M O N T H L Y R E P O R T I N G. April 2021

11 

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April 2021

M O N T H L Y

R E P O R T I N G

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GENERAL INFORMATIONS

Performances and statistics on the 31 of March 2021

Gay-Lussac

Microcaps MSCI MICRO

Volatility 3Y 12,13% 19,00%

Max Drawdown 3Y -26,99% -37,16%

Beta 0,72 ---

Sharpe Ratio 3Y 0,96 ---

Tracking Error 10,12 ---

COUNTRY BREAKDOWN INDUSTRY BREAKDOWN (on total invested)

Cash 12% France 58% Germany 4% Italy 24% Norway 2%

Custodian Société Générale

Cut off Subscriptions/redemptions

ISIN code (A share) FR0010544791

ISIN code (I share) FR0011672757

ISIN code (H share) FR0013392115

ISIN code (R share) FR0013430550

Valuation Daily

Management fees A share 2,34% of Net assets

Management fees I and H shares

1,20% of Net assets

Management fees R share 1.60%of Net assets

Performance fees (High

Water Mark) 12% including tax of the annual perf over 7%

Entry fees 2% maximum

Exit fees (UCITS acquired) None

NAV (A share) 585,93€

NAV (I share) 267 331,55€

NAV (H share) $ 164 195,06

NAV (R share) 145,11€

Inception date (A share) 17-dec-07

Inception date (I share) 31-dec-13

Inception date (H share) 4-feb-19

Inception date (R share) 1-jul-19

Net assets 109,98 M€ b Grade average E* 6,69/10 Grade average S* 6,60/10 Grade average G* 6,18/10

Portfolio grade overall ESG** 6,49/10

Gay-Lussac Microcaps

April 2021

THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* *since inception lancement 0,00,0 0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0 ja nv .-0 0

Gay-Lussac Smallcaps MSCI Europe Micro TR - Base 100

1M 2021 2020 2019 2018 2017 2016 2015 2014 Inception A Share 4,2% 12,2% 20,6% 21,7% -12,1% 21,2% 16,8% 14,7% 6,0% 290,6% MSCI Europe Micro 4,6% 17,4% 19,4% 18,2% -14,3% 17,5% 10,7% 14,5% 0,9% 102,3% MSCI Europe Micro TR 4,8% 17,8% 20,6% 20,4% -12,9% 19,4% 12,7% 16,4% 2,5% 155,4% I Share 4,3% 12,5% 21,5% 23,1% -11,1% 22,4% 17,9% 16,1% 6,6% 167,3% MSCI Europe Micro 4,6% 17,4% 19,4% 18,2% -14,3% 17,5% 10,7% 14,5% 0,9% 113,1% MSCI Europe Micro TR 4,8% 17,8% 20,6% 20,4% -12,9% 19,4% 12,7% 16,4% 2,5% 139,2%

* Benchmark: MSCI Europe Microcap after 27/01/2011, CAC SMALL before

40 70 100 130 160 190 220 250 280 310 340 370 400 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20

Gay-Lussac Microcaps - A Share - Index 100 MSCI Europe Micro TR - Index 100

+290,6% +167,3% 21,2% 6,3% 11,4% 7,9% 18,4% 8,8% 3,9% 13,6% 2,3% 5,6% 17,4% 2,7% 3,5% 31,5% 11,3% 11,6% 4,8% 2,9% 0% 10% 20% 30% Industry Materials Finance Real Estate IT Discretionnary consumption Basic consumption Health Care Energy Telecommunication Gay-Lussac Microcaps MSCI Europe Micro 1,02% -1,14% 1,19% -1,62% -2% -1% 0% 1% 2%

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Macroeconomic review

April was marked by an increase in equity indexes in Europe and the United States: CAC 40 +3.33%, S&P 500 +5.24%, STOXX 600 +1.81%. In Europe, the lifting of health restrictions remains very heterogeneous depending on the country. While some states such as France, Italy and Belgium are gradually relaxing the measures, others such as Germany remain very cautious by opting for more targeted actions. Vaccination on the continent is accelerating, with more than 21% of the population having received at least one dose. However, Europe's health backwardness will weigh on the pace of recovery in 2021. GDP in the euro zone is in fact expected to grow by around 3% over the year, which is low relative to the global growth expected at approximately 5%. The ECB remained cautious at its last meeting, keeping its tools and communication unchanged. Asset buybacks are thus maintained at a high level until at least the next meeting in June.

