OVHaiLLM/Flipper huggingface dataset:
# Fund statistics 2)
## 3 years	5 years

## Ongoing charge	1.45%

## Benchmark (BM)		No Benchmark Swinging single pricing (SSP) 
3)			

## Yes Unit class	Category UBH

## (capital growth)

## Unit class currency	EUR

## ISIN number	LU1485741976

## Bloomberg ticker	CSLAUBE LX

## WKN number	A2AREK

## Net Asset Value115.44

Translation (ENDE, 2021-09-30):
# Fondsstatistik 2)
3 Jahre	5 Jahre
Swinging single pricing (SSP) 
3)		
Ja Anlageklasse	Tranche UBH (thesaurierend)
Währung der Anteilklasse	EUR
ISIN	LU1485741976
Bloomberg Ticker	CSLAUBE LX
WKN	A2AREK
Nettoinventarwert	115,44
# Asset breakdown
by ESG controversy flag
Portfolio	Benchmark
| Green | 38.26 | 38.36 |  |
| --- | --- | --- | --- |
| Yellow | 47.21 | 47.21 |  |
| Orange | 14.51 | 14.42 |  |
| Red | 0.01 | 0.00 |  |
| Not rated | 0.01 | 0.02 |  |

Total	100.00	100.00

Translation (ENDE, 2020-09-30):
# Vermögensaufteilung
nach Branchen, in % des wirtschaftlichen Gesamtexposure
Portfolio	Benchmark
| Informationstechnologie | 27,71 | 27,67 |  |
| --- | --- | --- | --- |
| Gesundheitswesen | 13,74 | 13,74 |  |
| Zyklische Konsumgüter | 12,64 | 12,64 |  |
| Kommunikationsdienste | 10,27 | 10,25 |  |
| Finanzwesen | 9,47 | 9,48 |  |
| Industrie | 8,70 | 8,72 |  |
| Nichtzyklische Konsumgüter | 6,97 | 6,97 |  |
| Sonstige | 10,50 | 10,53 |  |

Gesamt	100,00	100,00
# Asset breakdown
by business involvement exposure
Portfolio	Benchmark
| Tobacco | 0.12 | 0.12 |  |
| --- | --- | --- | --- |
| Adult Entertainment | 0.00 | 0.00 |  |
| Gambling | 0.00 | 0.00 |  |
| Weapons and Firearms | 0.08 | 0.08 |  |
| Nuclear Power | 1.45 | 1.45 |  |
| Thermal Coal | 0.67 | 0.68 |  |

Total	2.32	2.32

Translation (ENDE, 2020-09-30):
# Vermögensaufteilung
nach Geschäftsaktivitäten-Engagement
Portfolio	Benchmark
| Tabak | 0,12 | 0,12 |  |
| --- | --- | --- | --- |
| Erwachsenenunterhaltung | 0,00 | 0,00 |  |
| Glücksspiel | 0,00 | 0,00 |  |
| Waffen und Schusswaffen | 0,08 | 0,08 |  |
| Kernkraft | 1,45 | 1,45 |  |
| Kraftwerkskohle | 0,67 | 0,68 |  |

Gesamt	2,32	2,32
| Fund information |
| --- |
| 1,052,871,180.15 Fund total net assets in USD |
| Share class TNA USD 1052.87m | NAV USD  124.21 | Issue price at inception USD  100.00 |

Translation (ENDE, 2020-09-30):
| Fondsinformationen |
| --- |
| 1’052’871’180.15 Gesamtnettovermögen des Fonds in USD |
| Gesamtnettovermögen Anteilsklasse USD 1052.87m | NAV USD  124.21 | Emissionskurs  USD  100.00 |
|  | Portfolio | Benchmark | Active sector weight |
| --- | --- | --- | --- |
| Communication Services | 14.9 | 14.9 | 0.02% |
| Consumer Discretionary | 34.0 | 34.1 | 0.00% |
| Consumer Staples | 69.6 | 69.7 | 0.00% |
| Energy | 488.2 | 488.7 | -0.01% |
| Financials | 5.9 | 5.8 | -0.02% |
| Health Care | 17.1 | 17.1 | 0.00% |
| Industrials | 194.7 | 194.1 | -0.02% |
| Information Technology | 21.5 | 21.5 | 0.04% |
| Materials | 536.1 | 534.9 | 0.00% |
| Real Estate | 169.6 | 169.0 | 0.00% |
| Utilities | 2320.2 | 2312.2 | -0.01% |
| None |  |  | -0.01% |

