OVHaiLLM/Flipper huggingface dataset:
#  Largest positions
| Security |  | % |
| --- | --- | --- |
| Roche Holding GS | CH | 2.17 |
| Nestlé SA | CH | 1.99 |
| Novartis AG | CH | 1.64 |
| LVMH Moet Hennessy SA | FR | 1.61 |
| L Oréal SA | FR | 1.59 |
| Novo Nordisk A/S | DK | 1.37 |
| ABB Ltd | CH | 1.31 |
| Deutsche Post AG | DE | 1.25 |
| Bouygues SA | FR | 1.23 |
| Sanofi Synthelabo | FR | 1.22 |

Structure by investment type	
|  |
| --- |
|  | 60.8% |
|  |
|  | 18.7% |
|  |
|  | 18.1% |
| 1.0% 0.7% 0.7% |

Equities Liquidity Bonds
Floating Rate Notes Unclassified Derivatives Convertible Bonds

Translation (ENFR, 2020-08-31):
#  Les plus grandes positions
| Titre |  | % |
| --- | --- | --- |
| Roche Holding GS | CH | 2.17 |
| Nestlé SA | CH | 1.99 |
| Novartis AG | CH | 1.64 |
| LVMH Moet Hennessy SA | FR | 1.61 |
| L Oréal SA | FR | 1.59 |
| Novo Nordisk A/S | DK | 1.37 |
| ABB Ltd | CH | 1.31 |
| Deutsche Post AG | DE | 1.25 |
| Bouygues SA | FR | 1.23 |
| Sanofi Synthelabo | FR | 1.22 |

Répartition par instruments d'investissement	
|  |
| --- |
|  | 60.8% |
|  |
|  | 18.7% |
|  |
|  | 18.1% |
| 1.0% 0.7% 0.7% |

Actions Liquidité Obligations
Floating Rate Notes Dérivés non classifiés Obligations convertibles
|  |
| --- |
|  | 60.8% |
|  |
|  | 18.7% |
|  |
|  | 18.1% |
| 1.0% 0.7% 0.7% |

Translation (ENFR, 2020-08-31):
|  |
| --- |
|  | 60.8% |
|  |
|  | 18.7% |
|  |
|  | 18.1% |
| 1.0% 0.7% 0.7% |
#  Statistics
Volatility fund/benc Information ratio/Sh Jensen Alpha/Beta
Average maturity in years	4.93 Modified Duration4.73
Yield to Maturity (nominal) (%)0.49
1 
computed over 3 years

Translation (ENFR, 2021-07-31):
#  Statistique
Volatilité fonds/benchmark (%)	5.08 / 4.471 Tracking Error (%)0.771
Information ratio/Sharpe ratio	-0.73 / 0.471 Corrélation1.001
Jensen Alpha/Beta	-0.94 / 1.131
Durée résiduelle en années	4.93 Duration modifiée4.73
Rend. à l'échéance (nominal) (%)0.49
1 
calculé sur 3 ans
#  Statistics	
L Oréal SA	FR	1.59
Novo Nordisk A/S	DK	1.37
ABB Ltd	CH	1.31
Deutsche Post AG	DE	1.25
Bouygues SA	FR	1.23
Sanofi Synthelabo	FR	1.22

Translation (ENFR, 2020-08-31):
#  Statistique	
L Oréal SA	FR	1.59
Novo Nordisk A/S	DK	1.37
ABB Ltd	CH	1.31
Deutsche Post AG	DE	1.25
Bouygues SA	FR	1.23
Sanofi Synthelabo	FR	1.22
#  Statistics
Volatility fund/benchmark (%)	5.28 / 6.191 Tracking Error (%)	3.831
 Information ratio/Sharpe ratio	0.35 / -0.311 Correlation	0.791
 Jensen Alpha/Beta	0.38 / 0.671
1 
computed over 3 years

