OVHaiLLM/Flipper huggingface dataset:
| GICS Sector | Long | Short | Net | Index | Relative |  | USD | Long | Short | Net | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consumer Staples | 20.9 | -0.4 | 20.5 | 7.5 | 13.0 |  | >10bn | 54.4 | -17.5 | 36.9 | 92.3 | -55.4 |
| Information Technology | 26.2 | -9.3 | 16.9 | 21.4 | -4.5 |  | 5-10bn | 17.7 | -5.6 | 12.1 | 5.4 | 6.7 |
| Consumer Discretionary | 17.4 | -3.3 | 14.0 | 11.6 | 2.4 |  | 1-5bn | 45.6 | -6.0 | 39.6 | 1.8 | 37.9 |
| Energy | 13.3 | 0.0 | 13.3 | 5.2 | 8.1 |  | 0-1bn | 7.3 | 0.0 | 7.3 | 0.0 | 7.3 |
| Industrials | 19.4 | -6.5 | 12.9 | 9.6 | 3.3 |  | Total Market Cap Exposure | 125.0 | -29.1 | 95.9 | 99.5 |  |
| Health Care | 12.6 | -2.7 | 9.9 | 12.2 | -2.3 |  |  |  |  |  |  |  |
| Materials | 6.5 | 0.0 | 6.5 | 4.6 | 1.9 |  | Index / Unclassified | 2.3 | 0.0 | 2.3 | 0.5 |  |
| Communication Services | 6.8 | -1.8 | 5.0 | 7.6 | -2.5 |  | Total Equity Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |
| Real Estate | 2.0 | 0.0 | 2.0 | 2.7 | -0.7 |  |  |  |  |  |  |  |
| Utilities | 0.0 | -1.1 | -1.1 | 3.2 | -4.3 |  |  |  |  |  |  |  |
| Financials | 2.1 | -4.0 | -1.9 | 14.3 | -16.2 |  |  |  |  |  |  |  |
| Total Sector Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |  |  |  |  |  |  |  |
| Other Index / Unclassified | 0.0 | 0.0 | 0.0 | 0.0 |  |  |  |  |  |  |  |  |
| Total Equity Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |  |  |  |  |  |  |  |

Translation (ENDE, 2022-08-31):
| Sektor GICS | Long | Short | Netto | Index | Relativ |  | USD | Long | Short | Netto | Index | Relativ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Grundbedarfsgüter | 20,9 | -0,4 | 20,5 | 7,5 | 13,0 |  | >10 Mrd. | 54,4 | -17,5 | 36,9 | 92,3 | -55,4 |
| Informationstechnologie | 26,2 | -9,3 | 16,9 | 21,4 | -4,5 |  | 5-10 Mrd. | 17,7 | -5,6 | 12,1 | 5,4 | 6,7 |
| Verbrauchsgüter | 17,4 | -3,3 | 14,0 | 11,6 | 2,4 |  | 1-5 Mrd. | 45,6 | -6,0 | 39,6 | 1,8 | 37,9 |
| Energie | 13,3 | 0,0 | 13,3 | 5,2 | 8,1 |  | 0-1 Mrd. | 7,3 | 0,0 | 7,3 | 0,0 | 7,3 |
| Industrie | 19,4 | -6,5 | 12,9 | 9,6 | 3,3 |  | Marktkapitalis.-Exposure ges. | 125,0 | -29,1 | 95,9 | 99,5 |  |
| Gesundheit | 12,6 | -2,7 | 9,9 | 12,2 | -2,3 |  |  |  |  |  |  |  |
| Roh- und Werkstoffe | 6,5 | 0,0 | 6,5 | 4,6 | 1,9 |  | Index / Nicht klassifiziert | 2,3 | 0,0 | 2,3 | 0,5 |  |
| Kommunikationsdienste | 6,8 | -1,8 | 5,0 | 7,6 | -2,5 |  | Summe Aktienengagement | 127,2 | -29,1 | 98,2 | 100,0 |  |
| Immobilien | 2,0 | 0,0 | 2,0 | 2,7 | -0,7 |  |  |  |  |  |  |  |
| Versorger | 0,0 | -1,1 | -1,1 | 3,2 | -4,3 |  |  |  |  |  |  |  |
| Finanzunternehmen | 2,1 | -4,0 | -1,9 | 14,3 | -16,2 |  |  |  |  |  |  |  |
| Summe Sektorengagement | 127,2 | -29,1 | 98,2 | 100,0 |  |  |  |  |  |  |  |  |
| Anderer Index / Nicht klassifiziert | 0,0 | 0,0 | 0,0 | 0,0 |  |  |  |  |  |  |  |  |
| Summe Aktienengagement | 127,2 | -29,1 | 98,2 | 100,0 |  |  |  |  |  |  |  |  |
