OVHaiLLM/Flipper huggingface dataset:
#  Largest positions
| Space3 SpA | IT | 6.69 |
| --- | --- | --- |
| INDUSTRIE DE NORA SPA | IT | 5.00 |

Security	%
-50
2014	2015	2016	2017	2018	2019	2020	2021	2022
Perf. calendar year (Fund)	Perf. calendar year (BMK)
CAREL INDUSTRIES SPA	IT	3.49
Prysmian Spa	IT	3.33
VALEO	FR	3.26
Total21.77
| 30.11.22 |  |  |  |  |  | p.a. | p.a. | p.a. | launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -9.09 | -2.28 | -3.57 | -4.38 | -7.36 | 6.58 | 2.08 | n.a. | 4.63 |
| BM | -9.77 | 3.10 | 1.99 | -4.21 | -7.97 | 0.58 | 0.27 | n.a. | 2.42 |
| 30.09.22 |  |  |  |  |  |  |  |  |  |
| Fund | -7.17 | -1.53 | -1.51 | -3.83 | -4.72 | 9.08 | 2.74 | n.a. | 4.97 |
| BM | -17.19 | -4.55 | -4.38 | -11.74 | -15.95 | -1.03 | -1.33 | n.a. | 1.45 |

in %
YTD	1M	3M	6M	1Y	3Y
3Y	10Y
since

Translation (ENIT, 2022-11-30):
#  Le maggiori posizioni
Titolo	%
Space3 SpA	IT6.69
INDUSTRIE DE NORA SPA	IT5.00
CAREL INDUSTRIES SPA	IT3.49
Prysmian Spa	IT3.33
VALEO	FR3.26
Totale21.77
| Azioni |  |
| --- | --- |
| Obbligazioni | 2.6% |
| Liquidità | 1.4% |
| Warrants | 0.5% |
#  Structure by sector
Statistics	
 Volatility fund/benchmark (%)	10.68 / 11.961 Tracking Error (%)	7.311
 Information ratio/Sharpe ratio	0.82 / 0.661 Correlation	0.801
 Jensen Alpha/Beta	6.42 / 0.711
1 
computed over 3 years
Important legal information
Sources: Bloomberg, Rimes, GAM. Please note the important legal information at the end of this document. Before subscribing, read the prospectus and the KIID which are available at www.funds.gam.com or from your distributor.
The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. Allocations and holdings are subject to change.
Industrial Consumer, Cyclical Consumer, Non-Cyclical
Basic Materials
Utilities Energy Financial Diversified
Share class C / Currency EUR	30.11.2022	Marketing material for professional investors

Translation (ENIT, 2022-11-30):
#  Struttura per settori
Industriali Beni di consumo, ciclici Beni di consumo, non ciclici
Materiali di base Servizi pubblici
Energia Finanziari Diversificati
Classe azioni C / Moneta EUR	30.11.2022	Materiale di marketing per investitori professionali
#  Base data		 NAV per share	EUR 127.84
Total fund assets	EUR 48.29 m
Base currency	EUR
Share class	B1 (accumulation)
Bloomberg Ticker	JBMARBE LX Security code ISIN	LU0515666294 Security code CH11387295
Investment manager	MOMentum Alternative Investments SA

Translation (ENIT, 2023-02-28):
#  Dati di base		 Valore netto	EUR 127.84
Patrimonio del fondo	EUR 48.29 Mln.
Valuta di riferimento	EUR
Classe azioni	B1 (accumulazione)
Bloomberg Ticker	JBMARBE LX
Codice ISIN	LU0515666294
Codice di valor CH11387295
Rischio più basso	Rischio più elevato
Gestore degli investimenti
MOMentum Alternative Investments SA
#  Base data		 NAV per share	USD 137.27
Total fund assets	USD 295.80 m
Base currency	USD
Share class	K (accumulation)
Bloomberg Ticker	JBEQEMK LX Security code ISIN	LU1079020746 Security code CH24725418
Investment manager	Bank Julius Baer Singapore Branch

