# ANNEX A: SUB-FUNDS OFFERED FOR SUBSCRIPTIONS
Asset Allocation Sub-Funds

##### LO Funds – All Roads Conservative	82

##### LO Funds – All Roads	85

##### LO Funds – All Roads Growth	88

##### LO Funds – Event Convexity	91

##### LO Funds – Multiadvisers UCITS	95

##### LO Funds – Defensive Systematic Alternative Solution	97
Equity Sub-Funds
Global

##### LO Funds – Generation Global	100

##### LO Funds – TargetNetZero Global Equity	103
Sector/Thematic

##### LO Funds – Continental Europe Family Leaders	106

##### LO Funds – Golden Age	109

##### LO Funds – World Brands	112

##### LO Funds – World Gold Expertise	114

##### LO Funds – Commodity Risk Premia	117

##### LO Funds – Global FinTech	120

##### LO Funds – Natural Capital	122

##### LO Funds – Global HealthTech	124
Regional

##### LO Funds – China High Conviction	126

##### LO Funds – TargetNetZero Europe Equity	128

##### LO Funds – Europe All Cap Leaders	131

##### LO Funds – Europe High Conviction	133

##### LO Funds – Continental Europe Small & Mid Leaders	136

##### LO Funds – Emerging High Conviction	139

##### LO Funds – Asia High Conviction	142

##### LO Funds – TerreNeuve	145

##### LO Funds – Swiss Equity	148

##### LO Funds – Swiss Small & Mid Caps	151

##### LO Funds – Climate Transition	154
Fixed-Income  Sub-Funds
Government

##### LO Funds – Global Inflation-Linked Fundamental	156

##### LO Funds – Global Government Fundamental	159
Aggregate

##### LO Funds – Swiss Franc Bond (Foreign)	161

##### LO Funds – Global Climate Bond	164
Credit

##### LO Funds – TargetNetZero Global IG Corporate	167

##### LO Funds – TargetNetZero Euro IG Corporate	170

##### LO Funds – Global BBB-BB Fundamental	173

##### LO Funds – Euro BBB-BB Fundamental	176

##### LO Funds – Swiss Franc Credit Bond (Foreign)	179

##### LO Funds – Ultra Low Duration (USD)	182

##### LO Funds – Ultra Low Duration (EUR)	184

##### LO Funds – Fallen Angels Recovery	186
Emerging

##### LO Funds – Emerging Local Currency Bond Fundamental	189

##### LO Funds – Asia Value Bond	192

##### LO Funds – Asia Investment Grade Bond	194
Convertibles

##### LO Funds – Convertible Bond	196

##### LO Funds – Global Convertible Bond Defensive Delta	199

##### LO Funds – Convertible Bond Asia	202

##### LO Funds – Convertible Bond High Conviction	205
Buy and Maintain**

##### LO Funds – High Yield 2021	208

##### LO Funds – High Yield 2022	211

##### LO Funds – High Yield 2023	214

##### LO Funds – High Yield 2024	217

##### LO Funds – Asia Income 2024	220

##### LO Funds – Asia Income 2025	223

##### LO Funds – Asia Income 2026	226

##### LO Funds – Global Income 2026	229

##### LO Funds – Global Income 2027	232
Short-Term Money Market Sub-Funds

##### LO Funds – Short-Term Money Market (EUR)	235

##### LO Funds – Short-Term Money Market (USD)	237

##### LO Funds – Short-Term Money Market (GBP)	239

##### LO Funds – Short-Term Money Market (CHF)	241
*	This Sub-Fund is dormant at the time of issuance of the Prospectus and may be launched at any time. Investors are prompted to consult the Lombard Odier Group website (www.loim.com) to find out whether the Sub-Fund has been launched in the period between the issuance of the Prospectus and its following review during which the list of dormant Sub-Funds is updated.
**	Without prejudice to the provisions of the Section "Liquidation, Compulsory Redemption and Amalgamation of Sub-Funds", it is the intention to manage each of these Sub-Funds until sometime in the year indicated in the investment policy (hereafter referred as “the Term”), to liquidate it at the Term and to pay investors all the liquidation proceeds in cash thereafter. However, (i) should exceptional market conditions prevail at the Term and should the Investment Manager believe that the sale of the Sub-Fund’s assets is not in the best interest of shareholders, the Board may decide to defer the sale and final payment of the liquidation proceeds by up to four months after the end of the year indicated in the investment policy, in which case the shareholders will be notified accordingly thirty day in advance or (ii) should the objective return be achieved before the Term and should the Investment Manager believe that the sale of the Sub-Fund's assets before the Term is in the best interest of shareholders, the Board may liquidate or merge the Sub-Fund before the Term, in which case the shareholders will be notified accordingly at least thirty days before the liquidation or (iii) should appropriate market conditions prevail close to the Term and should the Investment Manager believe that it is in the best interest of shareholders, the Board may decide to set up a new investment period (i.e., a new Term),
in which case the shareholders will be notified accordingly at least thirty days before the end of the initial Term and will be offered the right to request the redemption of their Shares without redemption charge or the conversion of their Shares into Shares of another Sub-Fund at no cost. The name of the Sub-Fund will likely be modified to reflect the new Term.
Asset Allocation Sub-Fund

### LO Funds – All Roads Conservative
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or Group of Assets is adjusted in order to control its contribution to the total portfolio risk. Other things equal, the higher the risk of loss of an asset or Group of Assets, the lower its weight in the portfolio. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing various data such as historical price movements.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.1 and paragraph 3.3.2.
Also, as part of the implementation of its investment strategy, the Sub-Fund may enter into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
The Sub-Fund’s strategy aims at implementing a conservative risk profile. The level of expected leverage is deemed to remain relatively low.
Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions may be annual or semi-annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 250% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 100% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 250%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
6%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

### LO Funds – All Roads
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or Group of Assets is adjusted in order to control its contribution to the total portfolio risk. Other things equal, the higher the risk of loss of an asset or Group of Assets, the lower its weight in the portfolio. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing various data such as historical price movements.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.1 and paragraph 3.3.2.
Also, as part of the implementation of its investment strategy, the Sub-Fund may enter into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
The Sub-Fund’s strategy aims at implementing a balanced risk profile. The level of expected leverage is deemed to remain relatively moderate.
Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions may be annual or semi-annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 300% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 100% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 300%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
8%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

### LO Funds – All Roads Growth
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund implements an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or Group of Assets is adjusted in order to control its contribution to the total portfolio risk. Other things equal, the higher the risk of loss of an asset or Group of Assets, the lower its weight in the portfolio. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing various data such as historical price movements.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.1 and paragraph 3.3.2.
Also, as part of the implementation of its investment strategy, the Sub-Fund may enter into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
The Sub-Fund’s strategy aims at implementing a growth risk profile. The level of expected leverage is deemed to remain relatively high.
Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions may be annual or semi-annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 500% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 200% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 500%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
14%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

### LO Funds – Event Convexity
Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund’s objective is to generate returns by implementing an event driven strategy. Such strategy seeks to benefit from corporate events such as, but not limited to, reorganization, restructuring, merger, acquisition, spin-off and other corporate changes that offer capital structure arbitrage opportunities: depending on the regulatory environment and possible synergies from the corporate events mentioned above, the company’s stock price may deviate from the consensus price established before the event takes place.
Strategies and portfolio construction
The Investment Manager combines securities across the capital structure of issuers to create asymmetric opportunities around events.
The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and related financial derivatives. The strategy employs a methodical and disciplined investment process, which begins with screening and analysis systems to filter the universe of company events and dislocations, and results in a portfolio of positions with asymmetric trade structures. This strategy is based on the concept that markets may not be fully efficient and therefore, the Investment Manager will seek to layer the optionality from traditional fundamental corporate events, with inefficiencies across multiple asset classes (product convexity), aiming at creating a more predictable return profile.
Portfolio governance
Portfolio governance is ensured by applying pre-trade and post-trade reviews by the Investment Manager and the risk management department. These reviews are factored in the decision taking through ongoing discussions between the Investment Manager and the risk management department with each having well-delineated areas of responsibility.
On a daily basis, the Investment Manager reviews the portfolio to assess risk at portfolio and position level. Ensuing actions could include weight rebalancing, profit locking, loss limiting and premium recovery.
The risk management department provides advanced analytical insight and monitors respect of risk parameters.
Investment policy
The Sub-Fund may invest in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non- sovereign issuers, convertible bonds, equities and equity related securities (including, but not limited to warrants), commodities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade and Distressed Securities (up to 10% of its net assets) as described in paragraph 3.2).
The Investment Manager uses its discretion with regard to the selection of issuers, markets and currencies. The Investment Manager may implement qualitative and/or systematic strategies. The Investment Manager may use a wide range of financial derivative instruments (in particular, but not limited to CFDs, options, futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives) to take long and short positions on any of the
above-mentioned asset classes, instruments, currencies, markets and/or indices (including commodity indices). In certain circumstances, the net exposure of the Sub-Fund to financial markets may be negative.
The use of financial derivative instruments as part of the investment strategy may result in a higher level of leverage and increase the overall risk exposure (i.e., the total exposure on derivatives, portfolio and other assets) of the Sub-Fund and the volatility of its Net Asset Value (see paragraph 2.10 of the Risk Factors Annex).
The Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.44% | 0.40% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 2.00% | 2.00% | 2.00% | 2.00% | N/A | 2.20% | 3.50% | N/A |
| Maximum Distribution Fee | 2.00% | 2.00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | Yes. See below. |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Performance Fee (as an annual percentage of the performance compared to its benchmark/hurdle rate) |
| --- |
| Percentage | Hurdle Rate | Performance Period |
| 20% | None | 1 January to 31 December |

SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
500%
Risk budget
10%
Global exposure and leverage
The Sub-Fund uses financial derivative instruments as part of its investment strategy and is expected to be leveraged. While leverage may present opportunities for increasing the Sub-Fund's total return, it also has the potential of increasing losses. The cumulative effect of the use of leverage by the Sub-Fund in a market that moves adversely to the Sub-Fund's investments could result in a substantial loss to the Sub-Fund.
Leverage is defined as the sum of the absolute value of the notional of the financial derivative instruments held in each Sub-Fund’s portfolio (excluding the investment portfolio) divided by its total net assets and therefore does not take into account any netting and hedging arrangements. Leverage per se is not an accurate risk indicator as a higher degree of leverage does not necessarily imply a higher degree of risk.
The global exposure of the Sub-Fund is calculated following the absolute VaR approach. The expected level of leverage is 500%. It should be noted that the strategy makes large use of protective derivatives. Therefore this leverage measurement might overestimate by several times the economic exposure of the portfolio, due for example to the following actions: i) collaring each position for added safety, by buying protective puts on any underlying and financing these puts by overwriting calls on the same underlying, thus adding to the leverage level while in fact significantly reducing the risk of the position, ii) hedging the currency of each global position, thus further doubling the leverage level for positions not denominated in the reference currency, and finally iii) hedging each share class that is not denominated in the reference currency. Investors should note that the expected level of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.
Although this measure of gross notional leverage may in some instances reach what could be considered as high levels, it is expected that net leverage taking into account netting and hedging will be substantially lower as a large part of notional leverage will usually be generated through relative trades with offsetting exposures and/or short term derivatives which require larger notional amounts than longer term derivatives to generate a given level of risk.
As described in paragraph 4.2 (l), the risk budget of the Sub-Fund is continuously monitored through a value-at-risk (VaR) methodology with an aim to not exceed an estimated 1-month ex-ante absolute VaR of 15%. Portfolios below their risk budget are, under normal market conditions, statistically not expected to decline by more than this risk budget over one month with a confidence interval of 99%. This risk budget is set according to the risk profile of the Sub-Fund which is lower than the regulatory VaR limit of 20%.
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-3 days | Weekly, each Wednesday | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

### LO Funds – Multiadvisers UCITS
Investment Objective and Policy
The Sub-Fund is actively managed. The HFRX Global Hedge Fund index is used for performance comparison only, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in a broad range of funds implementing alternative investment strategies such as, but not limited to, equity long/short, equity market neutral, global macro, convertible arbitrage, distressed, fixed income arbitrage, credit arbitrage, event driven, managed futures or commodities as well as in traditional long-only strategies through equity securities, fixed income securities, convertible securities, money market instruments.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies. For each asset or Group of Assets, the risk is calculated using proprietary models analyzing historical price movements amongst others. In addition to the above- mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD
currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets) and indices (including commodity indices). The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to options, futures, credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-3 days | Weekly, each Tuesday | Up to T+5 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Asset Allocation Sub-Fund

### LO Funds – Defensive Systematic Alternative Solution
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund seeks to mitigate significant downside market risk, and has been designed to provide a hedge solution against market declines and rising volatility. It invests in rule-based long/short strategies, which can be classified, but not limited to, two main groups: Risk-off Convexity and Diversifying Income.
Each of these groups displays certain characteristics and objectives:
- The Risk-off Convexity group of strategies seeks to take advantage from extreme market movements and rising volatility, by deploying systematic strategies such as, but not limited to, long volatility or intraday trends.
- The Diversifying Income group of strategies seeks to extract risk premia across different asset classes with low market correlation, by deploying systematic strategies such as, but not limited to, carry and relative-value arbitrages.

The Investment Manager may follow a risk based methodology to allocate capital. Each strategy and group receive a risk budget, with on average, the majority of budget allocated to the Risk-off convexity group. Risk budgets are then translated into capital weights. The higher the risk, the less capital it gets. At the global portfolio level, a volatility target mechanism is applied.
The Investment Manager, based on proprietary quantitative models, will determine the investment methodology for each strategy to allocate trades within pre-defined asset classes (including, but not limited to, equities, bonds, interest rates, currencies, commodity indices, credit indices and volatility indices) along with the respective financial derivatives instruments to be used to achieve the desired exposure. The Investment Manager will use its discretion with respect to the total number of underlying strategies and selection of markets (in particular, the Sub-Fund may be fully invested in Emerging Markets).
With respect to strategies involving exposure to commodities, their exposure may be achieved through the use of a swap agreement as further explained under paragraph 3.3.2, paragraph 3.3.3 and paragraph 3.3.4.
Also, as part of the implementation of its investment strategy, the Sub-Fund has entered into an unfunded excess return swap agreement as further explained under paragraph 3.3.5. According to the Investment Manager, such unfunded excess return swap is an efficient tool to implement a long/short strategy on equity while reducing costs as well as liquidity risks.
The Sub-Fund will only enter into swap agreements with counterparties which are first-class financial institutions.
The Sub-Fund invests in financial derivative instruments and possibly through the use of funds as well as Cash and Cash Equivalents. At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents). The Sub-Fund is not subject to the minimum rating described in paragraph 3.2.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 400% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to range between 0% and 150% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 400%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
10%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Global

### LO Funds – Generation Global
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison only, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its portfolio, in equity securities, preferred stocks and convertible securities issued by companies worldwide (including Emerging Markets). However, investment in convertible securities may not represent more than 25% of the Sub-Fund's net asset value. This Sub-Fund seeks to achieve superior investment performance by taking a long term investment view and integrating sustainability research within a rigorous fundamental equity analysis framework. Sustainable investing is the explicit recognition that economic, health, environmental, social and governance factors directly affect long term business profitability. The aim of this Sub-Fund is to select companies that demonstrate practices and processes that will sustain their profits in a changing environment. The Investment Manager will use its discretion with regard to the selection of markets, sectors and currencies (including Emerging Market currencies). The Sub-Fund may invest in Emerging Markets. As part of its Emerging Market exposure,
the Sub-Fund may invest up to 10% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |
| Maximum Distribution Fee | 0.50% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | Yes. See below. |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Performance Fee (as an annual percentage of the performance compared to its benchmark) |
| --- |
| Percentage | Benchmark | Performance Period |
| 20% | MSCI World ND | 1 October to 30 September |

SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI World TR ND USD
Expected level of leverage
50%
Risk budget
125%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Global

### LO Funds – TargetNetZero Global Equity
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets).
The Sub-Fund may invest up to 10% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The investment approach applied by the Investment Manager to select securities is based on proprietary tools which aim to reduce the risk of climate transition. Moreover, the Sub-Fund seeks to select and allocate to issuers with the objective to form a universe compatible with the fight against global warming. It integrates a wide range of climate objectives covering the risk of transition, the opportunities and the physical risk linked to climate change.
The Investment Manager will aim to increase exposure to issuers within the Sub-Fund's investment portfolio which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub- Fund’s investment portfolio when compared to the MSCI World TR ND index. The achievement of these aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies to select equity securities and allocate capital across sectors.
The Investment Manager will use its discretion with regard to the selection of markets, sectors and currencies (including Emerging Market currencies).
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – Continental Europe Family Leaders
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe ex-UK Small Cap TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds) 
of its assets, in equity securities issued by companies directly or indirectly owned, controlled and/or managed by families.
The Sub-Fund may be fully invested in small and mid-cap companies.
At least 75% of the Sub-Fund’s assets will be exposed to equity of corporate issuers having their registered office in the EEA, excluding the UK.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, excluding the UK, including in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
The Investment Manager will use its discretion with regard to the selection of markets (including Emerging Markets), sectors, size of companies and currencies.
The Investment Manager may implement qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.15% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | Yes. See below. |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Performance Fee (as an annual percentage of the performance compared to its benchmark) |
| --- |
| Percentage | Benchmark | Performance Period |
| 15% | MSCI Europe ex-UK Small Cap | 1 October to 30 September |

SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – Golden Age
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity securities, equity related securities (including, but not limited to, warrants) issued by companies worldwide, the future growth of which is significantly driven by the theme of the ageing population. Within this investment universe, the Investment Manager may invest in small and mid cap companies (as considered in their respective markets), as well as in companies incorporated or exercising a prominent part of their business activities in Emerging Markets.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may use a wide range of financial derivative instruments, such as options, futures and swaps (in particular CFD) in order to increase or reduce its exposure to specific markets, sectors, issuers and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI World TR ND USD
Expected level of leverage
100%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – World Brands
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in equities, equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets) with leading / premium brand recognition in the opinion of the Investment Manager and/or offering luxury, premium and prestige products and/or services, or which obtain the majority of their revenues by advising, supplying, manufacturing or financing such activities.
The Sub-Fund may invest up to one-third (1/3
rd
) of its assets (i) outside these parameters and/or (ii) in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies to select equity securities and allocate capital across sectors and/or countries.
The Investment Manager will use its discretion with regard to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – World Gold Expertise
Investment Objective and Policy
The Sub-Fund is actively managed. The NYSE Arca Gold Miners TR ND index is used for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in eligible transferable securities (including those represented by ADRs and GDRs), (i) issued by companies worldwide active in the gold mining, precious metals and precious stones industries and/or (ii) replicating on a one-to-one basis the price of gold or other precious metals. It is intended to invest at least two-thirds (2/3
rds
) of the Sub-Fund’s portfolio in gold mining companies active in the fields of exploration, extraction, processing, production and marketing or in companies with a substantial part of their turnover or income related to such activities or in companies financing such activities. The Sub-Fund will not hold physical gold, precious metals or precious stones. The Sub-Fund may be invested in small cap companies (as considered in their respective markets). Direct investments (local shares) in Russia (other than investments traded on the Moscow Exchange) and investments in markets which are not Regulated Markets shall in aggregate not exceed 10% of the Sub-Fund’s net assets.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
NYSE ARCA Gold Miners TR ND
Expected level of leverage
50%
Risk budget
125%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – Commodity Risk Premia
Objective
The Sub-Fund is actively managed. The Bloomberg Commodity TR index is used for performance comparison only, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund's main objective is to replicate the performance of a proprietary commodity index (the "Proprietary Index").
Authorised investments
To achieve the above objective, the Sub-Fund will enter with one or several first-class financial institutions into one or several swap agreements, the underlying of which will be the Proprietary Index (the "Commodity Swap" whose mechanism is referenced below).
Assets of the Sub-Fund will be invested in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. In addition, subscriptions and redemptions in the Sub-Fund shall determine the Swaps' notional which will be adapted accordingly by the Investment Manager.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesMechanism of the Commodity SwapPlease refer to paragraph 3.3.1.

Risks
Investors should note that the value of their investment could fall as well as rise and should accept that there is no guarantee that they will recover their initial investment.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.3 Commodity indices and other strategies – use of swaps/TRS.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 175% of Net Asset Value.
The Sub-Fund exposure to Total Return Swaps expressed as the sum of notionals is expected to be around 100% of Net Asset Value. In cases where this range is exceeded, exposures should remain below 175%.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
15%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – Global FinTech
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the above- mentioned index.
The Sub-Fund invests primarily in equity and equity related securities (including, but not limited to, warrants) of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital financial services and/or technologies. The Sub- Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies).
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies).
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their SharesApplication procedureApplication monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.

Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – Natural Capital
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World SMID Cap TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies), and will employ a high conviction strategy which means it will generally concentrate the Sub-Fund's assets into a smaller group of investments.
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest in Emerging Markets. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents)
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days  4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Sector / Thematic

### LO Funds – Global HealthTech
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the above- mentioned index.
The Sub-Fund invests primarily in equity and equity related securities (including, but not limited to, warrants) of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital healthcare products, services and/or
technologies. The Sub-Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies).
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies).
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, paragraph 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – China High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI China All Shares TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in China, currencies and/or Cash and Cash Equivalents. Up to 100% of the Sub-Fund’s portfolio may be invested in China A-Shares which are shares issued by mainland China-based companies that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect) as further detailed in the Risk Factors Annex under paragraph 2.12. Up to 10% of the Sub-Fund’s portfolio may be invested in P-Notes as further detailed in the Risk Factors Annex under paragraph 2.17. Up to one-third (1/3
rd
) of the Sub-Fund's portfolio may be invested in similar securities as described above but issued by companies not incorporated or exercising a prominent part of their business activities in China. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Investment Manager may implement qualitative and/or systematic strategies.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets), sectors, issuers and indices.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, swaps (in particular CFD), currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.50% | 0.63% | 0.38% | 0.34% | 0.16% | 0.50% | 0.63% | 0.50% |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – TargetNetZero Europe Equity
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies incorporated or exercising a prominent part of their business activities in Europe. The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes social, environmental, ethical and/or corporate governance factors. At least 75% of the Sub-Fund’s net assets will be exposed to equity of corporate issuers having their registered office in Europe 
1
.
The investment approach applied by the Investment Manager to select securities is based on proprietary tools which aim to reduce the risk of climate transition. Moreover, the Sub-Fund seeks to select and allocate to issuers with the objective to form a universe compatible with the fight against global warming. It integrates a wide range of climate objectives covering the risk of transition, the opportunities and the physical risk linked to climate change.
The Investment Manager will aim to increase exposure to issuers within the Sub-Fund's investment portfolio which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the MSCI Europe TR ND index. The achievement of these aims are dependent
on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The Investment Manager may implement qualitative and/or systematic strategies, including risk-based allocation methodologies to select equity securities and allocate capital across sectors and/or countries. The Investment Manager will use its discretion with regard to the selection of markets, sectors and currencies. As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and
(ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |

1  
Up to 30 September 2021, the Sub-Fund shall continue to be managed according to the PEA rules (as defined in Section 21.1) further to the French ordinance 2020-1595 of 16 December 2020 whereby securities issued by UK issuers can continue to be taken into account for the calculation of the ratio under the PEA rules (as defined in Section 21.1). As from 1 October 2021, the Sub-Fund shall no longer be managed according to the PEA rules (as defined in Section 21.1) given the investment manager's intention to maintain investment in securities of issuers located in the UK and the end of the transitory period under the aforementioned French ordinance.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – Europe All Cap Leaders
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in a broad range of equity securities issued by small, mid and large cap companies exercising a prominent part of their business activities in countries of the EEA and Switzerland.
At least 75% of the Sub-Fund’s net assets will be exposed to equity of corporate issuers having their registered office in EEA.
Up to 15% of the Sub-Fund’s net assets may be exposed to equity securities issued by companies incorporated in Emerging Markets.
Up to 25% of the Sub-Fund’s net assets may be exposed Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
Due to investments in small and medium sized capitalization companies and as a result of corporate events on such securities, the Sub-Fund may have to accept delivery of convertible bonds and bonds attached with warrants which, combined, are not expected to exceed 5% of the Sub-Fund’s net assets.
The Investment Manager will implement its strategy primarily by identifying companies capable of generating excess economic returns, reviewing companies’ business practices and analyzing companies’ business models resilience and exposure to long-term trends.
The Sub-Fund will be managed with a high degree of flexibility and the Investment Manager will use its discretion with regard to the selection of markets (including Emerging Markets), sectors, size of companies and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their SharesApplication procedureApplication monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.

Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – Europe High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Europe TR ND index is used for performance comparison, for internal risk monitoring purposes as well as for performance fee calculation, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity securities issued by companies incorporated or exercising a prominent part of their business activities in Europe 
1
. The Investment Manager will use its discretion with regard to the selection of markets, sectors, size of companies and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | Yes. See below. |

1  
Up to 30 September 2021, the Sub-Fund shall continue to be managed according to the PEA rules (as defined in Section 21.1) further to the French ordinance 2020-1595 of 16 December 2020 whereby securities issued by UK issuers can continue to be taken into account for the calculation of the ratio under the PEA rules (as defined in Section 21.1). As from 1 October 2021, the Sub-Fund shall no longer be managed according to the PEA rules (as defined in Section 21.1) given the investment manager's intention to maintain investment in securities of issuers located in the UK and the end of the transitory period under the aforementioned French ordinance.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Performance Fee (as an annual percentage of the performance compared to its benchmark) |
| --- |
| Percentage | Benchmark | Performance Period |
| 15% | MSCI Europe ND | 1 October to 30 September |

SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation".
Prior to 1 January 2021, MSCI Limited was an EU regulated benchmark administrator authorized under the Benchmark Regulation by the UK FCA and on the ESMA register for benchmark administrators.
As of 1 January 2021, MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK FCA (and can be found on the FCA Financial Services Register), but is considered a “third country” UK administrator vis-a-vis the EU and will not appear on the ESMA
register for benchmark administrators unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”. Additional information on the Benchmark can be found on the website of the administrator: www.msci.com/index-regulation.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI Europe TR ND EUR
Expected level of leverage
0%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – Continental Europe Small & Mid Leaders
Investment Objective and Policy
The Sub-Fund is actively managed. The Stoxx ex-UK Small Return TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least 75% of its assets, in equity securities of corporate issuers having their registered office in the EEA, excluding the UK.
At least 60% of the Sub-Fund's portfolio is invested in equity securities issued by small and mid cap companies, incorporated or exercising a prominent part of their business activities in EEA, excluding the UK. The Sub-Fund may invest up to 40% of its portfolio outside these parameters, in particular in companies incorporated or exercising a prominent part of their business activity in other European countries, excluding the United Kingdom, in equity securities issued by large companies (as considered in their respective markets) and also in warrants on securities where the underlying aim is to acquire an equity investment.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.15% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.90% | 0.90% | 0.90% | 0.90% | N/A | 1.00% | 1.80% | N/A |
| Maximum Distribution Fee | 0.90% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Stoxx ex-UK Small Return TR ND EUR
Expected level of leverage
0%
Risk budget
125%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – Emerging High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI Emerging Market TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests in equities, equity related securities (including, but not limited to, warrants, swaps providing long and/or short exposure to equity securities or options providing sovereign market exposure for hedging) issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly, in Emerging Markets. The Investment Manager may invest up to 20% of the Sub-Fund's portfolio outside these parameters, in particular (i) in companies exercising a prominent part of their business activities outside of Emerging Markets and/or (ii) in currencies (including Emerging Market currencies).
Investments in retail, and consumer related industries/companies may represent an important theme within the strategy.
The Investment Manager may invest up to 10% of the Sub-Fund’s assets in convertible bonds. Up to 20% of the Sub-Fund may be invested in China
A-Shares which are shares issued by mainland China-based companies that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect) as further detailed in the risk factor 2.12 of the Risk Factors Annex.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The Investment Manager will implement its strategy primarily by investing in securities, listed derivatives, and synthetic derivative instruments of companies that it believes to be undervalued. The Investment Manager may use a wide range of financial derivative instruments, such as options, futures and swaps (in particular CFD) in order to increase or reduce its exposure to specific markets, sectors, issuers and currencies. The Investment Manager will use its discretion with regard to the selection of markets, sectors, categories of financial derivative instruments, size of companies and currencies. The Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.50% | 0.63% | 0.38% | 0.34% | 0.16% | 0.50% | 0.63% | 0.50% |
| Maximum Management Fee | 0.85% | 0.85% | 0.85% | 0.85% | N/A | 0.95% | 1.70% | N/A |
| Maximum Distribution Fee | 0.85% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
MSCI Emerging Market TR ND
Expected level of leverage
75%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – Asia High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI ACF Asia ex-Japan TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies incorporated or exercising a prominent part of their business activities, directly or indirectly in Asia, currencies and/or Cash and Cash Equivalents. Up to 20% of the Sub-Fund’s
portfolio may be invested in China A-Shares which are shares issued by mainland China-based companies that trade on regulated exchanges but only available for purchase through certain trading facilities (such as Stock Connect) as further detailed in the Risk Factors Annex under paragraph 2.12. Up to one-third (1/3
rd
) of the Sub-Fund’s portfolio may be invested in similar securities as described above but issued by companies not incorporated or exercising a prominent part of their business activities in Asia.
The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may implement qualitative and/or systematic strategies.
In addition to the above-mentioned investments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes, markets (including Emerging Markets), sectors, issuers and indices.
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/ MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub- Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to futures, swaps (in particular CFD), currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.50% | 0.63% | 0.38% | 0.34% | 0.16% | 0.50% | 0.63% | 0.50% |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – TerreNeuve
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets), as well as in Cash and Cash Equivalents. The Investment Manager may invest up to one-third (1/3
rd
) of the Sub-Fund's portfolio outside these parameters, in particular in i) bonds and fixed or floating-rate securities and/or ii) convertible bonds. Non-investment grade debt securities may not be purchased.
The Investment Manager will implement its strategy by investing in companies that it believes to be undervalued and by using short derivative instruments to seek exposure to companies that it believes to be overvalued.
The investment approach applied by the Investment Manager to select securities will be based on proprietary responsible criteria which includes environmental, social, ethical and/or corporate governance factors. In addition to these selection criteria, the Investment Manager may apply a screen to exclude certain companies from the investment universe based on a specific environmental, social, ethical and/or corporate governance scoring methodology of companies.
The Investment Manager may use a wide range of financial derivative instruments, such as options, futures (including, but not limited to, equity indices, commodity indices and currencies), CFD and swaps (including, but not limited to, CDS) in order to increase or reduce its exposure to specific markets, sectors, issuers, credit, interest rates and currencies. In certain circumstances, the net exposure of the Sub-Fund to financial markets may be negative.
Notwithstanding the limit above, the Investment Manager may fully invest the Sub-Fund's portfolio in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents), in accordance with the applicable diversification rules, (i) when the Investment Manager deems it appropriate for the implementation of the investment policy (such as investment in derivatives) or (ii) temporarily, in times of increasing volatility when, for instance, it considers the Sub-Fund should be positioned in a defensive way.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.44% | 0.40% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 2.00% | 2.00% | 2.00% | 2.00% | N/A | 2.20% | 3.50% | N/A |
| Distribution Fee | 2.00% | 2.00% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | Yes. See below. |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
Performance Fee
| Performance Fee (as an annual percentage of the performance compared to its benchmark/hurdle rate) |
| --- |
| Percentage | Hurdle Rate | Performance Period |
| 20% | None | 1 January to 31 December |

SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
400%
Risk budget
18%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-3 days | Weekly, each Wednesday | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional

### LO Funds – Swiss Equity
Investment Objective and Policy
The Sub-Fund is actively managed. The SPI TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity securities issued by companies incorporated or exercising a prominent part of their business activities in Switzerland. Up to 10% of portfolio may be invested in other equity securities outside these parameters.
The Investment Manager will use its discretion with regard to the selection of markets, sectors, size of companies and currencies.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund. Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
SPI TR
Expected level of leverage
0%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".

## Equity Sub-Fund / Regional
LO Funds – Swiss Small & Mid Caps
Investment Objective and Policy
The Sub-Fund is actively managed. The SPI Extra TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in equity securities (including, but not limited to, warrants) issued by small and mid cap companies incorporated or exercising a prominent part of their business activities in Switzerland as listed in the SPI Extra Index (the “Benchmark”). Up to 10% of portfolio may be invested in other equity securities outside these parameters.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to 15% of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund is managed in reference to the Benchmark for portfolio composition and performance objective and measures. The majority of the Sub-Fund equity securities will be component of the Benchmark. The Investment Manager may use discretion to invest in equities not included in the
Benchmark in order to take advantage of specific investment opportunities. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the Benchmark. This deviation may be material.
The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 2.00% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Equity Sub-Fund / Regional
LO Funds – Climate Transition
Investment Objective and Policy
The Sub-Fund is actively managed. The MSCI World TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in equity and equity related securities (including, but not limited to, warrants) issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products related to the global fight against or adaptation to climate change.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will use its discretion with regards to the selection of markets, sectors, size of companies and currencies (including Emerging Market currencies), and will employ a high conviction strategy which means it will generally concentrate the Sub-Fund's assets into a smaller group of investments.
At least 75% of the Sub-Fund’s net assets will be exposed to the equity or equity related securities of corporate issuers worldwide.
The Sub-Fund may invest in Emerging Markets. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares) that trade on exchanges. The China A-Shares will be acquired via Stock Connect. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
Up to 25% of the Sub-Fund’s assets may be invested outside of these parameters, including but not limited to Cash and Cash Equivalents (including short- term ABS/MBS, which may represent up to 10% of investments in Cash and Cash Equivalents)
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The Sub-Fund qualifies as an Equity Fund under GITA.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 1.00% | 1.00% | 1.00% | 1.00% | N/A | 1.10% | 1.50% | N/A |
| Maximum Distribution Fee | 1.00% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek capital appreciation over the long-term; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Government
LO Funds – Global Inflation-Linked Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays World Govt Inflation All Maturities TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in inflation-linked bonds, other fixed or floating-rate debt securities and short-term debt securities, denominated in any OECD currencies, issued or guaranteed by sovereign issuers participating in the OECD and/or supranational institutions. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities denominated in other currencies (including Emerging Market currencies),
(ii) debt securities issued or guaranteed by sovereign issuers not participating in the OECD (including Emerging Market issuers), (iii) debt securities issued by non-sovereign/supranational issuers, (iv) currencies (including Emerging Market currencies) and/or (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers, independently of their rating. This Sub-Fund is therefore not subject to the minimum rating described in paragraph 3.2. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Investment Manager will use its discretion with regard to the maturity of the portfolio and the selection of currencies. The Sub-Fund may be exposed to a limited number of issuers.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy  YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.375% | 0.375% | 0.375% | 0.375% | N/A | 0.45% | 0.75% | N/A |
| Maximum Distribution Fee | 0.375% | 0.825% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays World Govt Inflation-Linked Bonds All Maturities TR Index
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Government
LO Funds – Global Government Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Treasury TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities issued or guaranteed by sovereign issuers participating in the OECD and/or by supranational institutions. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities issued or guaranteed by sovereign issuers not participating in the OECD (including Emerging Market issuers), (ii) debt
securities issued by non-sovereign/supranational institutions, (iii) currencies (including Emerging Market currencies) and/or (iv) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. Up to 15% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers, independently of their rating. This Sub-Fund is therefore not subject to the minimum rating described in paragraph 3.2. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe Investment Manager will use its discretion with regard to the maturity of the portfolio, the selection of currencies, the categories of financial derivative instruments and their underlying.

The use of structured financial instruments is described in paragraph 3.1.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund in particular
2.12 with regard to investments in Emerging Markets.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.375% | 0.375% | 0.375% | 0.375% | N/A | 0.45% | 0.75% | N/A |
| Maximum Distribution Fee | 0.375% | 1.125% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Global Treasury TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Aggregate
LO Funds – Swiss Franc Bond (Foreign)
Investment Objective and Policy
The Sub-Fund is actively managed. The SBI Foreign AAA-BBB TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities, issued or guaranteed by sovereign or corporate issuers of a member State of the OECD, graded from AAA to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, it being precised that if a security is rated by more than one rating agency the lowest rating is considered as the valid one. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities issued or guaranteed by sovereign or corporate issuers not participating in the OECD, (ii) debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets), (iv) currencies (including Emerging Market currencies) and/or (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. At least two-thirds (2/3
rds
) of the Sub-Fund’s portfolio will be invested in CHF-denominated securities.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The Investment Manager will use its discretion with regard to the issuers, the maturity of the portfolio and the selection of currencies. The investment approach applied by the Investment Manager is based on qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.25% | 0.21% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.70% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
SBI Foreign AAA-BBB TR
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Aggregate
LO Funds – Global Climate Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities issued by sovereign, corporate or supranational entities and where the use of all or part of the proceeds of the sale of debt securities will be used to finance projects that favor the environment.
These projects may include, but are not limited to:
- mitigation projects against climate change such as wind farms, solar and other renewable energy plants, clean transportation, energy and resource efficiency, recycling and circular economy;
- adaptation projects against climate change such as building sea walls in cities threatened by rising sea levels, flood protection, water filtration infrastructure.

