OVHaiLLM/Flipper huggingface dataset:
#  Statistics
Volatility fund/benchmark (%)	6.18 / 7.981 Tracking Error (%)	4.291
BREVAN HOWARD AB RT G-AM USD
USD	5.76
 Information ratio/Sharpe ratio	0.72 / -0.441 Correlation	0.851
 Jensen Alpha/Beta	1.08 / 0.661
1 
computed over 3 years

Translation (ENFR, 2023-02-28):
#  Statistique
BREVAN HOWARD AB RT G-AM USD
USD	5.76
 Volatilité fonds/benchmark (%)	6.18 / 7.981 Tracking Error (%)	4.291
 Information ratio/Sharpe ratio	0.72 / -0.441 Corrélation	0.851
 Jensen Alpha/Beta	1.08 / 0.661
1 
calculé sur 3 ans
#  Largest positions
| Security |  | % |
| --- | --- | --- |
| Kinross Gold Corp | CA | 6.20 |
| Pan American Silver Corp | CA | 4.35 |
| Eldorado Gold Corp | CA | 4.31 |
| Iamgold Corp | SS | 4.27 |
| Gold Fields Ltd | ZA | 4.07 |
| Total |  | 23.20 |
| Structure by sector	 |
| Materials |  | 96.3% |
| Liquidity | 2.5% |  |
| not classifiable | 1.1% |  |
| Energy | 0.1% |  |
| Structure by country	 |

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 USD. If this currency is different from the currency of the country in which the investor is resident,
the return may increase or decrease as a result of currency fluctuations.

Translation (ENFR, 2020-06-30):
#  Les plus grandes positions
|  | Titre |  | % |
| --- | --- | --- | --- |
| Perf. | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 | Kinross Gold Corp | CA | 6.20 |

glissante
- 30.06.2020
- 30.06.2019
- 30.06.2018
- 30.06.2017
- 30.06.2016
Fonds	75.35	-5.17	-1.54	-16.1582.02
BM	44.21	18.56	-1.41	-21.7668.49
La performance passée ne préjuge pas des résultats présents ou futurs. Les chiffres relatifs à la performance se réfèrent à la valeur liquidative et s'entendent bruts des coûts et commissions (par exemple frais de transaction et droits de garde acquittés par l'investisseur) facturés lors de l'émission, du rachat ou de l'échange des parts. Les indications reposent sur des chiffres libellés en USD. Si cette devise diffère de celle du pays où réside l’investisseur, le rendement est susceptible d’augmenter ou de diminuer sous l’effet des fluctuations monétaires.
#  Statistics	
 Volatility fund/benchmark (%)	41.98 / 33.221 Tracking Error (%)	15.491
 Information ratio/Sharpe ratio	-0.07 / 0.381 Correlation	0.941
 Jensen Alpha/Beta	-1.94 / 1.191
1 
computed over 3 years

Translation (ENFR, 2020-06-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	41.98 / 33.221 Tracking Error (%)	15.491
 Information ratio/Sharpe ratio	-0.07 / 0.381 Corrélation	0.941
 Jensen Alpha/Beta	-1.94 / 1.191
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	15.77 / 17.781 Tracking Error (%)	7.301
 Information ratio/Sharpe ratio	0.46 / 0.861 Correlation	0.911
 Jensen Alpha/Beta	5.36 / 0.811
1 
computed over 3 years

Translation (ENFR, 2023-07-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	15.77 / 17.781 Tracking Error (%)	7.301
 Information ratio/Sharpe ratio	0.46 / 0.861 Corrélation	0.911
 Jensen Alpha/Beta	5.36 / 0.811
1 
calculé sur 3 ans
#  Largest positions	
Security	%
Oracle Corp	US	3.72
Exxon Mobil Corp	US	2.59
Siemens AG	DE	2.40
SAP SE	DE	2.33
Thales SA	FR	2.30
Total13.34

