  |
| not classifiable | 3.1% |  |
| Materials | 1.3% |  |
| Liquidity | 1.2% |  |

Comments	
Market review
On both sides of the Atlantic, after a very rapid rise in interest during 2022, the financial environment is now frankly restrictive. The welcome deceleration in inflation, notably through goods and energy helped to push markets ahead of expectations.
Performance contribution and portfolio changes
We took advantage of the severe correction in 2022 in sectors like high tech (Cloudflare Inc, Palo Alto Networks, Datadog) and biotechnology (Intellia Therapeutics, Illumina, Crispr Therapeutics).
Outlook and strategy
We leave our macroeconomic scenarios as set end of last year as follow: 40% short-lived recession, inflation down, 25% recession, persistent inflation, stagflation/deflation, 25% exogenous shocks, 10% soft landing. We therefore maintain a fairly high exposure to the equity market.

Translation (ENIT, 2023-01-31):
#  Struttura per settori
| Informatica |  | 27.8% |
| --- | --- | --- |
| Salute |  | 23.2% |
| Beni voluttuari | 7.7% |  |
| Servizi di telecomunicazione | 7.0% |  |
| Industria | 4.7% |  |
| no classificabile | 3.1% |  |
| Materiali | 1.3% |  |
| Liquidità | 1.2% |  |

Note	
Retrospettiva
Su entrambe le sponde dell'Atlantico, dopo un rapidissimo aumento degli interessi nel corso del 2022, il contesto finanziario è ora francamente restrittivo. La gradita decelerazione dell'inflazione, in particolare attraverso i beni e l'energia, ha contribuito a spingere i mercati in anticipo rispetto alle aspettative.
Contributo alla performance e cambiamenti in portafoglio
Abbiamo approfittato della forte correzione del 2022 in settori come l'alta tecnologia (Cloudflare Inc, Palo Alto Networks, Datadog) e la biotecnologia (Intellia Therapeutics, Illumina, Crispr Therapeutics).
Prospettive e strategia
Gli scenari macroeconomici definiti alla fine dello scorso anno sono i seguenti: 40% recessione di breve durata, inflazione in calo, 25% recessione, inflazione persistente, stagflazione/deflazione, 25% shock esogeni, 10% atterraggio morbido. Manteniamo pertanto un'esposizione piuttosto elevata al mercato azionario.
#  Statistics	
 Volatility fund/benchmark (%)	19.90 / 18.431 Tracking Error (%)	7.501
 Information ratio/Sharpe ratio	-0.14 / 0.301 Correlation	0.931
 Jensen Alpha/Beta	-0.82 / 1.001
1 
computed over 3 years

Translation (ENIT, 2022-12-31):
#  Dati statistici	
 Volatilità fondo/benchmark (%)	19.90 / 18.431 Tracking error (%)	7.501
 Information ratio/Sharpe ratio	-0.14 / 0.301 Correlazione	0.931
 Jensen Alpha/Beta	-0.82 / 1.001
1 
calcolato su base triennale
#  Performance in %
Fund management company
GAM (Luxembourg) S.A.
30
20
10
0
-10
2018	2019	2020	2021	2022	2023
|  | Management fee | 0.85% |
| --- | --- | --- |
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y  since |  | Minimum investment | EUR 500'000 or equivalent |
|  |  |  |  |  |  | p.a. | p.a. | p.a. launch p.a. |  | Commission | Issue: max. 5.00% Redemption: max. 3.00%1 |
| Fund | 19.68 | 1.70 | 4.26 | 19.68 | 32.61 | n.a. | n.a. | n.a.  11.23 |  | Registered in | AT BE CH DE ES FR GB IE LI LU NL |
| BM | 15.98 | 3.31 | 6.56 | 15.98 | 35.50 | n.a. | n.a. | n.a.  17.30 |  |  | SE |

Perf. KA-shares	Perf. KA-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Launch date18.07.2013
Launch Share class07.12.2018
Domicile	Luxembourg
Benchmark	MSCI World 50% Hedged to CHF Last distribution	CHF 3.10 (Pay Date: 18.11.20) Total Expense Ratio	0.99% (31.12.2020)
| Rolling | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
| --- | --- | --- | --- | --- | --- |
| perf. | - 30.06.2021 | - 30.06.2020 | - 30.06.2019 | - 30.06.2018 | - 30.06.2017 |
| Fund | 32.61 | -6.69 | n.a. | n.a. | n.a. |
| BM | 35.50 | 0.65 | n.a. | n.a. | n.a. |

