AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI
Obiettivi e politica di investimento
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI
un comparto della SICAV AMUNDI RESPONSIBLE INVESTING
Classe I - Codice ISIN: (C) FR0013340932
Questa SICAV è gestita da Amundi Asset Management, società di Amundi.
Classificazione dell’AMF ("Autorité des Marchés Financiers"): OICVM Obbligazioni e altri titoli di credito internazionali
Sottoscrivendo AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - I, investite nelle obbligazioni ad alto rendimento dell’OCSE, principalmente di mercati europei, denominate in valute OCSE, e che considerano i criteri d’investimento socialmente responsabile (ISR).
L’obiettivo è, su un orizzonte d’investimento di 3 anni, sovraperformare l’indice ICE BofAML BB Euro High Yield (HE10) (quotazione di chiusura, cedole reinvestite), attraverso l’investimento in una selezione di obbligazioni private di categoria “ad alto rendimento” dell’OCSE, principalmente di mercati europei, integrando al contempo criteri ESG nel processo di selezione e analisi dei titoli della SICAV, al netto delle spese correnti.
L’indice ICE BofAML BB Euro High Yield (HE10) è composto da obbligazioni private europee con scadenza superiore a 18 mesi, emesse in euro e con rating compreso tra BB- e BB+.
Per conseguire l’obiettivo, il team di gestione impiega un processo d’investimento strutturato incentrato su tre approcci: l’analisi extra-finanziaria sui criteri ambientali, sociali e di governance, abbinata ad un’analisi detta “bottom-up” per la selezione dei titoli e ad un’analisi detta “top-down” per l’ottimizzazione del portafoglio. Tale processo rigoroso conduce alla costruzione di un portafoglio di obbligazioni di categoria “ad alto rendimento”, cioè che presentano un rischio di credito elevato.
Ad esempio, tra questi possono esserci il consumo energetico e l'emissione di gas a effetto serra per gli aspetti ambientali, i diritti dell'uomo, la salute o la sicurezza per gli aspetti sociali, o la politica sulle remunerazioni e l'etica nel complesso per gli aspetti di governance.
Il comparto investirà in obbligazioni private dell’OCSE, principalmente del mercato europeo e denominate in valute OCSE. Per quanto riguarda le condizioni di mercato, il Comparto potrà investire fino al 30% del patrimonio in obbligazioni pubbliche dell’OCSE, principalmente del mercato europeo e denominate in valute OCSE. Inoltre, il Comparto potrà investire fino al 30% del patrimonio netto in obbligazioni private o pubbliche non dell’OCSE, emesse in euro.
I titoli obbligazionari saranno selezionati in base al giudizio di gestione e nel rispetto della politica interna di controllo del rischio di credito della Società di gestione. Il gestore potrà fare ricorso, in modo non esclusivo né meccanico, a titoli “ad alto rendimento” muniti di un rating compreso tra BB+ e D della scala Standard&Poor's e/x Xxxxx e/o tra Ba1 e C di quella di Xxxxx e/o ancora di rating ritenuti equivalenti dalla società di gestione.
Il range di sensibilità varia tra 0 e 10. Il Comparto è coperto dal rischio di cambio.
L’analisi extra-finanziaria permette di attribuire un rating ESG a ogni emittente, su una scala da A (massimo) a G (minimo). Almeno il 90% dei titoli in portafoglio ha un rating ESG. Inoltre, il Comparto adotta una strategia ISR basata su una combinazione di approcci: normativo (esclusione degli emittenti che non rispettano le principali convenzioni internazionali, con rating G) e Best-in-Class (selezione degli emittenti con le migliori prassi ESG, con rating A, B,C e D ed esclusione di quelli con rating E e F). Tra l'altro, oltre alle esclusioni legali, ad esempio le imprese coinvolte nella produzione o nella vendita di mine antiuomo e bombe a grappolo vietate dalle convenzioni di Ottawa e di Oslo, Amundi esclude dall'universo d'investimento gli Stati che violano sistematicamente e intenzionalmente i diritti dell'uomo e sono responsabili dei crimini più gravi (crimini di guerra e contro l'umanità). Vengono esclusi anche gli emittenti che realizzano più del 30% del fatturato con l'estrazione del carbone.
Inoltre, viene seguita una politica d'impegno attivo per promuovere il dialogo con gli emittenti e accompagnarli nel miglioramento delle loro prassi ESG. Nell’ambito di una gestione socialmente responsabile, questo metodo punta quindi a conciliare la ricerca di rendimento con lo sviluppo di prassi socialmente responsabili e valutare in modo più globale i rischi e le opportunità settoriali di ogni emittente.
Il Comparto potrà concludere operazioni di acquisizioni e cessioni temporanee di titoli. Possono inoltre essere utilizzati strumenti finanziari a termine a fini di copertura e/o esposizione e/o arbitraggio e/o per generare una sovraesposizione e portare di conseguenza l’esposizione del Comparto oltre il valore del patrimonio netto.
Il risultato netto e le plusvalenze nette realizzate dalla SICAV sono sistematicamente reinvestiti ogni anno.
Potrete richiedere il rimborso delle vostre azioni ogni giorno: le operazioni di rimborso avvengono con frequenza giornaliera. Raccomandazione: questa SICAV potrebbe non essere indicata per investitori che intendano ritirare la loro quota prima di 3 anni.
Profilo di rischio e di rendimento
rischio più basso, rischio più alto
rendimento potenzialmente più basso rendimento potenzialmente più alto
1 | 2 | 3 | 4 | 5 | 6 | 7 |
Il livello di rischio di questo fondo riflette principalmente il rischio del mercato delle obbligazioni ad alto rendimento in cui è investito.
I dati storici utilizzati per il calcolo dell'indice di rischio numerico non possono costituire un'indicazione affidabile del profilo di rischio futuro dell'OICVM.
La categoria di rischio associata a questa SICAV non è garantita e potrà evolversi nel tempo.
La categoria più bassa non significa "senza rischio".
Il capitale inizialmente investito non beneficia di alcuna garanzia.
I rischi importanti per l'OICVM non presi in considerazione nell'indicatore
sono:
Rischio di credito: rappresenta il rischio di improvviso peggioramento dell'affidabilità di un emittente o il rischio di suo fallimento.
Rischio di liquidità: nel caso particolare in cui i volumi di scambio sui mercati finanziari sono molto deboli, qualsiasi operazione di acquisto o vendita su questi ultimi può comportare variazioni importanti del mercato.
Rischio di controparte: rappresenta il rischio di fallimento di un operatore sul mercato che gli impedisce di onorare gli impegni nei confronti del Suo portafoglio.
L'utilizzo di prodotti complessi come i prodotti derivati può comportare l'amplificazione dei movimenti dei titoli nel Suo portafoglio.
Il verificarsi di uno di detti rischi può influire negativamente sul valore di liquidazione del portafoglio.
Spese una tantum prelevate prima o dopo l’investimento | |
Spesa di sottoscrizione | Nessuna |
Spesa di rimborso | Nessuna |
Questa è la percentuale massima che può essere prelevata dal Suo capitale prima che quest'ultimo sia investito o sia rimborsato. | |
Spese prelevate dalla SICAV in un anno | |
Spese correnti | 0,65% dell'attivo netto medio* |
Spese prelevate dalla SICAV a determinate condizioni specifiche | |
Commissioni legate al rendimento | 20% annuo della performance superiore a quella dell'indice di riferimento |
Per l'esercizio precedente non è stata prelevata alcuna commissione | |
Le spese di sottoscrizione e di rimborso indicate sono spese massime. In alcuni casi, le spese possono essere inferiori. Per maggiori informazioni può rivolgersi al Suo consulente finanziario.
Le spese correnti si basano sulle cifre dell'esercizio in corso. Questa percentuale può variare da un anno all'altro. Esclude:
commissioni di overperformance,
le spese di intermediazione, ad eccezione delle spese di sottoscrizione e di rimborso pagate dall'OICVM quando compra o vende quote di un'altra OICVM.
*Non avendo l'OICVM ancora chiuso il bilancio, la percentuale delle spese correnti presentata a lato è una stima. Per ogni esercizio, la relazione annuale dell'OICVM fornirà l'importo esatto delle spese sostenute.
Per maggiori informazioni sulle spese, si prega di fare riferimento alla voce "spese e commissioni" del prospetto di questo OICVM, disponibile su semplice richiesta presso la società di gestione.
Performance passate
Il Suo OICVM non dispone ancora di dati sulla base di un anno civile completo tali da permettere la visualizzazione del diagramma delle relative performance.
Le performance non sono costanti nel tempo e non sono indicative di le performance future.
La SICAV è stata creata il 10 luglio 2018 e la sua classe I il 10 luglio 2018. La valuta di riferimento è l’euro (EUR).
Informazioni pratiche
Nome della Banca depositaria: CACEIS Bank.
L'ultimo prospetto e gli ultimi documenti informativi periodici regolamentari, così come tutte le altre informazioni pratiche, sono disponibili gratuitamente presso la società di gestione.
Dato che il presente OICVM è costituito da comparti, la sua ultima relazione annuale aggregata è anch'essa disponibile presso la società di gestione.
I dati aggiornati della politica di remunerazione della società di gestione sono consultabili sul suo sito Internet o disponibili gratuitamente su richiesta scritta presso la stessa.
Tale politica descrive in particolare le modalità di calcolo delle remunerazioni e i benefici di talune categorie di dipendenti, gli organi responsabili della loro attribuzione nonché la composizione del Comitato Remunerazioni.
In base al Suo regime fiscale, le plusvalenze e gli eventuali rendimenti legati alla detenzione dei titoli dell'OICVM possono essere soggetti a tassazione. Raccomandiamo pertanto di informarsi in proposito presso la società di collocamento dell'OICVM.
L'OICVM non è aperto ai residenti degli Stati Uniti d'America/"U.S. Person" (la definizione di "U.S. Person" è disponibile sul sito Internet della società di gestione xxx.xxxxxx.xxx e/o nel prospetto informativo).
Amundi Asset Management può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l'OICVM.
L'OICVM propone altre quote o azioni per categorie di investitori definite nel suo prospetto.
Questo OICVM è autorizzato in Francia e regolamentato dall'Autorité des marchés financiers (AMF).
Le informazioni chiave per l'investitore fornite nel presente documento sono esatte e aggiornate al 10 luglio 2018.
Obiettivi e politica di investimento
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI
un comparto della SICAV AMUNDI RESPONSIBLE INVESTING
Classe P - Codice ISIN: (C) FR0013340916
Questa SICAV è gestita da Amundi Asset Management, società di Amundi.
Classificazione dell’AMF ("Autorité des Marchés Financiers"): OICVM Obbligazioni e altri titoli di credito internazionali
Sottoscrivendo AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - P, investite nelle obbligazioni ad alto rendimento dell’OCSE, principalmente di mercati europei, denominate in valute OCSE, e che considerano i criteri d’investimento socialmente responsabile (ISR).
L’obiettivo è, su un orizzonte d’investimento di 3 anni, sovraperformare l’indice ICE BofAML BB Euro High Yield (HE10) (quotazione di chiusura, cedole reinvestite), attraverso l’investimento in una selezione di obbligazioni private di categoria “ad alto rendimento” dell’OCSE, principalmente di mercati europei, integrando al contempo criteri ESG nel processo di selezione e analisi dei titoli della SICAV, al netto delle spese correnti.
L’indice ICE BofAML BB Euro High Yield (HE10) è composto da obbligazioni private europee con scadenza superiore a 18 mesi, emesse in euro e con rating compreso tra BB- e BB+.
Per conseguire l’obiettivo, il team di gestione impiega in processo d’investimento strutturato incentrato su tre approcci: l’analisi extra-finanziaria sui criteri ambientali, sociali e di governance, abbinata ad un’analisi detta “bottom-up” per la selezione dei titoli e ad un’analisi detta “top-down” per l’ottimizzazione del portafoglio. Tale processo rigoroso conduce alla costruzione di un portafoglio di obbligazioni di categoria “ad alto rendimento”, cioè che presentano un rischio di credito elevato.
Ad esempio, tra questi possono esserci il consumo energetico e l'emissione di gas a effetto serra per gli aspetti ambientali, i diritti dell'uomo, la salute o la sicurezza per gli aspetti sociali, o la politica sulle remunerazioni e l'etica nel complesso per gli aspetti di governance.
Il comparto investirà in obbligazioni private dell’OCSE, principalmente del mercato europeo e denominate in valute OCSE. Per quanto riguarda le condizioni di mercato, il Comparto potrà investire fino al 30% del patrimonio in obbligazioni pubbliche dell’OCSE, principalmente del mercato europeo e denominate in valute OCSE. Inoltre, il Comparto potrà investire fino al 30% del patrimonio netto in obbligazioni private o pubbliche non dell’OCSE, emesse in euro.
I titoli obbligazionari saranno selezionati in base al giudizio di gestione e nel rispetto della politica interna di controllo del rischio di credito della Società di gestione. Il gestore potrà fare ricorso, in modo non esclusivo né meccanico, a titoli “ad alto rendimento” muniti di un rating compreso tra BB+ e D della scala Standard&Poor's e/x Xxxxx e/o tra Ba1 e C di quella di Xxxxx e/o ancora di rating ritenuti equivalenti dalla società di gestione.
Il range di sensibilità varia tra 0 e 10. Il Comparto è coperto dal rischio di cambio.
L’analisi extra-finanziaria permette di attribuire un rating ESG a ogni emittente, su una scala da A (massimo) a G (minimo). Almeno il 90% dei titoli in portafoglio ha un rating ESG. Inoltre, il Comparto adotta una strategia ISR basata su una combinazione di approcci: normativo (esclusione degli emittenti che non rispettano le principali convenzioni internazionali, con rating G) e Best-in-Class (selezione degli emittenti con le migliori prassi ESG, con rating A, B,C e D ed esclusione di quelli con rating E e F). Tra l'altro, oltre alle esclusioni legali, ad esempio le imprese coinvolte nella produzione o nella vendita di mine antiuomo e bombe a grappolo vietate dalle convenzioni di Ottawa e di Oslo, Amundi esclude dall'universo d'investimento gli Stati che violano sistematicamente e intenzionalmente i diritti dell'uomo e sono responsabili dei crimini più gravi (crimini di guerra e contro l'umanità). Vengono esclusi anche gli emittenti che realizzano più del 30% del fatturato con l'estrazione del carbone.
Inoltre, viene seguita una politica d'impegno attivo per promuovere il dialogo con gli emittenti e accompagnarli nel miglioramento delle loro prassi ESG. Nell’ambito di una gestione socialmente responsabile, questo metodo punta quindi a conciliare la ricerca di rendimento con lo sviluppo di prassi socialmente responsabili e valutare in modo più globale i rischi e le opportunità settoriali di ogni emittente.
Il Comparto potrà concludere operazioni di acquisizioni e cessioni temporanee di titoli. Possono inoltre essere utilizzati strumenti finanziari a termine a fini di copertura e/o esposizione e/o arbitraggio e/o per generare una sovraesposizione e portare di conseguenza l’esposizione del Comparto oltre il valore del patrimonio netto.
Il risultato netto e le plusvalenze nette realizzate dalla SICAV sono sistematicamente reinvestiti ogni anno.
Potrà richiedere il rimborso delle Sue azioni ogni giorno: le operazioni di rimborso avvengono con frequenza giornaliera. Raccomandazione: questa SICAV potrebbe non essere indicata per investitori che intendano ritirare la loro quota prima di 3 anni.
Profilo di rischio e di rendimento
rischio più basso, rischio più alto
rendimento potenzialmente più basso rendimento potenzialmente più alto
1 | 2 | 3 | 4 | 5 | 6 | 7 |
Il livello di rischio di questo fondo riflette principalmente il rischio del mercato delle obbligazioni ad alto rendimento in cui è investito.
I dati storici utilizzati per il calcolo dell'indice di rischio numerico non possono costituire un'indicazione affidabile del profilo di rischio futuro dell'OICVM.
La categoria di rischio associata a questa SICAV non è garantita e potrà evolversi nel tempo.
La categoria più bassa non significa "senza rischio".
Il capitale inizialmente investito non beneficia di alcuna garanzia.
I rischi importanti per l'OICVM non presi in considerazione nell'indicatore
sono:
Rischio di credito: rappresenta il rischio di improvviso peggioramento dell'affidabilità di un emittente o il rischio di suo fallimento.
Rischio di liquidità: nel caso particolare in cui i volumi di scambio sui mercati finanziari sono molto deboli, qualsiasi operazione di acquisto o vendita su questi ultimi può comportare variazioni importanti del mercato.
Rischio di controparte: rappresenta il rischio di fallimento di un operatore sul mercato che gli impedisce di onorare gli impegni nei confronti del Suo portafoglio.
L'utilizzo di prodotti complessi come i prodotti derivati può comportare l'amplificazione dei movimenti dei titoli nel Suo portafoglio.
Il verificarsi di uno di detti rischi può influire negativamente sul valore di liquidazione del portafoglio.
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - P 1
Spese una tantum prelevate prima o dopo l’investimento | |
Spesa di sottoscrizione | 1,00 % |
Spesa di rimborso | Nessuna |
Questa è la percentuale massima che può essere prelevata dal Suo capitale prima che quest'ultimo sia investito o sia rimborsato. | |
Spese prelevate dalla SICAV in un anno | |
Spese correnti | 1,20% dell'attivo netto medio* |
Spese prelevate dalla SICAV a determinate condizioni specifiche | |
Commissioni legate al rendimento | 20% annuo della performance superiore a quella dell'indice di riferimento |
Per l'esercizio precedente non è stata prelevata alcuna commissione | |
Le spese di sottoscrizione e di rimborso indicate sono spese massime. In alcuni casi, le spese possono essere inferiori. Per maggiori informazioni può rivolgersi al Suo consulente finanziario.