Translation (ENDE, 2020-09-30):
|  | Portfolio | Benchmark | Aktive Sektorgewichtung |
| --- | --- | --- | --- |
| Kommunikationsdienste | 14.9 | 14.9 | 0,02 % |
| Zyklische Konsumgüter | 34.0 | 34.1 | 0,00 % |
| Nichtzyklische Konsumgüter | 69.6 | 69.7 | 0,00 % |
| Energie | 488.2 | 488.7 | -0,01 % |
| Finanzwesen | 5.9 | 5.8 | -0,02 % |
| Gesundheitswesen | 17.1 | 17.1 | 0,00 % |
| Industrie | 194.7 | 194.1 | -0,02 % |
| Informationstechnologie | 21.5 | 21.5 | 0,04 % |
| Grundstoffe | 536.1 | 534.9 | 0,00 % |
| Immobilien | 169.6 | 169.0 | 0,00 % |
| Versorger | 2320.2 | 2312.2 | -0,01 % |
| Keine |  |  | -0,01 % |
# Performance overview
## since 01.04.2020, in %

## Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | -2.40 | -2.32 | -8.81 | n/a | n/a | 16.90 |  | 23.23 | n/a | n/a | 19.70 |
| Benchmark | -2.42 | -2.36 | -8.96 | n/a | n/a | 16.75 |  | 23.24 | n/a | n/a | 19.70 |
| Relative net | 0.02 | 0.04 | 0.15 | n/a | n/a | 0.15 |  | 0.03 | n/a | n/a | 0.03 |

1 

## If the currency of a financial product and/or its costs is different from your reference currency, the return and cost may increase or decrease as a result of currency fluctuations.
| Performance overview - yearly |  |
| --- | --- |
| since 01.04.2020, in % |
|  | 2020 | 2021 | 2022 | 2023 | ITD |
| Portfolio net | 45.31 | 31.28 | -20.45 | 3.92 | 57.70 |
| Benchmark | 45.13 | 31.18 | -20.58 | 3.89 | 57.09 |
| Relative net | 0.18 | 0.09 | 0.13 | 0.03 | 0.60 |

Translation (ENDE, 2023-02-28):
# Performance-Übersicht
## Seit 01.04.2020, in %

## Annualisiertes Risiko, in %
|  | 1 Monate | 3 Monate | 1 Jahr | 3 Jahre | 5 Jahre | ITD |  | 1 Jahr | 3 Jahre | 5 Jahre | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | -2.40 | -2.32 | -8.81 | n.a. | n.a. | 16.90 |  | 23.23 | n.a. | n.a. | 19.70 |
| Benchmark | -2.42 | -2.36 | -8.96 | n.a. | n.a. | 16.75 |  | 23.24 | n.a. | n.a. | 19.70 |
| Relativ netto | 0.02 | 0.04 | 0.15 | n.a. | n.a. | 0.15 |  | 0.03 | n.a. | n.a. | 0.03 |

| Performance-Übersicht – jährlich Seit 01.04.2020, in % | 2020 | 2021 | 2022 | 2023 | ITD |
| --- | --- | --- | --- | --- | --- |
| Portfolio netto | 45.31 | 31.28 | -20.45 | 3.92 | 57.70 |
| Benchmark | 45.13 | 31.18 | -20.58 | 3.89 | 57.09 |
| Relativ netto | 0.18 | 0.09 | 0.13 | 0.03 | 0.60 |
# Portfolio positioning	Attribution (%)
## Performance fee in % with Highwatermark 5,00 Benchmark (BM)	No Benchmark Swinging single pricing (SSP) 
3)			