In the United States, growth figures for the first quarter showed the sharp acceleration in activity, driven by the lifting of health constraints and exceptional budget support. Over the period, GDP ends up in line with expectations, up 6.4% on an annualized quarter-on-quarter basis. The latter could grow by approximately 6% over the year, twice that of the euro zone. Recent earnings release have clearly illustrated this rebound by regularly beating analysts' estimates. Regarding the fiscal stimulus, Joe Biden specified his timetable but above all the financing of his measures, which should involve an increase in taxes of corporates and wealthy individuals. Inflation is expected to last longer than expected, due to supply constraints and rising commodity prices. The President of the FED considers the improvement of the economic situation still insufficient and the institution aims not to penalize the improvement of the labor market. It will therefore take several months of rapid growth and job creation before considering any reduction in monetary support.

KEY RATIOS

Investment rate (direct lines) 87,73% 90,51%

Number of lines 57 60

Monthly performance A Share 4,19% 2,57%

Monthly performance I Share 4,27% 2,66%

Monthly performance H Share 4,44% 2,77%

Monthly performance R Share 4,25% 2,62%

PER median 2021 18,64 19,66

VE/CA median 2021 1,28 1,22

VE/EBIT median 2021 13,89 14,51

TOP FIVE POSITIONS

Management review

Regarding purchases, we have reinforced ourselves in several stocks with strong conviction: Argan, ABC Arbitrage and Pattern. The French real estate company specializing in the development and management of logistics warehouses, Argan, had its share price suffering from the rise in long term rates. We seized this opportunity to strengthen ourselves in this stock, whose long-term growth vectors, in particular e-commerce, remain solid. Financial market arbitrage strategies specialist ABC Arbitrage has suffered from a stock market correction after an exceptional year in 2020 in terms of volatility. However, we consider that this decline is exaggerated considering the solid fundamentals and a market environment that stays attractive in the medium term. The gradual resumption of fashion shows should also support the course of Italian fashion designer, Pattern.

We sold our Adesso and Delfingen shares, and reduced our online presence in Samse. We took some profits on German IT consulting firm

Adesso following a strong year 2020. In our view, the price currently reflects the intrinsic value of the company. After 2020 results far above

consensus, automotive power cable protection expert Delfingen hit a price that we found in line with its fundamentals. Finally, we have streamlined our line in Samse in connection with our risk budget management process.

MAIN MOVEMENTS OF THE MONTH STOCK OF THE MONTH

Name % net asset

IGE + XAO 5,80%

DIGITAL VALUE SPA 5,07%

PRECIA 4,88%

GERARD PERRIER ELECTRIC 4,69%

PHARMANUTRA SPA 4,05%

Name % Net asset

More than 300M€ 44,23% From 100 to 300M€ 45,64% Less than 100M€ 6,13% Average Capitalisation (M€) 354,50 Median Capitalisation (M€) 232,61 Buy Sell Argan Adesso

ABC Arbitrage Delfingen

Pattern Samse

Gay-Lussac Microcaps

April 2021

Founded Acquired by Yves Revol, currently Chairman of the Board of Directors, in 1982, Clasquin specializes in international transport and logistics. The group takes advantage of the complexity of supplies around the world. Clasquin is the only French multinational in the Freight Forwarding and Overseas Logistics sector. This unique positioning allows it to offer end-to-end global solutions by air, sea and road. Thanks to its proximity to customers, Clasquin has developed an offer combining creativity and responsiveness that differs from the standardized solutions of industry giants such as

Kühne + Nagel. In a market severely disrupted by the health crisis which created a major disruption of

global logistics chains, the group was able to manage the sharp variations in volumes during the year. This strong resilience reinforced the leaders in their strategy. In terms of development, the priority remains the establishment of new internal growth engines and through targeted acquisitions, which should allow the company to benefit from the market rebound. Regarding the 2021 outlook, the group announced to outperform its reference market, which is itself expected to increase by 8% (in volume).

Clasquin seems to have started 2021 very well with a strong recovery in activity in all sectors and

freight rates being maintained at very high levels. We therefore believe that 2021 will be a good year for the group whose potential for improving margins remains significant but does not seem to us to justify the discount regarding the competitors. We are particularly confident in the outlook for the group.

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GENERAL INFORMATIONS

Performances and statistics on the 30 of April 2021

Custodian Société Générale

ISIN code (P share) LU2022049022

ISIN code (I share) LU2022049295

Valuation Daily

Management fees A share 2% of Net assets

Management fees I and D

shares 1% of Net assets

Performance fees (High Water Mark)

12% including tax of the annual perf over 7%

Entry fees 2% maximum

Exit fees (UCITS acquired) None

NAV (P share) 217,22 €

NAV (I share) 220,69 €

Inception date (P share) 27 aug 19

Inception date (I share) 27 aug 19

Net assets 28,56 M€

(Bloomberg data)

COUNTRY BREAKDOWN THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* INDUSTRY BREAKDOWN

