April 2021 - Gay-Lussac Gestion
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MONTHLY REPORTING April 2021
Gay-Lussac Microcaps
April 2021
GENERAL INFORMATIONS
Performances and statistics on the 31 of March 2021
Custodian Société Générale
Cut off Subscriptions/redemptions 400 +290,6%
ISIN code (A share) FR0010544791 Gay-Lussac Smallcaps MSCI Europe Micro TR - Base 100
370
ISIN code (I share) FR0011672757 1
340
ISIN code (H share) FR0013392115 0,9
310
ISIN code (R share) FR0013430550 0,8
280 +167,3%
Valuation Daily 0,7
250
Management fees A share 2,34% of Net assets 220
0,6
Management fees I and H 1,20% of Net assets 190
shares 0,5
160
Management fees R share 1.60%of Net assets 0,4
130
Performance fees (High 12% including tax of the 0,3
100
Water Mark) annual perf over 7% 0,2
70
Entry fees 2% maximum 40
0,1 0,0
0,0
Exit fees (UCITS acquired) None 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
NAV (A share) 585,93€ 0
janv.-00
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janv.-00
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janv.-00
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NAV (I share) 267 331,55€ Gay-Lussac Microcaps - A Share - Index 100 MSCI Europe Micro TR - Index 100
NAV (H share) $ 164 195,06
NAV (R share) 145,11€ 1M 2021 2020 2019 2018 2017 2016 2015 2014 Inception
Inception date (A share) 17-dec-07
Inception date (I share) 31-dec-13 A Share 4,2% 12,2% 20,6% 21,7% -12,1% 21,2% 16,8% 14,7% 6,0% 290,6%
Inception date (H share) 4-feb-19
MSCI Europe
Inception date (R share) 1-jul-19 Micro
4,6% 17,4% 19,4% 18,2% -14,3% 17,5% 10,7% 14,5% 0,9% 102,3%
Net assets 109,98 M€ MSCI Europe
4,8% 17,8% 20,6% 20,4% -12,9% 19,4% 12,7% 16,4% 2,5% 155,4%
Gay-Lussac Micro TR
MSCI MICRO
Microcaps
Volatility 3Y 12,13% 19,00% I Share 4,3% 12,5% 21,5% 23,1% -11,1% 22,4% 17,9% 16,1% 6,6% 167,3%
MSCI Europe
Max Drawdown 3Y -26,99% -37,16% Micro
4,6% 17,4% 19,4% 18,2% -14,3% 17,5% 10,7% 14,5% 0,9% 113,1%
Beta 0,72 --- MSCI Europe
4,8% 17,8% 20,6% 20,4% -12,9% 19,4% 12,7% 16,4% 2,5% 139,2%
Micro TR
Sharpe Ratio 3Y 0,96 --- * Benchmark: MSCI Europe Microcap after 27/01/2011, CAC SMALL before
Tracking Error 10,12 ---
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
b
…
COUNTRY BREAKDOWN INDUSTRY BREAKDOWN (on total invested)
Norway
2% 2,9% Gay-Lussac
Cash THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* Telecommunication
5,6% Microcaps
12% *since inception Energy
lancement 2,3% MSCI Europe
Italy 4,8% Micro
Health Care
24% 2% 13,6%
1,02%1,19% Basic consumption 11,6%
3,9%
1% Discretionnary consumption 11,3%
8,8%
Germany
4% IT 31,5%
18,4%
France 0%
Real Estate 3,5%
58% 7,9%
2,7%
-1% Finance
11,4%
-1,14% Materials
6,3%
-2% -1,62% Industry 17,4%
21,2%
Gay-Lussac Microcaps MSCI Europe Micro 0% 10% 20% 30%
Gay-Lussac Microcaps
April 2021
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
Investment rate (direct lines) 87,73% 90,51% Name % Net asset
Number of lines 57 60 Name % net asset More than 300M€ 44,23%
Monthly performance A Share 4,19% 2,57% From 100 to 300M€
5,80% 45,64%
Monthly performance I Share 4,27% 2,66% IGE + XAO
Monthly performance H Share 4,44% 2,77% Less than 100M€ 6,13%
DIGITAL VALUE SPA 5,07%
Monthly performance R Share 4,25% 2,62% Average Capitalisation
4,88% 354,50
PER median 2021 18,64 19,66 PRECIA (M€)
VE/CA median 2021 1,28 1,22 Median Capitalisation
GERARD PERRIER ELECTRIC 4,69% 232,61
VE/EBIT median 2021 13,89 14,51 (M€)
PHARMANUTRA SPA 4,05%
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
Buy Sell 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
Argan Adesso 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,
ABC Arbitrage Delfingen sea and road. Thanks to its proximity to customers, Clasquin has developed an offer combining