## Yes Unit class		Category EB

## (capital growth)

## Unit class currency	USD
| ISIN number | LU1335033079 |
| --- | --- |
| Bloomberg ticker | CSMEEBU LX |
| Valor no. | 30782775 |
| Net Asset Value | 1'171,11 |

|  | North America | 26,4 | -9,3 | 35,7 | 17,1 |  | Communication | 10,0 | -8,0 | 18,0 | 2,0 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Morningstar Rating as of 28.02.2022 | Asia ex Japan | 23,6 | -8,6 | 32,2 | 14,9 |  | Consumer Disc. | 9,8 | -6,5 | 16,3 | 3,3 |


## Redemptions	Daily

## Long exposure	89,5%

## Short exposure	-50,7%

## Number of long positions88

## Number of short positions63

Translation (ENDE, 2022-02-28):
# Positionierung des Portfolios	Zuschreibung (%)
## Anlageklasse	Tranche EB

## (thesaurierend)

## Währung der Anteilklasse	USD

## ISIN	LU1335033079

## Bloomberg Ticker	CSMEEBU LX

## WKN	A2AJE5

## Nettoinventarwert	1.171,11

## Rücknahmen	Täglich

## Long- Engagement	89,5%

## Short exposure	-50,7%

## Anzahl der Long-Positionen88

## Anzahl der Short- Positionen63
# Portfolio exposures (% of NAV) Geographic
## Region	Long  Short  Gross	Net

## Europe	28,8	-6,6	35,3	22,2

## Long	-2,3

## Short	0,9

Translation (ENDE, 2022-02-28):
# Portfolio-Engagements (% des NAV) Geografisch
## Region	Long  Short  Gross	Net

## Europa	28,8	-6,6	35,3	22,2

## Nordamerika	26,4	-9,3	35,7	17,1

## Long	-2,3

## Short	0,9
# Investment Policy
Credit Suisse (Lux) Fund is an actively managed UCITS fund that invests in a diversified portfolio of catastrophe bonds (“CAT Bonds”). CAT Bonds are financial securities that transfer insurance risk to the capital markets. The investor in such securities receives a coupon made up of a floating money market component and an insurance premium. The premium compensates the investor for bearing the risk of a partial or total capital loss resulting from the occurrence of extraordinary predefined events such as an earthquake or a hurricane. Risk management is performed by fund managers at the portfolio level, alongside independent teams who monitor and manage investment as well as operational risk. The fund’s long-only strategy has been in place since February 2016. Financial derivative instruments are used for hedging purposes only. The fund does not invest in instruments linked to life settlements. The Performance between 16.02.2016 to 18.01.2021 is derived from the historical performance of Lombard Odier Funds – CAT Bonds, a UCITS, which has been merged into the Fund as of 18.01.2021 (the “Merger”). The investment policy has not undergone any material change as a result of the Merger.
Past performance does not predict future returns. Neither simulated nor historical performance is a reliable indicator for current or future performance.

Translation (ENDE, 2023-01-31):
# Anlagepolitik
Der Credit Suisse (Lux) Fund ist ein aktiv verwalteter OGAW-Fonds, der in ein diversifiziertes Portfolio von Katastrophenanleihen («Cat Bonds») anlegt. Cat Bonds sind Finanzwerte, die das Versicherungsrisiko auf die Kapitalmärkte übertragen. Der in solche Wertpapiere investierte Anleger erhält einen Coupon, der aus einer variablen Geldmarktkomponente und einer Versicherungsprämie besteht. Die Prämie entschädigt den Anleger für das Risiko eines Teil- oder Totalverlusts des Kapitals infolge von aussergewöhnlichen vordefinierten Ereignissen wie z. B. einem Erdbeben oder einem Hurrikan. Das Risikomanagement erfolgt durch Fondsmanager auf Portfolio-Ebene sowie durch unabhängige Teams, die sowohl Anlageals auch operationelle Risiken überwachen und steuern. Die Long-only-Strategie des Fonds besteht bereits seit Februar 2016. Derivative Finanzinstrumente werden ausschliesslich zu Absicherungszwecken eingesetzt. Der Fonds investiert nicht in Instrumente, die an Lebensversicherungen gekoppelt sind. Die Wertentwicklung vom 16.2.2016 bis 18.1.2021 ergibt sich aus der historischen Wertentwicklung von Lombard Odier Funds – Cat Bonds, einem OGAW, der per 18.1.2021 mit dem Fonds zusammengelegt wurde (die «Zusammenlegung»). Es ist keine wesentliche Änderung der Anlagepolitik infolge der Zusammenlegung erfolgt.
Die historische Wertentwicklung ist kein Indikator für die zukünftige Rendite. Weder die simulierte noch die historische Wertentwicklung ist ein zuverlässiger Indikator für aktuelle oder zukünftige Wertentwicklung.
# Performance overview
## since 01.07.2016, in %