*since inception 31,92% 23,40% 10,17% 9,58% 6,52% 6,14% 2,20% 2,12% 1,92% 1,83% 1,24% 1,03% 0,74% 0,61% 0,59% 0% 10% 20% 30% France Italy Cash Finland Danmark Germany Norway Portugal Poland Switzerland Ireland Austria Netherlands Belgium Sweden 16,4% 5,4% 19,1% 19,8% 16,0% 3,7% 13,5% 17,7% 9,0% 4,1% 30,0% 17,6% 7,6% 3,8% 0% 10% 20% 30% 40% Industry Materials Finance IT Discretionnary consumption Basic consumption

Health Care RJF Smicrocaps MSCI Europe Micro TR 1,18% -1,71% 1,72% -3,26% -4% -3% -2% -1% 0% 1% 2%

RJF Smicrocaps MSCI Europe Micro TR

Risk indicator (P Share) Smicrocaps RJ Funds

Volatility 1Y 14,30% Max Drawdown -6,01% Ajusted Beta 0,55 Sharpe Ratio 4,29 1M 2021 2020 2019* Inception P Share 5,2% 13,2% 17,4% 8,9% 44,8% I Share 5,3% 13,6% 18,6% 9,3% 47,1%

RJ Funds – Gay-Lussac Smicrocaps

April 2021

Gay-Lussac Gestion est signataire des Principes des Nations Unies pour l’Investissement Responsable (UN-PRI) depuis 2010

INVESTMENT OBJECTIVE 80 90 100 110 120 130 140 150 08/19 10/19 12/19 02/20 04/20 06/20 08/20 10/20 12/20 02/21 04/21

RJ Funds Smicrocaps - P Share - Index 100 Investment objective (7% annualized) - Index 100

+47,1%

+12,0%

PORTFOLIO EXTRA-FINANCIAL ANALYSE

Grade average E* 6,81/10

Grade average S* 6,81/10

Grade average G* 6,71/10

Portfolio grade overall ESG** 6,78/10 *proportion of the fund’s investments for which non-financial data are available and used to complement fondamental analysis.** Qualitative scores calculated using the internal ESG analysis modelTaux de couverture : 96%

(5)

Macroeconomic review

April was marked by an increase in equity indexes in Europe and the United States: CAC 40 +3.33%, S&P 500 +5.24%, STOXX 600 +1.81%. In Europe, the lifting of health restrictions remains very heterogeneous depending on the country. While some states such as France, Italy and Belgium are gradually relaxing the measures, others such as Germany remain very cautious by opting for more targeted actions. Vaccination on the continent is accelerating, with more than 21% of the population having received at least one dose. However, Europe's health backwardness will weigh on the pace of recovery in 2021. GDP in the euro zone is in fact expected to grow by around 3% over the year, which is low relative to the global growth expected at approximately 5%. The ECB remained cautious at its last meeting, keeping its tools and communication unchanged. Asset buybacks are thus maintained at a high level until at least the next meeting in June.

In the United States, growth figures for the first quarter showed the sharp acceleration in activity, driven by the lifting of health constraints and exceptional budget support. Over the period, GDP ends up in line with expectations, up 6.4% on an annualized quarter-on-quarter basis. The latter could grow by approximately 6% over the year, twice that of the euro zone. Recent earnings release have clearly illustrated this rebound by regularly beating analysts' estimates. Regarding the fiscal stimulus, Joe Biden specified his timetable but above all the financing of his measures, which should involve an increase in taxes of corporates and wealthy individuals. Inflation is expected to last longer than expected, due to supply constraints and rising commodity prices. The President of the FED considers the improvement of the economic situation still insufficient and the institution aims not to penalize the improvement of the labor market. It will therefore take several months of rapid growth and job creation before considering any reduction in monetary support.

KEY RATIOS

Investment rate (direct lines) 89,83

Number of lines 50

PER median 2021 20,35

VE/CA median 2021 1,97

VE/EBIT median 2021 16,87

TOP FIVE POSITIONS

Management review

This month, we have strengthened ourselves in Uniphar, Livechat and Sicit. Uniphar is a diversified health services company providing services to multinational manufacturers of pharmaceuticals and medical technologies. The group benefited in particular from the strong growth of its Product Access division, driven by the good momentum in the orphan drugs segment. The Polish company specializing in chatbot solutions (automated digital customer communication), Livechat, posted a very good first quarter. Turnover is up around 40% and management announced the signing of 943 new clients. The Italian company specialized in the production of biostimulants from leather residues, Sicit, is currently the subject of a takeover bid by the majority shareholder at € 16 per share. At this price we will not bring our shares.

