OVHaiLLM/Flipper huggingface dataset:
| Issuer | Coupon | Maturity | Currency | Weight |
| --- | --- | --- | --- | --- |
| VERIZON COMMUNICATIONS... | 2.550% | 21/03/2031 | USD | 1.9% |
| JPMORGAN CHASE & CO | 1.963% | 23/03/2030 | EUR | 1.4% |
| T-MOBILE USA INC | 5.375% | 15/04/2027 | USD | 1.3% |
| MORGAN STANLEY | 3.772% | 24/01/2029 | USD | 1.3% |
| LUNAR FUNDING V PLC | 1.750% | 15/09/2025 | EUR | 1.3% |
| SIEMENS FINANCIERINGSM... | 1.700% | 11/03/2028 | USD | 1.2% |
| CREDIT SUISSE GROUP AG | 6.442% | 11/08/2028 | USD | 1.2% |
| NESTLE HOLDINGS INC. | 4.250% | 01/10/2029 | USD | 1.1% |
| WALMART INC | 4.150% | 09/09/2032 | USD | 1.1% |
| ALABAMA POWER COMPANY | 3.750% | 01/09/2027 | USD | 1.0% |

Translation (ENFR, 2022-10-31):
| Émetteur | Coupon | Échéance | Monnaie | Pondération |
| --- | --- | --- | --- | --- |
| VERIZON COMMUNICATIONS... | 2.550% | 21/03/2031 | USD | 1.9% |
| JPMORGAN CHASE & CO | 1.963% | 23/03/2030 | EUR | 1.4% |
| T-MOBILE USA INC | 5.375% | 15/04/2027 | USD | 1.3% |
| MORGAN STANLEY | 3.772% | 24/01/2029 | USD | 1.3% |
| LUNAR FUNDING V PLC | 1.750% | 15/09/2025 | EUR | 1.3% |
| SIEMENS FINANCIERINGSM... | 1.700% | 11/03/2028 | USD | 1.2% |
| CREDIT SUISSE GROUP AG | 6.442% | 11/08/2028 | USD | 1.2% |
| NESTLE HOLDINGS INC. | 4.250% | 01/10/2029 | USD | 1.1% |
| WALMART INC | 4.150% | 09/09/2032 | USD | 1.1% |
| ALABAMA POWER COMPANY | 3.750% | 01/09/2027 | USD | 1.0% |
# Sectors
Portfolio	Benchmark
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Oil & Gas Financials Utilities Consumer Goods Metals & Mining
Industrials
TMT
Real Estate
Other Transportation Pulp & Paper Infrastructure Diversified
Cash
0%	5%	10%	15%	20%	25%	30%	35%

Translation (ENFR, 2023-01-31):
# Secteurs
Portefeuille	Référence
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Pétrole et Gaz
Finance Services aux collectivités Biens de consommation
Métaux et exploitation minière
Industrie
TMT
Immobilier
Divers Transports
Papier Infrastructure
Diversifié Liquidité
0%	5%	10%	15%	20%	25%	30%	35%
# Performance
105
Fund	Benchmark
100
Distribution Type	Accumulating
Minimum Investment EUR 10 M
ISIN	LU2320030906
Valor	110545567
Bloomberg Ticker	FICGOVE LX
WKN	A2QRRK
Management Fee	0.50% p.a.
Performance Fee	None
95
90
85
80
75
Mar 21	Sep 21	Mar 22	Sep 22	Mar 23	Sep 23
Performance annualised	Fund	Benchmark

