TOT, long position. The IJ Fund aims to build a low-beta portfolio, composed of undervalued stocks. TOTAL SE is an energy company with a strong global presence. Its revenue and share price have suffered due to decreasing demand in energy caused by the crisis, as well as the oil price crash earlier this year. Currently, its tangible book value per share is approximately 44.7, whereas its share price is hovering at 32.5: that is almost 30% less than its book value. It has a strong balance sheet and highly promising prospects of revivable revenue. Taking these factors into account, the IJ Fund has strong reasons to believe that the stock might be undervalued. The company has a slightly below-target beta of 0.67. The market capitalization is $84Bn.The company industry classifies as Energy.

Changing energy sector strategy. | 10% short, 90% long. | Equal weight within short and long positions. |Short leg: 8 energy companies with highest carbon footprint tradeable in LON, Nasdaq or NYSE and Stockfuse | According to CAI 2019, 6 companies with biggest carbon footprint between in 1965 and 2017 tradeable in stockfuse + two companies with biggest carbon footprint in 2017 accoring to M.J. Bradley & Associates 2017 | #5 per CAI

Energy sectory, long position. More established energy producer to stabilise our portfolio, as defined in our strategy.