On the sales side, we sold our Marr and Uponor shares. The Italian leader in food delivery for catering professionals, Marr, has had an excellent stock market performance. We believe that the price is currently representative of the fundamentals of the company. After excellent 2020 results and a further upward revision of targets, we have become more cautious on Uponor, whose margins will be impacted by the rise in commodity prices.

MAIN MOVEMENTS OF THE MONTH

Name % Net asset

More than 500M€ 32,23% From 150 to 500M€ 54,40% Less than 150M€ 13,27% Average Capitalisation (M€) 452,98 Median Capitalisation (M€) 360,68 Buy Sell Uniphar Marr Livechat Uponor Sicit

Gay-Lussac Smicrocaps

April 2021

BREAKDOWN BY MARKET CAPS ………….

Name % net asset DIGITAL VALUE SPA 4,51%

SICIT GROUP SA 4,28% PHARMANUTRA SPA 3,95% ROBERTET SA 3,95% SIDETRADE 3,43%

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GENERAL INFORMATIONS

Performances and statistics on the 30 of April 2021

Gay-Lussac

Smallcaps MSCI MICRO

Volatilité 3Y 15,40% 22,72%

Max Drawdown 3Y -31,30% -38,30%

Beta 0,77

Sharpe Ratio 3Y 0,56

Tracking Error 11,99

COUNTRY BREAKDOWN INDUSTRY BREAKDOWN (on total invested)

Custodian Société Générale

Cut off Subscriptions/redemptions

Code ISIN (A Share) FR0011759299

Code ISIN (I Share) FR0013228327

Valuation Daily

Management fees A Share 2,20% of Net assets

Management fees I Share 1,10% of Net assets

Performance fees None

Entry fees 2% maximum

Exit fees (UCITS acquired) None

NAV (A Share) 307,76€

NAV (I Share) 157 131,49€

Inception date (A Share) 31-mar-14

Inception date (I Share) 30-dec-16

Net assets 28,18 M€ b Grade average E* 7,12/10 Grade average S* 7,08/10 Grade average G* 6,52/10

Portfolio grade overall ESG** 6,91/10

Gay-Lussac Smallcaps

April 2021

THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* *since inception 1,20% -1,18% 1,58% -1,90% -3% -2% -1% 0% 1% 2%

Gay-Lussac Smallcaps CAC Small NR

196,9 167,5 80 100 120 140 160 180 200 220

mars-14 août-14 janv.-15 juin-15 nov.-15 avr.-16 sept.-16 févr.-17 juil.-17 déc.-17 mai-18 oct.-18 mars-19 août-19 janv.-20 juin-20 nov.-20

GL Smallcaps - Part A - Base 100 CAC Small TR - Base 100

YTD 2021 2020 2019 2018 2017 2016 2015 2014 Inception A Share 4,0% 9,9% 8,8% 21,7% -15,5% 21,8% 16,8% 14,7% 6,0% 105,2% CAC Small 3,9% 16,3% 7,2% 15,2% -26,8% 21,1% 10,7% 14,5% 0,9% 62,4% CAC Small TR 4,1% 16,5% 8,5% 17,2% -26,0% 22,1% 12,7% 16,4% 2,5% 76,9% I Share 4,1% 10,3% 10,0% 23,1% -14,5% 23,1% 57,1% CAC Small 3,9% 16,3% 7,2% 15,2% -26,8% 21,1% 27,4% CAC Small TR 4,1% 16,5% 8,5% 17,2% -26,0% 22,1% 33,9% 62,98% 10,08% 9,00% 6,19% 4,22% 2,19% 1,70% 1,67% 1,05% 0,92% 0% 20% 40% 60% France Cash Italy Germany Netherl… Austria Spain Finland Ireland Belgium 19,5% 6,6% 18,6% 19,7% 15,0% 3,8% 10,8% 3,8% 1,4% 0,9% 20,5% 13,4% 1,8% 24,6% 10,1% 4,3% 6,5% 1,9% 2,0% 4,8% 0% 10% 20% Industry Materials Finance IT Discretionnary consumption Basic consumption Health Care Energy Telecommunications Utilities

Real Estate Gay-Lussac

Smallcaps CAC Small TR +105,2 +76,9% 80 100 120 140 160 180 200 220 03/14 09/14 03/15 09/15 03/16 09/16 03/17 09/17 03/18 09/18 03/19 09/19 03/20 09/20 03/21

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Macroeconomic review

April was marked by an increase in equity indexes in Europe and the United States: CAC 40 +3.33%, S&P 500 +5.24%, STOXX 600 +1.81%. In Europe, the lifting of health restrictions remains very heterogeneous depending on the country. While some states such as France, Italy and Belgium are gradually relaxing the measures, others such as Germany remain very cautious by opting for more targeted actions. Vaccination on the continent is accelerating, with more than 21% of the population having received at least one dose. However, Europe's health backwardness will weigh on the pace of recovery in 2021. GDP in the euro zone is in fact expected to grow by around 3% over the year, which is low relative to the global growth expected at approximately 5%. The ECB remained cautious at its last meeting, keeping its tools and communication unchanged. Asset buybacks are thus maintained at a high level until at least the next meeting in June.

