# DORVAL MANAGEURS EUROPE
I Share (EUR) - Acc
EQUITIES STRATEGY
PORTFOLIO BREAKDOWN	

##### Monthly report as at 31 January 2022

### Geographical breakdown *	Sector breakdown *
Breakdown by currency	Breakdown by market capitalisation *

##### * Percentage of portfolio invested in equities excl. derivatives

## VALUATION 2022

### Breakdown by asset class

##### Price to earnings multiple - P/E	11x

##### Growth in earnings per share	15%

##### EV/EBIT	9x

##### Dividend Yield	2.9%

##### Source Bloomberg / Dorval AM

## RISK ANALYSIS
| Ratio | 1 Year | 3 Years | 5 Years |  | Ratio | Results | Date |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sharpe ratio | 1.07 | 0.03 | -0.02 |  | Max performance | 227.36% | from 23/11/2011 to 23/01/2018 |
| Beta | 0.98 | 1.26 | 1.23 |  | Max drawdown | -58.99% | from 23/01/2018 to 18/03/2020 |
| Alpha | -0.20 | -0.23 | -0.17 |  | Recovery period | - | days |
| Information ratio | -2.83 | -0.99 | -0.86 |  | Gain frequency | 62.20% | per month |
| Volatility - I Share | 10.86 | 26.09 | 22.25 |  |  |  |  |
| Reference Indicator Volatility | 10.06 | 19.22 | 16.48 |  |  |  |  |
| Tracking error | 4.63 | 10.96 | 9.87 |  |  |  |  |

| DORVAL MANAGEURS EUROPE |  |
| --- | --- |
| I Share (EUR) - Acc |  |  | EQUITIES STRATEGY |
| INVESTMENT THEMES |  |  | Monthly report as at 31 January 2022 |
| Main positive contributors over the month |  |  |  |
| Securities	Investment themes | Average weighting (%) | Performance (%) | Contribution to performance (%) |
| ERICSSON	Stock-Picking | 2.6% | 13.20% | 0.34% |
| TOTAL	Capacity to go through the crisis and to rebound | 2.4% | 14.18% | 0.31% |
| MULTITUDE	Financials | 2.9% | 11.75% | 0.27% |
| ENI	Capacity to go through the crisis and to rebound | 2.7% | 8.90% | 0.22% |
| AXA	Financials | 3.1% | 6.76% | 0.20% |
|  |  |  |  |
| Main negative contributors over the month |  |  |  |
| Securities	Investment themes | Average weighting (%) | Performance (%) | Contribution to performance (%) |
| ELECTRICITE DE FRANCE	Stock-Picking | 2.5% | -17.73% | -0.52% |
| ASML HOLDING	Digitalization of the economy | 2.2% | -15.92% | -0.38% |
| CAPGEMINI	Digitalization of the economy | 3.5% | -8.38% | -0.31% |
| SARTORIUS STEDIM	Stock-Picking | 0.7% | -19.76% | -0.30% |
| ATOS	Digitalization of the economy | 1.7% | -15.49% | -0.28% |

CHARACTERISTICS

##### Cut-off time - Paris time	Performance fees

##### Centralisation of orders before 1:00 p.m. Execution of the order on D at the latest

##### 20% of outperformance above its index if the fund’s performance is positive (see page 7)
Dorval Asset Management takes a long-term investment approach, and we firmly believe that we have a pivotal role to play in directing investment to build a more responsible and sustainable economy. We engage with real economy stakeholders to encourage them to adapt their environmental, social and governance practices to support this transition, acting as a responsible investor as we pledge to meet the highest standards with both our clients and partners, as well as with the companies we invest in.
Dorval Asset Management’s approach since 2004 has consistently been built on shareholder dialogue, drawing on a practical and collaborative approach in our role as shareholder – further reinforced by our voting policy – as well as in our regular meetings with companies. This governance approach is resolutely grounded in the Manageurs range’s philosophy, which includes the original Dorval Manageurs fund.
However, we also look beyond this aspect and include all Environmental, Social and Governance considerations in our extra-financial analysis for securities in our initial investment universe and our assessment of managers.
For more information on our methodologies, please refer to our Dorval AM website:
https://www.dorval-am.com/en_FR/our-esg-approach

#### PROPRIETARY RATING METHODOLOGY
Our proprietary ESG methodology draws on input from our partner MSCI as well as in-house research information to develop issuer ratings across each fund’s investment universe.
Our approach is based on the following principles:
- We assess ESG challenges and allocate an in-house weighting after screening forsector-specific, geographical and market cap considerations;
- We assign an ESG rating for each issuer based on its exposure to the challengesset out, and the way they are managed by the company.

Our portfolio management teams and our financial and extra-financial analysts screen for 37 ESG challenges based on a range of qualitative and quantitative indicators, with a particular focus on 12 of these aspects.

#### ESG STRATEGIES
RATING - PROPRIETARY METHODOLOGY
| 77.7 | ESG | E | S | G | Coverage |
| --- | --- | --- | --- | --- | --- |
| Fund |  | 77.7 | 84.4 | 74.9 | 76.6 | 100% |
| Investment universe | 69.0 | 75.0 | 61.2 | 71.4 | 100% |
| % difference | +13% | +12% | +22% | +7% |  |

Coverage: Calculated as a percentage of assets excluding cash investments
69.0
The extra-financial score - from 0 to 100, with 100 being the top score - is based on each of the E, S and G dimensions. We exclude 20% of the investment universe comprising companies with the lowest scores and with an eliminatory score on at least one of the dimensions. Issuers with an environmental or social rating of less than 10 or a governance score of under 30 are excluded. Any issuer with an overall extra-financial rating of less than 40 is also excluded.
Our methodology draws partly on primary data from an external provider. Our approach places governance at the very center of our ESG analysis and can therefore minimize certain environmental or social risks and opportunities.
Fund rating
Investment universe