Translation (ENFR, 2023-11-30):
# Performances
105
Fonds
Référence
100
Capitalisation EUR 10 Mio. LU2320030906 110545567 FICGOVE LX A2QRRK 0.50% p.a.
Aucune
Affectation du résultat Investissement min. Code ISIN
Code Valor
Ticker Bloomberg
WKN
Commission de gestion
Commission de surperformance
Commission de souscription
2, 3
Commission de rachat
Frais courants
95
90
85
80
75
mars 21	sept. 21	mars 22	sept. 22	mars 23	sept. 23
Performance annualisée	Fonds	Référence
# Positioning Regions
70%
60%
50%
40%
30%
20%
10%
0%
North America
-10%
Portfolio	Benchmark
| Security | Maturity | Currency | Weight |
| --- | --- | --- | --- |
| PRYSMIAN SPA RegS | 02/02/2026 | EUR | 2.6% |
| ABU DHABI NATIONAL OIL... | 04/06/2024 | USD | 2.5% |
| TREASURY NOTE | 15/07/2023 | USD | 2.5% |
| DEXCOM INC | 15/11/2025 | USD | 2.5% |
| PALO ALTO NETWORKS INC | 01/07/2023 | USD | 2.1% |
| PINDUODUO INC | 01/12/2025 | USD | 2.0% |
| BANK OF AMERICA CORP | 31/12/2079 | USD | 1.9% |
| JPMORGAN CHASE BANK NA... | 10/06/2024 | EUR | 1.9% |
| GROEP BRUSSEL LAMBERT... | 29/11/2025 | EUR | 1.8% |
| JPMORGAN CHASE BANK NA... | 18/02/2024 | EUR | 1.7% |

Translation (ENFR, 2023-02-28):
# Régions
70%
60%
50%
40%
30%
20%
10%
0%
Amérique du Nord
-10%
| Titre | Échéance | Monnaie | Pondération |
| --- | --- | --- | --- |
| PRYSMIAN SPA RegS | 02/02/2026 | EUR | 2.6% |
| ABU DHABI NATIONAL OIL... | 04/06/2024 | USD | 2.5% |
| TREASURY NOTE | 15/07/2023 | USD | 2.5% |
| DEXCOM INC | 15/11/2025 | USD | 2.5% |
| PALO ALTO NETWORKS INC | 01/07/2023 | USD | 2.1% |
| PINDUODUO INC | 01/12/2025 | USD | 2.0% |
| BANK OF AMERICA CORP | 31/12/2079 | USD | 1.9% |
| JPMORGAN CHASE BANK NA... | 10/06/2024 | EUR | 1.9% |
| GROEP BRUSSEL LAMBERT... | 29/11/2025 | EUR | 1.8% |
| JPMORGAN CHASE BANK NA... | 18/02/2024 | EUR | 1.7% |

Portefeuille	Référence
# Cumulative Performance
SFDR	Article 6
Inception Date Share 31/03/2011
Class
CHF
Fund Currency
Reference Currency  EUR Hedged
Share Class
| Yearly |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 YTD |
| Fund | 3.6% | 3.0% | -1.3% | 5.5% | -4.3% | 8.8% | 18.3% | -4.6% | -19.8% |
| Benchmark | 4.7% | 3.6% | 0.6% | 4.4% | -5.5% | 10.1% | 21.5% | -1.8% | -20.4% |

Performance
190
180
170
Distribution Type	Accumulating
Minimum Investment EUR 250'000
ISIN	LU0542658082
Valor	11756381
Bloomberg Ticker	EXHYHBE LX
WKN	A1H861
Management Fee	0.65% p.a. Performance Fee	None Subscription fee
1	
3% max. Withdrawal Fee	none
Ongoing Charge	0.74%
Single Swing Price	Yes
Fund Volume	EUR 259 M
NAV	EUR 1'191.98
1 
in favour of distribution agent
160
150
140
130
120
110
100
90
80
Fund	Benchmark
Mar 11	Mar 13	Mar 15	Mar 17	Mar 19	Mar 21
| Performance annualised | Fund | Benchmark |
| --- | --- | --- |
| 3 Years | -2.1% | -0.3% |
| 5 Years | -1.0% | -0.3% |
| 10 Years | 2.2% | 2.7% |
| Since 31/03/2011 | 1.5% | 2.4% |
|  |  |  |
| Volatility 3 years | 11.1% | 11.7% |
| Sharpe ratio 3 years | -0.16 | 0.01 |
| Tracking error 3y | 1.9% | - |