Translation (ENFR, 2023-07-31):
#  Les plus grandes positions	
Titre	%
Oracle Corp	US	3.72
Exxon Mobil Corp	US	2.59
Siemens AG	DE	2.40
SAP SE	DE	2.33
Thales SA	FR	2.30
Total13.34
#  Statistics	
 Volatility fund/benchmark (%)	10.83 / 10.621 Tracking Error (%)	6.991
 Information ratio/Sharpe ratio	-0.49 / 0.291 Correlation	0.791
 Jensen Alpha/Beta	-2.02 / 0.801
1 
computed over 3 years

Translation (ENFR, 2022-08-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	10.83 / 10.621 Tracking Error (%)	6.991
 Information ratio/Sharpe ratio	-0.49 / 0.291 Corrélation	0.791
 Jensen Alpha/Beta	-2.02 / 0.801
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	10.33 / 11.131 Tracking Error (%)	2.751
 Information ratio/Sharpe ratio	-0.86 / 0.531 Correlation	0.971
 Jensen Alpha/Beta	-1.63 / 0.901
1 
computed over 3 years

Translation (ENFR, 2022-04-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	10.33 / 11.131 Tracking Error (%)	2.751
 Information ratio/Sharpe ratio	-0.86 / 0.531 Corrélation	0.971
 Jensen Alpha/Beta	-1.63 / 0.901
1 
calculé sur 3 ans
#  Largest positions
| Volatility fund/benchmark (%) | 8.97 / 10.141 |  | Tracking Error (%) | 2.321 |  |
| --- | --- | --- | --- | --- | --- |
| Information ratio/Sharpe ratio | 0.42 / -0.181 |  | Correlation | 0.981 | Structure by sector	 |
| Jensen Alpha/Beta | 0.58 / 0.861 |  |  |  |  |

Average maturity in years	6.37 Modified Duration4.14
Yield to Maturity (nominal) (%)7.29
1 
computed over 3 years

Translation (ENFR, 2023-02-28):
#  Les plus grandes positions
Titre	Taux d'intér.	%
| La performance passée ne préjuge pas des résultats présents ou futurs. Les chiffres relatifs à la performance se réfèrent à la valeur liquidative et s'entendent bruts des | B 03/21/23 | 0.000% | USD | 1.61 |
| --- | --- | --- | --- | --- |
| coûts et commissions (par exemple frais de transaction et droits de garde acquittés | EIB Float 03/05/24 | 0.368% | USD | 0.98 |
| par l'investisseur) facturés lors de l'émission, du rachat ou de l'échange des parts. Les indications reposent sur des chiffres libellés en USD. Si cette devise diffère de | B 04/20/23 | 0.000% | USD | 0.96 |
| celle du pays où réside l’investisseur, le rendement est susceptible d’augmenter ou | B 05/18/23 | 0.000% | USD | 0.96 |
| de diminuer sous l’effet des fluctuations monétaires. Les indices ne peuvent pas être | B 08/24/23 | 0.000% | USD | 0.94 |
| achetés directement | CBQKQD 4 1/2 PERP | 4.500% | USD | 0.91 |
| Statistique	 Répartition par secteur	 |

| Volatilité fonds/benchmark (%) | 8.97 / 10.141 |  | Tracking Error (%) | 2.321 |
| --- | --- | --- | --- | --- |
| Information ratio/Sharpe ratio | 0.42 / -0.181 |  | Corrélation | 0.981 |
| Jensen Alpha/Beta | 0.58 / 0.861 |  |  |  |

Durée résiduelle en années	6.37 Duration modifiée4.14
Rend. à l'échéance (nominal) (%)7.29
1 
calculé sur 3 ans
#  Largest positions
| Security | Interest rate |  | % |
| --- | --- | --- | --- |
| B 08/26/21 | 0.000% | USD | 1.64 |
| B 09/02/21 | 0.000% | USD | 1.64 |
| B 10/07/21 | 0.000% | USD | 1.64 |
| T 1 1/4 05/15/50 | 1.250% | USD | 1.17 |
| OCPMR 6 7/8 04/25/44 | 6.875% | USD | 0.87 |
| BTGPBZ 4 1/2 01/10/25 | 4.500% | USD | 0.85 |
| EIB Float 03/05/24 | 0.368% | USD | 0.82 |
| EIB Float 06/10/22 | 0.301% | USD | 0.82 |

