OVHaiLLM/Flipper huggingface dataset:
#  Largest positions
Security	Interest rate	%
| Change of name: Julius Baer Fixed Income Global High Investment Grade, as of 06.07.2018 Julius |  | R 2 1/2 09/01/24 | 2.500% | USD | 1.23 |
| --- | --- | --- | --- | --- | --- |
| Baer Fixed Income Investment Grade Corporate (USD). |  | BACR 6 1/8 PERP | 6.125% | USD | 1.07 |
| Past performance is not an indicator of current or future trends. The performance |  | SHBASS 4 3/8 PERP | 4.375% | USD | 1.05 |
| costs incurred on issue, redemption or swapping (e.g. transaction and custody costs |  | KHC 3 06/01/26 | 3.000% | USD | 1.01 |
| of the investor). The indications are based on figures denominated in USD. If this |  | ANZ 2.95 07/22/30 | 2.950% | USD | 1.00 |
| 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. |  | GS 2.64 02/24/28 T 1 5/8 05/15/31 | 2.640% 1.625% | USD USD | 1.00 0.99 |
| Statistics	 |  | ZURNVX 3 1/2 05/02/52 | 3.500% | USD | 0.97 |
| Volatility fund/benchmark (%)	4.53 / 5.101 Tracking Error (%)0.871 |  | T 1 1/4 05/31/28 | 1.250% | USD | 0.97 |
| Information ratio/Sharpe ratio	-0.91 / 0.591 Correlation0.991 |  | EQIX 1.45 05/15/26 | 1.450% | USD | 0.96 |
| Jensen Alpha/Beta	-0.39 / 0.881 |  | Total |  |  | 10.25 |

values refer to the net asset value and are calculated without the commission and

Translation (ENFR, 2022-01-31):
#  Les plus grandes positions
| Fonds | -2.62 | 4.69 | 8.97 | 3.95 | 1.99 | Titre | Taux d'intér. |  | % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BM | -2.31 | 5.73 | 10.04 | 3.04 | n.a. | R 2 1/2 09/01/24 | 2.500% | USD | 1.23 |
|  |  |  |  |  |  | BACR 6 1/8 PERP | 6.125% | USD | 1.07 |

| SHBASS 4 3/8 PERP | 4.375% | USD | 1.05 |
| --- | --- | --- | --- |
| KHC 3 06/01/26 | 3.000% | USD | 1.01 |
| ANZ 2.95 07/22/30 | 2.950% | USD | 1.00 |
| GS 2.64 02/24/28 | 2.640% | USD | 1.00 |

Changement de nom: Julius Baer Fixed Income Global High Investment Grade, au 06.07.2018 Julius Baer Fixed Income Investment Grade Corporate (USD).
| Les indications reposent sur des chiffres libellés en USD. Si cette devise diffère de | T 1 5/8 05/15/31 | 1.625% | USD | 0.99 |
| --- | --- | --- | --- | --- |
| celle du pays où réside l’investisseur, le rendement est susceptible d’augmenter ou | ZURNVX 3 1/2 05/02/52 | 3.500% | USD | 0.97 |
| de diminuer sous l’effet des fluctuations monétaires. | T 1 1/4 05/31/28 | 1.250% | USD | 0.97 |
| Statistique	 | EQIX 1.45 05/15/26 | 1.450% | USD | 0.96 |
| Volatilité fonds/benchmark (%)	4.53 / 5.101 Tracking Error (%)0.871 | Total |  |  | 10.25 |

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.
| Information ratio/Sharpe ratio | -0.91 / 0.591 |  | Corrélation | 0.991 |
| --- | --- | --- | --- | --- |
| Jensen Alpha/Beta | -0.39 / 0.881 |  |  |  |
#  Largest positions
| Security | Interest rate |  | % |
| --- | --- | --- | --- |
| Sika AG | 0.150% | CH | 7.44 |
| Chugoku Electric Power Co Inc | 0.000% | JP | 6.23 |
| EMCore Convertible Japan |  | AT | 6.19 |
| BP Capital Markets Plc | 1.000% | GB | 4.93 |
| Booking Holdings Inc | 0.900% | US | 4.52 |
| Snam SpA | 0.000% | IT | 4.52 |
| PXD 0 1/4 05/15/25 | 0.250% | US | 4.40 |
| Vinci SA | 0.375% | FR | 4.11 |
| AMSSM 1 1/2 04/09/25 | 1.500% | ES | 3.77 |
| 3BG EMCore Convertibles Global |  | AT | 3.70 |
| Total |  |  | 49.81 |