Translation (ENIT, 2022-04-30):
#  Dati di base		 Valore netto	USD 137.27
Patrimonio del fondo	USD 295.80 Mln.
Valuta di riferimento	USD
Classe azioni	K (accumulazione)
Bloomberg Ticker	JBEQEMK LX
Codice ISIN	LU1079020746
Codice di valor CH24725418
#  Largest positions
Security	%
Samsung Electronics Co Ltd	KR	4.57
Taiwan Semicon Man Co Ltd	TW	4.19
Tencent Holdings Ltd	CN	3.75
Mediatek Inc	TW	3.71
Reliance Inds-Spons GDR 144A	IN	3.42
Icici Bank Ltd-Spon Adr	IN	3.14
Unimicron Tech	TW	3.06
Capitamall Trust	SG	2.91
HK Exchanges and Clearing	HK	2.75
Ascendas Real Estate Inv	SG	2.61 Total34.11

Translation (ENIT, 2022-04-30):
#  Le maggiori posizioni
Titolo	%
Samsung Electronics Co Ltd	KR	4.57
Taiwan Semicon Man Co Ltd	TW	4.19
Tencent Holdings Ltd	CN	3.75
Mediatek Inc	TW	3.71
Reliance Inds-Spons GDR 144A	IN	3.42
Icici Bank Ltd-Spon Adr	IN	3.14
Unimicron Tech	TW	3.06
Capitamall Trust	SG	2.91
| HK Exchanges and Clearing | HK | 2.75 |
| --- | --- | --- |
| Ascendas Real Estate Inv | SG | 2.61 |
| Totale |  | 34.11 |
#  Structure by sector
Financial Energy
Consumer, Cyclical Communications Consumer, Non-Cyclical
Basic Materials
Industrial Liquidity
| USD |  |  |
| --- | --- | --- |
| EUR |  | 0.8% |
| CHF GBP | -0.2% | 0.01% |

Translation (ENIT, 2021-07-31):
#  Struttura per settori
Finanziari Energia
Beni di consumo, ciclici
Comunicazioni Beni di consumo, non ciclici
Materiali di base
Industriali Liquidità
#  Structure by investment type
|  |
| --- |
|  | 87.9% |
|  |
|  | 7.7% |
| 3.5% 0.5% 0.3% 0.2% |

Equities Bonds Liquidity
Floating Rate Notes
Warrants Convertible Bonds

Translation (ENIT, 2020-06-30):
#  Struttura per tipi d'investimento
|  |
| --- |
|  | 87.9% |
|  |
|  | 7.7% |
| 3.5% 0.5% 0.3% 0.2% |

Azioni Obbligazioni
Liquidità Floating Rate Notes
Warrants Obbligazioni convertibili
#  Largest positions	
Security	%
Goodman Group	AU	8.07
Ascendas Real Estate Inv	SG	7.25
Link REIT	HK	7.10
Capitamall Trust	SG	5.84
Scentre Group	AU	5.27

Translation (ENIT, 2022-09-30):
#  Le maggiori posizioni	
Titolo	%
Goodman Group	AU	8.07
Ascendas Real Estate Inv	SG	7.25
Link REIT	HK	7.10
Capitamall Trust	SG	5.84
Scentre Group	AU	5.27
#  Largest positions
in %	YTD	1M	3M	6M	1Y	3Y
5Y	10Y
since
Security	%
p.a.
p.a.
p.a. launch
p.a.
Microsoft Corp	US	4.15
Fund	-39.24 -12.29  -9.58 -30.30 -34.07	1.90	n.a.	n.a.	1.51
BM	-38.76 -12.21  -9.31 -29.94 -33.26	3.78	n.a.	n.a.	2.52
| 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 | -34.07 | 25.41 | 27.95 | n.a. | n.a. |
| BM | -33.26 | 27.20 | 31.66 | 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.
Alphabet Inc A	US	4.15
Visa Inc	US	3.43
Taiwan Semicon Man Co Ltd	TW	3.08
| Nvidia Corp | US | 2.82 |
| --- | --- | --- |
| Tencent Holdings Ltd | CN | 2.81 |
| MasterCard Inc | US | 2.60 |
| Apple Inc | US | 2.49 |

Amazon.com Inc	US	2.16
Facebook Inc	US	2.13
Total29.82

Translation (ENIT, 2022-09-30):
#  Le maggiori posizioni
| Titolo |  | % |
| --- | --- | --- |
| Microsoft Corp | US | 4.15 |
| Alphabet Inc A | US | 4.15 |
| Visa Inc | US | 3.43 |