Pattern Samse 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.RJ Funds – Gay-Lussac Smicrocaps
April 2021
GENERAL INFORMATIONS
Performances and statistics on the 30 of April 2021
Custodian Société Générale
ISIN code (P share) LU2022049022
ISIN code (I share) LU2022049295 +47,1%
150
Valuation Daily
Management fees A share 2% of Net assets 140
Management fees I and D
1% of Net assets 130
shares
Performance fees (High 12% including tax of the
120
Water Mark) annual perf over 7% +12,0%
Entry fees 2% maximum 110
Exit fees (UCITS acquired) None
NAV (P share) 217,22 € 100
NAV (I share) 220,69 €
90
Inception date (P share) 27 aug 19
Inception date (I share) 27 aug 19 80
Net assets 28,56 M€ 08/19 10/19 12/19 02/20 04/20 06/20 08/20 10/20 12/20 02/21 04/21
RJ Funds
Risk indicator (P Share)
Smicrocaps RJ Funds Smicrocaps - P Share - Index 100 Investment objective (7% annualized) - Index 100
Volatility 1Y 14,30%
Max Drawdown -6,01%
1M 2021 2020 2019* Inception
Ajusted Beta 0,55
Sharpe Ratio 4,29 P Share 5,2% 13,2% 17,4% 8,9% 44,8%
(Bloomberg data) I Share 5,3% 13,6% 18,6% 9,3% 47,1%
PORTFOLIO EXTRA-FINANCIAL ANALYSE
Grade average E* 6,81/10
Grade average S* 6,81/10 Gay-Lussac Gestion est signataire des Principes
Grade average G* 6,71/10 des Nations Unies pour l’Investissement
Portfolio grade overall ESG** 6,78/10 Responsable (UN-PRI) depuis 2010
*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%
COUNTRY BREAKDOWN THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* INDUSTRY BREAKDOWN
*since inception
Sweden 0,59% Health Care 3,8% RJF Smicrocaps
13,5%
Belgium 0,61%
MSCI Europe Micro
Netherlands 0,74% Basic consumption 7,6% TR
3,7%
Austria 1,03%
2% 1,72%
Ireland 1,24% 1,18% 17,6%
Discretionnary consumption
16,0%
1%
Switzerland 1,83%
Poland 1,92% 0% IT 30,0%
19,8%
Portugal 2,12% -1%
Norway 2,20% 4,1%
-2% Finance
-1,71% 19,1%
Germany 6,14% -3%
Danmark 6,52% Materials 9,0%
-4% -3,26% 5,4%
Finland 9,58%
RJF Smicrocaps MSCI Europe Micro TR 17,7%
Cash 10,17% Industry
16,4%
Italy 23,40%
France 31,92% 0% 10% 20% 30% 40%
0% 10% 20% 30%
INVESTMENT OBJECTIVEGay-Lussac Smicrocaps
April 2021
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
………….
Investment rate (direct lines) 89,83 Name % net asset Name % Net asset
Number of lines 50 DIGITAL VALUE SPA 4,51% More than 500M€ 32,23%
PER median 2021 20,35 SICIT GROUP SA 4,28% From 150 to 500M€ 54,40%
VE/CA median 2021 1,97 Less than 150M€ 13,27%
PHARMANUTRA SPA 3,95%
VE/EBIT median 2021 16,87 Average Capitalisation
ROBERTET SA 3,95% 452,98
(M€)
SIDETRADE 3,43% Median Capitalisation
360,68
(M€)
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
Buy Sell
Uniphar Marr
Livechat Uponor
SicitGay-Lussac Smallcaps
April 2021
GENERAL INFORMATIONS Performances and statistics on the 30 of April 2021
Custodian Société Générale 220 GL Smallcaps - Part A - Base 100 CAC Small TR - Base 100
220 +105,2
Cut off Subscriptions/redemptions
200
Code ISIN (A Share) FR0011759299
200 196,9
Code ISIN (I Share) FR0013228327 180 +76,9%
Valuation Daily
180
160
Management fees A Share 2,20% of Net assets
167,5
Management fees I Share 1,10% of Net assets 140
160
Performance fees None
Entry fees 2% maximum 120
140
Exit fees (UCITS acquired) None
100
NAV (A Share) 307,76€ 120
NAV (I Share) 157 131,49€ 80
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
Inception date (A Share) 31-mar-14 100
Inception date (I Share) 30-dec-16
Gay-Lussac Smallcaps - A Share - Index 100 CAC Small TR - Index 100
Net assets 28,18 M€ 80
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
Gay-Lussac YTD 2021 2020 2019 2018 2017 2016 2015 2014 Inception
MSCI MICRO
Smallcaps
Volatilité 3Y 15,40% 22,72% 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%