|  | Long | Short | Net | Index | Relative |  |  | Long | Short | Net | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| United Kingdom | 22.9 | -0.9 | 22.0 | 3.7 | 18.4 |  | Emerging Markets | 32.0 | -1.4 | 30.6 | 11.5 | 19.1 |
| China | 17.4 | 0.0 | 17.4 | 3.6 | 13.8 |  | Europe (ex-UK) | 36.9 | -7.5 | 29.4 | 11.3 | 18.1 |
| France | 13.1 | -1.2 | 11.9 | 2.7 | 9.2 |  | UK | 22.9 | -0.9 | 22.0 | 3.7 | 18.4 |
| Brazil | 8.5 | 0.0 | 8.5 | 0.6 | 7.9 |  | North America | 29.0 | -18.7 | 10.2 | 64.9 | -54.7 |
| Switzerland | 5.8 | 0.0 | 5.8 | 2.5 | 3.3 |  | Asia Pacific (ex-Japan) | 4.1 | 0.0 | 4.1 | 3.1 | 1.0 |
| Canada | 6.0 | -0.5 | 5.4 | 3.1 | 2.3 |  | Japan | 2.4 | -0.6 | 1.8 | 5.5 | -3.6 |
| United States | 23.0 | -18.2 | 4.8 | 61.8 | -57.1 |  |  |  |  |  |  |  |
| India | 4.4 | 0.0 | 4.4 | 1.6 | 2.7 |  |  |  |  |  |  |  |
| Norway | 5.3 | -1.1 | 4.3 | 0.2 | 4.1 |  |  |  |  |  |  |  |
| Hong Kong | 4.1 | 0.0 | 4.1 | 0.8 | 3.3 |  |  |  |  |  |  |  |
| Others | 16.8 | -7.2 | 9.6 | 19.5 | -9.8 |  | Total Regional Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |
| Total Geographic Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |  | Other Index / Unclassified | 0.0 | 0.0 | 0.0 | 0.0 |  |
| Other Index / Unclassified | 0.0 | 0.0 | 0.0 | 0.0 |  |  | Total Equity Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |
| Total Equity Exposure | 127.2 | -29.1 | 98.2 | 100.0 |  |  |  |  |  |  |  |  |

Translation (ENDE, 2022-08-31):
|  | Long | Short | Netto | Index | Relativ |  |  | Long | Short | Netto | Index | Relativ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Großbritannien | 22,9 | -0,9 | 22,0 | 3,7 | 18,4 |  | Schwellenländer | 32,0 | -1,4 | 30,6 | 11,5 | 19,1 |
| China | 17,4 | 0,0 | 17,4 | 3,6 | 13,8 |  | Europa (ohne GB) | 36,9 | -7,5 | 29,4 | 11,3 | 18,1 |
| Frankreich | 13,1 | -1,2 | 11,9 | 2,7 | 9,2 |  | UK | 22,9 | -0,9 | 22,0 | 3,7 | 18,4 |
| Brasilien | 8,5 | 0,0 | 8,5 | 0,6 | 7,9 |  | Nordamerika | 29,0 | -18,7 | 10,2 | 64,9 | -54,7 |
| Schweiz | 5,8 | 0,0 | 5,8 | 2,5 | 3,3 |  | Asien-Pazifikregion (ohne Japan) | 4,1 | 0,0 | 4,1 | 3,1 | 1,0 |
| Kanada | 6,0 | -0,5 | 5,4 | 3,1 | 2,3 |  | Japan | 2,4 | -0,6 | 1,8 | 5,5 | -3,6 |
| USA | 23,0 | -18,2 | 4,8 | 61,8 | -57,1 |  |  |  |  |  |  |  |
| Indien | 4,4 | 0,0 | 4,4 | 1,6 | 2,7 |  |  |  |  |  |  |  |
| Norwegen | 5,3 | -1,1 | 4,3 | 0,2 | 4,1 |  |  |  |  |  |  |  |
| Hongkong | 4,1 | 0,0 | 4,1 | 0,8 | 3,3 |  |  |  |  |  |  |  |
| Sonstige | 16,8 | -7,2 | 9,6 | 19,5 | -9,8 |  | Summe regionales Engagement | 127,2 | -29,1 | 98,2 | 100,0 |  |
| Geografisches Gesamtengagement | 127,2 | -29,1 | 98,2 | 100,0 |  |  | Anderer Index / Nicht klassifiziert | 0,0 | 0,0 | 0,0 | 0,0 |  |
| Anderer Index / Nicht klassifiziert | 0,0 | 0,0 | 0,0 | 0,0 |  |  | Summe Aktienengagement | 127,2 | -29,1 | 98,2 | 100,0 |  |
| Summe Aktienengagement | 127,2 | -29,1 | 98,2 | 100,0 |  |  |  |  |  |  |  |  |
|  | GICS Sector | Geographic Location | Fund | Index | Relative |
| --- | --- | --- | --- | --- | --- |
| GOLAR LNG LTD | Energy | Norway | 5.3 | 0.0 | 5.3 |
| ERICSSON | Information Technology | Sweden | 5.0 | 0.0 | 4.9 |