Apple Inc	US2.49
Amazon.com Inc	US2.16
Facebook Inc	US2.13
Totale29.82
#  Base data		 NAV per share	EUR 114.84
Total fund assets	EUR 228.39 m
Base currency	EUR
Share class	A (distribution)
Bloomberg Ticker	JBPSCEA LX Security code ISIN	LU0099840620 Security code CH830532
Investment manager	Bank Julius Bär & Co. AG

Translation (ENIT, 2020-08-31):
#  Dati di base		 Valore netto	EUR 114.84
Patrimonio del fondo	EUR 228.39 Mln.
Valuta di riferimento	EUR
Classe azioni	A (a distribuzione)
Bloomberg Ticker	JBPSCEA LX
Codice ISIN	LU0099840620
Codice di valor CH830532
Rischio più basso	Rischio più elevato
Gestore degli investimenti
Bank Julius Bär & Co. AG
#  Base data		 NAV per share	CHF 115.52
Total fund assets	CHF 70.37 m
Base currency	CHF
Share class	Ma (distribution)
Bloomberg Ticker	EDELEMA SW Security code ISIN	CH0481373311 Security code CH48137331
Investment manager   Bank Julius Bär & Co. AG

Translation (ENIT, 2022-08-31):
#  Dati di base		 Valore netto	CHF 115.52
Patrimonio del fondo	CHF 70.37 Mln.
Valuta di riferimento	CHF
Classe azioni	Ma (a distribuzione)
Bloomberg Ticker	EDELEMA SW
Codice ISIN	CH0481373311
Codice di valor CH48137331
Rischio più basso	Rischio più elevato
Gestore degli investimenti
Bank Julius Bär & Co. AG
#  Largest positions	
Security	%
Icici Bank Ltd-Spon Adr	IN	4.81
Samsung Electronics Co Ltd	KR	4.76
Reliance Inds-Spons GDR 144A	IN	3.86
Taiwan Semicon Man Co Ltd	TW	3.65
Ascendas Real Estate Inv	SG	3.12
Capitamall Trust	SG	3.07
HDFC Bank Ltd	IN	3.01
Dev Bank of Singapore	SG	2.89
Tencent Holdings Ltd	CN	2.73
CHOW TAI FOOK JEWELLERY GROU	HK	2.57
Total34.47

Translation (ENIT, 2022-10-31):
#  Le maggiori posizioni	
Titolo	%
Icici Bank Ltd-Spon Adr	IN	4.81
Samsung Electronics Co Ltd	KR	4.76
Reliance Inds-Spons GDR 144A	IN	3.86
Taiwan Semicon Man Co Ltd	TW	3.65
Ascendas Real Estate Inv	SG	3.12
Capitamall Trust	SG	3.07
HDFC Bank Ltd	IN	3.01
Dev Bank of Singapore	SG	2.89
Tencent Holdings Ltd	CN	2.73
CHOW TAI FOOK JEWELLERY GROU	HK	2.57
Totale34.47
#  Largest positions	
Security	%
Goodman Group	AU	9.23
Scentre Group	AU	7.30
Link REIT	HK	6.47
Capitamall Trust	SG	5.60
Ascendas Real Estate Inv	SG	5.39

Translation (ENIT, 2022-08-31):
#  Le maggiori posizioni	
Titolo	%
Goodman Group	AU	9.23
Scentre Group	AU	7.30
Link REIT	HK	6.47
Capitamall Trust	SG	5.60
Ascendas Real Estate Inv	SG	5.39
#  Largest positions
Security	%
Microsoft Corp	US	6.10
Apple Inc	US	5.03
Visa Inc	US	4.24
Alphabet Inc A	US	4.14
UnitedHealth Group Inc	US	4.06
Nvidia Corp	US	3.69
Johnson & Johnson	US	2.69
MasterCard Inc	US	2.61
ASML Holding NV	NL	2.55
Roche Holding GS	CH	2.53
Total37.64

Translation (ENIT, 2023-02-28):
#  Le maggiori posizioni
Titolo	%
Microsoft Corp	US	6.10
Apple Inc	US	5.03
Visa Inc	US	4.24
Alphabet Inc A	US	4.14
UnitedHealth Group Inc	US	4.06
Nvidia Corp	US	3.69
Johnson & Johnson	US	2.69
| MasterCard Inc | US | 2.61 |
| --- | --- | --- |
| ASML Holding NV | NL | 2.55 |