In the United States, growth figures for the first quarter showed the sharp acceleration in activity, driven by the lifting of health constraints and exceptional budget support. Over the period, GDP ends up in line with expectations, up 6.4% on an annualized quarter-on-quarter basis. The latter could grow by approximately 6% over the year, twice that of the euro zone. Recent earnings release have clearly illustrated this rebound by regularly beating analysts' estimates. Regarding the fiscal stimulus, Joe Biden specified his timetable but above all the financing of his measures, which should involve an increase in taxes of corporates and wealthy individuals. Inflation is expected to last longer than expected, due to supply constraints and rising commodity prices. The President of the FED considers the improvement of the economic situation still insufficient and the institution aims not to penalize the improvement of the labor market. It will therefore take several months of rapid growth and job creation before considering any reduction in monetary support.

KEY RATIOS

Investment rate (direct lines) 89,92%

Number of lines 43

Monthly performance A Share 4,05%

Monthly performance I Share 4,14%

PER median 2021 20,05

VE/CA median 2021 1,85

VE/EBIT median 2021 16,09

TOP FIVE POSITIONS BREAKDOWN BY MARKET CAPS

Management review

Regarding portfolio management in April, we strengthened our position in Esker, the software developer for dematerialization and automation of the payment process. We are confident in the success of Esker’s strategy and in the continued growth momentum through its innovative solutions. In addition, we have strengthened our position in Wavestone, the French consulting firm specializing in business transformation that has published very encouraging perspectives with its large order book that gives the group good visibility. Regarding disposals, after a very good stock performance, we took profits by selling our Akwel shares. Indeed, the group achieved an exceptional year 2020 but the margins achieved will not be sustainable for the 2021 financial year. In addition, we have reduced our position in Samse in order to respect our risk management process. Finally, we sold our shares in Befesa, which achieved a very good performance stock market performance thanks to the sharp rise in the price of zinc. This in no way calls into question the fundamental qualities of these companies.

MAIN MOVEMENTS OF THE MONTH STOCK OF THE MONTH

Buy Sell

Esker Akwel

Wavestone Befesa

Samse

Name % net asset

STEF 5,58%

SALCEF SPA 4,86%

AXWAY SOFTWARE SA 4,23%

SAMSE SA 4,23%

ROBERTET SA 4,10%

Name % net asset

More than 800M€ 39% From 400 to 800M€ 43% Less than 400M€ 18% Average Capitalisation (M€) 1 060,15 Median Capitalisation (M€) 803,13

Gay-Lussac Smallcaps

April 2021

Founded in 1990, Wavestone is a management and digital consulting firm, one of the independent leaders in Europe. Its two co-founders, Pascal IMBERT and Michel DANCOISNE are still involved, being respectively Chairman of the Management Board, Chairman of the Supervisory Board and significant shareholders.

This month, Wavestone published resilient 2020/21 revenue, down 1%. The publication reflects a good recovery at the end of the year, with a fourth quarter growth of 7%. Management anticipates an operating margin at around 12.5%, including a provision of € 3.2 million linked to the reimbursement of indemnities received under partial activity mechanisms and in a moderate decline compared to last year (13.2%). The firm is observing an acceleration of major transformation projects among its clients, bringing its order backlog to more than 4 months compared to 3.5 months the previous year. Turnovers for this new financial year are thus expected to grow by almost 8% to reach around € 450 million and the operating margin should come back to approximately 13% excluding acquisitions.

With € 32 million in net cash and good visibility for this new financial year, we believe that Wavestone’s activity should grow in a context of strong demand for consulting from companies.

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GENERAL INFORMATIONS

Performances and statistics on the 30 of april 2021

Custodian Société Générale

Cut off Subscriptions/redemptions ISIN code (A share) FR0010178665 ISIN code (I share) FR0010182352 ISIN code (R share) FR0014000EI9

Valuation Daily

Management fees A share 2,32% of Net assets Management fees I share 0,96% of Net assets Management fees R share 1.40%of Net assets Performance fees (High Water

Mark) annual perf over the index 20% including tax of the

Entry fees 2% maximum

Exit fees (UCITS acquired) None

NAV (A share) 392,42€

NAV (I share) 196 814,85€

NAV (R share) 159,75€

Inception date (A share) 3 jun 05 Inception date (I share) 11-apr-07 Inception date (R share) 18 dec.20

