# DORVAL MANAGEURS EUROPE
I Share (EUR) - Acc
EQUITIES STRATEGY
NET PERFORMANCE SINCE INCEPTION (%)	

##### Monthly report as at 31 January 2022
Net cumulative performance
| 1 Month 3 Months 6 Months	YTD | 1 Year | 3 Years | 5 Years | 10 Years | inception |  | 3 Years | 5 Years | 10 Years | inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund - I Share	-1.94%	-3.27%	-1.90%	-1.94% | 11.07% | 1.28% | -4.09% | 118.21% | 90.58% |  | 0.42% | -0.83% | 8.12% | 6.28% |
| Reference Indicator	-2.37%	0.56%	4.80%	-2.37% | 24.14% | 37.93% | 44.67% | 118.03% | 105.20% |  | 11.32% | 7.67% | 8.11% | 7.03% |
| Difference	0.43%	-3.83%	-6.70%	0.43% | -13.08% | -36.66% | -48.76% | 0.18% | -14.62% |  | -10.89% | -8.50% | 0.01% | -0.74% |
| Net calendar performance |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 - YTD | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | - |
| Fund - I Share | -1.94% | 13.36% | -10.09% | 10.59% | -29.22% | 22.87% | 11.51% | 20.59% | 6.19% | 35.28% | 24.67% | - |
| Reference Indicator | -2.37% | 26.04% | -5.17% | 25.04% | -9.87% | 9.24% | 3.02% | 6.71% | 6.44% | 18.97% | 12.71% | - |
| Difference | 0.43% | -12.68% | -4.92% | -14.45% | -19.35% | 13.63% | 8.49% | 13.88% | -0.25% | 16.30% | 11.97% | - |


##### Since
Net annualised performance

##### Since
Past performance is not a reliable indicator of future performance. Performance calculation takes into account net dividends re-invested for the fund and net dividends re-invested for the reference indicator since 1st January 2013.

## MAIN HOLDINGS CHANGES	PORTFOLIO BREAKDOWN BY MANAGER TYPE
1.9%
2.8%
| Total number of equity holdings | 51 |
| --- | --- |
| Top 5 holdings | 17.2% |
| Top 10 holdings | 31.6% |
| Median market capitalisation | 36,561.2 M€ |


##### Homegrown managers Rescuers Empire builders Family Heirs
| Top 10 Equities | Country | Sector | Weight | Investment themes |
| --- | --- | --- | --- | --- |
| Fund | Indicator |
| EURONEXT | Netherlands | Financials | 4.0% | 0.0% | Financials |
| CAPGEMINI | France | Technology | 3.5% | 0.4% | Digitalization of the economy |
| PUBLICIS GROUPE SA | France | Telecommunications | 3.3% | 0.0% | Capacity to go through the crisis and to rebound |
| BNP PARIBAS | France | Financials | 3.2% | 0.9% | Financials |
| AXA | France | Financials | 3.2% | 0.7% | Financials |
| SANOFI | France | Health Care | 2.9% | 1.4% | Stock-Picking |
| DANONE | France | Consumer Staples | 2.9% | 0.5% | Stock-Picking |
| ERICSSON | Sweden | Technology | 2.9% | 0.4% | Stock-Picking |
| NESTE OYJ | Finland | Oil & Gas | 2.9% | 0.2% | Stock-Picking |
| ENI | Italy | Oil & Gas | 2.8% | 0.4% | Capacity to go through the crisis and to rebound |

Translation (ENIT, 2022-01-31):
# DORVAL MANAGEURS EUROPE
Quota I (EUR) - Acc
GESTIONE DI AZIONI
STORICO DELLA PERFORMANCE NETTA DAL LANCIO (%)	

### Report mensile al 31 gennaio 2022
Performance nette cumulative	Performance nette annualizzate
|  | 1 mese | 3 mesi | 6 mesi | YTD | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |  | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo - Quota I | -1.94% | -3.27% | -1.90% | -1.94% | 11.07% | 1.28% | -4.09% | 118.21% | 90.58% |  | 0.42% | -0.83% | 8.12% | 6.28% |
| Indice di riferimento | -2.37% | 0.56% | 4.80% | -2.37% | 24.14% | 37.93% | 44.67% | 118.03% | 105.20% |  | 11.32% | 7.67% | 8.11% | 7.03% |
| Differenza | 0.43% | -3.83% | -6.70% | 0.43% | -13.08% | -36.66% | -48.76% | 0.18% | -14.62% |  | -10.89% | -8.50% | 0.01% | -0.74% |
| Performance nette 12 mesi |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 - YTD | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | - |
| Fondo - Quota I | -1.94% | 13.36% | -10.09% | 10.59% | -29.22% | 22.87% | 11.51% | 20.59% | 6.19% | 35.28% | 24.67% | - |
| Indice di riferimento | -2.37% | 26.04% | -5.17% | 25.04% | -9.87% | 9.24% | 3.02% | 6.71% | 6.44% | 18.97% | 12.71% | - |
| Differenza | 0.43% | -12.68% | -4.92% | -14.45% | -19.35% | 13.63% | 8.49% | 13.88% | -0.25% | 16.30% | 11.97% | - |

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.

## PRINCIPALI MOVIMENTI	RIPARTIZIONE PER TIPO DI GESTORE
1.9%
2.8%
| Totale posizioni azionarie | 51 |
| --- | --- |
| 5° posizione azionaria | 17.2% |
| 10° posizione azionaria | 31.6% |
| Capitalizzazione mediana | 36,561.2 M€ |


### Manager cresciuti in casa Creatori di un impero Soccorritori Eredi
| Top 10 azioni | Paese | Settore | Ponderazione | Temi di investimento |
| --- | --- | --- | --- | --- |
| Fondo | Indice |
| EURONEXT | Paesi Bassi | Società finanziarie | 4.0% | 0.0% | Finanziario |
| CAPGEMINI | Francia | Tecnologia | 3.5% | 0.4% | Digitalizzazione dell'economia |
| PUBLICIS GROUPE SA | Francia | Telecomunicazioni | 3.3% | 0.0% | Capacità di superare la crisi e prosperare |
| BNP PARIBAS | Francia | Società finanziarie | 3.2% | 0.9% | Finanziario |
| AXA | Francia | Società finanziarie | 3.2% | 0.7% | Finanziario |
| SANOFI | Francia | Salute | 2.9% | 1.4% | Investimenti non tematici |
| DANONE | Francia | Beni di consumo | 2.9% | 0.5% | Investimenti non tematici |
| ERICSSON | Svezia | Tecnologia | 2.9% | 0.4% | Investimenti non tematici |
| NESTE OYJ | Finlandia | Petrolio e gas | 2.9% | 0.2% | Investimenti non tematici |
| ENI | Italia | Petrolio e gas | 2.8% | 0.4% | Capacità di superare la crisi e prosperare |