Translation (ENFR, 2022-09-30):
# Performances cumulées
Banque dépositaire	RBC Investor Services Bank
S.A., Luxembourg
Date de lancement du 01/11/1999
compartiment
Indice de référence	Refinitiv Global Focus EUR
hedged
Devise de référence de EUR Hedged
la catégorie de part
SFDR	Article 6
Date de lancement de 31/03/2011
la catégorie de part
CHF
Devise du fonds
Performances	
Fonds	Référence
190
180
Affectation du résultat Capitalisation
Investissement min.	EUR 250'000
Code ISIN	LU0542658082
Code Valor	11756381 Ticker Bloomberg	EXHYHBE LX WKN	A1H861
Commission de gestion 0.65% p.a.
Commission de	Aucune
surperformance
Commission de	3.0% max.
souscription1
Commission de rachat Aucune
Frais courants	0.74%
Valorisation Single	Oui
Swing Price
Volume du fonds	EUR 259 Mio.
Valeur liquidative	EUR 1'191.98
1 
au bénéfice du distributeur
170
160
150
140
130
120
110
100
90
80
mars 11	mars 13	mars 15	mars 17	mars 19	mars 21
| Performance annualisée | Fonds | Référence |
| --- | --- | --- |
| 3 ans | -2.1% | -0.3% |
| 5 ans | -1.0% | -0.3% |
| 10 ans | 2.2% | 2.7% |
| Depuis 31/03/2011 | 1.5% | 2.4% |
|  |  |  |
| Volatilité 3 ans | 11.1% | 11.7% |
| Ratio de Sharpe 3 ans | -0.16 | 0.01 |
| Tracking Error 3 ans | 1.9% | - |
# Risks
- Changes in share prices, interest rates, credit quality and other factors can subject the fund to greater volatility than with traditional corporate bonds.
- The use of derivatives can generate additional risks (including counterparty risk)
- An increase in interest rates and the widening of credit spreads can lead toa decline in bond prices.
- Unit prices may fall below the level at which the investor acquired their holding.

Translation (ENFR, 2022-09-30):
# Risques
- La valeur du fonds peut enregistrer des fluctuations plus marquées qu’avec des obligations d’entreprises classiques en raison des plusieurs facteurs, entre autres les variations des cours des actions, des taux et de la qualité de crédit.
- L’utilisation d'instruments dérivés peut donner lieu, entre autres, à un accroissement du risque de contrepartie.
- La hausse du niveau des taux et le creusement des spreads de crédit peuvent réduire la valeur des obligations.
- La valeur des parts peut devenir inférieure au prix payé par l’investisseur au moment de leur acquisition.
# Strategy
Registered Countries LU, CH, DE, AT, LI, IT, FR, BE, ES
Management	Universal-Investment-
Company	Luxembourg S.A.
Advisor	Fisch Asset Management AG, Zurich
Custodian	RBC Investor Services Bank S.A., Luxembourg
Inception Subfund	30/06/2014
Benchmark	ICE BofA Global Corporates & High Yield 20% CC EUR
28/02/2023
SICAV as per Luxembourg Law
Luxembourg
Fund Data
Legal Form
Domicile
The fund invests globally in liquid corporate bonds in hard currencies. The focus is on broad diversification across regions, sectors and credit qualities. This includes a strategic allocation in emerging markets and high yield bonds, which increases returns while reducing volatility at the same time. The portfolio's average rating is investment grade. The objective is to outperform the benchmark through active management over a market cycle on a currency-hedged basis (compared to the share class currency) net of fees.

