Share-o-matic - Portfolio

Thu, May 9th, 2024, 5:40UTC

Assessment - France - 5/06/24 - RS = 13

		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	2/05/24	prc diff	⇓ Δ13	∅-RS
	L	SOM France	338.745	Wed	0.67	333.157	1.68	319.988	13.169	4.12	3.23
	L	UnibailRodaWestfield	79.060	Wed	-0.83	79.820	-0.95	65.340	14.480	22.16	45.17
	L	L'Occitane	3.850	Wed	1.26	3.806	1.16	3.200	0.606	18.94	39.23
	L	Rubis	31.140	Wed	-4.01	32.780	-5.00	23.060	9.720	42.15	38.42
	L	Eurazeo	84.850	Wed	-0.59	85.850	-1.16	76.350	9.500	12.44	32.48
	L	Publicis	106.250	Wed	1.14	104.850	1.34	92.700	12.150	13.11	32.03
	L	Vallourec	16.340	Wed	-0.37	16.420	-0.49	13.480	2.940	21.81	30.90
	L	Nexans	104.100	Wed	0.19	103.000	1.07	82.850	20.150	24.32	30.19
	L	Eramet	94.550	Wed	0.80	94.500	0.05	61.450	33.050	53.78	29.88
		Safran	211.100	Wed	1.10	206.400	2.28	175.520	30.880	17.59	29.65
	L	Saint-Gobain	79.500	Wed	1.40	77.760	2.24	65.410	12.350	18.88	29.27
	L	Renault	47.870	Wed	-0.56	48.210	-0.71	35.895	12.315	34.31	28.96
	L	Schneider Electric	226.400	Wed	2.21	219.600	3.10	188.000	31.600	16.81	28.07
	L	Credit Agricole	15.390	Wed	0.79	15.000	2.60	13.056	1.944	14.89	24.70
		VusionGroup	155.900	Wed	4.70	151.400	2.97	138.000	13.400	9.71	24.10
	L	ID Logistics	364.000	Wed	4.15	345.000	5.51	339.500	5.500	1.62	22.96
		Ipsos	65.100	Wed	1.17	63.600	2.36	61.500	2.100	3.41	22.87
	L	JCDecaux	21.460	Wed	0.28	21.460		18.720	2.740	14.64	22.49
	L	Michelin	37.230	Wed	0.27	36.830	1.09	30.570	6.260	20.48	21.81
		Accor	41.470	Wed	-0.34	41.720	-0.60	36.620	5.100	13.93	21.17
	L	SPIE	36.140	Wed	1.46	34.900	3.55	30.160	4.740	15.72	20.89
	L	Amundi	69.250	Wed	0.51	68.400	1.24	61.300	7.100	11.58	19.70
		Virbac	358.000	Wed	2.73	355.000	0.85	328.500	26.500	8.07	19.38
	L	elis	22.340	Wed	-0.71	21.680	3.04	20.100	1.580	7.86	18.87
		Euronext	86.950	Wed	1.87	85.550	1.64	80.000	5.550	6.94	18.33
		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	2/05/24	prc diff	⇓ Δ13	∅-RS
	L	Rexel	27.260	Wed	1.56	26.370	3.38	23.880	2.490	10.43	18.32
	L	Imerys	35.180	Wed	0.06	35.000	0.51	30.760	4.240	13.78	18.30
	L	Thales	165.600	Wed	1.56	163.150	1.50	134.950	28.200	20.90	17.67
		Mercialys	10.600	Wed	-0.09	10.470	1.24	10.520	-0.050	-0.48	17.56