Net assets 32,36 M€

Risk indicator (A Share) Green Impact Gay-Lussac

Volatility 3Y 17,91%

Max Drawdown 3Y -30,73%

Beta 0,86

Sharpe Ratio 3Y 2,86

Tracking Error 10,87

EXTRA FINANCIAL PORTFOLIO ANALYSIS VALUES RATING BREAKDOWN ESG RATING VS BECHMARK INDEX

Gay-Lussac Green Impact /10 Benchmark Index /10 Grade average E* 7,93/10 7,17 Grade average S* 7,31/10 6,86 Grade average G* 5,20/10 2,90

Portfolio grade overall ESG** 7,22/10 5,66 * proportion of the fund’s investments for which non-financial data are available and used to complement fondamental analysis.

** Qualitative scores calculated using the internal ESG analysis model (Weighting in the overall grade: Grade E - 60%; Grade S - 20%; Grade G - 20%)

SECTORS BREAKDOWN COUNTRY BREAKDOWN AAA 20% AA 27% A 31% BBB 13% BB 7% B 2% 8 8 5 7 7 7 3 6 10 10 10 E S G Total Gay-Lussac Green Impact Benchmark Index Highest Grade (/10)

Gay-Lussac Green Impact

April 2021

85 95 105 115 125 135 145 155 165 175 185

Gay-Lussac Green Impact - I Share - Index 100 Stoxx 600 TR - Index 100

1M 2021 2020 2019 2018 2017 2016 2015 2014 Inception A Share 3,4% 4,2% 14,8% 22,0% -14,3% 9,6% -0,2% 17,7% -4,5% 161,6% Stoxx 600 1,8% 9,6% -4,0% 23,2% -13,2% 7,7% -1,2% 6,8% 4,3% 61,9% Stoxx 600 TR 2,2% 10,6% -2,0% 26,8% -10,8% 10,6% 1,7% 9,6% 7,2% 151,4% I Share 3,5% 4,7% 16,3% 23,7% -13,1% 11,1% 1,1% 19,4% -3,2% 96,8% Stoxx 600 1,8% 9,6% -4,0% 23,2% -13,2% 7,7% -1,2% 6,8% 4,3% 14,4% Stoxx 600 TR 2,2% 10,6% -2,0% 26,8% -10,8% 10,6% 1,7% 9,6% 7,2% 70,9% +96,8% +70,9 19% 6% 7% 9% 9% 41% 46% 4% 15% 3% 15% 17% 0% 10% 20% 30% 40% 50%

Others Spain Switzerland Danmark Germany France

Gay-Lussac Green Impact Stoxx 600

24,7% 9,9% 8,7% 7,5% 7,3% 5,9% 5,3% 4,5% 4,2% 3,9% 3,1% 2,4% 2,2% 0,4% 0% 10% 20%

Industrial Goods and Services Technology Consumer products and services Chemicals Utilities Construction and Materials Food, Beverage and Tobacco Personal Care, Drug and grocery…

Health Care Financial Services Insurance Real Estate Telecommunications Automobiles and Parts

Signatory of the UN-PRI since 2010

(9)

Macroeconomic review

April was marked by an increase in equity indexes in Europe and the United States: CAC 40 +3.33%, S&P 500 +5.24%, STOXX 600 +1.81%.

In Europe, the lifting of health restrictions remains very heterogeneous depending on the country. While some states such as France, Italy and Belgium are gradually relaxing the measures, others such as Germany remain very cautious by opting for more targeted actions. Vaccination on the continent is accelerating, with more than 21% of the population having received at least one dose. However, Europe's health backwardness will weigh on the pace of recovery in 2021. GDP in the euro zone is in fact expected to grow by around 3% over the year, which is low relative to the global growth expected at approximately 5%. The ECB remained cautious at its last meeting, keeping its tools and communication unchanged. Asset buybacks are thus maintained at a high level until at least the next meeting in June.

In the United States, growth figures for the first quarter showed the sharp acceleration in activity, driven by the lifting of health constraints and exceptional budget support. Over the period, GDP ends up in line with expectations, up 6.4% on an annualized quarter-on-quarter basis. The latter could grow by approximately 6% over the year, twice that of the euro zone. Recent earnings release have clearly illustrated this rebound by regularly beating analysts' estimates. Regarding the fiscal stimulus, Joe Biden specified his timetable but above all the financing of his measures, which should involve an increase in taxes of corporates and wealthy individuals. Inflation is expected to last longer than expected, due to supply constraints and rising commodity prices. The President of the FED considers the improvement of the economic situation still insufficient and the institution aims not to penalize the improvement of the labor market. It will therefore take several months of rapid growth and job creation before considering any reduction in monetary support.