Le spese correnti si basano sulle cifre dell'esercizio in corso. Questa percentuale può variare da un anno all'altro. Esclude:
commissioni di overperformance,
le spese di intermediazione, ad eccezione delle spese di sottoscrizione e di rimborso pagate dall'OICVM quando compra o vende quote di un'altra OICVM.
*Non avendo l'OICVM ancora chiuso il bilancio, la percentuale delle spese correnti presentata a lato è una stima. Per ogni esercizio, la relazione annuale dell'OICVM fornirà l'importo esatto delle spese sostenute.
Per maggiori informazioni sulle spese, si prega di fare riferimento alla voce "spese e commissioni" del prospetto di questo OICVM, disponibile su semplice richiesta presso la società di gestione.
Performance passate
Il Suo OICVM non dispone ancora di dati sulla base di un anno civile completo tali da permettere la visualizzazione del diagramma delle relative performance.
Le performance non sono costanti nel tempo e non sono indicative di le performance future.
La SICAV è stata creata il 10 luglio 2018 e la sua classe P il 10 luglio 2018. La valuta di riferimento è l’euro (EUR).
Informazioni pratiche
Nome della Banca depositaria: CACEIS Bank.
In Svizzera, il prospetto, le informazioni chiave per gli investitori, il regolamento interno e i rendiconti annuali e semestrali di questo OICVM possono essere ottenuti gratuitamente presso il Rappresentante in Svizzera.
L'ultimo prospetto e gli ultimi documenti informativi periodici regolamentari, così come tutte le altre informazioni pratiche, sono disponibili gratuitamente presso la società di gestione.
Dato che il presente OICVM è costituito da comparti, la sua ultima relazione annuale aggregata è anch'essa disponibile presso la società di gestione.
I dati aggiornati della politica di remunerazione della società di gestione sono consultabili sul suo sito Internet o disponibili gratuitamente su richiesta scritta presso la stessa.
Tale politica descrive in particolare le modalità di calcolo delle remunerazioni e i benefici di talune categorie di dipendenti, gli organi responsabili della loro attribuzione nonché la composizione del Comitato Remunerazioni.
In base al Suo regime fiscale, le plusvalenze e gli eventuali rendimenti legati alla detenzione dei titoli dell'OICVM possono essere soggetti a tassazione. Raccomandiamo pertanto di informarsi in proposito presso la società di collocamento dell'OICVM.
L'OICVM non è aperto ai residenti degli Stati Uniti d'America/"U.S. Person" (la definizione di "U.S. Person" è disponibile sul sito Internet della società di gestione xxx.xxxxxx.xxx e/o nel prospetto informativo).
Amundi Asset Management può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l'OICVM.
L'OICVM propone altre quote o azioni per categorie di investitori definite nel suo prospetto.
Questo OICVM è autorizzato in Francia e regolamentato dall'Autorité des marchés financiers (AMF).
Le informazioni chiave per l'investitore fornite nel presente documento sono esatte e aggiornate al 10 luglio 2018.
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - P 2
Obiettivi e politica di investimento
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI
un comparto della SICAV AMUNDI RESPONSIBLE INVESTING
Classe R - Codice ISIN: (C) FR0013340908
Questa SICAV è gestita da Amundi Asset Management, società di Amundi.
Classificazione dell’AMF ("Autorité des Marchés Financiers"): OICVM Obbligazioni e altri titoli di credito internazionali
Sottoscrivendo AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - R, investite nelle obbligazioni ad alto rendimento dell’OCSE, principalmente di mercati europei, denominate in valute OCSE, e che considerano i criteri d’investimento socialmente responsabile (ISR).
L’obiettivo è, su un orizzonte d’investimento di 3 anni, sovraperformare l’indice ICE BofAML BB Euro High Yield (HE10) (quotazione di chiusura, cedole reinvestite), attraverso l’investimento in una selezione di obbligazioni private di categoria “ad alto rendimento” dell’OCSE, principalmente di mercati europei, integrando al contempo criteri ESG nel processo di selezione e analisi dei titoli della SICAV, al netto delle spese correnti.
L’indice ICE BofAML BB Euro High Yield (HE10) è composto da obbligazioni private europee con scadenza superiore a 18 mesi, emesse in euro e con rating compreso tra BB- e BB+.
Per conseguire l’obiettivo, il team di gestione impiega in processo d’investimento strutturato incentrato su tre approcci: l’analisi extra-finanziaria sui criteri ambientali, sociali e di governance, abbinata ad un’analisi detta “bottom-up” per la selezione dei titoli e ad un’analisi detta “top-down” per l’ottimizzazione del portafoglio. Tale processo rigoroso conduce alla costruzione di un portafoglio di obbligazioni di categoria “ad alto rendimento”, cioè che presentano un rischio di credito elevato.
Ad esempio, tra questi possono esserci il consumo energetico e l'emissione di gas a effetto serra per gli aspetti ambientali, i diritti dell'uomo, la salute o la sicurezza per gli aspetti sociali, o la politica sulle remunerazioni e l'etica nel complesso per gli aspetti di governance.
Il comparto investirà in obbligazioni private dell’OCSE, principalmente del mercato europeo e denominate in valute OCSE. Per quanto riguarda le condizioni di mercato, il Comparto potrà investire fino al 30% del patrimonio in obbligazioni pubbliche dell’OCSE, principalmente del mercato europeo e denominate in valute OCSE. Inoltre, il Comparto potrà investire fino al 30% del patrimonio netto in obbligazioni private o pubbliche non dell’OCSE, emesse in euro.
I titoli obbligazionari saranno selezionati in base al giudizio di gestione e nel rispetto della politica interna di controllo del rischio di credito della Società di gestione. Il gestore potrà fare ricorso, in modo non esclusivo né meccanico, a titoli “ad alto rendimento” muniti di un rating compreso tra BB+ e D della scala Standard&Poor's e/x Xxxxx e/o tra Ba1 e C di quella di Xxxxx e/o ancora di rating ritenuti equivalenti dalla società di gestione.
Il range di sensibilità varia tra 0 e 10. Il Comparto è coperto dal rischio di cambio.
L’analisi extra-finanziaria permette di attribuire un rating ESG a ogni emittente, su una scala da A (massimo) a G (minimo). Almeno il 90% dei titoli in portafoglio ha un rating ESG. Inoltre, il Comparto adotta una strategia ISR basata su una combinazione di approcci: normativo (esclusione degli emittenti che non rispettano le principali convenzioni internazionali, con rating G) e Best-in-Class (selezione degli emittenti con le migliori prassi ESG, con rating A, B,C e D ed esclusione di quelli con rating E e F). Tra l'altro, oltre alle esclusioni legali, ad esempio le imprese coinvolte nella produzione o nella vendita di mine antiuomo e bombe a grappolo vietate dalle convenzioni di Ottawa e di Oslo, Amundi esclude dall'universo d'investimento gli Stati che violano sistematicamente e intenzionalmente i diritti dell'uomo e sono responsabili dei crimini più gravi (crimini di guerra e contro l'umanità). Vengono esclusi anche gli emittenti che realizzano più del 30% del fatturato con l'estrazione del carbone.
Inoltre, viene seguita una politica d'impegno attivo per promuovere il dialogo con gli emittenti e accompagnarli nel miglioramento delle loro prassi ESG. Nell’ambito di una gestione socialmente responsabile, questo metodo punta quindi a conciliare la ricerca di rendimento con lo sviluppo di prassi socialmente responsabili e valutare in modo più globale i rischi e le opportunità settoriali di ogni emittente.
Il Comparto potrà concludere operazioni di acquisizioni e cessioni temporanee di titoli. Possono inoltre essere utilizzati strumenti finanziari a termine a fini di copertura e/o esposizione e/o arbitraggio e/o per generare una sovraesposizione e portare di conseguenza l’esposizione del Comparto oltre il valore del patrimonio netto.
Il risultato netto e le plusvalenze nette realizzate dalla SICAV sono sistematicamente reinvestiti ogni anno.
Potrete richiedere il rimborso delle vostre azioni ogni giorno: le operazioni di rimborso avvengono con frequenza giornaliera. Raccomandazione: questa SICAV potrebbe non essere indicata per investitori che intendano ritirare la loro quota prima di 3 anni.
Profilo di rischio e di rendimento
rischio più basso, rischio più alto
rendimento potenzialmente più basso rendimento potenzialmente più alto
1 | 2 | 3 | 4 | 5 | 6 | 7 |
Il livello di rischio di questo fondo riflette principalmente il rischio del mercato delle obbligazioni ad alto rendimento in cui è investito.
I dati storici utilizzati per il calcolo dell'indice di rischio numerico non possono costituire un'indicazione affidabile del profilo di rischio futuro dell'OICVM.
La categoria di rischio associata a questa SICAV non è garantita e potrà evolversi nel tempo.
La categoria più bassa non significa "senza rischio".
Il capitale inizialmente investito non beneficia di alcuna garanzia.
I rischi importanti per l'OICVM non presi in considerazione nell'indicatore
sono:
Rischio di credito: rappresenta il rischio di improvviso peggioramento dell'affidabilità di un emittente o il rischio di suo fallimento.
Rischio di liquidità: nel caso particolare in cui i volumi di scambio sui mercati finanziari sono molto deboli, qualsiasi operazione di acquisto o vendita su questi ultimi può comportare variazioni importanti del mercato.
Rischio di controparte: rappresenta il rischio di fallimento di un operatore sul mercato che gli impedisce di onorare gli impegni nei confronti del Suo portafoglio.
L'utilizzo di prodotti complessi come i prodotti derivati può comportare l'amplificazione dei movimenti dei titoli nel Suo portafoglio.
Il verificarsi di uno di detti rischi può influire negativamente sul valore di liquidazione del portafoglio.
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - R 1
Spese una tantum prelevate prima o dopo l’investimento | |
Spesa di sottoscrizione | Nessuna |
Spesa di rimborso | Nessuna |
Questa è la percentuale massima che può essere prelevata dal Suo capitale prima che quest'ultimo sia investito o sia rimborsato. | |
Spese prelevate dalla SICAV in un anno | |
Spese correnti | 0,75% dell'attivo netto medio* |
Spese prelevate dalla SICAV a determinate condizioni specifiche | |
Commissioni legate al rendimento | 20% annuo della performance superiore a quella dell'indice di riferimento |
Per l'esercizio precedente non è stata prelevata alcuna commissione | |
Le spese di sottoscrizione e di rimborso indicate sono spese massime. In alcuni casi, le spese possono essere inferiori. Per maggiori informazioni può rivolgersi al Suo consulente finanziario.
Le spese correnti si basano sulle cifre dell'esercizio in corso. Questa percentuale può variare da un anno all'altro. Esclude:
commissioni di overperformance,
le spese di intermediazione, ad eccezione delle spese di sottoscrizione e di rimborso pagate dall'OICVM quando compra o vende quote di un'altra OICVM.
*Non avendo l'OICVM ancora chiuso il bilancio, la percentuale delle spese correnti presentata a lato è una stima. Per ogni esercizio, la relazione annuale dell'OICVM fornirà l'importo esatto delle spese sostenute.
Per maggiori informazioni sulle spese, si prega di fare riferimento alla voce "spese e commissioni" del prospetto di questo OICVM, disponibile su semplice richiesta presso la società di gestione.
Performance passate
Il Suo OICVM non dispone ancora di dati sulla base di un anno civile completo tali da permettere la visualizzazione del diagramma delle relative performance.
Le performance non sono costanti nel tempo e non sono indicative di le performance future.
La SICAV è stata creata il 10 luglio 2018 e la sua classe R il 10 luglio 2018. La valuta di riferimento è l’euro (EUR).
Informazioni pratiche
Nome della Banca depositaria: CACEIS Bank.
L'ultimo prospetto e gli ultimi documenti informativi periodici regolamentari, così come tutte le altre informazioni pratiche, sono disponibili gratuitamente presso la società di gestione.
Dato che il presente OICVM è costituito da comparti, la sua ultima relazione annuale aggregata è anch'essa disponibile presso la società di gestione.
I dati aggiornati della politica di remunerazione della società di gestione sono consultabili sul suo sito Internet o disponibili gratuitamente su richiesta scritta presso la stessa.
Tale politica descrive in particolare le modalità di calcolo delle remunerazioni e i benefici di talune categorie di dipendenti, gli organi responsabili della loro attribuzione nonché la composizione del Comitato Remunerazioni.
In base al Suo regime fiscale, le plusvalenze e gli eventuali rendimenti legati alla detenzione dei titoli dell'OICVM possono essere soggetti a tassazione. Raccomandiamo pertanto di informarsi in proposito presso la società di collocamento dell'OICVM.
L'OICVM non è aperto ai residenti degli Stati Uniti d'America/"U.S. Person" (la definizione di "U.S. Person" è disponibile sul sito Internet della società di gestione xxx.xxxxxx.xxx e/o nel prospetto informativo).
Amundi Asset Management può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l'OICVM.
L'OICVM propone altre quote o azioni per categorie di investitori definite nel suo prospetto.
Questo OICVM è autorizzato in Francia e regolamentato dall'Autorité des marchés financiers (AMF).
Le informazioni chiave per l'investitore fornite nel presente documento sono esatte e aggiornate al 10 luglio 2018.
AMUNDI RESPONSIBLE INVESTING - EUROPEAN HIGH YIELD SRI - R 2
UCITS subject to Directive 2009/65/EC, supplemented by Directive 2014/91/EU
PROSPECTUS
I – GENERAL FEATURES
▶Name: AMUNDI RESPONSIBLE INVESTING
▶Legal form and Member State in which the UCITS has been set up:
French open-ended investment company (SICAV)
▶Launch date, approval date and scheduled term: UCITS launched on 4 January 2018, approved on
8 December 2017, for a term of 99 years
▶Summary of the management offer
Green Bonds Sub-Fund
Name of share | ISIN code | Allocation of net | Deno minati xx xxxxxx cy | Minimum initial subscription | Minimum subsequent subscription | Eligible subscribers |
Allocation of | ||||||
net profit: Accumulation and/or distribution at the discretion of the SICAV | ||||||
I2 C/D shares | FR0013053444 | Allocation of realised net | Euro | 500 shares | 1 thousandth of a share | All subscribers, particularly major institutional investors |
capital gains: | ||||||
Accumulation | ||||||
and/or | ||||||
distribution at | ||||||
the discretion | ||||||
of the SICAV | ||||||
Allocation of | ||||||
net profit: | ||||||
Accumulation | ||||||
I C shares | FR0013053451 | Allocation of realised net | Euro | 100 shares | 1 thousandth of a share | All subscribers, particularly institutional investors/legal entities |
capital gains: Accumulation | ||||||
Allocation of net profit: Accumulation | ||||||
I-USD shares | FR0013294758 | Allocation of realised net capital gains: | US dollar | 100 shares | 1 thousandth of a share | Reserved for institutional |
Accumulation |
I-CHF C shares | FR0013294766 | Allocation of net profit: Accumulation Allocation of realised net capital gains: Accumulation | Swiss franc | 100 shares | 1 thousandth of a share | Reserved for institutional |
Allocation of | ||||||
net profit: Distribution | ||||||
Allocation of | ||||||
I-CHF D shares | FR0013294774 | realised net capital gains: | Swiss franc | 100 shares | 1 thousandth of a share | Reserved for institutional |
Accumulation | ||||||
and/or | ||||||
distribution at | ||||||
the discretion | ||||||
of the SICAV | ||||||
Strictly reserved for investors | ||||||
subscribing directly or via | ||||||
Allocation of | intermediaries providing | |||||
R-USD shares | FR0013295219 | net profit: Accumulation Allocation of | US dollar | 1,000 shares | 1 thousandth of a share | portfolio or mandate management services and/or financial investment consultancy services not |
realised net | authorising them to retain | |||||
capital gains: | retrocessions, either | |||||
Accumulation | contractually or pursuant to the | |||||
MiFID II regulation or national | ||||||
legislation. | ||||||
Strictly reserved for investors | ||||||
subscribing directly or via | ||||||
Allocation of | intermediaries providing | |||||
net profit: Accumulation | portfolio or mandate management services and/or | |||||
R-EURO shares | FR0013295227 | Allocation of | Euro | 1,000 shares | 1 thousandth of a share | financial investment consultancy services not |
realised net | authorising them to retain | |||||
capital gains: | retrocessions, either | |||||
Accumulation | contractually or pursuant to the | |||||
MiFID II regulation or national | ||||||
legislation. | ||||||
Strictly reserved for investors | ||||||
subscribing directly or via | ||||||
Allocation of | intermediaries providing | |||||
net profit: Accumulation | portfolio or mandate management services and/or | |||||
R-CHF C shares | FR0013295250 | Allocation of | Swiss franc | 1,000 shares | 1 thousandth of a share | financial investment consultancy services not |
realised net | authorising them to retain | |||||
capital gains: | retrocessions, either | |||||
Accumulation | contractually or pursuant to the | |||||
MiFID II regulation or national | ||||||
legislation. |
Allocation of | Strictly reserved for investors | |||||
net profit: Distribution | subscribing directly or via intermediaries providing | |||||
portfolio or mandate | ||||||
Allocation of | management services and/or | |||||
R-CHF D shares | FR0013295276 | realised net capital gains: | Swiss franc | 1,000 shares | 1 thousandth of a share | financial investment consultancy services not |
Accumulation | authorising them to retain | |||||
and/or | retrocessions, either | |||||
distribution at | contractually or pursuant to the | |||||
the discretion | MiFID II regulation or national | |||||
of the SICAV | legislation. | |||||
Allocation of | ||||||
I-GBP shares | FR0013328598 | net profit: Accumulation Allocation of realised net | Xxxxx xxxxxxx g | 100 shares | 1 thousandth of a share | Reserved for institutional |
capital gains: | ||||||
Accumulation | ||||||
Allocation of | ||||||
net profit: Accumulation | ||||||
P shares | FR0013329828 | Allocation of | Euro | 1 share | 1 thousandth of a share | All subscribers |
realised net | ||||||
capital gains: | ||||||
Accumulation |
European High Yield SRI Sub-Fund
Name of share | ISIN code | Allocation of net | Deno minati xx xxxxxx cy | Minimum initial subscription | Minimum subsequent subscription | Eligible subscribers |
I-C shares | FR0013340932 | Allocation of net profit: Accumulation Allocation of realised net capital gains: Accumulation | Euro | 100 shares | 1 thousandth of a share | All subscribers, particularly institutional investors/legal entities |
P-C shares | FR0013340916 | Allocation of net profit: Accumulation Allocation of realised net capital gains: Accumulation | Euro | 10 shares | 1 thousandth of a share | All subscribers |
R-C share | FR0013340908 | Allocation of net profit: Accumulation Allocation of realised net capital gains: Accumulation | Euro | 1 share | 1 thousandth of a share | Strictly reserved for investors subscribing directly or via intermediaries providing portfolio or mandate management services and/or financial investment consultancy services not authorising them to retain retrocessions, either contractually or pursuant to the MiFID II regulation or national legislation. |
▶Address from which the latest annual or periodic report and financial statements may be obtained
The latest annual report and financial statements along with the breakdown of assets will be sent to shareholders within eight working days upon written request to:
Amundi Asset Management
00, Xxxxxxxxx Xxxxxxx – 00000 Xxxxx
The latest net asset value of the SICAV and information on past performance can be obtained on written request to the above address.