The performance data for the period prior since 31.07.2008 corresponds to the performance data for the GAM Multibond - Global Convert Bond USD, a fund with the same investment objectives and the same investment policy, and which was merged with the fund on 18.01.2018. The fund itself was launched upon this merger and did not have any previous performance history.
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, 2020-08-31):
#  Les plus grandes positions
| Titre | Taux d'intér. |  | % |
| --- | --- | --- | --- |
| Multibond - Global Convert Bond USD, qui a été fusionné avec le Fonds le 18.01.2018, et avec | Sika AG | 0.150% | CH | 7.44 |
| lequel il partageait les mêmes objectifs et la même politique d'investissement. Cette fusion marque par ailleurs le lancement du Fonds, qui ne dispose donc d'aucun historique de performance | Chugoku Electric Power Co Inc | 0.000% | JP | 6.23 |
| antérieur. | EMCore Convertible Japan |  | AT | 6.19 |
| La performance passée ne préjuge pas des résultats présents ou futurs. Les chiffres | BP Capital Markets Plc | 1.000% | GB | 4.93 |
| 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 | Booking Holdings Inc | 0.900% | US | 4.52 |
| par l'investisseur) facturés lors de l'émission, du rachat ou de l'échange des parts. | Snam SpA | 0.000% | IT | 4.52 |
| 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. | PXD 0 1/4 05/15/25 Vinci SA | 0.250% 0.375% | US FR | 4.40 4.11 |

Les données de performance à partir du 31.07.2008 correspondent à celles du fonds GAM
| AMSSM 1 1/2 04/09/25 | 1.500% | ES | 3.77 |
| --- | --- | --- | --- |
| 3BG EMCore Convertibles Global |  | AT | 3.70 |
| Total |  |  | 49.81 |
#  Structure by sector
Financial Energy
Basic Materials Government
Consumer, Non-Cyclical
Liquidity Utilities Communications
|  |
| --- |
|  | 95.1% |
|  |
|  | 3.8% |
|  |

Translation (ENFR, 2021-07-31):
#  Répartition par secteur
Finance Energie
Matériaux de base
Etat Consommation non cyclique
Liquidité Services aux collectivités
Communications
|  |
| --- |
|  | 95.1% |
|  |
|  | 3.8% |
|  |
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -7.74 | 0.67 | 1.14 | -3.86 | -8.94 | -2.81 | -1.22 | n.a.  -0.87 |
| BM | -10.58 | -3.76 | -2.98 | -7.44 | -11.58 | -3.52 | -1.00 | n.a.  -0.97 |
| 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 | -8.94 | 2.57 | -1.71 | 4.93 | -2.37 |
| BM | -11.58 | 2.43 | -0.83 | 5.64 | 0.21 |

Translation (ENFR, 2022-08-31):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -7.74 | 0.67 | 1.14 | -3.86 | -8.94 | -2.81 | -1.22 | n.a.  -0.87 |
| BM | -10.58 | -3.76 | -2.98 | -7.44 | -11.58 | -3.52 | -1.00 | n.a.  -0.97 |
| 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 | -8.94 | 2.57 | -1.71 | 4.93 | -2.37 |
| BM | -11.58 | 2.43 | -0.83 | 5.64 | 0.21 |
|  |  |  |
| --- | --- | --- |
| USD HKD |  | 15.3% |
| EUR | 4.1% |  |
| CHF | 1.6% |  |
| AUD | 1.2% |  |
| NZD | 0.8% |  |

Translation (ENFR, 2021-06-30):
|  |  |  |
| --- | --- | --- |
| USD HKD |  | 15.3% |
| EUR | 4.1% |  |
| CHF | 1.6% |  |
| AUD | 1.2% |  |
| NZD | 0.8% |  |
#  Statistics	
 Volatility fund/benchmark (%)	17.34 / 17.951 Tracking Error (%)	5.851
 Information ratio/Sharpe ratio	-0.04 / 0.751 Correlation	0.951
 Jensen Alpha/Beta	0.94 / 0.911

Translation (ENFR, 2021-06-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	17.34 / 17.951 Tracking Error (%)	5.851
 Information ratio/Sharpe ratio	-0.04 / 0.751 Corrélation	0.951
 Jensen Alpha/Beta	0.94 / 0.911
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	18.62 / 16.991 Tracking Error (%)	7.591
 Information ratio/Sharpe ratio	-0.14 / 0.621 Correlation	0.911
 Jensen Alpha/Beta	-0.84 / 1.001
1 
computed over 3 years