KEY RATIOS BREAKDOWN BY MARKET CAPS

Investment rate (direct lines) 90,09%

Number of lines 45

Monthly Performances A Share 3,40%

Monthly Performances I Share 3,52%

Monthly Performances R Share 3,48%

Median PER 2021 26,66

Name % net asset

More than 5 Mds € 62,62% From 1 to 5 Mds € 26,97% Less than 1 Mds € 10,41% Average Capitalisation (Mds €) 38,54 Median Capitalisation (Mds €) 16,44

CARBON INTENSITY GREENFIN GREEN INTENSITY ALIGNMENT WITH THE PARIS AGREEMENTS

(tCO2/M€ invested, Scopes 1+2) (Scenario +2°C)

Scope 1: Greenhouse gas emissions generated by the combustion of fossil fuels and production processes owned or controlled by the company.

Scope 2: Indirect gas emissions related to the company's energy consumption

Fund coverage rate: 90%; index coverage rate: 90%.

Distribution of the portfolio according to the share of companies' sales linked to eco-activities defined by the Greenfin label

Fund coverage rate: 90%; index coverage rate: 90%.

% of companies that submitted a scenario respecting the 2°C alignment trajectory of the Paris Climate Agreement

Fund coverage rate: 90%; index coverage rate: 90%.

We have initiated a position in Unilever and we increased our participation in DSV Panalpina. Unilever is one of the leaders in the consumer products industry. The group is very well diversified both at sectoral and geographic level, allowing great visibility. Unilever benefits from strong pricing power enabling the group to improve its operating margin despite the resumption of inflation and rising commodity prices. The group is a pioneer in the transition of recyclable plastic packaging and in the reduction of petrochemicals. DSV Panalpina is one of the five world leaders in the freight transport market with a market share of around 5%. Initially, in less than 15 months the group achieved the full integration of Panalpina, making it half the size of DSV. The group published very satisfactory annual results with EBIT growth of 47.3%. DSV has announced new ambitious financial targets for 2025 and extra-financial concerning the reduction of its greenhouse gas emissions.

Finally, we have reduced ourselves to Thule Group and Coor Service Management. The strong stock market performances of the two groups led to an increase in their volatility. However, we continue to appreciate the strong fundamentals of these two groups.

107,07 177,10 130,03 116,53 Moyenne pondérée Moyenne

Gay-Lussac Green Impact Benchmark Index

61% 16% 23% Type 1 (> 50% du CA) Type 2 (10 à 50% du CA) Type 3 (<10% du CA) 51,14% 34,94% 44,36% 47,73% Moyenne pondérée Moyenne

Gay-Lussac Green Impact Benchmark Index

TOP FIVE POSITIONS TOP 5 BEST ESG RATINGS

Name % net asset

HERMES INTERNATIONAL 4,84% UNILEVER PLC 4,50% KNORR-BREMSE AG 4,41% AIR LIQUIDE SA 4,24% DSV PANALPINA A/S 4,01%

Values Country ESG Grade Rating % of net asset IBERDROLA SA Germany 9,6 AAA 2,98% CAPGEMINI SE UK 9,2 AAA 0,71% EDP- ENERGIAS

DE PORTUGAL Portugal 9,2 AAA 1,45% LEGRAND SA France 9,2 AAA 1,25% L’OREAL France 9,2 AAA 2,32%

Gay-Lussac Green Impact

April 2021

(10)

GENERAL INFORMATIONS

Performances and statistics on the 30 of april 2021

Custodian Société Générale

Cut off Subscriptions/redemptions

ISIN Code (A share) FR0013280211

ISIN Code(I share) FR0013280237

Valuation Daily

Management fees A share 1,50% of Net assets

Management fees I share 0,80% of Net assets

Performance fees (High

Water Mark) 12% including tax of the annual perf over 5%

Entry fees 2% maximum

Exit fees (UCITS acquired) None

NAV (A share) 182,36 €

NAV (I share) 12 443,50 €

Inception date (A share) 29-sep-17

Inception date (I share) 29-sep-17

Net assets 42,57 M€

Risk indicator (I Share) Gay-Lussac Europe Flex

Volatilité 3Y 7,34 %

Max Drawdown -16,54 %

Beta 0,48

Sharpe Ratio 3Y 1,00

COUNTRY BREAKDOWN BREAKDOWN BY INVESTMENT THEME INDUSTRY BREAKDOWN (on the invested share)

57,5% 10,1% 8,6% 6,4% 5,2% 2,8% 2,6% 1,9% 1,8% 1,2% 0,8% 0,7% 0% 20% 40% 60% France UK Italy Denmark USA Netherlands Germany Finland Belgium Portugal Spain Sweden 1M (YTD) 2021 2020 2019 2018 Inception* A Share 2,6% 4,7% 11,0% 12,1% -6,8% 21,6% I Share 2,7% 5,0% 11,5% 12,9% -6,1% 24,4%