## Annualized risk, in %
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 4.65 | 15.48 | -10.72 | 1.28 | -1.19 | 3.23 |  | 18.05 | 16.40 | 14.35 | 13.24 |
| Benchmark | 4.62 | 15.66 | -10.20 | 1.41 | -0.69 | 3.68 |  | 18.04 | 16.23 | 14.21 | 13.11 |
| Relative net | 0.02 | -0.18 | -0.52 | -0.12 | -0.50 | -0.45 |  | 0.16 | 0.51 | 0.59 | 0.54 |

1 

## If the currency of a financial product and/or its costs is different from your reference currency, the return and cost may increase or decrease as a result of currency fluctuations.
| Performance overview - yearly |  |
| --- | --- |
| since 01.07.2016, in % |
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ITD |
| Portfolio net | -2.37 | 26.65 | -7.74 | 8.42 | 8.09 | 5.66 | -16.60 | 4.65 | 23.29 |
| Benchmark | -2.18 | 26.73 | -5.78 | 8.48 | 7.79 | 5.79 | -16.10 | 4.62 | 26.84 |
| Relative net | -0.19 | -0.08 | -1.96 | -0.06 | 0.30 | -0.13 | -0.51 | 0.02 | -3.56 |

Translation (ENDE, 2023-01-31):
# Performance-Übersicht
## Seit 01.07.2016, in %

## Annualisiertes Risiko, in %
|  | 1 Monate | 3 Monate | 1 Jahr | 3 Jahre | 5 Jahre | ITD |  | 1 Jahr | 3 Jahre | 5 Jahre | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | 4.65 | 15.48 | -10.72 | 1.28 | -1.19 | 3.23 |  | 18.05 | 16.40 | 14.35 | 13.24 |
| Benchmark | 4.62 | 15.66 | -10.20 | 1.41 | -0.69 | 3.68 |  | 18.04 | 16.23 | 14.21 | 13.11 |
| Relativ netto | 0.02 | -0.18 | -0.52 | -0.12 | -0.50 | -0.45 |  | 0.16 | 0.51 | 0.59 | 0.54 |

| Performance-Übersicht – jährlich Seit 01.07.2016, in % | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | -2.37 | 26.65 | -7.74 | 8.42 | 8.09 | 5.66 | -16.60 | 4.65 | 23.29 |
| Benchmark | -2.18 | 26.73 | -5.78 | 8.48 | 7.79 | 5.79 | -16.10 | 4.62 | 26.84 |
| Relativ netto | -0.19 | -0.08 | -1.96 | -0.06 | 0.30 | -0.13 | -0.51 | 0.02 | -3.56 |
# Key risk figures
Portfolio
Portfolio
Modified duration	2.73
Yield to worst	3.58%
Average maturity in years	7.33
Linear weighted average credit rating	A-
Number of securities	313

Translation (ENDE, 2023-02-28):
# Risikokennzahlen
## Portfolio

## Portfolio

## Modified Duration	2.73

## Yield to worst	3.58%

## WAL-to-worst in Jahren	7.33

## Linear gewichtetes durchschnittliches Bonitätsrating	A-

## Anzahl Titel	313
# Asset breakdown by risk currency
## In % of total economic exposure

## in %	
Portfolio 
| AUD	102.48 |  |  |
| --- | --- | --- |
| CNH	0.26 |  |
| Others	-2.74 |  |

Translation (ENDE, 2023-02-28):
# Vermögensstruktur nach Risiko-Währung
## In % des Exposures