		TF1	8.660	Wed	1.64	8.565	1.11	8.020	0.545	6.80	16.97
	L	Coface	15.620	Wed	2.70	14.700	6.26	12.500	2.200	17.60	16.05
	L	Lectra	33.300	Wed	-2.63	33.350	-0.15	31.900	1.450	4.55	15.67
	L	BNP Paribas	69.940	Wed	0.49	68.230	2.51	56.100	12.130	21.62	15.55
		Hermes International	2,305.000	Wed	0.48	2,274.000	1.36	2,025.500	248.500	12.27	15.29
		Elior	2.614	Wed	-0.68	2.704	-3.33	2.562	0.142	5.54	15.05
		GTT	134.100	Wed	0.22	133.300	0.60	129.800	3.500	2.70	14.89
	L	Fnac Darty	31.900	Wed	-0.62	31.950	-0.16	23.700	8.250	34.81	14.54
		Airbus	161.520	Wed	1.67	156.660	3.10	149.060	7.600	5.10	13.89
	L	Bureau Veritas	28.260	Wed	1.00	27.640	2.24	24.990	2.650	10.60	13.71
	L	Dassault Aviation	202.600	Wed	-0.49	204.800	-1.07	172.700	32.100	18.59	13.33
	L	TotalEnergies	67.230	Wed	0.24	67.260	-0.04	59.220	8.040	13.58	13.16
	L	Wendel	96.600	Wed	-0.05	96.550	0.05	85.200	11.350	13.32	13.10
		Cap Gemini	206.600	Wed	0.73	203.000	1.77	204.100	-1.100	-0.54	11.74
		Carmila	16.460	Wed	0.37	16.460		16.380	0.080	0.49	11.15
		SEB	114.100	Wed	-0.17	112.900	1.06	111.700	1.200	1.07	10.80
		Axa	33.280	Wed	1.96	32.210	3.32	30.410	1.800	5.92	10.50
	L	Neoen	30.260	Wed	-1.30	29.880	1.27	25.700	4.180	16.26	10.46
	L	Sodexo	82.650	Wed	0.92	81.150	1.85	77.480	3.670	4.74	10.32
		EssilorLuxottica	204.000	Wed	-0.39	198.400	2.82	181.340	17.060	9.41	10.00
		Scor	31.780	Wed	1.27	30.460	4.33	28.550	1.910	6.69	9.55
		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	2/05/24	prc diff	⇓ Δ13	∅-RS
		Sopra Steria	217.200	Wed	1.02	214.200	1.40	214.000	0.200	0.09	9.44
		Vivendi	9.970	Wed	1.32	9.814	1.59	10.290	-0.476	-4.63	9.08
	L	Covivio	48.320	Wed	-1.15	48.000	0.67	43.240	4.760	11.01	8.79
		Bic	66.200	Wed	-0.30	65.300	1.38	62.500	2.800	4.48	8.48
		Bolloré	6.145	Wed	0.41	6.095	0.82	6.135	-0.040	-0.65	7.58
		Air Liquide	186.540	Wed	1.39	181.900	2.55	167.860	14.040	8.36	7.52
	L	Eiffage	103.850	Wed	1.32	102.250	1.56	97.040	5.210	5.37	7.35
	L	Klépierre	25.280	Wed	-0.47	25.060	0.88	23.610	1.450	6.14	7.28
		Trigano	148.700	Wed	0.61	146.400	1.57	147.900	-1.500	-1.01	7.09
		Bouygues	35.220	Wed	1.21	35.350	-0.37	33.750	1.600	4.74	6.31
		Legrand	98.360	Wed	1.24	95.740	2.74	90.520	5.220	5.77	6.28