Gay-Lussac Europe Flex

April 2021

(on the invested share)

* Since the launch of the Fund on 29/09/2017

** Benchmark index: 50% EONIA (EONCALP7 Index) + 16.66% Stoxx 600 TR + 16.66% CAC Mid&Small TR +

16.66% MSCI EMU Microcaps TR

82 87 92 97 102 107 112 117 122 09/17 12/17 03/18 06/18 09/18 12/18 03/19 06/19 09/19 12/19 03/20 06/20 09/20 12/20 03/21 Gay-Lussac Europe Flex - I Share - Index 100 Benchmark index - Index 100

28,5% 12,6% 8,1% 15,6% 9,8% 8,4% 8,4% 2,3% 2,1% 4,2% 0% 20% 40% Industry Materials Finance IT Discretionnary consumption Basic consumption Health Care Telecommunications Utilities Real Estate European Surprise 12%

Digital & Energy Transition 33% Accommodating Monetary Policies 48% Special Situations 7% +24,4% +11,6%

(11)

Macroeconomic review

April was marked by an increase in equity indexes in Europe and the United States: CAC 40 +3.33%, S&P 500 +5.24%, STOXX 600 +1.81%. In Europe, the lifting of health restrictions remains very heterogeneous depending on the country. While some states such as France, Italy and Belgium are gradually relaxing the measures, others such as Germany remain very cautious by opting for more targeted actions. Vaccination on the continent is accelerating, with more than 21% of the population having received at least one dose. However, Europe's health backwardness will weigh on the pace of recovery in 2021. GDP in the euro zone is in fact expected to grow by around 3% over the year, which is low relative to the global growth expected at approximately 5%. The ECB remained cautious at its last meeting, keeping its tools and communication unchanged. Asset buybacks are thus maintained at a high level until at least the next meeting in June.

In the United States, growth figures for the first quarter showed the sharp acceleration in activity, driven by the lifting of health constraints and exceptional budget support. Over the period, GDP ends up in line with expectations, up 6.4% on an annualized quarter-on-quarter basis. The latter could grow by approximately 6% over the year, twice that of the euro zone. Recent earnings release have clearly illustrated this rebound by regularly beating analysts' estimates. Regarding the fiscal stimulus, Joe Biden specified his timetable but above all the financing of his measures, which should involve an increase in taxes of corporates and wealthy individuals. Inflation is expected to last longer than expected, due to supply constraints and rising commodity prices. The President of the FED considers the improvement of the economic situation still insufficient and the institution aims not to penalize the improvement of the labor market. It will therefore take several months of rapid growth and job creation before considering any reduction in monetary support.

KEY RATIOS TOP FIVE POSITIONS BREAKDOWN BY MARKET CAPS

Gross Equity Exposure 66,29% Futures & Options -18,97%

Net Equity Exposure 47,32%

Bonds 3,17%

Arbitrage / Takeover bid 10,08% Liquidities, money market 20,46% Monthly performance - A Share 2,56% Monthly performance - I Share 2,67%

Number of lines 60

Median PER 2021 21,42

Median EV/Sales 2021 2,45 Median EV/EBIT 2021 18,26

Name % net asset

BERKSHIRE HATHAWAY INC-CL B 2,94% STEF 2,93% INFOTEL 2,59% ROBERTET SA 2,30% UNILEVER PLC 2,28%

Name % net asset

More than 4 Mds € 34,96% From 500 M€ to 4 Mds € 28,54% Less than 500 M€ 36,51% Average Capitalisation (M€) 26 805 Median Capitalisation (M€) 1 763

Management review

Regarding purchases, we have put Ferrari and Digia in the spotlight. The Italian luxury carmaker Ferrari is expected to benefit from several catalysts in the medium term. In particular, we have high expectations of the new SF90 model, the new CEO, and a more ambitious target for 2022 once the CEO will be appointed. Finnish IT services company Digia has a resilient growth profile. The company has a solid history of recurring organic growth (around 15% per year since 2016) and has managed to achieve a growth rate of 5% in 2020 despite the COVID-19 crisis.

On the contrary, we sold our Linde and Christian Dior shares. The world leader in industrial gas, Linde, benefited in 2020 from its expertise and from a particularly dynamic year for its medical activity. We believe that the stock is well valued today and that the momentum could slow down in the short-term. The iconic luxury group, with more than 97% owned by Bernard Arnault's holding company, Christian Dior, started this year very well and will continue to benefit from the gradual reopening of economies. However, the excellent stock market performance prompted us to take profits.

Gay-Lussac Europe Flex

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