Translation (ENFR, 2022-08-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	18.62 / 16.991 Tracking Error (%)	7.591
 Information ratio/Sharpe ratio	-0.14 / 0.621 Corrélation	0.911
 Jensen Alpha/Beta	-0.84 / 1.001
1 
calculé sur 3 ans
#  Largest positions	
Security	%
GLG Global Em Mkt Debt	USD	9.24
Jupiter JGF - Dynamic Bond	USD	7.77
Muzinich Em Mkts Short Dur	USD	7.47
DWS INVEST-ASIA BONDS-USDXC	USD	7.41
Pimco Income Fund	USD	6.92
LM BRANDYWN GL INC OPT-SUA	USD	6.83
LM West Asset Macr Opp	USD	6.60
AB FCP I - American Inc	USD	6.55

Translation (ENFR, 2022-09-30):
#  Les plus grandes positions	
Titre	%
GLG Global Em Mkt Debt	USD	9.24
Jupiter JGF - Dynamic Bond	USD	7.77
Muzinich Em Mkts Short Dur	USD	7.47
DWS INVEST-ASIA BONDS-USDXC	USD	7.41
Pimco Income Fund	USD	6.92
LM BRANDYWN GL INC OPT-SUA	USD	6.83
LM West Asset Macr Opp	USD	6.60
AB FCP I - American Inc	USD	6.55
#  Statistics
Volatility fund/benchmark (%)	16.36 / 17.971 Tracking Error (%)	7.221
 Information ratio/Sharpe ratio	-0.07 / 0.391 Correlation	0.921
 Jensen Alpha/Beta	0.65 / 0.831
ConocoPhillips	US	2.52
Thales SA	FR	2.47
Total13.92

Translation (ENFR, 2022-09-30):
#  Statistique
Volatilité fonds/benchmark (%)	16.36 / 17.971 Tracking Error (%)	7.221
 Information ratio/Sharpe ratio	-0.07 / 0.391 Corrélation	0.921
 Jensen Alpha/Beta	0.65 / 0.831
| ConocoPhillips | US | 2.52 |
| --- | --- | --- |
| Thales SA | FR | 2.47 |
| Total |  | 13.92 |
#  Statistics	
 Volatility fund/benchmark (%)	8.65 / 8.001 Tracking Error (%)	2.931
 Information ratio/Sharpe ratio	-0.63 / -0.281 Correlation	0.941
 Jensen Alpha/Beta	-1.81 / 1.021

Translation (ENFR, 2022-08-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	8.65 / 8.001 Tracking Error (%)	2.931
 Information ratio/Sharpe ratio	-0.63 / -0.281 Corrélation	0.941
 Jensen Alpha/Beta	-1.81 / 1.021
#  Structure by currency
| EUR USD | 20.0% |
| --- | --- |
| CHF |  | 18.0% |
| DKK | 5.1% |  |
| SEK | 0.8% |  |
| GBP | 0.1% |  |
| NOK | 0.03% |  |

55.9%
Volatility fund/benchmark (%)	11.62 / 5.631 Information	0.49 /
ratio/Sharpe ratio	0.061
1 
computed over 3 years

Translation (ENFR, 2022-09-30):
#  Répartition par devises
| 30% récession, inflation persistante, stagflation/déflation ; 25% chocs exogènes ; 5% |  |
| --- | --- |
| soft landing. | EUR USD |  | 20.0% | 55.9% |
| Statistique	 | CHF |  | 18.0% |  |
| Volatilité fonds/benchmark (%)	11.62 / 5.631 Information	0.49 / | DKK | 5.1% |  |  |
| ratio/Sharpe ratio	0.061 | SEK | 0.8% |  |  |

1 
calculé sur 3 ans
#  Largest positions
| Security | Interest rate |  | % |
| --- | --- | --- | --- |
| B 07/15/21 | 0.000% | US | 1.74 |
| B 08/26/21 | 0.000% | US | 1.74 |
| B 09/02/21 | 0.000% | US | 1.74 |
| TLWLN 6 5/8 07/12/21 | 6.625% | JE | 1.34 |
| T 1 1/4 05/15/50 | 1.250% | US | 1.19 |
| OCPMR 6 7/8 04/25/44 | 6.875% | MA | 0.92 |