Translation (ENFR, 2022-07-31):
#  Statistique
Volatilité fonds/benchmark (%)	5.28 / 6.191 Tracking Error (%)	3.831
2 
S'applique uniquement dans le cas où aucune comm. d'émission n'a été prélevée.
#  Largest positions
Security	%
GLG Global Em Mkt Debt	USD	8.62
Jupiter JGF - Dynamic Bond	USD	7.68
Pimco Income Fund	USD	7.52
Muzinich Em Mkts Short Dur	USD	7.20
DWS INVEST-ASIA BONDS-USDXC	USD	6.98
LM West Asset Macr Opp	USD	6.83
LM BRANDYWN GL INC OPT-SUA	USD	6.74
AB FCP I - American Inc	USD	6.51
PRIN GL FIN UN EM FI-I3 USD	USD	5.88

Translation (ENFR, 2022-07-31):
#  Les plus grandes positions
Titre	%
GLG Global Em Mkt Debt	USD	8.62
Jupiter JGF - Dynamic Bond	USD	7.68
Pimco Income Fund	USD	7.52
Muzinich Em Mkts Short Dur	USD	7.20

## DWS INVEST-ASIA BONDS-USDXC	USD	6.98
LM West Asset Macr Opp	USD	6.83

## LM BRANDYWN GL INC OPT-SUA	USD	6.74
AB FCP I - American Inc	USD	6.51

## PRIN GL FIN UN EM FI-I3 USD	USD	5.88
 Information ratio/Sharpe ratio	0.35 / -0.311 Corrélation	0.791
 Jensen Alpha/Beta	0.38 / 0.671

## BREVAN HOWARD AB RT G-AM USD
USD	5.48
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 | -0.12 | -0.71 | -0.39 | 1.06 | 2.53 | 3.58 | n.a. | n.a.	2.52 |
| BM | -3.83 | -1.78 | -0.90 | 0.53 | -0.45 | 4.30 | n.a. | n.a.	2.81 |
| Rolling | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 |
| perf. | - 30.09.2021 | - 30.09.2020 | - 30.09.2019 | - 30.09.2018 | - 30.09.2017 |
| Fund | 2.53 | 3.52 | 4.71 | n.a. | n.a. |
| BM | -0.45 | 5.99 | 7.54 | n.a. | n.a. |

Translation (ENFR, 2021-09-30):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -0.12 | -0.71 | -0.39 | 1.06 | 2.53 | 3.58 | n.a. | n.a.	2.52 |
| BM | -3.83 | -1.78 | -0.90 | 0.53 | -0.45 | 4.30 | n.a. | n.a.	2.81 |
| Perf. | 30.09.2020 | 30.09.2019 | 30.09.2018 | 30.09.2017 | 30.09.2016 |
| glissante | - 30.09.2021 | - 30.09.2020 | - 30.09.2019 | - 30.09.2018 | - 30.09.2017 |
| Fonds | 2.53 | 3.52 | 4.71 | n.a. | n.a. |
| BM | -0.45 | 5.99 | 7.54 | n.a. | n.a. |
#  Base data		 NAV per share	EUR 107.55
Total fund assets	EUR 449.80 m
Base currency	USD
Available currencies	CHF, EUR, SGD
Currency hedging	hedged against base currency Share class	Ch (accumulation)
Bloomberg Ticker	JBDACHE LX Security code ISIN	LU1649327704 Security code CH37575361
Investment manager	Bank Julius Bär & Co. AG
40	
Fund management
30	
company
GAM (Luxembourg) S.A.
20
10
0
-10
-20
-30
2018	2019	2020	2021	2022	2023
Perf. CH-shares	Perf. CH-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Launch date23.02.2018
Launch Share class23.02.2018
Domicile	Luxembourg
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 1.73 | -2.51 | -0.22 | -2.02 | -11.32 | 1.65 | 1.52 | n.a.	1.46 |
| BM | 2.76 | -0.43 | -4.74 | -6.04 | -4.22 | 6.30 | 9.12 | n.a.	9.12 |
| Rolling | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |
| perf. | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |
| Fund | -11.32 | 3.01 | 14.98 | 5.48 | -2.66 |
| BM | -4.22 | 17.42 | 6.80 | 15.01 | 12.01 |

Benchmark	Cust. Benchmark Total Expense Ratio	0.99% (31.12.2022)
Management fee	0.70%
Commission	Issue: max. 5.00% Redemption: max3.00%2
Registered in	AT BE BH CH DE ES GB IE IT LU NL
2 
Only if no issuing commission was charged.