For additional information, please contact your usual advisor.
The AMF’s website at xxx.xxx-xxxxxx.xxx provides additional information on the list of regulatory documents and all provisions relating to investor protection.
II – SERVICE PROVIDERS
▶ Depositary, custodian and registrar:
CACEIS BANK, a French public limited company (Société Anonyme) Registered office: 0/0 Xxxxx Xxxxxxxxx, 00000 Xxxxx
Main business: Bank and investment services provider approved by CECEI on 1 April 2005.
With regard to regulatory duties and duties contractually entrusted by the Management Company, the Depositary’s main tasks are the custody of the UCITS’ assets, ensuring that the Management Company’s decisions are lawful and monitoring the UCITS’ cash flows.
The depositary and management company are part of the same group; as such, in accordance with the applicable regulations, they have implemented a policy for identifying and preventing conflicts of interest. If a conflict of interest cannot be avoided, the Management Company and the Depositary shall take all necessary measures to manage, monitor and report this conflict of interest.
The description of the delegated custodian duties, the list of the depositary’s delegatees and sub-delegatees and information relating to conflicts of interest that may result from these delegations are available on the CACEIS website: xxx.xxxxxx.xxx or free of charge upon written request
Updated information can be provided to shareholders upon request.
▶Institution responsible for the centralisation of subscription and redemption orders appointed by the Management Company:
CACEIS BANK, a French public limited company (Société Anonyme) Registered office: 0/0 Xxxxx Xxxxxxxxx, 00000 Xxxxx
Main business: Bank and investment services provider approved by CECEI on 1 April 2005.
The depositary is also responsible, by delegation of the management company, for the UCITS’ liability accounting, which covers clearing of share subscription and redemption orders and accounting for the share issue account.
▶ Statutory Auditor:
Deloitte & Associés
Represented by Xxxxxxxx Xxxxxx 000, Xxxxxx Xxxxxxx xx Xxxxxx 00000 Xxxxxxx-xxx-Xxxxx Xxxxx
▶ Distributors:
Amundi Asset Management, Crédit Agricole Group, the branch office network of the Regional Banks of Crédit Agricole and branches of LCL – Le Crédit Lyonnais in France
This list of distributors is not exhaustive, mainly due to the fact that the UCITS is listed on Euroclear. Accordingly, some promoters may not be appointed by or known to the Management Company.
▶ Financial, administrative and accounting manager by delegation:
Amundi Asset Management – a Public Limited Company (Société Anonyme) – a Portfolio Management Company authorised by the AMF under approval no. GP 04000036 Registered office: 00 xxxxxxxxx Xxxxxxx - 00000 Xxxxx
▶Sub-delegated accounting manager:
CACEIS Fund Administration, a Public Limited Company (Société Anonyme), with its registered office at: 0- 0, Xxxxx Xxxxxxxxx - 00000 Xxxxx.
CACEIS Fund Administration is a company of the Crédit Agricole Group specialising in the administrative and accounting management of UCITS on behalf of clients inside and outside the Group. CACEIS Fund Administration has accordingly been appointed by Xxxxxx Xxxxx Management as delegated accounting manager for the purposes of valuing and administering the accounts of the UCITS.
▶Management and executive bodies of the SICAV:
The list of members of the Board of Directors and Executive Committee and the roles they perform in other companies are included in the SICAV’s annual report, which is updated at the end of each financial year. The details of these roles are based on information provided by each of the individuals in question.
III - OPERATING AND MANAGEMENT ARRANGEMENTS
1. General features
▶ Share features
• Nature of the right attached to the share class:
Each shareholder has rights in the capital of the SICAV proportional to the number of shares they hold.
• Entry in a register or clarification of liability accounting methods:
In terms of the SICAV’s liability accounting, the depositary centralises the subscription and redemption orders and operates the unit issuer’s account in collaboration with Euroclear France, the organisation with which the Fund is listed.
Administered registered shares are entered in the liabilities manager’s register.
• Voting rights:
A voting right is attached to each share, to enable shareholders to contribute to decisions falling within the jurisdiction of the SICAV’s shareholders’ meeting.
• Form of shares:
Bearer or registered.
• Decimalisation:
Green Bonds Sub-Fund:
For I2-C/D shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For I-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For I-USD shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For I-CHF C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For I-CHF D shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For R-USD shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For R-EURO shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For R-CHF C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For R-CHF D shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For I-GBP shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For P shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
European High Yield SRI Sub-Fund:
For I-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For P-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
For R-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
▶ Financial year-end: last net asset value for May 2019
▶ First financial year-end: last net asset value for May
▶Accounting currency:EUR
▶ Tax treatment:
The UCITS, by its nature, is not subject to taxation. However, shareholders may be taxed on any income distributed by the UCITS or when they sell their shares in the UCITS.
The tax treatment applicable to any amounts distributed by the UCITS or to its unrealised or realised capital gains or losses depends on the tax laws applicable to the individual investor’s tax position and country of tax residence and/or on the jurisdiction in which the UCITS holds assets.
Any investor who has questions about his or her tax situation should consult a financial advisor or a professional investment consultant.
Some income distributed by the UCITS to shareholders residing outside France may be subject to withholding tax in that State.
2. Special provisions
GREEN BONDS Sub-Fund
▶ ISIN code:
I2-C/D shares | I-C shares | I-USD shares | I-CHF C shares | I-CHF D shares | R-USD shares | R-CHF C shares | R-CHF D shares | R-EURO shares | I-GBP shares | P shares |
FR0013 053444 | FR0013 053451 | FR001329 4758 | FR0013 294766 | FR001329 4774 | FR001329 5219 | FR001329 5250 | FR001329 5276 | FR0013295 227 | FR001332 8598 | FR0013329 828 |
▶ Classification: Bonds and other international debt securities
▶ Investment objective:
The investment objective is, over the recommended investment term, to outperform the benchmark index, respectively the “Barclays Global Green Bond Index” (coupons reinvested) hedged in euros for shares denominated in euros, the “Barclays Global Green Bond Index” (coupons reinvested) hedged in dollars for shares denominated in USD, the “Barclays Global Green Bond Index” (coupons reinvested) hedged in Swiss francs for shares denominated in CHF and the “Barclays Global Green Bond Index” (coupons reinvested) hedged in pounds sterling for shares denominated in GBP, after deduction of ongoing charges.
▶ Benchmark index:
The benchmark index “Barclays Global Green Bond Index” (coupons reinvested) is representative of Investment Grade green bonds selected by MSCI ESG Research.
The Green Bonds belonging to the benchmark are qualified as such by the issuer and defined according to certain criteria.
Consequently, these bonds aim to finance projects that contain an environmental benefit. Financing objectives must relate to at least one of the following five environmental categories: alternative energies, energy efficiency, pollution control and prevention, sustainable water treatment infrastructure and the construction of buildings of high environmental quality, or other activities with positive environmental impacts (positive climate impact, sustainable forestry activity, etc.). These criteria are in line with the good practice guide for the issue of a Green Bond as defined by the Green Bond Principles. They are subject to change. Furthermore, the regulatory documents of these bond securities must clearly describe the criteria and methodologies implemented to carry out the investment in eligible projects. A clear delimitation of the management of income from investments must also be disclosed, including: direct recourse to income from the assets, the creation of an autonomous legal structure and the creation of an allocation portion linked to issuers’ investments in eligible projects, or any other mechanism that may be audited. After issuing these bond securities, the issuer must put in place activity reports (at least once a year) to monitor the implementation of these projects.
The full construction methodology for the Barclays Global Green Bond Index is available from the following website:
xxx.xxxx.xxx/xxxxxxxxx/xxxxxxxxxx/Xxxxxxxx_XXXX_Xxxxx_Xxxx_Xxxxx.xxx
▶ Investment strategy:
1. Strategy used to achieve the investment objective:
Principal investment management features of the Fund:
Spread of sensitivity to interest rates | [0;10] |
Geographic area of the securities issuers | All geographic areas |
Currency of the securities | All currencies in the index |
Level of exposure to currency exchange risk | Maximum 10% |
The range of your sub-fund’s sensitivity to credit spreads may vary markedly from the interest rate sensitivity range specified above, in particular due to investments in the credit market.
1. Strategies employed Interest rate strategy:
The management strategy is to use an in-house process to build up a portfolio of securities focussed on financing energy and ecological transition.
1/ An initial process of non-financial analysis by the management company leads to an issuer being rated on a scale from A (highest rating) to G (lowest rating) on environmental aspects and energy transition. An overall “Environmental” rating E that comprises several criteria, one of which corresponds to an “Energy Transition” rating E, is determined.
Issuers whose Environmental rating is negative (D, E, F and G) and those whose Energy Transition rating E is negative (D, E, F and G) are thus excluded from the SICAV’s universe so created.
The Oil, Gas and other fuels sectors are also excluded.
Consequently, the sub-fund’s investment universe consists of 2 types of assets:
a) the Green Bonds belonging to the benchmark, which are qualified as such by the issuer and defined according to certain criteria. The aim is to select green bonds which (i) meet the Green Bond Principles criteria and (ii) for which the positive impact on energy transition and the environment of the projects it finances can be assessed (according to an internal analysis conducted by the Management Company on the environmental aspects of these projects). Green Bonds are categorised as such by their issuer and must meet the criteria defined by the Green Bond Principles in respect of:
1/ the description of the funds and how they are used:
The projects being financed must be clearly identified and described in the regulatory documentation relating to the issue of the security, and the environmental benefits must be easily identifiable.
2/ the project assessment and selection process:
An issuer of green bonds must specify (i) the processes, (ii) the selection criteria and (iii) the specific environmental objectives that led to the selection of the projects being financed.
3/ the management of the funds raised:
The funds raised must be managed using ring-fencing (dedicated accounts or portfolios) or using a system that enables financing transactions to be tracked. It must be possible to monitor the level of financing reached on a regular basis.
4/ reporting:
The issuers must publish regular (at least annual) information relating to
the actual use of the funds, as well as the impact of the eligible projects financed.
Consequently, these bonds aim to finance projects that contain an environmental benefit. Financing objectives must relate to at least one of the following five environmental categories: alternative energies, energy efficiency, pollution control and prevention, sustainable water treatment infrastructure and the construction of buildings of high environmental quality, or other activities with positive environmental impacts (positive climate impact, sustainable forestry activity, etc.). These criteria are in line with the good practice guide for the issue of a Green Bond as defined by the Green Bond Principles. They are subject to change. Furthermore, the regulatory documents of these bond securities must clearly describe the criteria and methodologies implemented to carry out the investment in eligible projects. A clear delimitation of the management of income from investments must also be disclosed, including: direct recourse to income from the assets, the creation of an autonomous legal structure and the creation of an allocation portion linked to issuers’ investments in eligible projects, or any other mechanism that may be audited. After issuing these bond securities, the issuer must put in place activity reports (at least once a year) to monitor the implementation of these projects.
These issuers, which feature in large numbers in the index are, moreover, supranational or public entities.
b) debt securities issued by issuers promoting energy and ecological transition, according to an in-house process used by the management company, including:
companies with at least 50% of their turnover in business activities related to energy and ecological transition (renewable energy, biomass, efficient transport, management of water, waste management, energy efficiency, environmental services and any other activities that have a positive impact on the environment)
the best performers in terms of their contribution to the key sectors of energy and ecological transition (for example, in the automotive sector, some players developing vehicles with lower levels of pollution)
From the range of international bonds that have passed through this environmental filter, the manager then selects the securities based on a fundamental analysis of the credit position of the issuers.
The sub-fund, therefore, aims to take advantage of changes in interest rates and the credit spreads that exist between the securities issued by private entities and those issued by governments. The sub-fund will use two major types of strategies to achieve this:
strategies based on sensitivity and positioning on the yield curve, so as to capitalise on rate fluctuations, as far as the management company can predict. These strategies may result in the sub-fund being under- or over-exposed to interest rates. The positioning of investments on the yield curve may, based on the expectations of the management company, result in the sub-fund favouring one area of maturity over another.
stock selection strategies that seek to invest the portfolio in the issuers offering the best risk/reward ratio.
On an ancillary basis, arbitrage transactions may be implemented on international interest rate markets.
Given the investment universe, the performance of the sub-fund may differ significantly from that of the benchmark.
Currency strategies of the portfolio:
Strategy for hedging currency risk: long and/or short currency positions using forward, spot and derivative (swaps, futures, options, warrants) transactions in order to limit the total exposure to currencies other than the euro to 10% of net assets.
CHF and USD units are denominated in CHF and USD, respectively. The Fund will use forward financial instruments (currency swaps, total return swaps) in order to hedge the exposure to currency risk for these units. This enables the NAV performance of these units to be compared to that of their respective benchmark index.
2. Assets used (except embedded derivatives) Equities:
The sub-fund is not intended to be invested in equities.
However, up to a maximum of 10% of the sub-fund’s net assets may be exposed to equities as a result of exposure to convertible bonds.
Interest rate products:
Portfolio securities will be selected according to management decision and in compliance with the internal credit risk monitoring policy of the management company. For the purpose of stock selection, management does not - neither exclusively nor automatically - rely on the ratings issued by rating agencies but bases its buy and sell opinion about a security on its own credit and market analyses. By way of information, the management may specifically use securities with the ratings described below.
The sub-fund may invest up to 100% of net assets in all of the following types of bonds traded on a regulated market and issued by governments, supra-national organisations, and private or public companies:
Fixed-rate and variable-rate bonds,
Indexed bonds: inflation, CMR (constant maturity rate)
Green Bonds or environmental bonds with a minimum of 66% of net assets in non-liquid assets, Subordinated securities issued by any type of bank, corporation or insurance company,
Asset Backed Securities (ABS: securities resulting from the securitisation of non-mortgage credit loan portfolios) and Mortgage-Backed Securities (MBS: securities resulting from the securitisation of mortgage loan portfolios) up to a limit of 40% of net assets.
The management may use Investment Grade securities (i.e. securities rated AAA to BBB- according to Standard & Poor's and Fitch or Aaa to Baa3 according to Moody’s or deemed equivalent by the Management Company) and “high yield” securities, which may be speculative in nature, up to a limit of 10% of net assets (securities rated between BB+ and D by Standard & Poor's or between Ba1 and C by Moody's or deemed equivalent by the management company).
If the security is rated by several agencies, the median rating will be used for the application of this provision. The exposure to emerging market debt obligations (non-OECD) is limited to 10% of net assets.
Money market products:
The sub-fund may invest up to 100% of its net assets in money market instruments.
The money market instrument categories used are the following: negotiable debt securities (TCN), fixed-rate treasury notes (BTF), French government treasury notes (BTAN), Euro Commercial Paper and money market UCITS or investment funds.
Currencies:
The sub-fund may invest in any currency authorised in the benchmark index.
Currency risk will be hedged up to a total exposure to currencies other than the euro of 10% of the net assets.
Shares or units held in other UCITS or investment funds:
The Sub-fund may hold up to 10% of its assets in units or shares of the following UCITS or investment funds: French or foreign UCITS (1)
French or European AIFs or investment funds complying with the criteria determined by the French Monetary and Financial Code (2)
These UCITS and investment funds may invest up to 10% of their assets in UCITS, AIFs or investment funds. They may be managed by the Management Company or an affiliated company. The risk profile of these UCITS is compatible with that of this UCITS.
(1) up to 100% of net assets in total (regulatory maximum)
(2) up to 30% of net assets in total (regulatory maximum)
3. Derivatives used to achieve the investment objective
The use of futures and options is an integral part of the investment process, particularly in view of the benefits they offer in terms of liquidity and/or cost-efficiency ratios. They can be brought in quickly to replace equities, specifically at times of substantial inflows or outflows arising from subscriptions/redemptions or in the case of special circumstances such as significant market fluctuations. Accordingly, they can be used to control the global portfolio risks and to synthetically reproduce an exposure to the dynamic assets.