#### RATING FOR FUNDS' FIVE LARGEST HOLDINGS	RATING - PROPRIETARY METHODOLOGY
| EURONEXT NV - W/I CAPGEMINI SE | ESG	E | S | G | Weight |
| --- | --- | --- | --- | --- |
| 74.4 73.9 | 100.0 100.0 | 14.8 48.3 | 95.3 84.7 | 4.0% 3.5% |
| PUBLICIS GROUPE SA | 85.4 | 100.0 | 85.4 | 80.6 | 3.3% |
| BNP PARIBAS | 85.1 | 100.0 | 82.0 | 83.5 | 3.2% |
| AXA | 87.9 | 100.0 | 92.2 | 81.9 | 3.2% |

E
S
G
84,4
Sources: Dorval AM, MSCI - all securities in universe have same weighting
10	20	30	40	50	60	70	80	90
Fund	Investment universe

#### FUND'S ESG PERFORMANCE
| fund | investment universe |  | fund | investment universe |
| --- | --- | --- | --- | --- |
| 164.2 | 146.6 | +11.98% | 100% | 97% |
| 90% | 55% | 1.6x | 97% | 93% |
| 89% | 47% | 1.9x | 100% | 100% |
| 86% | 73% | 1.2x | 100% | 96% |
| 60% | 26% | 2.3x | 97% | 94% |

Sources: Dorval AM, Bloomberg, MSCI, UN - all securities in the universe have the same weighting Coverage: Calculated as a percentage of total weighting for companies

#### PORTFOLIO'S CONTRIBUTION TO SUSTAINABLE DEVELOPMENT GOALS
The Sustainable Development Goals (SDG) offer a blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate change, environmental degradation, prosperity, peace and justice.
The SDGs are interconnected and it is crucial to achieve both all these goals and their targets out to 2030 to ensure that no-one is left behind.
The total for the SDGs may exceed 100%, as all stocks can contribute to one or several goals. Our calculations draw on MSCI data and are based on companies' alignment with the 17 SDGs, weighted for the proportion each company represents in our fund.

Translation (ENIT, 2022-01-31):
# DORVAL MANAGEURS EUROPE
Quota I (EUR) - Acc
GESTIONE DI AZIONI
STORICO DELLA PERFORMANCE NETTA DAL LANCIO (%)	

### Report mensile al 31 gennaio 2022
Performance nette cumulative	Performance nette annualizzate
|  | 1 mese | 3 mesi | 6 mesi | YTD | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |  | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo - Quota I | -1.94% | -3.27% | -1.90% | -1.94% | 11.07% | 1.28% | -4.09% | 118.21% | 90.58% |  | 0.42% | -0.83% | 8.12% | 6.28% |
| Indice di riferimento | -2.37% | 0.56% | 4.80% | -2.37% | 24.14% | 37.93% | 44.67% | 118.03% | 105.20% |  | 11.32% | 7.67% | 8.11% | 7.03% |
| Differenza | 0.43% | -3.83% | -6.70% | 0.43% | -13.08% | -36.66% | -48.76% | 0.18% | -14.62% |  | -10.89% | -8.50% | 0.01% | -0.74% |
| Performance nette 12 mesi |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 - YTD | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | - |
| Fondo - Quota I | -1.94% | 13.36% | -10.09% | 10.59% | -29.22% | 22.87% | 11.51% | 20.59% | 6.19% | 35.28% | 24.67% | - |
| Indice di riferimento | -2.37% | 26.04% | -5.17% | 25.04% | -9.87% | 9.24% | 3.02% | 6.71% | 6.44% | 18.97% | 12.71% | - |
| Differenza | 0.43% | -12.68% | -4.92% | -14.45% | -19.35% | 13.63% | 8.49% | 13.88% | -0.25% | 16.30% | 11.97% | - |

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.

## PRINCIPALI MOVIMENTI	RIPARTIZIONE PER TIPO DI GESTORE
1.9%
2.8%
| Totale posizioni azionarie | 51 |
| --- | --- |
| 5° posizione azionaria | 17.2% |
| 10° posizione azionaria | 31.6% |
| Capitalizzazione mediana | 36,561.2 M€ |


### Manager cresciuti in casa Creatori di un impero Soccorritori Eredi
| Top 10 azioni | Paese | Settore | Ponderazione | Temi di investimento |
| --- | --- | --- | --- | --- |
| Fondo | Indice |
| EURONEXT | Paesi Bassi | Società finanziarie | 4.0% | 0.0% | Finanziario |
| CAPGEMINI | Francia | Tecnologia | 3.5% | 0.4% | Digitalizzazione dell'economia |
| PUBLICIS GROUPE SA | Francia | Telecomunicazioni | 3.3% | 0.0% | Capacità di superare la crisi e prosperare |
| BNP PARIBAS | Francia | Società finanziarie | 3.2% | 0.9% | Finanziario |
| AXA | Francia | Società finanziarie | 3.2% | 0.7% | Finanziario |
| SANOFI | Francia | Salute | 2.9% | 1.4% | Investimenti non tematici |
| DANONE | Francia | Beni di consumo | 2.9% | 0.5% | Investimenti non tematici |
| ERICSSON | Svezia | Tecnologia | 2.9% | 0.4% | Investimenti non tematici |
| NESTE OYJ | Finlandia | Petrolio e gas | 2.9% | 0.2% | Investimenti non tematici |
| ENI | Italia | Petrolio e gas | 2.8% | 0.4% | Capacità di superare la crisi e prosperare |