## in %	
Portfolio 
| AUD	102.48 |  |  |
| --- | --- | --- |
| CNH	0.26 |  |
| Rest	-2.74 |  |
# Asset breakdown by WAL bucket
## In % of total market value

## in %	
Portfolio 
| < 1yr	3.07 |  |  |
| --- | --- | --- |
| 1-3 yrs	37.92 |  |  |
| 3-5 yrs	29.64 |  |  |
| 5-7 yrs	3.45 |  |  |
| 7-10 yrs	3.89 |  |  |
| 10-15 yrs	1.78 |  |  |
| >15 yrs	20.25 |  |  |

Translation (ENDE, 2023-02-28):
# Vermögensstruktur nach WAL Bucket
## in % des Marktwerts

## in %	
Portfolio 
| < 1 Jahr	3.07 |  |  |
| --- | --- | --- |
| 1-3 Jahre	37.92 |  |  |
| 3-5 Jahre	29.64 |  |  |
| 5-7 Jahre	3.45 |  |  |
| 7-10 Jahre	3.89 |  |  |
| 10-15 Jahre	1.78 |  |  |
| >15 Jahre	20.25 |  |  |
| Fund information Equity |
| --- |
| 486'173'640 Fund total net assets in USD |
| Share class TNA, USD 12'230'957 | Share class NAV, USD 1'279.05 | Ongoing charges 1 0.25% |
| MTD (net) return -6.52% Bench. -6.48% | QTD (net) return 0.86% Bench. 0.90% | YTD (net) return 0.86% Bench. 0.90% |

Translation (ENDE, 2023-02-28):
| Informationen zum Produkt Aktien |
| --- |
| 486'173'640 Gesamtnettovermögen des Fonds in USD |
| Gesamtnettovermögen der Anteilsklasse, USD 12'230'957 | NAV der Anteilsklasse, USD 1'279.05 | Laufende Kosten 1 0.25% |
| Rendite (netto) MTD -6.52% Bench. -6.48% | Rendite (netto) QTD 0.86% Bench. 0.90% | Rendite (netto) YTD 0.86% Bench. 0.90% |
|  | 1 months | 3 months | 1 year | 3 years | 5 years | ITD |  | 1 year | 3 years | 5 years | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | -6.52 | -0.55 | -15.13 | n/a | n/a | 6.72 |  | 24.16 | n/a | n/a | 19.10 |
| Benchmark | -6.48 | -0.52 | -15.28 | n/a | n/a | 6.96 |  | 24.23 | n/a | n/a | 19.08 |
| Relative net | -0.04 | -0.03 | 0.15 | n/a | n/a | -0.24 |  | 0.50 | n/a | n/a | 0.53 |

Translation (ENDE, 2023-02-28):
|  | 1 Monate | 3 Monate | 1 Jahr | 3 Jahre | 5 Jahre | ITD |  | 1 Jahr | 3 Jahre | 5 Jahre | ITD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | -6.52 | -0.55 | -15.13 | n.a. | n.a. | 6.72 |  | 24.16 | n.a. | n.a. | 19.10 |
| Benchmark | -6.48 | -0.52 | -15.28 | n.a. | n.a. | 6.96 |  | 24.23 | n.a. | n.a. | 19.08 |
| Relativ netto | -0.04 | -0.03 | 0.15 | n.a. | n.a. | -0.24 |  | 0.50 | n.a. | n.a. | 0.53 |
# Performance overview - monthly & YTD
since 01.01.2022, in %
|  | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net | 8.54 | 6.28 | 8.57 | 3.51 | 1.26 | -11.24 | 3.69 | -0.38 |  |  |  |  | 20.35 |
| Benchmark | 8.84 | 6.16 | 8.60 | 4.28 | 1.37 | -11.21 | 4.18 | -0.12 |  |  |  |  | 22.57 |
| Relative net | -0.31 | 0.12 | -0.03 | -0.77 | -0.11 | -0.03 | -0.49 | -0.25 |  |  |  |  | -2.22 |