Translation (ENFR, 2023-02-28):
# Stratégie
Informations générales 28/02/2023
Forme juridique	SICAV de droit luxembourgeois
Domiciliation	Luxembourg
Autorisation de mise  LU, CH, DE, AT, LI, IT, FR, BE,
sur le marché	ES
Direction du fonds	Universal-Investment-
Luxembourg S.A.
Gestionnaire	Fisch Asset Management AG, Zurich
Banque dépositaire	RBC Investor Services Bank
S.A., Luxembourg
Le fonds investit dans des obligations d’entreprises liquides émises en devises fortes dans l’ensemble du monde. L’accent est mis sur une vaste diversification entre les régions, les secteurs et les qualités de crédit. La gestion comporte une allocation stratégique aux pays émergents et aux obligations High Yield, qui permet d’accroître lla performance tout en réduisant la sensibilité à l’égard des taux d’intérêt (duration). La notation moyenne des positions du portefeuille correspond au rang Investment Grade. L'objectif consiste à surperformer l’indice de référence sur l’ensemble d'un cycle de marché au moyen d'une gestion active, en couvrant le risque de change (par rapport à la devise de la catégorie de part) et après déduction des frais.
# Regions
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
North America
-5%
| Issuer | Coupon | Maturity | Currency | Weight |
| --- | --- | --- | --- | --- |
| ANHEUSER-BUSCH COMPANI... | 4.900% | 01/02/2046 | USD | 1.6% |
| ROYAL BANK OF CANADA | 6.000% | 01/11/2027 | USD | 1.6% |
| KBC GROEP NV | 5.796% | 19/01/2029 | USD | 1.4% |
| MITSUBISHI UFJ FINANCI... | 5.354% | 13/09/2028 | USD | 1.4% |
| BARCLAYS PLC | 7.385% | 02/11/2028 | USD | 1.3% |
| CREDIT SUISSE GROUP AG | 6.442% | 11/08/2028 | USD | 1.3% |
| NESTLE HOLDINGS INC. | 4.250% | 01/10/2029 | USD | 1.2% |
| WASTE MANAGEMENT INC | 2.000% | 01/06/2029 | USD | 1.2% |
| BPCE SA | 4.625% | 02/03/2030 | EUR | 1.1% |
| AERCAP IRELAND CAPITAL... | 3.000% | 29/10/2028 | USD | 1.1% |

Portfolio	Benchmark

Translation (ENFR, 2023-02-28):
# Positions Régions
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Amérique du Nord
-5%
Portefeuille	Référence
| Émetteur | Coupon | Échéance | Monnaie | Pondération |
| --- | --- | --- | --- | --- |
| ANHEUSER-BUSCH COMPANI... | 4.900% | 01/02/2046 | USD | 1.6% |
| ROYAL BANK OF CANADA | 6.000% | 01/11/2027 | USD | 1.6% |
| KBC GROEP NV | 5.796% | 19/01/2029 | USD | 1.4% |
| MITSUBISHI UFJ FINANCI... | 5.354% | 13/09/2028 | USD | 1.4% |
| BARCLAYS PLC | 7.385% | 02/11/2028 | USD | 1.3% |
| CREDIT SUISSE GROUP AG | 6.442% | 11/08/2028 | USD | 1.3% |
| NESTLE HOLDINGS INC. | 4.250% | 01/10/2029 | USD | 1.2% |
| WASTE MANAGEMENT INC | 2.000% | 01/06/2029 | USD | 1.2% |
| BPCE SA | 4.625% | 02/03/2030 | EUR | 1.1% |
| AERCAP IRELAND CAPITAL... | 3.000% | 29/10/2028 | USD | 1.1% |
# Sectors
Banking Energy Healthcare
Portfolio	Benchmark
14%
12%
10%
8%
6%
4%
2%
0%
-2%
Financial Services Consumer Goods Telecommunications
Utilities Basic Industry
Media Capital Goods Automotive
Technology & Electronics
Services Retail Insurance Real Estate
Leisure Transportation
Sovereign Quasi Government Preferred Securities
Cash
-5%	0%	5%	10%	15%	20%	25%	30%