Structure by sector	
Financial Energy
Basic Materials Government
Consumer, Non-Cyclical
Liquidity Utilities Communications
|  |
| --- |
|  | 95.1% |
|  |
|  | 3.8% |
|  |

Translation (ENFR, 2021-07-31):
#  Les plus grandes positions
| Titre | Taux d'intér. |  | % |
| --- | --- | --- | --- |
| B 08/26/21 | 0.000% | USD | 1.64 |
| B 09/02/21 | 0.000% | USD | 1.64 |
| B 10/07/21 | 0.000% | USD | 1.64 |
| T 1 1/4 05/15/50 | 1.250% | USD | 1.17 |
| OCPMR 6 7/8 04/25/44 | 6.875% | USD | 0.87 |
| BTGPBZ 4 1/2 01/10/25 | 4.500% | USD | 0.85 |
| EIB Float 03/05/24 | 0.368% | USD | 0.82 |
| EIB Float 06/10/22 | 0.301% | USD | 0.82 |

Répartition par secteur	
Finance Energie
Matériaux de base
Etat Consommation non cyclique
Liquidité Services aux collectivités
Communications
|  |
| --- |
|  | 95.1% |
|  |
|  | 3.8% |
|  |
#  Largest positions
Security	Interest rate	%
in %	YTD	1M	3M	6M	1Y	3Y
p.a.
5Y	10Y  since
p.a.	p.a. launch p.a.
Banco Santander SA	4.750%	EUR	7.29
HSBC Holdings Plc	4.750%	EUR	6.25
Fund	-16.20  -2.94  -5.59  -9.97 -16.70  -2.18  -0.14	2.93	3.53
BM	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.	n.a.
CMZB 6 1/8 PERP	6.125%	EUR	5.32
UBS 4 7/8 PERP	4.875%	USD	4.64
| Rolling perf. | 31.08.2021 - 31.08.2022 | 31.08.2020 - 31.08.2021 | 31.08.2019 - 31.08.2020 | 31.08.2018 - 31.08.2019 | 31.08.2017 - 31.08.2018 |  | DB 4 5/8 PERP DB 4 1/2 PERP | 4.625% 4.500% | EUR EUR | 4.27 4.18 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -16.70 | 9.20 | 2.90 | 9.10 | -2.73 |  | USIMIT 6 3/8 PERP | 6.375% | EUR | 3.83 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. |  | UCGIM 4.45 PERP | 4.450% | EUR | 3.79 |

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 EUR. If this currency is different from the currency of the country in which the investor is resident, the return may increase or decrease as a result of currency fluctuations.

Translation (ENFR, 2022-08-31):
#  Les plus grandes positions
Titre	Taux d'intér.	%
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -16.20 | -2.94 | -5.59 | -9.97 | -16.70 | -2.18 | -0.14 | 2.93	3.53 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a.	n.a. |
| Perf. | 31.08.2021 | 31.08.2020 | 31.08.2019 | 31.08.2018 | 31.08.2017 |
| glissante | - 31.08.2022 | - 31.08.2021 | - 31.08.2020 | - 31.08.2019 | - 31.08.2018 |
| Fonds | -16.70 | 9.20 | 2.90 | 9.10 | -2.73 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. |

| CMZB 6 1/8 PERP | 6.125% | EUR | 5.32 |
| --- | --- | --- | --- |
| UBS 4 7/8 PERP | 4.875% | USD | 4.64 |
| DB 4 5/8 PERP | 4.625% | EUR | 4.27 |
| DB 4 1/2 PERP | 4.500% | EUR | 4.18 |
| USIMIT 6 3/8 PERP | 6.375% | EUR | 3.83 |
| UCGIM 4.45 PERP | 4.450% | EUR | 3.79 |
| CaixaBank SA | 5.250% | EUR | 3.54 |
| ISPIM 5 1/2 PERP | 5.500% | EUR | 3.45 |