Translation (ENDE, 2022-08-31):
# Performance-Übersicht – monatlich & YTD
Seit 01.01.2022, in %
|  | Jan | Feb | Mrz | Apr | Mai | Jun | Jul | Aug | Sep | Okt | Nov | Dez | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto | 8.54 | 6.28 | 8.57 | 3.51 | 1.26 | -11.24 | 3.69 | -0.38 |  |  |  |  | 20.35 |
| Benchmark | 8.84 | 6.16 | 8.60 | 4.28 | 1.37 | -11.21 | 4.18 | -0.12 |  |  |  |  | 22.57 |
| Relativ netto | -0.31 | 0.12 | -0.03 | -0.77 | -0.11 | -0.03 | -0.49 | -0.25 |  |  |  |  | -2.22 |
# Gross Performance in CHF 2)
## Fund domicile	Luxembourg

## Fund currency	USD

## Close of financial year	30. Nov

## 1 month 3 months	YTD	1 year	3 years	5 years	ITD

## Class IBH CHF	-1.83	-1.70	5.20	15.84	14.86	13.7324.33

## Total net assets (in millions)	863.53

## Inception date	25/07/2016

## Management fee p.a.	1.00%

Translation (ENDE, 2021-09-30):
# Bruttowertentwicklung in CHF unter Berücksichtigung interner Kosten 2)
1 Monat 3 Monate	YTD	1 Jahr	3 Jahre	5 Jahre	ITD
Klasse IBH CHF	-1,83   -1,70	5,20   15,84   14,86   13,73   24,33
Managementgebühr p.a.	1,00%
Laufende Kosten	1,26%
Benchmark (BM)	No Benchmark
# Fund statistics 2)
## 3 years	5 years

## Ongoing charge	1.26%

## Benchmark (BM)	No Benchmark Swinging single pricing (SSP) 
3)		

## Yes Unit class	 Category IBH

## (capital growth)

## Unit class currency	CHF

## ISIN number	LU1394300344

## Bloomberg ticker	CSLAIBS LX

## WKN number	A2ANA2

## Net Asset Value	1,238.09

Translation (ENDE, 2021-09-30):
# Fondsstatistik 2)
3 Jahre	5 Jahre
Swinging single pricing (SSP) 
3)		
Ja Anlageklasse	Tranche IBH (thesaurierend)
Währung der Anteilklasse	CHF
ISIN	LU1394300344
Bloomberg Ticker	CSLAIBS LX
WKN	A2ANA2
Nettoinventarwert	1.238,09
- Weitere	Einzelheiten	sind	dem
# Market comments
At the July meeting, the Federal Open Market Committee (FOMC) increased interest rates by 75 basis points (bps), as expected, bringing the target range for the federal funds rate to 2.25%– 2.50%. At the post-meeting press conference, Chairman Jerome Powell was reluctant to downplay the risks of recession, suggesting that there is still a “narrow path” to achieve a soft landing, but that the risks are elevated. He indicated that future rate hikes will remain data-dependent and reiterated his view that rates could reach 3.0%–3.5% by year-end. The European Central Bank (ECB) ended the negative rates policy with a larger-than-expected hike of 50 bps, bringing the deposit facility rate to 0%. Although the full details have not been disclosed yet, the ECB’s new anti-fragmentation tool – the “Transmission Protection Instrument” (TPI) – appeared somewhat underwhelming. Together with the mounting political stress, especially in Italy, peripheral spreads could remain elevated.