The Sub-Fund may invest up to 25% in bonds, other fixed or floating-rate debt securities and short-term debt securities issued by sovereign, corporate or supranational entities and where the use of all or part of the proceeds of the sale of debt securities will be used to finance social projects designed to help build resilient communities and economies, such as giving access to essential healthcare, school, electricity or housing.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers, independently of their rating. This Sub-Fund is therefore not subject to the minimum rating described in paragraph 3.2. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Sub-Fund may invest up to 10% of its net assets in securities issued by corporate issuers graded less than BBB- or equivalent by the rating agencies described in paragraph 3.2 of the Prospectus or of equivalent quality in the opinion of the Investment Manager.
The Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way.
The Investment Manager will use its discretion with regard to the selection of instruments, sectors, geographical exposure (including Emerging Markets), currencies (including Emerging Market currencies) and maturity of the portfolio.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – TargetNetZero Global IG Corporate
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate Corporates TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers (including Emerging Market corporate issuers) and graded from AAA to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 20% of the Sub-Fund’s assets may be invested in (i) debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (ii) debt securities issued or guaranteed by sovereign (including Emerging Market sovereign issuers) and/
or supranational issuers, (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets), (iv) currencies (including Emerging Market currencies) and/or (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The investment approach applied by the Investment Manager to select securities will be based on responsible criteria which includes social, environmental, ethical and/or corporate governance factors and on a fundamental analysis of issuers. Moreover, the Sub-Fund seeks to invest in issuers with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the Bloomberg Barclays Global Aggregate Corporates TR index. The achievement of these aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Investment Manager will use its discretion with regard to the maturity of the portfolio, the selection of currencies, the categories of financial derivative instruments and their underlying.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility
derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund. Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.55% | 0.55% | 0.55% | 0.55% | N/A | 0.65% | 1.10% | N/A |
| Maximum Distribution Fee | 0.55% | 1.15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Bloomberg Index Services Limited is the administrator of the Benchmark. Bloomberg Index Services Limited is listed on the ESMA register for benchmark administrators.
Additional information on the Benchmark can be found on the website of the administrator: https://www.bloomberg.com/professional/product/ indices/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Global Aggregate Corporates TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – TargetNetZero Euro IG Corporate
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Euro-Aggregate Corporates TR index is used to define the initial investment universe for individual security selection, as well as for performance and internal risk monitoring purposes. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but their allocations may differ. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities. It is the intention of the Investment Manager to build a diversified portfolio selecting securities using fundamentals criteria including extra financial data (i.e., responsible criteria) as a result the allocation to sectors and issuers will likely deviate from those of the above-mentioned index. Especially under a low volatility environment, the performance of the Sub-Fund may be close to that of the above- mentioned index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate issuers denominated in EUR (including Emerging Market corporate issuers) and graded from AAA to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 20% of the Sub-Fund’s assets may be invested in (i) debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (ii) debt securities issued or guaranteed by sovereign (including Emerging Market sovereign issuers) and/or supranational issuers,
(iii) debt securities denominated in other currencies (including Emerging Market currencies), (iv) Coco Bonds (which may represent up to 10% of the Sub- Fund's assets), (v) Currencies (including Emerging Market currencies) and/or (vi) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
The investment approach applied by the Investment Manager to select securities will be based on responsible criteria which includes social, environmental, ethical and/or corporate governance factors and on a fundamental analysis of issuers. Moreover, the Sub-Fund seeks to invest in issuers with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Investment Manager will aim to invest in securities of issuers which can contribute to a reduction in global CO2 emissions and the eventual achievement of net zero CO2 emissions by 2050. This will include issuers already targeting such net zero CO2 emissions by 2050, as well as issuers that may not yet have set such targets but that progressively may be brought into alignment, including through regulatory action, investor engagement and market changes. The Investment Manager will aim to ensure a faster rate of reductions in CO2 emissions in the Sub-Fund’s investment portfolio when compared to the Bloomberg Barclays Euro-Aggregate Corporates TR index. The achievement of these aims are dependent on regulatory, technological and commercial developments external to the Investment Manager and there can be no guarantee that they will be achieved in respect of the above referenced aims.
The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.45% | 0.45% | 0.45% | 0.45% | N/A | 0.50% | 0.90% | N/A |
| Maximum Distribution Fee | 0.45% | 0.90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Bloomberg Index Services Limited is the administrator of the Benchmark. Bloomberg Index Services Limited is listed on the ESMA register for benchmark administrators.
Additional information on the Benchmark can be found on the website of the administrator: https://www.bloomberg.com/professional/product/ indices/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Euro-Aggregate Corporates TR
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Global BBB-BB Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Aggregate Corporates 500MM TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of non-governmental issuers denominated in any currencies (including Emerging Market currencies) and graded either BBB, BB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities of governmental issuers, (ii) debt securities graded above BBB or below BB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets) and/or in (iv) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The debt securities graded below BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager may not represent more than 40% of the Sub-Fund’s assets. The Investment Manager will use its discretion with regard to sectors, geographical exposure (in particular, the Sub-Fund may be fully invested in Emerging Markets) and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.25% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Global Aggregate Corporates 500MM TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Euro BBB-BB Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Euro-Aggregate Corporates 500MM TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of non- governmental issuers denominated in EUR and graded either BBB, BB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities of governmental issuers, (ii) debt securities denominated in other currencies (including Emerging Market currencies), (iii) debt securities graded above BBB or below BB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iv) Coco Bonds (which may represent up to 10% of the Sub- Fund's assets) and/or in (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The debt securities graded below BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager may not represent more than 40% of the Sub-Fund’s assets. The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets) and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 1.00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Bloomberg Barclays Euro-Aggregate Corporates 500MM TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 12 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Swiss Franc Credit Bond (Foreign)
Investment Objective and Policy
The Sub-Fund is actively managed. The SBI Foreign A-BBB TR index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating rate debt securities and short-term debt securities denominated in CHF and graded from A to BBB or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, it being precised that if a security is rated by more than one rating agency the lowest rating is considered as the valid one. Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) debt securities denominated in other currencies (including Emerging Market currencies),
(ii) debt securities graded above A or of equivalent quality in the opinion of the Investment Manager, (iii) debt securities graded below BBB but not lower than B, or of equivalent quality in the opinion of the Investment Manager, (iv) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets), (v) currencies (including Emerging Market currencies) and/or in (vi) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Investment Manager will use its discretion with regard to sectors, geographical exposure, maturity of the portfolio and the selection of currencies. The Sub-Fund may be exposed to a limited number of issuers. The unrealized gain and loss of financial derivative instruments on currency shall be taken into account for the purpose of assessing compliance with the investment policy, including its limits or restrictions.
The investment approach applied by the Investment Manager is based on qualitative and/or systematic strategies. As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.35% | 0.35% | 0.35% | 0.35% | N/A | 0.40% | 0.70% | N/A |
| Maximum Distribution Fee | 0.35% | 0.70% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
The Benchmark has been endorsed by SIX Financial Information Nordic AB as endorsing administrator for indices administered by SIX a benchmark administrator located outside of the EU. The Benchmark is included on the ESMA register for third country benchmarks.
Additional information on the Benchmark can be found on the website: https://www.six-group.com/en/products-services/financial-information/ indices.html/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
SBI Foreign A-BBB TR
Expected level of leverage
300%
Risk budget
175%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Ultra Low Duration (USD)
Investment Objective and Policy
The Sub-Fund is actively managed. The FTSE 6-Month U.S. Dollar Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
The Sub-Fund invests, for at least two-thirds (2/3
rds
) of its assets, in bank deposits, money market instruments (including short-term ABS/MBS which may represent up to 10% of investments), bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to
one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in convertible bonds. The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets), maturity of the portfolio and currencies (including Emerging Market currencies). The Sub-Fund may be exposed to a limited number of issues and issuers. The maximum weighted average duration of the portfolio is no more than 365 days. Instruments may have a maximum residual maturity of three years, except for (i) regularly amortizing structured finance instruments (such as ABS/MBS) which must have an average life of 2 years or less and (ii) non-amortizing or scheduled amortizing structured finance instruments (such as ABS/MBS) which must have an expected final maturity of maximum 3 years. It is the intention of the Investment Manager to target an average rating of A at the portfolio level, however without any guarantee.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.45% | 0.45% | 0.45% | 0.45% | N/A | 0.50% | 0.90% | N/A |
| Maximum Distribution Fee | 0.45% | 0.90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Ultra Low Duration (EUR)
Investment Objective and Policy
The Sub-Fund is actively managed. The FTSE 6-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
The Sub-Fund invests, for at least two-thirds (2/3
rds
) of its assets, in bank deposits, money market instruments (including short-term ABS/MBS which may represent up to 10% of investments), bonds, other fixed or floating-rate debt securities and short-term debt securities of governmental and/or corporate issuers rated BBB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to
one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in convertible bonds. The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets), maturity of the portfolio and currencies (including Emerging Market currencies). The Sub-Fund may be exposed to a limited number of issues and issuers. The maximum weighted average duration of the portfolio is no more than 365 days. Instruments may have a maximum residual maturity of three years, except for (i) regularly amortizing structured finance instruments (such as ABS/MBS) which must have an average life of 2 years or less and (ii) non-amortizing or scheduled amortizing structured finance instruments (such as ABS/MBS) which must have an expected final maturity of maximum 3 years. It is the intention of the Investment Manager to target an average rating of A at the portfolio level, however without any guarantee.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.21% | 0.17% | 0.10% | 0.31% | 0.44% | 0.31% |
| Maximum Management Fee | 0.45% | 0.45% | 0.45% | 0.45% | N/A | 0.50% | 0.90% | N/A |
| Maximum Distribution Fee | 0.45% | 0.90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Credit
LO Funds – Fallen Angels Recovery
Investment Objective and Policy
The Sub-Fund is actively managed. The Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR Index is used to define the initial investment universe for individual security selection, for performance comparison as well as for internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund's investments. The Sub-Fund’s securities will generally be similar to those of the above-mentioned index but the security weightings are expected to differ materially. The Investment Manager may also select securities not included in the above-mentioned index in order to take advantage of investment opportunities. In addition to the above-mentioned index, the Bloomberg Barclays Global High Yield Corporate Total Return Index may also be used for performance comparison as well as for internal risk monitoring purposes.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of “Fallen Angels” issuers; that is, issuers that were previously rated investment grade and that are now rated below investment grade and which one or more of their issues are part of the Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR index, denominated in any currencies (including Emerging Market currencies).
Up to one-third (1/3
rd
) of the Sub-Fund’s assets may be invested in (i) bonds, other fixed or floating-rate debt securities and short-term debt securities of issuers which issues are not part of the above-mentioned index, (ii) bonds, other fixed or floating-rate debt securities and short-term debt securities of emerging market issuers, (iii) debt securities of governmental issuers (iv) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets) and/ or in (v) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules.
Debt securities cannot be graded lower than B, or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months.
The use of financial derivative instruments will not be considered within these limits. The Investment Manager will use its discretion with regard to sectors, geographical exposure (in particular, the Sub-Fund may be fully invested in Emerging Markets) and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.30% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Benchmark Regulation
See the general part of the Prospectus: "3. Investment Objectives and Policies" / 3.1 "General Provisions Common to all Sub-Funds" / "(x) Benchmark Regulation"
Bloomberg Index Services Limited is the administrator of the Benchmark. Bloomberg Index Services Limited is listed on the ESMA register for benchmark administrators.
Additional information on the Benchmark can be found on the website of the administrator: https://www.bloomberg.com/professional/product/ indices/
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 15 p.m. on T-1 | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Emerging
LO Funds – Emerging Local Currency Bond Fundamental
Investment Objective and Policy
The Sub-Fund is actively managed. The JP Morgan GBI-EM Global Diversified TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by Emerging Market sovereign entities or corporate entities incorporated or exercising a prominent part of their business activities in Emerging Markets, denominated in OECD currencies and/or Emerging Market currencies. In specific market conditions or where the Investment Manager considers it appropriate, the Sub-Fund may also invest in bonds, other fixed or floating-rate debt instruments and short-term debt instruments issued or guaranteed by sovereign OECD entities, denominated in OECD currencies. The instruments described above may be of any credit quality (including below investment-grade securities as described in paragraph 3.2). The Investment Manager uses its discretion with regard to the selection of issuers and countries. Up to 35% of the Sub-Fund’s portfolio may be invested in bonds issued or guaranteed by the Russian State admitted to Official Listing or dealt in a Regulated Market. Direct investments in Russian markets (other than investments traded on the Moscow Exchange) together with other investments traded through markets which are not Regulated Markets but which are, inter alia, transferable, liquid and have a value which can be accurately determined at any time shall in aggregate not exceed 10% of the Sub-Fund’s net assets. Up to 20% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
In addition to the investments in bonds and other debt securities and instruments, the Investment Manager may use financial derivative instruments (i) to take long and short positions on currencies (OECD currencies and/or Emerging Market currencies) and/or (ii) to increase or reduce its exposure to specific asset classes (including equities), markets (including Emerging Markets) and indices (including commodity indices).
The Sub-Fund may also be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) when, for instance, the Investment Manager considers that the Sub-Fund should be positioned in a defensive way. The Sub-Fund may be fully invested in Emerging Markets. Please have regard to the Risk Factors Annex, in particular, 2.12 with regard to such investments.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
JPMorgan GBI-EM Global Diversified TR
Expected level of leverage
300%
Risk budget
190%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Emerging
LO Funds – Asia Value Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The JP Morgan Asia Credit TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests in (i) bonds, other fixed or floating-rate debt securities, convertible bonds, bonds with attached warrants on transferable securities and short-term debt instruments, issued or guaranteed by sovereign entities or corporate entities worldwide, (ii) currencies and (iii) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
While investing worldwide, the Investment Manager maintains a clear and distinct focus on Asia by investing in issuers having their main activity in Asia-Pacific (including Japan).
The Sub-Fund may invest up to:
- 5% of its net assets in UCIs;
- 40% of its net assets in debt securities graded below BBB- or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, it being precised that if a security is rated by more than one rating agency the highest rating is considered as the valid one;
- 20% of its net assets in convertible bonds, bonds with attached warrants on transferable securities;
- 25% of its net assets in Coco Bonds; and
- 25% of its net assets in non-Asia-Pacific (including Japan) bonds.

The Sub-Fund may also invest in Emerging Market currencies including CNH and CNY. Up to 25% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The Investment Manager will use its discretion with regard to the selection of issuers, instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets), maturity and currencies (including Emerging Market currencies).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Emerging
LO Funds – Asia Investment Grade Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The JP Morgan JACI Investment Grade TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests at least 70% of its net assets in (i) bonds, other fixed or floating-rate debt securities, convertible bonds, bonds with attached warrants on transferable securities and short-term debt instruments, issued or guaranteed by sovereign entities or corporate entities having their main activity in the Asia-Pacific region (including Japan and Australia), (ii) currencies and (iii) Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents).
The Sub-Fund may invest up to:
- 5% of its net assets in UCIs;
- 20% of its net assets in Coco Bonds; and
- 30% of its net assets in non-Asia-Pacific debt securities.

Should securities held by the Sub-Fund be downgraded below BBB- or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager, the following principles will apply:
- in case the downgraded securities are rated BB+, BB or BB- (or equivalent as per the above), the Sub-Fund may hold up to 10% of its net assets in such securities pending their disposal having regard to the market conditions and the best interest of the shareholders;
- in case the downgraded securities are rated below BB- (or equivalent as per the above), the Sub-Fund will dispose of such securities forthwith.

The Sub-Fund may also invest in Emerging Market currencies including CNH and CNY. Up to 25% of the Sub-Fund's portfolio may be invested in bonds of CIBM, notably through the Bond Connect.
The Investment Manager will use its discretion with regard to the selection of issuers, instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets), maturity and currencies (including Emerging Market currencies).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.31% | 0.27% | 0.13% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Convertible Bond
Investment Objective and Policy
The Sub-Fund is actively managed. The Refinitiv Global Convertible Composite Hedged TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds convertible into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. Up to one-third (1/3
rd
) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above.
The Investment Manager may invest the assets of the Sub-Fund in securities or issuers graded B or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may invest up to 5% of the Sub-Fund's assets in Chinese convertible bonds through the RQFII regime.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund, in particular
2.12 with regard to investments in Emerging Markets.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.65% | 1.15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Thomson Reuters Global Convertible Composite Index Hedged EUR TR
Expected level of leverage
125%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Global Convertible Bond Defensive Delta
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds convertible into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. Up to one-third (1/3
rd
) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above. The Investment Manager will seek to keep the weighted average delta of the Sub-Fund at or below 40%. The delta refers to the sensitivity of the price of a convertible bond to the change in price of the underlying equities.
The Investment Manager may invest the assets of the Sub-Fund in securities or issuers graded B or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.65% | 0.65% | 0.65% | 0.65% | N/A | 0.75% | 1.30% | N/A |
| Maximum Distribution Fee | 0.65% | 1.15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only
Not applicable
Expected level of leverage
The Sub-Fund's leverage under the sum of notional of financial derivative instruments approach is expected to be around 125% of Net Asset Value.
Investors should note that expected exposures and leverage may be exceeded.
Risk budget
10%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Convertible Bond Asia
Investment Objective and Policy
The Sub-Fund is actively managed. The Refinitiv Convertible Asia Ex-Japan TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its portfolio, in bonds convertible into equities of companies incorporated or exercising a prominent part of their business activities in the Asian area, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. The Sub-Fund may invest up to one-third (1/3
rd
) of its portfolio in other transferable securities and/or Cash and Cash Equivalents. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above. The Investment Manager may invest
the assets of the Sub-Fund in securities or issuers graded B or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Investment Manager may invest up to 15% of the Sub-Fund's assets in Chinese convertible bonds through the RQFII regime.
As mentioned in paragraph 3.1, the Sub-Fund may (i) in normal market conditions and in accordance with the applicable diversification rules, hold on a temporary and ancillary basis up to one-third (1/3
rd
) of its net assets in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) and (ii) hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund, in particular
2.12 with regard to investments in Emerging Markets.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Thomson Reuters Convertible Asia ex Japan Index (USD) TR
Expected level of leverage
125%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Convertibles
LO Funds – Convertible Bond High Conviction
Investment Objective and Policy
The Sub-Fund is actively managed. The Refinitiv Global Focus Convertible Bond TR index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the index.
The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies.
The Sub-Fund invests, at least two-thirds (2/3
rds
) of its assets, in bonds convertible into equities and in associated instruments such as warrants and convertible preference shares, denominated in various currencies, as well as synthetic convertible bonds (segregated purchase of bonds and options or convertible bonds and options) and financial derivative instruments on convertible bonds. Up to one-third (1/3
rd
) of the Sub-Fund's assets may be invested in other transferable securities and/or in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments in Cash and Cash Equivalents) in accordance with the applicable diversification rules. The Sub-Fund may not hold more than 10% of its net assets in equity securities. The market value of the optional part of the synthetic convertible bonds shall be taken into account for the purpose of verifying compliance with the two-thirds ratio of the investment policy described above.
The Investment Manager may invest the assets of the Sub-Fund in securities or issuers graded CCC+ or better by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. The Investment Manager will use its discretion with regard to the selection of instruments, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies).
The Sub-Fund may invest up to 20% of its net assets in Chinese domestic convertible bonds. As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to, forwards, credit derivatives and interest rate derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.75% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.25% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Relative VaR
Reference portfolio used to assess the global exposure only
Refinitiv Global Focus Convertible Bond TR
Expected level of leverage
125%
Risk budget
150%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2021
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective and Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2021 (hereafter referred as "the Term").
The Sub-Fund invests, at least 50% of its assets, in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate or governmental issuers denominated in any OECD currencies and graded either BB, B, CCC or equivalent by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. Up to 50% of the Sub-Fund’s assets may be invested in (i) debt securities denominated in other currencies (including Emerging Market currencies), (ii) debt securities graded above BB, or of equivalent quality in the opinion of the Investment Manager, and/or in (iii) Coco Bonds (which may represent up to 10% of the Sub-Fund's assets). However, due
to the nature of the Sub-Fund's strategy, the portfolio may deviate from the above-mentioned limits as a result of a credit rating upgrade of bonds or cash flows resulting from the maturity of bonds held in the portfolio. At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will use its discretion with regard to sectors, geographical exposure (including Emerging Markets) and maturities. The Sub-Fund may be exposed to a limited number of issues and issuers.
The investment approach applied by the Investment Manager to select securities is mainly based on a rules-based fundamental analysis of issuers. In addition, the Investment Manager may also apply other qualitative and/or systematic strategies.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate, inflation, currency and volatility derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe use of structured financial instruments is described in paragraph 3.1.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.44% | 0.56% | 0.28% | 0.24% | 0.10% | 0.44% | 0.56% | 0.44% |
| Maximum Management Fee | 0.75% | 0.75% | 0.75% | 0.75% | N/A | 0.85% | 1.50% | N/A |
| Maximum Distribution Fee | 0.75% | 1.55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% | Up to 5% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2022
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2022 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets may be invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months. The use of financial derivative instruments must not be considered within these limits.
The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before June 2023 and extended maturity date after June 2023. The maximum maturity date of any debt securities without a call option is 28 December 2023.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized 100% commitment (leverage including netting and hedging arrangements) limit and within a gross leverage (sum of notionals in absolute value approach) budget of 150% (up to 50% of the Sub-Fund’s assets in CDS and CDS options and up to 100% in forex forwards):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2023
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2023 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets may be invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months. The use of financial derivative instruments must not be considered within these limits.
The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before June 2024 and extended maturity date after June 2024. The maximum maturity date of any debt securities without a call option is 28 December 2024.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized 100% commitment (leverage including netting and hedging arrangements) limit and within a gross leverage (sum of notionals in absolute value approach) budget of 150% (up to 50% of the Sub-Fund’s assets in CDS and CDS options and up to 100% in forex forwards):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – High Yield 2024
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2024 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets may be invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 12 months. The use of financial derivative instruments must not be considered within these limits.
The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before June 2025 and extended maturity date after June 2025. The maximum maturity date of any debt securities without a call option is 28 December 2025.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized 100% commitment (leverage including netting and hedging arrangements) limit and within a gross leverage (sum of notionals in absolute value approach) budget of 150% (up to 50% of the Sub-Fund’s assets in CDS and CDS options and up to 100% in forex forwards):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Asia Income 2024
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in November 2024 (hereafter referred as "the Term"). The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity. However, the portfolio of securities is monitored/maintained so that the replacement of one or several of these debt securities can occur at the discretion of the Investment Manager in the case of a significant increase in the risk of default or downgrade in credit ratings, and/or presence of relative value opportunities, in the opinion of the Investment Manager.
Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests at least two-thirds (2/3
rds
) of its assets in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities of Asian issuers, including entities incorporated or exercising a prominent part of their business activities in Asia-Pacific region (including Japan and Australia), denominated in USD. Up to two-thirds (2/3
rds
) of the Sub-Fund’s assets may be invested in debt securities grade below BBB but not lower than B. In the instance of debt security downgrade lower than B, the Investment Manager reserves the right to continue holding on to these debt securities.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow.
The Sub-Fund has been set up for a period ending on the Term.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issuers, especially as the Sub-Fund approaches its Term.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. The Investment Manager may also apply qualitative and/or systematic strategies.
The Sub-Fund will not invest in units or shares of UCIs or in any Sub-Funds (except, in money market UCIs included in the definition of Cash and Cash Equivalents).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Asia Income 2025
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub-Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in November 2025 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity. However, the portfolio of securities is monitored/maintained so that the replacement of one or several of these debt securities can occur at the discretion of the Investment Manager in the case of a significant increase in the risk of default or downgrade in credit ratings, and/or presence of relative value opportunities, in the opinion of the Investment Manager.
Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests at least two-thirds (2/3
rds
) of its assets in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities of Asian issuers, including entities incorporated or exercising a prominent part of their business activities in Asia-Pacific region (including Japan and Australia), denominated in USD. Up to 70% of the Sub-Fund’s assets may be invested in debt securities grade below BBB but not lower than B. In the instance of debt security downgrade lower than B, the Investment Manager reserves the right to continue holding on to these debt securities.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow.
The Sub-Fund has been set up for a period ending on the Term.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issuers, especially as the Sub-Fund approaches its Term.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. The Investment Manager may also apply qualitative and/or systematic strategies.
The Sub-Fund will not invest in units or shares of UCIs or in any Sub-Funds (except, in money market UCIs included in the definition of Cash and Cash Equivalents).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Asia Income 2026
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in November 2026 (hereafter referred as "the Term"). The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity. However, the portfolio of securities is monitored/maintained so that the replacement of one or several of these debt securities can occur at the discretion of the Investment Manager in the case of a significant increase in the risk of default or downgrade in credit ratings, and/or presence of relative value opportunities, in the opinion of the Investment Manager.
Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests at least two-thirds (2/3
rds
) of its assets in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities of Asian issuers, including entities incorporated or exercising a prominent part of their business activities in Asia-Pacific region (including Japan and Australia), denominated in USD. Up to 70% of the Sub-Fund’s assets may be invested in debt securities grade below BBB but not lower than B. In the instance of debt security downgrade lower than B, the Investment Manager reserves the right to continue holding on to these debt securities.
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow.
The Sub-Fund has been set up for a period ending on the Term.
The Investment Manager will use its discretion with regard to sectors, geographical exposure and maturity of the portfolio. The Sub-Fund may be exposed to a limited number of issuers, especially as the Sub-Fund approaches its Term.
The investment approach applied by the Investment Manager to select securities is mainly based on a fundamental analysis of issuers. The Investment Manager may also apply qualitative and/or systematic strategies.
The Sub-Fund will not invest in units or shares of UCIs or in any Sub-Funds (except, in money market UCIs included in the definition of Cash and Cash Equivalents).
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments (in particular, but not limited to credit (including CDS), interest rate and currency derivatives):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	NoThe attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.

Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.50% | 0.50% | 0.50% | 0.50% | N/A | 0.55% | 1.00% | N/A |
| Maximum Distribution Fee | 0.50% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – Global Income 2026
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2026 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets may be invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 18 months. The use of financial derivative instruments must not be considered within these limits
The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before the Term and an extended maturity date beyond one year from the Term.
The maximum maturity date of any debt securities without a call option is one year after the Term. The Sub-Fund’s assets cannot be invested in callable debt securities with a call date after the Term and an extended maturity date beyond one year from the Term
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce below the threshold of 70 distinct underlying positions.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized absolute VaR limit (18%) and expected of sum of notionals limit (300%) and within a net leverage budget (derivatives net exposure/Sub-Fund’s assets under management) of 50% (in CDS and CDS options).
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.

The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR
Reference portfolio used to assess the global exposure only

##### Not applicable

##### Expected level of leverage

##### 300%

##### Risk budget

##### 18%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Fixed-Income Sub-Fund / Buy and Maintain
LO Funds – 
Global Income 2027
Please see the note regarding "Buy and Maintain" Sub-Funds after the list of Sub-Funds under "Annex A: Sub-Funds offered for subscriptions" above. In addition, to achieve the Sub-Fund's investment objective as described below, the Board may decide to cease issuing Shares in the Sub- Fund at any time following the launch of the Sub-Fund, as well as to resume issuing Shares for a period it deems appropriate.
Investment Objective
The Sub-Fund primary objective is to build a buy and maintain portfolio set up for a period ending in the course of the year 2027 (hereafter referred as "the Term").
The concept of a buy and maintain strategy refers to a portfolio mainly invested in debt securities which are initially purchased with the intention to hold them until their respective maturity (“Buy Process”). However, the portfolio is monitored/maintained (“Maintain Process”) so that the replacement of one or several of these debt securities is triggered in the case of a significant increase in the risk of default and/or relative value opportunities, in the opinion of the Investment Manager.
Buy and Maintain Investment Process
The Buy Process is composed of two steps:
- a systematic/rule-based process that aims to allocate to sectors considered as contributing the most to the economy and at reducing the default risk and reflect the issuers' fundamentals within portfolio weightings;
- a credit overlay aiming at selecting issuers based on the Investment Manager’s views and conviction.

The Maintain Process is based on the Investment Manager’s credit research expertise aiming at making sure bonds are replaced in case of:
- a deterioration of the issuer’s fundamentals leading to a material increase in the risk of default;
- a breach of the investment guidelines (for example a rating downgrade);
- relative value opportunities.

Investment Policy
The Sub-Fund is actively managed. The Sub-Fund is not managed in reference to an index.
The Sub-Fund invests in bonds, other fixed or floating-rate debt securities and short-term debt securities of corporate, sovereign and/or supranational entities denominated in EUR, USD, GBP and/or CHF. However, the Investment Manager will seek to fully hedge the portfolio against currency risk.
At least 50% of the Sub-Fund’s assets may be invested in debt securities graded either BB or above by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager.
Up to 50% of the Sub-Fund’s assets may be invested in debt securities graded B by the rating agencies described in paragraph 3.2 or of equivalent quality in the opinion of the Investment Manager. In case of a downgrade of a debt security below B, the Investment Manager will sell the position within 18 months. The use of financial derivative instruments must not be considered within these limits
The Investment Manager will target an average rating at the portfolio level of BB.
Up to 50% of the Sub-Fund’s assets may be invested in callable debt securities with a call date on or before the Term and an extended maturity date beyond one year from the Term .
The maximum maturity date of any debt securities without a call option is one year after the Term. The Sub-Fund’s assets cannot be invested in callable debt securities with a call date after the Term and an extended maturity date beyond one year from the Term
At the discretion of the Investment Manager, the Sub-Fund may be fully invested, in accordance with the applicable diversification rules, in Cash and Cash Equivalents (including short-term ABS/MBS which may represent up to 10% of investments within Cash and Cash Equivalents). In particular, while approaching the Term, positions in Cash and Cash Equivalents will tend to grow and gradually represent most part of the assets.
The Investment Manager will seek to remain diversified at the sector/industry level.
The Investment Manager will seek to invest in at least 70 distinct underlying positions. While approaching the Term, the number of positions will tend to reduce below the threshold of 70 distinct underlying positions.
As mentioned in paragraph 3.1, the Sub-Fund may hold up to 10% of its net assets in UCIs.
Subject to the limits permitted by the Investment Restrictions described in Section 4 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments within the authorized absolute VaR limit (18%) and expected of sum of notionals limit (300%) and within a net leverage budget (derivatives net exposure/Sub-Fund’s assets under management) of 50% (in CDS and CDS options):
- for hedging purposes	Yes
- for EPM	Yes
- as part of the investment strategy	YesInvestors should note that indicative levels of leverage can be exceeded in certain circumstances which are linked, for instance, to sudden changes of market conditions rather than an intent to take additional exposure.

The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
With respect to the dividend policy of the Shares, in addition to the provisions set forth in the Dividend Policy Section of the Prospectus, the following principles may apply:
- there may be fixed distributions of dividend the amount of which is to be determined on the first distribution of a given year by the Board for the year to which they relate;
- the periodicity of distributions is annual.


#### The Board has discretion to implement the above principles and amend or adjust the amount of the fixed distributions as well as the periodicity of their payments having regard to market events or other circumstances such as investors' requirements and their best interest.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.31% | 0.44% | 0.22% | 0.22% | 0.08% | 0.31% | 0.44% | 0.44% |
| Maximum Management Fee | 0.40% | 0.40% | 0.40% | 0.40% | N/A | 0.44% | 0.80% | N/A |
| Maximum Distribution Fee | 0.40% | 0.80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% | Up to 2% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager

#### See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Absolute VaR

##### Reference portfolio used to assess the global exposure only

##### Not applicable

##### Expected level of leverage

##### 300%

##### Risk budget

##### 18%
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income and potentially capital gains from their investment; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 3 p.m. on T-1 day | Daily | Up to T+3 days 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (EUR)
The Sub-Fund is actively managed. The FTSE 1-Month Euro Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation. This Sub-Fund may not employ the techniques and instruments for the purpose of EPM relating to transferable securities and money market instruments described in paragraph 4.5.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.7 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
EUR
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.14% | 0.25% | 0.08% | 0.08% | 0.08% | 0.14% | 0.25% | 0.14% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (USD)
The Sub-Fund is actively managed. The FTSE 1-Month U.S. Dollar Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation. This Sub-Fund may not employ the techniques and instruments for the purpose of EPM relating to transferable securities and money market instruments described in paragraph 4.5.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.7 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
USD
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.19% | 0.25% | 0.08% | 0.08% | 0.08% | 0.19% | 0.25% | 0.19% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (GBP)
The Sub-Fund is actively managed. The FTSE 1-Month U.K. Sterling Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation. This Sub-Fund may not employ the techniques and instruments for the purpose of EPM relating to transferable securities and money market instruments described in paragraph 4.5.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.7 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
GBP
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.19% | 0.25% | 0.08% | 0.08% | 0.08% | 0.19% | 0.25% | 0.19% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
Short-Term Money Market Sub-Fund
LO Funds – Short-Term Money Market (CHF)
The Sub-Fund is actively managed. The FTSE 1-Month Swiss Franc Eurodeposit is used for performance comparison, without implying any particular constraints to the Sub-Fund's investments.
This Sub-Fund qualifies as a Short-Term VNAV MMF under the MMF Regulation. This Sub-Fund may not employ the techniques and instruments for the purpose of EPM relating to transferable securities and money market instruments described in paragraph 4.5.
Investment Objective and Policy
The Sub-Fund invests in bank deposits, money market instruments and short-term debt instruments (e.g. ECP, T-Bills, CDs) and other fixed- or variable-rate securities, denominated in OECD currencies and/or Emerging Market currencies, with the objective to provide a return in line with money market rates. The entire portfolio of the Sub-Fund may not have a WAL of more than 120 days. Instruments are of high quality and may have a maximum residual maturity of 397 days. The WAM of the portfolio is no more than 60 days. Up to 20% of the Sub-Fund's assets may be invested in ABCPs.
The Sub-Fund has to invest in securities of high quality as determined by the Investment Manager. In order to determine the high quality credit factor, the Investment Manager assesses the attributes of each security before any purchase, including but not limited to the rank (senior, subordinated, covered), the type of coupon (fixed, floating, zero), the size of the issue, the size of the issuer, the number of quotations in the market (liquidity impact), the liquidity of proxies, the market of the issue, the type of guarantee, the currency, the country of the issuer, the country of the issue, the maturity of the issue and the available rating of the issue and the issuer. Moreover the Investment Manager monitors this credit assessment on an ongoing basis.
The Sub-Fund will not invest in units of UCIs.
Subject to the limits permitted by the Investment Restrictions Applicable to MMFs described in Section 4.7 of the Prospectus, the Investment Manager is authorized to use financial derivative instruments:
- for hedging purposes	Yes
- for EPM	No
- as part of the investment strategy	NoThe Sub-Fund may use financial derivative instruments for the purpose of only hedging the interest rate or exchange rate risks; underlying of those financial derivative instruments consists of interest rates, foreign exchange rates, currencies or indices representing one of those categories.

Investments in currencies other than the Reference Currency are hedged against exchange risk.
The attention of investors is drawn to the Risk Factors Annex which sets out the risk factors applicable to the Sub-Fund.
Reference Currency
CHF
Classes of Shares available for subscription
Shares can also be in different forms (i.e., Alternative Currencies, dividend policy, currency hedging policy, seeding, "Connect"): see paragraph 2.2.
|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type of investor | See table in paragraph 2.2. |
| Minimum initial investment and minimum holding | Equivalent of EUR 3,000 | Equivalent of EUR 1,000 | Equivalent of CHF 1,000,000 | Equivalent of CHF 1,000,000 | t.b.d. | Equivalent of EUR 3,000 | Equivalent of EUR 3,000 | None |
| Maximum FROC | 0.14% | 0.25% | 0.08% | 0.08% | 0.08% | 0.14% | 0.25% | 0.14% |
| Maximum Management Fee | 0.30% | 0.30% | 0.30% | 0.30% | N/A | 0.35% | 0.60% | N/A |

|  | P Shares | R Shares | N Shares | I Shares | S Shares | M Shares | H Shares | E Shares |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Maximum Distribution Fee | 0.30% | 0.40% | N/A | N/A | N/A | N/A | N/A | N/A |
| Performance Fee | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Maximum level of management fees when the Sub-Fund invests its assets in other UCITS or UCIs or Target Sub- Fund* | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% | Up to 3.5% |
| Dealing Charge | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% | Up to 3% |

* 
Notwithstanding any performance fee that may be levied in addition to this limit
SFDR Disclosure
The classification of the Sub-Fund under SFDR, the manner in which the Investment Manager integrates sustainability risks into its investment decisions in respect of the Sub-Fund and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund are set out in the SFDR Annex.
Investment Manager
See paragraph 6.3
Approach used to calculate the global exposure of the Sub-Fund
Commitment approach
Profile of typical investor
The Sub-Fund may be appropriate for investors, who:
- seek regular income, where both capital security and liquidity are prime consideration; and
- are willing to take on the increased risks associated with the categories of assets described in the investment objective and policy; and
- can withstand volatility in the value of their Shares.

Application procedure
Application monies are to be sent in accordance with the application procedure set out in Section 20 of the Prospectus. Requests for subscriptions must be received by the Company no later than the Cut-off time.
Payment of the subscription monies must be made in the Reference Currency, or in the Alternative Currency, in case of classes issued in any Alternative Currency, for value before the Payment Date to the Depositary, indicating the proper identity of the subscriber(s) and the Sub-Fund in which Shares are subscribed.
Cut-off time
| Cut-off time  1 (Luxembourg time) (Subscriptions, redemptions and conversions) | Valuation Day  2 ("T") | Payment Date  3 |
| --- | --- | --- |
| 2 p.m. on T | Daily | Up to T+1 day 4 |

NB: any reference to a day shall be construed as a reference to a Business Day
1  
If such day is not a Business Day, the first Business Day in Luxembourg preceding this day.
2  
If such Valuation Day is not a Business Day, the Valuation Day will be the next Business Day or the previous Business Day in case of a bi-monthly valuation.
3  
For redemptions, payments will ordinarily be made in the Reference Currency.
4  
Shareholders are prompted to consult the Lombard Odier Group website (www.loim.com) for the applicable Payment Date.
For more details, please refer to paragraph 12.1 "General Provisions" of Section 12 "Issue and Sale of Shares".
ANNEX B: RISK FACTORS
The list of risk factors detailed below does not claim to be an exhaustive description of the risks involved in investing in the Sub-Funds’ Shares. Before deciding to subscribe to or purchase Shares, potential investors should read the whole Prospectus carefully and contact their professional advisers to understand the fiscal and other consequences of such an investment based on their personal situation.
Past performance is no guarantee for future returns and the investor may consequently get back less than he/she invested. There is no assurance that the investment objective of the Sub-Funds will actually be achieved or that any appreciation in the value of the assets will occur.
The table below is a summary of the main risks relating to the core portfolio of each Sub-Fund as of the date of the Prospectus. It is not a rigid and exhaustive list of all the potential risks. Investors should bear in mind that risks are interrelated and that the Sub-Funds can be sensitive to any of the risk factors, especially in turbulent market conditions.
| Summary of main risks |
| --- |
| Risks Sub-Funds | General | Equities | Small and Medium Sized Capitalisations | Fixed-Income Securities | Currencies | Below Investment Grade and Distressed Securities | Convertible Securities | Contingent Convertible Bonds | Commodities | Undertakings for Collective Investments (above 10%) | ABS/MBS (above 10%) | Emerging Markets | Russian Registration / Investment in Russia | Regional or sectorial concentration | Derivatives (Hedging / Efficient Portfolio Mgt) | Derivatives (Investment Strategy) | Model |
| Asset Allocation Sub-Funds |
| All Roads Conservative | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads Growth | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| Event Convexity | X | X | X | X | X | X | X |  | X |  |  |  |  | X | X | X | X |
| Multiadvisers UCITS | X | X | X | X | X | X | X |  | X | X |  | X |  | X | X | X | X |
| Defensive Systematic Alternative Solution | X | X |  | X | X | X |  |  | X |  |  | X |  | X | X | X | X |
| Equity Sub-Funds |
| Generation Global | X | X |  |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Global Equity | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| Continental Europe Family Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Golden Age | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X |  |
| World Brands | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| World Gold Expertise | X | X | X |  | X |  |  |  | X |  |  | X | X | X | X |  |  |
| Commodity Risk Premia | X |  |  |  | X |  |  |  | X |  |  |  |  | X | X | X | X |
| Global FinTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Natural Capital | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Global HealthTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Emerging High Conviction | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X | X |  |
| China High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Europe Equity | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X |  | X |
| Europe All Cap Leaders | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| Europe High Conviction | X | X |  |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Continental Europe Small & Mid Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Asia High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| TerreNeuve | X | X | X | X | X |  | X |  |  |  |  | X |  |  | X | X |  |
| Swiss Equity | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |

| Summary of main risks |
| --- |
| Risks Sub-Funds | General | Equities | Small and Medium Sized Capitalisations | Fixed-Income Securities | Currencies | Below Investment Grade and Distressed Securities | Convertible Securities | Contingent Convertible Bonds | Commodities | Undertakings for Collective Investments (above 10%) | ABS/MBS (above 10%) | Emerging Markets | Russian Registration / Investment in Russia | Regional or sectorial concentration | Derivatives (Hedging / Efficient Portfolio Mgt) | Derivatives (Investment Strategy) | Model |
| Swiss Small & Mid Caps | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Climate Transition | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Fixed-Income  Sub-Funds |
| Global Inflation-Linked Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X | X | X |
| Global Government Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  |  | X | X | X |
| Swiss Franc Bond (Foreign) | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Global Climate Bond | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X |  | X |
| TargetNetZero Global IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| TargetNetZero Euro IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Global BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Euro BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Swiss Franc Credit Bond (Foreign) | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Ultra Low Duration (USD) | X |  |  | X |  | X |  |  |  |  |  |  |  | X | X |  |  |
| Ultra Low Duration (EUR) | X |  |  | X |  | X |  |  |  |  |  |  |  | X | X |  |  |
| Fallen Angels Recovery | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X |  |
| Emerging Local Currency Bond Fundamental | X |  |  | X | X | X |  |  | X |  |  | X | X | X | X | X |  |
| Asia Value Bond | X |  |  | X | X | X | X | X |  |  |  | X |  | X | X |  |  |
| Asia Investment Grade Bond | X |  |  | X | X |  | X | X |  |  |  | X |  | X | X |  |  |
| Convertible Bond | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Global Convertible Bond Defensive Delta | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Convertible Bond Asia | X | X |  | X | X | X | X |  |  |  |  | X |  | X | X | X |  |
| Convertible Bond High Conviction | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| High Yield 2021 | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X |  | X |
| High Yield 2022 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2023 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2024 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| Asia Income 2024 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2025 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2026 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Global Income 2026 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X | X |  |
| Global Income 2027 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X | X |  |
| Short-Term Money Market Sub-Funds |
| Short-Term Money Market (EUR)1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (USD)1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (GBP)1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (CHF)1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |

1 
See also specific risk factor under 2.16
- General RisksGeneral risks may become correlated in a harmful manner in particular when the Sub-Funds do not face normal market conditions. Therefore, in turbulent market times an increase of one of those risks may not only increase the Sub-Funds exposure to other general risks but may also trigger other risks.
- Credit RiskCredit risk is a general risk that applies to all investments. It is the risk of loss due a debtor’s non-payment of a loan or other obligation (either the principal or interest or both). For the Sub-Funds, the debtor may be either the issuer of an underlying security (the "issuer risk") or the counterparty to a transaction, such as an OTC derivative contract, a repurchase or reverse repurchase agreement or a loan of portfolio securities (the "counterparty risk"). The debtor may be a government (the "sovereign risk"). Credit risk is also the risk of loss due to a credit event, other than the debtor’s default of payment, such as, but not limited to, the downgrading of a debtor’s credit rating or the rescheduling of a debtor’s debt.