Translation (ENFR, 2023-02-28):
#  Données principales		 VNI	EUR 107.55
Actif net du fonds	EUR 449.80 Mio.
Devise de référence	USD
Devises disponibles	CHF, EUR, SGD
Devise de couverture	couverts contre la devise de base Catégorie de parts	Ch (capitalisation)
Bloomberg Ticker	JBDACHE LX Numéro de valeur ISIN	LU1649327704 Numéro de valeur CH37575361
Société de Gestion	Bank Julius Bär & Co. AG Direction du fonds	GAM (Luxembourg) S.A.
Banque dépositaire	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Structure juridique	SICAV de droit Luxembourgeois Fonds actif depuis23.02.2018
Introduction de part23.02.2018
Domicile	Luxembourg
Benchmark	Cust. Benchmark Total Expense Ratio	0.99% (31.12.2022) Commission de gestion 0.70%
Commission	d'émission: max. 5.00%
en %en	YTD	1M	3M	6M	1A	3A
5A	10A
dès
de rachat: max. 3.00%2
p.a.
p.a.
p.a. début,
p.a.
Enregistrés en	AT BE BH CH DE ES GB IE IT LU NL
Fonds	1.73  -2.51  -0.22  -2.02 -11.32	1.65	1.52	n.a.	1.46
BM	2.76  -0.43  -4.74  -6.04  -4.22	6.30	9.12	n.a.	9.12
2 
S'applique uniquement dans le cas où aucune comm. d'émission n'a été prélevée.
Perf. glissante
28.02.2022
- 28.02.2023
28.02.2021
- 28.02.2022
29.02.2020
- 28.02.2021
28.02.2019
- 29.02.2020
28.02.2018
- 28.02.2019
#  Structure by sector
Volatility fund/benchmark (%)	17.59 / 5.561 Information
0.66 /
Information Technology
ratio/Sharpe ratio	0.311
1 
computed over 3 years

Translation (ENFR, 2022-08-31):
#  Répartition par secteur
Statistique	
Technologies de l'Information
Volatilité fonds/benchmark (%)	17.59 / 5.561 Information
0.66 /
Santé
ratio/Sharpe ratio	0.311
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 | -0.07 | 0.39 | 0.38 | -0.07 | 3.59 | 1.79 | 0.76 | n.a.	1.04 |
| BM | -0.07 | 0.31 | 0.27 | -0.07 | 3.33 | 2.25 | 1.34 | n.a.	1.29 |
| Rolling | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
| perf. | - 30.06.2021 | - 30.06.2020 | - 30.06.2019 | - 30.06.2018 | - 30.06.2017 |
| Fund | 3.59 | -2.09 | 3.97 | -1.57 | 0.06 |
| BM | 3.33 | -0.61 | 4.09 | n.a. | n.a. |

Translation (ENFR, 2021-06-30):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -0.07 | 0.39 | 0.38 | -0.07 | 3.59 | 1.79 | 0.76 | n.a.	1.04 |
| BM | -0.07 | 0.31 | 0.27 | -0.07 | 3.33 | 2.25 | 1.34 | n.a.	1.29 |
| Perf. | 30.06.2020 | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 |
| glissante | - 30.06.2021 | - 30.06.2020 | - 30.06.2019 | - 30.06.2018 | - 30.06.2017 |
| Fonds | 3.59 | -2.09 | 3.97 | -1.57 | 0.06 |
| BM | 3.33 | -0.61 | 4.09 | n.a. | n.a. |
#  Statistics	
 Volatility fund/benchmark (%)	18.42 / 20.721 Tracking Error (%)	7.841
 Information ratio/Sharpe ratio	0.11 / 0.281 Correlation	0.931
 Jensen Alpha/Beta	1.56 / 0.821
1 
computed over 3 years

