OVHaiLLM/Flipper huggingface dataset:
#  Investment focus and suitability
The fund is a single-asset class solution with a clear focus on maximizing the total return from income and capital appreciation by offering an exposure primarily to a portfolio of real estate related investments, taking into account the principle of risk limitation and the liquidity of the assets. It aims to achieve returns through investment in shares and other equity securities of real estate companies as well as listed closed-end real estate fund and listed closed-end real estate investment trusts (REITs) domiciled in Asia or carrying out the majority of their business activities in Asia.
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Lower risk	Higher risk

Translation (ENFR, 2023-02-28):
#  Pôle d'investissement et destinataires
Le fonds est investi dans une seule classe d'actifs et vise expressément à maximiser le rendement total issu des revenus et de la croissance du capital. Pour ce faire, ce fonds est principalement exposé à un portefeuille d'investissements liés à l'immobilier, en tenant compte du principe de limitation des risques et du degré de liquidité des actifs. Il a pour objectif de générer des rendements en investissant dans des actions et autres titres de participation de sociétés immobilières ainsi que dans des fonds de placement immobilier fermés cotés et des fiducies de placement immobilier fermées cotées (REIT, pour Real estate investment trusts) domiciliés en Asie ou exerçant la majorité de leurs activités commerciales en Asie.
| Risque du fonds | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Risque plus faible	Risque plus élévé
|  |
| --- |
|  | 97.0% |
| 1.5% 0.5% 0.3% 0.2% 0.2% 0.2% 0.03% |

Translation (ENFR, 2022-08-31):
|  |
| --- |
|  | 97.0% |
| 1.5% 0.5% 0.3% 0.2% 0.2% 0.2% 0.03% |
#  Risks
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.
The JB Dynamic Asset Allocation (DAA) Fund invests in global financial markets. The Fund's value will have a certain correlation with the global market, particularly in the US. Therefore, fluctuations in the financial markets pose the greatest risk.

Translation (ENFR, 2022-01-31):
#  Risques
Capital sous risque: Les instruments financiers engendrent un facteur de risque. Par conséquent, la valeur de l'investissement et le rendement qui en résulte peuvent varier et la valeur initiale de l`investissement investi ne peut pas être garantie.
Le JB Dynamic Asset Allocation (DAA) investit sur les marchés financiers internationaux. Sa valeur présente une certaine corrélation avec les marchés mondiaux, et notamment le marché américain. Les fluctuations des marchés financiers constituent par conséquent le principal risque.
Le fonds ne bénéficie d''aucune protection en capital.
#  Statistics	
 Volatility fund/benchmark (%)	9.64 / 9.341 Tracking Error (%)	7.001
 Information ratio/Sharpe ratio	-0.97 / 0.881 Correlation	0.731
 Jensen Alpha/Beta	-2.89 / 0.751
1 
computed over 3 years

Translation (ENFR, 2022-01-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	9.64 / 9.341 Tracking Error (%)	7.001
 Information ratio/Sharpe ratio	-0.97 / 0.881 Corrélation	0.731
 Jensen Alpha/Beta	-2.89 / 0.751
1 
calculé sur 3 ans
#  Statistics
Volatility fund/benc Information ratio/S Jensen Alpha/Beta
Average maturity in years	4.55 Modified Duration4.18
Yield to Maturity (nominal) (%)2.85
1 
computed over 3 years

Translation (ENFR, 2022-07-31):
#  Statistique
| Information ratio/Sharpe ratio | -1.00 / -0.381 |  | Corrélation | 1.001 |
| --- | --- | --- | --- | --- |
| Jensen Alpha/Beta | -0.66 / 1.121 |  |  |  |

Volatilité fonds/benchmark (%)	6.36 / 5.661 Tracking Error (%)0.861
Durée résiduelle en années	4.55 Duration modifiée4.18
Rend. à l'échéance (nominal) (%)2.85
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 | -21.44 | -6.49 | -5.17 | -16.81 | -17.86 | -0.55 | n.a. | n.a.  -0.15 |
| BM | -7.84 | -5.07 | 1.13 | -4.75 | 0.20 | 7.14 | n.a. | n.a.  10.22 |
| 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 | -17.86 | 11.78 | 7.13 | 1.37 | n.a. |
| BM | 0.20 | 16.14 | 5.68 | 15.24 | n.a. |