La performance passée ne préjuge pas des résultats présents ou futurs. Les chiffres relatifs à la performance se réfèrent à la valeur liquidative et s'entendent bruts des coûts et commissions (par exemple frais de transaction et droits de garde acquittés par l'investisseur) facturés lors de l'émission, du rachat ou de l'échange des parts. Les indications reposent sur des chiffres libellés en EUR. Si cette devise diffère de celle du pays où réside l’investisseur, le rendement est susceptible d’augmenter ou de diminuer sous l’effet des fluctuations monétaires.
#  Largest positions
Information ratio/Sharpe ratio	-0.99 / -0.281 Correlation1.001
Jensen Alpha/Beta	-0.71 / 1.131
Average maturity in years	4.37 Modified Duration4.27
Yield to Maturity (nominal) (%)2.86
1 
computed over 3 years

Translation (ENFR, 2022-04-30):
#  Les plus grandes positions
| Titre | Taux d'intér. |  | % |
| --- | --- | --- | --- |
| BTPS 0.95 09/15/27 | 0.950% | EUR | 1.39 |
| Barclays PLC | 2.000% | EUR | 1.35 |
| SEB 0 3/8 06/21/28 | 0.375% | EUR | 1.10 |
| ANZ 1 1/8 11/21/29 | 1.125% | EUR | 1.09 |
| SHBASS 1 5/8 03/05/29 | 1.625% | EUR | 1.07 |
| Autoroutes Sud de la France SA | 1.375% | EUR | 0.93 |
| BNP 0 7/8 08/31/33 | 0.875% | EUR | 0.92 |
| GE 1 1/2 05/17/29 | 1.500% | EUR | 0.90 |

Répartition par secteur	
Finance Consommation non cyclique
| Durée résiduelle en années | 4.37 Duration modifiée | 4.27	 Industrie |  | 10.8% |
| --- | --- | --- | --- | --- |
| Rend. à l'échéance (nominal) (%) | 2.86 | Services aux collectivités |  | 9.5% |

1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	40.99 / 36.531 Tracking Error (%)	14.011
 Information ratio/Sharpe ratio	0.74 / 0.231 Correlation	0.941
 Jensen Alpha/Beta	12.44 / 1.061
1 
computed over 3 years

Translation (ENFR, 2023-02-28):
#  Statistique	
 Volatilité fonds/benchmark (%)	40.99 / 36.531 Tracking Error (%)	14.011
 Information ratio/Sharpe ratio	0.74 / 0.231 Corrélation	0.941
 Jensen Alpha/Beta	12.44 / 1.061
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	45.05 / 39.501 Tracking Error (%)	14.921
 Information ratio/Sharpe ratio	0.69 / 0.161 Correlation	0.951
 Jensen Alpha/Beta	13.15 / 1.081
1 
computed over 3 years

Translation (ENFR, 2023-02-28):
#  Statistique	
 Volatilité fonds/benchmark (%)	45.05 / 39.501 Tracking Error (%)	14.921
 Information ratio/Sharpe ratio	0.69 / 0.161 Corrélation	0.951
 Jensen Alpha/Beta	13.15 / 1.081
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	19.68 / 19.401 Tracking Error (%)	5.361
 Information ratio/Sharpe ratio	0.42 / 0.281 Correlation	0.961
 Jensen Alpha/Beta	2.45 / 0.981

Translation (ENFR, 2022-09-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	19.68 / 19.401 Tracking Error (%)	5.361
 Information ratio/Sharpe ratio	0.42 / 0.281 Corrélation	0.961
 Jensen Alpha/Beta	2.45 / 0.981
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	17.82 / 17.681 Tracking Error (%)	4.361
 Information ratio/Sharpe ratio	-0.05 / 0.101 Correlation	0.971
 Jensen Alpha/Beta	-0.13 / 0.981
1 
computed over 3 years