| MAKEMYTRIP LIMITED | Consumer Discretionary | India | 4.4 | 0.0 | 4.4 |
| COTY INC | Consumer Staples | United States | 3.6 | 0.0 | 3.6 |
| HAPVIDA PARTICIPACOES E | Health Care | Brazil | 3.6 | 0.0 | 3.6 |
| ROLLS-ROYCE HOLDINGS PLC | Industrials | United Kingdom | 3.6 | 0.0 | 3.6 |
| GENERAL ELECTRIC CO | Industrials | United States | 3.6 | 0.1 | 3.4 |
| SERCO GROUP PLC | Industrials | United Kingdom | 3.5 | 0.0 | 3.5 |
| BUNGE LIMITED | Consumer Staples | United States | 3.5 | 0.0 | 3.4 |
| WORLDLINE SA | Information Technology | France | 3.4 | 0.0 | 3.4 |

Translation (ENDE, 2022-08-31):
|  | Sektor GICS | Geografische Lage | Fonds | Index | Relativ |
| --- | --- | --- | --- | --- | --- |
| GOLAR LNG LTD | Energie | Norwegen | 5,3 | 0,0 | 5,3 |
| ERICSSON | Informationstechnologie | Schweden | 5,0 | 0,0 | 4,9 |
| MAKEMYTRIP LIMITED | Verbrauchsgüter | Indien | 4,4 | 0,0 | 4,4 |
| COTY INC | Grundbedarfsgüter | USA | 3,6 | 0,0 | 3,6 |
| HAPVIDA PARTICIPACOES E | Gesundheit | Brasilien | 3,6 | 0,0 | 3,6 |
| ROLLS-ROYCE HOLDINGS PLC | Industrie | Großbritannien | 3,6 | 0,0 | 3,6 |
| GENERAL ELECTRIC CO | Industrie | USA | 3,6 | 0,1 | 3,4 |
| SERCO GROUP PLC | Industrie | Großbritannien | 3,5 | 0,0 | 3,5 |
| BUNGE LIMITED | Grundbedarfsgüter | USA | 3,5 | 0,0 | 3,4 |
| WORLDLINE SA | Informationstechnologie | Frankreich | 3,4 | 0,0 | 3,4 |
|  | Fund | Index | Relative |  |  | Fund | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GOLAR LNG LTD | 5.3 | 0.0 | 5.3 |  | Short Position - name withheld | -1.2 | 4.5 | -5.6 |
| ERICSSON | 5.0 | 0.0 | 4.9 |  | MICROSOFT CORP | 0.0 | 3.3 | -3.3 |
| MAKEMYTRIP LIMITED | 4.4 | 0.0 | 4.4 |  | Short Position - name withheld | -2.1 | 0.7 | -2.8 |
| COTY INC | 3.6 | 0.0 | 3.6 |  | Short Position - name withheld | -1.2 | 1.3 | -2.5 |
| HAPVIDA PARTICIPACOES E | 3.6 | 0.0 | 3.6 |  | ALPHABET INC | 0.0 | 2.2 | -2.2 |
| ROLLS-ROYCE HOLDINGS PLC | 3.6 | 0.0 | 3.6 |  | AMAZON.COM INC | 0.0 | 2.0 | -2.0 |
| SERCO GROUP PLC | 3.5 | 0.0 | 3.5 |  | Short Position - name withheld | -1.5 | 0.0 | -1.5 |
| GENERAL ELECTRIC CO | 3.6 | 0.1 | 3.4 |  | Short Position - name withheld | -1.4 | 0.0 | -1.4 |
| BUNGE LIMITED | 3.5 | 0.0 | 3.4 |  | Short Position - name withheld | -1.3 | 0.0 | -1.4 |
| WORLDLINE SA | 3.4 | 0.0 | 3.4 |  | Short Position - name withheld | -1.3 | 0.0 | -1.3 |
| Net Long Positions Concentration (% TNA) |
|  | Fund | Index |  |
| Top 10 | 39.5 | 17.0 |  |
| Top 20 | 67.7 | 22.6 |  |
| Top 50 | 117.6 | 33.3 |  |
| Definition of terms: |  |  |  |  |  |  |  |  |

Translation (ENDE, 2022-08-31):
|  | Fonds | Index | Relativ |  |  | Fonds | Index | Relativ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| GOLAR LNG LTD | 5,3 | 0,0 | 5,3 |  | Short Position - name withheld | -1,2 | 4,5 | -5,6 |
| ERICSSON | 5,0 | 0,0 | 4,9 |  | MICROSOFT CORP | 0,0 | 3,3 | -3,3 |
| MAKEMYTRIP LIMITED | 4,4 | 0,0 | 4,4 |  | Short Position - name withheld | -2,1 | 0,7 | -2,8 |
| COTY INC | 3,6 | 0,0 | 3,6 |  | Short Position - name withheld | -1,2 | 1,3 | -2,5 |