Issuer risk - If an issuer of an underlying fixed income or equity security defaults, the Sub-Fund may lose the full amount invested in such security.
Counterparty risk - The Sub-Funds may effect "over-the-counter" transactions or deal in "interdealer" markets. This exposes the Sub-Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Sub-Funds to suffer a loss which may correspond to the full amount exposed with such counterparty. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Sub- Funds have concentrated their transactions with a single or small group of counterparties.
Sovereign risk - Where the issuer of the underlying fixed income security is a government or other sovereign issuer, there is a risk that such government is unable or unwilling to meet its obligations, therefore exposing the Sub-Funds to a loss corresponding to the amount invested in such security.
Systemic risk - Credit risk may also arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. This is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Sub-Funds interacts on a daily basis.
- Market and Volatility RiskMarket risk is a general risk that applies to all investments. It is the risk that the value of an investment will decrease due to moves in market factors such as exchange rate, interest rate, equity or volatility.

Volatility risk is the likelihood of fluctuations in prices, rates or currencies quoted on different markets. Volatility may impact the Net Asset Value of the Sub-Funds in several ways. As market volatility increases so does the volatility of the Net Asset Value per Share.
- Interest Rate RiskInterest rate risk is the risk that the value of an investment will decrease, due to the variability of interest rates. When interest rates tend to rise, the value of debt securities tend to fall, as does the Net Asset Value per Share of the Sub-Funds invested in debt securities. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is a measure of sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.
- Exchange Rate RiskExchange rate risk is a general risk that applies to all Sub-Funds investing in assets in a currency other than the Reference Currency (the "foreign currency"). It is the risk that the value of those assets will decrease, as will the Net Asset Value of the Sub-Funds, due to unfavorable exchange rates. If the currency in which a security is denominated appreciates against the Reference Currency, the value of the security will increase. Conversely, a decline in the exchange rate of the currency would adversely affect the value of the security. Currency risks are proportional to the amount of assets of each Sub-Fund held in foreign currencies.

The Sub-Funds may offer classes of Shares in an Alternative Currency. Changes in the exchange rate between the Reference Currency and such Alternative Currency may lead to a depreciation of the value of such Shares as expressed in the Alternative Currency. Even when the exchange rate risk is hedged, there can remain a residual exchange rate risk. Although hedging strategies may not necessarily be used in relation to each class of Share within a Sub-Fund, the financial instruments used to implement such strategies shall be assets/liabilities of the Sub-Fund as a whole (no segregation between classes within a Sub-Fund).
- Liquidity RiskLiquidity risk is the risk that a given asset can not be traded quickly enough without affecting the price of the asset. In normal market conditions, liquidity risk is low as the Sub-Funds may only invest in eligible assets mentioned in paragraph 4.1. In turbulent market times however, low-volume markets make it difficult for the Sub-Funds to sell their assets at their fair price or to sell them at all.

Should the Sub-Funds face large redemption requests in turbulent market times, the Directors may take appropriate measures to protect shareholders interests.
- Unlisted and/or Illiquid Securities RiskSub-Funds may invest or hold a limited part of their net assets (max 10%) in securities that are not (or no longer) listed on exchanges or on a Regulated Market or which may be considered illiquid due to the lack of an active trading market. The Sub-Funds may encounter substantial delays and could incur losses in attempting to sell such securities. Where appropriate, positions in the Sub- Funds’ portfolio that are illiquid and do not actively trade will be marked to market, taking into account current market prices, market prices of comparable investments and/or such other factors (e.g. the tenor of the respective instrument) as may be appropriate. To the extent that marking an illiquid investment to market is not practicable, an investment will be carried at fair value, as reasonably determined by the Directors or their delegate. There is no guarantee that fair value will represent the value that will be realized bythe Sub-Funds on the eventual disposition of the investment or that would, in fact, be realized upon an immediate disposition of the investment. As a result, an investor redeeming his/her Shares from the Sub-Funds prior to realization of such an investment may not participate in gains or losses thereof.
- Large Redemption RiskLarge redemptions of Shares in any of the Sub-Funds within a limited period of time might result in the Sub-Fund being forced to liquidate positions more rapidly than would otherwise be desirable, adversely affecting the value of both the Shares being redeemed and the remaining outstanding Shares.
- Hedging Transactions RiskThe Sub-Funds may hold financial instruments, both for investment purposes and for hedging or EPM purposes. The success of the Sub-Funds’ or Share classes’ hedging strategy will depend, in part, upon the Investment Manager’s ability correctly to assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the portfolio investments being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Sub-Funds’ or Share classes’ hedging strategy will also be subject to the Investment Manager‘s ability to continually recalculate, readjust and execute hedges in an efficient and timely manner. While the Sub-Funds or Share classes may enter into hedging transactions to seek to reduce risk, such transactions may result in a poorer overall performance for the Sub-Funds or Share classes than if it had not engaged in such hedging transactions. For a variety of reasons, the Investment Manager may not seek to establish a perfect correlation between the hedging instrument utilised and the portfolio holdings being hedged. Such an imperfect correlation may prevent the Sub-Funds or Share classes from achieving the intended hedge or expose the Sub-Funds or Share classes to risk of loss. The Investment Manager may not hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the risk.
- SFIs RiskSFIs are subject to the risks associated with the underlying investments. Investments in SFIs may entail the risk of loss of principal and/or interest payment as a result of movements in the underlying investments. As such underlying investments may combine financial derivative instruments, SFIs may be subject to greater volatility than direct investments in fixed income and equity securities.

In addition, investments in SFIs will expose the Sub-Funds to the credit risk of the counterparty issuing the SFI. In the event of a bankruptcy or insolvency of such counterparty or when the financial institutions issuing such SFIs are facing difficult market
conditions, the Sub-Funds may experience delays in liquidating the positions and significant losses as a result of declines in value of the SFIs. The SFIs also entail liquidity risk, as they may not be as liquid as their underlying assets, depending on the market conditions.
- Fiscal RiskInvestors should note in particular that the proceeds from the sale of securities in some markets or the receipt of any dividends or other income may be or may become subject to tax, levies, duties or other fees or charges imposed by the authorities in that market, including taxation levied by withholding at source. Tax law and practice in certain countries into which the Sub-Funds invest or may invest in the future cannot be definitively established. It is possible therefore that the current interpretation of the law or understanding of practice might change, or that the law might be changed retroactively. It is therefore possible that the Sub-Funds could become subject to additional taxation in such countries where this is not anticipated either at the date of the Prospectus or when investments are made, valued or disposed of.
- Administrative Agent and Depositary RiskThe Sub-Funds’ operations are carried out by the service providers described in the Prospectus. In the event of bankruptcy or insolvency of a service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of Shares) or other disruptions.

The Sub-Funds’ assets are held in custody by the Depositary and the duly appointed sub-custodians, which expose the Sub- Funds to risks of loss associated to the depositary function if (1) the Depositary/sub-custodian fails to perform its duties (improper performance) and (2) if the Depositary/sub-custodian defaults.
- Securities Lending Risk and Repurchase and Reverse Repurchase Agreement Risk
	- Securities Lending RiskThe Sub-Funds may lend their portfolio securities. By doing so, the Sub-Funds attempt to increase income through the receipt of interest on the loan. In the event of the bankruptcy of the other party to a securities loan, the Sub-Funds could experience delays in recovering the securities that have been lent. To the extent that the value of the securities the Sub- Funds lent has increased, the Sub-Funds could experience a loss if such securities are not recovered. Collateral will be received by the Sub-Funds and will be maintained at all times in an amount equal to at least 100% of the total valuation of the securities and for the duration of the loan adjusted by the applicable margin in accordance with the haircut policy described under paragraph 4.5.1 (iii) of the Prospectus.


The Company uses the services of a securities lending agent instead of running its own securities lending programs. Bank Lombard Odier Co & Ltd is the securities lending agent for the Company. Bank Lombard Odier Co & Ltd, the Company and the Management Company belong to the Lombard Odier Group. Potential conflict of interest may arise in the following situations:
- an arrangement, where the risk entailed by the activity of securities lending is borne by the lender (i.e., the Company) while the revenue arising from such activity is shared between the lender and its agent, could potentially encourage the agent to compromise on the quality of both the collateral and the counterparty; to mitigate such risk, the securitieslending agent is required to abide strictly by the securities lending policy put in place by the Management Company and endorsed by the Company;
- a securities lending transaction where the asset to be lent is part of the respective portfolios of several entities for which the same securities lending agent is involved could lead to favor one entity over another; to mitigate such risk, the securities lending agent undertakes to ensure the equal treatment of all participants to a same securities lending transaction and apply a fair allocation between them.
- Repurchase and Reverse Repurchase Agreement RiskThe Sub-Funds may enter into repurchase and reverse repurchase agreements. The use of repurchase and reverse repurchase agreements by the Sub-Funds involves certain risks. For example, if the seller of securities to a Sub-Fund under a reverse repurchase agreement defaults on its obligation to repurchase the underlying securities, as a result of its bankruptcy or otherwise, the Sub-Fund will seek to dispose of such securities, which action could involve costs or delays. If the seller becomes insolvent and subject to liquidation or reorganisation under applicable bankruptcy or other laws, the Sub-Fund's ability to dispose of the underlying securities may be restricted. Finally, if a seller defaults on its obligation to repurchase securities under a reverse repurchase agreement, the Sub-Fund may suffer a loss to the extent that it is forced to liquidate its position in the market, and proceeds from the sale of the underlying securities are less than the repurchase price agreed to by the defaulting seller.

The Sub-Funds may enter into repurchase agreements. If the counterparty to the repurchase agreement defaults, a loss may be realized on the sale of the underlying security to the extent that the proceeds from the sale and accrued interest of the security are less than the resale price provided in the repurchase agreement, including interest. In addition, should a counterparty declare bankruptcy or become insolvent, the Sub-Funds may incur delays and costs in selling the underlying security or may suffer a loss of principal and interest.
- Performance Risk in respect of the use of EPM techniquesWhile the Sub-Funds seek to generate additional revenues, the overall performance of the Sub-Funds employing such techniques may be adversely affected in the event that one of the risks mentioned above materializes and leads to a loss.
- Operational RiskOperational risk is a general risk that applies to all Sub-Funds when carrying operations on behalf of these Sub-Funds as part of their respective investment policy. Such risk materializes through operational errors which includes, inter alia, trading errors and similar human errors, such as keystroke errors that occur when entering trades into an electronic trading system or typographical or drafting errors related to derivatives contracts or similar agreements. The Management Company or, as the case may be the Investment Managers, their members, directors, shareholders, officers, employees and affiliates, their respective legal representatives (each, an "Indemnified Party"), shall not be liable to the Company or its shareholders for any losses resulting from operational errors, except such losses resulting from fraud, wilful default or negligence of the Indemnified Party. The foregoing provisions shall not be construed to relieve any Indemnified Party of any liability, to the extent that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate these provisions to the fullest extent permitted by law and regulations.
- Regulatory RiskGeneral - Due to numerous regulatory reforms currently undertaken, there is a risk that the investment policy of the Sub- Funds may be affected and that further restrictions may limit the ability of the Sub-Funds to hold certain instruments or enter into certain transactions and impair the Sub-Funds’ capability of achieving their initial respective investment objectives. In order to comply with new or modified laws, rules and regulations it cannot be excluded that restructuring or termination of a given Sub-Fund may be necessary and additional costs may be incurred. A non-exhaustive list of potential regulatory changes in the EU and the United States of America are listed below.

EU - The EU is currently addressing the following topics (list not exhaustive):
- the consultation initiated by the European Commission on product rules, liquidity management, depositary, money market funds, long-term investments in view to another UCITS directive ("UCITS VI Directive");
- specific matters relating to UCITS and dealt with by ESMA - the role of ESMA is to achieve greater consistency in day to day application of EU legislation in the security markets field and it plays an active role in building a common EU supervisory culture and consistent supervisory practice, including by providing opinions and issuing guidelines and recommendations which are a central reference for the work of national regulators; and
- the proposal for the EU Financial Transaction Tax ("EU FTT").

United States of America - Regulators in the United States are taking or have taken actions on the following topics (list not exhaustive)
- the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") imposed the so-called "Volcker Rule" which restricts, "banking entities" and "non-bank financial companies" from engaging in certain activities, such as proprietary trading and investing in, sponsoring, or holding interests in investment funds;
- the Hiring Incentives to Restore Employment Act (the "Hire Act") was signed into US law in March 2010. It includes provisions on FATCA. The purpose of FATCA is to reduce tax evasions by US citizens by having details of US investors holding assets outside the US reported by FFIs to the US Internal Revenue Service. As a result of the Hire Act, and to discourage FFIs from staying outside this regime, all US securities held by a financial institution that does not enter and comply with the regime will be subject to a US tax withholding of 30% on gross sales proceeds as well as income (the "FATCA Withholding"). This regime has become effective in phases between 1 July 2014 and 2017. On 28 March 2014, the US and the Grand Duchy of Luxembourg entered into a model 1 intergovernmental agreement ("IGA") anda memorandum of understanding in respect thereof in order to facilitate the compliance with the provisions of FATCA. On 29 July 2015, the law of 24 July 2015 approving the IGA between the Grand Duchy of Luxembourg and the US was published (the "FATCA Luxembourg Law"). The Company, through its Sub-Funds, qualifies as a FFI. Accordingto FATCA, the IGA and the FATCA Luxembourg Law, a FFI can qualify as either a "reporting" FFI or a "non-reporting" FFI. Depending on the status of "reporting" or "non-reporting" FFI attributable to the Company, it may be obliged to require all shareholders to provide mandatory documentary evidence of their tax residence and report certain data to the Luxembourg authority on reportable accounts and/or impose restrictions on the offering and selling of Shares to certain categories of investors with no duty to report or withhold on US source gross sales proceeds or income (see paragraph 13.2). It should also be noted that although the Company will make all reasonable efforts to comply with all FATCA obligations, no assurance can be given that it will be able to satisfy such obligations and therefore avoid the FATCA Withholding which may have adverse impact on all shareholders. Investors are further advised to consult their own legal and tax advisor regarding the possible implications of FATCA on their investment in the Company.
- Dilution RiskInvestors may reasonably expect to incur costs caused by an investment manager’s trading activities in pursuit of the investment objectives of the Sub-Fund but may not reasonably expect to suffer a reduction in shareholder value (dilution) influenced by other shareholders excessively trading into or out of the Sub-Fund causing the Sub-Fund to significantly invest/ disinvest in securities or markets.

Dilution can occur, for example, due to:
- buying securities at a higher offer-price;
- selling securities at a lower bid-price;
- increased explicit transaction costs including brokerage fees, commissions and taxes
- market impacts as a result of purchasing or selling down securities due to the effects on the supply and demand curves of those securities in the market.

Anti-dilution mechanisms such as Swing Pricing purport to provide reasonable protection to existing shareholders in a Sub- Fund against the negative dilution impact on the NAV occurring when a Sub-Fund invests/disinvests in securities or markets as a result of shareholder activity. This is achieved by transferring the estimated dilution impact to those shareholders who are subscribing or redeeming.
However, it should be noted that the application of anti-dilution mechanisms may not completely cancel out the adverse effects on the Sub-Fund's NAV caused by shareholder activity, especially during stressed market conditions. It should also be noted that a Sub-Fund’s short-term performance may experience greater volatility as a result of the anti-dilution mechanisms.
- Sustainability RiskSustainability risks mean an environmental, social, or governance event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-Fund’s investment. Sustainability risks can either represent a risk of its own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks.

Assessment of sustainability risks is complex and may be based on ESG data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed.
The integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the Sub-Funds and may also cause the Sub-Funds to sell investments that will continue to perform well.
Appreciation of sustainability risk is to a degree subjective and there is no guarantee that all investments made by the Sub-Funds will reflect beliefs or values of any particular investor on sustainable investments.
Sustainability risks can manifest themselves in different ways and can lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and thus may materially impact its market price or liquidity.
The results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Fund is set out in the SFDR Annex.
- Risks Linked to Certain Sub-Funds
	- Equity RiskThe risks associated with investment in equity (and equity-like) securities include significant fluctuations in market prices, adverse issuer or market information and the subordinate status of equity in relation to debt paper issued by the same company. Prices of equities fluctuate daily and can be influenced by many micro and macro factors such as political and economic news, corporate earnings reports and catastrophic events. The value of equities will go up and down and the value of a Sub-Fund investing in equities could incur significant losses.


Sub-Funds may invest in initial public offerings ("IPOs"). There is a risk that the price of the newly floated share may incur greater volatility as a result of factors such as the absence of an existing public market, non-seasonal transactions, a limited number of securities that can be traded and a lack of information about the issuer.
- Small and Medium-Sized Capitalisation RiskStocks of small-to medium-sized capitalisation companies often traded on OTC markets may be less liquid than those listed on the major securities exchanges. Consequently, securities of small and even medium-sized cap companies may, from time to time, and especially in falling markets, become illiquid and experience short-term price volatility and wide spreads between bid and offer prices. The combination of price volatility and the limited liquidity of those markets may have an adverse effect on the investment performance of the Sub-Funds. Further the risk of bankruptcy or insolvency of many smaller companies is higher than that of larger, "blue chips", companies.
- Fixed Income Securities RiskThe risks associated with investment in bonds or others fixed income securities include credit, liquidity and interest rate risks.
- Currency RiskThe Sub-Funds may be exposed to currency exchange risk. The Sub-Funds may invest in currencies different from their Reference Currency. Accordingly, the value of an investment may be affected favourably or unfavourably by fluctuations in exchange rates, notwithstanding any efforts made to hedge such fluctuations. In addition, prospective investors whoseassets and liabilities are primarily denominated in currencies other than the Reference Currency of a Sub-Fund should take into account the potential risk of loss arising from fluctuations in the rate of exchange between the Reference Currency of the Sub-Fund and such other currency. Currency exchange rates may fluctuate significantly over short periods of time. They generally are determined by supply and demand in the currency exchange markets and the relative merits of investments indifferent countries, actual or perceived changes in interest rates and other complex factors. Currency exchange rates also can be affected unpredictably by intervention (or the failure to intervene) by relevant governments or central banks, or by currency controls or political developments. Some currencies are not freely convertible currency.

Furthermore, a Sub-Fund may incur costs in connection with conversions between various currencies. Currency exchange dealers realise a profit based on the difference between the prices at which they are buying and selling various currencies. Thus, a dealer normally will offer to sell currency to the Sub-Fund at one rate, while offering a lesser rate of exchange should the Sub-Fund desire immediately to resell that currency to the dealer. The Sub-Fund will conduct its currency exchange transactions either on a spot (i.e. cash) basis at the spot rate prevailing in the currency exchange market, or through entering into forward or options contracts to purchase or sell non-Reference Currency currencies. It is anticipated that most of the Sub-Funds’ currency exchange transactions will occur at the time securities are purchased and will be executed through the local broker or the Depositary.
- Below Investment Grade Risk and Distressed Securities RiskInvestment in debt securities or associated instruments rated BB or below (following Standard & Poor's, Moody's or equivalent), or of equivalent quality in the opinion of the Investment Manager, can involve additional risks. Securities rated BB or equivalent are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and principal or maintain other terms of the offer documents over any long period of time. Whilst such issues are likely to have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposure to adverse economic conditions. Securities rated lower than B, and in particular distress obligations, are most of the time issued by companies inweak financial condition, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, including companies involved in bankruptcy or other reorganisation and liquidation proceedings. These obligations are likely to be particularly risky investments although they also may offer the potential for correspondingly high returns. They are generally unsecured and may be subordinated to certain other outstanding securities and obligations of the issuer. Non-investment grade debt securities may not be protected by financial covenantsor limitations on additional indebtedness. The ability of such companies to pay their debts on schedule could be affected by adverse interest rate movements, changes in the general economic climate, economic factors affecting a particular industry or specific developments within such companies. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments may also be adversely affected by laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and the bankruptcy court’s power to disallow, reduce, subordinate, recharacterise debt as equityor disenfranchise particular claims. There is no assurance that value of the assets collateralising the Company's investments will be sufficient or that prospects for a successful reorganisation or similar action will become available. In any reorganisation or liquidation proceeding relating to a company in which the Company invests, the Company may lose its entire investment, may be required to accept cash or securities with a value less than its original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Company's investments may not compensate the shareholders adequately for the risks assumed.

In addition evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments.
- Convertible Securities RiskConvertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities generally (i) have higher yields than common stocks, but lower yields thancomparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security. Generally, the amount of the premium decreases as the convertible security approaches maturity. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Sub-Fund is called for redemption, the Sub-Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Sub-Fund.
- Contingent Convertible Bonds RiskContingent convertible bonds (hereafter "Coco Bonds") are debt instruments that transform into shares of equity or are written off upon a triggering event. The investment in Coco Bonds is subject to different risks which may result in the total or partial loss of the invested sums or a delay in payment. These situations may adversely affect the Sub-Funds.

Investment in Coco Bonds may entail the following risks (non-exhaustive list):
Trigger level risk:
Trigger levels differ and determine exposure to conversion risk depending on the distance of the capital ratio to the trigger level. It might be difficult for the investment manager of the Sub-Fund to anticipate the triggering events that would require the debt to convert into equity.
Triggers are designed so that conversion occurs when the issuer faces a given crisis situation, as determined either by regulatory assessment or objective losses (e.g. measure of the issuer’s core tier 1 prudential capital ratio). As a particular form of convertible securities, Coco Bonds have some characteristics common to those of the convertible securities as described above but have a distinctive feature which is their debt-to-equity conversion trigger.
Coupon cancellation risk
For some Coco Bonds coupon payments are entirely discretionary and may be cancelled by the issuer at any point, for any reason and for any length of time. For some Coco Bonds the cancelled coupon payments do not accumulate and are instead written off. This may lead to mispricing of the risk related to the investment in Coco Bonds.
Capital structure inversion risk
Contrary to classical capital hierarchy, Coco Bonds’ investors (i) may suffer a loss of capital when equity holders do not suffer a loss or (ii) may suffer a loss ahead of equity holders. The Coco Bonds’ investors may see their coupons cancelled while the issuer continues to pay dividends on its common equity.
Call extension risk
Some Coco Bonds are issued as perpetual instruments, callable at pre-determined levels only with the approval of the competent authority. It cannot be assumed that the perpetual Coco Bonds will be called on the call date. The Coco Bonds’ investors may not receive return of principal as expected on a call date or, indeed, at any date.
Unknown risk
The structure of Coco Bonds is innovative yet untested. In a stressed environment, when the underlying features of these instruments will be put to the test, it is uncertain how they will perform. In the event a single issuer activates a trigger or suspends coupons,
it is difficult to predict whether the market will view the issue as an idiosyncratic or rather as a systemic event. In the latter case, potential price contagion and volatility to the entire asset class is possible. This risk may in turn be reinforced depending on the level of underlying instrument arbitrage. Furthermore, in an illiquid market, price formation may be increasingly stressed.
Yield/valuation risk
Relative to more highly rated debt issues of the same issuer or similarly rated debt issues of other issuers, Coco Bonds tend to compare favorably from a yield standpoint. Some investors may be drawn to the Coco Bonds as a result of their attractive yield which may be viewed as a complexity premium.
Conversion risk
Coco Bonds entail uncertainty and conversion risks, amongst others, due to the difficulty of predicting triggering events that would require the debt to convert to equity.
With respect to conversion risks, there remain uncertainties as to how these securities will behave upon conversion: for instance, conversion triggers will generate newly converted equities to holders of Coco Bonds who may want or be required to sell immediately upon conversion the new equities entailing a decrease of the price of the stock of the issuer. In particular, the investment manager might be forced to sell the new equities because of the investment policy of a Sub-Fund which would not allow equity in its portfolio.
Write down risk
Coco Bonds qualify as securities with hybrid character which insofar as they are issued in the form of bonds may lose their nominal value (i.e. be permanently written down to zero of principal investment and/or accrued interest) or, following a trigger event, may be converted in equity (see above under "Conversion risk").
Sector concentration risk
Coco Bonds are issued by banking/insurance institutions. If a Sub-Fund invests significantly in contingent convertibles bonds its performance will depend to a greater extent on the overall condition of the financial services industry than a Sub-Fund following a more diversified strategy.
Liquidity risk
In certain circumstances finding a ready buyer for Coco Bonds may be difficult and the seller may have to accept a significant discount to the expected value of the bond in order to sell it.
- Commodity RiskThough the Company is prohibited to make investments in, or enter into transactions involving commodities, commodities contracts, or certificates representing commodities, they may seek to be exposed to commodities via units of UCI, equity securities or index based derivative instruments. Prices of commodities are influenced by, among other things, various macro economic factors such as changing supply and demand relationships, weather conditions and other natural phenomena, agricultural, trade, fiscal, monetary, and exchange control programmes and policies of governments and other unforeseeable events. The prices of commodities may be highly volatile.
- UCIs RiskUnderlying UCIs in which Sub-Funds may invest may be valued by administrators resulting in valuations which are not verified by an independent third party on a regular or timely basis. Accordingly there is a risk that (i) the valuations of the Sub-Funds may not reflect the true value of underlying investment vehicles holdings held by the Sub-Funds at a specific time which could result in losses or inaccurate pricing for the Sub-Funds and/or (ii) the valuations may not be available on the Valuation Day so that some of the assets of the Sub-Funds may be valued on an estimated basis.

For some of these underlying UCIs, the custodian may be a broker instead of a bank. Such brokers do not, in some cases, have the same credit rating as a bank. Moreover, the legislation applicable to underlying UCIs may provide that the custodian's duties be limited to the custody of assets and will not include supervisory duties similar to those which must be carried out by a custodian of a Luxembourg UCI.
Furthermore, some of these underlying UCIs may have auditors that do not use monitoring measures similar to those required for the Luxembourg investment funds.
- Financial Derivative Instruments Risk
- Valuation riskMany financial derivative instruments, in particular OTC financial derivative instruments, are complex, difficult to value and often valued subjectively and the valuation may only be provided by a limited number of market professionals. The replacement value of an OTC derivative transaction may differ from the liquidation value of such transaction, and the valuations provided by the Sub-Fund’s counterparty to such transaction may differ from the valuation provided by a third party or the value upon liquidation. A counterparty might cease making a market or quoting prices for some of the instruments. Inaccurate valuations can result in increased cash payment requirements to counterparties or a loss of value to a Sub-Fund.
- VolatilityThe price of a financial derivative instrument can be very volatile. This is because a small movement in the price of the underlying security, index, interest rate or currency may result in a substantial movement in the price of the financial derivative instrument. Investment in financial derivative instruments may result in losses in excess of the amount invested.
- CorrelationFinancial derivative instruments do not always perfectly or even highly correlate or track the value of the underlying assets they are designed to track. Consequently, a Sub-Fund’s use of financial derivative instruments techniques may not always be an effective means of, and sometimes could be counter-productive to, following a Sub-Fund’s investment objective.
- Short ExposureAlthough the Company may not carry out uncovered sales of transferable securities, some Sub-Funds may, as part of their investment strategy, use financial derivative instruments to seek short exposure to such transferable securities. The Sub-Funds may face substantial loss should the price of the transferable securities increase.
- LeverageThe Sub-Funds will not use borrowing to purchase additional investments but a Sub-Fund using financial derivative instruments as part of its investment strategy may be expected to be leveraged (gross market exposure, aggregating both long and synthetic short positions, in excess of net asset value).

While leverage presents opportunities for increasing the Sub-Fund's total return, it also has the potential of increasing losses as well. Accordingly, any event which adversely affects the value of an investment by the Sub-Fund would be magnified to the extent the Sub-Fund is leveraged. The cumulative effect of the use of leverage by the Sub-Fund in a market that moves adversely to the Sub-Fund's investments could result in a substantial loss to the Sub-Fund.
- Counterparty Risk (OTC derivative transactions)The Sub-Funds may enter into derivatives transactions in over-the-counter markets, which will expose the Sub-Funds to the credit risk of their counterparties and their inability to satisfy the terms of such contracts as mentioned in the clause of counterparty risk above.

The Sub-Funds might also be unable to close out when they wish to end or to enter into an offsetting OTC transaction with respect to an open position, which might adversely affect their performance. The closing-out of an OTC derivative transaction may only be made with the consent of the counterparty to the transaction.
- Control and MonitoringFinancial derivative instruments are highly specialised instruments that require investment techniques and risk analysis different from those associated with equity and fixed income securities. The use of derivative techniques requires an understanding not only of the underlying assets of the financial derivative instruments but also of the financial derivative instruments themselves, without the benefit of observing the performance of the financial derivative instruments under all possible market conditions. In particular, the use and complexity of financial derivative instruments require the maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that financial derivative instruments add to the Sub-Funds and the ability to forecast the relative price, interest rate or currency rate movements of the underlying assets correctly. There is no guarantee that a particular forecast will be correct or that an investment strategy which deploys financial derivative instruments will be successful.
- CollateralUnder the terms of the ISDA Agreements and related Collateral Support Annexes which the Company has with each of its OTC counterparties, the Company and its respective ISDA Counterparties have an obligation to collateralise their exposure to one another on a mark to market basis. Collateral transferred by the Company to its ISDA counterparties is transferred with full legal title.
- Limited recourseThe Company has an umbrella structure with multiple compartments (each compartment being referred to as a Sub- Fund). Each Sub-Fund, although not a separate legal entity, corresponds to a distinct part of the assets and liabilities of the Company under Luxembourg law, and consequently benefits from limited liability in accordance with the provisions of the Company's constitutive documents and Luxembourg law. When dealing for the account of a specified Sub-Fund, the Company will endeavour where possible to obtain a contractual acknowledgement from trading counterparties (each a "Counterparty") that the Company's obligation to that Counterparty will be limited to the assets of the specified Sub-Fund and that the Counterparty shall have no recourse to the assets of any other Sub-Fund. It may not however always be possible to obtain such an acknowledgement and in the event that (i) a Counterparty holds assets of more than one Sub- Fund; and (ii) the courts of the jurisdiction in which the assets are situated do not uphold the Luxembourg principle of limited liability as mentioned above, it is possible that the assets of one Sub-Fund could be used to satisfy the obligations of another Sub-Fund.
- Options / WarrantsAn option is a contract that gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying asset at or within a certain point in time in the future at a pre-determined price (strike price) against the payment of a premium, which represent the maximum loss for the buyer of an option.

Options can allow the Investment Manager to cost-effectively be able to restrict downsides while enjoying the full upside of a stock, financial index, etc. Long positions in option may be taken to provide insurance against adverse movements in the underlying. Short position may also be taken to enhance total returns and generate income for the Sub-Fund via premium received. The writing and purchase of options is a specialised activity which can involve substantial risks. If the Investment Manager is incorrect in its expectation of changes in the market prices or determination of the correlation between the instruments or indices on which the options are written or purchased and the instruments in a Sub-Fund’s investment portfolio, the Sub-Fund may incur losses that it would not otherwise incur.
A warrant is a certificate that entitles the holder to buy a specific amount of the underlying security of the issuing company at a pre-determined price until the expiry date, against the payment of a premium. Warrants are very similar to call options but there are some key differences such as, (i) warrants are issued by private parties, typically the corporation on which
a warrant is based, (ii) warrants are considered over-the-counter instruments, (iii) warrants are not standardized like exchange-listed options, (iv) warrants can usually not be shorted by investors.
- ForwardsA forward is a contract whereby two parties agree to exchange the underlying asset at a predetermined point in time in the future at a fixed price. The buyer agrees today to buy a certain asset in the future and the seller agrees to deliver that asset at that point in time.

Forward contracts, unlike futures contracts, are not traded on exchanges and are not standardised; rather banks and dealers act as principals in these markets, negotiating each transaction on an individual basis. Forward trading is substantially unregulated; there is no limitation on daily price movements. The principals who deal in the forward markets are not
required to continue to make markets in the underlying securities they trade and these markets may experience periods of illiquidity, sometimes of significant duration. Disruptions can occur in any market traded by the Sub-Funds due to unusually high trading volume, political intervention or other factors. In respect of such trading, the Sub-Fund is subject to the risk of counterparty failure or the inability or refusal by a counterparty to perform with respect to such contracts. Market illiquidity or disruption could result in major losses to the Sub-Funds.
- FuturesFutures are standardised forwards traded on an organized exchange. The amount of the initial margin is small relative to the value of the futures contract so that transactions are "leveraged" or "geared". A relatively small market movement will have a proportionately larger impact which may work for or against the investor. The placing of certain orders which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders.
- Contract for DifferenceA CFD is a contract between two parties that allows them to gain exposure to the economic performance and cash flows of a security without the need for actually buying or selling the security. The two parties agree that the seller will pay the buyer the difference in price after a certain period of time if the designated security’s price increases, and the buyer will in return pay the seller the difference in price if the security’s price decreases. It is linked to the underlying security price. Consequently, no right is acquired or obligation incurred relating to the underlying share.

The Sub-Funds can take synthetic long or synthetic short positions with a variable margin via CFD. They are highly leveraged instruments and for a small deposit, it is possible for a Sub-Fund to hold a position much greater than would be possible with a traditional investment. In case of substantial and adverse market movements, the potential exists to lose all of the money originally deposited and to remain liable to pay additional funds immediately to maintain the margin requirement.
- Swaps (including IRS and TRS)In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments.

The Sub-Funds may enter swap transactions with a view to effecting synthetic long and short positions in certain securities, sectors or indices, including commodities indices. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Sub-Funds' exposure to long-term or short-term interest rates, currency values, corporate borrowing rates, inflation rates, or other factors such as single equity securities, baskets of equity securities or equity indices. Swap agreements can take many different forms and are known by a variety of names.
An IRS is an agreement to exchange one set of cash flows (perceived as risky, as linked to e.g. a floating interest rate) against another set of cash flows (perceived as stable, as linked to, e.g. a fixed interest rate).
A TRS is an agreement that involves the exchange of the right to receive the total return, coupons plus capital gains or losses, of a specified reference asset (such as for example an equity), index or basket of assets against the rights to make fixed or floating payments or another equity return.
The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Sub-Fund. If a swap agreement calls for payments by the Sub-Fund, the Sub-Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the value of swap agreements with such counterparty can be expected to decline, potentially resulting in losses by the Sub-Fund.
The swap market has grown substantially in recent years with a large number of banks and investment banking firms, acting both as principals and as agents utilising standardised swap documentation. As a result, the swap market has become liquid but there can be no assurance that a liquid secondary market will exist at any specified time for any particular swap.
- Credit Default SwapsA CDS is an agreement in which one party buys protection against losses occurring due to a credit event of a reference entity up to the maturity date of the swap. The protection buyer pays a periodic fee for this protection up to the maturity date, unless a credit event triggers the contingent payment. In the latter case, the buyer of protection only needs to pay the accrued fee up to the day of the credit event. If a credit event occurs, the settlement will be either in cash or physical:(i) Cash settlement: the seller of protection will pay to the buyer of protection the net amount between the nominal value and the market value of the security; (ii) Physical settlement: the buyer of protection will deliver a bond or a loan ofthe reference entity to the seller of protection and the latter will pay the par value in return. Credit events for CDS are typically: bankruptcy, failure to pay, and restructuring.

The Sub-Funds can take synthetic long or short positions in certain securities via CDS. The use of CDS may carry a higher risk than investing in bonds directly. A CDS allows the transfer of default risk. CDS can either serve as a substitute for purchasing corporate bonds or they can hedge specific corporate bond exposure or reduce exposure to credit basis risk. If the Sub-Fund is a buyer and no event of default occurs, the Sub-Fund will lose its investment and recover nothing. However, if an event of default occurs, the buyer Sub-Fund will receive the amount above mentioned depending on cash or physical settlement. If the Sub-Fund is a seller, it will receive a fixed rate of income throughout the term of the contract provided no credit event occurs. In the latter case, the Sub-Fund will have to pay the amount provided in the contract.
All Sub-Funds using Credit Default Swaps may, in the case of a credit event, have to accept delivery of non-investment- grade bonds issued in a currency other than the Reference Currency. The delivery of such non-investment-grade bonds in a currency other than the Reference Currency will not be regarded as a breach of investment policy for those Sub- Funds which may only be invested in investment-grade-bonds or in bonds issued in the Reference Currency.
The market for CDS may sometimes be more illiquid than bond markets.
- ABS Risk and MBS RiskABS and MBS are securities backed by financial assets whose nature varies and determine the qualification of the security.