Translation (ENFR, 2022-09-30):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -21.44 | -6.49 | -5.17 | -16.81 | -17.86 | -0.55 | n.a. | n.a.  -0.15 |
| BM | -7.84 | -5.07 | 1.13 | -4.75 | 0.20 | 7.14 | n.a. | n.a.  10.22 |
| 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 | -17.86 | 11.78 | 7.13 | 1.37 | n.a. |
| BM | 0.20 | 16.14 | 5.68 | 15.24 | n.a. |
|  |
| --- |
|  | 80.4% |
|  |
|  | 6.1% |
|  |
|  | 5.8% |
|  |
|  | 5.5% |
| 2.2% 0.01% |

Translation (ENFR, 2022-09-30):
|  |
| --- |
|  | 80.4% |
|  |
|  | 6.1% |
|  |
|  | 5.8% |
|  |
|  | 5.5% |
| 2.2% 0.01% |
# Investment focus and suitability
The sub-fund mainly invests its assets in bonds or similar debt securities, without any restriction as regards physical location, sector, duration or credit quality, as well as in foreign currencies.
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Lower risk	Higher risk

Translation (ENFR, 2023-02-28):
# Pôle d'investissement et destinataires
Le compartiment investit principalement ses actifs dans des obligations ou des titres de créance analogues, sans aucune restriction géographique, de secteur, de durée ou de qualité de crédit, ainsi que dans des devises.
| Risque du fonds | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Risque plus faible	Risque plus élévé
#  Largest positions
Security	%
GLG Global Em Mkt Debt	USD	8.55
Jupiter JGF - Dynamic Bond	USD	7.67
DWS INVEST-ASIA BONDS-USDXC	USD	7.46
Muzinich Em Mkts Short Dur	USD	7.33
LM BRANDYWN GL INC OPT-SUA	USD	6.88
Pimco Income Fund	USD	6.63
AB FCP I - American Inc	USD	6.46

Translation (ENFR, 2022-10-31):
#  Les plus grandes positions
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 (%)	5.61 / 6.951 Tracking Error (%)	4.081
BREVAN HOWARD AB RT G-AM USD
USD	6.39
 Information ratio/Sharpe ratio	0.84 / -0.571 Correlation	0.811
 Jensen Alpha/Beta	1.13 / 0.651
1 
computed over 3 years

Translation (ENFR, 2022-10-31):
#  Statistique
Volatilité fonds/benchmark (%)	5.61 / 6.951 Tracking Error (%)	4.081
 Information ratio/Sharpe ratio	0.84 / -0.571 Corrélation	0.811
 Jensen Alpha/Beta	1.13 / 0.651
1 
calculé sur 3 ans
|  |
| --- |
|  | 79.2% |
|  |
|  | 17.3% |
| 1.7% 0.5% 0.5% 0.4% 0.3% 0.05% |

Translation (ENFR, 2022-08-31):
|  |
| --- |
|  | 79.2% |
|  |
|  | 17.3% |
| 1.7% 0.5% 0.5% 0.4% 0.3% 0.05% |
#  Structure by sector
| Rolling perf. | 31.08.2019 - 31.08.2020 | 31.08.2018 - 31.08.2019 | 31.08.2017 - 31.08.2018 | 31.08.2016 - 31.08.2017 | 31.08.2015 - 31.08.2016 | Industrials |  |  |  |  | 70.9% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 20.98 | -10.86 | 1.55 | 8.26 | 6.74 | Information Technology |  |  |  | 12.4% |  |
| BM	-1.29	2.25	5.10	11.80	-2.50 Materials Change of name: Julius Baer Multiflex - Carnot Efficient Energy Fund, as of 16.02.15 Multiflex	 Liquidity SICAV - Carnot Efficient Energy Fund. Anteilsklasse B1, as of 16.02.15 D. Anteilsklasse B3, as of 16.02.15 B. Past performance is not an indicator of current or future trends. The performance	 Consumer Discretionary values refer to the net asset value and are calculated without the commission and | 9.0% 5.2% 0.7% |