| HAPVIDA PARTICIPACOES E | 3,6 | 0,0 | 3,6 |  | ALPHABET INC | 0,0 | 2,2 | -2,2 |
| ROLLS-ROYCE HOLDINGS PLC | 3,6 | 0,0 | 3,6 |  | AMAZON.COM INC | 0,0 | 2,0 | -2,0 |
| SERCO GROUP PLC | 3,5 | 0,0 | 3,5 |  | Short Position - name withheld | -1,5 | 0,0 | -1,5 |
| GENERAL ELECTRIC CO | 3,6 | 0,1 | 3,4 |  | Short Position - name withheld | -1,4 | 0,0 | -1,4 |
| BUNGE LIMITED | 3,5 | 0,0 | 3,4 |  | Short Position - name withheld | -1,3 | 0,0 | -1,4 |
| WORLDLINE SA | 3,4 | 0,0 | 3,4 |  | Short Position - name withheld | -1,3 | 0,0 | -1,3 |
| Konzentration der Netto-Long-Positionen (% NIW Fonds) |
|  | Fonds | Index |  |
| Top 10 | 39,5 | 17,0 |  |
| Top 20 | 67,7 | 22,6 |  |
| Top 50 | 117,6 | 33,3 |  |
| Definition der Begriffe: |  |  |  |  |  |  |  |  |
|  | Average Relative | Relative Performance |  | Average Relative | Relative Performance |
| --- | --- | --- | --- | --- | --- |
| TOP CONTRIBUTORS | Weight | Contribution | TOP DETRACTORS | Weight | Contribution |
| GOLAR LNG LTD | 5.0 | 1.15 | ROLLS-ROYCE HOLDINGS PLC | 3.9 | -0.43 |
| CIELO SA | 3.3 | 1.03 | Short Position - name withheld | -1.0 | -0.34 |
| HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | 3.1 | 0.52 | MARKS & SPENCER GROUP PLC | 2.0 | -0.32 |
| BUNGE LIMITED | 3.6 | 0.46 | OCADO GROUP PLC | 2.4 | -0.31 |
| KE HOLDINGS INC | 1.6 | 0.46 | SERCO GROUP PLC | 3.6 | -0.29 |
| TRIPADVISOR INC | 1.6 | 0.44 | ZOOM VIDEO COMMUNICATIONS INC | 1.2 | -0.20 |
| AVEVA GROUP PLC | 2.1 | 0.44 | TRAINLINE PLC | 1.6 | -0.19 |
| MAKEMYTRIP LIMITED | 4.2 | 0.38 | WOOD (JOHN) GROUP PLC | 1.0 | -0.19 |
| Short Position - name withheld | -2.6 | 0.35 | Z HOLDINGS COR | 1.5 | -0.19 |
| PETROLEO BRASILEIRO-PETROBRAS | 1.6 | 0.33 | BAYER AG | 2.8 | -0.14 |

Translation (ENDE, 2022-08-31):
|  | Ø relative Gewich- | Relativer Performance-Beit |  | Ø relative Gewich- | Relativer Performance-Beit |
| --- | --- | --- | --- | --- | --- |
| GRÖSSTE POSITIVE BEITRÄGE | tung | rag | GRÖSSTE NEGATIVE BEITRÄGE | tung | rag |
| GOLAR LNG LTD | 5,0 | 1,15 | ROLLS-ROYCE HOLDINGS PLC | 3,9 | -0,43 |
| CIELO SA | 3,3 | 1,03 | Short Position - name withheld | -1,0 | -0,34 |
| HAPVIDA PARTICIPACOES E INVESTIMENTOS SA | 3,1 | 0,52 | MARKS & SPENCER GROUP PLC | 2,0 | -0,32 |
| BUNGE LIMITED | 3,6 | 0,46 | OCADO GROUP PLC | 2,4 | -0,31 |
| KE HOLDINGS INC | 1,6 | 0,46 | SERCO GROUP PLC | 3,6 | -0,29 |
| TRIPADVISOR INC | 1,6 | 0,44 | ZOOM VIDEO COMMUNICATIONS INC | 1,2 | -0,20 |
| AVEVA GROUP PLC | 2,1 | 0,44 | TRAINLINE PLC | 1,6 | -0,19 |
| MAKEMYTRIP LIMITED | 4,2 | 0,38 | WOOD (JOHN) GROUP PLC | 1,0 | -0,19 |
| Short Position - name withheld | -2,6 | 0,35 | Z HOLDINGS COR | 1,5 | -0,19 |
| PETROLEO BRASILEIRO-PETROBRAS | 1,6 | 0,33 | BAYER AG | 2,8 | -0,14 |
| GICS SECTOR | Relative Weight | Security Selection | Industry Selection | Relative Contribution |  | Relative Weight | Security Selection | Geographic Selection | Relative Contribution |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Information Technology | -4.1 | 2.53 | 0.68 | 3.20 | United States | -56.2 | 2.16 | 0.17 | 2.34 |