Roche Holding GS	CH	2.53
Totale37.64
Classe azioni Kh / Moneta GBP	28.02.2023	Materiale di marketing
#  Performance in %
200
Fund management company
GAM (Luxembourg) S.A.
150
100
50
0
-50
2012	2013	2014	2015	2016	2017	2018	2019	2020
Perf. D-shares	Perf. D-shares since launch
Custodian	State Street Bank International GmbH, Luxembourg Branch, Luxembourg
Legal structure	SICAV under Luxembourg law
Date activated10.12.2010
Domicile	Luxembourg
Benchmark	Cust. Benchmark
Morningstar rating	2
Total Expense Ratio	1.05% (31.12.2019)
Total fee	0.90%
Commission	Issue: max. 5.00%
in %	YTD	1M	3M	6M	1Y	3Y
p.a.
5Y	10Y  since
p.a.	p.a. launch p.a.
Redemption: max. 2.00%3
Registered in	AT CH DE FR LU
Fund	4.77	4.50  22.27	4.77  15.04	7.58	7.92	n.a.  12.12
BM	5.11	0.64	2.47	5.11	6.68	4.67	4.04	n.a.	2.39
2 
© 2020 Morningstar. All Rights Reserved.
3 
Only if no issuing commission was charged.
| Rolling | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 |
| --- | --- | --- | --- | --- | --- |
| perf. | - 30.06.2020 | - 30.06.2019 | - 30.06.2018 | - 30.06.2017 | - 30.06.2016 |
| Fund | 15.04 | -4.44 | 13.26 | 21.88 | -3.53 |
| BM | 6.68 | 6.69 | 0.75 | -2.20 | 8.70 |

| Security |  | % |
| --- | --- | --- |
| Alibaba Group Holding | CN | 1.30 |
| Amazon.com Inc | US | 1.94 |
| Nvidia Corp | US | 1.91 |
| Microsoft Corp | US | 1.64 |
| Apple Inc | US | 1.47 |
| Tencent Holdings Ltd | CN | 1.30 |
| Sunny Optical Tech | CN | 1.29 |
| Alphabet Inc B | US | 0.64 |
| PING AN HEALTHCARE AND TECHN | CN | 1.23 |
| Facebook Inc | US | 1.14 |
| Total |  | 13.86 |

Translation (ENIT, 2020-06-30):
#  Evoluzione del valore in %
Gestore degli investimenti
Bruno Walter Finance SA
200
150
100
50
0
-50
2012	2013	2014	2015	2016	2017	2018	2019	2020
Rend. quote D	Rend. quote D dall'inizio
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal10.12.2010
Domicilio	Lussemburgo
Benchmark	Cust. Benchmark
Morningstar rating	2
Total Expense Ratio	1.05% (31.12.2019)
Total fee	0.90%
Commissione	di emissione: max. 5.00%
in % al	YTD	1M	3M	6M	1A	3A
annuo
5A
annuo
10A
annuo
dall' inizio p.a.
di rimborso: max. 2.00%3
Registrato in	AT CH DE FR LU
Fondo	4.77	4.50  22.27	4.77  15.04	7.58	7.92	n.a.  12.12
BM	5.11	0.64	2.47	5.11	6.68	4.67	4.04	n.a.	2.39
2 
© 2020 Morningstar. Tutti i diritti riservati.
3 
Soltanto se non è stata riscossa alcuna commissione di emissione.
| Perf. | 30.06.2019 | 30.06.2018 | 30.06.2017 | 30.06.2016 | 30.06.2015 |
| --- | --- | --- | --- | --- | --- |
| rolling | - 30.06.2020 | - 30.06.2019 | - 30.06.2018 | - 30.06.2017 | - 30.06.2016 |
| Fondo | 15.04 | -4.44 | 13.26 | 21.88 | -3.53 |
| BM | 6.68 | 6.69 | 0.75 | -2.20 | 8.70 |