costs incurred on issue, redemption or swapping (e.g. transaction and custody costs of the investor). The indications are based on figures denominated in EUR. 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):
#  Répartition par secteur
| BM	-10.30	3.06	5.19  -0.97  -1.29	1.98	2.95	n.a.	n.a. Industrie |  |  |
| --- | --- | --- |
| Perf. glissante | 31.08.2019 - 31.08.2020 | 31.08.2018 - 31.08.2019 | 31.08.2017 - 31.08.2018 | 31.08.2016 - 31.08.2017 | 31.08.2015 - 31.08.2016 | Technologies de l'Information |  |  |  | 12.4% |
| Fonds | 20.98 | -10.86 | 1.55 | 8.26 | 6.74 | Matériels |  |  |  | 9.0% |
| BM	-1.29	2.25	5.10	11.80	-2.50	 Liquidité Changement de nom: Julius Baer Multiflex - Carnot Efficient Energy Fund, au 16.02.15 Multiflex	 Consommation Discrétionnaire SICAV - Carnot Efficient Energy Fund. Anteilsklasse B1, au 16.02.15 D. Anteilsklasse B3, au 16.02.15 B. | 0. |  | .2% % |

Fonds	3.51	7.29  13.95  14.26  20.98	3.07	4.82	6.93	7.83
5
7
70.9%
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 EUR. 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 (%)	21.58 / 17.421 Tracking Error (%)	9.471
 Information ratio/Sharpe ratio	0.62 / 0.611 Correlation	0.901
 Jensen Alpha/Beta	5.85 / 1.121
1 
computed over 3 years

Translation (ENFR, 2022-07-31):
#  Statistique	
 Volatilité fonds/benchmark (%)	21.58 / 17.421 Tracking Error (%)	9.471
 Information ratio/Sharpe ratio	0.62 / 0.611 Corrélation	0.901
 Jensen Alpha/Beta	5.85 / 1.121
1 
calculé sur 3 ans
|  |
| --- |
|  | 97.6% |
| 1.4% 0.3% 0.3% 0.2% 0.2% 0.03% 0.03% |

Translation (ENFR, 2023-02-28):
|  |
| --- |
|  | 97.6% |
| 1.4% 0.3% 0.3% 0.2% 0.2% 0.03% 0.03% |
| in % | YTD | 1M | 3M | 6M | 1Y | 3Y p.a. | 5Y p.a. | 10Y  since p.a. launch p.a. |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -29.68 | -10.40 | -8.26 | -24.30 | -24.22 | 3.77 | n.a. | n.a.	1.30 |
| BM | -22.79 | -8.69 | -5.27 | -18.75 | -17.54 | 4.04 | n.a. | n.a.	3.47 |
| 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 | -24.22 | 23.98 | 18.93 | -8.36 | n.a. |
| BM | -17.54 | 26.66 | 7.82 | 0.58 | n.a. |

Translation (ENFR, 2022-09-30):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -29.68 | -10.40 | -8.26 | -24.30 | -24.22 | 3.77 | n.a. | n.a.	1.30 |
| BM | -22.79 | -8.69 | -5.27 | -18.75 | -17.54 | 4.04 | n.a. | n.a.	3.47 |
| 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 | -24.22 | 23.98 | 18.93 | -8.36 | n.a. |
| BM | -17.54 | 26.66 | 7.82 | 0.58 | n.a. |
#  Statistics	
 Volatility fund/benchmark (%)	19.78 / 17.931 Tracking Error (%)	5.751
 Information ratio/Sharpe ratio	-0.05 / 0.221 Correlation	0.961
 Jensen Alpha/Beta	-0.27 / 1.061

Translation (ENFR, 2022-09-30):
#  Statistique	
 Volatilité fonds/benchmark (%)	19.78 / 17.931 Tracking Error (%)	5.751
 Information ratio/Sharpe ratio	-0.05 / 0.221 Corrélation	0.961
 Jensen Alpha/Beta	-0.27 / 1.061
1 
calculé sur 3 ans
#  Statistics
Volatility fund/benchmark (%)	8.13 / 8.431 Tracking Error (%)1.091
| Information ratio/Sharpe ratio | -0.77 / 0.611 Correlation | 0.991 |
| --- | --- | --- |
| Jensen Alpha/Beta | -0.61 / 0.961 |  |
| Average maturity in years | 4.70 Modified Duration | 3.74 |
| Yield to Maturity (nominal) (%) | 3.76 |  |

1 
computed over 3 years

Translation (ENFR, 2021-09-30):
#  Statistique
Rend. à l'échéance (nominal) (%)3.76
1 
calculé sur 3 ans
#  Structure by sector
Information Technology
Health Care Consumer Discretionary Telecommunication Services
Materials Consumer Staples
Utilities Liquidity