1 
Only if no issuing commission was charged.
| Security |  | % |
| --- | --- | --- |
| Oracle Corp | US | 3.28 |
| Wells Fargo & Co | US | 2.59 |
| Microsoft Corp | US | 2.33 |
| JPMorgan Chase & Co | US | 2.24 |
| Novo Nordisk A/S | DK | 2.11 |
| Total |  | 12.55 |

Translation (ENIT, 2021-06-30):
#  Evoluzione del valore in %
Gestore degli investimenti
Bank Julius Bär & Co. AG
30
20
10
0
-10
2018	2019	2020	2021	2022	2023
|  | Commissione di gestione | 0.85% |
| --- | --- | --- |
| in % al | YTD | 1M | 3M | 6M | 1A | 3A | 5A | 10A | dall' |  | Investimento minimo | EUR 500'000 or equivalent |
|  |  |  |  |  |  | annuo | annuo | annuo | inizio p.a. |  | Commissione | di emissione: max. 5.00% di rimborso: max. 3.00%1 |
| Fondo | 19.68 | 1.70 | 4.26 | 19.68 | 32.61 | n.a. | n.a. | n.a. | 11.23 |  | Registrato in | AT BE CH DE ES FR GB IE LI LU NL |
| BM | 15.98 | 3.31 | 6.56 | 15.98 | 35.50 | n.a. | n.a. | n.a. | 17.30 |  |  | SE |

Rend. quote KA	Rend. quote KA dall'inizio
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal18.07.2013
Lancio dell'azione07.12.2018
Domicilio	Lussemburgo
Benchmark	MSCI World 50% Hedged to CHF Ultimi dividendi	CHF 3.10 (Pay Date: 18.11.20) Total Expense Ratio	0.99% (31.12.2020)
| Perf. | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
| --- | --- | --- | --- | --- | --- |
| rolling | - 30.06.2021 | - 30.06.2020 | - 30.06.2019 | - 30.06.2018 | - 30.06.2017 |
| Fondo | 32.61 | -6.69 | n.a. | n.a. | n.a. |
| BM | 35.50 | 0.65 | n.a. | n.a. | n.a. |

1 
Soltanto se non è stata riscossa alcuna commissione di emissione.
| Titolo |  | % |
| --- | --- | --- |
| Oracle Corp | US | 3.28 |
| Wells Fargo & Co | US | 2.59 |
| Microsoft Corp | US | 2.33 |
| JPMorgan Chase & Co | US | 2.24 |
| Novo Nordisk A/S | DK | 2.11 |
| Totale |  | 12.55 |
#  Comments
Market review
The second quarter of 2021 was characterised by progress in immunisation in developed countries. The resulting strong demand has caused a shortage of supply in several sectors. As a result, inflation has far exceeded the 2% threshold targeted by the US central bank.
Performance contribution and portfolio changes
The team locked in gains on several listed derivative strategies and increased our exposure in high tech, healthcare and renewable energy (Samsung, Atos, Stmicro, Orsted and Sartorius).
Outlook and strategy
The still favourable monetary policy conditions and the large government investments planned for the next few years should provide significant support for the economy and corporate profitability, partly offsetting the negative effects produced by the prospect of a general increase in taxation, decided by the G20. Consequently, the team has increased the probability percentage of its strong growth scenario with as a corollary, an increase in the inflationary danger that is more lasting than expected by the Federal Reserve and the market.

Translation (ENIT, 2021-06-30):
#  Note
Retrospettiva
Il 2Q/2021 ha visto progressi nell'immunizzazione nei paesi sviluppati. La forte domanda risultante ha causato una carenza di offerta in diversi settori. Di conseguenza, l'inflazione ha superato di gran lunga la soglia del 2% prevista dalla banca centrale americana.
Contributo alla performance e cambiamenti in portafoglio
Abbiamo guadagnato su diverse strategie di derivati quotati e aumentato la nostra esposizione nei settori dell'alta tecnologia, della sanità e delle energie rinnovabili (Samsung, Atos, Stmicro, Orsted e Sartorius).
Prospettive e strategia
Le condizioni di politica monetaria ancora favorevoli e i grandi investimenti governativi previsti per i prossimi anni dovrebbero fornire un sostegno significativo all'economia e alla redditività aziendale, compensando in parte gli effetti negativi prodotti dalla prospettiva di un aumento generale della tassazione, deciso dal G20. Abbiamo aumentato la percentuale di probabilità del scenario di forte crescita e di un aumento inflazionistico più lungo delle attese della Federal Reserve e del mercato.