Structure by sector	
1 
computed over 3 years

Translation (ENFR, 2021-06-30):
#  Les plus grandes positions
| Volatilité fonds/benchmark (%) | 7.18 / 8.161 |  | Tracking Error (%) | 2.511 |  | T 1 1/4 05/15/50 | 1.250% | US | 1.19 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Information ratio/Sharpe ratio | 0.80 / 0.931 |  | Corrélation | 0.951 |  | OCPMR 6 7/8 04/25/44 | 6.875% | MA | 0.92 |
| Jensen Alpha/Beta | 2.74 / 0.841 |  |  |  |  |  |  |  |  |

Statistique	
TLWLN 6 5/8 07/12/21	6.625%	JE	1.34
Durée résiduelle en années	6.19 Duration modifiée4.01
Rend. à l'échéance (nominal) (%)3.85
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 | -26.69 | 4.44 | -11.14 | -12.57 | -25.21 | 4.44 | n.a. | n.a.	1.94 |
| BM | -18.19 | 5.93 | -6.21 | -7.44 | -16.73 | 5.29 | n.a. | n.a.	4.47 |
| Rolling | 31.10.2021 | 31.10.2020 | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| perf. | - 31.10.2022 | - 31.10.2021 | - 31.10.2020 | - 31.10.2019 | - 31.10.2018 |
| Fund | -25.21 | 33.96 | 13.69 | 3.66 | n.a. |
| BM | -16.73 | 36.09 | 2.99 | 10.16 | n.a. |

Translation (ENFR, 2022-10-31):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -26.69 | 4.44 | -11.14 | -12.57 | -25.21 | 4.44 | n.a. | n.a.	1.94 |
| BM | -18.19 | 5.93 | -6.21 | -7.44 | -16.73 | 5.29 | n.a. | n.a.	4.47 |
| Perf. | 31.10.2021 | 31.10.2020 | 31.10.2019 | 31.10.2018 | 31.10.2017 |
| glissante | - 31.10.2022 | - 31.10.2021 | - 31.10.2020 | - 31.10.2019 | - 31.10.2018 |
| Fonds | -25.21 | 33.96 | 13.69 | 3.66 | n.a. |
| BM | -16.73 | 36.09 | 2.99 | 10.16 | n.a. |
#  Statistics
Volatility fund/benchmark (%)	19.32 / 17.821 Tracking Error (%)	7.491
 Information ratio/Sharpe ratio	-0.16 / 0.511 Correlation	0.921
 Jensen Alpha/Beta	-0.94 / 1.001
1 
computed over 3 years

Translation (ENFR, 2022-10-31):
#  Statistique
Volatilité fonds/benchmark (%)	19.32 / 17.821 Tracking Error (%)	7.491
 Information ratio/Sharpe ratio	-0.16 / 0.511 Corrélation	0.921
 Jensen Alpha/Beta	-0.94 / 1.001
Alphabet Inc A	US	4.50
Visa Inc	US	4.24
Johnson & Johnson	US	3.15
Roche Holding GS	CH	2.95
Walmart Inc	US	2.79
Honeywell Int Inc	US	2.73
Nvidia Corp	US	2.29
Total39.08
1 
calculé sur 3 ans
|  |
| --- |
|  | 114.9% |
| 1.5% 0.4% 0.4% 0.4% 0.3% 0.05% 0.04% |

Translation (ENFR, 2022-10-31):
|  |
| --- |
|  | 114.9% |
| 1.5% 0.4% 0.4% 0.4% 0.3% 0.05% 0.04% |
#  Largest positions
|  | p.a. | p.a. | p.a. launch p.a. |
| --- | --- | --- | --- |
| Fund | -17.60 | -3.00 | -6.19 | -11.22 | -18.94 | -2.59 | -0.04 | 3.04	3.56 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 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 | -18.94 | 8.76 | 4.86 | 9.62 | -1.49 |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. |

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, 2022-08-31):
#  Les plus grandes positions
Titre	Taux d'intér.	%
| en %en | YTD | 1M | 3M | 6M | 1A | 3A | 5A | 10A | dès | Banco Santander SA | 4.750% | EUR | 7.19 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | p.a. | p.a. | p.a. | début, | HSBC Holdings Plc | 4.750% | EUR | 6.16 |
|  |  |  | p.a. | CMZB 6 1/8 PERP | 6.125% | EUR | 5.25 |

| Fonds | -17.60 | -3.00 | -6.19 | -11.22 | -18.94 | -2.59 | -0.04 | 3.04	3.56 | UBS 4 7/8 PERP | 4.875% | USD | 4.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BM | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | DB 4 5/8 PERP | 4.625% | EUR | 4.21 |