Information about the counterparties of OTC derivative contracts:
Counterparties are selected through the procedure in effect within the Amundi Group and is based on the principle of selecting the best market counterparties.
This includes specifically:
- a double validation of the counterparties by the Amundi Intermédiation manager and by Amundi Asset Management's Credit Committee after analysis of their financial and operational profiles (type of activities, governance, reputation, etc.) by a team of credit analysts working independently from the management teams.
- a limited number of financial institutions with which the Sub-fund trades.
• Type of markets:
🗷 regulated
🗷 organised
🗷 OTC
• Risks in which the manager intends to trade:
equity risk,
🗷interest rate,
🗷 currency,
🗷 credit risk,
• Types of transactions and description of all operations that must be limited to the achievement of the investment objective:
🗷 hedging
🗷 exposure
🗷 arbitrage (on an ancillary basis, on international interest rate markets) other
• Types of instruments used:
🗷 interest rate and currency futures
🗷 interest rate and currency options
🗷 interest rate and currency swaps
🗷currency futures: forward purchase of currency, forward sale of currency
🗷 credit derivatives Credit Default Swaps (CDS); CDS indices (iTraxx, CDX), options on CDS
• Strategy for using derivatives to meet the investment objective:
interest-rate risk hedging or exposure, currency risk hedging or exposure, credit risk hedging or exposure,
constructing a synthetic exposure to particular assets or to the above-mentioned risks.
forward exchange agreements are used as inexpensive, liquid substitutes for bearer securities to adjust global portfolio exposure to bond markets.
Currency futures are used to adjust the allocation of currencies in the portfolio (currency risk management) by exposing the portfolio to a currency or by hedging the portfolio’s exposure.
options on interest rate futures are:
(i) long and/or short option positions to protect the portfolio from an upward movement in market volatility
(ii) spread positions (buy and sell of the same type of option) to expose the portfolio to downward movements of the volatility of the markets or, directionally, to changes in the money markets (Euribor and Eurodollar contracts).
currency options are used to adjust the allocation of currencies in the portfolio (exchange risk management) by exposing the portfolio to a currency or by hedging the portfolio exposure.
interest-rate swaps can be used as a substitute for bearer securities to expose or hedge the portfolio against interest rate fluctuations when they are financially more attractive than the latter.
currency swaps are used extensively to achieve the management objective and/or to manage the portfolio’s currency risk and/or expose the portfolio to a currency. Currency swaps are used by the EUR units to hedge exposure from the securities portfolio. They are used by the units denominated in USD/CHF/GBP to convert assets denominated in USD/CHF/GBP into assets denominated in euros.
The UCITS may enter into credit derivatives (Credit Default Swaps, iTraxx and CDX), either to hedge against credit risk or issuer default risk, or as part of arbitrage strategies:
to anticipate upward or downward changes of these instruments or to exploit disparities between a single issuer in the credit risk market and the security or between two issuers. Investments in credit derivatives are subject to the same rating restrictions as the sub-fund's investments in bearer securities.
The total commitment arising from derivatives must not exceed 100% of net assets.
4. Embedded derivatives:
Risks in which the manager intends to trade: equity risk
interest rate,
currency risk, credit risk, other risks
Types of transactions and description of all operations that must be limited to the achievement of the investment objective:
hedging, exposure,
arbitrage (on an ancillary basis, on international interest rate markets) other.
Types of instruments used
NEGOTIABLE MEDIUM TERM NOTES (BMTN) EURO MEDIUM TERM NOTES (EMTN)
Structured bonds: convertible bonds, exchangeable bonds, OCEANE bonds, etc. Credit Linked Notes (CLN).
Loan Participation Notes (LPN)
Warrants
Contingent convertible bonds (10% maximum)
Contingent Convertibles are unique subordinated securities in that they may be converted into shares by an external triggering event and a specific risk that is difficult to understand. These assets are particularly vulnerable to liquidity risk.
Strategy of using embedded derivatives to achieve the investment objective general hedging of portfolio risk,
constructing synthetic exposure to particular assets or particular risks, increase in market exposure
5. Deposits
The Sub-fund can make deposits for a maximum period of twelve months. The deposits are used for cash management purposes and help the Sub-fund achieve its management objectives.
6. Cash borrowings
The Sub-fund may have a debit position up to a maximum of 10% of its net assets to accommodate cash inflows and outflows (investments/disinvestments in progress, subscriptions/redemptions).
7. Temporary purchase and sale of securities
• Types of transactions used:
repo and reverse repo agreements with reference to the French Monetary and Financial Code lending and borrowing of securities with reference to the French Monetary and Financial Code other: sell and buy back; buy and sell back
These transactions will cover all the authorised assets, excluding UCITS, as described in point 2. "Assets used (except embedded derivatives)". These assets are held with the Depositary.
• Types of transactions and description of all operations that must be limited to the achievement of the investment objective:
cash management
optimisation of the UCITS’ income
possible contribution to the UCITS’ leverage effect: to optimise its strategy, the SICAV may occasionally take positions that generate leverage
Repos and reverse repos, sell and buy back and buy and sell back transactions are primarily used to manage cash and optimise the UCITS’ income (reverse repos and buy and sell back in the case of surplus cash, repos and sell and buy back when cash is needed).
The returns generated by securities lending help to optimise the UCITS’ performance.
Summary of proportions used
Types of transactions | Reverse repurchase agreements | Repurchase agreements | Securities lending | Securities borrowing |
Maximum proportion (of net assets) | 100% | 100% | 90% | 20% |
Expected proportion (of net assets) | 25% | 25% | 22.5% | 5% |
Total commitment arising from temporary purchases and sales of securities must not exceed 100% of net assets.
Total exposure arising from bearer securities and commitment must not exceed 200% of net assets.
• Fees: additional information is provided in the “Costs and fees” section.
8. Information relating to collateral (temporary purchases and sales of securities and/or over-the- counter (OTC) derivatives including total return swaps (TRS)):
Type of collateral:
In the context of temporary purchases and sales of securities and/or OTC derivative transactions, the UCITS may receive securities and cash as collateral.
Securities received as collateral must adhere to the criteria defined by the Management Company. They must be:
- liquid;
- transferable at any time;
- diversified in compliance with the eligibility, exposure and diversification rules for UCITS;
- issued by an issuer that is not an entity of the counterparty or its group.
For bonds, securities will also be issued by high-quality issuers located in the OECD whose minimum rating might be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the Management Company. Bonds must have a maximum maturity of 50 years.
The criteria described above are detailed in a Risk Policy available on the Management Company’s website at xxx.xxxxxx.xxx and may be subject to change, particularly in the event of exceptional market circumstances.
The discounts that may be applied to the collateral received will take into account the credit quality, the price volatility of the securities and the results of the stress tests performed.
Reuse of cash received as collateral:
Cash received as collateral may be reinvested in deposits, government bonds, repurchase agreements or short-term money market UCITS in accordance with the Management Company’s Risk Policy.
Reuse of securities received as collateral:
Not authorised: Securities received as collateral may not be sold, reinvested or provided as collateral.
▶ Risk profile:
Capital risk: investors are warned that their capital invested is not guaranteed and may not be recovered.
Interest rate risk: interest rate risk is the risk that bond market interest rates may rise, which would cause bond prices to fall and consequently the net asset value of the UCITS to fall.
Credit risk: the risk of a fall in value or default of the securities issued by a private and/or public issuer.Depending on the direction of the UCITS’ trades, a fall (in the case of a purchase) or a rise (in the case of a sale) in the value of the securities to which the UCITS is exposed may lead to a fall in the UCITS’ net asset value.
Risk associated with the use of speculative (high-yield) securities (incidental): this UCITS must be considered as speculative in part and more particularly intended for investors who are aware of the risks inherent in investments in securities with a low or non-existent rating.
Accordingly, the use of "High Yield" securities may result in a greater risk of decline in the net asset value.
Risk associated with investing in securities issued by emerging countries (incidental): the Fund may invest in bond products.The bonds of these countries are less liquid than those in developed countries; as a result, holding these securities may increase the portfolio’s risk level. Adverse market movements may be more abrupt and more volatile than in developed markets and the net asset value of the Fund may, as a result, decline more dramatically and more rapidly.
Risk related to ABS (asset-backed securities) and MBS (mortgage-backed securities): for these instruments, the credit risk depends mainly on the quality of the underlying assets, which may be of various kinds (bank debts, debt securities, etc.). These instruments result from complex structures that may include legal risks and specific risks related to the features of the underlying assets. The occurrence of these risks may lower the net asset value of the UCITS.
Risk associated with the use of private subordinated bonds:
This is the risk related to the security’s payment characteristics in the event that the issuer defaults: UCITS that are exposed to a subordinated security will not be prioritised and the repayment of capital and the payment of coupons will be considered “subordinate” to those of other creditors who hold higher-ranked bonds; therefore, the security may be repaid in part or not at all. The use of subordinated bonds may result in a greater risk of a reduction in the net asset value than the risk associated with the issuer’s other bonds.
Risk of overexposure:The UCITS may use forward financial instruments (derivatives) to generate overexposure and so increase the UCITS' exposure in excess of net assets. Depending on whether the UCITS’ transactions are buys or sells, the effect of a drop (if a position is bought) or of a rise of the
underlying of the derivative (if a position is sold) may be amplified and lead to a greater fall of the net asset value of the UCITS.
Liquidity risk: in a given case where trading on the financial markets is depressed, any equity buying or selling transaction can lead to significant market fluctuations.
Counterparty risk:The UCITS uses temporary purchases and sales of securities and/or OTC derivative contracts, including total return swaps. These transactions, entered into with a counterparty, expose the UCITS to a risk of default and/or non-execution of the counterparty’s unit return swap, which may have a significant impact on the UCITS’ net asset value. This risk may not necessarily be offset by the collateral received.
Risk associated with convertible bonds (incidental): this is the risk of a fall in the value of convertible bonds related to interest rate variations, underlying equity variations, credit risks and volatility variations.If there is a rise in interest rates, a fall in the implied volatility of convertible bonds, a fall in underlying equities and/or deterioration of the credit of issuers of convertible bonds held by the UCITS, the net asset value may fall.
Specific risk associated with the use of complex subordinated bonds (contingent convertibles): This is the risk related to the characteristics of these securities: cancellation of the coupon, partial or total reduction in the value of the security, conversion of the bond into a share. These conditions may be triggered, in whole or in part, either due to the issuer’s financial ratios or by decision of said issuer or the competent supervisory authority. The occurrence of any of these risks may cause the net asset value of the UCITS to fall.
Equity risk (incidental): If the equities or indices to which the portfolio is exposed drop, the net asset value of the UCITS may fall. If the underlying equities of convertible bonds and similar instruments, equities held directly in the portfolio or the indices to which the portfolio is exposed drop, the net asset value may fall.
Foreign exchange risk (incidental):The risk that investment currencies lose value against the base currency of the portfolio, the euro.
Liquidity risk linked to temporary purchases and sales of securities and/or total return swaps (TRS): The UCITS may be exposed to trading difficulties or a temporary inability to trade certain securities in which the UCITS invests or in those received as collateral, in the event of a counterparty defaulting on temporary purchases and sales of securities and/or total return swaps.
Legal risk: The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
▶ Eligible subscribers and typical investor profile:
The Fund is specifically intended for subscribers seeking a performance related to world interest-rate markets.
I2 C/D shares: All subscribers, particularly major institutional investors
I C shares: All subscribers, particularly institutional investors/legal entities
I-USD shares/I-CHF C shares and I-CHF D shares/I-GBP shares: Reserved for institutional
R-USD shares, R-CHF C shares, R-CHF D shares and R-EURO shares: Strictly reserved for investors subscribing directly or via intermediaries providing portfolio or mandate management services and/or financial investment consultancy services not authorising them to retain retrocessions, either contractually or pursuant to the MiFID II regulation or national legislation.
P shares: All subscribers
The recommended minimum investment period is 3 years. The amount that it is reasonable for each investor to invest in this UCITS depends on the personal situation of the investor. To determine this amount, investors should consider their personal assets, their current financial needs and the recommended investment period as well as their willingness to accept risks or their wish to invest cautiously. It is also
recommended that investors sufficiently diversify their investments so as not to be exposed solely to the risks of this UCITS.
Shares in this sub-fund cannot be offered or sold directly or indirectly in the United States of America (including its territories and possessions), to a U.S. Person as defined in U.S. “Regulation S” adopted by the Securities and Exchange Commission (“SEC”)1.
▶Frequency of establishing and calculating the net asset value:
NAV is determined every day that the Euronext Paris markets are open with the exception of official French public holidays.
▶ Subscription and redemption procedures:
Subscription and redemption requests are centralised each NAV calculation day (D) at 12:25. These requests are executed on the basis of the net asset value of D and calculated on the following business day (D+1).
The persons wishing to acquire or subscribe to shares will be required to certify in writing, at the time of any acquisition or subscription of shares, that they are not a U.S. Person. Any shareholder must immediately inform the SICAV’s management company if they become a U.S. Person.
▶ Institutions appointed by the Management Company in charge of receiving subscription and redemption orders:
Amundi Asset Management, CACEIS Bank, the branch office network of the Regional Banks of Crédit Agricole and branches of LCL – Le Crédit Lyonnais in France.
Investors should note that orders sent to distributors other than the aforementioned institutions should take into account the fact that the cut-off time for the centralisation of orders applies to those distributors with CACEIS Bank France.
As a result, these distributors may apply their own deadline, earlier than the time mentioned above, to allow them to meet their order transmission deadline to CACEIS Bank.
▶ Place and methods of publication or communication of the net asset value:
The Sub-fund's NAV is available on request from the Management Company and from its website: xxx.xxxxxx.xxx
▶ Share features
• Minimum amount of the initial subscription:
I2-C/D shares: 500 shares I-C shares: 100 shares
I-USD shares: 100 shares
I-CHF C shares: 100 shares I-CHF D shares: 100 shares
1The term “U.S. Person” means: (a) any individual residing in the United States of America; (b) any entity or company organised or incorporated under the laws of the United States; (c) any estate (or trust) of which the executor or the administrator is a U.S. Person; (d) any trust of which any trustee is a U.S. Person; (e) any branch or subsidiary of a non-US entity located in the United States of America; (f) any non-discretionary account (other than an estate or trust) managed by a financial intermediary or any other representative authorised, incorporated or (if an individual) resident in the United States of America; (g) any discretionary account (other than an estate or trust) managed by a financial intermediary or any other representative authorised, incorporated or (if an individual) resident in the United States of America; and (h) any entity or company, if it is (i) organised or incorporated under the laws of any non-U.S. jurisdiction and (ii) formed by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act of 1933, as amended, unless it is organised or incorporated and owned by Accredited Investors (as defined in Rule 501(a) of the Act of 1933, as amended) who are not individuals, estates or trusts.
R-USD shares: 1,000 shares R-EURO shares: 1,000 shares CHF-C shares: 1,000 shares CHF-D shares: 1,000 shares
I-GBP shares: 100 shares P shares: 1 share
The minimum initial subscription amount requirement does not apply to the management company, the depositary, the promoter or any entity of the same group, which may only subscribe to one share.
• Minimum amount of shares for subsequent subscriptions:
I2-C/D shares: 1 thousandth of a share I-C shares: 1 thousandth of a share
I-USD shares: 1 thousandth of a share
I-CHF C shares: 1 thousandth of a share I-CHF D shares: 1 thousandth of a share R-USD shares: 1 thousandth of a share R-EURO shares: 1 thousandth of a share CHF-C shares: 1 thousandth of a share CHF-D shares: 1 thousandth of a share
I-GBP shares: 1 thousandth of a share P shares: 1 thousandth of a share
• Decimalisation:
I2-C/D shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
I-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
I-USD shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
I-CHF C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
I-CHF D shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
R-USD shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
E-EURO shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
R-CHF C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
R-CHF D shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
I-GBP shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
P shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
• Initial net asset value:
I2-C/D shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately EUR
10,000.00)
I-C shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately EUR 1,000.00)
I-USD shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately USD 1,000.00)
I-CHF C shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately CHF 1,000.00)
I-CHF D shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately CHF 1,000.00)
R-USD shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately USD 100.00)
R-EURO shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately EUR 100.00)
R-CHF C shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately CHF 100.00)
R-CHF D shares: Net asset value of the absorbed Fund on the date of the merger (i.e. approximately CHF 100.00)
I-GBP shares: 1,000.00 pounds sterling (GBP) P shares: EUR 100.00
• Shares denomination currency:
I2-C/D shares: Euro I-C shares: Euro
I-USD shares: USD
I-CHF C shares: CHF I-CHF D shares: CHF R-USD shares: USD R-EURO shares: Euro R-CHF C shares: CHF R-CHF D shares: CHF I-GBP shares: GBP
P shares: Euro
• Allocation of net profit:
I-C shares: Accumulation
I2-C/D shares: Accumulation and/or distribution at the discretion of the SICAV I-USD shares: Accumulation
I-CHF C shares: Accumulation I-CHF D shares: Distribution R-USD shares: Accumulation
R-EURO shares: Accumulation R-CHF C shares: Accumulation R-CHF D shares: Distribution
I-GBP shares: Accumulation P shares: Accumulation
• Allocation of realised net capital gains:
I-C shares: Accumulation
I2-C/D shares: Accumulation and/or distribution at the discretion of the SICAV I-USD shares: Accumulation and/or distribution at the discretion of the SICAV I-CHF C shares: Accumulation
I-CHF D shares: Accumulation and/or distribution at the discretion of the SICAV R-USD shares: Accumulation
R-EURO shares: Accumulation R-CHF C shares: Accumulation
R-CHF D shares: Accumulation and/or distribution at the discretion of the SICAV I-GBP shares: Accumulation
P shares: Accumulation
•Distribution frequency:
I2-C/D shares: annual, if distributed. Option to pay interim dividends
I-CHF D shares: annual, if distributed. Option to pay interim dividends R-CHF D shares: annual, if distributed. Option to pay interim dividends
▶ Costs and fees:
Subscription and redemption fees
Subscription and redemption fees are levied by addition to the subscription price paid by the investor or subtraction from the redemption price. The fees charged by the UCITS serve to offset the costs incurred by the UCITS to invest and disinvest investors' monies. Fees not accruing to the UCITS, are allocated to the Management Company, the distributor, etc.