| Energy | 8.0 | 0.98 | 0.51 | 1.49 | Brazil | 7.5 | 1.12 | 0.72 | 1.85 |
| Communication Services | -1.9 | 0.82 | 0.02 | 0.84 | Norway | 3.5 | 1.11 | 0.13 | 1.24 |
| Health Care | -2.5 | 0.59 | 0.16 | 0.75 | China | 12.8 | 0.61 | 0.59 | 1.20 |
| Real Estate | -1.2 | 0.45 | 0.07 | 0.52 | Sweden | 2.7 | 0.60 | -0.19 | 0.42 |
| Consumer Discretionary | 2.6 | 0.27 | 0.14 | 0.41 | Thailand | -0.7 | 0.00 | -0.07 | -0.07 |
| Consumer Staples | 12.5 | 0.23 | 0.06 | 0.29 | Netherlands | -1.0 | -0.15 | 0.06 | -0.09 |
| Materials | 2.3 | -0.15 | 0.11 | -0.04 | Spain | 0.6 | -0.12 | 0.00 | -0.12 |
| Utilities | -4.4 | -0.02 | -0.14 | -0.16 | Japan | -3.3 | -0.31 | -0.04 | -0.35 |
| Financials | -16.0 | -0.04 | -0.29 | -0.33 | United Kingdom | 18.9 | -1.09 | -0.38 | -1.47 |
| Industrials | 3.5 | -1.16 | 0.49 | -0.67 | Others | 14.0 | 1.51 | -0.16 | 1.35 |
| Total Primary Assets | -1.2 | 4.49 | 1.81 | 6.30 | Total Primary Assets | -1.2 | 5.46 | 0.84 | 6.30 |
| Other* | 1.2 |  |  | -0.74 | Other* | 1.2 |  |  | -0.74 |
| TOTAL | 0.0 |  |  | 5.56 | TOTAL | 0.0 |  |  | 5.56 |

Translation (ENDE, 2022-08-31):
| SEKTOR GICS | Gewich- tung | Wertpapier- auswahl | Branchen- auswahl | relativer Beitrag |  | Gewich- tung | Wertpapier- auswahl | Geografisch e Auswahl | relativer Beitrag |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Informationstechnologie | -4,1 | 2,53 | 0,68 | 3,20 | USA | -56,2 | 2,16 | 0,17 | 2,34 |
| Energie | 8,0 | 0,98 | 0,51 | 1,49 | Brasilien | 7,5 | 1,12 | 0,72 | 1,85 |
| Kommunikationsdienste | -1,9 | 0,82 | 0,02 | 0,84 | Norwegen | 3,5 | 1,11 | 0,13 | 1,24 |
| Gesundheit | -2,5 | 0,59 | 0,16 | 0,75 | China | 12,8 | 0,61 | 0,59 | 1,20 |
| Immobilien | -1,2 | 0,45 | 0,07 | 0,52 | Schweden | 2,7 | 0,60 | -0,19 | 0,42 |
| Verbrauchsgüter | 2,6 | 0,27 | 0,14 | 0,41 | Thailand | -0,7 | 0,00 | -0,07 | -0,07 |
| Grundbedarfsgüter | 12,5 | 0,23 | 0,06 | 0,29 | Niederlande | -1,0 | -0,15 | 0,06 | -0,09 |
| Roh- und Werkstoffe | 2,3 | -0,15 | 0,11 | -0,04 | Spanien | 0,6 | -0,12 | 0,00 | -0,12 |
| Versorger | -4,4 | -0,02 | -0,14 | -0,16 | Japan | -3,3 | -0,31 | -0,04 | -0,35 |
| Finanzunternehmen | -16,0 | -0,04 | -0,29 | -0,33 | Großbritannien | 18,9 | -1,09 | -0,38 | -1,47 |
| Industrie | 3,5 | -1,16 | 0,49 | -0,67 | Sonstige | 14,0 | 1,51 | -0,16 | 1,35 |
| Summe primäre Vermögenswerte | -1,2 | 4,49 | 1,81 | 6,30 | Summe primäre Vermögenswerte | -1,2 | 5,46 | 0,84 | 6,30 |
| Sonstige* | 1,2 |  |  | -0,74 | Sonstige* | 1,2 |  |  | -0,74 |
| SUMME | 0,0 |  |  | 5,56 | SUMME | 0,0 |  |  | 5,56 |
# Strategy
Paul Taylor makes investment decisions based on bottom-up fundamental research. He favours companies with strong fundamentals, a competitive edge, brand name or technological advantage, sound balance sheet, strong free cash flow and low levels of debt. In terms of market capitalisation, Paul prefers large and medium-sized companies, but he may also invest in smaller firms that meet his investment criteria.