Translation (ENFR, 2022-04-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	17.82 / 17.681 Tracking Error (%)	4.361
 Information ratio/Sharpe ratio	-0.05 / 0.101 Corrélation	0.971
 Jensen Alpha/Beta	-0.13 / 0.981
1 
calculé sur 3 ans
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -20.53 | -4.80 | -5.69 | -11.97 | -17.93 | 8.41 | n.a. | n.a.	4.63 |
| BM | -14.89 | -2.83 | -3.98 | -8.75 | -12.76 | 8.24 | n.a. | n.a.	6.37 |
| 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 | -17.93 | 26.20 | 23.01 | -5.94 | n.a. |
| BM | -12.76 | 27.27 | 14.21 | 0.97 | n.a. |

Translation (ENFR, 2022-08-31):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -20.53 | -4.80 | -5.69 | -11.97 | -17.93 | 8.41 | n.a. | n.a.	4.63 |
| BM | -14.89 | -2.83 | -3.98 | -8.75 | -12.76 | 8.24 | n.a. | n.a.	6.37 |
| Perf. | 31.08.2021 | 31.08.2020 | 31.08.2019 | 31.08.2018 | 31.08.2017 |
| glissante | - 31.08.2022 | - 31.08.2021 | - 31.08.2020 | - 31.08.2019 | - 31.08.2018 |
| Fonds | -17.93 | 26.20 | 23.01 | -5.94 | n.a. |
| BM | -12.76 | 27.27 | 14.21 | 0.97 | n.a. |
#  Investment focus and suitability
This Equity fund offers unique access to the highest quality companies in Europe with above-average profitability, top executives as well as leading and innovative products. Global Excellence follows a disciplined, prudent and well-established investment process with a long-term successful track record. It seeks to deliver a robust performance with low volatility, and focuses on the maximisation of expected return.
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Lower risk	Higher risk

Translation (ENFR, 2022-12-31):
#  Pôle d'investissement et destinataires
Ce fonds en actions offre un accès unique aux sociétés européennes de premier plan bénéficiant d'une rentabilité supérieure à la moyenne, d'une excellente direction et de produits novateurs et leaders sur le marché. Le fonds Global Excellence suit un processus d'investissement rigoureux, prudent et bien établi, et affiche depuis longtemps une excellente performance. Il a pour objectif de générer une performance solide pour une faible volatilité, et s'attache à optimiser le rendement attendu.
| Risque du fonds | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Risque plus faible	Risque plus élévé
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -14.48 | -3.28 | -2.75 | -9.70 | -15.18 | -5.04 | -2.65 | n.a.  -1.69 |
| BM | -13.38 | -3.13 | -3.04 | -9.12 | -13.93 | -4.32 | -1.63 | n.a.  -1.27 |
| Rolling | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 |
| perf. | - 30.09.2022 | - 30.09.2021 | - 30.09.2020 | - 30.09.2019 | - 30.09.2018 |
| Fund | -15.18 | 1.94 | -0.96 | 4.47 | -2.28 |
| BM | -13.93 | 1.65 | 0.10 | 5.20 | -0.03 |

Translation (ENFR, 2022-09-30):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -14.48 | -3.28 | -2.75 | -9.70 | -15.18 | -5.04 | -2.65 | n.a.  -1.69 |
| BM | -13.38 | -3.13 | -3.04 | -9.12 | -13.93 | -4.32 | -1.63 | n.a.  -1.27 |
| Perf. | 30.09.2021 | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 |
| glissante | - 30.09.2022 | - 30.09.2021 | - 30.09.2020 | - 30.09.2019 | - 30.09.2018 |
| Fonds | -15.18 | 1.94 | -0.96 | 4.47 | -2.28 |
| BM | -13.93 | 1.65 | 0.10 | 5.20 | -0.03 |
#  Statistics
| Volatility fund/benchmark (%) | 5.07 / 4.451 Tracking Error (%) | 0.781 | Structure by sector	 |
| --- | --- | --- | --- |
| Information ratio/Sharpe ratio | -0.55 / 0.451 Correlation | 0.991 |  |