Fees paid by the investor, charged at subscription and redemption | Basis | Interest rates |
Maximum subscription fee not accruing to the UCITS | Net asset value x Number of shares | I2-C/D shares: None |
I-C shares: None | ||
I-USD shares: None | ||
I-CHF C shares: None | ||
I-CHF D shares: None | ||
R-USD shares: None | ||
R-EURO shares: None | ||
R-CHF C shares: None | ||
R-CHF D shares: None | ||
I-GBP shares: None | ||
P shares: Maximum 1.00% | ||
Subscription fee accruing to the UCITS | Net asset value x Number of shares | None |
Redemption fee not accruing to the UCITS | Net asset value x Number of shares | I2-C/D shares: None |
I-C shares: None | ||
I-USD shares: None | ||
I-CHF D shares: None | ||
I-CHF C shares: None | ||
R-USD shares: None | ||
R-EURO shares: None | ||
R-CHF C shares: |
None | ||
R-CHF D shares: None | ||
I-GBP shares: None | ||
P shares: None | ||
Redemption fee accruing to the UCITS | Net asset value x Number of shares | None |
• Operating and management fees
These fees cover all the costs invoiced directly to the UCITS, except transaction fees. Transaction fees include intermediary costs (brokerage, stock market taxes, etc.) as well as turnover fees, if any, that may be charged particularly by the Depositary and the Management Company.
The following fees may be charged on top of management and administration fees:
- performance fees. These reward the Management Company when the UCITS exceeds its objectives. They are therefore charged to the UCITS;
- turnover fees charged to the UCITS;
- fees related to the temporary purchases and sales of securities.
Fees charged to the UCITS | Basis | Interest rates Scale | |
P1 | |||
I-C shares: 0.80% maximum incl. tax | |||
I2-C/D shares: 0.40% maximum incl. tax | |||
I-USD shares: 0.80% maximum incl. tax | |||
Financial management fees | I-CHF C shares: 0.80% maximum incl. tax | ||
Net assets | I-CHF D shares: 0.80% maximum incl. tax | ||
R-USD shares: 0.90% maximum incl. tax | |||
R-EURO shares: 0.90% maximum incl. tax | |||
R-CHF C shares: 0.90% maximum incl. tax | |||
P2 | |||
R-CHF D shares: 0.90% maximum incl. tax | |||
Administrative fees external to the management company | I-GBP shares: maximum 0.80 % incl. tax | ||
P shares: maximum 1.20 % incl. tax |
P3 | Maximum indirect fees (fees and management fees) | Not significant | |
P4 | Turnover fees 🡒 Charged partially or jointly by the depositary on all the instruments. 🡒 Charged partially or jointly by the Management Company for currency transactions and by Amundi Intermédiation for all the other instruments. | Per transaction | None ****** Maximum amount of €5 per contract (futures/options) + Proportional fee of between 0% and 0.20%, depending on the instrument (securities, currencies, etc.) |
P5 | Performance fees | Net assets | I-C shares: None |
I2-C/D shares: None | |||
I-USD shares: None | |||
I-CHF C shares: None | |||
I-CHF D shares: None | |||
R-USD shares: None | |||
R-EURO shares: None | |||
R-CHF C shares: None | |||
R-CHF D shares: None | |||
I-GBP shares: None | |||
P shares: None |
The following costs may be added to the fees invoiced to the UCITS as listed above:
- Exceptional legal costs associated with the recovery of the UCITS’ debts;
- Costs related to fees payable by the management company to the AMF in connection with its management of the UCITS.
Securities lending transactions and repos:
As part of securities lending and repurchase transactions, Amundi Asset Management has entrusted Amundi Intermédiation, on behalf of the UCITS, with the following tasks:
- selection of counterparties,
- market contracts set up requests,
- counterparty risk control,
- qualitative and quantitative monitoring of the collateralisation (diversification, rating, liquidities controls), of repos and securities lending
Revenues from such transactions are returned to the UCITS.
These transactions generate costs that are paid by the UCITS. Amundi Intermédiation’s billing may not exceed 50% of the revenues generated by these transactions.
Such transactions carried out by Amundi Intermédiation, a company that is part of the same group as the Management Company, creates a potential conflict of interest.
Selection of intermediaries:
The Management Company implements an intermediary selection policy, in particular when entering into temporary purchases and sales of securities and certain derivatives, such as total return swaps.
We have a rigorous selection process for brokers and financial intermediaries. They are selected from among reputable financial intermediaries on the basis of multiple criteria related to the provision of research services (fundamental financial analysis, company information, value added by partners, solid basis for recommendations, etc.) or execution services (access to market information, transaction costs, execution prices, good transaction settlement practices, etc.)
Only those financial institutions of an OECD country with a minimum rating that might be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the Management Company are selected when setting up the transaction.
In addition, each of the counterparties retained will be analysed using the criteria of the Risk Department, such as financial stability, rating, exposure, type of activities, past performance, etc.
The list of authorised counterparties is reviewed annually. It involves various parties from the front office and support departments of the Amundi Group. The brokers and financial intermediaries selected will be monitored regularly in accordance with the Management Company’s Performance Policy.
2. Special provisions
European High Yield SRI Sub-Fund
▶ ISIN code:
I-C shares | P-C shares | R-C share |
FR0013340932 | FR0013340916 | FR0013340908 |
▶ Classification: Bonds and other international debt securities
▶ Investment objective:
The investment objective is, over the recommended investment horizon, to outperform the ICE BofAML BB Euro High Yield (HE10) index, by investing in a selection of private, high-yield bonds from OECD countries, primarily from European markets, whilst incorporating ESG criteria into the processes by which the securities in the SICAV are selected and analysed, after deduction of ongoing charges..
▶ Benchmark index:
The ICE BofAML BB Euro High Yield (HE10) index (closing price and coupons reinvested) is composed of European corporate bonds with a maturity of more than 18 months, issued in euros and with a rating of between BB- and BB+.
This index is published by ICE BofAML and is available from the website: xxx.xxxxxxx.xx.xxx
The administrator of the benchmark index, ICE BofAML, is registered on the register of administrators and benchmark indices held by ESMA.
With regard to Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the management company has put in place measures to be taken in the event that a benchmark materially changes or ceases to be provided.
▶ Investment strategy:
1. Strategy used to achieve the investment objective:
Principal investment management features of the Fund:
Spread of sensitivity to interest rates | [0; 10] |
Geographic area of the securities issuers OECD countries | OECD countries: 0% to 100% Non-OECD countries: 0% to 30% |
Currency of the securities | OECD currencies |
Level of exposure to currency exchange risk | The currency risk is hedged. |
The range of your Sub-fund’s sensitivity to credit spreads may vary markedly from the interest rate sensitivity range specified above, in particular due to investments in the credit market.
1. Strategies employed
The UCI is actively managed.
A/ The Sub-fund is managed using a three-pronged process; extra-financial analysis on environmental, social and governance (ESG) criteria, a bottom-up security selection process and a top-down portfolio optimisation process.
- To select issuers, the management team relies on the combination of two analyses: on the one hand, an assessment of the credit quality of the issuers (fundamental analysis), and on the other, a non-financial analysis based on environmental, social and governance (ESG) criteria. The non- financial analysis process is used to assign an ESG rating ranging from A (best rating) to G (lowest rating).
- In parallel, a top-down analysis is carried out to minimise systematic risk and optimise the portfolio through active beta and duration management, and allocation by sector and geographical area.
- The internal credit rating of securities is the result of a fundamental analysis, a valuation of the volatility of credit spreads and their relative value. This makes it possible to draw up a ranked list of eligible securities within the investment universe.
- The selection of securities in the portfolio and their weighting compared to the benchmark index is the responsibility of the manager.
B/ Stock selection based on non-financial analysis and a top-down and bottom-up approach.
Types of ESG criteria
The analysis of private issuers uses a framework of criteria based on regulations that have universal scope (Global Compact, International Labour Organisation, Human Rights, ISO Standards, etc.). This framework includes a set of generic criteria applicable to all issuers as well as criteria specific to each sector.
Among the generic criteria, we analyse in particular:
- Energy consumption and greenhouse gas emissions, the protection of biodiversity and water, for the environmental aspect.
- Human capital development, management of work and restructuring, health and safety, social dialogue, relations with clients and suppliers, local communities and respect for human rights, for the social aspect
- Independence of the Board, quality of Audits and controls, remuneration policy, shareholders’ rights, global ethics and ESG strategy, for the governance aspect.
Depending on the sector, additional assessments of specific criteria may be carried out for the environmental and social aspects, such as, for example, the production of renewable energy for energy suppliers, ecological vehicles and passenger safety for the automotive industry, or green finance and efforts made to promote access to financial services in the banking sector.
In the context of socially responsible management (SRI management), the ESG analysis of the investment universe seeks to conduct a more comprehensive assessment of the sector-related opportunities and risks specific to each issuer.
SRI approaches used
In order to reconcile the search for returns with the development of socially responsible practices, ESG criteria are considered according to a combination of normative, best-in-class and commitment approaches.
The Sub-fund complies with the following Amundi SRI rules:
Exclusion policy:
Amundi applies strict exclusion rules across all the portfolios it manages: issuers with a negative ESG rating (i.e. rated E, F or G on the Amundi rating scale) are excluded from the Sub-fund’s investment universe.
- In accordance with the law, the Sub-fund does not invest directly in companies that are involved in the production or distribution of anti-personnel mines and cluster bombs prohibited by the Ottawa and Oslo conventions.
Furthermore, Xxxxxx also decided:
- In 2016, to disengage from issuers who derive over 30% of their revenue from coal extraction, across all its funds. This decision reflects Crédit Agricole S.A.’s commitments to combat climate change and manage the energy transition.
- to exclude companies producing or marketing chemical, biological and depleted uranium weapons
- to exclude companies that seriously and repeatedly contravene one or more of the ten principles of the Global Compact
- to exclude states that systematically and wilfully violate human rights and are guilty of the worst crimes: war crimes and crimes against humanity.
- tobacco producers, in all transparent SRI funds
Best-in-Class approach:
In addition to the following Amundi ISR rules, the Sub-fund will comply with a Best-in-Class approach, which aims to select the leading issuers in their business sector according to the ESG criteria identified by our team of extra-financial analysts:
- Exclusion of issuers rated E, F and G (on a scale of A to G) at the time of purchase; if issuers’ ratings are downgraded to below E or equivalent, the management company shall decide to sell the securities as promptly as possible and in the interest of the holders;
- the portfolio’s average ESG rating must be C or higher, to ensure a minimum threshold for consideration of ESG criteria;
- the average ESG rating of an SRI portfolio must be greater than or equal to the ESG rating of the investment universe or the benchmark index;
- at least 90% of securities in the portfolio shall have an ESG rating
Commitment policy:
Finally, an active commitment policy is in place to promote dialogue with issuers and help them improve their socially responsible practices. When the collected information presents some insufficiencies or even contradictions between the various contributors (non-financial rating agencies), the non-financial analysts broaden their information sources by relying among other things on the companies’ reports which remain a key factor in the companies’ assessment. The company is also contacted directly for a more in-depth analysis. The various data obtained are supplemented by other stakeholders: the media, NGOs, labour and management, community organisations, etc.
Sequencing of the stages of the investment process:
This investment process includes three successive steps:
- The first stage is based on building up a universe of eligible issuers for the Sub-fund which includes only issuers with a positive ESG rating (issuers rated from A to D on a scale of A to G, with A being the highest and G being the lowest rating) to avoid reputational and financial risk.
- The second stage consists of evaluating the credit risk of eligible issuers with the support of the Amundi Asset Management team of credit analysts and their recommendations through internal ratings.
The bottom-up analysis of high-yield issuers aims to assess the fundamentals of the issuers themselves (their ability to generate cash, ability to reduce debt) and of their sector (positioning, entry barriers). It also includes the legal characteristics of the bonds (subordination) and the level of restrictions or “covenants” involved in comparison with their peers. The second stage also consists of a top-down analysis of the environment and technical factors, and a market valuation, enabling the manager to determine the Sub- fund’s beta and calibrate its sector and geographical exposure.
- The third stage consists of portfolio construction including security selection, how they are calibrated compared to the benchmark index and the arbitrage, while ensuring compliance with the Amundi SRI rules.
2. Assets used (except embedded derivatives): Equities:
Equities: The Sub-fund may invest up to 10% of its assets in equities of companies of all cap sizes from OECD member states.
Interest rate products:
Portfolio securities will be selected according to the best judgement of the management and in compliance with the internal credit risk monitoring policy of the management company. Management may specifically use securities with the ratings described below. However, management does not – either exclusively or automatically – rely on the ratings issued by rating agencies but bases its convictions about buying and selling a security on its own credit and market analyses.
The Sub-fund’s investment universe is focused on high-yield, speculative bonds from European markets. These securities have a high credit risk.
The portfolio is thus composed of private bond securities denominated in OECD currencies and issued by OECD issuers, primarily European countries. In view of market conditions, the Sub-fund may also invest up to 30% of its assets in public bond securities denominated in OECD currencies and issued by governments of OECD countries, primarily European countries.
The rating of these bonds will range from BB+ to D on the Standard & Poor's and/or Fitch scales and/or from Ba1 to C on the Moody's scale and/or as deemed equivalent by the management company.
The Sub-fund may invest a maximum of 30% of its assets in private or public, non-OECD, high-yield bonds issued in euros.
The Sub-fund may invest in all types of bonds:
- fixed-rate bonds;
- floating-rate bonds;
- index-linked bonds (inflation, Constant Maturity Rate, etc.);
- CDOs (limited to a maximum of 10% of net assets, without any restrictions on ratings)
- others: non-voting shares, asset-backed securities, mortgage-backed securities, subordinated securities, perpetual bonds.
Asset-Backed Securities and Mortgage-Backed Securities will focus on tranches AAA – BBB- with the option of investing up to a maximum of 5% on tranche BB on the Standard & Poor's and/or Fitch scales and/or tranche Ba on the Moody’s scale and/or a tranche deemed equivalent by the management company.
Sensitivity range: 0 to 10.
Money market products:
At cruising speed, money market instruments and deposits are considered as a separate investment medium. The allocation of some of the assets in these instruments is due to a portfolio-building process aimed at achieving the outperfomance of the benchmark index.
Money market instruments are either investments in money market UCIs or short government securities (fixed-rate treasury notes known as BTFs or French government treasury bills known as BTANs).
Money market instruments can also be an interim investment medium in a period when the portfolio is expanding.
The money-market instrument categories used are the following: Negotiable debt securities (TCN), fixed-rate treasury notes (BTF), French Government Treasury Notes (BTAN), Euro Commercial Paper and money- market UCIs.
Currencies:
All OECD currencies. Currency risk will be hedged.
Shares or units held in other UCITS or investment funds:
The Sub-fund may hold up to 10% of its assets in units or shares of the following UCITS or investment funds: French or foreign UCITS (1)
French or European AIFs or investment funds complying with the criteria determined by the French Monetary and Financial Code (2)
These UCITS and investment funds may invest up to 10% of their assets in UCITS, AIFs or investment funds. They may be managed by the Management Company or an affiliated company. The risk profile of these UCITS is compatible with that of this UCITS.
(1) up to 100% of net assets in total (regulatory maximum)
(2) up to 30% of net assets in total (regulatory maximum)
3. Derivatives used to achieve the investment objective
The use of futures and options is an integral part of the investment process, particularly in view of the benefits they offer in terms of liquidity and/or cost-efficiency ratios. They can be brought in quickly to replace equities, specifically at times of substantial inflows or outflows arising from subscriptions/redemptions or in the case of special circumstances such as significant market fluctuations. Accordingly, they can be used to control the global portfolio risks and to synthetically reproduce an exposure to the dynamic assets.
Information about the counterparties of OTC derivative contracts:
Counterparties are selected through the procedure in effect within the Amundi Group and is based on the principle of selecting the best market counterparties.
This includes specifically:
- a double validation of the counterparties by the Amundi Intermédiation manager and by Amundi Asset Management's Credit Committee after analysis of their financial and operational profiles (type of activities, governance, reputation, etc.) by a team of credit analysts working independently from the management teams.
- a limited number of financial institutions with which the Sub-fund trades.
• Type of markets:
🗷 regulated
🗷 organised
🗷 OTC
• Risks in which the manager intends to trade:
🗷 equity
🗷interest rate
🗷 currency
🗷 credit risk
🗷 other risks, volatility, dividends.