Paul believes markets are semi-efficient and share prices do not always reflect inherent value. Through Fidelity’s in-house, bottom-up company research, Paul aims to uncover the opportunities he believes offer the greatest scope for outperformance. Based on this research approach, Paul seeks out stocks he believes are undervalued and likely to generate growth.

Translation (ENDE, 2021-09-30):
# Strategie
Paul Taylor trifft Investitionsentscheidungen auf der Grundlage einer Bottom-up-Analyse der Fundamentaldaten. Er bevorzugt Unternehmen mit starken Fundamentaldaten, Wettbewerbsvorteilen, Vorteilen durch ihren Markennamen oder ihre Technologien, solider Bilanz, hohem freien Cashflow und niedriger Verschuldung. In Bezug auf die Marktkapitalisierung bevorzugt Paul große und mittlere Unternehmen, aber er investiert auch in kleinere Unternehmen, sofern sie seine Anlagekriterien erfüllen. Paul ist überzeugt, dass die Märkte nur zum Teil effizient sind und dass die Aktienkurse nicht immer den inhärenten Wert widerspiegeln. Paul ist bestrebt, mithilfe der internen Bottom-up-Unternehmensanalyse von Fidelity solche Anlagechancen zu ermitteln, die seiner Überzeugung nach den größten Spielraum für eine überdurchschnittliche Wertentwicklung bieten. Ausgehend von diesem Analyseansatz wählt Paul Aktien aus, die seiner Überzeugung nach unterbewertet sind und wahrscheinlich Wachstum generieren.
# Performance for calendar years in EUR (%)
Volatility & Risk
Annualised Volatility: fund (%)	16.03
Relative Volatility	1.41
Sharpe Ratio: fund	-0.02
Sharpe Ratio: index	-0.05
Annualised Alpha	1.03
Beta	1.38
Annualised Tracking Error (%)	5.30
Information Ratio	0.04

Translation (ENDE, 2022-02-28):
# Performance für Kalenderjahre in EUR (%)
Volatilität und Risiko
Annualisierte Volatilität: Fonds (%)
16,03
Annualisiertes Alpha	1,03
Relative Volatilität	1,41
Sharpe-Ratio: Fonds	-0,02
Sharpe-Ratio: Index	-0,05
Beta	1,38
Annualisierter Tracking Error (%)	5,30
Information-Ratio	0,04
| ICB Industry | Long | Short | Net | Index | Relative |  | GBP | Long | Short | Net | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Financials | 28.4 | 0.0 | 28.4 | 22.4 | 5.9 |  | FTSE 100 | 32.8 | 0.0 | 32.8 | 82.5 | -49.7 |
| Industrials | 24.0 | 0.0 | 24.0 | 10.7 | 13.3 |  | FTSE 250 | 31.9 | 0.0 | 31.9 | 14.7 | 17.2 |
| Consumer Discretionary | 11.1 | 0.0 | 11.1 | 10.3 | 0.8 |  | FTSE Smallcap | 6.2 | 0.0 | 6.2 | 2.8 | 3.4 |
| Health Care | 9.3 | 0.0 | 9.3 | 11.2 | -1.9 |  | Non FTSE | 33.2 | 0.0 | 33.2 | 0.0 | 33.2 |
| Consumer Staples | 7.7 | 0.0 | 7.7 | 16.1 | -8.4 |  | Total Market Cap Exposure | 104.1 | 0.0 | 104.1 | 100.0 |  |
| Energy | 7.7 | 0.0 | 7.7 | 11.5 | -3.9 |  |  |  |  |  |  |  |
| Basic Materials | 5.1 | 0.0 | 5.1 | 7.6 | -2.5 |  | Index / Unclassified | 0.0 | 0.0 | 0.0 | 0.0 |  |