Perf. glissante
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 1/2 PERP	4.500%	EUR	4.12
USIMIT 6 3/8 PERP	6.375%	EUR	3.78
Fonds	-18.94	8.76	4.86	9.62	-1.49
BM	n.a.	n.a.	n.a.	n.a.	n.a.
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 (%)	10.86 / 10.621 Tracking Error (%)	7.011
 Information ratio/Sharpe ratio	-0.51 / 0.281 Correlation	0.791
 Jensen Alpha/Beta	-2.16 / 0.811
1 
computed over 3 years

Translation (ENFR, 2022-08-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	10.86 / 10.621 Tracking Error (%)	7.011
 Information ratio/Sharpe ratio	-0.51 / 0.281 Corrélation	0.791
 Jensen Alpha/Beta	-2.16 / 0.811
1 
calculé sur 3 ans
#  Structure by investment type
|  |
| --- |
|  | 60.1% |
|  |
|  | 18.8% |
|  |
|  | 17.7% |
| 1.1% 1.1% 1.1% |

Equities Bonds Liquidity
Convertible Bonds Floating Rate Notes Unclassified Derivatives

Translation (ENFR, 2020-06-30):
#  Répartition par instruments d'investissement
|  |
| --- |
|  | 60.1% |
|  |
|  | 18.8% |
|  |
|  | 17.7% |
| 1.1% 1.1% 1.1% |

Actions Obligations Liquidité
Obligations convertibles Floating Rate Notes Dérivés non classifiés
#  Structure by currency
|  |  |  |  |  |
| --- | --- | --- | --- | --- |
| EUR USD |  |  | 27.5% | 48.3% |
| CHF |  | 16.7% |  |  |
| GBP | 2.9% |  |  |  |
| DKK | 2.6% |  |  |  |
| CNY | 1.2% |  |  |  |
| SEK | 0.7% |  |  |  |

Volatility fund/benchmark (%)	9.35 / 3.751 Information	-0.25 /
ratio/Sharpe ratio	0.201
1 
computed over 3 years

Translation (ENFR, 2020-06-30):
#  Répartition par devises
EUR USD
Volatilité fonds/benchmark (%)	9.35 / 3.751 Information
-0.25 /
CHF
ratio/Sharpe ratio	0.201
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	10.46 / 11.871 Tracking Error (%)	7.291
 Information ratio/Sharpe ratio	0.81 / 0.891 Correlation	0.791
 Jensen Alpha/Beta	7.06 / 0.701
1 
computed over 3 years

Translation (ENFR, 2023-02-28):
#  Statistique	
 Volatilité fonds/benchmark (%)	10.46 / 11.871 Tracking Error (%)	7.291
 Information ratio/Sharpe ratio	0.81 / 0.891 Corrélation	0.791
 Jensen Alpha/Beta	7.06 / 0.701
1 
calculé sur 3 ans
#  Structure by sector	
Industrials Consumer Discretionary
Utilities Materials Telecommunication Services
Financials Consumer Staples Information Technology
Energy Health Care

Translation (ENFR, 2023-02-28):
#  Répartition par secteur	
Industrie Consommation Discrétionnaire Services aux Collectivités
Matériels Télécommunications
Finance Biens de Consommation de Base Technologies de l'Information
Énergie Santé
#  Comments	
Market review
The tightening of financial conditions, induced by the latest rate hike together with geopolitical uncertainty', has had a direct impact on the deterioration of activity. The upcoming third quarter results season should also mark a setback for companies after the positive surprise of the second quarter. The exit from the top will pass through the 'dovish pivot' of central banks or through attractive valuations of stock markets.
Performance contribution and portfolio changes
We continue to take advantage of increased volatility to optimise the portfolio.
Outlook and strategy
Apart from an improbable reversal on the geopolitical scene in the short-term, the macroeconomic context should remain fairly deteriorated with central banks which will not weaken in their monetary tightening, despite the growing risks of a hard landing in growth. Therefore, we adapt our macroeconomic scenarios as follow: 40% temporary recession, diminishing inflation; 30% recession, persistant inflation, stagflation/deflation; 25% exogenous shocks; 5% soft landing.