		Arkema	98.550	Wed	-3.10	98.050	0.51	98.660	-0.610	-0.62	6.01
		L´Oreal	447.050	Wed	0.48	443.000	0.91	455.750	-12.750	-2.80	5.53
		Argan	77.000	Wed	-1.03	77.600	-0.77	80.800	-3.200	-3.96	5.20
		Veolia	29.330	Wed	2.02	29.830	-1.68	30.200	-0.370	-1.23	5.02
		Getlink	16.710	Wed	0.42	16.535	1.06	16.095	0.440	2.73	4.68
	L	Verallia	37.460	Wed	0.75	36.600	2.35	32.280	4.320	13.38	4.65
	L	Ipsen	116.800	Wed	1.39	114.600	1.92	105.700	8.900	8.42	3.75
	L	Societe Generale	24.950	Wed	0.56	24.205	3.08	22.765	1.440	6.33	3.23
		bioMérieux	99.100	Wed	-0.70	99.400	-0.30	100.900	-1.500	-1.49	2.99
		Métropole TV	13.220	Wed	0.76	13.080	1.07	12.940	0.140	1.08	1.97
		Gecina	99.700	Wed	-0.30	99.100	0.61	99.800	-0.700	-0.70	1.73
		Vinci	113.900	Wed	1.24	111.300	2.34	118.300	-7.000	-5.92	1.66
		Danone	59.320	Wed	1.02	58.100	2.10	61.720	-3.620	-5.87	1.64
		Engie	15.645	Wed	1.26	15.280	2.39	14.710	0.570	3.87	1.55
		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	2/05/24	prc diff	⇓ Δ13	∅-RS
	L	Mersen	37.450	Wed	1.08	36.900	1.49	34.750	2.150	6.19	1.38
		ArcelorMittal	23.620	Wed	-1.42	24.380	-3.12	24.975	-0.595	-2.38	1.03
		LVMH	787.900	Wed	-0.19	781.700	0.79	780.700	1.000	0.13	0.89
	L	Aéroports de Paris	124.400	Wed	1.39	122.100	1.88	124.100	-2.000	-1.61	0.86
		Eurofins Scientific	57.620	Wed	1.59	56.080	2.75	53.520	2.560	4.78	-0.29
		FDJ	34.060	Wed	-0.76	34.020	0.12	38.040	-4.020	-10.57	-1.55
	L	Alstom	17.110	Wed	9.33	15.595	9.71	11.475	4.120	35.90	-1.87
		Sanofi	93.080	Wed	1.31	91.020	2.26	87.400	3.620	4.14	-2.13
	L	Bénéteau	12.860	Wed	0.31	12.600	2.06	11.040	1.560	14.13	-2.43
	S	Orange	10.520	Wed	0.86	10.425	0.91	10.870	-0.445	-4.09	-3.25
	L	ALD	7.070	Wed	-0.70	6.925	2.09	6.020	0.905	15.03	-4.70
	L	Carrefour	16.060	Wed	1.39	15.740	2.03	15.850	-0.110	-0.69	-5.60
	S	Dassault Systèmes	38.200	Wed	0.45	37.140	2.85	42.000	-4.860	-11.57	-6.97
	S	Aperam	26.260	Wed	-0.23	26.280	-0.08	28.820	-2.540	-8.81	-9.16
		Derichebourg	4.276	Wed	-1.29	4.286	-0.23	4.636	-0.350	-7.55	-9.81
	S	Alten	121.500	Wed	1.42	118.300	2.70	142.100	-23.800	-16.75	-10.61
	S	STMicroelectronics	37.465	Wed	-2.21	37.225	0.64	41.200	-3.975	-9.65	-10.74
	S	Sartorius Stedim	204.400	Wed	-1.83	206.000	-0.78	247.500	-41.500	-16.77	-11.26