| Utilities | 4.7 | 0.0 | 4.7 | 3.6 | 1.2 |  | Total Equity Exposure | 104.1 | 0.0 | 104.1 | 100.0 |  |
| Telecommunications | 3.7 | 0.0 | 3.7 | 2.1 | 1.6 |  |  |  |  |  |  |  |
| Technology | 1.1 | 0.0 | 1.1 | 1.5 | -0.4 |  |  |  |  |  |  |  |
| Real Estate | 0.1 | 0.0 | 0.1 | 3.0 | -2.8 |  |  |  |  |  |  |  |
| Total Sector Exposure | 103.0 | 0.0 | 103.0 | 100.0 |  |  |  |  |  |  |  |  |
| Other Index / Unclassified | 1.1 | 0.0 | 1.1 | 0.0 |  |  |  |  |  |  |  |  |
| Total Equity Exposure | 104.1 | 0.0 | 104.1 | 100.0 |  |  |  |  |  |  |  |  |

Translation (ENDE, 2022-08-31):
| Branche ICB | Long | Short | Netto | Index | Relativ |  | GBP | Long | Short | Netto | Index | Relativ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Finanzunternehmen | 28,4 | 0,0 | 28,4 | 22,4 | 5,9 |  | FTSE 100 | 32,8 | 0,0 | 32,8 | 82,5 | -49,7 |
| Industrie | 24,0 | 0,0 | 24,0 | 10,7 | 13,3 |  | FTSE 250 | 31,9 | 0,0 | 31,9 | 14,7 | 17,2 |
| Verbrauchsgüter | 11,1 | 0,0 | 11,1 | 10,3 | 0,8 |  | FTSE Smallcap | 6,2 | 0,0 | 6,2 | 2,8 | 3,4 |
| Gesundheit | 9,3 | 0,0 | 9,3 | 11,2 | -1,9 |  | Nicht FTSE | 33,2 | 0,0 | 33,2 | 0,0 | 33,2 |
| Grundbedarfsgüter | 7,7 | 0,0 | 7,7 | 16,1 | -8,4 |  | Marktkapitalis.-Exposure ges. | 104,1 | 0,0 | 104,1 | 100,0 |  |
| Energie | 7,7 | 0,0 | 7,7 | 11,5 | -3,9 |  |  |  |  |  |  |  |
| Grundstoffe | 5,1 | 0,0 | 5,1 | 7,6 | -2,5 |  | Index / Nicht klassifiziert | 0,0 | 0,0 | 0,0 | 0,0 |  |
| Versorger | 4,7 | 0,0 | 4,7 | 3,6 | 1,2 |  | Summe Aktienengagement | 104,1 | 0,0 | 104,1 | 100,0 |  |
| Telekommunikation | 3,7 | 0,0 | 3,7 | 2,1 | 1,6 |  |  |  |  |  |  |  |
| Technologie | 1,1 | 0,0 | 1,1 | 1,5 | -0,4 |  |  |  |  |  |  |  |
| Immobilien | 0,1 | 0,0 | 0,1 | 3,0 | -2,8 |  |  |  |  |  |  |  |
| Summe Sektorengagement | 103,0 | 0,0 | 103,0 | 100,0 |  |  |  |  |  |  |  |  |
| Anderer Index / Nicht klassifiziert | 1,1 | 0,0 | 1,1 | 0,0 |  |  |  |  |  |  |  |  |
| Summe Aktienengagement | 104,1 | 0,0 | 104,1 | 100,0 |  |  |  |  |  |  |  |  |
|  | Long | Short | Net | Index | Relative |
| --- | --- | --- | --- | --- | --- |
| United Kingdom | 77.7 | 0.0 | 77.7 | 100.0 | -22.3 |
| Ireland | 6.8 | 0.0 | 6.8 | 0.0 | 6.8 |
| France | 3.0 | 0.0 | 3.0 | 0.0 | 3.0 |
| Switzerland | 2.3 | 0.0 | 2.3 | 0.0 | 2.3 |
| Austria | 2.1 | 0.0 | 2.1 | 0.0 | 2.1 |
| Greece | 1.9 | 0.0 | 1.9 | 0.0 | 1.9 |
| Sweden | 1.8 | 0.0 | 1.8 | 0.0 | 1.8 |
| United States | 1.3 | 0.0 | 1.3 | 0.0 | 1.3 |
| Bermuda | 1.2 | 0.0 | 1.2 | 0.0 | 1.2 |
| Australia | 1.2 | 0.0 | 1.2 | 0.0 | 1.2 |
| Others | 4.8 | 0.0 | 4.8 | 0.0 | 4.8 |
| Total Geographic Exposure | 104.1 | 0.0 | 104.1 | 100.0 |  |
| Other Index / Unclassified | 0.0 | 0.0 | 0.0 | 0.0 |  |
| Total Equity Exposure | 104.1 | 0.0 | 104.1 | 100.0 |  |

Translation (ENDE, 2022-08-31):
|  | Long | Short | Netto | Index | Relativ |
| --- | --- | --- | --- | --- | --- |
| Großbritannien | 77,7 | 0,0 | 77,7 | 100,0 | -22,3 |