MBS are securities that represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property or instruments derived from such loans. The payment of principal and interest and the price of a MBS generally depend on the cash flows generated by the underlying mortgages and the terms of the MBS. MBS are backed by different types of mortgages, including commercial and residential properties. MBS are issued by government and non- government entities and include various types of securities such as pass-throughs, collateralized mortgage obligations and stripped MBS.
Certain MBS represent interests in pools of mortgage loans assembled for sale to investors by various governmental agencies, such as the US Government National Mortgage Association (GNMA), by government-related organizations, such as the U.S. Federal National Mortgage Association (FNMA) and the U.S. Federal Home Loan Mortgage Corporation (FHLMC), and by private issuers, such as commercial banks, savings and loan institutions and mortgage companies.
Private, government, or government-related entities may create mortgage loan pools offering pass-through investments. Interests in pools of mortgage-related securities differ from other forms of debt instruments, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities typically provide a monthly payment which consists of both interest and principal payments. These payments generally are a “pass-through” of the monthly payments made by the individual borrowers on their residential or commercial loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs incurred. Pass-through securities issued by the U.S. Federal National Mortgage Association (FNMA) and the U.S. Federal Home Loan Mortgage Corporation (FHLMC) are guaranteed as to timely payment of principal and interest by the U.S. Federal National Mortgage Association (FNMA) and the U.S. Federal Home Loan Mortgage Corporation (FHLMC). Private MBS represent interest in pools consisting of residential or commercial mortgage loans created by non-government issuers, such as commercial banks and savings and loan associations and private mortgage companies. Private MBS securities may be subject to greater credit risk and be more volatile than government or government- related MBS. In addition, private MBS may be less liquid than government or government-related MBS.
Collateralized mortgage obligations are debt obligations of a legal entity that are collateralized by mortgages. They are typically rated by a rating agency and are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. The shorter, more senior tranches will generally be lower risk than the longer dated, more junior tranches.
Stripped MBS are derivative multi-class MBS. Stripped MBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks, and special purpose entities formed or sponsored by any of the foregoing.
Stripped MBS may be less liquid than other types of MBS. Stripped MBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of Stripped MBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (interest-only), while the other class will receive all of the principal (principal-only).
ABS are very similar to MBS, except that the securities are collateralized by other types of assets besides mortgages, such as credit card receivables, home-equity loans, manufactured homes, automobile loans, student loans, equipment leases, or senior bank loans, among others. The assets can be a pool of assets or a single asset. ABS that represent an interest in a pool of assets provide greater credit diversification than ABS that represent an interest in a single asset. Payment of interest and repayment of principal on ABS may be largely dependent upon the cash flows generated by the underlying assets and, in certain cases, may be supported by letters of credit, surety bonds, or other credit enhancements.
The credit quality of ABS depends primarily on the quality of the underlying assets, the rights of recourse available against the underlying assets and/or the issuer, the level of credit enhancement, if any, provided for the securities, and the credit quality of the credit-support provider, if any. The value of ABS may be affected by the various factors, such as changes in interest rates, the
availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the pool, the originator of the underlying assets, or the entities providing the credit enhancement. ABS that do not have the benefit of a security interest in the underlying assets present certain additional risks that are not present with ABS that do have a security interest in the underlying assets.
MBS and ABS are subject to pre-payment, extension and default risks.
Prepayment risk is the risk that principal is paid back over the life of the security rather than at maturity, as the underlying obligations are subject to unscheduled pre-payments of principal before the security’s maturity date due to voluntary prepayments, refinancings or foreclosures on the underlying loans. Some types of ABS are often subject to more rapid repayment than their stated maturity date would indicate, as a result of the pass-through of prepayments of principal on the underlying assets. The rate of principal payments on these ABS is related to the rate of principal payments on the underlying asset pool and related to the priority of payment of the security with respect to the asset pool. The occurrence of prepayments is a function of several factors, such
as the level of interest rates, general economic conditions, the location, and age of the underlying obligations, asset default and recovery rates, and other social and demographic conditions. Because prepayments of principal generally occur when interest rates are declining, an investor generally has to reinvest the proceeds of such prepayments at lower interest rates than those at which its assets were previously invested. Therefore, these ABS may have less potential for capital appreciation in periods of falling interest rates than other income-bearing securities of comparable maturity. Also, the interest-only and principal-only securities mentioned above are highly sensitive to the pre-payment experience associated with the underlying mortgages and will behave in opposite ways to the same trend in pre-payments. For interest-only securities, early pre-payments within the pool will mean less than expected interest payments since the mortgages will have terminated, adversely affecting security holders. For principal-only securities, early pre-payments within the pool will mean quicker repayment of principal than expected, benefiting security holders. Because of the highly sensitive nature of these securities, the possibility of sharp declines in prices is much greater compared to conventional MBS.
Extension risk is the risk that debt obligations will be paid off more slowly than originally anticipated, increasing the average life of such debt obligations and the sensitivity of the prices of such debt obligations to future interest rate changes. For example, rising interest rates could cause property owners to pay their mortgages more slowly than expected, resulting in slower payments of mortgage backed debt obligations. This could lengthen the duration of the debt obligation, making its price more sensitive to interest rate changes, and increase the potential for loss.
Default risk is the risk of default on the underlying assets that back the security. Weakening credit fundamentals associated with the underlying assets that back ABS/MBS securities may cause default rates to rise, which would result in a decline in the value of ABS/ MBS obligations.
Because of their specific features, ABS/MBS may also be subject to higher interest rate, credit, and liquidity risks than other debt securities such as government bonds.
ABS/MBS may be structured as synthetic securities. For example, the CMBX is a credit default swap on a basket of commercial MBS bonds, constituting in effect a CMBS index. By purchasing such an instrument, the Sub-Funds are buying protection (i.e. the ability to get par for the bonds in the event of an unfavorable credit event), allowing the Sub-Funds to hedge their exposure or go short the commercial MBS sector. By selling such an instrument short and holding cash against the potential obligation to purchase it, the
Sub-Funds are selling protection and effectively getting long exposure to the commercial MBS sector more quickly and efficiently
than by purchasing individual bonds. The risks associated with such synthetic instruments are comparable to those of the underlying ABS or MBS securities that the instruments are seeking to replicate, in addition to the risk that the synthetic instruments themselves do not perform as intended due to adverse market conditions.
If any of the risk mentioned above materializes, the Sub-Funds may fail to recoup some or all of their initial investment in the securities, notwithstanding the existence of mechanisms such as credit enhancement or seniority.
- Emerging Market RiskGeneral - In Emerging Markets, to which the Sub-Funds may be exposed, the legal, judicial and regulatory infrastructure is still developing and there is much legal uncertainty both for local market participants and their counterparties. Some markets carry significant risks for investors who should therefore ensure that, before investing, they understand the relevant risks and are satisfied that an investment is suitable. Such risks may include (i) increased risk of nationalisation, expropriation of assets, forced mergers of companies, creation of government monopolies, confiscatory taxation or price controls; (ii) greater social, economic and political uncertainty, including war; (iii) higher dependence on exports and the corresponding importance of international trade; (iv) greater volatility, less liquidity, low trading volumes and smaller capitalisation of securities markets; (v) greater volatility in currency exchange rates; (vi) greater risk of inflation; (vii) greater controls on foreign investment and limitations on repatriation of invested capital and on the ability to exchange local currencies for any major currency and/or restriction on the buying or selling by foreign investors; (viii) increased likelihood of governmental decisions to cease support of economic reform programmes or to impose centrally planned economies; (ix) differences in accounting, auditing and financial reporting standards, methods, practices and disclosures which may result in the unavailability or incompleteness or tardiness of material information about issuers; (x) less extensive regulation of the securities markets; (xi) longer settlement periods for securities transactions and less reliable clearance and custody arrangements; (xii) less protection through registration of assets; (xiii) less developed corporate laws regarding fiduciary duties of officers and directors and protection of shareholders and (xiv) less formalised procedures for corporate actions (no central source of identification, no formal notification) and proxy voting.

Exchange Rate Fluctuations Risk - In accordance with the investment objectives of certain Sub-Funds, the assets will be invested primarily in securities of companies in developing countries and substantially all income will be received by these Sub-Funds in currencies of such countries. A number of the currencies of developing countries have already experienced and could experience significant declines against the major currencies in recent years and devaluation may occur suddenly. Where possible, hedging strategies will be implemented but they cannot totally eliminate unfavorable currency fluctuations. Some currencies are not freely convertible currencies.
Custody Risk - The Company may also have to utilise local service providers for the safekeeping of the assets and for the execution of securities transactions. Although the Company intends to use only the best-qualified service providers in each of the markets concerned, the choice of providers in some emerging countries may be very limited. These providers may not offer guarantees comparable to those given by firms operating in developed countries. Accordingly, the quality of the services that the Company may obtain with regard to the execution of transactions on securities and their custody may be less reliable.
Settlement and Trading Risk - Settlement systems in Emerging Markets may be less well organized than in developed markets. Emerging Markets may not employ true Delivery versus Payment. Thus, there may be risks that settlement may be delayed and that cash or securities of these Sub-Funds may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made prior to receipt of the security which is being purchased or that delivery of a security must be made before payment is received. Exchanges on Emerging Markets may not have a settlement guarantee fund in case of
temporary securities or cash shortfalls or in the event of a counterparty default or broker malpractice. The Company will seek, where possible, to use counterparties whose financial status is such that the risk of default is reduced, but the risk of losses resulting from default cannot be totally eliminated. Some markets may have specific trading restrictions.
Registration of Securities - In some countries, there is no recognition of "nominee" ownership. Registration must be done with the issuer in the final beneficial owner’s name.
Regulatory Risk - Many of the laws that govern private and foreign investment, equity securities transactions and other contractual relationships in certain countries, particularly in developing countries, are new and largely untested. As a result, the Company may be subject to a number of unusual risks, including inadequate investor protection, contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress, lack of standard practices and confidentiality customs characteristic of developed markets and lack of enforcement of existing regulations. Furthermore, it may be difficult to obtain and enforce a judgment in certain countries in which assets of
the Company are invested. There can be no assurance that this difficulty in protecting and enforcing rights will not have a material adverse effect on the Company and its operations. In addition, the income and gains of the Sub-Funds may be subject to withholding taxes imposed by foreign governments for which unitholders may not receive a full foreign tax credit.
Investment and Repatriation Restrictions Risk - Some countries prohibit or impose substantial restrictions on investments by foreign entities. Certain countries require governmental approval prior to investments by foreign persons, or limit the amount of investment by foreign in a particular company, or limit the investment by foreign persons in a company to only a specific class of securities which may have less advantageous terms than securities of the company available for purchase by nationals. Certain countries may restrict investment opportunities in issuers or industries deemed important to national interests. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some developing countries. It may have an adverse impact on the operations of a Sub-Fund. While the Sub-Funds will invest only in markets where these restrictions are considered acceptable, new or additional restrictions might be imposed subsequent to the initial investment and thus may restrict the Investment Manager's ability to manage effectively such assets and could ultimately result in a substantial loss.
Liquidity Risk - As these Sub-Funds invest a high proportion of their assets in Emerging-Market securities which tend to be less liquid than those of developed markets, investors should consider a shareholding in these Sub-Funds to be a long-term investment and be aware that it may not always be possible to make redemption payments within the usual time frame (see Section 14).
Investment in PRC - The securities markets in the PRC are Emerging Markets that are undergoing rapid growth and changes. Most PRC laws and regulations governing securities and corporations might be subject to unpredictable changes and development. The effect of such changes can be retrospective and can have an adverse impact on the investments of the Sub-Funds.
Trading China A-Shares, if contemplated by a Sub-Fund, will be achieved through the Shanghai-Hong Kong Stock Connect ("Stock Connect", please also see the Definitions section). Stock Connect is still developing and will be open to all investors without the requirement of a licence and there are only limited restrictions relating to, inter alia, settlement currency, locking up the proceeds of sale or delaying repatriation of those proceeds. A particular risk around Stock Connect is the manner in which assets are held as part of the Stock Connect and ensuring proper segregation of those assets. Compared to a clearing system in a non-Emerging Market, there is a greater risk of assets being lost or being unable to be properly identified as belonging to the Company when utilizing
Stock Connect. The Company may commence recourse to Stock Connect for a Sub-Fund only when it is reasonably satisfied that such trading facility is permissible according to the relevant laws and regulations applicable to the Company. Also, a Sub-Fund may seek exposure to China A-Shares using market access products such as warrants and participating or "P" notes or other forms of structured products or derivatives with a similar purpose.
Although the above mentioned trading facilities are signs of a greater internationalization of the RMB and the liberalization of China’s financial markets, it should also be noted that (i) China A-Shares held through Stock Connect directly or via market access products may have limited voting rights and (ii) the renmimbi is subject to foreign exchange restrictions and is not a fully convertible currency. The exchange rate used for the Sub-Funds is in relation to the offshore renminbi ("CNH"), not the onshore renminbi ("CNY"). The value of CNH could differ, perhaps significantly, from that of CNY due to a number of factors including those mentioned above.
Risks relating to Stock Connect
Under Stock Connect, the Company through its Hong Kong brokers may trade certain eligible securities listed and traded on the SSE, including China A-Shares (the "SSE Securities"). Such trading is subject to the laws and regulations of PRC and Hong Kong and the relevant rules, policies or guidelines issued from time to time.
Segregation and beneficial ownership of SSE Securities
The SSE Securities are held in a nominee account in the name of HKSCC, opened with ChinaClear, which is an omnibus account in which all SSE Securities of the investors of Stock Connect are commingled. The SSE Securities are beneficially owned by the investors (a Sub-Fund) and are segregated from the own assets of HKSCC.
In addition, the SSE Securities beneficially owned by investors (including a Sub-Fund) will be segregated in the accounts opened with HKSCC by relevant sub-custodians, and in the accounts opened with the relevant sub-custodians of such Sub-Fund in the CCASS maintained by the HKSCC as the central securities depositary in Hong Kong.
PRC laws suggest that the Sub-Fund would have beneficial ownership of SSE Securities. It is expressly stipulated in the Several Provisions on the Pilot Programme of Stock Connect (as published by the China Securities Regulatory Commission to prescribe the launch and operation of the Stock Connect) that HKSCC acts as the nominee holder and the Sub-Fund would own the rights and interests with respect to the SSE Securities. The SEHK has also stated that it is the Sub-Fund who is the beneficial owner of the SSE Securities.
However, it should be noted that the exact nature and methods of enforcement of the rights and interests of a Sub-Fund under PRC law is not certain and there have been few cases involving a nominee account structure in the PRC courts.
It should also be noted that as with other clearing systems or central securities depositaries, Stock Connect is not obliged to enforce the rights of a Sub-Fund in the PRC courts. If a Sub-Fund wishes to enforce its beneficial ownership rights in the PRC courts, it will need to consider the legal and procedural issues at the relevant time.
Quota limitations
Stock Connect is subject to an aggregate cross-boundary investment quota as well as a daily quota which does not belong to a Sub-Fund and can only be utilised on a first-come-first-served basis. In particular, once the remaining balance of the Northbound
daily quota drops to zero or the Northbound daily quota is exceeded during the opening call session, new buy orders will be rejected (though investors will be allowed to sell their cross-boundary securities regardless of the quota balance). Therefore, quota limitations may restrict a relevant Sub-Fund’s ability to invest in SSE Securities through Stock Connect on a timely basis, and a Sub-Fund may not be able to effectively pursue its investment strategies.
Settlement
The Company will set up arrangements with its Hong Kong brokers and sub-custodian to ensure that cash payment is received against delivery of securities for the trades of the SSE Securities (delivery versus payment settlement). To this end, for the trades of the SSE Securities by a Sub-Fund, Hong Kong brokers will credit or debit the cash account of a Sub-Fund on the same day for the settlement of securities, for an amount equal to the funds relating to such trading.
Clearing and settlement risk
HKSCC and ChinaClear will establish the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house.
Should a ChinaClear default occur and ChinaClear be declared as a defaulter, HKSCC’s liabilities in Northbound trades under its market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against ChinaClear. HKSCC will in good faith, seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or through ChinaClear’s liquidation. In that event, a Sub-Fund may suffer delay in the recovery process or may not be able to fully recover its losses from ChinaClear.
No Protection by Investor Compensation Fund
Investment through Stock Connect is conducted through broker(s), and is subject to the risks of default by such brokers’ in their obligations. A Sub-Fund’s investments through Northbound trading under Stock Connect is not covered by the Hong Kong’s Investor Compensation Fund. Therefore Sub-Funds are exposed to the risks of default of the broker(s) it engages in its trading in SSE Securities through Stock Connect.
Suspension risk
Both the SEHK and SSE reserve the right to suspend Northbound and/or Southbound trading if necessary for ensuring an orderly and fair market and risks are managed prudently. Consent from the relevant regulator would be sought before a suspension is triggered. Where a suspension in the Northbound trading through Stock Connect is effected, the relevant Sub- Fund’s ability to access the PRC market will be adversely affected.
Differences in trading day
Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. So it is possible that there are occasions when it is a normal trading day for the PRC market but not for the Hong Kong market, in which case a Sub-Fund will not be able to access the PRC market via Stock Connect. A Sub-Fund may be subject to a risk of price fluctuations in SSE Securities during the time when Stock Connect is not trading as a result.
Operational risk
Stock Connect provides a new channel for investors from Hong Kong and overseas to access the China stock market directly. Stock Connect is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this programme subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. It should be appreciated that the securities regimes and legal systems of the two markets differ significantly and in order for the trial programme to operate, market participants may need to address issues arising from the differences on an on-going basis.
Further, the "connectivity" in Stock Connect requires routing of orders across the PRC-Hong Kong border. This requires the development of new information technology systems on the part of the SEHK and exchange participants (i.e. a new order routing system ("China Stock Connect System") to be set up by SEHK to which exchange participants need to connect). There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems failed to function properly,
trading in both markets through the programme could be disrupted. A Sub-Fund’s ability to access the SSE Securities market (and hence to pursue its investment objective) will be adversely affected.
Restrictions on selling imposed by front-end monitoring
PRC regulations require that before an investor sells any SSE Securities, there should be sufficient SSE Securities in the account; otherwise SSE will reject the sell order concerned. SEHK will carry out pre-trade checking on SSE Securities sell orders of its participants (i.e. the stock brokers) to ensure there is no over-selling. If a Sub-Fund desires to sell certain SSE Securities it holds, it must transfer those SSE Securities to the respective accounts of its brokers before the market opens on the day of trading. If it fails to meet this deadline, it will not be able to sell those SSE Securities on the trading day. Because of this requirement, the relevant Sub-Fund may not be able to dispose of holdings of SSE Securities in a timely manner.
Regulatory risk
Stock Connect is novel in nature, and will be subject to regulations circulated by regulatory authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. Further, new regulations may be circulated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Stock Connect.
It should be noted that the regulations are untested and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change. There can be no assurance that Stock Connect will not be abolished. A Sub-Fund, which may invest in the PRC markets through Stock Connect, may be adversely affected as a result of such changes.
Taxation risk
On 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory Commission published the Circular on relevant Tax Treatment for the Pilot Programme of Shanghai-Hong Kong Stock Connect. Such circular provides that funds investing in SSE Securities via Stock Connect are temporarily exempt from income tax on capital gains derived from the transfer of SSE Securities on or after 17 November 2014 (the "Stock Connect Exemption").
Dividends from SSE Securities paid to a fund will continue to be subject to 10% withholding tax which is to be withheld at source. It is possible that any new tax laws and regulations and any new interpretations may be applied retroactively.
CIBM
CIBM is an OTC market where institutional investors trade sovereign, government and corporate bonds on a one-to-one quote-driven basis and accounts for almost all of outstanding bond values of total trading volume in China.
Investors should be aware that trading on the CIBM exposes the Sub-Fund to certain risks (counterparties risk, liquidity risk, settlement risk).
Settlement risk
There are various transaction settlement methods in the CIBM and although favorable terms are negotiated in the name of the Sub-Fund, there is no assurance that settlement risks can be eliminated. Where the counterparty fails to perform its obligations under a transaction, the Sub-Fund will sustain losses.
All bond trades will be settled through ChinaClear. ChinaClear operates under the supervision of the relevant Chinese authorities.
If a participant defaults in payment of any sum payable to ChinaClear, the latter has the power to apply the funds available towards the satisfaction of any amount due to ChinaClear either from (i) cash collateral provided by the defaulting participant;
(ii) cash held in the joint guarantee fund contributed by the defaulting participant; or (iii) cash generated by the sale of securities. The defaulting party will be responsible for the expenses and any price differences resulting from the sale of the securities.
If a participant defaults in delivering securities, ChinaClear is entitled to delay the payment due to the delivering participant until the outstanding obligation is satisfied. In addition, ChinaClear may apply all or any securities (in lieu of the securities that are the subject of the delivery obligations) from the following sources to satisfy the obligations and liabilities of such participant to ChinaClear:
- securities furnished by the defaulting party;
- securities purchased using the funds in the designated escrow account; or
- securities available to ChinaClear from other alternative sources.

Although ChinaClear is due to deliver payment and securities to delivering participant and receiving participants, respectively, a delay may occur if either party fails to fulfil its payment or delivery obligation.
PRC has undertaken the liberalization to its financial markets by proposing or facilitating the access to several investment programs. Further to a revision in 2016, access to CIBM has been facilitated ("CIBM Facilitated Access"). Foreign institutional investors may invest, without particular license or quota, directly in RMB fixed income securities dealt on the CIBM via an onshore bond settlement agent (the “Bond Settlement Agent”), which has the responsibility for making the relevant filings and account opening with the relevant PRC authorities in particular the PBOC.
The CIBM Facilitated Access rules and regulations are relatively new. The application and interpretation of such investment regulations are therefore relatively untested and there is no certainty as to how they will be applied as the PRC authorities and regulators have been given wide discretion in such investment regulations and there is no precedent or certainty as to how such discretion may be exercised now or in the future. In addition, there can be no assurance that the CIBM Facilitated Access rules and regulations will not be abolished in the future. A Sub-Fund, which invests in the PRC markets through the CIBM Facilitated Access, may be adversely affected as a result of any such changes or abolition.
Restrictions to Remittances and Repatriations Risk
Foreign investors (such as the Sub-Fund) may remit investment principal in RMB or foreign currency into the PRC for investing in the CIBM under the CIBM Facilitated Access. A Sub-Fund using the CIBM Facilitated Access will need to remit investment principal matching at least 50 % of its anticipated investment size within nine (9) months after filing with the PBOC, or else an updated filing will need to be made through the onshore Bond Settlement Agent.
Where a Sub-Fund repatriates funds out of the PRC, the ratio of RMB to foreign currency (“Currency Ratio”) should generally match the original Currency Ratio when the investment principal was remitted into PRC, with a permissible deviation of 10%. However, to the extent an outward repatriation is in the same currency as the inward remittance the Currency Ratio restriction will not apply.
Certain restrictions may be imposed by the PRC authorities on investors participating in the CIBM Facilitated Access and/or the Bond Settlement Agent which may have an adverse effect on the Sub-Fund’s liquidity and performance. Repatriations conducted in RMB are currently permitted daily and are not subject to repatriation restrictions (such as lock-up periods) or prior approval, although authenticity and compliance reviews will be conducted, and reports on remittances and repatriations will be submitted to the relevant PRC authorities by the Bond Settlement Agent. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Furthermore, as the Bond Settlement Agent’s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the Bond Settlement Agent
in case of non-compliance with the CIBM Facilitated Access rules and regulations. Any restrictions imposed in the future by the PRC authorities, or rejection or delay by the Bond Settlement Agent, on repatriation of the invested capital and net profits may impact on the Sub-Fund’s ability to meet redemption requests from the shareholders. It should be noted that the actual time required for the completion of the relevant repatriation will be beyond the Investment Manager’s control.
Securities and cash accounts
Beneficial ownership of RMB securities acquired through CIBM Facilitated Access has been acknowledged in documentation released by the PBOC and PRC authorities. Beneficial ownership is however an untested concept in the PRC. Investors should note that cash deposited in the cash account of the Sub-Fund with the Bond Settlement Agent will not be segregated but will be a debt owing from the Bond Settlement Agent to the Sub-Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of
the Bond Settlement Agent. In the event of bankruptcy or liquidation of the Bond Settlement Agent, the Sub-Fund will not have any proprietary rights to the cash deposited in such cash account, and the Sub-Fund will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the Bond Settlement Agent. The Sub-Fund may face difficulty and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the Sub-Fund will suffer losses.
Bond Settlement Agent Risk
There is a risk that the Sub-Fund may suffer losses, whether direct or consequential, from: (i) the acts or omissions in the settlement of any transaction or in the transfer of funds or securities by the Bond Settlement Agent; or (ii) the default or bankruptcy of the
Bond Settlement Agent; or (iii) the disqualification of the Bond Settlement Agent from acting in such capacity either on a temporary or permanent basis. Such acts, omissions, default or disqualification may also adversely affect a Sub-Fund in implementing its investment strategy or disrupt the operations of a Sub-Fund, including causing delays in the settlement of any transaction or the transfer of any funds or securities in the PRC or in recovering assets, which may in turn adversely impact the net asset value of a Sub-Fund.
In addition, the PBOC is vested with the power to impose regulatory sanctions if the Bond Settlement Agent violates any provision of the CIBM Facilitated Access rules. Such sanctions may adversely impact on the investment by the Sub-Fund through the CIBM Facilitated Access.
Risks associated with Bond Connect
Overview of the Bond Connect
Bond Connect is a mutual bond market access between Hong Kong and mainland China established by China Foreign Exchange Trade System & National Interbank Funding Centre, China Central Depository & Clearing Co., Ltd, Shanghai Clearing House, and SEHK and Central Moneymarkets Unit. China bond market primarily consists of CIBM. Eligible foreign investors can invest in the CIBM under the northbound trading of Bond Connect ("Northbound Trading"). Northbound Trading will follow the current policy framework for overseas participation in the CIBM. There will be no investment quota for Northbound Trading.
Under the prevailing regulations in mainland China, eligible foreign investors who wish to invest in the CIBM via Bond Connect may do so via an offshore custody agent approved by the Hong Kong Monetary Authority, who will be responsible for the account opening with the relevant onshore custody agent approved by PBOC.
Market volatility and potential lack of liquidity due to low trading volume of certain debt securities in the CIBM may result in prices of certain debt securities traded on such market fluctuating significantly. The relevant Sub-Fund investing in such market is therefore subject to liquidity and volatility risks. The bid and offer spreads of the prices of such securities may be large, and the relevant Sub- Fund may therefore incur significant trading and realisation costs and may even suffer losses when selling such investments.
To the extent that the relevant Sub-Fund transacts in the CIBM, the relevant Sub-Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the relevant Sub- Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
Since the account opening for investment in the CIBM via Bond Connect has to be carried out via an offshore custody agent, the relevant Sub-Fund is subject to the risks of default or errors on the part of the offshore custody agent.
Bond Connect is subject to regulatory risks. The relevant rules and regulations on investment via Bond Connect are subject to change which may have potential retrospective effect. In the event that the relevant Chinese authorities suspend account opening or trading via Bond Connect, the relevant Sub-Fund’s ability to invest in CIBM will be limited and, may have an adverse effect on the relevant Sub-Fund’s performance as the relevant Sub-Fund may be required to dispose of its CIBM holdings. The relevant Sub-Fund may also suffer substantial losses as a result.
There is no specific written guidance by the mainland China tax authorities on the treatment of income tax and other tax categories payable in respect of trading in CIBM by eligible foreign institutional investors via Bond Connect. Hence it is uncertain as to the relevant Sub-Fund’s tax liabilities for trading in CIBM via Bond Connect. Also it is possible that any new tax laws and regulations and any new interpretations may be applied retroactively.
Risks associated with RQFII regime
In addition to the risks set out above “Investments in the PRC” the following additional risks apply.
RQFII Risk. The application and interpretation of the regulations which regulate investments through RQFII regime in the PRC are relatively untested and there is no certainty as to how they will be applied as the PRC authorities and regulators have been given wide discretion in such investment regulations and there is no precedent or certainty as to how such discretion may
be exercised now or in the future. It is not possible to predict the future development of the RQFII regime. Any restrictions on repatriation imposed in respect of the relevant investments through the RQFII regime may have an adverse effect on the Sub-Fund’s ability to meet redemption requests. Any change in the RQFII regime generally, including the possibility of the RQFII-Investment Manager losing its RQFII status, may affect the relevant Sub-Fund’s ability to invest in eligible securities
in the PRC directly through the relevant RQFII. In addition, should the RQFII status be suspended or revoked, the Sub-Fund’s performance may be adversely affected as the Sub-Fund may be required to dispose of its RQFII eligible securities holdings. The applicable laws, rules and regulations on RQFII are subject to change and such change may have potential retrospective effects.
RQFII Investment Restrictions Risk. Although the RQFII does not anticipate that RQFII investment restrictions will impact on the ability of the Sub-Fund to achieve its investment objective, investors should note that the relevant PRC laws and regulations may limit the ability of a RQFII to acquire securities in certain PRC issuers from time to time and may force the Sub-Fund
to dispose of its securities, thus affecting its capacity in making investments in PRC. Trading of China securities may be impacted by any temporary or permanent suspensions imposed from time to time by the Shanghai and/or Shenzhen stock exchanges or pursuant to any regulatory or governmental intervention with respect to particular investments or the markets generally. Any such suspension or corporate action may make it impossible for the Sub-Fund to acquire or liquidate positions in the relevant securities as part of the general management and periodic adjustment of the Sub-Fund’s investments through the RQFII or to meet redemption requests. Such circumstances may also make it difficult for the Net Asset Value of the Sub- Fund to be determined and may expose the Sub-Fund to losses. In order to mitigate the effects of extreme volatility in the market price of securities, the Shanghai and Shenzhen stock exchanges currently limit the amount of fluctuation permitted in the prices of securities during a single trading day. The daily limit represents the maximum amount that the price of a security
(during the current trading session) may vary either up or down from the previous day's settlement price. The daily limit governs only price movements and does not restrict trading within the relevant limit. However, the limit does not limit potential losses because the limit may work to prevent a liquidation of any relevant securities at the fair or probable realisation value for such securities which
means that the Sub-Fund may be unable to dispose of unfavourable positions. There can be no assurance that a liquid market on an exchange would exist for any particular security or for any particular time.
Counterparty Risk. Any assets acquired through the RQFII regime will be maintained by a local custodian pursuant to the PRC regulations, in electronic form via the RQFII securities account(s) and any cash will be held in Renminbi cash account(s) with the local custodian. Whilst the assets held in such accounts are segregated and held separately and belong solely to the Sub-Fund, it is possible that the judicial and regulatory authorities in the PRC may interpret this position differently in the future. The Sub-Fund may also incur losses due to the acts or omissions of the local custodian in the execution or settlement of any transaction or in the transfer of any funds or securities. Cash held by the local custodian in the Renminbi cash account(s) will not be segregated in
practice but will be a debt owing from the local custodian to the relevant Sub-Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the local custodian. In the event of insolvency of the local custodian, the Sub-Fund will not have any proprietary rights to the cash deposited in the cash account opened with the local custodian, and the Sub-Fund will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the local custodian. The Sub-Fund may face difficulties and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the Sub-Fund will lose some or all of its cash.
Counterparty Risk to PRC broker(s) The RQFII-Investment Manager selects brokers in the PRC (“PRC Broker(s)”) to execute transactions for the Sub-Fund in markets in the PRC. There is a possibility that the RQFII-Investment Manager may only appoint one PRC Broker in respect of each stock exchange in the PRC as a result of the requirement in the PRC that securities are sold through the same PRC Broker through which they were originally purchased. If, for any reason, the RQFII-Investment Manager is unable to use the relevant broker in the PRC, the operation of the Sub-Fund may be adversely affected. The Sub-Fund may also incur losses due to the acts or omissions of any of the PRC Broker(s) in the execution or settlement of any transaction or in the transfer of any funds or securities. If a single PRC Broker is appointed, the Sub-Fund may not pay the lowest commission available in the market. However, the RQFII-Investment Manager shall, in the selection of PRC Brokers, have regard to factors such as the competitiveness of commission rates, size of the relevant orders and execution standards. There is a risk that the Sub-Fund may suffer losses from the default, insolvency or disqualification of a PRC Broker. In such event, the Sub-Fund may be adversely affected in the execution of transactions through such PRC Broker. As a result, the Net Asset Value of the Sub-Fund may also be adversely affected. To mitigate the Company’s exposure to the PRC Broker(s), the RQFII-Investment Manager employs specific procedures to ensure that each PRC Broker selected is a reputable institution and that the credit risk is acceptable to the Company.
Remittance and Repatriation of RMB Risk. Repatriations of RMB are currently not subject to, any lock-up periods or prior regulatory approval; although authenticity and compliance reviews will be conducted and monthly reports on remittances and repatriations will be submitted to the State Administration of Foreign Exchange of the PRC by the local custodian. The repatriation process may be subject to certain requirements set out in the relevant regulations (e.g. submission of certain documents when repatriating the
realised cumulative profits). Completion of the repatriation process may be subject to delay. There is no assurance that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Further, such changes to the PRC rules and regulations may be applied retroactively. Any restrictions on repatriation imposed in respect of the Sub-Fund’s cash may have an adverse effect on the Sub-Fund’s ability to meet redemption requests. Furthermore, as the local custodian’s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the local custodian in case
of non-compliance with the RQFII rules and regulations. In such case, it is expected that redemption proceeds will be paid to the redeeming shareholder as soon as practicable and after the completion of the repatriation of funds concerned. The actual time required for the completion of the relevant repatriation will be beyond the RQFII-Investment Manager's control.
- Russian Registration Risk / Investment in RussiaInvestments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities.

In Russia this is evidenced by entries in the books of a company or its registrar (which is neither an agent nor responsible to the Depositary). No certificates representing ownership of Russian companies will be held by the Depositary or any sub-custodian or in an effective central depository system. As a result of this system and the lack of state regulation and
enforcement, the Company could lose its registration and ownership of Russian securities through fraud, negligence or even mere oversight.
In addition, investments in Russia may also be impacted in the context of the geopolitical crisis in Eastern Europe involving Russia and Ukraine. Western countries have taken sanctions against Russia. This may lead Russia to take counter measures against some Western and other countries. As a result, the Russian economy may be adversely impacted and Russia may become a more risky investment with higher volatility on certain markets, restrictions on foreign investments in Russia, difficulties to liquidate Russian investments or expatriation of funds out of Russia.
The Moscow Exchange MICEX-RTS is the sole market qualifying as a Regulated Market in Russia.
- Regional or Sectorial Concentration RiskConcentration risk on certain countries/regions - Where a Sub-Fund restricts itself to investing in securities of issuers located in a particular country or region, such concentration will expose the Sub-Fund to the risk of adverse social, political or economic events which may occur in that country or region. The risk increases if the country or region in question is an Emerging Market.

Concentration risk on certain sectors - Where a Sub-Fund restricts itself to invest in a certain sector, such as technology or healthcare, it may be sensitive to factors affecting technology-related industries and to greater risk and market fluctuation than investment in a broader range of portfolio securities covering different economic sectors. Technology, technology-related, healthcare industries may also be subject to greater government regulation than many other industries. Accordingly, changes in government policies and the need for regulatory approvals may have a materially adverse affect on these industries. Additionally, these companies may be subject to risk of developing technologies, competitive pressures and other factors as well as a relatively high risk of obsolescence caused by scientific and technological advances and are depended upon consumer and business acceptance as new technologies evolve. Many companies in the technology sector are smaller companies and are therefore also subject to the risks attendant on investing in such companies set out above. The development of these sector-specific investments may differ from the general stock exchange trend.
- Model RiskSub-Funds that apply quantitative management methods or systematic process or strategies, rely for their management process on models based to a varying extent on past market conditions. Given the uncertainty of the future, these models may not necessarily capture the risk they were designed and expected to capture and hence could signal erroneous investment opportunities.
- Specific risk factor related to MMFA Money Market Fund is not a guaranteed investment. Investments in MMFs is different from investments in deposits as the value of Shares can fluctuate and the return generated from them may go up or down, and investors may not recover the amount initially invested. The Company does not rely on any external support for guaranteeing the liquidity of the MMF or stabilizing the Net Asset Value per Share of its MMF. As a consequence thereof, the risk of loss of the principal is borne by the shareholder.
- P-NotesCertain Sub-Funds may invest in P-Notes or certificates which are structured products. P-Notes are issued by banks or broker- dealers and are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes can have the characteristics or take the form of various instruments, including, but not limited to, certificates or warrants. The holder of a P-Note that is linked to a particular underlying security is entitled to receive any dividends paid in connection with the underlying security. However, the holder of a P-Note generally does not receive voting rights as it would if it directly owned the underlying security. P-Notes constitute direct, general and unsecured contractual obligations of the banks or broker-dealers that issue them, which therefore subject the Sub-Funds investing in P-Notes to counterparty risk. Investments in P-Notes involve certain risks in addition to those associated with a direct investment in the underlying foreign securities or foreign securities markets whose return they seek to replicate. For instance, there can be no assurance that the trading price of a P-Note will equal the value of the underlying foreign security or foreign securities market that it seeks to replicate. As the purchaser of a P-Note, the Sub-Funds investing in P-Notes are relying on the creditworthiness of the counterparty issuing the P-Note and have no rights under a P-Noteagainst the issuer of the underlying security. Therefore, if such counterparty were to become insolvent, the relevant Sub-Funds would lose their investment. The risk that these Sub-Funds may lose their investments due to the insolvency of a single counterparty may be amplified to the extent the Sub-Funds purchase P-Notes issued by one issuer or a small number of issuers. P-Notes also include transaction costs in addition to those applicable to a direct investment in securities. In addition, the Sub-Funds’ useof P-Notes may cause the Sub-Funds’ performance to deviate from the performance of the portion of the index to which the Sub-Funds are gaining exposure through the use of P-Notes. Due to liquidity and transfer restrictions, the secondary markets on which P-Notes are traded may be less liquid than the markets for other securities, which may lead to the absence of readily available market quotations for securities in the Sub-Funds’ portfolios and may cause the value of the P-Notes to decline.

The ability of the Sub-Funds to value their securities becomes more difficult and the judgment in the application of fair value procedures may play a greater role in the valuation of the Sub-Funds’ shares due to reduced availability of reliable objective pricing data. Consequently, while such determinations will be made in good faith, it may nevertheless be more difficult for the Sub-Funds to accurately assign a daily value to such securities.
ANNEX C: SFDR
SFDR disclosures C-1.1 to C-1.15 relate to Sub-Funds complying with article 8 of SFDR.
| C-1.1 | 269 |
| --- | --- |
| C-1.2 | 272 |
| C-1.3 | 275 |
| C-1.4 | 279 |
| C-1.5 | 281 |
| C-1.6 | 284 |
| C-1.7 | 287 |
| C-1.8 | 290 |
| C-1.9 | 294 |
| C-1.10 | 297 |
| C-1.11 | 300 |
| C-1.12 | 304 |
| C-1.13 | 308 |
| C-1.14 | 312 |
| C-1.15 | 315 |

SFDR disclosures C-2.1 to C-2.3 relate to Sub-Funds complying with article 9 of SFDR.
| C-2.1 | 318 |
| --- | --- |
| C-2.2 | 322 |
| C-2.3 | 326 |

SFDR disclosures C-3.1 to C-3.9 relate to all other Sub-Funds.
| C-3.1 | 332 |
| --- | --- |
| C-3.2 | 334 |
| C-3.3 | 335 |
| C-3.4 | 336 |
| C-3.5 | 337 |
| C-3.6 | 338 |
| C-3.7 | 339 |
| C-3.8 | 340 |
| C-3.9 | 341 |

| Asset Allocation Sub-Funds | SFDR disclosure |
| --- | --- |
| All Roads Conservative | C-3.1 |
| All Roads | C-3.1 |
| All Roads Growth | C-3.1 |
| Event Convexity | C-3.2 |
| Multiadvisers UCITS | C-3.3 |
| Defensive Systematic Alternative Solution | C-3.4 |
| Equity Sub-Funds | SFDR disclosure |
| Generation Global | C-1.11 |
| TargetNetZero Global Equity | C-1.10 |
| Continental Europe Family Leaders | C-1.1 |
| Golden Age | C-1.1 |
| World Brands | C-1.1 |
| World Gold Expertise | C-3.5 |
| Commodity Risk Premia | C-3.6 |
| Global FinTech | C-1.1 |
| Natural Capital | C-2.2 |
| Global HealthTech | C-1.1 |
| China High Conviction | C-1.1 |
| TargetNetZero Europe Equity | C-1.10 |
| Europe All Cap Leaders | C-1.1 |
| Europe High Conviction | C-3.7 |
| Continental Europe Small & Mid Leaders | C-1.1 |
| Emerging High Conviction | C-1.1 |
| Asia High Conviction | C-1.1 |
| TerreNeuve | C-1.7 |
| Swiss Equity | C-1.14 |
| Swiss Small & Mid Caps | C-1.14 |
| Climate Transition | C-2.1 |
| Fixed-Income  Sub-Funds | SFDR disclosure |
| Global Inflation-Linked Fundamental | C-1.4 |
| Global Government Fundamental | C-1.4 |
| Swiss Franc Bond (Foreign) | C-1.5 |
| Global Climate Bond | C-2.3 |
| TargetNetZero Global IG Corporate | C-1.8 |
| TargetNetZero Euro IG Corporate | C-1.8 |
| Global BBB-BB Fundamental | C-1.12 |
| Euro BBB-BB Fundamental | C-1.12 |
| Swiss Franc Credit Bond (Foreign) | C-1.5 |
| Ultra Low Duration (USD) | C-1.13 |
| Ultra Low Duration (EUR) | C-1.13 |
| Fallen Angels Recovery | C-1.9 |
| Emerging Local Currency Bond Fundamental | C-1.4 |

| Asia Value Bond | C-1.3 |
| --- | --- |
| Asia Investment Grade Bond | C-1.3 |
| Convertible Bond | C-1.2 |
| Global Convertible Bond Defensive Delta | C-1.6 |
| Convertible Bond Asia | C-1.2 |
| Convertible Bond High Conviction | C-1.2 |
| High Yield 2021 | C-3.8 |
| High Yield 2022 | C-3.8 |
| High Yield 2023 | C-3.8 |
| High Yield 2024 | C-3.8 |
| Asia Income 2024 | C-3.9 |
| Asia Income 2025 | C-1.3 |
| Asia Income 2026 | C-1.3 |
| Global Income 2026 | C-1.15 |
| Global Income 2027 | C-1.15 |
| Short-Term Money Market Sub-Funds | SFDR disclosure |
| Short-Term Money Market (EUR) | C-1.13 |
| Short-Term Money Market (USD) | C-1.13 |
| Short-Term Money Market (GBP) | C-1.13 |
| Short-Term Money Market (CHF) | C-1.13 |

SFDR Disclosure – Article 8 C-1.1
Applicable to the following Sub-Funds:
- Continental Europe Family Leaders
- Golden Age
- World Brands
- Global FinTech
- China High Conviction
- Europe All Cap Leaders
- Continental Europe Small & Mid Leaders
- Emerging High Conviction
- Asia High Conviction
- Global HealthTechClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how many emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the sub-fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.2
Applicable to the following Sub-Funds:
- Convertible Bond
- Convertible Bond Asia
- Convertible Bond High ConvictionClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund’s annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies in terms of sustainability within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that mayaffect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas and Conventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Conventional Oil & Gas - the Investment Manager will seek to restrict investments in companies in the conventional oil and gas sector unless their revenues from natural gas and renewable energy are greater than 40%.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR principal adverse impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - The Investment Manager believes that engagement/stewardship can lead to positive sustainability orientated changes in business practices in situations where exclusion/restriction alone may be less impactful in the longer term. As a result, at a Sub-Fund level the Investment Manager is committed to engage with companies with the highest negative contributions to the Sub-Fund’s portfolio overall ESG score. This engagement aims to encourage companies to provide more transparency on ESG matters (for companies whose low scores reflects poor disclosure), as well as to stewarding management towards better practices (for companies scoring poorly on specific ESG metrics). The Investment Manager is also committed to regularly reviewing these companies’ ESG scores, with a view to reducing the exposure to companies where the engagement process has not lead to progress in their ESG score.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.3
Applicable to the following Sub-Funds:
- Asia Value Bond
- Asia Investment Grade Bond
- Asia Income 2025
- Asia Income 2026Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund’s annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 10% of companies in terms of sustainability within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager will seek to eliminate the bottom scoring 10% of companies within the Sub-Fund’s universe unless there are objective reasons for not doingso. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy. Companies in Emerging Markets are highly dependent upon access to capital to enable them to transition towards more sustainable business practices and have much higher dependence upon industrial sectors with larger carbon footprints and temperature contributions than their developed market counterparts. It is not always possible therefore to simply eliminate companies with larger footprints as they are integral to the economic and social health/stability of emerging market nations. Stemming completely the access to capital of companies in emerging markets will likely result in a slower longer term transition to a lower carbon economy in those markets. The elimination exercise will not apply to positions which the Investment Manager expects to be shorter term holdings (positions with an expected holding period of less than 6 months).
- The Investment Manager will also seek to eliminate the bottom scoring 10% of sovereign issuers within the Sub-Fund’s investment universe, based upon its own sovereign scoring methodology, unless there are objective reasons for not doing so. In relation to sovereign issuers, it should be noted that sustainability data is more limited and that it is not easy to link the proceeds of the issuance of debt instruments by or linked to sovereign issuers to individual ESG characteristics. It should also be noted that emerging market economies may have lower scores than their developed market counterparts but may still have positive elements around ESG promotion which require capital to improve those scores. It will not therefore be a binary exercise of excluding sovereign issuers based upon their scores alone.