| Titolo |  | % |
| --- | --- | --- |
| Alibaba Group Holding | CN | 1.30 |
| Amazon.com Inc | US | 1.94 |
| Nvidia Corp | US | 1.91 |
| Microsoft Corp | US | 1.64 |
| Apple Inc | US | 1.47 |
| Tencent Holdings Ltd | CN | 1.30 |
| Sunny Optical Tech | CN | 1.29 |
| Alphabet Inc B | US | 0.64 |
| PING AN HEALTHCARE AND TECHN | CN | 1.23 |
| Facebook Inc | US | 1.14 |
| Totale |  | 13.86 |
#  Comments
Market review
After having been supported by reassuring news about potential Covid-19 drug treatment, relaxation of containment restrictions and support policies, stocks ended the month on a negative note after Sino-US trade tensions resurfaced and forecasts by US tech companies disappointed the markets.
Performance contribution and portfolio changes
The fund increased over the month, with an excellent recovery in the consumer durable & apparel, healthcare equipment & services as well as consumer services sectors. The team increased the fund's exposure towards medical devices by adding Becton Dickinson to the portfolio.
Outlook and strategy
The team expect an economic recovery that will probably not materialise until Q4 2020 at best, but probably in 2021. Given the fact that the team ignore the impact of this pandemic on the real economy, the team is revising macro-economic probability scenarios: • Sluggish growth 50% • Acceleration of growth 10% • Recession / Deflation 25% • Exogenous Shocks 15%

Translation (ENIT, 2020-06-30):
#  Note
Retrospettiva
La ripresa in corso è stata sostenuta dal miglioramento delle condizioni sanitarie post-Covid in Europa nonché da misure politiche e delle banche centrali senza precedenti. I mercati hanno effettivamente continuato a recuperare, chiudendo intorno al 10% in meno rispetto ai massimi storici del gennaio di quest'anno.
Contributo alla performance e cambiamenti in portafoglio
La performance mensile (+5,32%) è stata generata da IT, beni di consumo voluttuari e sanità. Alquanto ridotta l'esposizione digitale con prese di beneficio parziali in Adyen, SEA Ltd, Alphabet, Facebook, Amazon, Netflix e Microsoft, nonché nella sanità in Ping An Healthcare e Sino Biopharma. Acquistati Abbott Lab, Merck & Co e Moderna, irrobustito Shanghai Henlius. È stato sottoscritto un convertibile barrier reverse 10,5% su Apple, Amazon e Alphabet (1y, 10,5%, barrier 59%) ed è stata costruita una strategia di opzione su Stone Co.
Prospettive e strategia
Nonostante la valutazione elevata, la classe azionaria resta sovraponderata per mancanza di alternative. Nessuna variazione di rilievo degli scenari macroeconomici.
#  Largest positions
Security	%
IShares USD Treasury 7-10Y	IE  14.07
Invesco S&P 500 UCITS ETF	IE  11.54
iShares S&P 500 Dist	IE  11.51
Vanguard S&P 500 UCITS ETF	IE  11.49
iShares USD Trea Bd 3-7yr	IE	9.44
UBS ETF MSCI Switzerland	LU	5.29
ISHARES USD TREASURY 3-7YR	IE	5.21
SPDR BBG US Tips	IE	4.69
Total73.24
1 
computed over 3 years

Translation (ENIT, 2023-02-28):
#  Le maggiori posizioni
| Titolo |  | % |
| --- | --- | --- |
| IShares USD Treasury 7-10Y | IE | 14.07 |
| Invesco S&P 500 UCITS ETF | IE | 11.54 |
| iShares S&P 500 Dist | IE | 11.51 |
| Vanguard S&P 500 UCITS ETF | IE | 11.49 |
| iShares USD Trea Bd 3-7yr | IE | 9.44 |
| UBS ETF MSCI Switzerland | LU | 5.29 |
| ISHARES USD TREASURY 3-7YR | IE | 5.21 |
| SPDR BBG US Tips | IE | 4.69 |
| Totale |  | 73.24 |

Struttura per valute	
1 
calcolato su base triennale
#  Statistics	
 Volatility fund/benchmark (%)	11.64 / 12.441 Tracking Error (%)	7.741
 Information ratio/Sharpe ratio	-0.34 / 0.151 Correlation	0.801
 Jensen Alpha/Beta	-1.42 / 0.741
2 
© 2023 Morningstar. All Rights Reserved.
3 
Only if no issuing commission was charged.