| Irland | 6,8 | 0,0 | 6,8 | 0,0 | 6,8 |
| Frankreich | 3,0 | 0,0 | 3,0 | 0,0 | 3,0 |
| Schweiz | 2,3 | 0,0 | 2,3 | 0,0 | 2,3 |
| Österreich | 2,1 | 0,0 | 2,1 | 0,0 | 2,1 |
| Griechenland | 1,9 | 0,0 | 1,9 | 0,0 | 1,9 |
| Schweden | 1,8 | 0,0 | 1,8 | 0,0 | 1,8 |
| USA | 1,3 | 0,0 | 1,3 | 0,0 | 1,3 |
| Bermudas | 1,2 | 0,0 | 1,2 | 0,0 | 1,2 |
| Australien | 1,2 | 0,0 | 1,2 | 0,0 | 1,2 |
| Sonstige | 4,8 | 0,0 | 4,8 | 0,0 | 4,8 |
| Geografisches Gesamtengagement | 104,1 | 0,0 | 104,1 | 100,0 |  |
| Anderer Index / Nicht klassifiziert | 0,0 | 0,0 | 0,0 | 0,0 |  |
| Summe Aktienengagement | 104,1 | 0,0 | 104,1 | 100,0 |  |
|  | Fund | Index | Relative |  |  | Fund | Index | Relative |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SERCO GROUP PLC | 4.7 | 0.1 | 4.6 |  | SHELL PLC | 1.4 | 7.5 | -6.0 |
| CONTOURGLOBAL PLC | 3.1 | 0.0 | 3.0 |  | ASTRAZENECA PLC | 2.1 | 7.2 | -5.1 |
| IMPERIAL BRANDS PLC | 3.8 | 0.8 | 3.0 |  | HSBC HOLDINGS PLC | 0.0 | 4.6 | -4.6 |
| SANOFI | 3.0 | 0.0 | 3.0 |  | UNILEVER PLC | 0.0 | 4.3 | -4.3 |
| DCC PLC | 3.1 | 0.2 | 2.9 |  | DIAGEO PLC | 0.0 | 3.7 | -3.7 |
| PHOENIX GROUP HOLDINGS PLC | 3.0 | 0.2 | 2.8 |  | BP PLC | 0.0 | 3.7 | -3.7 |
| AIB GROUP PLC | 2.8 | 0.0 | 2.8 |  | BRITISH AMERICAN TOBACCO PLC | 0.0 | 3.4 | -3.4 |
| AVIVA PLC | 3.3 | 0.5 | 2.7 |  | GLENCORE PLC | 0.0 | 2.7 | -2.7 |
| NATWEST GRP PLC(UNGTD) | 2.9 | 0.5 | 2.4 |  | GSK PLC | 0.0 | 2.4 | -2.4 |
| MITIE GROUP PLC | 2.3 | 0.0 | 2.3 |  | RIO TINTO PLC | 0.0 | 2.3 | -2.3 |
| Net Long Positions Concentration (% TNA) |
|  | Fund | Index |  |
| Top 10 | 32.5 | 41.6 |  |
| Top 20 | 53.5 | 56.2 |  |
| Top 50 | 86.9 | 72.8 |  |
| Definition of terms: |  |  |  |  |  |  |  |  |

Translation (ENDE, 2022-08-31):
|  | Fonds | Index | Relativ |  |  | Fonds | Index | Relativ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SERCO GROUP PLC | 4,7 | 0,1 | 4,6 |  | SHELL PLC | 1,4 | 7,5 | -6,0 |
| CONTOURGLOBAL PLC | 3,1 | 0,0 | 3,0 |  | ASTRAZENECA PLC | 2,1 | 7,2 | -5,1 |
| IMPERIAL BRANDS PLC | 3,8 | 0,8 | 3,0 |  | HSBC HOLDINGS PLC | 0,0 | 4,6 | -4,6 |
| SANOFI | 3,0 | 0,0 | 3,0 |  | UNILEVER PLC | 0,0 | 4,3 | -4,3 |
| DCC PLC | 3,1 | 0,2 | 2,9 |  | DIAGEO PLC | 0,0 | 3,7 | -3,7 |
| PHOENIX GROUP HOLDINGS PLC | 3,0 | 0,2 | 2,8 |  | BP PLC | 0,0 | 3,7 | -3,7 |
| AIB GROUP PLC | 2,8 | 0,0 | 2,8 |  | BRITISH AMERICAN TOBACCO PLC | 0,0 | 3,4 | -3,4 |
| AVIVA PLC | 3,3 | 0,5 | 2,7 |  | GLENCORE PLC | 0,0 | 2,7 | -2,7 |
| NATWEST GRP PLC(UNGTD) | 2,9 | 0,5 | 2,4 |  | GSK PLC | 0,0 | 2,4 | -2,4 |
| MITIE GROUP PLC | 2,3 | 0,0 | 2,3 |  | RIO TINTO PLC | 0,0 | 2,3 | -2,3 |
| Konzentration der Netto-Long-Positionen (% NIW Fonds) |
|  | Fonds | Index |  |
| Top 10 | 32,5 | 41,6 |  |
| Top 20 | 53,5 | 56,2 |  |
| Top 50 | 86,9 | 72,8 |  |
| Definition der Begriffe: |  |  |  |  |  |  |  |  |