Translation (ENFR, 2022-09-30):
#  Commentaires	
Situation du marché
Le durcissement des conditions financières a eu un impact direct sur la détérioration de l'activité. La prochaine saison des résultats du troisième trimestre devrait également marquer un recul pour les entreprises après la bonne surprise du deuxième trimestre. La sortie par le haut passera par le " pivot dovish " des banques centrales ou par les valorisations attractives des marchés boursiers.
Contribution à la performance et modifications du portefeuille
Nous continuons à profiter de la volatilité accrue pour optimiser le portefeuille.
Perspective et stratégie
Hormis un improbable retournement de la scène géopolitique à court terme, le contexte macroéconomique devrait rester assez dégradé avec des banques centrales qui ne faibliront pas dans leur resserrement monétaire, malgré les risques croissants de hard landing de la croissance. Nous adaptons donc nos scénarios macroéconomiques comme suit : 40% récession temporaire, inflation décroissante ; 30% récession, inflation persistante, stagflation/déflation ; 25% chocs exogènes ; 5% soft landing.
#  Statistics	
 Volatility fund/benchmark (%)	16.61 / 17.361 Tracking Error (%)	5.821
 Information ratio/Sharpe ratio	0.57 / 1.021 Correlation	0.941
 Jensen Alpha/Beta	4.77 / 0.901
1 
computed over 3 years

Translation (ENFR, 2021-06-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	16.61 / 17.361 Tracking Error (%)	5.821
 Information ratio/Sharpe ratio	0.57 / 1.021 Corrélation	0.941
 Jensen Alpha/Beta	4.77 / 0.901
1 
calculé sur 3 ans
|  |
| --- |
|  | 79.8% |
|  |
|  | 6.9% |
|  |
|  | 5.6% |
|  |
|  | 5.4% |
| 2.2% 0.1% |

Translation (ENFR, 2022-07-31):
|  |
| --- |
|  | 79.8% |
|  |
|  | 6.9% |
|  |
|  | 5.6% |
|  |
|  | 5.4% |
| 2.2% 0.1% |
|  |
| --- |
|  | 139.6% |
| 2.2% 0.7% 0.6% 0.6% 0.4% 0.05% 0.02% |

Translation (ENFR, 2022-06-30):
|  |
| --- |
|  | 139.6% |
| 2.2% 0.7% 0.6% 0.6% 0.4% 0.05% 0.02% |
#  Structure by sector	
Health Care Financials
Information Technology Consumer Staples
Materials Energy
Consumer Discretionary
Industrials

Translation (ENFR, 2022-04-30):
#  Répartition par secteur	
Santé Finance
Technologies de l'Information Biens de Consommation de Base
Matériels Énergie
Consommation Discrétionnaire
Industrie
#  Largest positions
| of the investor). The indications are based on figures denominated in EUR. If this |  | Security | Interest rate |  | % |
| --- | --- | --- | --- | --- | --- |
| 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. |  | ARBANK 6 1/2 01/28/25 EBIUH 6 1/8 PERP | 6.500% 6.125% | USD USD | 0.94 0.66 |
| Statistics	 |  | BRASKM 8 1/2 01/23/81 | 8.500% | USD | 0.65 |
| Volatility fund/benchmark (%)	7.18 / 7.991 Tracking Error (%)2.821 |  | Banco Hipotecario SA | 9.750% | USD | 0.63 |
| Information ratio/Sharpe ratio	0.13 / 0.491 Correlation0.941 |  | Credito Real SAB de CV Sofom | 5.000% | EUR | 0.59 |
| Jensen Alpha/Beta	0.85 / 0.841 |  | PPF Arena 1 BV | 3.125% | EUR | 0.57 |
| Average maturity in years	5.93 Modified Duration4.00 |  | Black Sea Trade & Dev Bk | 4.875% | USD | 0.56 |
| Yield to Maturity (nominal) (%)4.43 |  | MHP Lux SA | 6.250% | USD | 0.55 |

1 
computed over 3 years

Translation (ENFR, 2020-08-31):
#  Les plus grandes positions
| Titre | Taux d'intér. |  | % |
| --- | --- | --- | --- |
| ARBANK 6 1/2 01/28/25 | 6.500% | USD | 0.94 |
| EBIUH 6 1/8 PERP | 6.125% | USD | 0.66 |
| BRASKM 8 1/2 01/23/81 | 8.500% | USD | 0.65 |
| Banco Hipotecario SA | 9.750% | USD | 0.63 |
| Credito Real SAB de CV Sofom | 5.000% | EUR | 0.59 |
| PPF Arena 1 BV | 3.125% | EUR | 0.57 |
| Black Sea Trade & Dev Bk | 4.875% | USD | 0.56 |
| MHP Lux SA | 6.250% | USD | 0.55 |

Répartition par secteur	
1 
calculé sur 3 ans