# DORVAL CONVICTIONS
I Share (EUR) - Acc
FLEXIBLE STRATEGY
DEFINITIONS	

#### Monthly report as at 30 September 2022

#### Active position: Position taken by the fund manager based on his/her conviction on the stock, creating both exposure and risk.
Active share: Active share measures the difference in breakdown of an equity portfolio as compared to its benchmark. We calculate: the sum of the absolute values of differences in weighting between the fund and the reference indicator, divided by two.
Alpha: Coefficient used to measure a fund’s additional positive or negative performance as compared to levels its market risk – as measured by its reference indicator – would justify. We calculate: Alpha = Fund average (MoyenneFonds) - (Reference indicator average (MoyenneIndice) * Beta).
Beta: Measure of a fund’s sensitivity to market movements (represented by its reference indicator). A beta higher than 1 indicates that the fund amplifies the trends of its reference market on the upside as well as on the downside. Conversely, a beta lower than 1 means that the fund tends to react less to movements in its reference market. We calculate: Beta = Fund-reference indicator covariance (CovarianceFondsIndice) / Reference indicator variance (VarianceIndice);
- Fund-reference indicator covariance (CovarianceFondsIndice): covariance for weekly fund and reference indicator performances
- Reference indicator variance (VarianceIndice): variance in the reference indicator’s weekly performances
- Fund average (MoyenneFonds), Reference indicator average (MoyenneIndice): average of weekly performances for fund and reference indicator.


#### Crisis period: The subprime crisis (2007/08) followed by the European debt crisis (2011/12) meant great caution was required.

#### Cycle maturity: After years of economic recovery and stock-market rerating, upside decreases and the risk of disappointment increases.

#### Draghi’s reflation policy: Mario Draghi’s statement in July 2012 put an end to the European debt crisis and marked the start of massive long-term monetary stimulus.

#### DNR: Net dividends reinvested
The €STR (European Short Term Rate) is a new money market benchmark, calculated and published by its administrator, the European Central Bank (ECB), which has been gradually replacing another short-term rate, the EONIA, since 2 October 2019. The €STR is the market benchmark interbank interest rate in the eurozone. It is calculated every day using data collected from several European banks. Further information on the benchmark index is available on its administrator’s website: www.ecb.europa.eu.

#### Euro Stoxx 50 basket: Companies in the Euro Stoxx 50 index, which is made up of the 50 largest companies in the euro area.

#### Flexible fund: Financial product for which the allocation between asset classes varies over time in order to adapt to new market configurations.

#### Gain frequency: Ratio of the number of positive observations to the total number of observations since fund inception.

#### Gross equity investment rate: The gross equity investment rate is the percentage of assets invested in equities as a proportion of the fund’s total assets.

#### Gross exposure: Fund’s direct ownership of shares or bonds issued by a listed (or unlisted) company or sovereign bonds.
Information ratio: The information ratio measures the fund’s relative performance adjusted for each point of volatility compared to its reference indicator. We calculate: Information ratio (RatioInfo) = Average difference (MoyenneDiff) / Average standard deviation (StdDevDiff);
- Average difference (MoyenneDiff): The average of the performance differences between the fund and the reference indicator
- Average standard deviation (MoyenneStdDev): The standard deviation of performance differences between the fund and the reference indicatorMaximum performance: Maximum gain historically recorded by the fund.


#### Maximum drawdown: Maximum loss historically recorded by the fund.

#### Net equity exposure rate: The net equity exposure rate is the percentage of assets invested in equities, adjusted for derivatives strategies as a proportion of the fund’s total assets.

#### Recovery period: Time expressed in number of days the fund takes to exceed the highest net asset value over the indicated period.

#### Risks: Risk data are calculated over a given timeframe based on weekly performances.
Sharpe ratio: Indicator of a fund’s outperformance relative to a risk-free rate, divided by the risk taken (fund volatility). The Sharpe ratio measures the marginal performance per unit of risk. The higher the ratio, the higher the fund’s risk-adjusted yield. We calculate: Information ratio (RatioInfo) = (Annualised fund performance (PerfsFondsAnnualise) - Risk-free rate (TauxSansRisque)) / (Fund standard deviation (FondsStdDev) * Sqrt (52));
- Annualised fund performance (PerfFondsAnnualise): the fund’s annualised performance over the investment period
- Risk-free rate (TauxSansRisque): the annualised €STER performance over the investment period
- Fund standard deviation (FondsStdDev): the fund’s performance standard deviation.

Volatility: Amplitude in the variation of a financial instrument over a given time period. High volatility means that the share price varies significantly and therefore that the risk associated with the share is high.