Translation (ENFR, 2022-12-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	18.42 / 20.721 Tracking Error (%)	7.841
 Information ratio/Sharpe ratio	0.11 / 0.281 Corrélation	0.931
 Jensen Alpha/Beta	1.56 / 0.821
1 
calculé sur 3 ans
#  Largest positions
| Volatility fund/benchmark (%) | 8.08 / 9.151 Tracking Error (%) | 2.011 |  | Security | Interest rate |  | % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Information ratio/Sharpe ratio | 0.57 / -0.061 Correlation | 0.981 |  | B 08/11/22 | 0.000% | USD | 2.16 |
|  |  |  |  |  |  |  |  |
| Jensen Alpha/Beta | 0.88 / 0.871 |  |  | B 08/18/22 | 0.000% | USD | 2.16 |
| Average maturity in years | 5.37 Modified Duration | 3.46 |  | B 09/01/22 | 0.000% | USD | 2.16 |
| Yield to Maturity (nominal) (%) | 7.33 |  |  | ADNOUH 0.7 06/04/24 | 0.700% | USD | 1.49 |
|  |  |  |  | EIB Float 03/05/24 | 0.368% | USD | 1.09 |

1 
computed over 3 years

Translation (ENFR, 2022-07-31):
#  Les plus grandes positions
| Volatilité fonds/benchmark (%) | 8.08 / 9.151 |  | Tracking Error (%) | 2.011 |  | EIB Float 03/05/24 | 0.368% | USD | 1.09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Information ratio/Sharpe ratio | 0.57 / -0.061 |  | Corrélation | 0.981 |  | B 09/15/22 | 0.000% | USD | 1.08 |
| Jensen Alpha/Beta | 0.88 / 0.871 |  |  |  |  |  |  |  |  |

Statistique	
ADNOUH 0.7 06/04/24	0.700%	USD	1.49
Durée résiduelle en années	5.37 Duration modifiée3.46
Rend. à l'échéance (nominal) (%)7.33
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	20.40 / 16.791 Tracking Error (%)	6.661
 Information ratio/Sharpe ratio	-0.07 / n.a.1 Correlation	0.951
 Jensen Alpha/Beta	n.a. / 1.161

Translation (ENFR, 2022-12-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	20.40 / 16.791 Tracking Error (%)	6.661
 Information ratio/Sharpe ratio	-0.07 / n.a.1 Corrélation	0.951
 Jensen Alpha/Beta	n.a. / 1.161
1 
calculé sur 3 ans
#  Structure by sector
Financials Information Technology
Health Care
Energy Consumer Staples Telecommunication Services
Industrials Consumer Discretionary

Translation (ENFR, 2023-07-31):
#  Répartition par secteur
Finance Technologies de l'Information
Santé Énergie
Biens de Consommation de Base
Télécommunications
Industrie Consommation Discrétionnaire
#  Statistics	
 Volatility fund/benchmark (%)	14.27 / 15.421 Tracking Error (%)	7.041
 Information ratio/Sharpe ratio	0.40 / 1.071 Correlation	0.891
 Jensen Alpha/Beta	5.11 / 0.821
1 
computed over 3 years

Translation (ENFR, 2023-07-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	14.27 / 15.421 Tracking Error (%)	7.041
 Information ratio/Sharpe ratio	0.40 / 1.071 Corrélation	0.891
 Jensen Alpha/Beta	5.11 / 0.821
1 
calculé sur 3 ans
#  Statistics
Volatility fund/benchmark (%)	4.24 / 4.691 Tracking Error (%)	3.491
 Information ratio/Sharpe ratio	-0.13 / 0.641 Correlation	0.701
 Jensen Alpha/Beta	0.73 / 0.631
1 
computed over 3 years