• Types of transactions and description of all operations that must be limited to the achievement of the investment objective:
🗷 hedging
🗷 exposure
🗷 arbitrage (on an ancillary basis, on international interest rate markets) other
• Types of instruments used:
🗷 interest rate, currency and equity futures
🗷 interest rate and currency options
🗷 interest rate and currency swaps
🗷 currency futures: forward purchase of currency, forward sale of currency
🗷 credit derivatives Credit Default Swaps (CDS); CDS indices (iTraxx, CDX), options on CDS, single- name CDS
• Strategy for using derivatives to meet the investment objective:
equity risk hedging or exposure interest-rate risk hedging or exposure currency risk hedging or exposure credit risk hedging or exposure
constructing a synthetic exposure to particular assets or to the above-mentioned risks
forward contracts are used (i) for purchases and sales as inexpensive and liquid substitutes for bearer securities in order to adjust both the overall portfolio exposure to bond or equity markets and the geographical allocation among various countries or regions, (ii) for purchases and sales involving equity market volatility indices, either to protect the portfolio against a rise in market volatility or to expose it to reduced volatility.
Currency futures are used to adjust the allocation of currencies in the portfolio (currency risk management) by hedging the portfolio’s exposure.
options on interest rate futures are:
(i) long and/or short option positions to protect the portfolio from an upward movement in market volatility
(ii) spread positions (buy and sell of the same type of option) to expose the portfolio to downward movements of the volatility of the markets or, directionally, to changes in the money markets (Euribor and Eurodollar contracts).
currency options are used to adjust the allocation of currencies in the portfolio (exchange risk management) by hedging the portfolio’s exposure.
interest-rate swaps can be used as a substitute for bearer securities to expose or hedge the portfolio against interest rate fluctuations when they are financially more attractive than the latter.
currency swaps are used extensively to achieve the management objective and/or to manage the portfolio’s currency risk.
forward currency purchases and forward currency sales are used to manage or hedge against the portfolio’s currency risk.
The UCITS may enter into credit derivatives (Credit Default Swaps, iTraxx and CDX), either to hedge against credit risk or issuer default risk, or as part of arbitrage strategies:
to anticipate upward or downward changes of these instruments or to exploit disparities between a single issuer in the credit risk market and the security or between two issuers. Investments in credit derivatives are subject to the same rating restrictions as the sub-fund's investments in bearer securities.
The total commitment arising from derivatives must not exceed 100% of net assets.
4. Embedded derivatives:
Risks in which the manager intends to trade: equity risk
interest rate
currency credit risk
other risk: volatility, dividends
Types of transactions and description of all operations that must be limited to the achievement of the investment objective:
hedging exposure
arbitrage (on an ancillary basis, on international interest rate markets) other.
Types of instruments used
NEGOTIABLE MEDIUM TERM NOTES (BMTN) EURO MEDIUM TERM NOTES (EMTN)
Structured bonds: convertible bonds, exchangeable bonds, OCEANE bonds, etc. Credit Linked Notes (CLN)
Loan Participation Notes (LPN)
Warrants Puttable/callable bonds
Contingent convertible bonds (10% maximum)
Contingent Convertibles are unique subordinated securities in that they may be converted into shares by an external triggering event and a specific risk that is difficult to understand. These assets are particularly vulnerable to liquidity risk.
Strategy of using embedded derivatives to achieve the investment objective
general hedging of portfolio risk, particular risks, particular securities constructing synthetic exposure to particular assets or particular risks. increase in market exposure
5. Deposits
The Sub-fund can make deposits for a maximum period of twelve months. The deposits are used for cash management purposes and help the Sub-fund achieve its management objectives.
6. Cash borrowings
The Sub-fund may have a debit position up to a maximum of 10% of its net assets to accommodate cash inflows and outflows (investments/disinvestments in progress, subscriptions/redemptions).
7. Temporary purchase and sale of securities
• Types of transactions used:
repo and reverse repo agreements with reference to the French Monetary and Financial Code lending and borrowing of securities with reference to the French Monetary and Financial Code other: sell and buy back; buy and sell back
These transactions will cover all the authorised assets, excluding UCITS, as described in point 2. "Assets used (except embedded derivatives)". These assets are held with the Depositary.
• Types of transactions and description of all operations that must be limited to the achievement of the investment objective:
cash management
optimisation of the UCITS’ income
possible contribution to the UCITS’ leverage effect: to optimise its strategy, the Sub-fund may occasionally take positions that generate leverage
Repos and reverse repos, sell and buy back and buy and sell back transactions are primarily used to manage cash and optimise the UCITS’ income (reverse repos and buy and sell back in the case of surplus cash, repos and sell and buy back when cash is needed).
The returns generated by securities lending help to optimise the UCITS’ performance.
Summary of proportions used
Types of transactions | Reverse repurchase agreements | Repurchase agreements | Securities lending | Securities borrowing |
Maximum proportion (of net assets) | 100% | 100% | 90% | 20% |
Expected proportion (of net assets) | 25% | 25% | 0% | 0% |
Total commitment arising from temporary purchases and sales of securities must not exceed 100% of net assets.
Total exposure arising from bearer securities and commitment must not exceed 200% of net assets.
• Fees: additional information is provided in the “Costs and fees” section.
8. Information relating to collateral (temporary purchases and sales of securities and/or over-the- counter (OTC) derivatives including total return swaps (TRS)):
Type of collateral:
In the context of temporary purchases and sales of securities and/or OTC derivative transactions, the UCITS may receive securities and cash as collateral.
Securities received as collateral must adhere to the criteria defined by the Management Company. They must be:
- liquid;
- transferable at any time;
- diversified in compliance with the eligibility, exposure and diversification rules for UCITS;
- issued by an issuer that is not an entity of the counterparty or its group.
For bonds, securities will also be issued by high-quality issuers located in the OECD whose minimum rating might be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the Management Company. Bonds must have a maximum maturity of 50 years.
The criteria described above are detailed in a Risk Policy available on the Management Company’s website at xxx.xxxxxx.xxx and may be subject to change, particularly in the event of exceptional market circumstances.
The discounts that may be applied to the collateral received will take into account the credit quality, the price volatility of the securities and the results of the stress tests performed.
Reuse of cash received as collateral:
Cash received as collateral may be reinvested in deposits, government bonds, repurchase agreements or short-term money market UCITS in accordance with the Management Company’s Risk Policy.
Reuse of securities received as collateral:
Not authorised: Securities received as collateral may not be sold, reinvested or provided as collateral.
▶ Risk profile:
Capital risk: Investors are warned that their capital invested is not guaranteed and may not be recovered.
Interest rate risk: interest rate risk is the risk that bond market interest rates may rise, which would cause bond prices to fall and consequently the net asset value of the UCITS to fall.
Credit risk: the risk of a fall in value or default of the securities issued by a private and/or public issuer.Depending on the direction of the UCITS’ trades, a fall (in the case of a purchase) or a rise (in the case of a sale) in the value of the securities to which the UCITS is exposed may lead to a fall in the UCITS’ net asset value.
Risk associated with the use of “speculative high-yield” securities: this UCITS must be considered as partly speculative and intended more particularly for investors who are aware of the risks inherent to investments in securities with a low rating or no rating at all.
Accordingly, the use of "High Yield" securities may result in a greater risk of decline in the net asset value.
Risk related to ABS (asset-backed securities) and MBS (mortgage-backed securities): for these instruments, the credit risk depends mainly on the quality of the underlying assets, which may be of various kinds (bank debts, debt securities, etc.). These instruments result from complex structures that may include legal risks and specific risks related to the features of the underlying assets. The occurrence of these risks may lower the net asset value of the UCITS.
Risk associated with the use of private subordinated bonds: this is the risk related to the security’s payment characteristics in the event that the issuer defaults: UCITS that are exposed to a subordinated security will not be prioritised and the repayment of capital and the payment of coupons will be considered “subordinate” to those of other creditors who hold higher-ranked bonds; therefore, the security may be repaid in part or not at all. The use of subordinated bonds may result in a greater risk of a reduction in the net asset value than the risk associated with the issuer’s other bonds.
Risk related to overexposure: the UCITS may use forward financial instruments (derivatives) to generate overexposure and so increase the UCITS' exposure in excess of net assets. Depending on whether the UCITS’ transactions are buys or sells, the effect of a drop (if a position is bought) or of a rise of the underlying of the derivative (if a position is sold) may be amplified and lead to a greater fall of the net asset value of the UCITS.
Liquidity risk: in a given case where trading on the financial markets is depressed, any equity buying or selling transaction can lead to significant market fluctuations.
Counterparty risk: the UCITS uses temporary purchases and sales of securities and/or OTC derivative contracts, including total return swaps. These transactions, entered into with a counterparty, expose the UCITS to a risk of default and/or non-execution of the counterparty’s unit return swap, which may have a significant impact on the UCITS’ net asset value. This risk may not necessarily be offset by the collateral received.
Risk associated with convertible bonds: this is the risk of a fall in the value of convertible bonds related to interest rate variations, underlying equity variations, credit risks and volatility variations.If there is a rise in interest rates, a fall in the implied volatility of convertible bonds, a fall in underlying equities and/or deterioration of the credit of issuers of convertible bonds held by the UCITS, the net asset value may fall.
Specific risk associated with the use of complex subordinated bonds (contingent convertible bonds) (incidental): this is the risk related to the characteristics of these securities: cancellation of the coupon, partial or total reduction in the value of the security, conversion of the bond into a share. These conditions may be triggered, in whole or in part, either due to the issuer’s financial ratios or by decision of said issuer or the competent supervisory authority. The occurrence of any of these risks may cause the net asset value of the UCITS to fall.
Equity risk (incidental): if the equities or indices to which the portfolio is exposed drop, the net asset value of the UCITS may fall. If the underlying equities of convertible bonds and similar instruments, equities held directly in the portfolio or the indices to which the portfolio is exposed drop, the net asset value may fall.
Risk related to the capitalisation of companies (incidental): the volume of securities listed for trading is limited. Therefore, adverse market movements tend to be more acute and more abrupt than for large-cap stocks.
As a result, the net asset value of the UCITS may decline rapidly and dramatically.
Liquidity risk linked to temporary purchases and sales of securities and/or total return swaps (TRS): the UCITS may be exposed to difficulties in trading or momentary inability to trade certain securities in which the UCITS invests, or those received as collateral, in the event of default of a counterparty to a temporary purchase and sale of securities transaction and/or a total return swap (TRS).
Legal risk: the use of temporary purchases and sales of securities and/or total return swaps may create a legal risk, particularly relating to the swaps.
▶ Eligible subscribers and typical investor profile:
The Sub-fund is specifically intended for subscribers seeking a performance related to world interest-rate markets.
I-C shares: All subscribers, particularly institutional investors/legal entities.
R-C share: Strictly reserved for investors subscribing directly or via intermediaries providing portfolio or mandate management services and/or financial investment consultancy services not authorising them to retain retrocessions, either contractually or pursuant to the MiFID II regulation or national legislation.
P-C shares: All investors.
The recommended minimum investment period is 3 years. The amount that it is reasonable for each investor to invest in this UCITS depends on the personal situation of the investor. To determine this amount, investors should consider their personal assets, their current financial needs and the recommended investment period as well as their willingness to accept risks or their wish to invest cautiously. It is also recommended that investors sufficiently diversify their investments so as not to be exposed solely to the risks of this UCITS.
Shares in this sub-fund cannot be offered or sold directly or indirectly in the United States of America (including its territories and possessions), to a U.S. Person as defined in U.S. “Regulation S” adopted by the Securities and Exchange Commission (“SEC”)2.
▶Frequency of establishing and calculating the net asset value:
NAV is determined every day that the Euronext Paris markets are open with the exception of official French public holidays.
▶ Subscription and redemption procedures:
Subscription and redemption requests are centralised each NAV calculation day (D) at 12.25. These requests are executed on the basis of the net asset value of D and calculated on the following business day (D+1).
The persons wishing to acquire or subscribe to shares will be required to certify in writing, at the time of any acquisition or subscription of shares, that they are not a U.S. Person. Any shareholder must immediately inform the SICAV’s management company if they become a U.S. Person.
▶ Institutions appointed by the Management Company in charge of receiving subscription and redemption orders:
Amundi Asset Management, CACEIS Bank, the branch office network of the Regional Banks of Crédit Agricole and branches of LCL – Le Crédit Lyonnais in France.
Investors should note that orders sent to distributors other than the aforementioned institutions should take into account the fact that the cut-off time for the centralisation of orders applies to those distributors with CACEIS Bank France.
As a result, these distributors may apply their own deadline, earlier than the time mentioned above, to allow them to meet their order transmission deadline to CACEIS Bank.
▶ Place and methods of publication or communication of the net asset value:
The Sub-fund's NAV is available on request from the Management Company and from its website: xxx.xxxxxx.xxx
▶ Share features
• Minimum amount of the initial subscription:
I-C shares: 100 shares R-C share: 1 share
P-C shares: 10 shares
The minimum initial subscription amount requirement does not apply to the management company, the depositary, the promoter or any entity of the same group, which may only subscribe to one share.
2The term “U.S. Person” means: (a) any individual residing in the United States of America; (b) any entity or company organised or incorporated under the laws of the United States; (c) any estate (or trust) of which the executor or the administrator is a U.S. Person; (d) any trust of which any trustee is a U.S. Person; (e) any branch or subsidiary of a non-US entity located in the United States of America; (f) any non-discretionary account (other than an estate or trust) managed by a financial intermediary or any other representative authorised, incorporated or (if an individual) resident in the United States of America; (g) any discretionary account (other than an estate or trust) managed by a financial intermediary or any other representative authorised, incorporated or (if an individual) resident in the United States of America; and (h) any entity or company, if it is (i) organised or incorporated under the laws of any non-U.S. jurisdiction and (ii) formed by a U.S. Person principally for the purpose of investing in securities not registered under the U.S. Securities Act of 1933, as amended, unless it is organised or incorporated and owned by Accredited Investors (as defined in Rule 501(a) of the Act of 1933, as amended) who are not individuals, estates or trusts.
• Minimum amount of shares for subsequent subscriptions:
I-C shares: 1 thousandth of a share R-C share: 1 thousandth of a share P-C shares: 1 thousandth of a share
• Decimalisation:
I-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
R-C share: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
P-C shares: subscriptions are in thousandths of shares above the minimum subscriptions. Redemptions are in thousandths of shares.
• Initial net asset value:
I-C shares: EUR 1,000 R-C share: EUR 100 P-C shares: EUR 100
• Shares denomination currency:
I-C shares: Euro R-C share: Euro P-C shares: Euro
• Allocation of net profit:
I-C shares: Accumulation R-C share: Accumulation P-C shares: Accumulation
• Allocation of realised net capital gains:
I-C shares: Accumulation R-C share: Accumulation P-C shares: Accumulation
▶ Costs and fees:
· Subscription and redemption fees
Subscription and redemption fees are levied by addition to the subscription price paid by the investor or subtraction from the redemption price. The fees charged by the UCITS serve to offset the costs incurred by the UCITS to invest and disinvest investors' monies. Fees not accruing to the UCITS, are allocated to the Management Company, the distributor, etc.
Fees paid by the investor, charged at subscription and redemption | Basis | Interest rates |
Maximum subscription fee not accruing to the UCITS | Net asset value x Number of shares | I-C shares: None |
R-C share: None |
P-C shares: Maximum 1.00% | ||
Subscription fee accruing to the UCITS | Net asset value x Number of shares | None |
Redemption fee not accruing to the UCITS | Net asset value x Number of shares | I-C shares: None |
R-C share: None | ||
P-C shares: None | ||
Redemption fee accruing to the UCITS | Net asset value x Number of shares | None |
• Operating and management fees
These fees cover all the costs invoiced directly to the UCITS, except transaction fees. Transaction fees include intermediary costs (brokerage, stock market taxes, etc.) as well as turnover fees, if any, that may be charged particularly by the Depositary and the Management Company.
The following fees may be charged on top of management and administration fees:
- performance fees. These reward the Management Company when the UCITS exceeds its objectives. They are therefore charged to the UCITS;
- turnover fees charged to the UCITS;
- fees related to the temporary purchases and sales of securities.
Fees charged to the UCITS | Basis | Interest rates Scale | |
P1 | |||
Financial management fees | |||
I-C shares: maximum 0.80% incl. | |||
tax | |||
Net assets | R-C share: maximum 0.75% incl. tax | ||
P2 | |||
P-C shares: maximum 1.25% | |||
Administrative fees external to the | incl. tax | ||
management company |
P3 | Maximum indirect fees (fees and management fees) | Not significant | ||||
P4 | Turnover fees 🡒 Charged partially or jointly by the depositary on all the instruments. | None | ||||
****** | ||||||
Per transaction | Maximum amount of €5 per | |||||
contract (futures/options) | ||||||
🡒 Charged partially or jointly by the Management Company for currency transactions and by Amundi Intermédiation for all the other instruments. | + Proportional fee of between 0% and 0.20%, depending on the instrument (securities, currencies, etc.) | |||||
P5 | Performance fees | Net assets | I-C shares: 20% performance above reference assets | p.a. that | of of | the the |
R-C share: 20% performance above reference assets | p.a. that | of of | the the | |||
P-C shares: 20% performance above reference assets | p.a. that | of of | the the | |||
The following costs may be added to the fees invoiced to the UCITS as listed above:
- Exceptional legal costs associated with the recovery of the UCITS’ debts;
- Costs related to fees payable by the management company to the AMF in connection with its management of the UCITS.
- Performance fee:
The calculation of the performance fee applies to each unit concerned and on each calculation date of the Net Asset Value. This is based on the comparison between:
• The net assets of the share (before deduction of the performance fee) and
• The “reference assets” which represent the net assets of the share (before deduction of the performance fee) on the first day of the observation period, restated for subscriptions/redemptions at each valuation, to which the performance of the benchmark index (ICE BofAML BB Euro High Yield (HE10)) is applied.
