Mirabaud Asset Management (France) SAS — 13F Portfolio

Mirabaud Asset Management (France) SAS is the French asset management entity of the Mirabaud Group, a long-established independent financial group founded in Geneva in 1819. Based in Paris, the company acts as a management and distribution hub for Mirabaud’s UCITS and alternative strategies within the European Union, while also advising mandates that hold U.S.-listed securities. The firm operates under the oversight of the broader Mirabaud Asset Management platform, led globally by CEO Lionel Aeschlimann, and is authorised by the French regulator (AMF). To the extent it exercises investment discretion over U.S. equities, Mirabaud Asset Management (France) SAS is required to report those positions to the U.S. Securities and Exchange Commission and therefore files quarterly Form 13F under CIK #0002033031. These reports capture the long U.S. equity and equity-linked holdings across Mirabaud-managed portfolios where this French entity is the reporting manager. They do not include Mirabaud’s substantial non-U.S. equity, fixed income, convertible bond, or private-market exposures, which remain central to the group’s global offering. On an analytics platform, this 13F History provides a clean, time-stamped window into the U.S. sleeve of Mirabaud’s otherwise globally diversified strategies.

Mirabaud Asset Management’s philosophy is based on active, high-conviction investing supported by fundamental research and ESG integration. Across its global platform, the firm runs focused portfolios in European and global equities (including small and mid caps), thematic and sustainable strategies, as well as a range of fixed income and convertible bond funds. The emphasis is on quality businesses with robust balance sheets, attractive cash-flow profiles, and sustainable competitive advantages, often held in concentrated portfolios with high active share relative to benchmarks. For the French entity, the U.S. positions disclosed in Form 13F are typically the by-product of global or regional mandates that include U.S. securities as part of a broader opportunity set. In practice, this means the 13F Portfolio Composition will often show a diversified but selective list of U.S.-listed names, including: - Large- and mid-cap companies aligned with Mirabaud’s quality-growth and sustainability criteria. - Sector leaders and niche players in areas such as Technology, Healthcare, Industrials, Consumer, and Financials. - Occasionally, U.S.-listed ADRs of non-U.S. issuers that fit Mirabaud’s thematic or regional strategies. Position sizes tend to reflect a conviction-based approach rather than benchmark weights, with portfolios constructed to avoid excessive di-worsification. Turnover is moderate: holdings can remain in portfolios for multiple years when fundamentals and valuations remain attractive, but the firm is willing to adjust exposure as investment theses evolve or better opportunities emerge. ESG analysis and stewardship are integrated into the research and portfolio construction processes, influencing both security selection and engagement priorities. From the perspective of a 13F analytics platform, these attributes translate into a U.S. equity sleeve that can be reconstructed and examined through time to understand how Mirabaud’s bottom-up views and sustainability considerations have manifested in U.S.-listed holdings.

Mirabaud Asset Management (France) SAS functions as a Paris-based arm of a long-standing independent asset manager, bringing Mirabaud’s active, ESG-integrated investment style to European and global clients while holding a selective set of U.S. equities within its mandates. The 13F record shows a diversified but conviction-led approach to U.S.-listed holdings, reflecting the firm’s global research views rather than a standalone U.S. equity product. On an advanced 13F analytics platform, these filings can be converted into a normalized Historical Track Record, rescaled to a user-defined notional, allowing allocators to study the compounding behavior of the U.S. sleeve across different macro and style regimes. Evaluating the resulting Sharpe Ratio against broad U.S. equity indices and against other active 13F filers helps quantify whether Mirabaud’s combination of quality focus, ESG integration, and active stock selection has historically delivered attractive risk-adjusted outcomes in the U.S.-equity portion of its portfolios. Time-series inspection of 13F Portfolio Composition highlights how sector allocations, capitalization exposure, and the balance between core holdings and more tactical names have evolved as markets cycled through growth and value dominance, different rate environments, and shifting sentiment toward sustainability themes. Combined with drawdown analytics centred on Max Drawdown Depth and accessible via Performance Backtests Online, these tools offer a structured view of how a Mirabaud-style U.S. sleeve might interact with an existing allocation. The key diagnostic question for allocators is how resilient Mirabaud Asset Management (France) SAS’s active, quality- and sustainability-oriented approach would be if future leadership in global markets were to shift decisively toward more cyclical, capital-intensive, or value-driven segments for an extended period—and whether the historical evidence in its U.S. equity sleeve suggests robustness or vulnerability to such a regime change.

The risk profile of Mirabaud Asset Management (France) SAS’s U.S. equity sleeve is shaped by its active, quality-focused, and often growth-tilted orientation. While the underlying funds are typically long-only or long-biased and diversified across sectors, several features are notable: - Equity beta and style exposure: Portfolios generally maintain meaningful exposure to equity-market beta, with factor tilts toward quality and, in some strategies, growth or structural themes (e.g., innovation, sustainability). This can lead to periods of underperformance relative to broad indices during sharp rotations into deep value or highly cyclical segments. - Concentration and active share: A limited number of high-conviction holdings implies that stock-specific risk is not fully diversified away. Positive or negative surprises at the company level can therefore have a visible impact on short-term capital behavior. - Capitalisation bias: Strategies with a focus on small and mid caps, or on less liquid European and global names, can add incremental volatility compared to benchmark-heavy large-cap exposures, although this is partially mitigated in the U.S. sleeve by liquidity and risk constraints. Mirabaud manages these risks through disciplined portfolio construction, explicit diversification guidelines, and ongoing risk monitoring across factors, sectors, and issuers. However, in a 13F-based replication of the U.S. sleeve, investors should expect a Volatility Profile that is in line with, or modestly above, broad U.S. equity indices, depending on the specific mix of growth and small/mid-cap strategies represented in a given period. Historical analysis of Max Drawdown Depth for the 13F-replicated holdings during equity selloffs and style rotations provides a factual assessment of how the visible U.S. book has behaved in stressed conditions. It is important to interpret these analytics in the context of Mirabaud’s wider asset mix: fixed income, convertibles, and non-U.S. assets—none of which appear in 13F—play a material role in the overall risk and liquidity profile of client portfolios.