Translation (ENFR, 2021-09-30):
#  Statistique
Volatilité fonds/benchmark (%)	4.24 / 4.691 Tracking Error (%)	3.491
 Information ratio/Sharpe ratio	-0.13 / 0.641 Corrélation	0.701
 Jensen Alpha/Beta	0.73 / 0.631
2 
S'applique uniquement dans le cas où aucune comm. d'émission n'a été prélevée.
Les plus grandes positions				 Titre	Taux d'intér.		% GLG Global Em Mkt Debt		USD  8.94
Muzinich Em Mkts Short Dur	USD	8.87
Pimco Income Fund	USD	8.67
Jupiter JGF - Dynamic Bond	USD	8.04
LM West Asset Macr Opp	USD	7.51
AB FCP I - American Inc	USD	7.10
BGF Fix Inc GBL	USD	7.01
LM BRANDYWN GL INC OPT-SUA	USD	6.26
PRIN GL FIN UN EM FI-I3 USD	USD	6.03
Muzinich Enh Yield St H	USD	4.90 Total73.33
1 
calculé sur 3 ans
#  Largest positions
in %	YTD	1M	3M	6M	1Y	3Y
5Y	10Y
since
Security	%
p.a.
p.a.
p.a. launch
p.a.
Alphabet Inc A	US	4.09
Fund	-30.61  -5.82  -7.47 -18.90 -28.92	7.28	n.a.	n.a.	5.26
BM	-30.25  -5.76  -7.22 -18.58 -28.24	8.97	n.a.	n.a.	6.04
| 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 | -28.92 | 29.23 | 34.42 | n.a. | n.a. |
| BM | -28.24 | 30.84 | 37.83 | 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.
Microsoft Corp	US	4.07
Visa Inc	US	3.35
Taiwan Semicon Man Co Ltd	TW	3.34
| Nvidia Corp | US | 3.03 |
| --- | --- | --- |
| Tencent Holdings Ltd | CN | 3.01 |
| MasterCard Inc | US | 2.58 |
| Apple Inc | US | 2.47 |

Facebook Inc	US	2.23
Amazon.com Inc	US	2.12
Total30.29

Translation (ENFR, 2022-08-31):
#  Les plus grandes positions
| Titre |  | % |
| --- | --- | --- |
| Alphabet Inc A | US | 4.09 |
| Microsoft Corp | US | 4.07 |
| Visa Inc | US | 3.35 |
| Taiwan Semicon Man Co Ltd | TW | 3.34 |
| Nvidia Corp | US | 3.03 |

Amazon.com Inc	US2.12
Total30.29
#  Largest positions
Security	%
Jupiter JGF - Dynamic Bond	USD	8.09
GLG Global Em Mkt Debt	USD	7.85
| 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 | DWS INVEST-ASIA BONDS-USDXC Muzinich Em Mkts Short Dur | USD USD | 7.32 7.21 |
| --- | --- | --- | --- |
| currency is different from the currency of the country in which the investor is resident, | Pimco Income Fund | USD | 7.19 |
| the return may increase or decrease as a result of currency fluctuations. | AB FCP I - American Inc | USD | 6.80 |
| Statistics	 | LM BRANDYWN GL INC OPT-SUA | USD | 6.69 |
|  Volatility fund/benchmark (%)	5.87 / 7.561 Tracking Error (%)	4.231 | PRIN GL FIN UN EM FI-I3 USD | USD | 6.42 |
|  Information ratio/Sharpe ratio	0.62 / -0.421 Correlation	0.831 | LM West Asset Macr Opp | USD | 6.28 |
|  Jensen Alpha/Beta	0.80 / 0.651 | BREVAN HOWARD AB RT G-AM USD | USD | 6.07 |
| 1  computed over 3 years | Total |  | 69.92 |

Translation (ENFR, 2022-12-31):
#  Les plus grandes positions
Titre	%
Jupiter JGF - Dynamic Bond	USD	8.09
GLG Global Em Mkt Debt	USD	7.85

## DWS INVEST-ASIA BONDS-USDXC	USD	7.32
Muzinich Em Mkts Short Dur	USD	7.21
Pimco Income Fund	USD	7.19
AB FCP I - American Inc	USD	6.80

## LM BRANDYWN GL INC OPT-SUA	USD	6.69
PRIN GL FIN UN EM FI-I3 USD	USD	6.42
LM West Asset Macr Opp	USD	6.28
 Information ratio/Sharpe ratio	0.62 / -0.421 Corrélation	0.831
 Jensen Alpha/Beta	0.80 / 0.651

## BREVAN HOWARD AB RT G-AM USD
USD	6.07
1 
calculé sur 3 ans
#  Largest positions	
Security	%
Jupiter JGF - Dynamic Bond	USD	7.94
GLG Global Em Mkt Debt	USD	7.71
DWS INVEST-ASIA BONDS-USDXC	USD	7.19
Muzinich Em Mkts Short Dur	USD	7.07
Pimco Income Fund	USD	7.05
AB FCP I - American Inc	USD	6.68
LM BRANDYWN GL INC OPT-SUA	USD	6.57
PRIN GL FIN UN EM FI-I3 USD	USD	6.30