This comparison is performed over an observation period of one year where the anniversary date corresponds to the day the last net asset value of May is established.
The first observation period will begin on 16/07/2018 and end on 29/05/2020.
If, during the observation period, the net assets of the share (before deduction of the performance fee) are higher than the reference assets defined above, the performance fee will represent 20% of the difference between these two assets. This fee will be subject to a provision when the net asset value is calculated. In the event of a redemption, the portion of the provision corresponding to the number of shares redeemed accrues to the Management Company.
If, during the observation period, the net assets of the share (before deduction of the performance fee) are lower than the reference assets, the performance fee will be nil and will be subject to a provision reversal when the net asset value is calculated. Provision reversals are capped at the level of previous allocations.
This performance fee will only be definitively charged if, on the day of the last net asset value of the observation period, the net assets of the share (before deduction of the performance fee) are higher than the reference assets.
Securities lending transactions and repos:
As part of securities lending and repurchase transactions, Amundi Asset Management has entrusted Amundi Intermédiation, on behalf of the UCITS, with the following tasks:
- selection of counterparties,
- market contracts set up requests,
- counterparty risk control,
- qualitative and quantitative monitoring of the collateralisation (diversification, rating, liquidities controls), of repos and securities lending
Revenues from such transactions are returned to the UCITS.
These transactions generate costs that are paid by the UCITS. Amundi Intermédiation’s billing may not exceed 50% of the revenues generated by these transactions.
Such transactions carried out by Amundi Intermédiation, a company that is part of the same group as the Management Company, creates a potential conflict of interest.
Selection of intermediaries:
The Management Company implements an intermediary selection policy, in particular when entering into temporary purchases and sales of securities and certain derivatives, such as total return swaps.
We have a rigorous selection process for brokers and financial intermediaries. They are selected from among reputable financial intermediaries on the basis of multiple criteria related to the provision of research services (fundamental financial analysis, company information, value added by partners, solid basis for recommendations, etc.) or execution services (access to market information, transaction costs, execution prices, good transaction settlement practices, etc.)
Only those financial institutions of an OECD country with a minimum rating that might be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the Management Company are selected when setting up the transaction.
In addition, each of the counterparties retained will be analysed using the criteria of the Risk Department, such as financial stability, rating, exposure, type of activities, past performance, etc.
The list of authorised counterparties is reviewed annually. It involves various parties from the front office and support departments of the Amundi Group. The brokers and financial intermediaries selected will be monitored regularly in accordance with the Management Company’s Performance Policy.
IV – COMMERCIAL INFORMATION
Circulation of information concerning the UCITS:
The prospectus, the latest annual report and interim statements are available from the Management Company:
Amundi Asset Management– Service Clients – 00 xxxxxxxxx Xxxxxxx – 00000 Xxxxx.
The net asset value of each Sub-fund is available on request from the Management Company and online at: xxx.xxxxxx.xxx
Shareholders are informed of any changes affecting the UCITS in accordance with the procedures defined by the French Market Regulator (AMF): individual notification or other means (market announcement, newsletter, etc.).
Financial notices may be published in the press and/or on the Management Company's website: xxx.xxxxxx.xxx in the News-and-documentation/Financial-Notices section.
Disclosure of the UCITS’ portfolio composition:
The management company may disclose the composition of the UCITS’ portfolio, directly or indirectly, to shareholders of the UCITS who qualify as professional investors governed by the ACPR, the AMF or the
equivalent European authorities, solely for the purpose of calculating the regulatory requirements prescribed by the Solvency II Directive. If applicable, this information must be disclosed once more than 48 hours has passed since the publication of the net asset value.
Compliance of the UCITS with the criteria relative to the Environmental, Social and Governance (ESG) objectives:
The Management Company provides investors with information on how the UCITS's investment policy takes account of the criteria for compliance with ESG objectives. This information can be found on the Management Company’s website (xxx.xxxxxx.xxx) and in the UCITS's annual report (for periods beginning on or after 1 January 2012).
V – INVESTMENT RULES
The UCITS adheres to the investment rules laid down by the French Monetary and Financial Code that are applicable to its category.
In particular, it may invest up to 35% of its assets in eligible financial securities and money-market instruments issued or guaranteed by any government or authorised public or semi-public institution.
VI – GLOBAL RISK
Methodology for calculation of the global exposure risk ratio: Commitment method
VII - ASSET VALUATION AND ACCOUNTING RULES
Principle
General accounting conventions are applied in compliance with the following principles:
- continuity of operations,
- consistency of accounting methods from year to year,
- independent financial years.
The standard method for recognising assets in the accounts is the historic cost method, except for portfolio valuation.
Asset valuation rules
The net asset value of the units is calculated with respect to the following valuation rules:
- Marketable securities traded on a regulated French or foreign market are valued at market price. Market price valuation is carried out under arrangements specified by the Management Company. Securities contributed to or held by the UCITS are valued at their latest market price.
Differences between the listed price used to recalculate the NAV and the historic cost of the securities that make up the portfolio are recognised in an account entitled “Estimation Differences”.
However:
. Any marketable securities, the price of which is not found on the valuation date or the price of which has been adjusted are valued at their probable trading value under the responsibility of the Management Company. The Independent Auditor is informed of these valuations and their justification when conducting audits.
. Negotiable debt securities and similar securities are valued using the actuarial method based on a benchmark interest rate defined below, adjusted as applicable to take account of the intrinsic features of the issuer:
- negotiable debt securities with a maturity of one year or less: Euribor interbank rate in euros
- Swapped negotiable debt securities: valued according to the OIS (Overnight Indexed Swaps) curve
- Negotiable debt securities with a term exceeding three months (money market UCIs): valued using the OIS (Overnight Indexed Swaps) curve
- negotiable debt securities with a maturity of over one year: Short-term Treasury note (BTAN - Bons du Trésor à intérêts Annuels Normalisés) rates or Short-term Treasury note equivalent (OAT - Obligations Assimilables du Trésor) rates for longer durations.
Negotiable debt instruments with three months or less to run will be valued according to the linear method. Treasury notes are valued at the market rate, provided daily by the Treasury Securities Specialists.
. Shares or UCITS shares are valued at the last known net redemption value.
- Securities, which are not traded on a regulated market, are valued at their probable trading value under the responsibility of the Management Company. Their valuation is based on their assets and yield, taking into account the prices used in recent major transactions.
- Cash, deposits and financial instruments held in the portfolio, which are denominated in foreign currencies, are converted into the accounting currency of the UCITS based on the exchange rates on the valuation date.
- Securities temporarily disposed of or acquired under contract are valued under current rules, and the Management Company decides how these are to be applied.
Securities received under repurchase agreements are recorded in the buy portfolio under the heading “Debt representing securities received as part of repurchase agreements” at the amount stated in the contracts, plus any interest receivable. Securities lent under repurchase agreement are posted in long portfolios at their stock market price. Interest receivable and payable for repurchase transactions is calculated pro rata. Liabilities representing securities lent under repurchase agreements are posted in short portfolios at the value set forth in the agreement, plus any accrued interest due. On settlement, the interest received and paid is shown as debt revenues.
Loaned securities are valued at market price. The indemnity collected in relation to these securities is recorded under revenues on debt securities. Accrued interest is included in the stock market value of the securities lent.
- Transactions on firm forward financial agreements or options traded in organised markets (French or foreign) are valued at market value according to procedures specified by the Management Company. Contracts on forward markets are valued at the settlement price.
Valuation of collateral:
Collateral is valued daily at market price (mark-to-market method).
The discounts that may be applied to the collateral received will take into account the credit quality, the price volatility of the securities and the results of the stress tests performed.
Margin calls are made daily, unless otherwise stipulated in the framework contract covering these transactions or if the Management Company and the counterparty have agreed to apply a
trigger threshold.
- Futures or options or swap transactions on over-the-counter markets, as authorised under the laws and regulations governing UCITS, are valued at their market value or at a value estimated using methods determined by the Management Company. Interest rate and/or currency swap contracts are valued at their market value based on the price calculated by discounting future cash flows (principal and interest), at the market interest rates and/or currency rates. This price is adjusted for issuer risk.
Recognition method
Securities entering and leaving the portfolio are recognised excluding costs. Revenues are recognised when received.
Revenues consist of:
- income from transferable securities,
- dividends and interest received at the foreign exchange currency rate, for foreign securities,
- remuneration from liquid assets in foreign currencies, income from securities’ lending and repurchase agreements and other investments.
The following deductions are made from these revenues:
- management fees,
- financial expenses and charges on the lending and borrowing of securities and other investments.
Off-balance sheet commitments
Futures contracts are entered at their market value as off-balance sheet commitments at the settlement price. Options are converted into their underlying equivalent. OTC interest rate swaps are valued on the basis of the nominal value, plus or minus the corresponding estimation difference.
Income accruals account
Income accrual accounts ensure fair allocation of income among shareholders, regardless of the subscription or redemption date.
Swing pricing mechanism
Significant subscriptions and redemptions may impact the NAV because of the portfolio adjustment costs related to investment and divestment transactions. This cost may originate from the difference between the transaction price and the valuation prices, taxes or brokerage fees.
For purposes of preserving the interests of the shareholders present in the UCI, the Management Company may decide to apply a swing pricing mechanism to the UCI with a trigger threshold.
This means that, as long as the absolute value of the balance of subscriptions and redemptions of all shares together is greater than
the pre-set threshold, the NAV will be adjusted. Consequently, the NAV will be adjusted upwards (or downwards) if the balance of subscriptions and redemptions is positive (or negative); the objective is to limit the impact of these subscriptions and redemptions on the NAV of the shareholders present in the UCI.
This trigger threshold is expressed as a percentage of the total assets of the UCI.
The level of the trigger threshold and the NAV adjustment factor are determined by the Management Company and are reviewed on a quarterly basis at a minimum.
Due to the application of swing pricing, the volatility of the UCI may be not only derived from the assets held in the portfolio.
In accordance with the regulations, only those in charge of its implementation know the details of this mechanism, including the percentage of the trigger threshold.
VIII - REMUNERATION
The Management Company has adopted the remuneration policy of the Amundi group, to which it belongs.
The Amundi group has implemented a remuneration policy adapted to its organisation and its activities. This policy is designed to regulate practices regarding the different remunerations of employees authorised to make decisions, exercise control functions or take risks within the group.
This remuneration policy has been defined with regard to the Group’s economic strategy, objectives, securities and interests, to the management companies which are part of the group, to the UCITS managed
by the Group’s companies and their shareholders. The objective of this policy is to discourage excessive risk-taking by specifically running contrary to the risk profile of the UCITS managed.
Furthermore, the management company has implemented suitable measures to prevent conflicts of interest.
The remuneration policy is adopted and overseen by the Board of Directors of Amundi, the parent company of the Amundi group.
The remuneration policy is available on the website xxx.xxxxxx.xxx or free of charge upon written request from the management company.
Prospectus updated on: 10 July 2018
AMUNDI RESPONSIBLE INVESTING SOCIETE D'INVESTISSEMENT A CAPITAL VARIABLE
“SICAV”
00, Xxxxxxxxx Xxxxxxx – 00000 Xxxxx Listed in the Trade and Companies Register (RCS) of Paris: 834,854 838
SEC./LINE
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SECTION 1
FORM, OBJECT, CORPORATE NAME, REGISTERED OFFICE, TERM OF THE COMPANY
Article 1 – Form
An open-ended investment company with variable capital, (Société d'Investissement à Capital Variable, SICAV) has been formed between the holders of the shares issued hereafter and those issued in the future, governed in particular by the provisions of the French Commercial Code as applicable to public companies, Sociétés anonymes (Book II – Title II – Chapter V), the French Monetary and Financial Code (Book II – Title I
– Chapter IV - Section I - Sub-section I), their regulations and subsequent legislation and by these Articles of Incorporation.
SEC./LI NE
The Board of Directors may launch sub-funds in accordance with applicable regulations.
Article 2 – Objet
This Company has been created for the purpose of developing and managing a portfolio of financial instruments and deposits.
Article 3 – Corporate name
The Company’s name is: AMUNDI RESPONSIBLE INVESTING, followed by the French phrase “Société d'Investissement à Capital Variable” with or without the term “SICAV”.
Article 4 – Registered office
The Registered office is located at: 00, Xxxxxxxxx Xxxxxxx – 00000 Xxxxx, Xxxxxx.
Article 5 – Term
The Company shall have a term of ninety-nine years as from its registration in the French Trade and Companies Register, unless it is dissolved at an earlier date or extended as stated in these Articles of Incorporation.
SECTION 2
CAPITAL, CHANGES IN CAPITAL, CHARACTERISTICS OF SHARES
Article 6 – Share capital
The SICAV’s initial capital amounts to €350,000 divided into 3,500 fully paid-up shares of the same class, each with a nominal value of €100.
The capital was fully constituted with cash contributions.
In the event of the transformation of the SICAV into a UCI with sub-funds, share classes shall be issued to represent the assets allocated to each sub-fund. In such case, the provisions of these Articles of Incorporation applicable to the shares shall apply to these share classes.
The Board of Directors of the SICAV may institute share classes. The characteristics of the different share classes and their access conditions are specified in the SICAV’s Prospectus.
The different share classes may:
have different rules for allocating revenue (distribution or accumulation); be denominated in different currencies;
incur different management fees;
carry different subscription and redemption fees; have different nominal values.
be systematically hedged against risk, either partially or in full, as set out in the Prospectus. Such hedging is done using financial instruments that reduce the impact of the hedging transactions for the UCI’s other unit categories to a minimum;
be reserved for one or several distribution networks.
The shares may be reverse split or split on the decision of an Extraordinary Meeting of Shareholders.
At the discretion of the Board of Directors, shares may be subdivided into tenths, hundredths, thousandths, ten- thousandths or hundred-thousandths called fractions of shares.
The provisions of the Articles of Incorporation regulating the issue and redemption of shares apply to fractional shares whose value will always be proportional to that of the share they represent. All other provisions in the Articles of Incorporation regarding the shares shall automatically apply to fractions of shares unless provisions state otherwise.
Article 7 – Changes in capital
The amount of the capital may change, as a result of the issue of new shares by the Company and reductions following share buybacks by the Company from shareholders who so request.
Article 8 – Issue and redemption of shares
Shares can be issued at any time at the request of the shareholders on the basis of their NAV plus subscription fees, if any.
Redemptions and subscriptions are performed under the terms and conditions defined in the prospectus.
All subscriptions of new shares must, under penalty of nullity, be fully paid up and the shares issued shall be entitled to the same dividends as the shares existing on the day of the issue.
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code, the redemption of shares by the Company and the issuance of new shares may be temporarily suspended by the Board of Directors when exceptional circumstances and the interest of the shareholders so require.
If the net assets of the SICAV (or, as applicable, of a sub-fund) fall below the amount set by the Regulations, no redemptions may be carried out (on the sub-fund in question, as applicable).
The Board of Directors may decide on minimum subscription conditions, in accordance with the terms stipulated in the Prospectus.
The SICAV may cease to issue shares pursuant to paragraph 3 of Article L. 214-7-4 of the French Monetary and Financial Code in situations that objectively require the closure of subscriptions, such as when the maximum number of units or shares has been issued, a maximum amount of assets has been reached, or a specific subscription period has expired. These objective situations are set out in the SICAV’s prospectus.
The SICAV’s Board of Directors may limit or prevent the direct or indirect holding of shares in the SICAV by any person who is a “Non-Eligible Person” as defined here in below.
A Non-Eligible Person is:
- a U.S. Person as defined in U.S. “Regulation S” of the Securities and Exchange Commission (“SEC”); or
- any other person (a) deemed to be directly or indirectly in violation of the laws and regulations of any country or any government authority, or (b) who may, in the opinion of the SICAV’s board of directors, cause damage to the SICAV that it would not have otherwise suffered or incurred.
To this end, the SICAV’s Board of Directors may:
(i) refuse to issue any share where it deems that, by so doing, said shares would or could be held directly or indirectly by or on behalf of a Non-Eligible Person;
(ii) at any time, request that a person or entity whose name is listed in the shareholders’ register provide it with any information, and a statement to that effect, it should deem necessary to determine whether the actual beneficiary of the shares is a Non-Eligible Person or not; and
(iii) carry out, within a reasonable timeframe, the compulsory redemption of all shares held by a shareholder if it appears that the latter is (a) a Non-Eligible Person and (b) such person is the sole or joint beneficiary of the shares. During such time frame, the actual beneficiary of the shares may present comments to the competent body.
The mandatory redemption will be carried out at the latest known net asset value less any applicable costs, fees and dues, which will remain payable by the Non-Eligible Person.
Article 9 – NAV calculation
The NAV of the share is calculated in accordance with the valuation rules set out in the Prospectus.
In addition, an indicative NAV shall be calculated by the stock exchange operator in the event of admission for trading.
Contributions in kind may only consist of the securities, currencies or contracts eligible to form the
UCIs assets; they are valued in accordance with the valuation rules that apply to the calculation of the net asset value.
Article 10 – Form of shares
The shares may be in bearer or registered form, at the choice of subscribers.
Pursuant to Article L. 211-4 of the French Monetary and Financial Code, the stocks must be registered on accounts kept, as applicable, by the issuer or a qualified intermediary.
Shareholder rights are represented by registration on an account in their name: with the intermediary of their choice for bearer securities;
with the issuers and, if they wish, with the intermediary of their choice for registered securities.
The Company may request, at its expense, the name, nationality and address of the SICAV’s shareholders, as well as the number of shares held by each of them in accordance with Article L. 211-5 of the French Monetary and Financial Code.