A more holistic review of policies and commitments to the promotion of environmental characteristics will be required. Any decision to eliminate therefore remains entirely within the discretion of the Investment Manager.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of an issuer to determine whether the issuer can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of an issuer’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of an issuer.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds, sustainable and social bonds however depends upon availability of suitable investment opportunities and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds. Further, it is likely that only a small portion of issuers among the investment universe in which the Sub-Fund invests will have suitable green, sustainable and social bonds which fit the target profile of the Sub-Fund.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to reduce the weighted average temperature contribution of the Sub-Fund’s portfolio in the medium to long term, subject to availability of suitable investment opportunities in line with objectives of the Sub-Fund.
- The Investment Manager will aim to increase the weighted average ESG score of the Sub-Fund’s portfolio in the medium to long term, subject to availability of suitable investment opportunities in line with objectives of the Sub-Fund.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved in respect of the above referenced aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a group-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR principal adverse impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At the Sub-Fund level, the Investment Manager will seek to engage with the top 10 carbon emitters in the Sub-Fund’s portfolio with a view to stewarding companies towards a lower carbon economy. Such engagement/stewardship activities will not apply to positions which the Investment Manager expects to be shorter term holdings.
The Investment Manager believes that engagement/stewardship can lead to positive sustainability orientated changes in business practices in situations where exclusion/restriction alone may be less impactful in the longer term.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
The Investment Manager seeks to promote in particular ESG practices that support infrastructure development, clean energy, sustainable mega trends and employment generation and lower poverty. The Investment Manager believes that these themes are well encapsulated under UN SDGs #1, #6, #7, #8, #9, #11 and #13.
The Investment Manager favours companies and sovereign issuers that can contribute to positive long term sustainable developments in line with the following themes and related UN SDGs:
- Infrastructure Development
	- UN SDG #6 (Clean Water & Sanitation) and #9 (Industry, Innovation and Infrastructure)

- Clean Energy
- 1
	- UN SDG #7 (Affordable and Clean Energy) and #13 (Climate Action)1  Where possible the Investment Manager will favour investments in electricity generation from renewable sources, and save in respect of legacy positions existing prior to the introduction of the Investment Manager’s restrictions around thermal coal in November 2019, the Investment Manager will (whilst retaining full investment discretion) not seek to make new investments in thermal coal powered electricity generation for the account of the Sub-Fund.

- Sustainable Urbanization Trends
	- UN SDG #11 (Sustainable Cities and Communities)

- Employment Generation & Lower Poverty
	- UN SDG #1 (No Poverty) and #8 (Decent Work and Economic Growth)No sustainable investment objectiveThe Sub-Fund does not have as its objective sustainable investment.


Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination of companies with bottom 10% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions and do not apply to the portfolios which are already constructed at the date of this Prospectus. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of an issuer are inherently linked to its long-term success and that those issuers with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual issuers in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.4
Applicable to the following Sub-Funds:
- Global Inflation-Linked Fundamental
- Global Government Fundamental
- Emerging Local Currency Bond FundamentalClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the Sustainable Development Goals defined by the United Nations.
Systematic ESG screening and scoring of sovereign issuers
Given the challenges the world faces today, the analysis of sustainability-related risks in sovereign bonds is now essential. Therefore, the Investment Manager complements its traditional sovereign credit assessment with an analytical framework that integrates sustainability risk factors in a holistic way. Alongside usual macro criteria, broader ESG considerations are integrated in the sovereign bond risk assessment. The Investment Manager has developed an in-house model (the “LO Scoring Methodology”) to independently assess sovereign issuers’ alignment with Human and Environmental Rights standards and the United Nations Sustainable development goals (SDGs). The model covers a broad spectrum of environmental, social and governance issues, including inequalities, social cohesion, quality of public services, water and food supply, energy security, global warming mitigation and resilience, biodiversity protection, pollutions, regulatory effectiveness, institutional strength and political stability. A selection of highly reliable dataset sourced from diverse supra-national bodies, universities, research institutes and major NGO’s is used to inform the investment decisions. The data collected is normalized into indicators from 0 to 100 points. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’, ‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – indicators linked to definitive outcomes.
Overweighting or Underweighting of Sovereign Issuers
The Investment Manager will seek to underweight or overweight exposure to Sovereign Issuers by up to 10% in aggregate depending upon the results of the scoring. The decision to underweight (penalize) or overweight (favour) as relevant remains entirely within the discretion of the Investment Manager. The Investment Manager aims to favour or penalize an issuer based on ESG characteristics and has the flexibility to apply a forward looking qualitative assessment if required.
Preference for Green bonds
Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.
Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
Investment firms do not generally have appropriate access to sovereigns and governmental bodies to engage around sustainability issues. Instead, the Investment Manager will look to support industry level initiatives to help highlight sustainability issues/ improve sustainability outcomes at a sovereign level.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process in respect of the Sub-Fund is designed to promote amongst other things the Sustainable Development Goals defined by the United Nations.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
Underweighting or overweighting Sovereign Issuers based upon the LO Sovereign Scoring Methodology is implemented for the fundamental beta component of the Sub-Fund’s portfolio on a systematic basis, subject to adjustments when the Sub-Fund’s portfolio is rebalanced. The level of
the underweighting or overweighting is subject to the discretion of the Investment Manager so that a qualitative as well as quantitative assessment may be made of a Sovereign Issuer’s sustainability profile.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance profile of a Sovereign Issuer is inherently linked to the long-term value of bonds issued by that Sovereign Issuer. There can be no guarantee, however, regarding the performance of individual issuers in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.5
Applicable to the following Sub-Funds:
- Swiss Franc Bond (Foreign)
- Swiss Franc Credit Bond (Foreign)Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate remains entirely within the discretion of the Investment Manager.
- In relation to the above screening process, the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- SVVK - ASIR exclusion list - the Investment Manager will seek to restrict companies which are mentioned on the exclusion list maintained by the Swiss Association for Responsible Investments (“SVVK – ASIR Exclusion List”).
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to select companies with higher scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas, companies which are mentioned on the SVVK – ASIR Exclusion List or companies which are exposed to Highest Level Controversies as described above are not absolute rules/prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC
TM 
aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.6
Applicable to the following Sub-Fund:
- Global Convertible Bond Defensive DeltaClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund’s annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies in terms of sustainability within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that mayaffect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas and Conventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Conventional Oil & Gas - the Investment Manager will seek to restrict investments in companies in the conventional oil and gas sector unless their revenues from natural gas and renewable energy are greater than 40%.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR principal adverse impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - The Investment Manager believes that engagement/stewardship can lead to positive sustainability orientated changes in business practices in situations where exclusion/restriction alone may be less impactful in the longer term. As a result, at a Sub-Fund level the Investment Manager is committed to engage with companies with the highest negative contributions to the Sub-Fund’s portfolio overall ESG score. This engagement aims to encourage companies to provide more transparency on ESG matters (for companies whose low scores reflects poor disclosure), as well as to stewarding management towards better practices (for companies scoring poorly on specific ESG metrics). The Investment Manager is also committed to regularly reviewing these companies’ ESG scores, with a view to reducing the exposure to companies where the engagement process has not lead to progress in their ESG score.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.7
Applicable to the following Sub-Fund:
- TerreNeuveClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex. The Investment Manager believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager aims for the Sub-Fund to capture alpha by investing in stocks that offer key solutions to environmental and social challenges and to use short derivative instruments on stocks that are poorly positioned with respect to such challenges.
The Investment Manager’s investment proposition in respect of the Sub-Fund is that companies that offer solutions to environmental and social challenges, such as decarbonisation technologies, agricultural technologies that preserve soil quality and biodiversity, or solutions that promote a circular economy, will outperform over time because the demand for their products will increase faster than peers. Conversely, companies that offer products and services that are misaligned with sustainability trends will see a decline in demand and erosion of their returns.
Notwithstanding the aims or investment proposition of the Investment Manager, there can be no guarantee relating to the performance of companies in which the Sub-Fund invests.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Investment Manager's TerreNeuve proprietary ESG rating methodology, which encompasses relevant information on sustainability indicators covering climate and other environment related indicators (greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management), social and employee matters, respect for human rights and anti- corruption and anti-bribery (“the TerreNeuve Rating Methodology”). In addition, the Investment Manager ranks companies against governance factors such as management quality, accounting and taxation standards and practices and incentive alignments.
- The TerreNeuve Rating Methodology enables the Investment Manager to identify the bottom scoring 15% of companies within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevantsustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. The TerreNeuve Rating Methodology is described in more detail at the end of this disclosure.
- The Investment Manager will seek to invest in the highest scoring companies while using short derivative instruments on the lowest scoring companies unless there are objective reasons for not doing so. Without committing the Investment Manager to any particular restrictions, the Investment Manager will generally avoid taking long positions in companies in the bottom 15% of the Sub-Fund’s universe under the above scoring. Any decision to take a position in relation to any company, however, remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an investment process based entirely on the results of automated screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may also be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Controversial weapons - exclusion of companies involved in controversial weapons (production, research & development, maintenance/ services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.
- Tobacco – exclusion of companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Restrictions
- Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies: Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek not to take long positions for the account of the Sub-Fund in companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons and tobacco) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, in the case of companies involved in a Highest level Controversy, where the company has recognized the issue, acknowledged wrongdoing, is taking remedial action and has provisioned for potential liabilities.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring under the TerreNeuve Rating Methodology, which encompasses indicators on greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, respect for human rights and anti- corruption and anti-bribery.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how many emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by environmental and social trends /the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaption of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s three engagement priorities are:
	- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment framework;
	- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary ESG model; and (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
	- Engaging with non-ESG rated companies.

- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the material mapping methodology described at the end of this disclosure.
The Investment Manager favours companies for the account of the Sub-Fund that can contribute positively to environmental and social issues and seeks to invest in leaders in the following areas: renewable energy, hydrogen economy, circular economy, sustainable agriculture, clean mobility, resource efficiency, health & wellness, water, digital enablers, access to education. Any decision to invest in a company remains entirely within the discretion of the Investment Manager.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons and tobacco are absolute prohibitions which cannot be overridden. In respect of the other processes, assessments, filtering and restrictions referred to in this annex, full discretion is retained by the Investment Manager in respect of its investment decisions, to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be
a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
The TerreNeuve Rating Methodology
The Investment Manager’s sustainable investment framework looks at companies' business practices in relation to their broad ecosystem of stakeholders. The Investment Manager has developed a proprietary ESG materiality rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. The Investment Manager’s proprietary framework of 10 categories reflects the main dimensions of potential ESG opportunities and risks expositions across a company’s value chain. This includes upstream risks predominantly related to supply chain or natural resource usage, operational risks directly related to a company’s direct production and operational processes and downstream risks related to the potential negative impact of products and services sold. The construction of the ratings uses raw data from a variety of specialized suppliers, which includes, but is not limited to, information on greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, respect for human rights and anti-corruption and anti-bribery. In addition, the Investment Manager ranks companies against governance factors such as management quality, accounting and taxation standards and practices and incentive alignments.
The Investment Manager identifies and ranks the most material ESG dimensions for ca. 90 GICS (Global Industry Classification Standard) Level 4 sub-industries, captured in the Investment Manager’s ESG materiality heatmap. For each company, the Investment Manager calculates a score from 0 to 100 integrating materiality by overweighting the information that has greater significance based on their specific industry, and underweighting general information that is less relevant. These scores allow the Investment Manager to attribute to each company an ESG rating
from 0-100 and compare companies within sectors and across sectors. The TerreNeuve Rating Methodology enhances the Investment Manager’s ability to monitor a company’s progress on the most relevant sector-specific issues for long-term sustainability, and engage with them on these material issues.
C-1.8
Applicable to the following Sub-Funds:
- TargetNetZero Global IG Corporate
- TargetNetZero Euro IG CorporateClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Temperature assessment and alignment
- The Investment Manager, through the proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.
- The Investment Manager aims for a faster rate of reduction in CO2 emissions when compared to the index referred to in the Sub-Fund's investment policy.
- The Investment Manager will aim to achieve a lower weighted average contribution to implied levels of global warming based on projected trends in cumulative emissions from 2015 to 2050 for the Sub-Fund’s portfolio when compared to the weighted average contribution to implied levels of global warming of the index referred to in the Sub-Fund's investment policy using the same methodology.

Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I of the SFDR Annex describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, the Investment Manager adopts a selectivity approach and will generally seek not to invest in the bottom scoring 20% of companies unless there are objective reasons for doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager.
- Screening companies with the LOPTA tool, which quantifies the risk of climate transition inherent to individual securities and portfolios in the form of an intuitive forward looking temperature metric. These metrics allow the Investment Manager to assess a company's alignment with the Paris Agreement. The LOPTA tool covers several climate related aspects of the SFDR Focused Sustainability Indicators, including identifying companies with carbon emission reduction initiatives.
- In relation to the above screening process, the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.
- Exclusion of companies deriving more than 10% of their revenues from the production or sale of pornography.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- For the alpha overlay component of the Sub-Fund’s portfolio, active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s portfolio construction processes in respect of the Sub-Fund aim to support the global temperature reduction goals of the Paris Agreement.
The Investment Manager’s investment processes are also designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I of the SFDR Annex.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to High Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.9
Applicable to the following Sub-Fund:
- Fallen Angels RecoveryClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's appendix and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevantsustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaption of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.10
Applicable to the following Sub-Funds:
- TargetNetZero Global Equity
- TargetNetZero Europe EquityClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile; and therefore seeks to make a measurable assessment of the positive ESG characteristics and temperature alignment of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector or a specific company in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I of the SFDR Annex describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- Screening companies with the LOPTA tool, which quantifies the risk of climate transition inherent to individual securities and portfolios in the form of an intuitive forward looking temperature metric. This metric allows the Investment Manager to assess a company's alignment with the Paris Agreement. The LOPTA tool covers several climate related aspects of the SFDR Focused Sustainability Indicators, including identifying companies with carbon emission reduction initiatives.
- Screening controversy levels, as defined by the UN Global Compact Principles in line with several of the social-related SFDR Focused Sustainability Indicators such as social employee matters and human rights.

The scoring resulting from the screenings detailed above are made available to and reviewed by the Investment Manager on a regular basis. These data points are designed to help the Investment Manager analyze the Sub-Fund's portfolio characteristics and sustainability risks against the index referred to in the Sub-Fund's investment policy (the "Index"). They are used as inputs to the Investment Managers’ systematic investment model.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.
- Exclusion of companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/ services.

Restrictions
- 
##### Material breaches of UN Global Compact Principles - while not excluding a company that could be a contributor to the transition to a low-carbon economy in line with the Sub-Fund's focus, the Investment Manager will seek to reduce exposure to such company if identified as being involved in the most severe breaches of the UN Global Compact Principles ("Highest Level Controversies").
- Coal and Unconventional Oil & Gas - the Investment Manager will seek to reduce exposure to each company identified as being involved in the following activities:Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.

##### In light of the Sub-Fund's focus on the minimization of temperature and faster rate of reduction in CO2 emissions, the reduction of exposure to companies with material exposure to coal and unconventional oil and gas and Highest Level Controversies is not an absolute restriction. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where the Investment Manager considers that the company can be a major contributor to the transition to a low-carbon economy in line with the Sub-Fund's focus.
Temperature contribution, carbon footprint and portfolio alignment
- The investment process of the Sub-Fund aims to reduce substantially the risk of climate transition. The strategy aims to minimize the Sub-Fund's portfolio temperature while focusing on the most material climate-transition opportunities. The Investment Manager focuses on a forward-looking approach to estimate how companies will decarbonize and as a result identify opportunities and risks.
- The Investment Manager aims to increase the exposure of the Sub-Fund's portfolio to companies with lower climate transition risks. Therefore, the strategy aims to, on average, increase exposure to companies with lower temperature (as defined by LOPTA). However, exposure to such company can be reduced in certain conditions, to preserve the overall financial characteristics of the Sub-Fund's portfolio and the respect of other investment constraints.
- The Investment Manager aims to reduce the exposure of the Sub-Fund's portfolio to companies most likely to suffer significant adverse financial impacts in the transition to a low carbon economy. The strategy aims to, on average, reduce exposure to companies with higher temperature (as defined by LOPTA). However, exposure to such company can be increased in certain conditions, to preserve the overall financial characteristics of the Sub-Fund's portfolio and the respect of other investment constraints.
- The minimization of the Sub-Fund's portfolio temperature is combined with the aim for a faster reduction in 
- CO2 
- emissions when compared to the Index. The Investment Manager aims to ensure that (i) overall the Sub-Fund's portfolio is not more exposed to high carbon emitters and (ii) the Sub-Fund's portfolio reduces its exposure to both climate transition risk and current carbon emission risk.

There can be no guarantee that any of the above aims may be achieved.
ESG Rating comparison
- The sustainability risks are further managed by applying an overall ESG score improvement to the Sub-Fund's portfolio. Therefore, the strategy aims to, on average, select better ESG scored companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology. There can be no guarantee that this aim will be achieved.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies indicated as having an adverse impact based on SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex and (iii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule I of the SFDR Annex;
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio. Engagement is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Sub-Fund promotes ESG practices by trying to reduce substantially the risk of climate transition by using the LOPTA tool, which quantifies the risk of climate transition inherent to individual securities and portfolios in the form of an intuitive forward-looking temperature metric. This metric
allows the Investment Manager to assess an investment's alignment with the Paris Agreement and companies with carbon emission reduction initiatives.
The investment process of the Sub-Fund is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the material mapping methodology described in Schedule I of the SFDR Annex. The investment process of the Sub-Fund is also designed to reduce exposure to companies involved in the most material breaches to the UN Global Compact Principles.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The Investment Manager is subject to the following principles:
- Exclusion of companies involved in controversial weapons is an absolute prohibition, which cannot be overridden.
- Exclusion of companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services 
- is an absolute prohibition, which cannot be overridden.
- Reducing companies involved in Highest Level Controversies is an absolute principle.
- Furthermore, the Investment Manager has the following aims with regard to the Sub-Fund’s portfolio:
- The ESG score of the Sub-Fund's portfolio, as measured by Lombard Odier’s ESG/CAR Industrial Materiality Rating Methodology, should be higher or equal to that of the Index.
- The carbon footprint of the Sub-Fund's portfolio should be lower or equal to that of the Index.
- The temperature of the Sub-Fund's portfolio, as measured by LOPTA tool, should be lower or equal to that of the Index. These are aims are not binding requirements and there is no guarantee that they may be achieved.

In light of the Sub-Fund's focus on the minimization of temperature and faster rate of reduction in CO2 emissions, the reduction of the exposure to companies with material exposure to coal and unconventional oil and gas is not an absolute restriction. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where the Investment Manager considers that the company can be a major contributor to the transition to a low-carbon economy in line with the Sub-Fund's focus.
The above principles and aims are considered at each rebalancing date of the Sub-Fund's portfolio. Any update of the ESG screening data occurring between rebalancing dates is taken into account at the next rebalancing date.
Continuous basis of the investment manager’s assessment process
The investment process of the Sub-Fund is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time. Climate change will trigger changes in economic environment and, therefore, in financial markets. Opportunities, risks and temperatures are likely to differ overtime. Parameters of the strategy are reassessed frequently to always reflect these changes.
The Sub-Fund's portfolio is subject to regular rebalancing to account inter alia for (i) updates in the ESG or LOPTA assessment of companies and
(ii) controversy level.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.11
Applicable to the following Sub-Fund:
- Generation GlobalThe terms used in this Section have the meaning as defined in the Glossary of the Prospectus and below:Focus List	means the list of companies maintained by the Investment Manager as part of its bottom up selection process and consideration of ESG characteristics as further described below;Investment Manager	means Generation Investment Management LLP;MQ and BQ	means Management Quality (MQ) and Business Quality (BQ) which are metrics applied by the Investment Manager to guide it in determining admission, retention and removal of Focus List companies.

Classification of the Sub-Fund under SFDR
The Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.
Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR.
The Sub-Fund’s investment strategy seeks to integrate sustainability research within a rigorous fundamental equity analysis framework. The Investment Manager believes that long term equity research requires a broad, systemic view of future business risks and opportunities by recognising ESG challenges facing companies around the world. Central to the Investment Manager’s investment philosophy is its belief that ESG factors directly affect long-term business profitability.
ESG dynamics are considered as an intrinsic part of the implementation of the Sub-Fund’s investment strategy. The Investment Manager generally does not adopt “screens” or “filters” as part of its investment process. Rather, it believes that its portfolio process embeds an ESG analysis
into each investment decision and, as a result, that process naturally indicates away from those stocks that are typically filtered out by a list- based approach. Such a list-based approach would typically involve the use of a benchmark and exclusions from it whereas the Sub-Fund is not managed to any benchmark1.
Because the Investment Manager considers ESG factors to be closely linked to long-term value, separating such analysis from its financial models is considered counteractive to its investment philosophy. Rather integrating ESG research with fundamental equity analysis is inherent to that philosophy and underpins its investment process.
As an alternative to the widespread investment strategy of extrinsic screening of investments, the Investment Manager’s process has the distinct steps outlined below at its core. ESG dynamics are considered throughout the investment process. It follows from this that there are no tactical or strategic allocations to specific countries/regions, industries/sectors or currencies and that any positions taken are a result of a “bottom-up” stock selection process. The Investment Manager's process, as set out below, illustrates the manner in which the Investment Manager assesses the environmental and social characteristics promoted by the Sub-Fund and how the good governance practices of companies are assessed. It also demonstrates how the identification of sustainability risks is integrated into the investment decision-making process of the Investment Manager. This operates in the following manner:
- Roadmaps. The Investment Manager develops “Roadmaps” which initiate the investment process and provide an opportunity for analysts and the broader team to investigate factors driving sector and global trends while deepening their understanding of the investment landscape. Roadmaps may have a broader focus, on regions and countries or ESG themes (past examples have been Europe and China, sustainable travel or hydrogen energy) but more typically focus on sectors and sub-sectors. Regardless, Roadmaps allow the Investment Manager’s team to identify ESG issues (including risks) that are relevant and material to particular sectors. In constructing a Roadmap in this way, the investment team is able to establish a template for what it believes would be a high quality business and management team for their particular sector, and is hence guided towards the parts of the market where it thinks such a robust set of companies are likely to exist. Through their Roadmap research, the Investment Manager’s analysts generate a list of potential company names for further analysis.

1  
As noted the Sub-fund is not managed to an index.
- Focus List. Detailed company research then follows until either the analyst determines that the business under investigation will not meet the quality thresholds or the analyst is ready to present a comprehensive investment thesis on that company to his or her fellow investment team members. This is known as a “Focus List” presentation. This stage is guided by the robust criteria set for Management Quality (MQ) and Business Quality (BQ). Aspects considered include sector barriers to entry, business stability and alignment of management incentives which are key components in the assessment of ESG factors. For example, the analysts will consider factors including but not limited to:
	- A fair deal: is the company delivering its products/services in a manner that drives long-term satisfaction of its customers without unfair methods of competition?
	- Environmental impact: is the company delivering products consistent with a sustainable environment?
	- People: is the company compensating its people fairly and managing risks around talent?
	- Sustainable consumption: is the company offering products and services consistent with sustainable levels of consumption?
	- Data risk: is the company protecting sensitive data from attackers and ensuring customers’ privacy is respected?
	- Regulatory regime change: does the company face any material risks from a change to the global geo-political or regulatory environment?
	- Unsustainable customers: does the company offer a material amount of products to customers which belong to an unsustainable ecosystem?


The entire investment team participates in this process and use these criteria to score companies against its BQ/MQ ranking system where 1 is the highest and 5 is the lowest. A company must score 3 or less in both BQ and MQ to be admitted to the Focus List.
- Buy Decision. When a company is admitted to the Focus List it is then capable of being selected by the Investment Manager’s portfolio managers for inclusion in the portfolio if they consider in their absolute discretion that there is sufficient “upside” in that stock. The Investment Manager seeks to invest only in companies which have been admitted to the Focus List. For the avoidance of doubt, any admission to the Focus List does not necessarily result in the purchase of a company’s securities. It is possible that even although a company is admitted to the Focus List, it is never purchased for the portfolio. This could occur where the portfolio managers consider that, although it is a company they would like to own, it is does not in their opinion represent good value. The composition of the Focus List is reviewed periodically and companies that are no longer considered to meet the criteria determined for admission to the list are removed. Upon removal from the Focus List, positions not previously sold will be sold in the Investment Manager’s discretion having regard to the best interest of shareholders.

The Investment Manager cautions potential investors that while it will seek, amongst other elements, to identify ESG factors relevant to the inclusion of companies within the Focus List there remains a lack of relevant, comparable, reliable and publicly available data on companies in a number of areas and this represents an impediment to a comprehensive and accurate assessment of such factors. The assessment of ESG factors is therefore dynamic and will change over time as the data sources develop. Even where data is available its impact and/or interpretation may be disputed. There are multiple aspects of this, but the following example is illustrative of these broader methodological limits. Data around carbon emissions and carbon footprint may not always be available and, in cases where it is, there remains extensive debate around its measurement. In a manufacturing process this could be measured as the emissions of the factory making the item or the carbon emissions across the entire supply chain into that factory and to the ultimate user of that product. Due to recent regulatory efforts to standardise the approach to this and similar data collation, the Investment Manager expects the availability, scope and accuracy of ESG data to continue to improve but it will remain a potential constraint on the methodology. Furthermore, such data relies on the efforts of third parties and interruptions or inaccuracies in that data supply will be beyond the control of the Investment Manager.
Exclusions
As noted, the Investment Manager generally does not adopt “screens” or “filters” as part of its investment process.
Restrictions
The Investment Manager does not invest in companies which have not been admitted on the Focus List. For the avoidance of doubt, efficient portfolio management and hedging strategies, where permitted, are not subject to the Focus List process and are in the discretion of the Investment Manager.
The Investment Manager will not knowingly invest in companies:
- that derive a material part (broadly defined as in excess of 15%) of their revenues from the manufacture, sale and distribution of tobacco products where the end usage of such products is one which is known to cause medical harm; or
- that are engaged in the manufacture or sale of cluster munitions and anti-personnel mines.

The Investment Manager may amend this list of restricted investments from time to time. In the event that such investments come to form part of the portfolio (for example due to the changing business model of the company concerned or as a result of incomplete or unclear information at the time of purchase), the Investment Manager will sell the position in its discretion. For the avoidance of doubt, the Investment Manager shall
not otherwise be liable for acquisition or retention of a restricted security on the basis that this will have resulted from a reappraisal of information the Investment Manager reasonably believed to be reliable and acted upon in good faith. That is ultimately a discretionary evaluation and not implementation of a rule set giving rise to a breach of investment guidelines.
Quantitative and qualitative review of business practices and business models
The criteria specified above in respect of Business Quality and Management Quality, also necessitate a deeper analysis of a company’s positioning with regard to the material and relevant ESG factors within its sector. If the Investment Manager believes a company is not appropriately positioning its operations against the relevant and material ESG factors it faced, it will not be placed on the Focus List (even if it scored highly
on other criteria). A detailed valuation is conducted by the relevant analyst for each company on the Focus List and a target price and range is established.
The Investment Manager adopts a selectivity approach. Admission of a company to the Focus List is therefore the product of the scoring of all (or substantially all in the case of absence) of the Investment Manager’s investment team for this strategy. Once admitted to the Focus List a company is eligible for investment by the Investment Manager’s portfolio managers. Typically the Investment Manager will invest in approximately 30-60 stocks from the Focus List of around 130 names at any one time, although these numbers are guidelines rather than hard restrictions and both
the number of invested stocks from the Focus List and the size of the Focus List may vary over time. In consequence of this, while no specific reduction percentage of the Sub-fund is targeted, the number of securities selected for the portfolio is expected to be materially smaller than the Sub-fund’s potential investible universe
2 
based on the Investment Manager’s process. Historically, the portfolio has tended to be relatively concentrated relative to broader market indices which means that the performance of individual companies may have a disproportionally greater impact on the value of the Sub-fund.
The Investment Manager actively monitors a number of the key outputs from the portfolio management process in order to ensure that the stocks contained in the portfolio are both the Investment Manager’s best ideas and are appropriately sized. A rebalancing of the portfolio or selling decisions may be required as market movements take companies away from their target allocations or as target allocations are altered. The Investment Manager will pay particular attention to the modelled target returns of each investment expressed as a range of values and the Business Quality and Management Quality scores. Changes in these scores (including as a result of ESG factors) will lead to a position in the portfolio being reassessed.
Engagement
As part of its due diligence, the Investment Manager aims to form as thorough a view as it can on BQ and MQ through its own research and by talking with a company’s management. Discussions provide an opportunity to learn about companies and how they are managed. During this process the Investment Manager shares insights from its research that it believes are material for companies. As a sustainability-focused investment manager, it finds that management teams are often particularly interested in discussing perspectives on how sustainability factors
may materially affect the company and its sector. The Investment Manager monitors all the companies on its Focus List by considering insights gathered from public data, from its own research and from discussions with the management of the companies. As appropriate, the Investment Manager then engages on topics identified through its monitoring that could, in its view, create material risks for the company or, in contrast, offer significant opportunities to enhance its performance. If a risk identified through its monitoring process reduces its assessment of BQ or MQ below the threshold for inclusion on its Focus List, this will tend towards removal of the company from the Focus List, noting that this is not an automatic process and the company may be retained on the Focus List if a reasonable view is formed that the position will improve.
In addition to specific engagements with individual companies, we also engage with companies on the Focus List on topics such as diversity and the climate crisis that the Investment Manager views as material for all companies. The Investment Manager’s investment analysts are responsible for the monitoring of, and engaging with, companies.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
An important part of the design of the Investment Manager’s investment process is an assessment of the ESG practices which are believed to be the most material to the companies in which the Sub-Fund invests.
2  
As noted the Sub-fund is not managed to an index. It can invest globally using a largely unconstrained approach. A typical global index that captures large and mid-cap representation could have over one thousand constituents, potentially significantly more. For the avoidance of doubt, the benchmark referenced in the investment objective and policy of the Sub-Fund is only used for performance comparison.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The Investment Manager may only invest in companies admitted on the Focus List. In addition, the Investment Manager seeks not to invest in companies involved in the manufacture, sale and distribution of tobacco products as well as cluster munitions and anti-personnel mines (as further detailed above).
Any decision to invest outside of those parameters remains entirely within the discretion of the Investment Manager. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG analysis process described above as part of the construction of the Focus List.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark nor is it managed to any benchmark.
C-1.12
Applicable to the following Sub-Funds:
- Global BBB-BB Fundamental
- Euro BBB-BB FundamentalClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- For the alpha overlay component of the Sub-Fund’s portfolio, based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, the Investment Manager adopts a selectivity approach and will generally seek not to invest in the bottom scoring 20% of companies unless there are objective reasons for doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager.
- For the fundamental beta component of the Sub-Fund’s portfolio, the Investment Manager will seek to underweight or overweight exposure to a company by up to 15% (or in extreme situations exclude a company) depending upon the results of the scoring. The decision to underweight or overweight as relevant remains entirely within the discretion of the Investment Manager.
- In relation to the above screening process, the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.

Carbon intensity screening and scoring
- For the fundamental beta component of the Sub-Fund’s portfolio, the Investment Manager will seek to overweight or underweight the portfolio by 5% by region and 15% by sector based upon the carbon intensity scoring of companies. The decision to underweight or overweight as relevant remains entirely within the discretion of the Investment Manager.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/servicesThermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles -the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- For the alpha overlay component of the Sub-Fund’s portfolio, active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Temperature Contribution & ESG Rating Comparison
- The Investment Manager will aim to achieve a lower weighted average temperature contribution for the Sub-Fund’s portfolio when compared to the weighted average temperature contribution of the benchmark used by the Sub-Fund and referred to in its investment objective and policy.
- The Investment Manager will aim to achieve a higher weighted average ESG score for the Sub-Fund’s portfolio when compared to the weighted average ESG score of its benchmark.
- There can be no guarantee that either a lower weighted average temperature contribution or higher ESG score may be achieved and the Investment Manager shall in no way be bound by an objective or requirement to achieve these aims.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level – the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize..
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination or underweighting of companies with bottom scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute rules/prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.13
Applicable to the following Sub-Funds:
- Ultra Low Duration (USD)
- Ultra Low Duration (EUR)
- Short-Term Money Market (EUR)
- Short-Term Money Market (USD)
- Short-Term Money Market (GBP)
- Short-Term Money Market (CHF)Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring for the corporate holdings
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the companies with the bottom scoring sustainability profiles within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, the Investment Manager adopts a selectivity approach and will generally seek not to invest in the bottom scoring 20% of companies unless there are objective reasons for doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager.

Systematic ESG screening and scoring for the sovereign holdings
- Given the challenges the world faces today, the analysis of sustainability-related risks in sovereign bonds is now essential. Therefore, the Investment Manager complements its traditional sovereign credit assessment with an analytical framework that integrates sustainability risk factors in a holistic way. Alongside usual macro criteria, broader ESG considerations are integrated in the sovereign bond risk assessment. The Investment Manager has developed an in-house model (the “LO Scoring Methodology”) to independently assess sovereign issuers’ alignment with Human and Environmental Rights standards and the United Nations Sustainable development goals (SDGs). The model covers a broad spectrum of environmental, social and governance issues, including inequalities, social cohesion, quality of public services, water and food supply, energy security, global warming mitigation and resilience, biodiversity protection, pollutions, regulatory effectiveness, institutional strength and political stability. A selection of highly reliable datasets sourced from diverse supranational bodies, universities, research institutes and major NGOs is used to inform the investment decisions. The data collectedis normalized into indicators from 0 to 100 points. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’, ‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – indicators linked to definitive outcomes.

Sovereign/Government Holdings
- For the Sub-Fund’s Sovereign/Government Bond holdings, the Investment Manager will generally seek to underweight or overweight exposure to a sovereign and government related issuer depending upon the results of the scoring. The decision to underweight or overweight as relevant remains entirely within the discretion of the Investment Manager.

In relation to the screening processes described above, the Investment Manager believes that an elimination or underweighting/overweighting process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true, for example, of companies transitioning to a lower carbon economy.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/servicesThermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- For the Sub-Fund’s portfolio, active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
Corporate Issuers
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level – the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Sovereign Issuers
Investment firms do not generally have appropriate access to sovereigns and governmental bodies to engage around sustainability issues. Instead, the Investment Manager will look to support industry level initiatives to help highlight sustainability issues/ improve sustainability outcomes at a sovereign level.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the
Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The elimination or underweighting/overweighting of companies or sovereign issuers with bottom scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute rules/ prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of an issuer’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies/issuers in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.14
Applicable to the following Sub-Funds:
- Swiss Equity
- Swiss Small & Mid CapsClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring companies due to the reduced universe of companies that would result in an already constrained market but, without committing the Investment Manager to any specific restrictions, the Investment Manager will adopt a selectivity approach and will seek to underweight the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to underweight remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an automatic underweighting based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - given the concentrated investment universe the Sub-Fund is exposed to, the Investment Manager will seek to reduce exposure to companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude or reduce exposure to a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) or exposure reduction does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics. Also, the promotion of environmental or social characteristics by the Sub-Fund is appraised holistically having regard also to the other factors detailed therein.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The underweighting of companies with bottom 20% scores or which are exposed to Highest Level Controversies and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas as described above are not absolute rules/prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-1.15
Applicable to the following Sub-Funds:
- Global Income 2026
- Global Income 2027Classification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 8 of SFDR.

Promotion of environmental and/or social characteristics
The Sub-Fund is a financial product that promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics. The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's appendix and it should be understood that unless otherwise stated in that section, the Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ for the purposes of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment and its sustainability profile and therefore seeks to make a measurable assessment of the positive ESG characteristics of the Sub-Fund’s investments as an integral part of its investment process with a view to promoting the environmental and/or social and/or governance practices which are most material to the sector in which an investment sits.
The Investment Manager’s assessment of ESG characteristics includes the following:
Systematic ESG screening and scoring
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, waterutilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom scoring 20% of companies within the Sub-Fund’s investment universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevantsustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- The Investment Manager will use the screening and scoring exercise referred to above as part of its investment assessment. The Investment Manager will not seek to automatically eliminate the bottom scoring 20% of companies due to the reduced universe of companies that would result in an already constrained market but will use the exercise as a guide and will typically aim to invest in companies with higher scores. Any decision to eliminate a company or to make an investment in a company as a result of the screening exercise, however, remains entirely within the discretion of the Investment Manager. Furthermore the Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to a promotion of ESGcharacteristics and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to a promotion of ESG characteristics and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy.

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of ESG scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.

Preference for Green bonds
- Where possible, green, sustainable and social bonds will be preferred by the Investment Manager. The ability to invest in green bonds depends upon availability, profile and valuation and therefore there can be no commitment by the Investment Manager to invest a particular portion of the Sub-Fund’s portfolio in green bonds.

Engagement
The Investment Manager has a firm level and sub-fund level approach to engagement.
Firm level - the Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaption of climate change and the transition to a CLIC™ economic model through its engagement efforts. The Investment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.