Translation (ENFR, 2020-08-31):
#  Répartition par secteur
Technologies de l'Information
Santé Consommation Discrétionnaire
Télécommunications
Matériels Biens de Consommation de Base Services aux Collectivités
Liquidité
#  Statistics
Volatility fund/benchmark (%)	8.10 / 8.411 Tracking Error (%)1.101
|  | Const.(HW1C) hUSD |
| --- | --- |
| Last distribution | USD 6.36 (Pay Date: 18.11.20) |
| Morningstar rating | 2 |
| Total Expense Ratio | 0.78% (31.12.2020) |
| Management fee | 0.60% |

2 
© 2021 Morningstar. All Rights Reserved.
3 
Only if no issuing commission was charged.
4 
DK: Registration for professional investors only
| ARBANK 6 1/2 01/28/25 | 6.500% | USD | 0.88 |
| --- | --- | --- | --- |
| KHC 4 3/8 06/01/46 | 4.375% | USD | 0.77 |
| GAZPRU 3.897 PERP | 3.897% | EUR | 0.69 |

Largest positions				 Security	Interest rate	% EIB Float 03/05/24		0.368%   USD  1.67
|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Information ratio/Sharpe ratio | -0.31 / 0.751 Correlation | 0.991 |  | ABQKQD 4 PERP | 4.000% | USD | 0.67 |
| Jensen Alpha/Beta | -0.07 / 0.961 |  |  | CRBKMO 3.1 01/21/26 | 3.100% | EUR | 0.60 |
| Average maturity in years | 4.73 Modified Duration | 3.73 |  | F 3 1/4 09/15/25 | 3.250% | EUR | 0.59 |
| Yield to Maturity (nominal) (%) | 3.65 |  |  | NOHOLB 3 5/8 07/15/26 | 3.625% | EUR | 0.53 |

1 
computed over 3 years

Translation (ENFR, 2021-07-31):
#  Statistique
| Volatilité fonds/benchmark (%) | 8.10 / 8.411 Tracking Error (%) | 1.101 |
| --- | --- | --- |
| Information ratio/Sharpe ratio | -0.31 / 0.751 Corrélation | 0.991 |
| Jensen Alpha/Beta | -0.07 / 0.961 |  |

Durée résiduelle en années	4.73 Duration modifiée3.73
Rend. à l'échéance (nominal) (%)3.65
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 | 2.14 | -3.94 | -4.84 | -5.37 | -17.37 | 6.36 | 3.01 | n.a.	2.73 |
| BM | 3.97 | -2.13 | -1.26 | 1.21 | -7.82 | 8.17 | 5.29 | n.a.	5.09 |
| 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 | -17.37 | 8.08 | 34.74 | 1.40 | -4.93 |
| BM | -7.82 | 8.95 | 26.04 | 2.81 | -0.56 |

Translation (ENFR, 2023-02-28):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | 2.14 | -3.94 | -4.84 | -5.37 | -17.37 | 6.36 | 3.01 | n.a.	2.73 |
| BM | 3.97 | -2.13 | -1.26 | 1.21 | -7.82 | 8.17 | 5.29 | n.a.	5.09 |
| Perf. | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |
| glissante | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |
| Fonds | -17.37 | 8.08 | 34.74 | 1.40 | -4.93 |
| BM | -7.82 | 8.95 | 26.04 | 2.81 | -0.56 |
#  Statistics
Volatility fund/benchmark (%)	17.33 / 18.331 Tracking Error (%)	4.201
 Information ratio/Sharpe ratio	0.25 / 0.231 Correlation	0.971
 Jensen Alpha/Beta	1.25 / 0.921
1 
computed over 3 years

Translation (ENFR, 2020-08-31):
#  Statistique
Volatilité fonds/benchmark (%)	17.33 / 18.331 Tracking Error (%)	4.201
 Information ratio/Sharpe ratio	0.25 / 0.231 Corrélation	0.971
 Jensen Alpha/Beta	1.25 / 0.921
1 
calculé sur 3 ans
#  Structure by sector
Information Technology
Financials Consumer Discretionary Telecommunication Services
Real Estate Health Care Consumer Staples
Industrials