Article 11 – Listing for trading on a regulated market and/or a multilateral trading facility
The shares may be listed for trading on a regulated market and/or a multilateral trading facility, depending on the regulations in force. If the SICAV whose shares are listed for trading on a regulated market has a management objective that is based on an index, it should have put in place a mechanism to ensure that the price of its shares does not differ significantly from its net asset value.
Article 12 – Rights and obligations attached to shares
Each share entitles the holder to an ownership right in the share capital and a share of the profits, in proportion to the fraction of capital that the share represents.
The rights and obligations attached to the share follow the share, regardless of who owns it.
Whenever the ownership of several shares is required in order to exercise any right and, in particular for swaps and reverse splits, the owners of isolated shares and shareholders with fewer shares than the number of shares required may only exercise those rights if they manage to gather or possibly buy or sell the number of shares needed.
The SICAV may be a feeder UCI.
Article 13 – Indivisibility of shares
All joint holders of a share or the beneficiary owners are required to mutually agree on the appointment of one person to represent them in their dealings with the Company, or they shall be represented by default by the Chair of the commercial court in the jurisdiction of the registered office.
Owners of fractional shares may act in concert. In this case, they must appoint a single representative under conditions defined in the foregoing paragraph, who shall exercise, for each group, the rights attached to the ownership of a full share.
The rights to vote in meetings of the shareholders are divided between the usufructuary and the bare owner at the discretion of the interested parties whose responsibility is to notify the Company.
SECTION 3
ADMINISTRATION AND GOVERNANCE OF THE COMPANY
Article 14 – Administration
The Company is managed by a Board of Directors comprising at least three (3) and at most eighteen (18) members appointed by the Shareholders’ Meeting.
During the Company’s term, the members of the Board of Directors are appointed or reappointed to office by the Ordinary General Meeting of
Shareholders.
Board Members may be individuals or legal entities. Legal entities are required to appoint a permanent representative after their nomination to the Board. Such representative shall be subject to the same conditions and obligations and shall be liable to the same civil and penal liabilities as any individual member of the Board of Directors in his or her own name, notwithstanding the liability of the legal person that he or she represents.
The permanent representative shall be appointed to this position for the term of the legal entity that he or she represents. If the legal entity terminates the appointment of its representative, it shall immediately notify the SICAV of this termination, by registered letter, and shall supply details of its new permanent representative. This same rule applies in case of death, resignation or extensive incapacity of the permanent representative.
Article 15 - Term of Office of Board Members –
Renewal of the Board
Subject to the provisions of this Article, the term of office of Board Members shall not exceed three years. A year refers to the period between two consecutive Shareholders’ Meetings.
If one or more Board Member seats should become vacant between two Shareholders’ Meetings, following the death or resignation of a Board Member, and should the number of Board Members remaining be above or equal to the statutory minimum, the Board of Directors may appoint a new Board Member on an interim basis.
The interim Board Member appointed to the Board to replace another Board Member shall only be in office for the remaining term of his or her predecessor. His or her appointment shall be subject to ratification by the next Shareholders’ Meeting.
Any outgoing Board Member is eligible for reappointment. They may be dismissed at any time by an Ordinary General Meeting of Shareholders.
The office of each member of the Board of Directors shall be terminated at the end of the Ordinary Meeting of Shareholders called to approve the financial statements for the fiscal year ended and held in the year during which the Board Member's term in office expires. It is understood that if a Meeting of Shareholders is not held in that year, the office of such Board Member shall expire on 31 December of that same year, subject to the exceptions outlined below.
Any Board Member may be appointed for a period shorter than three years if necessary to ensure that the Board is completely and properly renewed after each three-year period. This shall apply in particular, if the
number of Board Members is raised or reduced and the proper renewal of the Board is affected thereby.
Where the number of members of the Board of Directors falls below the legal minimum, the remaining member or members must immediately convene an Ordinary Meeting of Shareholders in order to appoint new Board Members to the Board.
As an exception to the foregoing provisions, Board Members' term in office shall end, as of right, at the annual Shareholders' Meeting called to approve the financial statements for the fiscal year during which such Members have reached 70 years of age.
Article 16 – Executive Committee
The Board shall elect for a term decided thereby and from amongst its members a Chairman. The term of office of the Chairman, who must be an individual, cannot exceed his or her term of office as a Board Member.
The Chairman of the Board of Directors organises and directs the works of the Board and reports to the Shareholders’ Meeting.
The Chairman oversees the proper operation of the Company’s bodies and ensures in particular that the Board Members are able to fulfil their duties.
The Chairman may appoint a Vice-Chairman at his or her discretion and may also select a Secretary, who may not necessarily be a member of the Board.
The Chairman's term of office shall automatically end at the end of the Ordinary General Meeting called to approve the accounts for the fiscal year in which the Chairman reaches the age of 65.
In the absence or incapacity of the Chairman, the duties of the Chairman shall be performed by the Managing Director, if any, or, alternatively, by the Vice-Chairman, if one has been appointed. In the absence of the Chairman, of the Managing Director acting as Chairman and of the Vice-Chairman, for each meeting the Board shall appoint one of the Board Members present to chair the meeting.
Article 17 – Board meetings and decisions
The Board of Directors meets when called by the Chairman, or by the person authorised by the SICAV’s Management Company, as often as the interests of the Company so require, either at the Registered Office or at any other location indicated in the notice of meeting.
Where the Board has not met in more than two months, one third of its members at least can ask the Chairman to call a meeting on a specific agenda. The Chief Executive Officer may also ask the Chairman to call a Board of Directors’ meeting on a specific agenda. The Chairman is bound by these requests.
The Board's internal bylaws may determine in accordance with legal and regulatory provisions, the conditions for organising the Board of Directors’ meetings that may be held via video-conference.
The internal bylaws may stipulate that, pursuant to the applicable regulation, Board Members attending the Board meeting via video-conference shall be considered as present for purposes of calculating the quorum and the majority, except for adopting decisions expressly banned by the French Commercial Code.
Board Members are called to Board meetings by any means, including verbally. The Board may only transact business if at least half of its members are present.
Decisions shall be taken by a majority of the votes of the members present or represented.
Each Board Member has one vote. In the event of a tie, the Chairman of the meeting shall have the casting vote.
Article 18 – Minutes of the meeting
Minutes shall be drawn up and copies or excerpts of the proceedings shall be issued and certified in accordance with the Law.
Article 19 – Powers of the Board of Directors
The Board of Directors determines the strategies of the Company’s business and ensures their implementation.
Within the limit of the corporate purpose and subject to the powers expressly granted by Law to Shareholders’ Meetings, the Board of Directors handles all issues concerning the proper operation of the Company and settles relevant corporate matters by its proceedings.
The Board of Directors carries out the checks and verifications that it considers necessary.
The Chairman or the Chief Executive Officer of the Company is required to provide each Board Member with the documents and disclosures necessary for the performance of their duties.
Any Board Member may request to be represented by another Board Member at a meeting of the Board of Directors. The proxy may be given by letter, fax or email. However, a Board Member may have only one proxy for the same meeting.
The proxy may only be valid for one Board meeting.
The Board may establish any committees in accordance with the terms set forth by Law and grant to one or more of its members or to third parties, with or without the authority to further delegate, any special mandates for one or more specific purposes.
Article 20 - General Management – Non-voting members
I. General Management
The Company’s general management shall be represented by either the Chairman of the Board of Directors or another natural person appointed by the Board of Directors and having the title of Chief Executive Officer.
The choice between the two forms of representation of general management is made under the terms fixed by these Articles of Incorporation by the Board of Directors until decided otherwise thereby.
Shareholders and third parties are informed of this choice in the conditions defined by the applicable legal and regulatory provisions.
Depending on the choice made by the Board of Directors in accordance with the foregoing provisions, general management shall be exercised by either the Chairman or by a Chief Executive Officer.
Where the Board of Directors decides to separate the duties of Chairman and Chief Executive Officer, it shall appoint the Chief Executive Officer and define the term of his or her appointment.
Where the general management of the Company is carried out by the Chairman of the Board of Directors, the provisions below regarding the Chief Executive Officer shall be applicable thereto.
Subject to the powers that the Law expressly grants to Shareholders’ Meetings as well as the powers that it especially reserves for the Board of Directors, and within the limit of the corporate purpose, the Chief Executive Officer is vested with the most extensive powers to act under all circumstances in the Company’s name. The Chief Executive Officer exercises these powers within the limit of the corporate purpose and subject to those powers expressly granted by law to general meetings of shareholders and to the board of directors. The Chief Executive Officer represents the Company in its dealings with third parties.
The Chief Executive Officer may partially assign his or her powers to any person of his or her choice.
The appointment of the Chief Executive Officer may be terminated at any time by the Board of Directors.
On the recommendation of the Chief Executive Officer, the Board of Directors may appoint up to five individuals with the title of Executive Vice-President to assist the Chief Executive Officer.
The appointments of Executive Vice-Presidents may be terminated at any time by the Board of Directors on the recommendation of the
Chief Executive Officer.
In agreement with the Chief Executive Officer, the Board of Directors determines the scope and term of the powers granted to the Executive Vice-Presidents. These powers may include the right to assign part of their authority. In case the Chief Executive Officer is unable or incapable of performing his or her duties, the Executive Vice-Presidents shall retain (unless the Board decides otherwise) their offices and their powers until the appointment of the new Chief Executive Officer.
The Executive Vice-Presidents have the same powers as the Chief Executive Officer in their dealings with third parties.
The terms in office of the Chief Executive Officer and the Executive Vice-Presidents shall end at the end of the year during which they reach 65 years of age.
II. Non-voting members
The annual Shareholders' Meeting may appoint one or more Non-voting members, individuals or legal entities.
Their term of office is three years except as provided below: where an individual who will reach age 70 before the end of the three-year period set out above is appointed Non-voting member, the term of such individual’s office is limited to the time remaining from his or her appointment until the annual Shareholders' Meeting called to approve the financial statements for the fiscal year during which such Non-voting member reaches 70 years of age.
The provisions above are applicable to the permanent representatives of the Non-voting members who are legal entities.
Non-voting members may be reappointed indefinitely subject to the above provisions regarding the age of Non- voting members.
In the event of death, resignation or termination of the term in office for any other reason of one or more Non- voting members, the Board of Directors may co-opt their successor whose appointment shall be subject to ratification by the next Shareholders' Meeting.
Non-voting members are charged with ensuring the strict performance of the Articles of Incorporation. They attend the meetings of the Board of Director in an advisory capacity. They review the period-end and annual accounts and may present their comments in relation thereto to the Shareholders' Meeting when they deem it is advisable to do so.
Article 21 – Allocations and remuneration for Board Members and
Non-voting members
The members of the Board of Directors and the Non-voting members may be awarded fixed annual remuneration, in the form of directors’ fees, an amount set by the annual Shareholders’ Meeting and applied until decided otherwise by said Shareholders’ Meeting.
The Board of Directors shall allocate such remuneration among the Board Members and the Non-voting members in the proportions it deems appropriate.
Article 22 – Depositary
The Depositary is appointed by the Board of Directors.
The Depositary performs the duties for which it is responsible pursuant to the legal and regulatory provisions in force and those contractually entrusted to it by the SICAV or Management Company. It must ensure that decisions taken by the Management Company are lawful.
As applicable, it shall take any prudential measures that it deems useful. It shall notify the French Market Regulator (AMF) of any disputes with the Management Company.
If the SICAV is a feeder UCI, the Depositary has entered into an information exchange agreement with the Depositary of the master UCI (or has drawn up appropriate specifications, where applicable, when it is also the Depositary of the master UCI).
Article 23 - Prospectus
The Board of Directors, or the Management Company if the SICAV has delegated its management, has full powers to, if necessary, effect any changes required to ensure the correct management of the Company, in accordance with the legal and regulatory provisions specific to the SICAV.
SECTION 4 INDEPENDENT AUDITOR
Article 24 – Appointment - Powers - Remuneration
The Independent Auditor is appointed for six fiscal years, after approval from the French Market Regulator (AMF), by the Board of Directors, from amongst the people qualified to perform these duties in commercial companies.
It certifies that the accounts are true and fair. The Independent Auditor’s appointment may be renewed.
The Statutory Auditor is required to notify the AMF as soon as possible of any fact or decision relating to the SICAV to which they become privy while carrying out an audit, which could:
1° Constitute a violation of the legal or regulatory provisions applicable to such an undertaking, and that might have material effects on the financial position, income or assets;
2° Adversely affect the conditions or the continuity of its operations; 3°Triggers the expression of reservations or refusal to certify the accounts.
Asset valuations and the determination of exchange rates used in currency conversions, mergers or demergers shall be audited by the Independent Auditor.
It shall appraise any contribution under its responsibility.
It shall verify the composition of the assets and other items prior to publication.
The fees of the Independent Auditor shall be established by mutual agreement between it and the Board of Directors of the SICAV, or the Management Company if the SICAV has delegated its management, on the basis of a work programme specifying the measures deemed necessary.
The Independent Auditor certifies the positions used as a basis for the distribution of interim dividends. If the SICAV becomes a feeder UCI:
the Independent Auditor must enter into an information exchange agreement with the Independent Auditor of the master UCI,
or if they are the Independent Auditor of both the feeder UCI and the master UCI, they shall draw up an appropriate work programme.
SECTION 5 SHAREHOLDERS’
MEETINGS
Article 25 – Shareholders’ Meetings
Shareholders’ Meetings are called and held under conditions defined by Law.
The Annual Shareholders’ Meeting called to approve the Company’s financial statements shall meet within four months of the fiscal year-end.
The meetings shall be held, either at the registered office, or at another location indicated in the notice of meeting.
Any shareholder may attend a Shareholders’ meeting, in person or by proxy, subject to providing proof of identity and share ownership, either in the form of such shares being entered into registered share accounts held by the company or of their being registered as bearer shares, at the places cited in the notice of meeting.
The deadline for completing these formalities expires two business days before the Shareholders’ Meeting.
Shareholders may appoint someone to represent them in accordance with the provisions of Article L.225-106 of the French Commercial Code.
All shareholders may also vote by correspondence under the conditions stipulated in the applicable regulations.
Shareholders’ Meetings shall be chaired by the Chairman of the Board of Directors, or in his or her absence, by a Vice-Chairman or by one of the Board Members appointed by the Board for this purpose. Failing which, the Shareholders' Meeting shall elect a Chairman itself.
Minutes of Shareholders’ Meetings shall be kept and copies or excerpts shall be issued and certified in accordance with the Law.
SECTION 6 ANNUAL FINANCIAL
STATEMENTS
Article 26 – Statutory fiscal year
The statutory fiscal year begins on the day after the last trading day of the Paris stock exchange in May and ends on the last trading day of the Paris stock exchange in the same month of the following year.
However, by way of exception, the first financial year will include all transactions executed between the date of formation and the last trading day of May 2019.
Article 27 – Procedures for allocating income and amounts for distribution
The Board of Directors approves the net income for the fiscal year which, in accordance with legal provisions, is equal to the amount of interests, arrears, dividends, premiums and bonuses, directors’ fees and all income related to the securities in each portfolio of the SICAV or, as applicable, of each sub-fund, plus the total sums temporarily available and minus management costs, borrowing expenses and impairment allowances, if any.
Distributable income consists of:
1. The net profit plus any amounts carried forward and plus or minus the balance of income accruals;
2. Realised capital gains, net of fees, less any realised capital losses, net of fees recorded during the financial year, plus any net capital gains of the same nature recorded during prior financial years which have not been distributed or accumulated and plus/minus the balance of capital gains accruals.
The sums mentioned under 1 and 2 may be distributed, in whole or in part, independently from one another. Distributable income is paid out within a maximum of 5 months following the financial year-end.
For each class of shares, as applicable, the SICAV may select for each of the sums mentioned under 1° and 2°
one of the following options:
full accumulation: Distributable sums will be fully accumulated, with the exception of those amounts which are subject to compulsory distribution by law;
full distribution: The distributable sums are distributed in full, after rounding; interim dividends may be distributed;
accumulation and/or distribution: the Shareholders’ Meeting decides on the allocation of each of the distributable amounts mentioned under 1 and 2 each year. If applicable, the Board of Directors may decide, during the fiscal year, to pay one or more interim dividends within the limits of the net income of each of the sums mentioned under 1 and 2 recognised as at the date of the decision.
The specific terms of allocation of income are described in the Prospectus.
SECTION 7
EXTENSION – DISSOLUTION – LIQUIDATION
Article 28 – Extension or early dissolution
The Board of Directors may at any time and for any reason whatsoever, recommend to the Extraordinary General Meeting of Shareholders, the extension or early dissolution or liquidation of the
SICAV.
The SICAV shall stop issuing new shares and redeeming shares from requesting shareholders on the day on which the notice of a Shareholders' Meeting to discuss the Company’s early dissolution and liquidation or the expiry of the Company’s term is published.
Article 29 - Liquidation
The terms of the liquidation shall be defined in accordance with the provisions of Article L. 214-12 of the French Monetary and Financial Code.
For SICAVs with sub-funds, the net proceeds of the liquidation of each sub-fund will be distributed by the liquidators to the shareholders of the corresponding sub-fund in proportion to their share of the total net assets of the sub-fund in which they are invested.
SECTION 8 DISPUTES
Article 30 – Jurisdiction – Address for service
Any dispute that may arise during the Company’s term or its liquidation, either between shareholders and the Company or between the shareholders themselves regarding corporate matters, shall be dealt with in accordance with the Law or submitted to the courts in the jurisdiction of the registered office.