The engagements at a firm level reflect holdings across all portfolios managed by the Investment Manager and may not necessarily include companies included in the Sub-Fund’s portfolio. Engagements at a firm level are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in portfolios managed by the Investment Manager. Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.
Sub-Fund level - At a Sub-Fund level the Investment Manager will aim to engage with smaller companies in the Sub-Fund’s portfolio with weaker ESG, carbon intensity and temperature alignment scores where there is greater ability to influence the contribution that those companies will make to a CLIC™ economy compared to larger companies within the Sub-Fund’s portfolio. The Investment Manager will keep under review the companies with which it engages over a multi-year timeframe and will reduce exposure to companies if improvements do not materialize.
Environmental and/or social and/or governance practices promoted by the Sub-Fund
The Investment Manager’s investment process is designed to make an assessment of the ESG practices which are most material to the companies in which the Sub-Fund invests using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology described in Schedule I.
No sustainable investment objective
The Sub-Fund does not have as its objective sustainable investment.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden. The aim to invest in companies with higher ESG scores is not a binding investment objective and the restrictions relating to companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute
prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s ESG profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting ESG characteristics.
Continuous basis of the investment manager’s assessment process
The Sub-Fund has a buy and maintain strategy. If changes are made to the Sub-Fund’s portfolio after the initial portfolio construction, those changes may be made by integrating ESG investment processes that evolve and are adaptive to changing market conditions, data coverage and developments in global sustainability analysis.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG and CLIC aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
SFDR Disclosure – Article 9 C-2.1
Applicable to the following Sub-Fund:
- Climate TransitionClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

Sustainable objective
The Sub-Fund invests in companies whose growth will benefit from regulations, innovations, services or products related to the global fight against or adaptation to climate change. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using inter alia the proprietary ESG and sustainability profiling tools and methodologies set out below.
Assessment of Contribution to Positive Environmental Outcomes
- The Investment Manager’s internal investment process in respect of the Sub-Fund aims to select companies for inclusion in the Sub- Fund’s investable universe which generate material revenues and/or earnings from business activities that have a positive contribution towards one or more of the following areas of climate transition investment opportunities: Solution providers that propose innovative solutions to reduce, avoid or capture carbon coming from the use of fossil fuel. Transition candidates that operate in hard to abate carbon- intensive industries whose transition to a cleaner model will unlock strong competitive advantages as regulations tighten or carbon price soars. Adaptation candidates that make infrastructure more climate-compatible in a climate-damaged environment. The verification ofa company with respect to its eligible business activities is performed by the Investment Manager’s Sustainable Investment Research, Strategy and Stewardship (SIRSS), equity research and ESG teams. The level of materiality with respect to revenues from eligible business activities may differ depending upon sector and the size of a company. The Investment Manager will seek to restrict companies involved in sectors with no positive contribution towards the climate transition, involved in selected business activities (detailed further), or which are poor ESG performers.
- Securities are reassessed for inclusion in the investable universe whenever necessary. If a company changes its business model, if its revenue exposure falls below pre-determined thresholds or the company fails to continue to meet the Investment Manager’s ESG criteria, the company will be considered for divestment, subject to the best interest of shareholders.
- In order to qualify for investment in the portfolio, a company further needs to meet the Investment Manager’s ESG quality assessment criteria that aim to review the business practices alongside the key material metrics that encompass a range of environmental, social and governance parameters including the most sector-relevant principal adverse indicators. Where such performance is below optimalperformance, or the reported data is incomplete to reach a conclusion, the Investment Manager will engage with the company to evaluate the performance, policies and prospects against the key material parameters.

Systematic ESG screening and scoring
- Screening companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- Active review by the Investment Manager of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.
- In addition to the analysis of the positive contribution that a company may make to climate transition focused environmental objectives and a CLIC™ economy, companies are further analyzed with respect to whether they could nevertheless cause harm to other environmentalor social objectives, the so called ‘Do No Significant Harm’ principle. The data points considered in respect of the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

What sustainability indicators are used to measure the attainment of the sustainable objective of the sub-fund?
The environmental and social characteristics of the Sub-Fund’s investments are assessed during several stages: at the initial verification of a company’s inclusion in the investable universe, during the investment decision for alignment with the do-no-significant-harm principles, and during annual sustainability reporting.
The Sub-Fund investments are measured on the exposure to the business activities with a contribution towards positive environmental outcomes along the climate transition. These include: Solution providers that propose innovative solutions to reduce, avoid or capture carbon coming from the use of fossil fuel; transition candidates that operate in hard to abate carbon-intensive industries whose transition to a cleaner model will unlock strong competitive advantages as regulations tighten or carbon price soars; and adaptation candidates that make infrastructure more climate- compatible in a climate-damaged environment.
The Sub-Fund investments are assessed with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on the SFDR Focused Sustainability Indicators. These indicators are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.
Sustainability indicators include carbon emissions, cubic m of water saved, the potential avoided emissions, and temperature alignment toward the Paris Agreement goals.
To measure temperature alignment Lombard Odier has developed a proprietary tool: the Lombard Odier Portfolio Temperature Alignment (LOPTA). LOPTA quantifies the risk of climate transition inherent to individual securities and portfolios in the form of a forward-looking temperature metric. This metric allows the Investment Manager to assess an investment’s alignment with the Paris Agreement and exclude companies which may significantly harm the objectives of the Paris Agreement.
The temperature alignment methodology seeks to assess a company’s demonstrated level of ambition with respect to carbon reductions, as well as any targets or commitments the company may have announced with respect to decarbonisation objectives. The Investment Manager compares these assessments against industry and region-specific benchmarks to determine whether the company’s expected, cumulative emissions are likely to remain within or exceed climate benchmarks. This allows the Investment Manager to determine the implied level of global warming
that the company’s business activities and strategies are presently aligned with, helping the Investment Manager to identify climate risks and opportunities, and acting as the basis for more focused stewardship and engagement focused on the transition to a net zero economy.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The aim to invest in companies whose growth will benefit from regulations, innovations, services or products favoring the climate transition and to look for high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends is a binding requirement.
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden.
The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting sustainability characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-2.2
Applicable to the following Sub-Fund:
- Natural CapitalClassification of the Sub-Fund under SFDRThe Management Company has classified the Sub-Fund as a financial product subject to Article 9 of SFDR.

Sustainable objective
The Sub-Fund invests in companies whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using inter alia the proprietary ESG and sustainability profiling tools and methodologies set out below.
Assessment of Contribution to Positive Environmental Outcomes
- The Investment Manager’s internal investment process in respect of the Sub-Fund aims to select companies for inclusion in the Sub- Fund’s investable universe which generate material revenues and/or earnings from business activities that have a positive contribution towards one or more of the following areas of Natural Capital investment opportunities: Circular Bio-Economy, Resource Efficiency, Outcome-oriented Economy and Zero Waste. The verification of a company with respect to its eligible business activities is performed by the Investment Manager’s Sustainable Investment Research, Strategy and Stewardship (SIRS), equity research and ESG teams. The level of materiality with respect to revenues from eligible business activities may differ depending upon sector and the size of a company. The Investment Manager will seek to restrict companies involved in sectors with no positive contribution towards preservation or harnessing of the natural capital, involved in selected business activities (detailed further), or which are poor ESG performers.
- Securities are reassessed for inclusion in the investable universe whenever necessary. If a company changes its business model, if its revenue exposure falls below pre-determined thresholds or the company fails to continue to meet the Investment Manager’s ESG criteria, the company will be considered for divestment, subject to the best interest of shareholders.
- In order to qualify for investment in the Sub-Fund’s portfolio, a company further needs to meet the Investment Manager’s ESG quality assessment criteria that aim to review the business practices alongside the key material metrics that encompass a range of environmental, social and governance parameters including the most sector-relevant principle adverse indicators. Where such performance is below optimal performance, or the reported data is incomplete to reach a conclusion, the Investment Manager will engage with the company to evaluate the performance, policies and prospects against the key material parameters.

Systematic ESG screening and scoring
- The Investment Manager screens companies with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to identify the bottom quintile of companies in terms of sustainability within the Sub-Fund’s investment universe. This rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes in more detail the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
- Based upon the scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology the Investment Manager adopts a selectivity approach and will seek to eliminate the bottom scoring 20% of companies unless there are objective reasons for not doing so. Any decision to eliminate remains entirely within the discretion of the Investment Manager. The Investment Manager believes that an elimination process based entirely on the results of automated negative screening does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true of companies transitioning to a lower carbon economy.

Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to restrict the following companies:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to restrict companies that are involved in the most severe breaches of the UN Global Compact Principles (“Highest Level Controversies”).
- Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager. The Investment Manager believes that a process based entirely around absolute exclusions (other than in the case of controversial weapons) does not necessarily lead to an identification of sustainable investments and that a forward looking qualitative judgment may be required. This may be particularly true in the case of companies transitioning to a lower carbon economy or where stewardship and engagement may lead to a more effective and positive change in the business practices affecting ESG characteristics.

Quantitative and qualitative review of business practices and business models
- The Investment Manager undertakes an active review of the following sustainability data points (available for review across different historic time periods) to support the Investment Manager’s evaluation of a company’s contribution to a Circular, Lean, Inclusive and Clean (CLIC™) economy:
	- Review of the scoring/ratings under the Lombard Odier ESG/CAR Industrial Materiality Rating, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators.
	- Review of a company’s climate alignment taking into account not only carbon footprints (how much emissions a company produces as of today) but also its temperature alignment (taking into account a company’s expected, future emissions and the degree of alignment of these emissions and any commitments to climate objectives).
	- Review of a company’s business activities to assess how the company’s business model, products and services will be affected by the transition to the CLIC™ economy

- These data points are designed to help the Investment Manager analyze the business practices and operations of a company to determine whether the company can be sustainable in the long term.
- The Investment Manager believes that a forward looking and active assessment of a company’s sustainability profile and not just a historic review of scores or a comparison to an ESG based benchmark is vital to properly understand the long term viability of a company.
- In addition to the analysis of the positive contribution that a company may make to natural capital focused environmental objectives and a CLIC™ economy, companies are further analyzed with respect to whether they could nevertheless cause harm to other environmentalor social objectives, the so called ‘Do No Significant Harm’ principle. In this context, the data points considered in respect of the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.

Engagement
- The Investment Manager aims to promote sustainable business practices and encourages sustainable business models that contribute to mitigation and adaptation of climate change and the transition to a CLIC™ economic model through its engagement efforts. TheInvestment Manager engages with investee companies following a firm-wide strategic engagement priorities framework and actively tracks progress against engagement objectives to appropriately measure outcomes. The Investment Manager’s engagement priorities are:
- Encouraging companies to transition towards profitable, net-zero business models, using the Oxford Martin Principles for Climate- Conscious Investment Framework;
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time.

What sustainability indicators are used to measure the attainment of the sustainable objective of the sub-fund?
The environmental and social characteristics of the Sub-Fund’s investments are assessed during several stages: at the initial verification of a company’s inclusion in the investable universe, during the investment decision for alignment with the do-no-significant-harm principles, and during annual sustainability reporting.
The Sub-Fund investments are measured on the exposure to the business activities with a contribution towards positive environmental outcomes along the transition to Circular Bio-Economy, Resource Efficiency, Outcome-oriented economy and Zero Waste.
The Sub-Fund investments are assessed with the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on the SFDR Focused Sustainability Indicators. These indicators are also evaluated in respect of negative impacts that a company could make to other sustainability objectives to assist the Do No Significant Harm analysis.
Sustainability indicators include carbon emissions, cubic m of water saved, the potential avoided emissions, and temperature alignment toward the Paris Agreement goals.
To measure temperature alignment, Lombard Odier has developed a proprietary tool, the Lombard Odier Portfolio Temperature Alignment (LOPTA), which quantifies the risk of climate transition inherent to individual securities and portfolios in the form of a forward-looking temperature metric. This metric allows the Investment Manager to assess an investment’s alignment with the Paris Agreement and exclude companies which may significantly harm the objectives of the Paris Agreement.
Binding elements of the investment strategy designed to attain the ESG characteristics promoted by the Sub-Fund
The aim to invest in companies whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital and to look for high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends is a binding requirement.
The exclusion of companies involved in controversial weapons is an absolute prohibition which cannot be overridden.
The elimination of companies with bottom 20% scores and the exclusion of companies with material exposure to tobacco, coal and unconventional oil and gas or which are exposed to Highest Level Controversies as described above are not absolute prohibitions. Discretion is retained by the Investment Manager to ensure that a qualitative assessment of a company’s sustainability profile may still be made, including where there may be a lack of data, outdated data or the Investment Manager considers that engagement and stewardship may lead to a more effective and positive change in the business practices affecting sustainability characteristics.
Continuous basis of the investment manager’s assessment process
The Investment Manager’s investment process is dynamic and is designed to be adaptive to changing market conditions, data coverage and developments in global sustainability analysis and may therefore change over time.
Minimum asset allocation to sustainable investments for this Sub-Fund
There is no minimum targeted allocation to sustainable investments for this Sub-Fund. The actual allocation to sustainable investments will be a product of the ESG assessment process described above.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of individual companies in which the Sub-Fund invests nor on the returns of the Sub-Fund’s portfolio as a whole.
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
C-2.3
Applicable to the following Sub-Fund:
- Global Climate BondWhat is the classification of the Sub-Fund under SFDR?

The Management Company has classified the Sub-Fund as a sub-fund subject to Article 9 of SFDR. The Sub-Fund has a sustainable investment objective.
The terms used in this Section have the meaning as defined in the Glossary of the Prospectus and below:
E/S	means environmental and/or social
Impact Report	means the Investment Manager’s annual Impact Report for the Sub-Fund which evidences the positive environmental and social impacts of the Sub-Fund’s investments, which includes portfolio alignment with the UN SDG Goals and an assessment of portfolio greenhouse gas emissions avoided. The latest Impact Report is published on https://affirmativeim.com/impact-report/
Investment Manager or AIM  means Affirmative Investment Management Partners Limited, the investment manager of the Sub-Fund
SPECTRUM
® 
process	means the Investment Manager’s proprietary and independent verification process available on https:// affirmativeim.com/process
What is the sustainable investment objective of the Sub-Fund?
The Sub-Fund is a dedicated impact fixed income sub-fund and has sustainable investment as its core objective. The Sub-Fund seeks to provide mainstream, risk-adjusted returns alongside environmental and/or social impact.
Securities are only included in the Sub-Fund if they have a positive environmental and/or social impact that contributes either to meeting the Paris Agreement or the UN SDGs. The issuer of securities must also pass the verification process from an environmental, social and governance perspective.
Securities selected for inclusion in the Sub-Fund’s investable universe are verified through Affirmative Investment Management’s (AIM) proprietary and independent verification process, the SPECTRUM
® 
process. Further details of the process can be found on the Investment Manager’s website: https://affirmativeim.com/process/.
A diversified investment grade fixed income portfolio is constructed to deliver a positive environmental and social impact with mainstream fixed income returns. The Investment Manager reports on key environmental and social metrics within its annual Impact Report, which may vary year on year depending on investments made by the Sub-Fund.
Examples of environmental metrics include tonnes of green gas emissions (GHG) avoided per year, weighted average carbon intensity (WACI), megawatts of clean energy capacity installed, m3 of water treated, daily passenger capacity for low carbon transport and m3 of green buildings by floor area.
Examples of social metrics include number of jobs retained/created, number of students with access to green education facilities, number of children immunised, number of microfinance and SME loans.
What investment strategy does the Sub-Fund follow?
What investment strategy does the Sub-Fund follow to meet its sustainable investment objective?
An investment strategy is what guides the decision on what to invest in based on e.g. investment goals, risk tolerance and future needs for liquidity.
The Sub-Fund invests only in securities which are verified as having a positive environmental and/or social impact and which contribute to achieving the Paris Agreement and/or the UN SDGs. The verification team at AIM, which comprises the credit and sustainability teams, analyses each security and issuer according to the SPECTRUM
® 
process. The output of this analysis is the investable universe from which the AIM portfolio management team manages the Sub-Fund. The impact of the Sub-Fund is measured on an annual basis in the annual Impact Report. The 2019 Impact Report had an investment coverage ratio of 93%.
What are the binding elements for the investment selection?
Binding elements are commitments that cannot be amended during the life of the Sub-Fund.
The Sub-Fund invests only in securities that are expected to deliver a positive environmental and/or social impact. The investment universe is limited to securities which have passed the AIM proprietary SPECTRUM
® 
verification process, which includes separate sustainability and credit assessments.
The exclusion of certain issuers is another binding element. Issuers that are involved in certain sectors or are poor ESG performers, as set out in AIM’s exclusionary criteria, will be excluded from the portfolio. Such issuers are examined on a case-by-cases basis under the SPECTRUM
® 
process. AIM’s exclusionary criteria apply to the Sub-Fund, details of which can be found here: https://affirmativeim.com/policies/.
How is the strategy implemented in the investment process on a continuous basis?
The SPECTRUM
® 
verification process is the first stage of AIM’s investment process. The output of the verification process is a universe of eligible securities. If a security is held, it will be reviewed on at least an annual basis during AIM’s annual impact reporting cycle.
During the impact reporting process, the issuer’s impact reporting is reviewed. AIM will engage with the issuer if the impact reporting is not deemed sufficient.
Credit and sustainability analysts also engage with issuers prior to issuance and on an ad hoc basis. Securities are reassessed for inclusion in the investable universe whenever necessary. If a security fails to deliver positive impact or the issuer fails to continue to meet AIM’s strict ESG criteria or reporting standards, the security will be ‘downgraded’ and the portfolio managers must sell the security within 30 days subject to the best interest of shareholders.
Given the impact bond market is evolving, the SPECTRUM
® 
verification methodology is reviewed annually and updated where necessary.
Is there a measurable objective?
The Investment Manager adopts a "best-in class" approach by screening the investment universe using the SPECTRUM
® 
verification process. The Sub-Fund is based on positive selection. It only invests in securities that deliver mainstream returns alongside positive impact. The majority of conventional bonds on issue globally will be excluded as they do not deliver positive environmental or social impact.
The number of securities excluded varies depending on the level and quality of issuances. Historically approximately 15-25% of the securities we have reviewed from both labelled and unlabelled bond market have been excluded from our investable universe.
What is the policy to assess good governance practices of the investee companies?
Governance is about a company's leadership, remuneration of staff (incl. executives}, audits, internal controls, shareholder rights, tax compliance and its relations to other stakeholders.
The governance practices of issuers are assessed within the SPECTRUM
® 
process. Both the sustainability and credit teams consider an issuer’s governance in their assessments. Governance is specifically taken into account under the ‘ethics & issuer conduct’ (credit assessment) and ‘responsible issuer’ (sustainability assessment) pillars. In this assessment the sustainability and credit teams undertake their own research alongside the research of some external ESG providers.
What are the likely impacts of sustainability risks on the returns of the Sub-Fund?
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company or issuer are inherently linked to its long-term success and that those companies or issuers with ESG business practices and operations are more likely to succeed and long term be more credit worthy.
What is the minimum asset allocation planned for the Sub-Fund?
Asset Allocation is one element of the implementation of the investment strategy, it describes which percentage of your investments goes into what type of assets.
The category #1 Aligned with E/S characteristics includes any investment that is aligned with the characteristic:
- The Subcategory #1A covers investments that are qualified as sustainable. A sustainable investment means an investment in an economic activity that contributes to an environmental objective, measured for example by key resource efficiency indicators such as CO2 emissions, or the use of water, or an investment that contributes to a social objective, such as tackling inequality or that fosters social cohesion.
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not meet the criteria of 'sustainable investment'.
- #2Remainder includes investments which are not aligned with the E/S characteristics, nor are qualified as sustainable.

The Sub-Fund invests solely in labelled and unlabelled green, social or sustainability bonds, alongside SPECTRUM aligned bonds and thus all investments in the Sub-Fund are sustainable and fall in the #1A category, except cash.
The mixture of green, social, sustainability and SPECTRUM
® 
aligned bonds will change through time. The investment mix as at 30 November 2020 is shown in the chart below.
Impact bond allocation
Green
Unlabelled - Green Sustainability
Unlabelled - Sustainability Social
Unlabelled - Social Aligned
Cash
Investments
#1A Aligned
#2 Remainder (Cash)
In which economic sectors are the investments made?
The Sub-Fund is mostly exposed to the financial and government-related fixed income sectors. The sectoral mix is expected to change over time.
The sectoral exposure for the Sub-Fund as of 30 November 2020 is shown in the chart below. All investments are in Subcategory #1A, except for cash.
Sector Allocation
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
#1A	#1B	#2
Consumer, Cyclical	Consumer, Non-cyclical	Energy
Financial	Government	Industrial
Utilities	Cash
Does the Sub-Fund make use of derivatives?
Yes. The Sub-Fund uses derivatives for hedging and effective portfolio management purposes.
What investments are included under "#2 Remainder"?
The Sub-Fund may also use cash for risk management or liquidity purposes, which is not subject to the AIM SPECTRUM
® 
process.
How will sustainable investments contribute to a sustainable objective and not significantly harm any other sustainable investment objectives during the reference period?
This section only concerns the portion of sustainable investments illustrated above (#1A Sustainable), and not the other E/S characteristics part, nor the remainder
How will sustainable investments of the Sub-Fund contribute to a sustainable objective?
An investment that contributes to an environmental or social objective can only be considered "sustainable" where it demonstrates a contribution to an environmental or social objective, and it does not significantly harm any (other) sustainability objective. The EU Taxonomy is a classification of environmental activities approved by the European Union .
The Sub-Fund solely invests in bonds that generate positive environmental and/or social impact. The potential for this impact is assessed through the SPECTRUM
® 
process and a full analysis is conducted for each unlabelled issuer or labelled bond framework. This allows AIM to research on a case-by-case basis the expected impact. To understand this, both the intended positive impact and any externalities, positive or negative, are considered.
AIM has its own internal taxonomy of environmental and social projects. An assessment of alignment with this taxonomy is included in the SPECTRUM
® 
process. The eligible environmental sectors include energy, infrastructure, water resource management, resource efficiency, land management, marine environment and fisheries. The eligible social sectors include education, training and employment, global health, empowerment of women and vulnerable groups, financial inclusion and sustainable enterprises, food security and social housing. The AIM taxonomy is informed by other external efforts to define environmental and social investing, such as the EU Sustainable Finance Taxonomy,
Climate Bonds Initiative’s Taxonomy and the International Capital Market Association’s (ICMA) guidance on green and social bonds. AIM reviews whether changes are needed regularly, based on the latest market and scientific developments.
The issues and issuers within the SPECTRUM
® 
investment universe are reviewed on an ongoing basis and AIM reports on the Sub-Fund’s impact in the annual Impact Report.
How are principal adverse impacts on sustainability factors taken into account? 
Principal adverse impacts are the biggest negative impact of the investments on sustainability factors (environmental, social and employee matters, respect for human rights, anticorruption and antibribery matters.).
Principal adverse impacts on sustainability factors are taken into account within the AIM verification process SPECTRUM®. These are considered at two levels:
- adverse impacts that are associated with the use of proceeds of the bond; and
- adverse impacts associated with the issuer of the bond, but not necessarily coming from the stated use of proceeds. The ‘responsible issuer’ criteria within the SPECTRUM
- ® 
- analysis focuses on the issuer itself and whether it meets AIM’s standards from an ESG perspective. This includes environmental, social and employee matters, respect for human rights, anticorruption and antibribery.

How are investments excluded that significantly harm sustainable investment objectives?
If an investment is associated with significant environmental or social harm it would fail to meet the AIM SPECTRUM
® 
criteria and would be excluded from the SPECTRUM Bond® universe. As a result, the issuance will not be eligible for purchase in the Sub-Fund. The SPECTRUM
® 
process requires the analyst to consider whether there are direct or indirect environmental or social negative impacts resulting from the stated use of proceeds or the issuer.
The Sub-Fund also adheres to the AIM exclusionary criteria which can be found on AIM’s website https://affirmativeim.com/policies/
What sustainability indicators are used to measure the attainment of the sustainable objective of the Sub-Fund?
Sustainability indicators are used to measure the attainment of the sustainable objective of the Sub-Fund. The environmental and social characteristics of the Sub-Fund are assessed during two stages:
- at the initial verification of the bond issue and issuer, when the AIM verification team first completes the SPECTRUM
- ® 
- analysis; and
- during annual impact reporting.

Both the bond issue, in terms of use of proceeds, and the issuer of the bond, from an ESG perspective, are independently assessed.
The SPECTRUM
® 
verification process encompasses both sustainability and credit reviews. Through this process the SPECTRUM Bond® and SPECTRUM
® 
aligned universe of eligible bonds is built through positive selection across the criteria listed below. Further information on the SPECTRUM
® 
process can be found here https://affirmativeim.com/process/.
Sustainability indicators are also included in the annual Impact report. Examples include the potential avoided emissions calculated through the Carbon Yield methodology and the Task Force on Climate-Related Financial Disclosures (TCFD) recommended metric Weighted Average Carbon Intensity (WACI). The annual Impact Report for the Sub-Fund is available here https://affirmativeim.com/impact-report/.
Warning
The SPECTRUM
® 
verification methodology may be subject to limitations due to the availability of data from issuers or from data service providers. The SPECTRUM
® 
methodology allows the Investment Manager to have a disciplined process in its assessment of the sustainability profile of an issuer but is not definitive and is designed to be used in conjunction with other tools and data providers and assessments relating to a company’s sustainability related business model and practices.
The SPECTRUM
® 
methodology is dynamic and is designed to be adaptive to changing developments in relation to sustainability. The Investment Manager may change any of its SPECTRUM
® 
methodology related processes at any time without notice and at its discretion.
No guarantee or undertaking is given in relation to the financial performance of a particular company based upon its scoring under the SPECTRUM
® 
methodology.
Can I find on-line more product-specific information?
You can find more information regarding the AIM investment process at https://affirmativeim.com/process/ More information on the Sub-Fund can be found on www.loim.com
Is a specific index designated as a reference benchmark to determine whether the Sub-Fund is sustainable?
A reference sustainable benchmark is an index against which it can be measured whether the Sub-Fund is meeting its sustainable investment objective.
The Sub-Fund assesses the sustainability aspects of the portfolio on an absolute basis. An example is the number of tonnes of CO2 expected to be mitigated by the projects funded by the securities the Sub-Fund owns. This assessment is a true ‘net’ expected CO2 saving, as it analyses the carbon expended in the construction of the project as well as the expected carbon saving over the life of the project.
The Sub-Fund uses the Bloomberg Barclays Global Aggregate Index as its reference benchmark for the purposes of comparing the Sub-Fund’s carbon footprint to that of the benchmark. AIM publishes the Sub-Fund’s Weighted Average Carbon Intensity (WACI) in the annual Impact Report. The benchmark is a broad market index. It is not aligned with the sustainable investment objective pursued by the Sub-Fund.
SFDR Disclosure – All other Sub-Funds C-3.1
Applicable to the following Sub-Funds:
- All Roads Conservative
- All Roads
- All Roads GrowthThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment portfolio and its sustainability profile and therefore seeks to include ESG factors and assessments into its investment processes in respect of the Sub-Fund where it considers this possible.
The Investment Manager’s integration of ESG factors and assessments into its investment processes includes the following:
Systematic ESG screening and scoring of companies
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to quickly understand and compare the sustainability profiles of companies that may sit within the Sub-Fund’s target underlying universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology in more detail.

Systematic ESG screening and scoring of sovereigns
- The Investment Manager complements its traditional sovereign credit assessment with an analytical framework that integrates sustainability risk factors in a holistic way. Alongside usual macro criteria, broader ESG considerations are integrated in the sovereign bond risk assessment. The Investment Manager has developed an in-house model (the “LO Sovereign Scoring Methodology”) to independently assess sovereign issuers’ alignment with Human and Environmental Rights standards and the United Nations Sustainable development goals (SDGs). The model covers a broad spectrum of environmental, social and governance issues, including inequalities, social cohesion, quality of public services, water and food supply, energy security, global warming mitigation and resilience, biodiversity protection, pollutions, regulatory effectiveness, institutional strength and political stability. A selection of highly reliable dataset sourced from diverse supra-national bodies, universities, research institutes and major NGO’s is used to inform the investment decisions. The data collectedis normalized into indicators from 0 to 100 points. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’, ‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – indicators linked to definitive outcomes.

Temperature assessment and alignment
- The Investment Manager, through the proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.

Integration of the results of scoring and temperature alignment into basket construction
- The Investment Manager seeks to factor the above proprietary scoring and assessments into the basket construction of the Sub-Fund’s corporate and sovereign portfolios by tilting the baskets towards enhanced sustainability scores.
- For the Sub-Fund’s corporate portfolio, a sustainability score is computed for each company within the applicable reference index using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology with a view to constructing a basket which is weighted in favour of companies with better scores with the ultimate aim of improving the sustainability and carbon intensity score of the basket when compared to a typical market capitalization reference for the basket.
- The investment Manager undertakes a similar process to that described above for the Sub-Fund’s sovereign portfolio using the LO Sovereign Scoring Methodology.

Notwithstanding the above, the following should be noted:
- The Investment Manager retains complete discretion regarding the way in which it integrates ESG assessments into its investment processes.
- The Investment Manager retains complete discretion over the selection of the reference indices for the separate portfolios constituting the Sub-Fund’s investment portfolio which may change from time to time.
- The corporate and sovereign portfolios referred to above make up only a part of the Sub-Fund’s total investment portfolio.

Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio.
C-3.2
Applicable to the following Sub-Fund:
- Event ConvexityThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
While ESG Factors are not systematically integrated in the investment decision process for the Sub-Fund, the Investment Manager will consider sustainability developments from a holistic standpoint as part of its fundamental analysis.
Without prejudice to the foregoing, the Investment Manager will have regard to the LOIM group exclusion/restriction policy:
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Coal and Unconventional Oil & Gas - the Investment Manager will seek to exclude companies identified as being involved in the following activities:Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager will seek to exclude companies identified as being involved in the most severe breaches of the UN Global Compact Principles.

Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, that the Investment Manager will select for the account of the Sub-Fund investments that are ESG aligned, or in the case that the Investment Manager does select such investments, that such investments will contribute to the positive performance of the Sub-Fund.
C-3.3
Applicable to the following Sub-Fund:
- Multiadvisers UCITSThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. As the Sub-Fund invests in underlying funds whose investment objective and policy may or not be in line with the provisions of article 8 or 9 of SFDR, the level of adherence by the Sub-Fund to these provisions through its target funds cannot be ascertained.
However, the sustainability risks are included in the investment decision-making process of the underlying funds to the extent that it has an impact on their stated strategy. This may be by securities valuation impacts, more formal impact strategies or restricted companies. Overall, there is clearly a growing proportion of investments across the equity, credit and macro space that take a view on the future impacts of ESG policies and investment methods.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The impact of any such risks falls within the normal expect return scope of the Sub-Fund and negative impact on the underlying funds is expected to be limited. Indeed as ESG Factors grow with respect to their impact on security valuations, managers will adjust their pricing models to reflect this, thus including the actual market effects of ESG in the market pricing models. There can be no guarantee, however, that the Investment Manager will select for the account of the Sub-Fund investments that are ESG aligned, or in the case that the Investment Manager does select such investments, that such investments will contribute to the positive performance of the Sub-Fund.
C-3.4
Applicable to the following Sub-Fund:
- Defensive Systematic Alternative SolutionThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment portfolio and its sustainability profile and therefore seeks to include ESG factors and assessments into its investment processes in respect of the Sub-Fund where it considers this possible.
The Investment Manager’s integration of ESG factors and assessments into its investment processes includes the following:
Systematic ESG screening and scoring of companies
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, waste management, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to quickly understand and compare the sustainability profiles of companies that may sit within the Sub-Fund’s target underlying universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company. It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes the Lombard Odier ESG/ CAR Industrial Materiality Rating Methodology in more detail.

Integration of the results of scoring
- The investment process of the Sub-Fund aims to reduce both the sustainability and carbon-related risks. The Investment Manager therefore aims to increase the exposure of the Sub-Fund's portfolio to companies with lower sustainability carbon-related risks.
- For the portfolio of long positions maintained by the Sub-Fund, the Investment Manager will generally seek to exclude investments in the bottom scoring 10% of companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, unless there are reasons for doing so. This restriction is however not an absolute rule. Discretion is retained by the Investment Manager to invest in any company when it deems it appropriate.
- The Investment Manager will generally seek to factor the above proprietary scoring and assessments into the basket construction of the Sub-Fund’s portfolio of long positions by tilting the baskets towards enhanced sustainability and carbon scores compared to the portfolio of short positions.
- Notwithstanding the above, the Investment Manager retains complete discretion regarding the way in which it integrates ESG assessments into its investment processes and will not be bound by any aim regard integration of ESG Factors in its investment process.

Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub- Fund’s portfolio and the impact of the integration of ESG Factors in the Investment Manager’s investment decision process.
C-3.5
Applicable to the following Sub-Fund:
- World Gold ExpertiseThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
However, the Investment Manager may integrate ESG Factors as part of the fundamental assessment of a company or country and/or the portfolio construction methodology.
Sustainability features
The Investment Manager applies the following exclusions in its investment decision process with regard to the Sub-Fund:
- Exclusion of companies that act in violation of international laws and treaties.
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

The integration of ESG Factors in its investment decision may lead the Investment Manager to identify more persistent risks pertaining to certain industries such as mining or energy.
Likely impacts of sustainability risks on the returns of the Sub-Fund
Certain sustainability risks may adversely affect the returns of the Sub-Fund. In addition, the Investment Manager considers that the occurrence of a sustainability risk may result in other (financial) risks manifesting, which can also negatively affect the value of the investment.
Given the investment universe of the Sub-Fund, the Investment Manager shall have specific regard to the sustainability risks in connection with investments in mining companies. Mining companies are increasingly expected to demonstrate responsible stewardship. Not doing so can cause reputational damage or loss of access to shared resources such as land. This can negatively influence the value of the mining company. Also, a mining company's reputation can deteriorate as a result of negative publicity about a labor issue that can cause the value of its stock to decline. The expected impact of sustainability risks on the return depends on the type of sustainability risk that materializes. For mining companies, the expected impact is generally viewed as significant.
C-3.6
Applicable to the following Sub-Fund:
- Commodity Risk PremiaThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
The Sub-Fund's main objective is to replicate the performance of a proprietary commodity index which intends to capture the performance of commodities within four broad commodity sectors (i.e., precious metals, industrial metals, energy and agriculture – ex-essential food commodities).
The integration of sustainability risks in the Investment Manager's decision made for the Sub-Fund is not relevant to the extent that the underlying components of the index are commodity futures.
Likely impacts of sustainability risks on the returns of the Sub-Fund
Returns of the Sub-Fund are uncorrelated with sustainability risks.
C-3.7
Applicable to the following Sub-Fund:
- Europe High ConvictionThis disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
While ESG Factors are not systematically integrated in the investment decision process for the Sub-Fund, the Investment Manager considers ESG Factors as a risk management tool. Specifically, the Investment Manager assesses how a company’s ESG practices may present a risk to the relevant stock’s investment profile and/or value. The Investment Manager may decide, in its sole discretion, to either exclude stocks which present certain ESG related risks or include stocks with ESG related risks if it deems that these risks are appropriately reflected in the stock price.
Without prejudice to the foregoing, the Investment Manager intends to have regard to the LOIM group exclusion/restriction policy:
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Tobacco, Coal and Unconventional Oil & Gas - the Investment Manager will seek to exclude companies identified as being involved in the following activities:Tobacco - companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/services.

Thermal Coal
Mining - companies deriving more than 10% of their revenues from thermal coal extraction.
Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, that the Investment Manager will select for the account of the Sub-Fund investments that are ESG aligned, or in the case that the Investment Manager does select such investments, that such investments will contribute to the positive performance of the Sub-Fund.
C-3.8
Applicable to the following Sub-Funds:
- High Yield 2021
- High Yield 2022
- High Yield 2023
- High Yield 2024This disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR. The Investment Manager nevertheless believes that there is a strong correlation between the long term financial success and viability of an investment portfolio and its sustainability profile and therefore seeks to include ESG factors and assessments into its investment processes in respect of the Sub-Fund where it considers this possible.
The Investment Manager’s integration of ESG factors and assessments into its investment processes includes the following:
Systematic ESG screening and scoring of companies
- Screening using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology, which encompasses relevant information on each of the SFDR Focused Sustainability Indicators covering greenhouse gas emissions, energy performance, biodiversity, water utilization, wastemanagement, social and employee matters, human rights and anti-corruption and bribery. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enables the Investment Manager to quickly understand and compare the sustainability profiles of companies that may sit within the Sub-Fund’s target underlying universe. This scoring and rating system is also “materiality driven”, and therefore identifies the most relevant sustainability framework for each industry in order to focus on the most important ESG issues that may affect a particular company.

It also aims to distinguish between companies that are merely demonstrating awareness from those that are delivering measurable outcomes (Consciousness, Actions, Results - CAR framework). Schedule I describes the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology in more detail.
Temperature assessment and alignment
- The Investment Manager, through the proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool, assesses the carbon footprint and temperature alignment of companies based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios and the extent to which individual companies or portfolios are aligned with the climate transition by estimating the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.

Integration of the results of scoring and temperature alignment into basket construction
- The Sub-Fund has a buy and maintain strategy. The Investment Manager has considered the ESG scores of companies using the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology in the construction of the initial portfolio.
- The Investment may also consider such scoring, as well as the LOPTA framework, if and when it decides to admit additional issuers to the Sub- Fund’s initial portfolio.
- However, given the investment universe, the Investment Manager acknowledges that the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology and the LOPTA framework may be subject to limitations as a result of unavailability of ESG related data.
- Notwithstanding the above, the Investment Manager retains complete discretion regarding the way in which it integrates ESG assessments into its investment processes and will not be bound by any aim regard integration of ESG Factors in its investment process.

Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. There can be no guarantee, however, regarding the performance of the Sub-Fund’s portfolio.
C-3.9
Applicable to the following Sub-Fund:
- Asia Income 2024This disclosure is made for the purposes of Article 6 of SFDR.

Integration of sustainability risks and assessments into investment decisions
The Sub-Fund’s investment objective and policy are set out in the Sub-Fund's annex.
The Sub-Fund has no objective or commitment to invest in investments that qualify as ‘sustainable investments’ or to promote ‘environmental or social characteristics’ for the purposes of article 8 and 9 of SFDR.
The Sub-Fund has a buy and maintain strategy. While ESG Factors were not systematically integrated in the construction of the Sub-Fund’s initial investment portfolio, the Investment Manager may consider sustainability developments from a holistic standpoint as part of its fundamental analysis if and when it decides to add new issuers.
Without prejudice to the foregoing, the Investment Manager will have regard to the LOIM group exclusion/restriction policy in respect of any new investments made for the account of the Sub-Fund:
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.

Restrictions
- Coal and Unconventional Oil & Gas - the Investment Manager seeks to exclude companies identified as being involved in the following activities:Thermal CoalMining - companies deriving more than 10% of their revenues from thermal coal extraction.

Power Generation - companies deriving more than 10% of their revenues from coal power generation.
Unconventional Oil & Gas - companies deriving more than 10% in aggregate of their revenues from any of tar sands, shale gas and oil and arctic oil & gas exploration.
- Material breaches of UN Global Compact Principles - the Investment Manager seeks to exclude companies identified as being involved in the most severe breaches of the UN Global Compact Principles.