Jensen Alpha/Beta	-0.78 / 1.131
Average maturity in years	5.27 Modified Duration5.16
Yield to Maturity (nominal) (%)0.62
1 
computed over 3 years

Translation (ENFR, 2021-06-30):
#  Statistique
Volatilité fonds/benchmark (%)	5.07 / 4.451 Tracking Error (%)0.781
Information ratio/Sharpe ratio	-0.55 / 0.451 Corrélation0.991
| Durée résiduelle en années | 5.27 Duration modifiée | 5.16 |
| --- | --- | --- |
| Rend. à l'échéance (nominal) (%) | 0.62 |  |
| 1  calculé sur 3 ans |  |  |

Jensen Alpha/Beta	-0.78 / 1.131
#  Statistics	
 Volatility fund/benchmark (%)	20.36 / 17.881 Tracking Error (%)	7.751
 Information ratio/Sharpe ratio	-0.31 / 0.311 Correlation	0.931
 Jensen Alpha/Beta	-2.56 / 1.051
1 
computed over 3 years

Translation (ENFR, 2022-08-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	20.36 / 17.881 Tracking Error (%)	7.751
 Information ratio/Sharpe ratio	-0.31 / 0.311 Corrélation	0.931
 Jensen Alpha/Beta	-2.56 / 1.051
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	13.14 / 14.851 Tracking Error (%)	6.301
 Information ratio/Sharpe ratio	0.97 / 0.651 Correlation	0.911
 Jensen Alpha/Beta	6.66 / 0.801
1 
computed over 3 years

Translation (ENFR, 2020-08-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	13.14 / 14.851 Tracking Error (%)	6.301
 Information ratio/Sharpe ratio	0.97 / 0.651 Corrélation	0.911
 Jensen Alpha/Beta	6.66 / 0.801
1 
calculé sur 3 ans
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Global Emerging Market |  |  | 23.8% | 39.6% |
| High Yield |  |  | 17.5% |  |
| US Broad |  |  | 11.8% |  |
| Corporate |  | 5.0% |  |  |
| Liquidity |  | 2.4% |  |  |
|  |  |  |  |  |

Translation (ENFR, 2021-07-31):
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| Global Emerging Market |  |  | 23.8% | 39.6% |
| High Yield |  |  | 17.5% |  |
| US Broad |  |  | 11.8% |  |
| Corporate |  | 5.0% |  |  |
| Liquidity |  | 2.4% |  |  |
|  |  |  |  |  |
#  Structure by sector	
Health Care Consumer Staples
Industrials Information Technology
Financials Materials
Consumer Discretionary
Energy

Translation (ENFR, 2022-09-30):
#  Répartition par secteur	
Santé Biens de Consommation de Base
Industrie Technologies de l'Information
Finance Matériels
Consommation Discrétionnaire
Énergie
#  Structure by currency
|  |  |  |
| --- | --- | --- |
| EUR USD |  | 16.5% |
| CHF |  | 15.2% |
| DKK | 4.2% |  |
| GBP | 2.5% |  |
| SEK | 1.0% |  |
| NOK | 0.03% |  |

60.7%
Volatility fund/benchmark (%)	9.95 / n.a.1 Information	n.a. /
ratio/Sharpe ratio	0.571
1 
computed over 3 years