Translation (ENFR, 2022-12-31):
#  Les plus grandes positions	
Titre	%
Jupiter JGF - Dynamic Bond	USD	7.94
GLG Global Em Mkt Debt	USD	7.71
DWS INVEST-ASIA BONDS-USDXC	USD	7.19
Muzinich Em Mkts Short Dur	USD	7.07
Pimco Income Fund	USD	7.05
AB FCP I - American Inc	USD	6.68
LM BRANDYWN GL INC OPT-SUA	USD	6.57
PRIN GL FIN UN EM FI-I3 USD	USD	6.30
#  Statistics	
 Volatility fund/benchmark (%)	18.13 / 19.101 Tracking Error (%)	7.431
 Information ratio/Sharpe ratio	0.09 / 0.271 Correlation	0.921
 Jensen Alpha/Beta	1.23 / 0.871
1 
computed over 3 years

Translation (ENFR, 2022-12-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	18.13 / 19.101 Tracking Error (%)	7.431
 Information ratio/Sharpe ratio	0.09 / 0.271 Corrélation	0.921
 Jensen Alpha/Beta	1.23 / 0.871
1 
calculé sur 3 ans
#  Largest positions	
Security	%
Oracle Corp	US	3.22
Charles Schwab Corp	US	3.11
Exxon Mobil Corp	US	2.98
ConocoPhillips	US	2.51
Thales SA	FR	2.45
Total14.27

Translation (ENFR, 2022-12-31):
#  Les plus grandes positions	
Titre	%
Oracle Corp	US	3.22
Charles Schwab Corp	US	3.11
Exxon Mobil Corp	US	2.98
ConocoPhillips	US	2.51
Thales SA	FR	2.45
Total14.27
#  Structure by sector
Information Technology
Health Care Industrials Financials
Consumer Discretionary Telecommunication Services
Consumer Staples
Materials

Translation (ENFR, 2023-07-31):
#  Répartition par secteur
| Technologies de l'Information Santé Industrie Finance | 11.8 10.6 | 22.0% % % |
| --- | --- | --- |
| Consommation Discrétionnaire | 7.5% |  |
| Télécommunications | 7.2% |  |
| Biens de Consommation de Base | 4.1% |  |
| Matériels | 1.2% |  |

34.7%
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -30.08 | -11.37 | -12.86 | -22.97 | -28.97 | -2.67 | -2.06 | n.a.  -0.54 |
| BM | -27.86 | -12.77 | -13.83 | -21.59 | -28.75 | -1.33 | -1.60 | n.a.	0.03 |
| 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 | -28.97 | 9.74 | 18.27 | 1.58 | -3.76 |
| BM | -28.75 | 14.42 | 17.83 | -3.44 | -0.52 |

Translation (ENFR, 2022-09-30):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -30.08 | -11.37 | -12.86 | -22.97 | -28.97 | -2.67 | -2.06 | n.a.  -0.54 |
| BM | -27.86 | -12.77 | -13.83 | -21.59 | -28.75 | -1.33 | -1.60 | n.a.	0.03 |
| 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 | -28.97 | 9.74 | 18.27 | 1.58 | -3.76 |
| BM | -28.75 | 14.42 | 17.83 | -3.44 | -0.52 |
#  Statistics	
 Volatility fund/benchmark (%)	16.70 / 17.291 Tracking Error (%)	5.551
 Information ratio/Sharpe ratio	0.69 / 1.071 Correlation	0.951
 Jensen Alpha/Beta	5.12 / 0.911
1 
computed over 3 years

Translation (ENFR, 2021-06-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	16.70 / 17.291 Tracking Error (%)	5.551
 Information ratio/Sharpe ratio	0.69 / 1.071 Corrélation	0.951
 Jensen Alpha/Beta	5.12 / 0.911
1 
calculé sur 3 ans
#  Largest positions	
Security	%
GLG Global Em Mkt Debt	USD	8.98
Jupiter JGF - Dynamic Bond	USD	7.86
Pimco Income Fund	USD	7.79
Muzinich Em Mkts Short Dur	USD	7.62
DWS INVEST-ASIA BONDS-USDXC	USD	7.27
LM West Asset Macr Opp	USD	7.18
LM BRANDYWN GL INC OPT-SUA	USD	6.91
AB FCP I - American Inc	USD	6.65