Any decision to exclude a company under the above restrictions remains entirely within the discretion of the Investment Manager.
Likely impacts of sustainability risks on the returns of the Sub-Fund
The likely impacts of sustainability risks are difficult to quantify. The Investment Manager believes that the environmental, social and governance practices of a company are inherently linked to its long-term success and that those companies with ESG aligned business practices and operations are more likely to succeed and create long-term value. It is possible that the Sub-Fund could experience negative impacts in respect of issuers in the Sub-Fund’s portfolio whose business model and practices are not able to adapt to sustainability risks.
ANNEX C SCHEDULE I
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology
The Investment Manager’s sustainable investment framework looks at companies' business practices in relation to their broad ecosystem of stakeholders. The Investment Manager has developed a proprietary ESG materiality heatmap and rating methodology, allowing the Investment Manager to focus on the environmental, social and governance dimensions that really matter to a company across its value chain. The Investment Manager’s proprietary framework of 14 categories reflects the main dimensions of potential ESG opportunities and risks expositions across a company’s value chain. This includes upstream risks predominantly related to supply chain or natural resource usage, operational risks directly related to a company’s direct production and operational processes and downstream risks related to the potential negative impact of products and services sold. The construction of the ratings uses raw data from a variety of specialized suppliers, which includes, but is not limited to, all relevant information used in the construction of the methodology applied to measure the principal adverse impacts of the Investment Manager’s decisions on the SFDR Focused Sustainability Indicators, as further detailed in Schedule II.
The Investment Manager identifies and ranks the most material ESG dimensions for 158 GICS (Global Industry Classification Standard) Level 4 sub-industries, captured in the Investment Manager’s ESG materiality heatmap. For each company, the Investment Manager calculates a score from 0 to 100 integrating materiality by overweighting the information that has greater significance based on its specific industry, and underweighting general information that is less relevant. The methodology embeds the Investment Manager’s proprietary ‘Consciousness’,
‘Actions’ and ‘Results’ (‘CAR’) methodology which overweighs the ‘R’ component – ESG indicators linked to definitive results/outcomes. These scores allow the Investment Manager to attribute to each company an ESG rating from A+ to D based on its percentile positioning in their respective sector. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology enhances the Investment Manager’s ability to monitor a company’s progress on the most relevant sector-specific issues for long-term sustainability, and engage with them on these material issues. The methodology differentiates the talkers from the doers and achievers.
The ESG metrics and data in the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology are also mapped against the 17 United Nations Sustainable Development Goals (UN SDGs). This provides the Investment Manager with another important lens to consider the sustainability of a company’s’ business practices, to inform their engagement and provides greater visibility on the alignment of the Sub-Fund’s portfolio against to the UN SDGs.
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology aims to screen not less than 90% of the companies in the investible universe of the Sub-Funds using that methodology.
Warning
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology may be subject to limitations due to the availability of data from companies/issuers or from data service providers. The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology may assist an investment manager with its assessment of the sustainability profile of a company/issuer but is not definitive and is designed to be used in conjunction with other tools and assessments relating to a company’s sustainability related business model and practices.
The Lombard Odier ESG/CAR Industrial Materiality Rating Methodology is dynamic and is designed to be adaptive to changing developments in relation to sustainability. The Investment Manager may change any of its Lombard Odier ESG/CAR Industrial Materiality Rating Methodology related processes at any time without notice and at its discretion.
No guarantee or undertaking is given in relation to the financial performance of a particular company based upon its scoring under the Lombard Odier ESG/CAR Industrial Materiality Rating Methodology.
ANNEX C SCHEDULE II
Methodology used to measure the principal adverse impacts (PAI) of the Investment Manager’s decisions on the SFDR Focused Sustainability Indicators
The principal adverse impacts of the Investment Manager’s decisions on the SFDR Focused Sustainability Indicators are measured by mapping the most relevant information from the Investment Manager’s ESG database against the principal adverse sustainability indicators listed below.
The Investment Manager’s comprehensive ESG database as further detailed in Schedule I is continuously enriched by new feeders/providers and covers all sustainability dimensions. If an information required by the PAI’s is not available in the Investment Manager’s ESG database or from an external ESG data provider, a matching indicator is built using the closest relevant information to assess the PAI.
List of the SFDR Focused Sustainability Indicators
The list of the SFDR Focused Sustainability Indicators is set out below, it being understood that the actual indicators retained will depend on the final versions of the Commission Delegated Regulation supplementing SFDR, the availability of data and the Investment Manager’s view of how it integrates those indicators in its model. Discretion is maintained by the Investment Manager to adopt the sustainability indicators it deems most appropriate/relevant.
Climate and Other-Environment-related indicators
- Greenhouse gas emissions
- Energy performance
- Biodiversity
- Water
- WasteSocial and employee, respect for human rights, anti-corruption and anti-bribery
- Social and employee matters
- Human rights
- Anti-corruption and anti-briberyANNEX C SCHEDULE IIILombard Odier Portfolio Temperature Alignment ToolThe proprietary LOPTA (Lombard Odier Portfolio Temperature Alignment) tool enables the Investment Manager to rapidly assess not only the carbon footprint of companies, but also their temperature alignment based on industry/region breakdowns, historical paths and forward looking trajectories and targets. The LOPTA framework allows the Investment Manager to analyse temperature trajectories across portfolios. These proprietary temperature alignment tools seek to assess the extent to which individual companies or portfolios are aligned with the climate transition. LOPTA estimates the level of global warming represented by specific companies or portfolios by extrapolation to the targets for their respective peer groups.

PP_05.2021_LU_en_05.2021
www.lombardodier.com

Translation (ENFR, 2021-05-03):
# ANNEXE A: COMPARTIMENTS PROPOSÉS À LA SOUSCRIPTION
Compartiments d’allocation d’actifs
LO Funds – All Roads Conservative	94
LO Funds – All Roads	97
LO Funds – All Roads Growth	100
LO Funds – Event Convexity	103
LO Funds – Multiadvisers UCITS	107
LO Funds – Defensive Systematic Alternative Solution	110
Compartiments en actions
Globaux
LO Funds – Generation Global	113
LO Funds – TargetNetZero Global Equity	116
Sectoriels/thématiques
LO Funds – Continental Europe Family Leaders	119
LO Funds – Golden Age	122
LO Funds – World Brands	125
LO Funds – World Gold Expertise	128
LO Funds – Commodity Risk Premia	131
LO Funds – Global FinTech	134
LO Funds – Natural Capital	137
LO Funds – Global HealthTech	140
Régionaux
LO Funds – China High Conviction	143
LO Funds – TargetNetZero Europe Equity	146
LO Funds – Europe All Cap Leaders	149
LO Funds – Europe High Conviction	152
LO Funds – Continental Europe Small & Mid Leaders	155
LO Funds – Emerging High Conviction	158
LO Funds – Asia High Conviction	161
LO Funds – TerreNeuve	164
LO Funds – Swiss Equity	167
LO Funds – Swiss Small & Mid Caps	170
LO Funds – Climate Transition	173
Compartiments en placements à revenu fixe
Gouvernementaux
LO Funds – Global Inflation-Linked Fundamental	176
LO Funds – Global Government Fundamental	179
Aggregate
LO Funds – Swiss Franc Bond (Foreign)	182
LO Funds – Global Climate Bond	185
Crédit
LO Funds – TargetNetZero Global IG Corporate	188
LO Funds – TargetNetZero Euro IG Corporate	191
LO Funds – Global BBB-BB Fundamental	194
LO Funds – Euro BBB-BB Fundamental	197
LO Funds – Swiss Franc Credit Bond (Foreign)	200
LO Funds – Ultra Low Duration (USD)	203
LO Funds – Ultra Low Duration (EUR)	206
LO Funds – Fallen Angels Recovery	209
Marchés émergents
LO Funds – Emerging Local Currency Bond Fundamental	212
LO Funds – Asia Value Bond	215
LO Funds – Asia Investment Grade Bond	218
Obligations convertibles
LO Funds – Convertible Bond	221
LO Funds – Global Convertible Bond Defensive Delta	224
LO Funds – Convertible Bond Asia	227
LO Funds – Convertible Bond High Conviction	230
Buy & Maintain**
LO Funds – High Yield 2021	233
LO Funds – High Yield 2022	236
LO Funds – High Yield 2023	239
LO Funds – High Yield 2024	242
LO Funds – Asia Income 2024	245
LO Funds – Asia Income 2025	248
LO Funds – Asia Income 2026	251
LO Funds – Global Income 2026	254
LO Funds – Global Income 2027	258
Compartiments en placements monétaires à court terme
LO Funds – Short-Term Money Market (EUR)	262
LO Funds – Short-Term Money Market (USD)	265
LO Funds – Short-Term Money Market (GBP)	268
LO Funds – Short-Term Money Market (CHF)	271
*	Ce Compartiment est en sommeil au moment de l’émission du Prospectus et peut être lancé à tout moment. Les investisseurs sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour savoir si le Compartiment a été lancé pendant la période comprise entre l’émission du Prospectus et sa révision suivante au cours de laquelle la liste des Compartiments en sommeil est mise à jour.
**	Sans préjudice des dispositions de la Section "Liquidation, rachat obligatoire des Actions et fusion des Compartiments", il est prévu de gérer chacun de ces Compartiments jusqu’à une date de l’année indiquée dans la politique d’investissement (ci-après le "Terme"), de les liquider au Terme et de verser ensuite aux investisseurs l’intégralité du produit de la liquidation en numéraire. Toutefois, (i) si des conditions de marché exceptionnelles prévalent au Terme et si le Gérant estime que la vente des actifs du Compartiment n’est pas dans l’intérêt des actionnaires, le Conseil d’administration peut décider de reporter la vente et le paiement final du produit de la liquidation d’une période pouvant atteindre quatre mois après la fin de l’année indiquée dans la politique d’investissement, auquel cas les actionnaires seront informés en conséquence trente jours à l’avance; ou (ii) si le rendement objectif est atteint avant le Terme et si le Gérant estime que la vente des actifs du Compartiment avant le Terme est dans l’intérêt des actionnaires, le Conseil d’administration peut liquider ou fusionner le Compartiment avant le Terme, auquel cas les actionnaires seront informés en conséquence au moins trente jours avant la
liquidation; ou (iii) si des conditions de marché appropriées prévalent à l’approche du Terme et si le Gérant estime que tel est l’intérêt des actionnaires, le Conseil d’administration peut décider de mettre en place une nouvelle période d’investissement (c.-à-d. un nouveau Terme), auquel cas les actionnaires seront informés en conséquence au moins trente jours avant le Terme initial et se verront offrir le droit de demander le rachat de leurs Actions sans commission de rachat ou la conversion sans frais de leurs Actions en Actions d'un autre Compartiment. Le nom du Compartiment sera probablement modifié pour refléter le nouveau Terme.
Compartiment d’allocation d’actifs

### LO Funds – All Roads Conservative
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment met en œuvre une stratégie d’allocation d’actifs aux obligations, autres titres de créance à taux fixe ou flottant et instruments de créance à court terme, émis ou garantis par des émetteurs souverains ou non souverains, obligations convertibles, actions, monnaies et/
ou Liquidités et Moyens proches des liquidités, libellés dans des monnaies de l’OCDE et/ou des Marchés émergents. Les instruments décrits
ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment- grade visée au paragraphe 3.2). Le Gérant pourra, à sa discrétion, choisir les émetteurs, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises). Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques telles que des méthodologies basées sur le risque. Selon cette méthode, la pondération de chaque actif ou Groupe d’actifs est ajustée en vue de contrôler sa contribution au risque du portefeuille total. Toutes choses étant égales par ailleurs, plus le risque de perte d’un actif ou d’un Groupe d’actifs est élevé, plus leur pondération dans le portefeuille est faible. Pour chaque actif ou Groupe d’actifs, le risque est calculé au moyen de modèles propres analysant diverses données telles que les fluctuations historiques des cours.
En plus des investissements cités ci-dessus, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou des Marchés émergents) et/ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs, des marchés (Marchés émergents compris) et des indices (indices de matières premières compris) spécifiques.
S’agissant des stratégies impliquant une exposition aux matières premières, cette exposition pourra être obtenue par l’utilisation d’un contrat de swap tel que détaillé aux paragraphes 3.3.1 et 3.3.2.
Par ailleurs, dans le cadre de la mise en œuvre de sa stratégie d’investissement, le Compartiment peut conclure un contrat de swap sur rendement excédentaire "unfunded" tel que détaillé au paragraphe 3.3.5. Le mécanisme du Long/Short Equity Swap est mentionné ci-après. Selon le Gérant, le swap sur rendement excédentaire "unfunded" est un outil efficace pour mettre en œuvre une stratégie long/short sur actions tout en réduisant les coûts et les risques de liquidité.
Le Compartiment ne conclura des contrats de swap qu’avec des contreparties qui sont des établissements financiers de premier ordre.
Le Compartiment peut également être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
La stratégie du Compartiment vise à mettre en œuvre un profil de risque conservateur. Le niveau attendu de levier est considéré comme restant relativement faible.
Risques
L’attention des investisseurs est attirée sur le fait que la valeur de leur investissement est susceptible de varier à la hausse comme à la baisse; ils doivent accepter que rien ne garantit qu’ils récupéreront leur investissement initial.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des futures, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions peut être annuelle ou semestrielle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
Le levier calculé selon la méthode de la somme des notionnels des instruments financiers dérivés devrait être de l’ordre de 250% de la Valeur nette d’inventaire.
L’exposition du Compartiment aux swaps sur rendement total exprimée en tant que somme des notionnels devrait être comprise en 0% et 100% de la Valeur nette d’inventaire. En cas de dépassement de cette fourchette, les expositions devraient rester inférieures à 250%.
L’attention des investisseurs est attirée sur le fait que les expositions et le levier attendus peuvent être dépassés.
Budget de risque
6%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment d’allocation d’actifs

### LO Funds – All Roads
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment met en œuvre une stratégie d’allocation d’actifs aux obligations, autres titres de créance à taux fixe ou flottant et instruments de créance à court terme, émis ou garantis par des émetteurs souverains ou non souverains, obligations convertibles, actions, monnaies et/
ou Liquidités et Moyens proches des liquidités, libellés dans des monnaies de l’OCDE et/ou des Marchés émergents. Les instruments décrits
ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment- grade visée au paragraphe 3.2). Le Gérant pourra, à sa discrétion, choisir les émetteurs, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises). Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques telles que des méthodologies basées sur le risque. Selon cette méthode, la pondération de chaque actif ou Groupe d’actifs est ajustée en vue de contrôler sa contribution au risque du portefeuille total. Toutes choses étant égales par ailleurs, plus le risque de perte d’un actif ou d’un Groupe d’actifs est élevé, plus leur pondération dans le portefeuille est faible. Pour chaque actif ou Groupe d’actifs, le risque est calculé au moyen de modèles propres analysant diverses données telles que les fluctuations historiques des cours.
En plus des investissements cités ci-dessus, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou des Marchés émergents) et/ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs, des marchés (Marchés émergents compris) et des indices (indices de matières premières compris) spécifiques.
S’agissant des stratégies impliquant une exposition aux matières premières, cette exposition pourra être obtenue par l’utilisation d’un contrat de swap tel que détaillé aux paragraphes 3.3.1 et 3.3.2.
Par ailleurs, dans le cadre de la mise en œuvre de sa stratégie d’investissement, le Compartiment peut conclure un contrat de swap sur rendement excédentaire "unfunded" tel que détaillé au paragraphe 3.3.5. Selon le Gérant, le swap sur rendement excédentaire "unfunded" est un outil efficace pour mettre en œuvre une stratégie long/short sur actions tout en réduisant les coûts et les risques de liquidité.
Le Compartiment ne conclura des contrats de swap qu’avec des contreparties qui sont des établissements financiers de premier ordre.
Le Compartiment peut également être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
La stratégie du Compartiment vise à mettre en œuvre un profil de risque équilibré. Le niveau attendu de levier est considéré comme restant relativement modeste.
Risques
L’attention des investisseurs est attirée sur le fait que la valeur de leur investissement est susceptible de varier à la hausse comme à la baisse; ils doivent accepter que rien ne garantit qu’ils récupéreront leur investissement initial.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des futures, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions peut être annuelle ou semestrielle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
Le levier calculé selon la méthode de la somme des notionnels des instruments financiers dérivés devrait être de l’ordre de 300% de la Valeur nette d’inventaire.
L’exposition du Compartiment aux swaps sur rendement total exprimée en tant que somme des notionnels devrait être comprise en 0% et 100% de la Valeur nette d’inventaire. En cas de dépassement de cette fourchette, les expositions devraient rester inférieures à 300%.
L’attention des investisseurs est attirée sur le fait que les expositions et le levier attendus peuvent être dépassés.
Budget de risque
8%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment d’allocation d’actifs

### LO Funds – All Roads Growth
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment met en œuvre une stratégie d’allocation d’actifs aux obligations, autres titres de créance à taux fixe ou flottant et instruments de créance à court terme, émis ou garantis par des émetteurs souverains ou non souverains, obligations convertibles, actions, monnaies et/
ou Liquidités et Moyens proches des liquidités, libellés dans des monnaies de l’OCDE et/ou des Marchés émergents. Les instruments décrits
ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment- grade visée au paragraphe 3.2). Le Gérant pourra, à sa discrétion, choisir les émetteurs, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises). Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques telles que des méthodologies basées sur le risque. Selon cette méthode, la pondération de chaque actif ou Groupe d’actifs est ajustée en vue de contrôler sa contribution au risque du portefeuille total. Toutes choses étant égales par ailleurs, plus le risque de perte d’un actif ou d’un Groupe d’actifs est élevé, plus leur pondération dans le portefeuille est faible. Pour chaque actif ou Groupe d’actifs, le risque est calculé au moyen de modèles propres analysant diverses données telles que les fluctuations historiques des cours.
En plus des investissements cités ci-dessus, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou des Marchés émergents) et/ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs, des marchés (Marchés émergents compris) et des indices (indices de matières premières compris) spécifiques.
S’agissant des stratégies impliquant une exposition aux matières premières, cette exposition pourra être obtenue par l’utilisation d’un contrat de swap tel que détaillé aux paragraphes 3.3.1 et 3.3.2.
Par ailleurs, dans le cadre de la mise en œuvre de sa stratégie d’investissement, le Compartiment peut conclure un contrat de swap sur rendement excédentaire "unfunded" tel que détaillé au paragraphe 3.3.5. Selon le Gérant, le swap sur rendement excédentaire "unfunded" est un outil efficace pour mettre en œuvre une stratégie long/short sur actions tout en réduisant les coûts et les risques de liquidité.
Le Compartiment ne conclura des contrats de swap qu’avec des contreparties qui sont des établissements financiers de premier ordre.
Le Compartiment peut également être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
La stratégie du Compartiment vise à mettre en œuvre un profil de risque de croissance. Le niveau attendu de levier est considéré comme restant relativement élevé.
Risques
L’attention des investisseurs est attirée sur le fait que la valeur de leur investissement est susceptible de varier à la hausse comme à la baisse; ils doivent accepter que rien ne garantit qu’ils récupéreront leur investissement initial.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des futures, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions peut être annuelle ou semestrielle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
Le levier calculé selon la méthode de la somme des notionnels des instruments financiers dérivés devrait être de l’ordre de 500% de la Valeur nette d’inventaire.
L’exposition du Compartiment aux swaps sur rendement total exprimée en tant que somme des notionnels devrait être comprise en 0% et 200% de la Valeur nette d’inventaire. En cas de dépassement de cette fourchette, les expositions devraient rester inférieures à 500%.
L’attention des investisseurs est attirée sur le fait que les expositions et le levier attendus peuvent être dépassés.
Budget de risque
14%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment d’allocation d’actifs

### LO Funds – Event Convexity
Objectif
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
L’objectif du Compartiment est de générer des rendements en mettant en œuvre une stratégie event driven. Cette stratégie vise à tirer profit d’opérations sur titres telles que, mais sans s’y limiter, les réorganisations, restructurations, fusions, acquisitions, spin-off et autres changements affectant les entreprises et offrant des opportunités d’arbitrage sur la structure du capital: selon l’environnement réglementaire et les possibles synergies résultant des opérations sur titres susmentionnées, le cours boursier d’une entreprise peut s’écarter du cours défini par le consensus avant que l’opération sur titres considérée ait lieu.
Stratégies et construction du portefeuille
Le Gérant associe des titres de l’ensemble de la structure financière des émetteurs pour créer des opportunités asymétriques lors d’événements spécifiques.
La philosophie d’investissement optimise l’analyse traditionnelle fondamentale event driven avec la convexité offerte par la combinaison des actions, du crédit et des instruments financiers dérivés liés. La stratégie utilise un processus d’investissement méthodique et discipliné, qui commence par des systèmes de sélection et d’analyse pour filtrer l’univers des événements spécifiques et perturbations de sociétés, et aboutit à un portefeuille de positions présentant des structures de négoce asymétriques. Cette stratégie repose sur le concept selon lequel les marchés ne peuvent pas être pleinement efficaces. Le Gérant cherchera par conséquent à superposer l’optionalité des opérations sur titres traditionnelles fondamentales avec les pertes d’efficience liées aux multiples classes d’actifs (convexité du produit), dans le but de créer un profil de rendement plus prévisible.
Gouvernance de portefeuille
La gouvernance de portefeuille est assurée grâce à des examens pré-transaction et post-transaction effectués par le Gérant et le département de gestion du risque. Ces examens sont pris en compte dans la prise de décision grâce à des échanges permanents entre le Gérant et le département de gestion du risque, chacun ayant des responsabilités clairement définies.
Le Gérant réexamine quotidiennement le portefeuille, afin d’évaluer le risque au niveau du portefeuille et de chaque position. Les actions en découlant peuvent inclure le rééquilibrage des pondérations, le blocage des gains, la limitation des pertes et le recouvrement de primes.
Le département de gestion du risque fournit un éclairage analytique approfondi et surveille le respect des paramètres de risque.
Politique d’investissement
Le Compartiment peut investir en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis ou garantis par des émetteurs souverains ou non souverains, obligations convertibles, actions et titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants), matières premières, monnaies et/ou Liquidités et Moyens proches des liquidités, libellés dans des monnaies de l’OCDE. Les instruments décrits ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment-grade et des Distressed securities ( jusqu’à 10% de ses actifs nets) visée au paragraphe 3.2).
Le Gérant pourra, à sa discrétion, choisir les émetteurs, les marchés et les monnaies. Le Gérant peut appliquer des stratégies qualitatives et/ou systématiques. Le Gérant peut utiliser une large gamme d’instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des CFD, des options, des futures, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, sur devises et de volatilité) afin d’adopter des positions longues et courtes sur l’une des classes d’actifs susmentionnées, des instruments, des monnaies, des marchés et/ou des indices (indices de matières premières compris). Dans certaines circonstances, l’exposition nette du Compartiment aux marchés financiers peut être négative.
L’utilisation d’instruments financiers dérivés dans le cadre de la stratégie d’investissement peut entraîner une hausse de l’effet de levier et accroître l’exposition globale au risque (c.-à-d. l’exposition totale aux instruments dérivés, portefeuille et autres actifs) du Compartiment ainsi que la volatilité de sa Valeur nette d’inventaire (cf. paragraphe 2.10 de l’Annexe sur les facteurs de risque).
Le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,44% | 0,40% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 2,00% | 2,00% | 2,00% | 2,00% | N/A | 2,20% | 3,50% | N/A |
| Commission de distribution maximum | 2,00% | 2,00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | Oui. Cf. ci-dessous. |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Commission de performance
| Commission de performance (en pourcentage annuel de la performance par rapport à l’indice de référence/au "hurdle rate") |
| --- |
| Pourcentage | "Hurdle rate" | Période de performance |
| 20% | Aucun | Du 1 er  janvier au 31 décembre |

Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
500%
Budget de risque
10%
Exposition globale et effet de levier
Le Compartiment utilise des instruments financiers dérivés dans le cadre de sa stratégie d’investissement et est susceptible de faire l’objet d’un effet de levier. Si l’effet de levier peut offrir des chances d’accroître le rendement total du Compartiment, il augmente aussi les pertes potentielles. L’effet cumulatif du recours à l’effet de levier par le Compartiment sur un marché connaissant une évolution défavorable aux investissements du Compartiment peut se traduire, pour le Compartiment, par une perte importante.
Le niveau de levier est la somme de la valeur absolue du notionnel des instruments financiers dérivés détenus dans chaque portefeuille du Compartiment (à l’exception du portefeuille d’investissement), divisée par ses actifs nets totaux. En conséquence, il ne prend pas en compte les accords de compensation et de couverture. Un niveau de levier plus élevé n’est pas nécessairement synonyme d’un niveau de risque plus élevé.
L’exposition globale du Compartiment est calculée sur la base de l’approche par la VaR absolue. Le niveau attendu de levier est de 500%. Il est précisé que la stratégie recourt dans une large mesure à des dérivés aux fins de protection. Par conséquent, cette valeur de levier peut fortement surestimer l’exposition économique du portefeuille en raison, par exemple, des actions suivantes: i) recourir à une stratégie de collar
pour chaque position afin d’accroître la sécurité (stratégie qui consiste à acheter des options de vente protectrices sur un sous-jacent quelconque et à financer ces options de vente par une vente d’options d’achat sur le même sous-jacent détenu; la stratégie accentue le levier, mais réduit en réalité de façon significative le risque lié à la position), ii) couvrir la monnaie de chaque position globale, doublant ainsi le niveau de levier pour les positions non libellées dans la Monnaie de référence, et enfin iii) couvrir chaque classe d’actions qui n’est pas libellée dans la Monnaie de
référence. L’attention des investisseurs est attirée sur le fait que le niveau attendu de levier peut être dépassé dans certaines situations liées à des changements soudains des conditions de marché plutôt qu’à une volonté d’obtenir une exposition supplémentaire.
Si cette mesure d’effet de levier notionnel brut peut parfois atteindre des niveaux pouvant être jugés élevés, l’effet de levier net, compensation et couverture comprises, devrait être significativement plus bas. En effet, une partie importante de l’effet de levier notionnel sera généralement générée au moyen de transactions relatives avec des expositions de compensation et/ou des instruments dérivés à court terme requérant des montants notionnels supérieurs à ceux des instruments dérivés à plus long terme pour générer un niveau de risque donné.
Conformément aux dispositions du paragraphe 4.2 (l), le budget de risque du Compartiment est suivi en permanence au moyen d’une méthode VaR avec pour objectif de ne pas dépasser une VaR absolue ex-ante estimée à 1 mois de 15%. Dans des conditions de marché normales, les portefeuilles demeurant en deçà de leur budget de risque ne devraient, statistiquement, pas reculer davantage que ce budget de risque sur un mois avec un intervalle de confiance de 99%. Ce budget de risque est défini en fonction du profil de risque du Compartiment et est inférieur à la limite réglementaire de 20% pour la VaR.
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 3 | Hebdomadaire, tous les mercredis | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment d’allocation d’actifs

### LO Funds – Multiadvisers UCITS
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice HFRX Global Hedge Fund est utilisé uniquement à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit dans un large éventail de fonds mettant en œuvre des stratégies d’investissement alternatives, y compris, sans toutefois s’y limiter, equity long/short, equity market neutral, global macro, arbitrage d’obligations convertibles, titres distressed, arbitrage de titres à revenu fixe, arbitrage de crédit, event driven, futures gérés ou matières premières, ainsi que dans des stratégies long-only au moyen d’actions, de titres à revenu fixe, d’obligations convertibles, d’instruments du marché monétaire.
Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques, y compris des méthodologies d’allocation basée sur le risque. Pour chaque actif ou Groupe d’actifs, le risque est calculé au moyen de modèles propres analysant les fluctuations historiques des cours, entre autres. En plus des investissements énumérés ci-dessus, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou monnaies des Marchés émergents) et/ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs, des marchés (Marchés émergents compris) et des indices (indices de matières premières compris) spécifiques. Le Compartiment peut aussi être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des options, des futures, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 3 | Hebdomadaire, tous les mardis | Jusqu’à T + 5 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment d’allocation d’actifs

### LO Funds – Defensive Systematic Alternative Solution
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment cherche à atténuer le risque de baisse significative du marché et a été conçu pour fournir une solution de couverture contre les baisses du marché et la volatilité croissante. Il investit dans des stratégies longues/courtes basées sur des règles qui peuvent être classées, sans toutefois s’y limiter, en deux grandes catégories: Risk-off Convexity et Diversifying Income.
Chacune de ces catégories affiche certaines caractéristiques:
- Le groupe de stratégies Risk-off Convexity cherche à tirer avantage des fluctuations extrêmes du marché et de la volatilité croissante en déployant des stratégies systématiques, y compris, sans toutefois s’y limiter, la volatilité longue ou les tendances intrajournalières;
- Le groupe de stratégies Diversifying Income cherche à dégager des primes de risque dans les différentes classes d’actifs avec une faible corrélation de marché, en déployant des stratégies systématiques y compris, sans toutefois s’y limiter, des stratégies de portage et d’arbitrage de la valeur relative.

Le Gérant peut suivre une méthodologie basée sur le risque dans le cadre de l’allocation d’actifs. Chaque stratégie et groupe reçoit un budget de risque, avec en moyenne, la majorité du budget allouée au groupe Risk-off Convexity. Les budgets de risque se traduisent ensuite par des pondérations du capital. Plus le risque est élevé, moins il obtient de capital. Au niveau du portefeuille total, un mécanisme de volatilité cible est appliqué.
Le Gérant, sur la base des modèles quantitatifs développés en interne, déterminera la méthodologie d’investissement pour chaque stratégie afin d’allouer les transactions au sein de classes d’actifs prédéfinies (y compris, mais sans s’y limiter, les actions, les obligations, les taux d’intérêt, les monnaies, les indices de matières premières, les indices de crédit et les indices de volatilité) parallèlement aux instruments financiers dérivés respectifs à utiliser pour obtenir l’exposition souhaitée. Le Gérant déterminera, à sa discrétion, le nombre total de stratégies sous-jacentes et choisira les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents.
S’agissant des stratégies impliquant une exposition aux matières premières, cette exposition pourra être obtenue par l’utilisation d’un contrat de swap tel que détaillé aux paragraphes 3.3.2, 3.3.3 et 3.3.4.
Par ailleurs, dans le cadre de la mise en œuvre de sa stratégie d’investissement, le Compartiment a conclu un contrat de swap sur rendement excédentaire "unfunded" tel que détaillé au paragraphe 3.3.5. Selon le Gérant, le swap sur rendement excédentaire "unfunded" est un outil efficace pour mettre en œuvre une stratégie longue/courte sur actions tout en réduisant les coûts et les risques de liquidité.
Le Compartiment ne conclura des contrats de swap qu’avec des contreparties qui sont des établissements financiers de premier ordre.
Le Compartiment investit en instruments financiers dérivés et probablement au moyen de fonds ainsi que de Liquidités et Moyens proches des liquidités. A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de
diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). Le Compartiment n’est pas soumis aux exigences de notation minimale visées au paragraphe 3.2.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
Le levier calculé selon la méthode de la somme des notionnels des instruments financiers dérivés devrait être de l’ordre de 400% de la Valeur nette d’inventaire.
L’exposition du Compartiment aux swaps sur rendement total exprimée en tant que somme des notionnels devrait être comprise en 0% et 150% de la Valeur nette d’inventaire. En cas de dépassement de cette fourchette, les expositions devraient rester inférieures à 400%.
L’attention des investisseurs est attirée sur le fait que les expositions et le levier attendus peuvent être dépassés.
Budget de risque
10%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Global

### LO Funds – Generation Global
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI World TR ND est utilisé uniquement à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de son portefeuille, en actions, actions privilégiées et obligations convertibles émises par des sociétés actives au plan mondial (y compris les Marchés émergents). Les investissements en titres convertibles ne doivent toutefois pas dépasser 25% de la Valeur nette d’inventaire du Compartiment. Ce Compartiment vise à réaliser une performance d’investissement supérieure par une approche d’investissement à long terme et par l’intégration de la recherche durable dans un cadre rigoureux d’analyse fondamentale. L’investissement durable consiste en la reconnaissance explicite que les facteurs économiques, sanitaires, environnementaux, sociaux et gouvernementaux ont une influence directe sur la profitabilité économique à long terme. L’objectif du Compartiment est de sélectionner des sociétés qui démontrent des pratiques et des procédés qui soutiendront leurs profits dans un environnement changeant. Le Gérant pourra choisir à son gré les marchés, les secteurs et les monnaies (monnaies des Marchés émergents comprises). Le Compartiment peut investir sur
les Marchés émergents. Dans le cadre de son exposition aux Marchés émergents, le Compartiment peut investir jusqu’à 10% de ses actifs nets en Actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises via Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le point 2.12 relatif à de tels investissements.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 1,50% | N/A |
| Commission de distribution maximum | 0,50% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | Oui. Cf. ci-dessous. |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Commission de performance
| Commission de performance (en pourcentage annuel de la performance par rapport à l’indice de référence) |
| --- |
| Pourcentage | Indice de référence | Période de performance |
| 20% | MSCI World ND | Du 1 er  octobre au 30 septembre |

Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark".
Avant le 1
er 
janvier 2021, MSCI Limited était un administrateur d’indices de référence réglementé par l’UE autorisé au titre du Règlement Benchmark par la FCA britannique et figurait au registre de l’AEMF pour les administrateurs d’indices de référence.
Depuis le 1
er 
janvier, MSCI Limited est et reste autorisée en tant qu’administrateur britannique d’indices de référence par la FCA britannique (et figure dans le FCA Financial Services Register), mais est considérée comme un administrateur de "pays tiers" vis-à-vis de l’UE et n’apparaîtra pas dans le registre de l’AEMF pour les administrateurs d’indices de référence à moins et jusqu’à ce que l’UE accorde l’équivalence britannique ou jusqu’à ce que MSCI obtienne une "approbation" ou une "reconnaissance".
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: www.msci.com/index-regulation.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
MSCI World TR ND USD
Niveau attendu de levier
50%
Budget de risque
125%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Global

### LO Funds – TargetNetZero Global Equity
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI World TR ND est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés du monde entier (Marchés émergents compris).
Le Compartiment peut investir jusqu’à 10% de ses actifs nets en Actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le paragraphe 2.12 relatif à ces investissements.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose sur des outils propres qui visent à réduire le risque de la transition climatique. De plus, le Compartiment cherche une sélection et une allocation à des émetteurs dans le but de former un univers compatible avec la lutte contre le réchauffement climatique. Il intègre un large éventail d’objectifs climatiques couvrant le risque de transition, les opportunités et le risque physique lié au changement climatique.
Le Gérant cherchera à augmenter l’exposition aux émetteurs au sein du portefeuille d’investissement du Compartiment qui peuvent contribuer à réduire les émissions mondiales de CO2 et atteindre au final zéro émissions nettes de CO2 d’ici 2050. Cela inclura des émetteurs qui visent
déjà zéro émissions nettes de CO2 d’ici 2050, mais aussi des émetteurs qui peuvent ne pas encore s’être fixé de tels objectifs, mais qui peuvent progressivement être amenés à s’aligner, notamment par le biais de mesures réglementaires, d’engagement des investisseurs et de changements sur les marchés. Le Gérant cherchera à atteindre une réduction des émissions de CO2 plus rapide pour le portefeuille d’investissement du Compartiment comparée à la réduction des émissions de l’indice MSCI World TR ND. La réalisation de ces objectifs dépend d’évolutions réglementaires, technologiques et commerciales extérieures au Gérant et rien ne garantit qu’ils seront atteints en ce qui concerne les objectifs susmentionnés.
Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques, y compris des méthodologies d’allocation basée sur le risque pour sélectionner les actions et allouer le capital entre les secteurs.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs et les monnaies (monnaies des Marchés émergents comprises).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 1,50% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark".
Avant le 1
er 
janvier 2021, MSCI Limited était un administrateur d’indices de référence réglementé par l’UE autorisé au titre du Règlement Benchmark par la FCA britannique et figurait au registre de l’AEMF pour les administrateurs d’indices de référence.
Depuis le 1
er 
janvier, MSCI Limited est et reste autorisée en tant qu’administrateur britannique d’indices de référence par la FCA britannique (et figure dans le FCA Financial Services Register), mais est considérée comme un administrateur de "pays tiers" vis-à-vis de l’UE et n’apparaîtra pas dans le registre de l’AEMF pour les administrateurs d’indices de référence à moins et jusqu’à ce que l’UE accorde l’équivalence britannique ou jusqu’à ce que MSCI obtienne une "approbation" ou une "reconnaissance".
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: www.msci.com/index-regulation.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – Continental Europe Family Leaders
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI Europe ex-UK Small Cap TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en actions émises par des sociétés détenues, contrôlées et/ou gérées directement ou indirectement par des familles.
Le Compartiment peut être entièrement investi dans des petites et moyennes capitalisations.
Au moins 75% des actifs du Compartiment seront exposés à des actions de sociétés émettrices dont le siège se situe dans un pays de l’EEE, à l’exception du Royaume-Uni.
Le Compartiment peut investir jusqu’à 25% de ses actifs en dehors de ces paramètres, à l’exception du Royaume-Uni, en particulier en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Le Gérant pourra, à sa discrétion, choisir les marchés (Marchés émergents compris), les secteurs, les capitalisations boursières et les monnaies. Le Gérant peut appliquer des stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2. |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,15% | 0,44% | 0,56% | 0,44% |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | Oui. Cf. ci-dessous. |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Commission de performance
| Commission de performance (en pourcentage annuel de la performance par rapport à l’indice de référence) |
| --- |
| Pourcentage | Indice de référence | Période de performance |
| 15% | MSCI Europe ex-UK Small Cap | Du 1 er  octobre au 30 septembre |

Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark".
Avant le 1
er 
janvier 2021, MSCI Limited était un administrateur d’indices de référence réglementé par l’UE autorisé au titre du Règlement Benchmark par la FCA britannique et figurait au registre de l’AEMF pour les administrateurs d’indices de référence.
Depuis le 1
er 
janvier, MSCI Limited est et reste autorisée en tant qu’administrateur britannique d’indices de référence par la FCA britannique (et figure dans le FCA Financial Services Register), mais est considérée comme un administrateur de "pays tiers" vis-à-vis de l’UE et n’apparaîtra pas dans le registre de l’AEMF pour les administrateurs d’indices de référence à moins et jusqu’à ce que l’UE accorde l’équivalence britannique ou jusqu’à ce que MSCI obtienne une "approbation" ou une "reconnaissance".
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: www.msci.com/index-regulation.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – Golden Age
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI World TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par
le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en actions et en titres liés aux actions (y compris, mais sans s’y limiter, les warrants) émis par des sociétés du monde entier dont la croissance future est fortement influencée par le thème du vieillissement de la population. Au sein de cet univers d’investissement, le Gérant peut investir dans des petites et moyennes capitalisations (telles que définies sur leur marché respectif) et dans des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique sur des Marchés émergents.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment peut investir jusqu’à 20% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le paragraphe 2.12 relatif à ces investissements.
Le Gérant peut utiliser une large gamme d’instruments financiers dérivés tels que les options, les futures et les swaps (en particulier les CFD) afin d’augmenter ou de réduire son exposition à des marchés, des secteurs, des émetteurs et des monnaies spécifiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
MSCI World TR ND USD
Niveau attendu de levier
100%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – World Brands
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI World TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par
le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en actions et titres liés aux actions (y compris, mais sans s’y limiter, les warrants) émis par des sociétés du monde entier (Marchés émergents compris) avec une réputation de marque de leader / de premier rang selon l’opinion du Gérant et/ou offrant des produits et/ou services premium, de luxe et de prestige, ou dont la majeure partie des revenus proviennent du conseil, de la fourniture, de la fabrication ou du financement de telles activités.
Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs (i) en dehors de ces paramètres et/ou (ii) en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Le Compartiment peut investir jusqu’à 20% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le paragraphe 2.12 relatif à ces investissements.
Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques, y compris des méthodologies d’allocation basée sur le risque pour sélectionner les actions et allouer le capital entre les secteurs et/ou les pays.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies (monnaies des Marchés émergents comprises).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucune |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – World Gold Expertise
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice NYSE Arca Gold Miners TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en valeurs mobilières éligibles (y compris celles représentées par des ADR ou des GDR) (i) émises par des sociétés du monde entier des secteurs de l’or, des métaux précieux et des pierres précieuses et/ou (ii) répliquant le prix de l’or ou d’autres métaux précieux sur une base individuelle. Il est prévu d’investir le Compartiment, à hauteur de deux tiers (2/3) au moins de son portefeuille, dans des sociétés aurifères actives dans l’exploration, l’extraction, le traitement, la production et la commercialisation de l’or, dans des sociétés tirant une part significative de leur chiffre d’affaires ou de leur bénéfice de telles activités, ou encore dans des sociétés finançant de telles
activités. Le Compartiment ne détiendra physiquement ni or, ni métaux précieux, ni pierres précieuses. Le Compartiment peut investir dans des sociétés qualifiées de petites capitalisations sur leur marché respectif. Les investissements directs (actions locales) en Russie (autres que les investissements négociés à la Bourse de Moscou (Moscow Exchange)) et les investissements sur des marchés qui ne sont pas des Marchés réglementés ne pourront en totalité dépasser 10% des actifs nets du Compartiment.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
NYSE ARCA Gold Miners TR ND
Niveau attendu de levier
50%
Budget de risque
125%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – Commodity Risk Premia
Objectif
Le Compartiment est géré activement. L’indice Bloomberg Commodity TR est utilisé uniquement à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le principal objectif du Compartiment est de répliquer la performance d’un indice de matières premières interne (ci-après l’"Indice interne").
Instruments autorisés
Pour atteindre l’objectif susmentionné, le Compartiment conclura, avec un ou plusieurs établissements financiers de premier ordre, un ou plusieurs contrats de swap dont le sous-jacent sera l’Indice interne (le "Commodity Swap", dont le mécanisme est mentionné ci-dessous).
Les actifs du Compartiment seront investis en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. En outre, les souscriptions et remboursements dans le Compartiment détermineront le notionnel des Swaps qui sera adapté par le Gérant. Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiMécanisme du Commodity SwapVeuillez vous référer au paragraphe 3.3.1.