		Solutions 30	2.074	Wed	0.29	2.062	0.58	2.520	-0.458	-18.17	-11.52
	L	Plastic Omnium	11.310	Wed	-2.25	11.590	-2.42	10.580	1.010	9.55	-12.07
		Interparfums	47.700	Wed	0.32	47.250	0.95	50.400	-3.150	-6.25	-12.33
	L	Ubisoft	22.310	Wed	-0.62	21.640	3.10	20.380	1.260	6.18	-12.33
		Forvia	14.850	Wed	-3.57	15.300	-2.94	15.330	-0.030	-0.20	-13.59
	L	Valeo	12.250	Wed	-1.45	12.340	-0.73	11.535	0.805	6.98	-14.34
	L	Clariane	3.442	Wed	24.26	2.570	33.93	2.250	0.320	14.22	-15.05
		⇓instrument	freshest		⇓ Δday	5/06/24	⇓ Δwk	2/05/24	prc diff	⇓ Δ13	∅-RS
	L	Voltalia	8.460	Wed	-1.05	8.340	1.44	7.360	0.980	13.32	-15.57
	S	Edenred	46.480	Wed	0.45	45.500	2.15	55.500	-10.000	-18.02	-16.24
		Pernod Ricard	148.500	Wed	1.96	141.300	5.10	155.400	-14.100	-9.07	-16.24
		Boiron	33.850	Wed	-1.31	34.500	-1.88	37.000	-2.500	-6.76	-16.26
		Icade	26.460	Wed	0.08	26.240	0.84	30.340	-4.100	-13.51	-17.93
		Teleperformance	99.480	Wed	-0.06	99.580	-0.10	142.150	-42.570	-29.95	-18.88
	L	Eutelsat	3.752	Wed	-0.05	3.716	0.97	3.668	0.048	1.31	-19.74
		Air France-KLM	10.455	Wed	4.76	10.070	3.82	11.790	-1.720	-14.59	-19.88
	S	SES	4.656	Wed	-0.30	4.604	1.13	5.910	-1.306	-22.10	-20.64
	L	Rémy Cointreau	94.800	Wed	-0.58	89.950	5.39	97.580	-7.630	-7.82	-21.78
		Nexity	11.490	Wed	2.32	10.900	5.41	15.090	-4.190	-27.77	-23.04
	S	Kering	331.100	Wed	0.38	326.800	1.32	384.150	-57.350	-14.93	-23.98
	S	X-FAB	6.600	Wed	0.76	6.535	0.99	9.220	-2.685	-29.12	-26.04
	L	McPhy Energy	2.855	Wed	11.74	2.685	6.33	2.590	0.095	3.67	-26.05
		CGG	0.439	Wed	1.85	0.406	8.23	0.419	-0.013	-3.06	-28.46
		Valneva	3.254	Wed	-4.74	3.418	-4.80	3.568	-0.150	-4.20	-30.14
		Soitec	96.700	Wed	0.10	95.500	1.26	132.650	-37.150	-28.01	-31.90
	L	Solvay	34.680	Wed	-0.23	30.420	14.00	23.650	6.770	28.63	-33.54
	L	Worldline	10.870	Wed	0.18	11.195	-2.90	12.200	-1.005	-8.24	-35.94
	S	Euroapi	3.074	Wed	-0.13	2.930	4.91	6.034	-3.104	-51.44	-50.57
	L	Orpea	13.910	Wed	-0.57	13.980	-0.50	14.400	-0.420	-2.92	-53.88
		Atos	2.009	Wed	-2.19	2.077	-3.27	2.793	-0.716	-25.64	-54.48
		Pluxee	30.400	Wed	0.83	29.860	1.81	28.020	1.840	6.57	-na-
France - 122 out of 122 instruments rated - 5/06/24 / 2/05/24 - 77 did rise, Market-Ratio(13) = 63.11 %
Stock Exchange Currency: EUR € Euro