Translation (ENFR, 2021-07-31):
#  Répartition par devises
EUR USD CHF
Volatilité fonds/benchmark (%)	9.95 / n.a.1 Information
n.a. /
DKK
ratio/Sharpe ratio	0.571
1 
calculé sur 3 ans
#  Comments	
Market review
During July, markets continued to be swayed by bleak news on the pandemic side, regulatory changes in China triggering sharp price moves in Chinese equities, and the Federal Open Market Committee (FOMC) keeping policy rates, asset purchases and forward guidance unchanged.
Performance contribution and portfolio changes
Positive contributions in July came from IT, healthcare and industrials sectors, while the laggards included consumer staples, financials and consumer discretionary names. The team continued to take advantage of the volatility through listed derivative options strategies for the purpose of optimisation; ie covered strangle in Unilever, Cap Gemini, Ipsen and Nokia, continued selling short put strategies on Bouygues, Aixtron, STMicro, Astra Zeneca, Nordex, Ericsson and locked in gains by closing some other strategies in Nike, Nvidia, ASML, Linde, Heineken, Schneider Electric and Sartorius Stedim.
Outlook and strategy
The team kept its macroeconomic probability scenarios unchanged.

Translation (ENFR, 2021-07-31):
#  Commentaires	
Situation du marché
Marchés influencés par les actualités négatives de la pandémie, les changements de réglementation en Chine qui ont déclenché de fortes variations de prix sur les actions chinoises, et le maintien des taux de base, des achats d'actifs et de la forward guidance par le Federal Open Market Committee.
Contribution à la performance et modifications du portefeuille
Performance positive des secteurs de la technologie de l'information, des soins de santé et de l'industrie. Consommation de base, finance et consommation discrétionnaire ont été à la traîne. L'équipe a continué à tirer parti de la volatilité par le biais de stratégies d'options sur dérivés cotés en bourse à des fins d'optimisation ; c'est-à-dire des strangles couvertes sur Unilever, CapGemini, Ipsen, Nokia, la poursuite de stratégies de vente à découvert sur Bouygues, Aixtron,STMicro, AstraZeneca, Nordex,Ericsson et des gains sécurisés en clôturant d'autres stratégies sur Nike, Nvidia, ASML, Linde,Heineken,SchneiderElectric, SartoriusStedim.
Perspective et stratégie
Scénarios de probabilité macroéconomique inchangés.
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -1.38 | -1.38 | -1.37 | -2.93 | -2.03 | 1.01 | n.a. | n.a.	0.47 |
| BM | -1.12 | -1.12 | -1.02 | -2.51 | -1.66 | 1.57 | n.a. | n.a.	1.10 |
| Rolling | 31.01.2021 | 31.01.2020 | 31.01.2019 | 31.01.2018 | 31.01.2017 |
| perf. | - 31.01.2022 | - 31.01.2021 | - 31.01.2020 | - 31.01.2019 | - 31.01.2018 |
| Fund | -2.03 | 0.39 | 4.79 | -1.99 | n.a. |
| BM | -1.66 | 1.04 | 5.44 | 0.35 | n.a. |

Translation (ENFR, 2022-01-31):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -1.38 | -1.38 | -1.37 | -2.93 | -2.03 | 1.01 | n.a. | n.a.	0.47 |
| BM | -1.12 | -1.12 | -1.02 | -2.51 | -1.66 | 1.57 | n.a. | n.a.	1.10 |
| Perf. | 31.01.2021 | 31.01.2020 | 31.01.2019 | 31.01.2018 | 31.01.2017 |
| glissante | - 31.01.2022 | - 31.01.2021 | - 31.01.2020 | - 31.01.2019 | - 31.01.2018 |
| Fonds | -2.03 | 0.39 | 4.79 | -1.99 | n.a. |
| BM | -1.66 | 1.04 | 5.44 | 0.35 | n.a. |
#  Largest positions	
Security	%
Charles Schwab Corp	US	3.25
Oracle Corp	US	3.11
Exxon Mobil Corp	US	2.78
ConocoPhillips	US	2.43
Thales SA	FR	2.41
Total13.98

Translation (ENFR, 2022-08-31):
#  Les plus grandes positions	
Titre	%
Charles Schwab Corp	US	3.25
Oracle Corp	US	3.11
Exxon Mobil Corp	US	2.78
ConocoPhillips	US	2.43
Thales SA	FR	2.41
Total13.98