Translation (ENFR, 2020-08-31):
#  Répartition par secteur
Technologies de l'Information
Finance Consommation Discrétionnaire
Télécommunications
Immobilier
Santé Biens de Consommation de Base
Industrie
#  Statistics
Volatility fund/benchmark (%)	7.15 / 8.151 Tracking Error (%)2.481
Information ratio/Sharpe ratio	0.66 / 0.901 Correlation0.961
Jensen Alpha/Beta	2.39 / 0.841
Average maturity in years	5.86 Modified Duration4.15
Yield to Maturity (nominal) (%)3.92
1 
computed over 3 years

Translation (ENFR, 2021-07-31):
#  Statistique
| Information ratio/Sharpe ratio | 0.66 / 0.901 |  | Corrélation | 0.961 |
| --- | --- | --- | --- | --- |
| Jensen Alpha/Beta | 2.39 / 0.841 |  |  |  |

Volatilité fonds/benchmark (%)	7.15 / 8.151 Tracking Error (%)2.481
Durée résiduelle en années	5.86 Duration modifiée4.15
Rend. à l'échéance (nominal) (%)3.92
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 | -0.18 | -7.61 | 0.11 | -2.87 | -18.39 | -0.57 | -1.73 | n.a.	1.12 |
| BM | 0.83 | -6.82 | 0.64 | -2.06 | -14.40 | 1.30 | -1.37 | n.a.	2.10 |
| 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 | -18.39 | -15.43 | 42.45 | 6.10 | -12.14 |
| BM | -14.40 | -14.44 | 41.95 | 0.11 | -10.34 |

Translation (ENFR, 2023-02-28):
|  | p.a. | p.a. | p.a. début, p.a. |
| --- | --- | --- | --- |
| Fonds | -0.18 | -7.61 | 0.11 | -2.87 | -18.39 | -0.57 | -1.73 | n.a.	1.12 |
| BM | 0.83 | -6.82 | 0.64 | -2.06 | -14.40 | 1.30 | -1.37 | n.a.	2.10 |
| Perf. | 28.02.2022 | 28.02.2021 | 29.02.2020 | 28.02.2019 | 28.02.2018 |
| glissante | - 28.02.2023 | - 28.02.2022 | - 28.02.2021 | - 29.02.2020 | - 28.02.2019 |
| Fonds | -18.39 | -15.43 | 42.45 | 6.10 | -12.14 |
| BM | -14.40 | -14.44 | 41.95 | 0.11 | -10.34 |
#  Largest positions
costs incurred on issue, redemption or swapping (e.g. transaction and custody costs
Volatility fund/benchmark (%)	8.09 / 8.341 Tracking Error (%)1.041
Information ratio/Sharpe ratio	-0.74 / 0.491 Correlation0.991
Jensen Alpha/Beta	-0.61 / 0.961
Average maturity in years	5.27 Modified Duration4.19
Yield to Maturity (nominal) (%)4.67
1 
computed over 3 years

Translation (ENFR, 2022-01-31):
#  Les plus grandes positions
| Titre | Taux d'intér. |  | % |
| --- | --- | --- | --- |
| EIB Float 03/05/24 | 0.368% | USD | 1.65 |
| ARBANK 6 1/2 01/28/25 | 6.500% | USD | 0.86 |
| HEIBOS 3 5/8 PERP | 3.625% | EUR | 0.84 |
| KHC 4 3/8 06/01/46 | 4.375% | USD | 0.69 |
| ABQKQD 4 PERP | 4.000% | USD | 0.66 |
| GAZPRU 3.897 PERP | 3.897% | EUR | 0.59 |
| Total |  |  | 5.29 |
|  |  |  |  |

| Volatilité fonds/benchmark (%) | 8.09 / 8.341 Tracking Error (%) | 1.041 | Répartition par secteur	 |
| --- | --- | --- | --- |
| Information ratio/Sharpe ratio | -0.74 / 0.491 Corrélation | 0.991 |  |

Jensen Alpha/Beta	-0.61 / 0.961
Durée résiduelle en années	5.27 Duration modifiée4.19
Rend. à l'échéance (nominal) (%)4.67
1 
calculé sur 3 ans
#  Investment focus and suitability
The ORCHESTRA EUROPEAN L/S EQUITY FUND is a UCITS4 equity European long/short fund. The fund strives to generate a positive return over the long term, irrespective of the performance of financial markets. The investment strategy is based on fundamental analysis in order to identify short-term and long-term investment opportunities. The Fund takes long and short positions on stocks listed in European regulated markets and their related equity indices.
| Investment risk | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Lower risk	Higher risk