Technical Chart

	France RS = 13 - B/S = 50/64

1/06/20	scale up chart	5/06/24

Transactions France * S13 - 50/64 (1)

													⇐
L/S	date buy	date sell	days		instrument	spl	pieces	prc buy	prc sell	ps short	prc diff	d %	asset	yield
1/02/06		5/22/06	140		- cash -
short	5/22/06	8/21/06	91		SES	100	982	10.180	10.330	10.030	-0.150	-1	9,853	-6
8/21/06		7/30/07	343		- cash -
	7/30/07	4/21/08	266		Natixis	100	955	10.315	6.723	15.826	5.511	53	15,116	80
4/21/08		6/23/08	63		- cash -
	6/23/08	4/27/09	308		Vantiva	100	19	760.077	221.643	2,606.521	1,846.444	243	50,198	331
4/27/09		2/08/10	287		- cash -
	2/08/10	3/01/10	21		Ubisoft	100	5,031	9.977	8.801	11.310	1.333	13	56,905	784
3/01/10		5/24/10	84		- cash -
	5/24/10	8/23/10	91		Ubisoft	100	7,322	7.771	7.111	8.492	0.721	9	62,187	43
8/23/10		8/30/10	7		- cash -
	8/30/10	9/06/10	7		Vantiva	100	609	102.033	106.569	97.497	-4.536	-4	59,424	-91
9/06/10		3/14/11	189		- cash -
	3/14/11	4/04/11	21		Genfit	100	13,573	4.378	4.468	4.288	-0.090	-2	58,203	-30
4/04/11		4/18/11	14		- cash -
	4/18/11	4/25/11	7		EDF	100	2,185	26.635	28.180	25.090	-1.545	-6	54,827	-96
4/25/11		5/16/11	21		- cash -
	5/16/11	1/23/12	252		Genfit	100	13,940	3.933	1.723	8.978	5.045	128	125,148	230
1/23/12		4/23/12	91		- cash -
	4/23/12	8/13/12	112		Solocal	100	84	1,476.830	1,038.280	2,100.615	623.785	42	177,546	215
8/13/12		4/22/13	252		- cash -
	4/22/13	5/06/13	14		ArcelorMittal	100	6,754	26.286	29.061	23.511	-2.775	-11	158,804	-95
5/06/13		6/10/13	35		- cash -
	6/10/13	7/08/13	28		ArcelorMittal	100	5,633	28.191	26.415	30.086	1.895	7	169,481	134
7/08/13		1/27/14	203		- cash -
	1/27/14	2/24/14	28		CGG	100	450	376.480	386.720	366.240	-10.240	-3	164,873	-30
2/24/14		6/30/14	126		- cash -
	6/30/14	12/29/14	182		CGG	100	498	330.880	160.352	682.758	351.878	106	340,108	327
12/29/14		6/08/15	161		- cash -
	6/08/15	11/23/15	168		Solocal	100	485	700.450	390.360	1,256.866	556.416	79	609,970	256
11/23/15		1/11/16	49		- cash -
	1/11/16	4/18/16	98		Vallourec	100	2,313	263.680	148.800	467.252	203.572	77	1,080,832	742
4/18/16		6/13/16	56		- cash -
	6/13/16	8/15/16	63		Vallourec	100	8,044	134.360	166.280	102.440	-31.920	-24	824,068	-79
8/15/16		12/05/16	112		- cash -
	12/05/16	12/19/16	14		CGG	100	56,636	14.550	14.080	15.036	0.486	3	851,576	135
12/19/16		7/31/17	224		- cash -
	7/31/17	10/02/17	63		Vantiva	100	10,266	82.944	77.895	88.320	5.376	6	906,769	44
10/02/17		2/05/18	126		- cash -
	2/05/18	3/04/19	392		Innate Pharma	100	172,553	5.255	6.585	3.925	-1.330	-25	677,274	-24
3/04/19		6/03/19	91		- cash -
	6/03/19	9/02/19	91		ArcelorMittal	100	50,792	13.334	12.876	13.808	0.474	4	701,364	15
9/02/19		10/07/19	35		- cash -
	10/07/19	11/04/19	28		Genfit	100	55,052	12.740	13.150	12.330	-0.410	-3	678,793	-35
11/04/19		2/03/20	91		- cash -
	2/03/20	6/08/20	126		Ipsen	100	10,199	66.550	75.600	57.500	-9.050	-14	586,492	-35
6/08/20		9/07/20	91		- cash -
	9/07/20	11/09/20	63		DBV Technologies	100	159,981	3.666	3.820	3.512	-0.154	-4	561,855	-22
11/09/20		7/19/21	252		- cash -
	7/19/21	10/18/21	91		Vallourec	100	78,198	7.185	7.500	6.870	-0.315	-4	537,223	-16
L/S	date buy	date sell	days		instrument	spl	pieces	prc buy	prc sell	ps short	prc diff	d %	asset	yield
10/18/21		11/29/21	42		- cash -
	11/29/21	1/03/22	35		Vivendi	100	47,966	11.200	11.975	10.425	-0.775	-7	500,049	-53
1/03/22		1/24/22	21		- cash -
	1/24/22	6/06/22	133		DBV Technologies	100	191,589	2.610	2.938	2.282	-0.328	-13	437,208	-31
6/06/22		6/13/22	7		- cash -
	6/13/22	11/28/22	168		Orpea	100	20	21,310.000	6,760.000	67,176.938	45,866.938	215	1,354,547	1,112
11/28/22		4/10/23	133		- cash -
	4/10/23	12/25/23	259		Orpea	100	704	1,924.000	15.200	243,537.895	241,613.895	12,558	171m	91,688
12/25/23		5/09/24	136		- cash -
accum	5/22/06	12/25/23	3220	days out of 6702 invested (48%)							1,714,407		171m	202