#### DEFINITIONS OF SRI STRATEGIES (ESG REPORTING)
Best-in-Universe: The best-in-universe approach focuses on companies carrying the highest non-financial scores, independently of their business sector. Sectors that are broadly deemed to be most virtuous will be more heavily represented, so this approach can lead to sector bias, which we fully recognize.
Engagement: Our engagement strategy comprises both individual shareholder engagement – exercising our voting rights, conducting direct and constructive dialogue with companies as part of a relationship established over the long term – and collaborative shareholder engagement via various influential financial market bodies: these policies are rolled out to encourage companies and/or policymakers to take on board non-financial criteria.

#### Exclusion: Our exclusion strategy covers both sector exclusion – ruling out sectors deemed to be harmful to society – and exclusion based on compliance with standards, whereby we

#### exclude companies that do not comply with the United Nations Global Compact and companies subject to controversies that we feel are incompatible with our values.
Integration: Environmental, social and governance criteria (ESG) are directly integrated or embedded in the fund management process via an ESG score developed for each stock in the investment universe. The ESG score is used both to ascertain the eligible investment universe and as a building block for the portfolio construction and management process.
SRI Label: Created by the French Ministry of Finance, this public label aims at giving Sustainable Responsible Investment (SRI) management an extra visibility with savers. To obtain the SRI Label, the certification body conducts an audit to ensure the funds meet a set of labelling criteria. For further information on the methodology, visit www.lelabelisr.fr. References to rankings, labels, awards or ratings are not an indicator of the future performance of the fund or the investment manager.

#### OUTPERFORMANCE FEE

#### The Management Company ensures that over a performance period of 5 years maximum, any underperformance of the UCITS compared to the benchmark index is compensated before performance fees become due.

Translation (ENIT, 2022-09-30):
# DORVAL CONVICTIONS
Quota I (EUR) - Acc
GESTIONE FLESSIBILE
STORICO DELLA PERFORMANCE NETTA DAL LANCIO (%)	

#### Report mensile al 30 settembre 2022
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. Dal 31/12/2021, l’indice di riferimento costituito al 50% dall'€STR capitalizatto e al 50% dall'indice Euro Stoxx 50 NR (EUR).

## ESPOSIZIONE MENSILE DAL LANCIO
Il grafico illustra l’esposizione azionaria mensile del fondo dalla data di lancio suddividendola in 5 periodi (scala di destra): crisi finanziaria 

#### 180 
(2008-2011), reflazione all’epoca di Mario Draghi (dal 2012 al T3 2017), maturità del ciclo economico (dal T4 2017 a marzo 2020), la pandemia
di Covid-19 (da aprile a dicembre 2020), la ripresa post-Covid (2021). 

#### 160
La scala di sinistra mostra la perfomance del fondo, quella dell’indicatore di performance e la performance dei mercati azionari 

#### 140 
europei rappresentata dall’Euro Stoxx 50 DNR. Dopo aver toccato
un’esposizione azionaria minima (0%) in concomitanza con il fallimento
di Lehman Brothers e la crisi dell’euro nell’estate 2011, Dorval 

#### 120
Convictions è stato comunque investito al 100% a più riprese a inizio

#### 100

#### 80

#### 60
2017.
Esposizione azionaria
Crisi finanziaria
Reflazione all’epoca di Mario Draghi

#### 100	40

#### 80

#### 20
Maturità del ciclo economico Pandemia di Covid-19
Ripresa dell'economia post-Covid
Performance DORVAL CONVICTIONS Quota I 
Performance Indice 

#### 60
Performance EuroStoxx 50 NR 
Performance nette cumulative
|  | 1 mese | 3 mes | 6 mesi | YTD | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |  | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo - Quota I | -3.86% | -4.48% | -9.62% | -13.83% | -10.01% | -2.57% | -15.75% | 37.23% | 50.90% |  | -0.86% | -3.37% | 3.22% | 2.95% |
| Indice | -2.76% | -1.77% | -6.66% | -10.74% | -7.87% | 1.14% | 3.59% | 36.61% | 25.36% |  | 0.38% | 0.71% | 3.17% | 1.61% |
| Differenza | -1.10% | -2.71% | -2.95% | -3.10% | -2.14% | -3.71% | -19.33% | 0.62% | 25.54% |  | -1.24% | -4.08% | 0.05% | 1.34% |
| Performance nette 12 mesi |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 - YTD | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Fondo - Quota I | -13.83% | 12.77% | 0.75% | 0.67% | -14.64% | 14.55% | 3.16% | 10.09% | 3.41% | 16.53% | 11.51% | -8.88% |
| Indice | -10.74% | 11.10% | -0.54% | 13.24% | -6.16% | 4.43% | 2.29% | 3.80% | 2.41% | 10.65% | 7.38% | -7.56% |
| Differenza | -3.10% | 1.66% | 1.29% | -12.57% | -8.48% | 10.12% | 0.86% | 6.28% | 1.00% | 5.88% | 4.13% | -1.32% |


#### i
Performance nette annualizzate