Translation (ENFR, 2022-08-31):
#  Les plus grandes positions	
Titre	%
GLG Global Em Mkt Debt	USD	8.98
Jupiter JGF - Dynamic Bond	USD	7.86
Pimco Income Fund	USD	7.79
Muzinich Em Mkts Short Dur	USD	7.62
DWS INVEST-ASIA BONDS-USDXC	USD	7.27
LM West Asset Macr Opp	USD	7.18
LM BRANDYWN GL INC OPT-SUA	USD	6.91
AB FCP I - American Inc	USD	6.65
#  Comments
Market review
Despite discouraging political news (USA/China), the possible Covid-19 second wave and a regulatory disaster (Wirecard) discrediting official authorities, the stock markets continued their broad ascent in a highly volatile environment, with some indices even cancelling out the decline in March. Certain sectors of the economy have benefited from the situation, such as the digital and pharmaceutical sectors.
Performance contribution and portfolio changes
The team increased their high tech exposure with Ciena et Keysight Technologies (communication equipment), and in Hong Kong SMIC (semiconductor manufacturing), as well as the biotech sector in purchasing Novavax, Editas, Arctutus and Livongo Health.
Outlook and strategy
In regards to the team's longer-term economic forecasts and after the correction of the collapse of activity at the beginning of the year, they estimate low to moderate growth at 45-50%, rapid growth with inflation at 10%, recession/deflation at 20-25% and another exogenous shock at 20%.

Translation (ENFR, 2020-06-30):
#  Commentaires
Situation du marché
Malgré des nouvelles politiques décourageantes (Chine/Etats-Unis), l'éventuelle 2e vague de Covid-19 et le scandale Wirecard qui discrédite les autorités de surveillance, les marchés des actions ont poursuivi leur ascension dans un environnement très volatil, certains indices annulant même le recul de mars. Certains secteurs économiques (numérique et pharmaceutique) ont profité de la situation.
Contribution à la performance et modifications du portefeuille
L'équipe a élargi son exposition à la haute technologie avec Ciena et Keysight Technologies (matériel de communication) et Hong Kong SMIC (fabricant de semi- conducteurs), et son exposition à la biotech avec l'achat de titres Novavax, Editas, Arctutus et Livongo Health.
Perspective et stratégie
Au vu des prévisions de long terme et après la correction suite au déclin de l'activité en début d'année, l'équipe juge la probabilité d'une croissance faible à modérée à 45-50%, d'une croissance rapide avec inflation à 10%, d'une récession/déflation à 20-25% et d'un choc exogène à 20%.
#  Structure by sector
Health Care Information Technology Telecommunication Services
Volatility fund/benchmark (%)	16.25 / 3.491 Information
0.12 /
Consumer Discretionary
ratio/Sharpe ratio	0.301
1 
computed over 3 years

Translation (ENFR, 2020-06-30):
#  Répartition par secteur
| Santé |  |  |  | 35.0% |
| --- | --- | --- | --- | --- |
| Technologies de l'Information |  |  |  | 24.9% |
| Télécommunications |  |  | 10.7% |  |
| Consommation Discrétionnaire |  |  | 10.2% |  |
| Industrie Liquidité Finance non classifiable | 5.6% 3.5% 1.8% 0.9% |

Volatilité fonds/benchmark (%)	16.25 / 3.491 Information	0.12 /
ratio/Sharpe ratio	0.301
1 
calculé sur 3 ans
#  Statistics	
 Volatility fund/benchmark (%)	16.51 / 17.081 Tracking Error (%)	5.731
 Information ratio/Sharpe ratio	0.28 / 0.981 Correlation	0.941
 Jensen Alpha/Beta	2.97 / 0.911
1 
computed over 3 years

Translation (ENFR, 2022-01-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	16.51 / 17.081 Tracking Error (%)	5.731
 Information ratio/Sharpe ratio	0.28 / 0.981 Corrélation	0.941
 Jensen Alpha/Beta	2.97 / 0.911
1 
calculé sur 3 ans