Max Drawdown 3Y -31,30% -38,30%
CAC Small TR 4,1% 16,5% 8,5% 17,2% -26,0% 22,1% 12,7% 16,4% 2,5% 76,9%
Beta 0,77
Sharpe Ratio 3Y 0,56 I Share 4,1% 10,3% 10,0% 23,1% -14,5% 23,1% 57,1%
Tracking Error 11,99 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%
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
b
…
COUNTRY BREAKDOWN INDUSTRY BREAKDOWN (on total invested)
Real Estate 4,8% Gay-Lussac
Belgium 0,92% THE FUND’S WEEKLY AVERAGE ON ↗ AND ↘* Utilities
2,0% Smallcaps
0,9%
Ireland 1,05% *since inception CAC Small TR
Telecommunications 1,9%
1,4%
Finland 1,67% 1,58% Energy
2% 3,8%
Spain 1,70%
1,20% Health Care 6,5%
10,8%
1% 4,3%
Austria 2,19% Basic consumption
3,8%
0% 10,1%
Netherl… 4,22% Discretionnary consumption
15,0%
IT 24,6%
Germany 6,19% -1% 19,7%
Finance 1,8% 18,6%
Italy 9,00% -1,18%
-2% Materials 13,4%
Cash 10,08% -1,90% 6,6%
20,5%
-3% Industry
19,5%
France 62,98%
0% 20% 40% 60% Gay-Lussac Smallcaps CAC Small NR 0% 10% 20%Gay-Lussac Smallcaps
April 2021
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
Investment rate (direct lines) 89,92% Name % net asset Name % net asset
Number of lines 43
STEF 5,58% More than 800M€ 39%
Monthly performance A Share 4,05%
Monthly performance I Share 4,14% SALCEF SPA 4,86% From 400 to 800M€ 43%
PER median 2021 20,05 AXWAY SOFTWARE SA 4,23% Less than 400M€ 18%
VE/CA median 2021 1,85
SAMSE SA 4,23% Average Capitalisation (M€) 1 060,15
VE/EBIT median 2021 16,09
ROBERTET SA 4,10% Median Capitalisation (M€) 803,13
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
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
Buy Sell
still involved, being respectively Chairman of the Management Board, Chairman of the
Esker Akwel Supervisory Board and significant shareholders.
This month, Wavestone published resilient 2020/21 revenue, down 1%. The publication reflects a
Wavestone Befesa good recovery at the end of the year, with a fourth quarter growth of 7%. Management
Samse 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.Gay-Lussac Green Impact
April 2021
Signatory of the UN-PRI
since 2010
GENERAL INFORMATIONS Performances and statistics on the 30 of april 2021
185 +96,8%
Custodian Société Générale 175
Cut off Subscriptions/redemptions 165
ISIN code (A share) FR0010178665 +70,9
ISIN code (I share) FR0010182352 155
ISIN code (R share) FR0014000EI9 145
Valuation Daily
135
Management fees A share 2,32% of Net assets
Management fees I share 0,96% of Net assets 125
Management fees R share 1.40%of Net assets 115
Performance fees (High Water 20% including tax of the
Mark) annual perf over the index 105
Entry fees 2% maximum 95
Exit fees (UCITS acquired) None
85
NAV (A share) 392,42€
NAV (I share) 196 814,85€
NAV (R share) 159,75€
Inception date (A share) 3 jun 05 Gay-Lussac Green Impact - I Share - Index 100 Stoxx 600 TR - Index 100
Inception date (I share) 11-apr-07
Inception date (R share) 18 dec.20
Net assets 32,36 M€
1M 2021 2020 2019 2018 2017 2016 2015 2014 Inception
Gay-Lussac
Risk indicator (A Share) A Share 3,4% 4,2% 14,8% 22,0% -14,3% 9,6% -0,2% 17,7% -4,5% 161,6%
Green Impact
Volatility 3Y 17,91% 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%
Max Drawdown 3Y -30,73%
Beta 0,86 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%
Sharpe Ratio 3Y 2,86
Stoxx 600 TR 2,2% 10,6% -2,0% 26,8% -10,8% 10,6% 1,7% 9,6% 7,2% 70,9%
Tracking Error 10,87
EXTRA FINANCIAL PORTFOLIO ANALYSIS VALUES RATING BREAKDOWN ESG RATING VS BECHMARK INDEX
B E
Gay-Lussac Benchmark BB 2%
Green Impact /10 Index /10 7% AAA 8
20%
Grade average E* 7,93/10 7,17 BBB
13% 7 Gay-Lussac Green
Grade average S* 7,31/10 6,86 Impact
Benchmark Index
Grade average G* 5,20/10 2,90 10 7
Total 6 7 8 S10
Portfolio grade overall ESG** 7,22/10 5,66 AA Highest Grade (/10)