Translation (ENFR, 2023-02-28):
# Secteurs
Banques Énergie
Soins de santé Services financiers
Portefeuille	Référence
14%
12%
10%
8%
6%
4%
2%
0%
-2%
Biens de consommation Télécommunication Services aux collectivités Industrie de base
Médias Biens d'équipement
Autopropulsé Équipements et instruments…
Services
Vendre au détail
Assurance Immobilier
Loisirs Transports Souverain
Quasi gouvernement Titres privilégiés
Liquidité
-5%	0%	5%	10%	15%	20%	25%	30%
| Security | Maturity | Currency | Weight |
| --- | --- | --- | --- |
| NIPPON STEEL CORPORATI... | 05/10/2026 | JPY | 5.2% |
| AMERICA MOVIL BV RegS | 02/03/2024 | EUR | 5.2% |
| SOUTHWEST AIRLINES CO | 01/05/2025 | USD | 4.3% |
| BHARTI AIRTEL LTD RegS | 17/02/2025 | USD | 3.9% |
| SAFRAN SA RegS | 15/05/2027 | EUR | 3.8% |
| SIKA AG RegS | 05/06/2025 | CHF | 3.5% |
| DEUTSCHE POST AG RegS | 30/06/2025 | EUR | 3.5% |
| BP CAPITAL MARKETS PLC... | 28/04/2023 | GBP | 3.3% |
| GLENCORE FUNDING LLC M... | 27/03/2025 | USD | 3.1% |
| TOTAL SA RegS | 02/12/2022 | USD | 3.0% |

Translation (ENFR, 2022-10-31):
| Titre | Échéance | Monnaie | Pondération |
| --- | --- | --- | --- |
| NIPPON STEEL CORPORATI... | 05/10/2026 | JPY | 5.2% |
| AMERICA MOVIL BV RegS | 02/03/2024 | EUR | 5.2% |
| SOUTHWEST AIRLINES CO | 01/05/2025 | USD | 4.3% |
| BHARTI AIRTEL LTD RegS | 17/02/2025 | USD | 3.9% |
| SAFRAN SA RegS | 15/05/2027 | EUR | 3.8% |
| SIKA AG RegS | 05/06/2025 | CHF | 3.5% |
| DEUTSCHE POST AG RegS | 30/06/2025 | EUR | 3.5% |
| BP CAPITAL MARKETS PLC... | 28/04/2023 | GBP | 3.3% |
| GLENCORE FUNDING LLC M... | 27/03/2025 | USD | 3.1% |
| TOTAL SA RegS | 02/12/2022 | USD | 3.0% |
# BL Equities Dividend (retail accumulation share net of fees in euros) gained 1.35% in July 2021.
More specifically, PepsiCo, Coloplast and Givaudan posted the best contributions to the fund's monthly performance. Conversely, Reckitt Benckiser, Intertek and Hengan were the main detractors over the month.
Of the 32 companies held in the fund, 23 have already reported their organic revenue growth for Q2 2021, representing an average increase of over 15% year- on-year. This compares with a contained decline of around 3% on average for these same companies during the ‘terrible’ second quarter of 2020. We consider these are strong fundamentals.
Many of our companies are benefiting from the ‘digital revolution’, in a variety of ways. After a surge in 2020, e-commerce continued to deliver strong growth in the first half of 2021 for L'Oréal (e-com: +29%), Nestlé (e-com: +19%), Unilever (e-com: +50%) and Reckitt Benckiser (e-com: +25%). In the second quarter, Visa saw its total turnover increase by 26%, largely thanks to the explosion in online payments, contactless payments and money transfers. TSMC (+28%) continues to benefit from strong demand for semiconductors. Meanwhile, Accenture (+13%) and Microsoft (+17%) are at the heart of the digital transformation of companies, with cloud services maintaining strong momentum.