Translation (ENIT, 2023-02-28):
#  Dati statistici	
 Volatilità fondo/benchmark (%)	11.64 / 12.441 Tracking error (%)	7.741
 Information ratio/Sharpe ratio	-0.34 / 0.151 Correlazione	0.801
 Jensen Alpha/Beta	-1.42 / 0.741
di rimborso: max. 3.00%3
Registrato in	AT BE BH CH DE ES GB IE LU NL
2 
© 2023 Morningstar. Tutti i diritti riservati.
3 
Soltanto se non è stata riscossa alcuna commissione di emissione.
#  Largest positions
|  | Security |  | % |
| --- | --- | --- | --- |
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y | 3Y | 10Y | since |  | IShares USD Treasury 7-10Y | IE | 16.33 |
| 30.11.22 |  |  |  |  |  | p.a. | p.a. | p.a. | aunch p.a. |  | Invesco S&P 500 UCITS ETF | IE | 11.57 |
| Fund | -15.14 | 3.03 | -0.89 | -3.76 | -13.17 | 2.68 | n.a. | n.a. | 3.89 |  | Vanguard S&P 500 UCITS ETF | IE | 11.56 |
| BM | -13.29 | 4.74 | 1.01 | -1.99 | -11.09 | 5.34 | n.a. | n.a. | 6.69 |  | iShares S&P 500 Dist | IE | 11.49 |
|  |  |  |  |  |  |  |  |  |  |  | iShares USD Trea Bd 3-7yr | IE | 9.52 |
| 30.09.22 |  |  |  |  |  |  |  |  |  |  | ISHARES USD TREASURY 3-7YR | IE | 5.19 |
| Fund | -19.57 | -6.06 | -4.22 | -15.28 | -15.54 | 2.07 | n.a. | n.a. | 2.83 |  | UBS ETF MSCI Switzerland | LU | 5.19 |
| BM | -20.61 | -7.52 | -5.23 | -16.13 | -15.30 | 3.39 | n.a. | n.a. | 4.91 |  | SPDR BBG US Tips | IE | 4.78 |

l
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 (ENIT, 2022-11-30):
#  Le maggiori posizioni
Titolo	%
| in % al	YTD	1M	3M	6M	1A | 3A annuo | 3A annuo | 10A annuo | dall' inizio |  | IShares USD Treasury 7-10Y Invesco S&P 500 UCITS ETF | IE IE | 16.33 11.57 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 30.11.22 |  |  |  |  |  |  |  |  | p.a. |  | Vanguard S&P 500 UCITS ETF | IE | 11.56 |
| Fondo | -15.14 | 3.03 | -0.89 | -3.76 | -13.17 | 2.68 | n.a. | n.a. | 3.89 |  | iShares S&P 500 Dist | IE | 11.49 |
| BM | -13.29 | 4.74 | 1.01 | -1.99 | -11.09 | 5.34 | n.a. | n.a. | 6.69 |  | iShares USD Trea Bd 3-7yr | IE | 9.52 |

| 30.09.22 |  |
| --- | --- |
| Fondo | -19.57 | -6.06 | -4.22 | -15.28 | -15.54 | 2.07 | n.a. | n.a. | 2.83 |
| BM | -20.61 | -7.52 | -5.23 | -16.13 | -15.30 | 3.39 | n.a. | n.a. | 4.91 |

| ISHARES USD TREASURY 3-7YR | IE | 5.19 |
| --- | --- | --- |
| UBS ETF MSCI Switzerland | LU | 5.19 |
| SPDR BBG US Tips | IE | 4.78 |

I rendimenti passati non costituiscono un indicatore dei trend attuali o futuri. I valori di performance si riferiscono al valore del patrimonio netto e sono calcolati senza tenere conto degli oneri fiscali delle commissioni e dei costi di sottoscrizione, rimborso o conversione (ad es. i costi di transazione e custodia dell'investitore). Le indicazioni si basano su cifre denominate in USD. Se tale valuta è diversa da quella del paese in cui risiede l'investitore, il rendimento potrebbe essere soggetto a variazioni, in positivo o in negativo, dovute alle fluttuazioni valutarie.
2018	2019	2020	2021	2022
Perf. calendar year (Fund)	Perf. calendar year (BMK)
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
Benchmark	Cust. Benchmark
Morningstar rating	2
Total Expense Ratio	0.97% (30.06.2022)
Management fee	0.70%
Commission	Issue: max. 5.00% Redemption: max3.00%3
Registered in	AT BE BH CH DE ES FI FR GB GR IE IT LI LU NL SE
2 
© 2022 Morningstar. All Rights Reserved.
3 
Only if no issuing commission was charged.