A 27% 3
* proportion of the fund’s investments for which non-financial data are available 31% 5
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%) G
10
SECTORS BREAKDOWN COUNTRY BREAKDOWN
Automobiles and Parts 0,4%
Telecommunications 2,2% 50% 46%
Real Estate 2,4% 41%
Insurance 3,1% 40%
Financial Services 3,9%
Health Care 4,2% 30%
Personal Care, Drug and grocery… 4,5%
19%
Food, Beverage and Tobacco 5,3% 20% 17%
15% 15%
Construction and Materials 5,9%
Utilities 7,3% 9% 9%
10% 6% 4% 7%
Chemicals 7,5% 3%
Consumer products and services 8,7%
Technology
0%
9,9% Others Spain Switzerland Danmark Germany France
Industrial Goods and Services 24,7%
Gay-Lussac Green Impact Stoxx 600
0% 10% 20%Gay-Lussac Green Impact
April 2021
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% Name % net asset
Number of lines 45
More than 5 Mds € 62,62%
Monthly Performances A Share 3,40%
Monthly Performances I Share 3,52% From 1 to 5 Mds € 26,97%
Monthly Performances R Share 3,48% Less than 1 Mds € 10,41%
Median PER 2021 26,66 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)
116,53 47,73%
Moyenne Moyenne
177,10 23% 34,94%
Type 1 (> 50% du CA)
61% Type 2 (10 à 50% du
130,03 CA) 44,36%
Moyenne pondérée
16% Type 3 (Gay-Lussac Europe Flex
April 2021
GENERAL INFORMATIONS Performances and statistics on the 30 of april 2021
Custodian Société Générale +24,4%
Cut off Subscriptions/redemptions 122
ISIN Code (A share) FR0013280211 117
ISIN Code(I share) FR0013280237 +11,6%
112
Valuation Daily
107
Management fees A share 1,50% of Net assets
102
Management fees I share 0,80% of Net assets
Performance fees (High 12% including tax of the 97
Water Mark) annual perf over 5%
92
Entry fees 2% maximum
87
Exit fees (UCITS acquired) None
NAV (A share) 182,36 € 82
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
NAV (I share) 12 443,50 € Gay-Lussac Europe Flex - I Share - Index 100 Benchmark index - Index 100
Inception date (A share) 29-sep-17
Inception date (I share) 29-sep-17
2021
Net assets 42,57 M€ 1M 2020 2019 2018 Inception*
(YTD)
Risk indicator (I Share) Gay-Lussac Europe Flex A Share 2,6% 4,7% 11,0% 12,1% -6,8% 21,6%
Volatilité 3Y 7,34 % I Share 2,7% 5,0% 11,5% 12,9% -6,1% 24,4%
Max Drawdown -16,54 %
* Since the launch of the Fund on 29/09/2017
Beta 0,48 ** Benchmark index: 50% EONIA (EONCALP7 Index) + 16.66% Stoxx 600 TR + 16.66% CAC
Mid&Small TR +
Sharpe Ratio 3Y 1,00 16.66% MSCI EMU Microcaps TR
COUNTRY BREAKDOWN BREAKDOWN BY INVESTMENT THEME INDUSTRY BREAKDOWN (on the invested share)
(on the invested share)
Special Real Estate 4,2%
Sweden 0,7% Situations European
7% Surprise Utilities 2,1%
Spain 0,8%
12%
Portugal 1,2% Telecommunications 2,3%
Belgium 1,8% Health Care 8,4%
Finland 1,9%
Basic consumption 8,4%
Germany 2,6% Digital & Energy
Transition Discretionnary consumption 9,8%
Netherlands 2,8% Accommodating 33%
USA 5,2% Monetary Policies IT 15,6%
48%
Denmark 6,4% Finance 8,1%
Italy 8,6% Materials 12,6%
UK 10,1%
Industry 28,5%
France 57,5%
0% 20% 40% 60% 0% 20% 40%Gay-Lussac Europe Flex
April 2021
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% Name % net asset
Futures & Options -18,97%
Name % net asset
Net Equity Exposure 47,32% BERKSHIRE More than 4 Mds € 34,96%
Bonds 3,17% HATHAWAY INC-CL B 2,94%
From 500 M€ to 4
Arbitrage / Takeover bid 10,08% 28,54%
STEF 2,93% Mds €
Liquidities, money market 20,46%
Monthly performance - A Share 2,56% INFOTEL 2,59% Less than 500 M€ 36,51%
Monthly performance - I Share 2,67% Average
ROBERTET SA 2,30% 26 805
Number of lines 60 Capitalisation (M€)
Median PER 2021 21,42 UNILEVER PLC 2,28% Median
Median EV/Sales 2021 2,45 1 763
Capitalisation (M€)
Median EV/EBIT 2021 18,26
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.You can also read