Translation (ENFR, 2021-07-30):
Sur le mois de juillet 2021, le fonds BL Equities Dividend (part retail capitalisante nette de frais en euros) est en hausse de 1,35%. Plus spécifiquement, PepsiCo, Coloplast et Givaudan affichent les meilleures contributions à la performance mensuelle du fonds. A l’inverse, Reckitt Benckiser, Intertek et Hengan sont les principaux détracteurs sur le mois.
Parmi les 32 sociétés détenues dans le fonds, 23 d’entre elles ont déjà publié la croissance organique de leur chiffre d’affaires au 2nd trimestre 2021. Celle-ci présente une hausse supérieure à 15% en glissement annuel, en moyenne. Ce chiffre est à comparer à une baisse contenue, proche de 3% en moyenne, pour ces mêmes sociétés, durant le « terrible » 2nd trimestre 2020. Nous trouvons ces fondamentaux solides.
Bon nombre de nos sociétés profitent notamment de la « révolution digitale », de différentes manières. Après le bond de 2020, la forte croissance du e-commerce se poursuit sur le premier semestre 2021 pour L’Oréal (e-com. : +29%), Nestlé (e-com. : +19%), Unilever (e-com. : +50%) ou encore Reckitt Benckiser (e-com. :
+25%). Sur le 2nd trimestre, Visa a vu son chiffre d’affaires total progresser de 26%, notamment grâce à l’explosion des paiements en ligne, sans-contact ou des transferts d’argent. TSMC (+28%) continue de bénéficier de la forte demande de semi-conducteurs. Par ailleurs, Accenture (+13%) et Microsoft (+17%) sont au cœur de la transformation digitale des entreprises, les services liés au « cloud » restant sur leur solide dynamique.
# During the month, we reduced our position in Coloplast and Severn Trent for valuation reasons. On the other hand, we strengthened several positions:
- Reckitt Benckiser, a global leader in hygiene (Finish, Lysol, Airwick, Vanish, Harpic), healthcare (Durex, Mucinex, Dettol, Gaviscon, Strepsils) and infant and baby nutrition (Enfamil, Nutramigen).
- KONE, a leading global player (number 1 in China) in lifts and escalators.
- Intertek, one of the world leaders in the ‘TIC’ Test, Inspection, Certification sector (alongside another TIC company held in the fund, SGS).

Translation (ENFR, 2021-07-30):
### Durant le mois, nous avons allégé Coloplast et Severn Trent, pour des raisons de valorisation. A l’opposé, nous avons renforcé plusieurs positions :
- Reckitt Benckiser, un des leaders mondiaux de l’hygiène (Finish, Lysol, Airwick, Vanish, Harpic), de la santé (Durex, Mucinex, Dettol, Gaviscon, Strepsils) et de l’alimentation pour nouveau-nés et nourrissons (Enfamil, Nutramigen).
- KONE, un acteur mondial important (numéro 1 en Chine) dans les ascenseurs et les escaliers mécaniques.
- Intertek, un des leaders mondiaux du secteur « TIC », pour Test, Inspection, Certification (aux côtés d’une autre société détenue dans le fonds, SGS).
### Investment Objective
The fund aims to achieve positive returns from an actively managed portfolio of decorrelated asset classes, including equities, bonds, money market instruments and gold. The weighting of these asset classes depends on their valuations and the portfolio manager’s view on their relative attractiveness in a given environment.
Pervading the investment objective is a fundamental philosophy of long-term capital preservation. There is however no guarantee that a positive return will be delivered over any one or a number of 12-month periods.