Instrument Related Contribution

instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
Orpea	short	6/13/22	11/28/22	168	21,310.00	6,760.00	67,176.94	45,866.94	215.24
		4/10/23	12/25/23	259	1,924.00	15.20	243,537.89	241,613.89	12,557.89	39,802.33
Vantiva		6/23/08	4/27/09	308	760.08	221.64	2,606.52	1,846.44	242.93
		8/30/10	9/06/10	7	102.03	106.57	97.50	-4.54	-4.45
		7/31/17	10/02/17	63	82.94	77.90	88.32	5.38	6.48	248.92
Solocal		4/23/12	8/13/12	112	1,476.83	1,038.28	2,100.62	623.79	42.24
		6/08/15	11/23/15	168	700.45	390.36	1,256.87	556.42	79.44	155.23
Genfit		3/14/11	4/04/11	21	4.38	4.47	4.29	-0.09	-2.06
		5/16/11	1/23/12	252	3.93	1.72	8.98	5.04	128.26
		10/07/19	11/04/19	28	12.74	13.15	12.33	-0.41	-3.22	116.38
CGG		1/27/14	2/24/14	28	376.48	386.72	366.24	-10.24	-2.72
		6/30/14	12/29/14	182	330.88	160.35	682.76	351.88	106.35
		12/05/16	12/19/16	14	14.55	14.08	15.04	0.49	3.34	107.43
Natixis		7/30/07	4/21/08	266	10.32	6.72	15.83	5.51	53.43	53.43
Vallourec		1/11/16	4/18/16	98	263.68	148.80	467.25	203.57	77.20
		6/13/16	8/15/16	63	134.36	166.28	102.44	-31.92	-23.76
		7/19/21	10/18/21	91	7.19	7.50	6.87	-0.32	-4.38	29.18
Ubisoft		2/08/10	3/01/10	21	9.98	8.80	11.31	1.33	13.36
		5/24/10	8/23/10	91	7.77	7.11	8.49	0.72	9.28	23.88
ArcelorMittal		4/22/13	5/06/13	14	26.29	29.06	23.51	-2.78	-10.56
		6/10/13	7/08/13	28	28.19	26.42	30.09	1.90	6.72
		6/03/19	9/02/19	91	13.33	12.88	13.81	0.47	3.56	-1.15
SES		5/22/06	8/21/06	91	10.18	10.33	10.03	-0.15	-1.47	-1.47
EDF		4/18/11	4/25/11	7	26.64	28.18	25.09	-1.55	-5.80	-5.80
Vivendi		11/29/21	1/03/22	35	11.20	11.98	10.43	-0.77	-6.92	-6.92
instrument	L/S	date buy	date sell	days	prc buy	prc sell	ps short	prc diff	d %	total
Ipsen		2/03/20	6/08/20	126	66.55	75.60	57.50	-9.05	-13.60	-13.60
DBV Technologies		9/07/20	11/09/20	63	3.67	3.82	3.51	-0.15	-4.20
		1/24/22	6/06/22	133	2.61	2.94	2.28	-0.33	-12.57	-16.24
Innate Pharma		2/05/18	3/04/19	392	5.26	6.59	3.93	-1.33	-25.31	-25.31

Annotations

3/25/24	Orpea	reverse split 1,000:1 (one for one thousand)
8/31/23	Air France-KLM	reverse split 10:1 (one for ten)
6/16/22	Michelin	stock split 1:4 (four for one)
7/07/21	Dassault Systèmes	stock split 1:5 (five for one)
11/19/20	Eurofins Scientific	stock split 1:10 (ten for one)
5/25/20	Vallourec	reverse split 40:1 (one for fourty)
6/05/18	Foncière des Régions	renames as Covivio, that's a shame, I really liked these cute slashes above the e's.
	Unibail-Rodamco	ISIN change from FR0000124711 to FR0013326246 following Westfield acquisition
9/20/17	bioMérieux	stock split 1:3 (three for one)
7/28/17	Rubis	stock split 1:2 (two for one)
5/18/17	ArcelorMittal	reverse stock split 3:1 (one for three) ISIN change from LU0323134006 to LU1598757687
7/20/16	CGG	reverse stock split 32:1 (one for thirty-two)
6/06/16	Valeo	stock split 1:3 (three for one)
5/06/16	Sartorius Stedim	stock split 1 : 6 (six for one)
1/18/16	France	Montupet drops out (acquisition by Linamar)
12/21/15	Sartorius Stedim	recording started
8/24/15	Frankreich	complete analysis
4/24/15	GDF Suez	changes name to Engie


	is taking down something concerning