Translation (ENFR, 2023-02-28):
#  Pôle d'investissement et destinataires
| Risque du fonds | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | --- |

Risque plus faible	Risque plus élévé
#  Statistics	
 Volatility fund/benchmark (%)	40.96 / 36.211 Tracking Error (%)	14.441
 Information ratio/Sharpe ratio	0.69 / 0.171 Correlation	0.941
 Jensen Alpha/Beta	12.16 / 1.061
1 
computed over 3 years

Translation (ENFR, 2023-02-28):
#  Statistique	
 Volatilité fonds/benchmark (%)	40.96 / 36.211 Tracking Error (%)	14.441
 Information ratio/Sharpe ratio	0.69 / 0.171 Corrélation	0.941
 Jensen Alpha/Beta	12.16 / 1.061
1 
calculé sur 3 ans
#  Comments
Market review
The second quarter of 2021 was characterised by progress in immunisation in developed countries. The resulting strong demand has caused a shortage of supply in several sectors. As a result, inflation has far exceeded the 2% threshold targeted by the US central bank.
Performance contribution and portfolio changes
The team locked in gains on several listed derivative strategies and increased our exposure in high tech, healthcare and renewable energy (Samsung, Atos, Stmicro, Orsted and Sartorius).
Outlook and strategy
The still favourable monetary policy conditions and the large government investments planned for the next few years should provide significant support for the economy and corporate profitability, partly offsetting the negative effects produced by the prospect of a general increase in taxation, decided by the G20. Consequently, the team has increased the probability percentage of its strong growth scenario with as a corollary, an increase in the inflationary danger that is more lasting than expected by the Federal Reserve and the market.

Translation (ENFR, 2021-06-30):
#  Commentaires
Situation du marché
Le 2Q/2021 a vu par le progrès de la vaccination dans les pays développés. Une forte demande a provoqué une baisse de l'offre dans plusieurs secteurs. L'inflation a largement dépassé le seuil de 2 % visé par la banque centrale US.
Contribution à la performance et modifications du portefeuille
Nous avons réalisé des gains sur plusieurs stratégies de produits dérivés cotés et augmenté notre exposition aux secteurs: haute technologie, santé, énergies renouvelables (Samsung,Atos,Stmicro,Orsted et Sartorius)
Perspective et stratégie
Les conditions de politique monétaire encore favorables. Les importants investissements gouvernementaux prévus pour les prochaines années devraient apporter un soutien significatif à l'économie et à la rentabilité des entreprises, compensant en partie les effets négatifs produits par la perspective d'une hausse générale de la fiscalité, décidée par le G20. L'équipe a augmenté le pourcentage de probabilité d'un scénario de forte croissance; la Réserve fédérale et le marché s'attendent à une augmentation du danger inflationniste plus durable que prévu.
#  Structure by currency
EUR USD
| CHF |  |  | 14.8% |
| --- | --- | --- | --- |
| DKK |  | 4.1% |  |
| GBP |  | 2.5% |  |
| SEK |  | 1.1% |  |

Volatility fund/benchmark (%)	9.96 / n.a.1 Information	n.a. /
ratio/Sharpe ratio	0.591
1 
computed over 3 years

Translation (ENFR, 2021-06-30):
#  Répartition par devises
EUR USD CHF
Volatilité fonds/benchmark (%)	9.96 / n.a.1 Information
n.a. /
DKK
ratio/Sharpe ratio	0.591
1 
calculé sur 3 ans
#  Structure by sector
|  |  |  |
| --- | --- | --- |
| Industrials Information Technology |  | 12.8% |
| Materials |  | 9.1% |
| Utilities |  | 4.2% |
| not classifiable |  | 2.0% |
| Liquidity | 0.9% |

71.1%

Translation (ENFR, 2022-04-30):
#  Répartition par secteur
Industrie Technologies de l'Information
Matériels Services aux Collectivités
non classifiable
Liquidité
|  |
| --- |
|  | 90.5% |
|  |
|  | 7.2% |
| 1.4% 0.2% 0.2% 0.2% 0.2% 0.03% |

Translation (ENFR, 2022-09-30):
|  |
| --- |
|  | 90.5% |
|  |
|  | 7.2% |
| 1.4% 0.2% 0.2% 0.2% 0.2% 0.03% |