In January, in a market up or down 6.3%, Amplegest Long Short (AC unit) fell by -0.36%, underperforming its benchmark index by 241bp.

Net exposure & volatility
Our average net exposure remained stable overall (20.3%), below our medium-term objective of 30%, our exposure adjusted for the individual beta of the securities making up the portfolio being 30%, in line with our objective.

Analysis of performance by pocket
The performance of our portfolio by pocket during the month breaks down as follows:
Our long portfolio underperformed the market,
Our pair trade pocket generated a slightly positive contribution,
Our short selling pocket slightly outperformed the market but had a negative contribution.

The main Movements

Long pocket:
We closed our position in Air Liquide
Short pocket
We reduced our short position in AAK.
Pair trade pocket
N/S

ESG
The rating of our portfolio has decreased due to the effect of portfolio movements.