Translation (ENFR, 2021-06-30):
# Objectif d'invesstissement
Le fonds a pour objectif de générer des rendements positifs en mettant en oeuvre une stratégie d'investissement active ayant recours à des classes d'actifs décorrélées - actions, obligations, instruments du marché monétaire et or. Leurs pondérations dépendent de leur valorisation relative et de l'appréciation du gestionnaire sur leur attrait dans un contexte économique donné.
Le coeur de l'approche de gestion est de réaliser une préservation du capital sur le long terme. Il n’y a toutefois pas de garantie qu’un rendement positif pourra être dégagé sur une ou plusieurs périodes de 12 mois.
| Top holdings |  | Performance attribution |  |
| --- | --- | --- | --- |
| Lindsell Train Global Equity | 9,2% | Underlying funds |
| Guardcap Global Equity | 8,5% | Best underlying funds | Sep-22 |
| Threadneedle Global Focus | 8,0% | Berenberg European Focus | 6,0 |
| Schroder Asian Total Return | 5,7% | Schroder European Special Situations | 5,0 |
| Memnon European | 5,6% | Threadneedle Global Smaller Companies | 4,3 |
|  |  | Worst underlying funds | Sep-22 |
|  |  | Vontobel mtx Sustainable EM Leaders | -6,0 |
|  |  | Driehaus US Micro Cap Equity C USD | -4,7 |
|  |  | Schroder ISF Asian Total Return C Acc | -2,8 |
|  |  | All performances are denominated in EUR |  |

Translation (ENFR, 2022-09-30):
| Principales positions |  | Attribution de performance |  |
| --- | --- | --- | --- |
| Lindsell Train Global Equity | 9,2% | Les fonds sous-jacents |
| Guardcap Global Equity | 8,5% | Les meilleurs fonds | sept-22 |
| Threadneedle Global Focus | 8,0% | Berenberg European Focus | 6,0 |
| Memnon European | 5,7% | Schroder European Special Situations | 5,0 |
| Schroder Asian Total Return | 5,6% | Threadneedle Global Smaller Companies | 4,3 |
|  |  | Les moins bons | sept-22 |
|  |  | Vontobel mtx Sustainable EM Leaders | -6,0 |
|  |  | Driehaus US Micro Cap Equity C USD | -4,7 |
|  |  | Schroder ISF Asian Total Return C Acc | -2,8 |
|  |  | Toutes les performances sont libellées en euro |  |
## a sub-fund of SICAV BL
Management Report	
28/05/2021
Economic data has been very strong over the last month, but markets have been more muted after an already strong start to the year. The ongoing vaccine rollout is allowing the economy to gradually reopen, which in combination with sizeable fiscal support is supporting a big bounce in economic activity. Nevertheless, markets were constrained in May by concerns that upside data surprises may result in more persistent inflation, which could force central banks to bring about a premature end to the growth rebound.
During this environment, the BL-American Small & Mid Caps Fund (retail share class capitalization net of fees in USD) underperformed its Benchmark, the MSCI US Small + Mid Cap NR USD Index, by 1,26%. In absolute terms, the fund showed a negative performance of 0,88%.

Translation (ENFR, 2021-05-28):
## Un compartiment de la SICAV BL
Rapport de gestion	
28/05/2021
Alors que les données économiques se sont avérées très solides au cours du mois, les marchés sont restés plus discrets, après un début d’année très vigoureux. Les campagnes de vaccination en cours permettent à l’économie de redémarrer progressivement, ce qui, associé aux aides budgétaires substantielles qui sont déployées, contribue au rebond de l’activité économique. Les marchés ont toutefois pâti des inquiétudes suscitées par le fait que la hausse inattendue des données entraîne une inflation durable, qui pourrait contraindre les banques centrales à mettre fin prématurément à la reprise.
Dans ce contexte, le fonds BL American Small + Mid Cap (part retail capitalisante nette de frais, en USD) a sous-performé le MSCI US Small + Mid Cap NR USD, son indice de référence, de 1,26%. Le fonds affiche un résultat négatif de 0,88% en valeurs absolues.
#### Specific Information concerning MSCI Data:
All MSCI data is provided “as is”. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the result to be obtained by the use thereof) and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data.
Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Translation (ENFR, 2021-05-28):
### Specific Information concerning MSCI Data:
All MSCI data is provided “as is”. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the result to be obtained by the use thereof) and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such data.
Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.