Translation (ENIT, 2022-11-30):
2018	2019	2020	2021	2022
Perf. calendar year (Fund)	Perf. calendar year (BMK)
Società di gestione	GAM (Luxembourg) S.A.
Banca depositaria	State Street Bank International GmbH,
Luxembourg Branch, Luxembourg Struttura legale	SICAV di diritto lussemburghese Fondo attivo dal23.02.2018
Lancio dell'azione23.02.2018
Domicilio	Lussemburgo
Benchmark	Cust. Benchmark
Morningstar rating	2
Total Expense Ratio	0.97% (30.06.2022) Commissione di gestione 0.70%
Commissione	di emissione: max. 5.00% di rimborso: max3.00%3
Registrato in	AT BE BH CH DE ES FI FR GB GR IE IT LI LU NL SE
2 
© 2022 Morningstar. Tutti i diritti riservati.
3 
Soltanto se non è stata riscossa alcuna commissione di emissione.
#  Largest positions
| Security |  | % |
| --- | --- | --- |
| Wheaton Precious Metals Corp | CA | 6.52 |
| Kinross Gold Corp | CA | 5.88 |
| Alamos Gold Inc | CA | 5.76 |
| Osisko Gold Royalties Ltd | CA | 5.70 |
| Agnico Eagle Mines Ltd | CA | 4.88 |
| Eldorado Gold Corp | CA | 3.96 |
| OCEANAGOLD CORP | CA | 3.60 |
| Pan American Silver Corp | CA | 3.54 |
| Total |  | 39.84 |

Opportunities	
The fund invests in a broadly diversified equity universe and seeks opportunities for returns wherever they exist.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are attractive and could generate positive opportunities for investors.
The fund invests in a broadly diversified universe of equities and attempts to benefit from opportunities to achieve yield. By taking sustainability criteria into account in the investment process, the Konwave Sustainable Gold Equity Fund aims to achieve a significantly better ESG rating overall than comparable active and passive funds that invest in the precious metals sector.

Translation (ENIT, 2023-02-28):
#  Le maggiori posizioni
Titolo	%
Wheaton Precious Metals Corp	CA	6.52
Kinross Gold Corp	CA	5.88
Alamos Gold Inc	CA	5.76
Osisko Gold Royalties Ltd	CA	5.70
Agnico Eagle Mines Ltd	CA	4.88
Eldorado Gold Corp	CA	3.96
OCEANAGOLD CORP	CA	3.60
Pan American Silver Corp	CA	3.54 Totale39.84
Il Fondo investe in un universo azionario ampiamente diversificato e cerca di cogliere le opportunità di rendimento.
Il Fondo è gestito attivamente da gestori esperti e altamente qualificati, che utilizzano un approccio basato su valutazioni fondamentali, con l'obiettivo di individuare, sulla base delle valutazioni dei gestori del portafoglio, gli investimenti potenzialmente più interessanti e generare opportunità di rendimento allettanti per gli investitori.
#  Base data		 NAV per share	USD 118.75
Total fund assets	USD 292.61 m
Base currency	USD
Available currencies	USD, AUD, SGD Share class	Aq (distribution)
Bloomberg Ticker	MJBARAQ LX Security code ISIN	LU2139628924 Security code CH53843504
Security code D	A2P2VK
Investment manager	Bank Julius Baer Singapore Branch
Please note that no performance values may be posted for funds younger than 1 year for legal reasons.

Translation (ENIT, 2021-06-30):
#  Dati di base		 Valore netto	USD 118.75
Patrimonio del fondo	USD 292.61 Mln.
Valuta di riferimento	USD
Valute disponibili	USD, AUD, SGD
Classe azioni	Aq (a distribuzione)
Bloomberg Ticker	MJBARAQ LX
Codice ISIN	LU2139628924
Codice di valor CH53843504
Rischio più basso	Rischio più elevato