Translation (ENDE, 2022-07-31):
# Marktkommentar
Auf seiner Sitzung im Juli hob der Offenmarktausschuss (FOMC) die Zinsen erwartungsgemäss um 75 Basispunkte an und erhöhte damit den Leitzins auf 2,25 % bis 2,50 %. In der Pressekonferenz nach der Sitzung spielte der Vorsitzende Jerome Powell die Risiken einer Rezession nur zögerlich herunter und deutete an, dass eine weiche Landung immer noch im Bereich des Möglichen liege, die Risiken jedoch hoch seien. Er gab zu verstehen, dass künftige Zinsanhebungen nach wie vor von den Daten abhingen, und bekräftigte seine Ansicht, dass der Zinssatz bis zum Jahresende 3,0 % bis 3,5 % erreichen könnte. Die Europäische Zentralbank (EZB) beendete ihre Negativzinspolitik mit einer unerwartet hohen Anhebung des Leitzinses um 50 Basispunkte (Bp) auf 0 %. Auch wenn noch nicht alle Einzelheiten bekannt gegeben wurden, schien das neue Instrument gegen die Fragmentierung des Euroraums – das «Transmissionsschutz- Instrument» (TPI) – wenig überzeugend. Angesichts der steigenden politischen Spannungen, vor allem in Italien, könnten die Spreads der Peripherieländer hoch bleiben.
# Comments on positioning
Views on overall risky assets did not change, and the model is underweight equities overall. Within Fixed Income, there is a small overweight in investment-grade bonds and emerging- market bonds, and high-yield bonds are not considered favorable. The views on commodities and REITs are negative as well.

Translation (ENDE, 2022-07-31):
# Kommentar zur Positionierung
Insgesamt ändere sich die Gewichtung risikoreicher Anlagen nicht. Das Modell ist insgesamt in Aktien untergewichtet. Im festverzinslichen Bereich sind wir in Investment-Grade-Anleihen leicht übergewichtet, während wir in Schwellenländerbonds und Hochzinsanleihen keine Übergewichtung haben. Auch Rohstoffe und REITs sind untergewichtet.
# Performance overview - yearly
since 01.01.2014, in %
| 2014	2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio net	9.01	-0.93 | 4.06 | 1.96 | 0.31 | 6.04 | 5.75 | 5.05 | -5.35 | 0.78 |
| Benchmark	9.04	-1.12 | 4.44 | 2.38 | 0.77 | 6.19 | 5.85 | 5.65 | -5.02 | 0.53 |
| Relative net	-0.02	0.19 | -0.39 | -0.41 | -0.47 | -0.15 | -0.09 | -0.61 | -0.33 | 0.26 |

Translation (ENDE, 2023-02-28):
# Performance-Übersicht – jährlich
## Seit 01.01.2014, in %
| 2014	2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Portfolio netto	9.01	-0.93 | 4.06 | 1.96 | 0.31 | 6.04 | 5.75 | 5.05 | -5.35 | 0.78 |
| Benchmark	9.04	-1.12 | 4.44 | 2.38 | 0.77 | 6.19 | 5.85 | 5.65 | -5.02 | 0.53 |
| Relativ netto	-0.02	0.19 | -0.39 | -0.41 | -0.47 | -0.15 | -0.09 | -0.61 | -0.33 | 0.26 |
# Key risk figures
Portfolio	Benchmark
Portfolio	Benchmark
Modified duration	4.51	4.68
Yield to maturity	4.60%	4.52%
Average maturity in years	4.67	4.84
Linear weighted average credit rating	AA-	AA
Number of securities	111	90

Translation (ENDE, 2023-02-28):
# Risikokennzahlen
## Portfolio	Benchmark

## Portfolio	Benchmark

## Modified Duration	4.51	4.68

## Yield to maturity	4.60%	4.52%

## WAL-to-worst in Jahren	4.67	4.84

## Linear gewichtetes durchschnittliches Bonitätsrating	 AA-	AA Anzahl Titel	111		90
# Asset breakdown - by regions
## In % of total economic exposure

## in %	
Portfolio 
| Latin America	33.52 |  |  |
| --- | --- | --- |
| Asia	23.89 |  |  |
| Middle East	20.78 |  |  |
| Europe	10.24 |  |  |
| Africa	8.36 |  |  |
| North America	3.26 |  |  |
| Cash	-0.05 |  |

Translation (ENDE, 2022-08-31):
# Vermögensstruktur - nach Regionen
## in % des Exposures

## in %	
Portfolio 
| Lateinamerika	33.52 |  |  |
| --- | --- | --- |
| Asien	23.89 |  |  |
| Naher Osten	20.78 |  |  |
| Europa	10.24 |  |  |
| Afrika	8.36 |  |  |
| Nordamerika	3.26 |  |  |
| Liquidität	-0.05 |  |