Risques
L’attention des investisseurs est attirée sur le fait que la valeur de leur investissement est susceptible de varier à la hausse comme à la baisse; ils doivent accepter que rien ne garantit qu’ils récupéreront leur investissement initial.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark".
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.3 Indices de matières premières et autres stratégies – utilisation de swaps/TRS.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
Le levier calculé selon la méthode de la somme des notionnels des instruments financiers dérivés devrait être de l’ordre de 175% de la Valeur nette d’inventaire.
L’exposition du Compartiment aux swaps sur rendement total exprimée en tant que somme des notionnels devrait être de l’ordre de 100% de la Valeur nette d’inventaire. En cas de dépassement de cette fourchette, les expositions devraient rester inférieures à 175%.
L’attention des investisseurs est attirée sur le fait que les expositions et le levier attendus peuvent être dépassés.
Budget de risque
15%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – Global FinTech
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI ACWI TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par
le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice susmentionné.
Le Compartiment investit essentiellement en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés du monde entier (Marchés émergents compris) qui exercent leurs activités dans la recherche, le développement, la production, la promotion et/ou la distribution de services financiers numériques et/ou technologies. Le Compartiment peut investir dans des sociétés de tous les secteurs économiques (y compris, sans s’y limiter, dans des entreprises qui soutiennent la chaîne d’approvisionnement de ces sociétés ou fournissent des services à ces dernières).
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies (monnaies des Marchés émergents comprises).
Au moins 75% des actifs nets du Compartiment seront exposés aux actions ou titres liés aux actions de sociétés du monde entier.
Le Compartiment peut investir jusqu’à 20% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le paragraphe 2.12 relatif à ces investissements.
Le Compartiment peut investir jusqu’à 25% de ses actifs en dehors de ces paramètres, en particulier mais sans s’y limiter en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – Natural Capital
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI World SMID Cap TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Compartiment investi en actions et en titres liés aux actions (y compris, mais sans s’y limiter, les warrants) émis par des sociétés du monde entier (y compris les Marchés émergents) dont la croissance tire avantage des réglementations, innovations, services et produits favorisant la transition vers une économie davantage circulaire et vers une économie qui valorise le capital naturel.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies (monnaies des Marchés émergents comprises) et mettra en œuvre une stratégie à forte conviction, ce qui signifie qu’il concentrera généralement les actifs du Compartiment dans un nombre restreint d’investissements.
Au moins 75% des actifs nets du Compartiment seront exposés aux actions ou titres liés aux actions de sociétés du monde entier.
Le Compartiment peut investir sur les Marchés émergents. Dans le cadre de son exposition aux Marchés émergents, le Compartiment peut investir jusqu’à 20% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le point 2.12 relatif à de tels investissements.
Le Compartiment peut investir jusqu’à 25% de ses actifs en dehors de ces paramètres, en particulier mais sans s’y limiter en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 1,50% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Sectoriel/thématique

### LO Funds – Global HealthTech
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI ACWI TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par
le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice susmentionné.
Compartiment investi essentiellement en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés du monde entier (Marchés émergents compris) qui exercent leurs activités dans la recherche, le développement, la production, la promotion et/ou la distribution de produits, services et/ou technologies de santé. Le Compartiment peut investir dans des sociétés de tous
les secteurs économiques (y compris, sans s’y limiter, dans des entreprises qui soutiennent la chaîne d’approvisionnement de ces sociétés ou fournissent des services à ces dernières).
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies (monnaies des Marchés émergents comprises).
Au moins 75% des actifs nets du Compartiment seront exposés aux actions ou titres liés aux actions de sociétés du monde entier.
Le Compartiment peut investir jusqu’à 20% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le paragraphe 2.12 relatif à ces investissements.
Le Compartiment peut investir jusqu’à 25% de ses actifs en dehors de ces paramètres, en particulier mais sans s’y limiter en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – China High Conviction
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI China All Shares TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment investit en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique directement ou indirectement en Chine, en monnaies et/ou en Liquidités et Moyens proches des liquidités. Le Compartiment peut investir jusqu’à 100% de son portefeuille en Actions A chinoises, qui sont des actions émises par des sociétés qui ont leur siège en Chine continentale, négociées sur les Bourses réglementées, mais qui ne peuvent être achetées que par l’intermédiaire de certains systèmes de négoce (tels que Stock Connect), comme précisé au paragraphe 2.12 de l’Annexe sur les facteurs de risque. Jusqu’à 10% du portefeuille du Compartiment peuvent être investis en P-Notes, comme précisé au paragraphe 2.17 de
l’Annexe sur les facteurs de risque. Le Compartiment peut investir jusqu’à un tiers (1/3) de son portefeuille dans des titres similaires à ceux décrits ci-dessus, mais émis par des sociétés qui n’ont pas leur siège ou n’exercent pas une partie prépondérante de leur activité économique en Chine. Le Gérant pourra, à sa discrétion, choisir les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises).
Le Gérant peut appliquer des stratégies qualitatives et/ou systématiques.
En plus des investissements cités ci-dessus, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou monnaies des Marchés émergents) et/ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs, des marchés (Marchés émergents compris), des secteurs, des émetteurs et des indices spécifiques.
Le Compartiment peut également être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des futures, des swaps (en particulier les CFD), des dérivés de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,50% | 0,63% | 0,38% | 0,34% | 0,16% | 0,50% | 0,63% | 0,50% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,0% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – TargetNetZero Europe Equity
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI Europe TR ND est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique en Europe. L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres reposera sur des critères de responsabilité propres incluant des facteurs sociaux, environnementaux, éthiques et/ou de gouvernance d’entreprise. Au moins 75% des actifs nets du Compartiment seront exposés à des actions de sociétés émettrices dont le siège se situe dans un pays d’Europe 
2
.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose sur des outils propres qui visent à réduire le risque de la transition climatique. De plus, le Compartiment cherche une sélection et une allocation à des émetteurs dans le but de former un univers compatible avec la lutte contre le réchauffement climatique. Il intègre un large éventail d’objectifs climatiques couvrant le risque de transition, les opportunités et le risque physique lié au changement climatique.
Le Gérant cherchera à augmenter l’exposition aux émetteurs au sein du portefeuille d’investissement du Compartiment qui peuvent contribuer à réduire les émissions mondiales de CO2 et atteindre au final zéro émissions nettes de CO2 d’ici 2050. Cela inclura des émetteurs qui visent
déjà zéro émissions nettes de CO2 d’ici 2050, mais aussi des émetteurs qui peuvent ne pas encore s’être fixé de tels objectifs, mais qui peuvent progressivement être amenés à s’aligner, notamment par le biais de mesures réglementaires, d’engagement des investisseurs et de changements sur les marchés. Le Gérant cherchera à atteindre une réduction des émissions de CO2 plus rapide pour le portefeuille d’investissement du Compartiment comparée à la réduction des émissions de l’indice MSCI Europe TR ND. La réalisation de ces objectifs dépend d’évolutions réglementaires, technologiques et commerciales extérieures au Gérant et rien ne garantit qu’ils seront atteints en ce qui concerne les objectifs susmentionnés.
Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques, y compris des méthodologies d’allocation basée sur le risque pour sélectionner les actions et allouer le capital entre les secteurs et/ou les pays. Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs et les monnaies.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
2  
Jusqu’au 30 septembre 2021, le Compartiment continuera à être géré conformément aux règles PEA (telles que définies au paragraphe 21.1) en plus de l’ordonnance française 2020-1595 du 16 décembre 2020 selon laquelle les titres émis par des émetteurs du Royaume-Uni peuvent continuer à être pris en compte pour le calcul du ratio selon les règles PEA (telles que définies à la Section 21.1). A partir du 1 
er 
octobre 2021, le Compartiment ne sera plus géré conformément aux règles PEA (telles que définies à la Section 21.1) compte tenu de l’intention du Gérant de conserver le placement dans des titres d’émetteurs situés au Royaume-Uni et de la fin de la période transitoire en vertu de l’ordonnance française susmentionnée.
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
Avant le 1
er 
janvier 2021, MSCI Limited était un administrateur d’indices de référence réglementé par l’UE autorisé au titre du Règlement Benchmark par la FCA britannique et figurait au registre de l’AEMF pour les administrateurs d’indices de référence.
Depuis le 1
er 
janvier, MSCI Limited est et reste autorisée en tant qu’administrateur britannique d’indices de référence par la FCA britannique (et figure dans le FCA Financial Services Register), mais est considérée comme un administrateur de "pays tiers" vis-à-vis de l’UE et n’apparaîtra pas dans le registre de l’AEMF pour les administrateurs d’indices de référence à moins et jusqu’à ce que l’UE accorde l’équivalence britannique ou jusqu’à ce que MSCI obtienne une "approbation" ou une "reconnaissance".
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: www.msci.com/index-regulation.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – Europe All Cap Leaders
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI Europe TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit dans un large éventail d’actions émises par des petites, moyennes et grandes capitalisations exerçant une partie prépondérante de leur activité économique dans des pays de l’EEE ou en Suisse.
Au moins 75% des actifs nets du Compartiment seront exposés à des actions de sociétés émettrices dont le siège se situe dans un pays de l’EEE.
Jusqu’à 15% des actifs nets du Compartiment peuvent être exposés à des actions émises par des sociétés qui ont leur siège dans les Marchés émergents.
Jusqu’à 25% des actifs nets du Compartiment peuvent être exposés aux Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
En raison de ce type d’investissements et compte tenu des opérations financières sur de tels titres, le Compartiment peut être amené à recevoir des obligations convertibles et des obligations avec des warrants qui, cumulées, ne devraient pas excéder 5% des actifs nets du Compartiment.
Le Gérant mettra en œuvre sa stratégie principalement en identifiant des sociétés capables de générer des rendements économiques excédentaires, en passant en revue les pratiques des sociétés et en analysant la résilience et l’exposition des modèles d’affaires de ces sociétés aux tendances de long terme.
Le Compartiment sera géré de manière très souple et le Gérant pourra, à sa discrétion, choisir les marchés (Marchés émergents compris), les secteurs, les capitalisations boursières et les monnaies.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – Europe High Conviction
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI Europe TR ND est utilisé à des fins de comparaison de la performance, de surveillance du risque interne ainsi que pour le calcul de la commission de performance, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en actions émises par des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans des pays d’Europe 
3
.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |

3  
Jusqu’au 30 septembre 2021, le Compartiment continuera à être géré conformément aux règles PEA (telles que définies au paragraphe 21.1) en plus de l’ordonnance française 2020-1595 du 16 décembre 2020 selon laquelle les titres émis par des émetteurs du Royaume-Uni peuvent continuer à être pris en compte pour le calcul du ratio selon les règles PEA (telles que définies à la Section 21.1). A partir du 1 
er 
octobre 2021, le Compartiment ne sera plus géré conformément aux règles PEA (telles que définies à la Section 21.1) compte tenu de l’intention du Gérant de conserver le placement dans des titres d’émetteurs situés au Royaume-Uni et de la fin de la période transitoire en vertu de l’ordonnance française susmentionnée.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | Oui. Cf. ci-dessous. |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Commission de performance
| Commission de performance (en pourcentage annuel de la performance par rapport à l’indice de référence) |
| --- |
| Pourcentage | Indice de référence | Période de performance |
| 15% | MSCI Europe ND | Du 1 er  octobre au 30 septembre |

Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark".
Avant le 1
er 
janvier 2021, MSCI Limited était un administrateur d’indices de référence réglementé par l’UE autorisé au titre du Règlement Benchmark par la FCA britannique et figurait au registre de l’AEMF pour les administrateurs d’indices de référence.
Depuis le 1
er 
janvier, MSCI Limited est et reste autorisée en tant qu’administrateur britannique d’indices de référence par la FCA britannique (et figure dans le FCA Financial Services Register), mais est considérée comme un administrateur de "pays tiers" vis-à-vis de l’UE et n’apparaîtra pas dans le registre de l’AEMF pour les administrateurs d’indices de référence à moins et jusqu’à ce que l’UE accorde l’équivalence britannique ou jusqu’à ce que MSCI obtienne une "approbation" ou une "reconnaissance".
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: www.msci.com/index-regulation.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
MSCI Europe TR ND EUR
Niveau attendu de levier
0%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – Continental Europe Small & Mid Leaders
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Stoxx ex-UK Small Return TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés
par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de 75% au moins de ses actifs, en actions de sociétés émettrices dont le siège se situe dans un pays de l’EEE, à l’exception du Royaume-Uni.
Au moins 60% du portefeuille du Compartiment sont investis en actions émises par des petites et moyennes capitalisations qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans l’EEE, à l’exception du Royaume-Uni. Le Compartiment peut investir jusqu’à 40% de son portefeuille en dehors de ces paramètres, notamment dans des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans d’autres pays européens, à l’exception du Royaume-Uni, dans des actions émises par des sociétés qualifiées de grandes sur leur marché respectif, ainsi que dans des warrants, lorsque le but recherché est d’acquérir un titre de participation.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,15% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,90% | 0,90% | 0,90% | 0,90% | N/A | 1,00% | 1,80% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 0,90% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Stoxx ex-UK Small Return TR ND EUR
Niveau attendu de levier
0%
Budget de risque
125%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – Emerging High Conviction
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI Emerging Market TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment investit en actions et titres liés aux actions (y compris, mais sans s’y limiter, les warrants, les swaps amenant une exposition longue et/ou courte aux actions ou les options amenant une exposition au marché souverain à des fins de couverture) émis par des sociétés qui ont leur siège ou exercent, directement ou indirectement, une partie prépondérante de leur activité économique sur des Marchés émergents. Le Gérant peut investir jusqu’à 20% du portefeuille du Compartiment en dehors de ces paramètres, en particulier (i) dans des sociétés qui exercent une partie prépondérante de leur activité économique en dehors des Marchés émergents et/ou (ii) dans des monnaies (monnaies des Marchés émergents comprises).
Les investissements dans des secteurs/sociétés liés au commerce de détail et à la consommation peuvent représenter un thème important au sein de la stratégie.
Le Gérant peut investir jusqu’à 10% des actifs du Compartiment en obligations convertibles. Jusqu’à 20% du Compartiment peuvent être investis en Actions A chinoises, qui sont des actions émises par des sociétés qui ont leur siège en Chine continentale, négociées sur les Bourses réglementées, mais qui ne peuvent être achetées que par l’intermédiaire de certains systèmes de négoce (tels que Stock Connect), comme précisé au point 2.12 de l’Annexe sur les facteurs de risque.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
Le Gérant mettra en œuvre sa stratégie en investissant principalement dans des actions, des dérivés cotés et des instruments dérivés synthétiques de sociétés qu’il juge sous-évaluées. Le Gérant peut utiliser une large gamme d’instruments financiers dérivés tels que les options, les futures et les swaps (en particulier les CFD) afin d’augmenter ou de réduire son exposition à des marchés, des secteurs, des émetteurs et des monnaies spécifiques. Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les catégories d’instruments financiers dérivés, les capitalisations boursières et les monnaies. Le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des
investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,50% | 0,63% | 0,38% | 0,34% | 0,16% | 0,50% | 0,63% | 0,50% |
| Commission de gestion maximum | 0,85% | 0,85% | 0,85% | 0,85% | N/A | 0,95% | 1,70% | N/A |
| Commission de distribution maximum | 0,85% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
MSCI Emerging Market TR ND
Niveau attendu de levier
75%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – Asia High Conviction
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI ACF Asia ex-Japan TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment investit en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique directement ou indirectement en Asie, en monnaies et/ou en Liquidités et Moyens proches des liquidités. Le Compartiment peut investir jusqu’à 20% de son portefeuille en Actions A chinoises, qui sont des actions émises par des sociétés qui ont leur siège en Chine continentale, négociées sur les Bourses réglementées, mais qui ne peuvent être
achetées que par l’intermédiaire de certains systèmes de négoce (tels que Stock Connect), comme précisé au paragraphe 2.12 de l’Annexe sur les facteurs de risque. Le Compartiment peut investir jusqu’à un tiers (1/3) de son portefeuille dans des titres similaires à ceux décrits ci-dessus, mais émis par des sociétés qui n’ont pas leur siège ou n’exercent pas une partie prépondérante de leur activité économique en Asie.
Le Gérant pourra, à sa discrétion, choisir les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises). Le Gérant peut mettre en œuvre des stratégies qualitatives et/ou systématiques.
En plus des investissements cités ci-dessus, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou monnaies des Marchés émergents) et/ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs, des marchés (Marchés émergents compris), des secteurs, des émetteurs et des indices spécifiques.
Le Compartiment peut également être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des futures, des swaps (en particulier les CFD), des dérivés de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,50% | 0,63% | 0,38% | 0,34% | 0,16% | 0,50% | 0,63% | 0,50% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – TerreNeuve
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit en actions et en titres liés aux actions (y compris, sans toutefois s’y limiter, les warrants) émis par des sociétés du monde entier (Marchés émergents compris) et en Liquidités et Moyens proches des liquidités. Le Gérant peut investir jusqu’à un tiers (1/3) du portefeuille du Compartiment en dehors de ces paramètres, en particulier i) en obligations et en titres à taux fixe ou flottant et/ou ii) en obligations convertibles. L’achat de titres de créance non investment-grade n’est pas autorisé.
Le Gérant mettra en œuvre sa stratégie en investissant dans des sociétés qu’il juge sous-évaluées et en recourant à des instruments dérivés pour adopter des positions courtes en vue d’une exposition aux sociétés qu’il juge surévaluées.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres reposera sur des critères de responsabilité propres incluant des facteurs sociaux, environnementaux, éthiques et/ou de gouvernance d’entreprise. En plus de ces critères de sélection, le Gérant peut appliquer un filtre pour exclure certaines sociétés de l’univers d’investissement sur la base d’une méthodologie de notation environnementale, sociale, éthique et/ou de gouvernance d’entreprise spécifique des sociétés.
Le Gérant peut utiliser une large gamme d’instruments financiers dérivés tels que les options, les futures (y compris, sans s’y limiter, des indices d’actions, des indices de matières premières et des monnaies), les CFD et swaps (y compris, sans s’y limiter, les CDS) afin d’augmenter ou de réduire son exposition à des marchés, des secteurs, des émetteurs, des dérivés de crédit, des taux d’intérêt et des monnaies spécifiques. Dans certaines circonstances, l’exposition nette du Compartiment aux marchés financiers peut être négative.
Nonobstant la limite ci-dessus, le Gérant peut investir jusqu’à 100% du portefeuille du Compartiment en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités), conformément aux règles en vigueur en matière de diversification, (i) lorsqu’il le juge approprié pour la mise en œuvre de la politique d’investissement (comme l’investissement en dérivés) ou (ii) temporairement, en périodes de forte volatilité, lorsqu’il considère par exemple que le Compartiment doit être positionné de façon défensive.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucune |
| FROC maximum | 0,44% | 0,56% | 0,44% | 0,40% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 2,00% | 2,00% | 2,00% | 2,00% | N/A | 2,20% | 3,50% | N/A |
| Commission de distribution | 2,00% | 2,00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | Oui. Voir plus bas. |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Commission de performance
| Commission de performance (en pourcentage annuel de la performance par rapport à l’indice de référence/au "hurdle rate") |
| --- |
| Pourcentage | "Hurdle rate" | Période de performance |
| 20% | Aucune | Du 1 er  janvier au 31 décembre |

Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
400%
Budget de risque
18%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 3 | Hebdomadaire, tous les mercredis | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional

### LO Funds – Swiss Equity
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice SPI TR est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit en actions émises par des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique en Suisse. Le Compartiment pourra investir jusqu’à 10% du portefeuille en actions en dehors de ces paramètres.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
CHF
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
L’Indice de référence a été agréé par SIX Financial Information Nordic AB en tant qu’administrateur d’approbation pour les indices administrés par SIX, un administrateur d’indices de référence situé hors de l’UE. L’Indice de référence figure dans le registre de l’AEMF pour les indices de référence de pays tiers.
Des informations supplémentaires sur l’Indice de référence figurent sur le site: https://www.six-group.com/en/products-services/financial- information/indices.html/.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
SPI TR
Niveau attendu de levier
0%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.

## Compartiment en actions / Régional
LO Funds – Swiss Small & Mid Caps
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice SPI Extra TR est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit en actions (y compris, sans toutefois s’y limiter, les warrants) émises par des petites et moyennes capitalisations qui ont leur siège ou exercent une partie prépondérante de leur activité économique en Suisse telles que recensées dans l’indice SPI Extra (l’"Indice de référence"). Le Compartiment pourra investir jusqu’à 10% du portefeuille en actions en dehors de ces paramètres.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à 15% de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

Le Compartiment est géré en référence à l’Indice de référence pour la composition du portefeuille ainsi que l’objectif et les mesures de performance. La majorité des actions du Compartiment sera comprise dans l’Indice de référence. Le Gérant pourra, à sa discrétion, investir dans des actions ne faisant pas partie de l’Indice de référence pour profiter d’opportunités d’investissement spécifiques. La stratégie d’investissement restreindra l’écart possible entre les positions du portefeuille et l’Indice de référence. Cet écart peut être significatif.
Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
CHF
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucune |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 2,00% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
L’Indice de référence a été agréé par SIX Financial Information Nordic AB en tant qu’administrateur d’approbation pour les indices administrés par SIX, un administrateur d’indices de référence situé hors de l’UE. L’Indice de référence figure dans le registre de l’AEMF pour les indices de référence de pays tiers.
Des informations supplémentaires sur l’Indice de référence figurent sur le site: https://www.six-group.com/en/products-services/financial- information/indices.html/.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en actions / Régional
LO Funds – Climate Transition
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice MSCI World TR ND est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par
le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en actions et en titres liés aux actions (y compris, mais sans s’y limiter, les warrants) émis par des sociétés du monde entier (y compris les Marchés émergents) dont la croissance tire avantage des réglementations, innovations, services et produits en lien avec la lutte mondiale contre le changement climatique ou l’adaptation à ce dernier.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Gérant pourra, à sa discrétion, choisir les marchés, les secteurs, les capitalisations boursières et les monnaies (monnaies des Marchés émergents comprises) et mettra en œuvre une stratégie à forte conviction, ce qui signifie qu’il concentrera généralement les actifs du Compartiment dans un nombre restreint d’investissements.
Au moins 75% des actifs nets du Compartiment seront exposés aux actions ou titres liés aux actions de sociétés du monde entier.
Le Compartiment peut investir sur les Marchés émergents. Dans le cadre de son exposition aux Marchés émergents, le Compartiment peut investir jusqu’à 20% de ses actifs nets en Actions émises par des sociétés constituées en Chine continentale (Actions A chinoises comprises) et négociées en Bourse. Les Actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le point 2.12 relatif à de tels investissements.
Le Compartiment peut investir jusqu’à 25% de ses actifs en dehors de ces paramètres, en particulier mais sans s’y limiter en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1. Le Compartiment se qualifie comme Fonds en actions conformément à la LAFI.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 1,00% | 1,00% | 1,00% | 1,00% | N/A | 1,10% | 1,50% | N/A |
| Commission de distribution maximum | 1,00% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent une augmentation du capital sur le long terme; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Gouvernemental
LO Funds – Global Inflation-Linked Fundamental
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays World Govt Inflation All Maturities TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du
Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations indexées sur l’inflation, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, libellés dans n’importe quelle monnaie des pays de l’OCDE, émis ou garantis par des
émetteurs souverains faisant partie de l’OCDE et/ou des institutions supranationales. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des titres de créance libellés dans d’autres monnaies (monnaies des Marchés émergents comprises), (ii) des titres de créance émis ou garantis par des émetteurs souverains ne faisant pas partie de l’OCDE (émetteurs des Marchés émergents compris), (iii) des titres de créance émis par des émetteurs ni souverains ni supranationaux, (iv) des monnaies (monnaies des Marchés émergents comprises) et/ou (v) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs, indépendamment de leur notation. Ce Compartiment n’est par conséquent pas soumis aux exigences de notation minimale visées au paragraphe 3.2. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Le Gérant pourra, à sa discrétion, choisir l’échéance du portefeuille et les monnaies. Le Compartiment peut être exposé à un nombre limité d’émetteurs.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Commission de gestion maximum | 0,375% | 0,375% | 0,375% | 0,375% | N/A | 0,45% | 0,75% | N/A |
| Commission de distribution maximum | 0,375% | 0,825% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Bloomberg Barclays World Govt Inflation-Linked Bonds All Maturities TR Index
Niveau attendu de levier
300%
Budget de risque
175%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Gouvernemental
LO Funds – Global Government Fundamental
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Global Treasury TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme émis ou garantis par des émetteurs souverains membres de l’OCDE et/ou des institutions supranationales. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des titres de créance émis ou garantis par des émetteurs souverains ne faisant pas partie de l’OCDE (émetteurs des Marchés émergents compris), (ii) des titres de créance émis par des émetteurs ni souverains ni supranationaux, (iii) des monnaies (monnaies des Marchés émergents comprises) et/ou (iv) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Jusqu’à 15% du portefeuille du Compartiment peuvent être investis en obligations du CIBM, en particulier par le biais de Bond Connect.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs, indépendamment de leur notation. Ce Compartiment n’est par conséquent pas soumis aux exigences de notation minimale visées au paragraphe 3.2. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiLe Gérant pourra, à sa discrétion, choisir l’échéance du portefeuille, les monnaies, les catégories d’instruments financiers dérivés et leurs sous- jacents.

L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment, et en particulier sur le paragraphe 2.12 s’agissant des investissements effectués sur les Marchés émergents.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Commission de gestion maximum | 0,375% | 0,375% | 0,375% | 0,375% | N/A | 0,45% | 0,75% | N/A |
| Commission de distribution maximum | 0,375% | 1,125% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Bloomberg Barclays Global Treasury TR
Niveau attendu de levier
300%
Budget de risque
190%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Aggregate
LO Funds – Swiss Franc Bond (Foreign)
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice SBI Foreign AAA-BBB TR est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice
susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis ou garantis par des émetteurs souverains ou des sociétés d’un Etat membre de l’OCDE, dont la notation est comprise entre AAA et BBB ou des notations équivalentes selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente
selon l’opinion du Gérant, étant précisé que si un titre est noté par plus d’une agence de notation la notation la plus basse est considérée comme valable. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des titres de créance émis ou garantis par des émetteurs souverains ou des sociétés de pays ne faisant pas partie de l’OCDE, (ii) des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B, ou de qualité équivalente selon l’opinion du Gérant, (iii) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment), (iv) des monnaies (monnaies des Marchés émergents comprises) et/ou (v) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Il investira au moins deux tiers (2/3) de son portefeuille en titres libellés en CHF.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
Le Gérant pourra, à sa discrétion, choisir les émetteurs, l’échéance du portefeuille et les monnaies.
L’approche d’investissement mise en œuvre par le Gérant repose sur des stratégies qualitatives et/ou systématiques. Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
CHF
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,31% | 0,44% | 0,25% | 0,21% | 0,10% | 0,31% | 0,44% | 0,31% |
| Commission de gestion maximum | 0,30% | 0,30% | 0,30% | 0,30% | N/A | 0,35% | 0,60% | N/A |
| Commission de distribution maximum | 0,30% | 0,70% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
L’Indice de référence a été agréé par SIX Financial Information Nordic AB en tant qu’administrateur d’approbation pour les indices administrés par SIX, un administrateur d’indices de référence situé hors de l’UE. L’Indice de référence figure dans le registre de l’AEMF pour les indices de référence de pays tiers.
Des informations supplémentaires sur l’Indice de référence figurent sur le site: https://www.six-group.com/en/products-services/financial- information/indices.html/.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
SBI Foreign AAA-BBB TR
Niveau attendu de levier
300%
Budget de risque
175%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Aggregate
LO Funds – Global Climate Bond
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Global Aggregate TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et instruments de créance à court terme émis par des émetteurs souverains, des sociétés et des entités supranationales et dans le cadre duquel tout ou partie du produit de la vente de titres de créance sera utilisé pour financer des projets favorisant l’environnement.
Ces projets peuvent inclure, sans toutefois s’y limiter:
- des projets d’atténuation du changement climatique comme des fermes éoliennes, des centrales à énergie solaire ou d’autres énergies renouvelables, les transports propres, la performance énergétique et l’utilisation efficace des ressources, le recyclage et l’économie circulaire;
- des projets d’adaptation au changement climatique comme l’aménagement de digues dans les villes menacées par la montée du niveau de la mer, la protection contre les inondations et des infrastructures de filtration des eaux.

Le Compartiment peut investir jusqu’à 25% en obligations, d’autres titres de créance à taux fixe ou flottant et des titres de créance à court terme émis par des émetteurs souverains, des sociétés et des entités supranationales et dans le cadre duquel tout ou partie du produit de la vente
de titres de créance sera utilisé pour financer des projets sociaux visant à aider à la construction de communautés et d’économies solides, par exemple donnant accès aux structures essentielles de santé, d’éducation, d’électricité ou d’habitation.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs, indépendamment de leur notation. Ce Compartiment n’est par conséquent pas soumis aux exigences de notation minimale visées au paragraphe 3.2. Le Gérant peut également appliquer en sus d’autres stratégies qualitatives et/ou systématiques.
Le Compartiment peut investir jusqu’à 10% de ses actifs nets dans des titres émis par des sociétés dont la notation est inférieure à BBB- ou à une notation équivalente d’après les agences de notation visées au paragraphe 3.2 du Prospectus ou de qualité équivalente selon l’opinion du Gérant.
Le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive.
Le Gérant pourra, à sa discrétion, choisir les instruments, les secteurs, les zones géographiques (Marchés émergents compris), les monnaies (monnaies des Marchés émergents comprises) et l’échéance du portefeuille.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – TargetNetZero Global IG Corporate
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Global Aggregate Corporates TR est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice
susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et en titres de créance à court terme émis par des sociétés (sociétés des Marchés émergents comprises) et bénéficiant d’une notation AAA à BBB ou d’une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Compartiment peut investir jusqu’à 20% de ses actifs dans (i) des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B, ou de qualité équivalente selon l’opinion du Gérant, (ii) des titres de créance émis ou garantis par des émetteurs souverains (émetteurs
souverains des Marchés émergents compris) et/ou des émetteurs supranationaux, (iii) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment), (iv) des monnaies (monnaies des Marchés émergents comprises) et/ou (v) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres reposera sur des critères de responsabilité incluant des facteurs sociaux, environnementaux, éthiques et/ou de gouvernance d’entreprise ainsi que sur une analyse fondamentale des émetteurs. De plus, le Compartiment vise à investir dans des émetteurs avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Gérant cherchera à investir dans des titres d’émetteurs qui peuvent contribuer à réduire les émissions mondiales de CO2 et atteindre au final zéro émissions nettes de CO2 d’ici 2050. Cela inclura des émetteurs qui visent déjà zéro émissions nettes de CO2 d’ici 2050, mais aussi des émetteurs qui peuvent ne pas encore s’être fixé de tels objectifs, mais qui peuvent progressivement être amenés à s’aligner, notamment par le biais de mesures réglementaires, d’engagement des investisseurs et de changements sur les marchés. Le Gérant cherchera à atteindre une réduction des émissions de CO2 plus rapide pour le portefeuille d’investissement du Compartiment par rapport aux émissions de l’indice Bloomberg Barclays Global Aggregate Corporates TR. La réalisation de ces objectifs dépend d’évolutions réglementaires, technologiques et commerciales extérieures au Gérant et rien ne garantit qu’ils seront atteints en ce qui concerne les objectifs susmentionnés.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Le Gérant pourra, à sa discrétion, choisir l’échéance du portefeuille, les monnaies, les catégories d’instruments financiers dérivés et leurs sous- jacents.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1'000’000 | Equivalent de CHF 1'000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,55% | 0,55% | 0,55% | 0,55% | N/A | 0,65% | 1,10% | N/A |
| Commission de distribution maximum | 0,55% | 1,15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
Bloomberg Index Services Limited est l’administrateur de l’Indice de référence. Bloomberg Index Services Limited figure dans le registre de l’AEMF pour les administrateurs d’indices de référence.
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: https://www.bloomberg.com/professional/ product/indices/.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Bloomberg Barclays Global Aggregate Corporates TR
Niveau attendu de levier
300%
Budget de risque
190%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – TargetNetZero Euro IG Corporate
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Euro-Aggregate Corporates TR est l’indice utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, ainsi qu’à des fins de comparaison de la performance et de surveillance du risque interne. Les titres du compartiment seront généralement similaires à ceux de l’indice susmentionné mais leurs allocations peuvent différer. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Gérant entend construire un portefeuille diversifié en sélectionnant des titres sur la base de critères fondamentaux y compris des données financières supplémentaires (c.à-d. des critères responsables), par conséquent l’allocation aux secteurs et émetteurs s’écartera probablement de celle de l’indice susmentionné. En particulier, dans un environnement de faible volatilité, la performance du Compartiment peut être proche de celle de l’indice susmentionné.
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme émis par des sociétés et libellés en euros (y compris des sociétés des Marchés émergents) et bénéficiant d’une notation AAA à BBB ou d’une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Compartiment peut investir jusqu’à 20% de ses actifs dans (i) des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B, ou de qualité équivalente selon l’opinion du Gérant, (ii) des titres de créance émis ou garantis par des émetteurs souverains (émetteurs souverains des Marchés émergents compris) et/ou des émetteurs supranationaux, (iii) des titres de créance libellés dans d’autres monnaies (monnaies des Marchés émergents comprises, (iv) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment), (v)
des monnaies (monnaies des Marchés émergents comprises) et/ou (vi) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres reposera sur des critères de responsabilité incluant des facteurs sociaux, environnementaux, éthiques et/ou de gouvernance d’entreprise ainsi que sur une analyse fondamentale des émetteurs. De plus, le Compartiment vise à investir dans des émetteurs avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Gérant cherchera à investir dans des titres d’émetteurs qui peuvent contribuer à réduire les émissions mondiales de CO2 et atteindre au final zéro émissions nettes de CO2 d’ici 2050. Cela inclura des émetteurs qui visent déjà zéro émissions nettes de CO2 d’ici 2050, mais aussi des émetteurs qui peuvent ne pas encore s’être fixé de tels objectifs, mais qui peuvent progressivement être amenés à s’aligner, notamment par
le biais de mesures réglementaires, d’engagement des investisseurs et de changements sur les marchés. Le Gérant cherchera à atteindre une réduction des émissions de CO2 plus rapide pour le portefeuille d’investissement du Compartiment comparée à la réduction des émissions de l’indice Bloomberg Barclays Euro-Aggregate Corporates TR. La réalisation de ces objectifs dépend d’évolutions réglementaires, technologiques et commerciales extérieures au Gérant et rien ne garantit qu’ils seront atteints en ce qui concerne les objectifs susmentionnés.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiL’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,45% | 0,45% | 0,45% | 0,45% | N/A | 0,50% | 0,90% | N/A |
| Commission de distribution maximum | 0,45% | 0,90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
Bloomberg Index Services Limited est l’administrateur de l’Indice de référence. Bloomberg Index Services Limited figure dans le registre de l’AEMF pour les administrateurs d’indices de référence.
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: https://www.bloomberg.com/professional/ product/indices/.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Bloomberg Barclays Euro-Aggregate Corporates TR
Niveau attendu de levier
300%
Budget de risque
175%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – Global BBB-BB Fundamental
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Global Aggregate Corporates 500MM TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme d’émetteurs non gouvernementaux, libellés dans toutes les monnaies (monnaies des Marchés émergents comprises) et bénéficiant d’une notation BBB, BB ou d’une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des titres de créance d’émetteurs gouvernementaux, (ii) des titres de créance dont la notation est supérieure à BBB ou inférieure à BB mais pas inférieure à B ou de qualité équivalente selon l’opinion du Gérant, (iii) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment) et/ou (iv) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des
investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Les titres de créance dont la notation est inférieure à BBB ou à une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant ne peuvent pas représenter plus de 40% des actifs du Compartiment. Le Gérant pourra, à sa discrétion, choisir les secteurs, les pays (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de gestion maximum | 0,65% | 0,65% | 0,65% | 0,65% | N/A | 0,75% | 1,30% | N/A |
| Commission de distribution maximum | 0,65% | 1,25% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Bloomberg Barclays Euro-Aggregate Corporates 500MM TR
Niveau attendu de levier
300%
Budget de risque
190%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – Euro BBB-BB Fundamental
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Euro-Aggregate Corporates 500MM TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme d’émetteurs non gouvernementaux, libellés en EUR et bénéficiant d’une notation BBB, BB ou d’une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des titres de créance d’émetteurs gouvernementaux, (ii) des titres de créance libellés dans
d’autres monnaies (monnaies des Marchés émergents comprises), (iii) des titres de créance dont la notation est supérieure à BBB ou inférieure à BB mais pas inférieure à B ou de qualité équivalente selon l’opinion du Gérant, (iv) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment) et/ou (v) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Les titres de créance dont la notation est inférieure à BBB ou à une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant ne peuvent pas représenter plus de 40% des actifs du Compartiment. Le Gérant pourra, à sa discrétion, choisir les secteurs, les pays (Marchés émergents compris) et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de gestion maximum | 0,50% | 0,50% | 0,50% | 0,50% | N/A | 0,55% | 1,00% | N/A |
| Commission de distribution maximum | 0,50% | 1,00% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Bloomberg Barclays Euro-Aggregate Corporates 500MM TR
Niveau attendu de levier
300%
Budget de risque
190%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 12h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – Swiss Franc Credit Bond (Foreign)
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice SBI Foreign A-BBB TR est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, libellés en CHF, dont la notation est comprise entre A et BBB ou des notations équivalentes selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant, étant précisé que si un titre est noté par plus d’une agence de notation la notation la plus basse est considérée comme valable. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des titres de créance libellés dans d’autres monnaies (monnaies des Marchés émergents comprises), (ii) des titres de créance dont la notation est supérieure à A ou de qualité équivalente selon l’opinion du Gérant, (iii) des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B, ou de qualité équivalente selon l’opinion du Gérant, (iv) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment), (v) des monnaies (monnaies des Marchés émergents comprises) et/ou (vi) des Liquidités et Moyens proches des
liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique, l’échéance du portefeuille et les monnaies. Le Compartiment peut être exposé à un nombre limité d’émetteurs.
Les plus-values et pertes non réalisées des instruments financiers dérivés sur les monnaies seront prises en compte aux fins d’évaluation du respect de la politique d’investissement, y compris ses limites et restrictions.
L’approche d’investissement mise en œuvre par le Gérant repose sur des stratégies qualitatives et/ou systématiques. Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
CHF
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,35% | 0,35% | 0,35% | 0,35% | N/A | 0,40% | 0,70% | N/A |
| Commission de distribution maximum | 0,35% | 0,70% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
L’Indice de référence a été agréé par SIX Financial Information Nordic AB en tant qu’administrateur d’approbation pour les indices administrés par SIX, un administrateur d’indices de référence situé hors de l’UE. L’Indice de référence figure dans le registre de l’AEMF pour les indices de référence de pays tiers.
Des informations supplémentaires sur l’Indice de référence figurent sur le site: https://www.six-group.com/en/products-services/financial- information/indices.html/.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
SBI Foreign A-BBB TR
Niveau attendu de levier
300%
Budget de risque
175%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – Ultra Low Duration (USD)
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice FTSE 6-Month U.S. Dollar Eurodeposit est utilisé à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en dépôts bancaires, instruments du marché monétaire (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements), obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme émis par des émetteurs gouvernementaux et/ou des sociétés dont la notation est supérieure ou égale
à BBB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans des obligations convertibles. Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique (Marchés émergents compris), l’échéance du portefeuille et les monnaies (monnaies des Marchés émergents comprises). Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs. La duration moyenne pondérée du portefeuille ne peut excéder 365 jours. Les instruments peuvent avoir une échéance résiduelle maximale de trois ans, à l’exception (i) des instruments financiers structurés d’amortissement régulier (ABS/MBS) dont la durée de vie moyenne ne peut pas dépasser deux ans et (ii) des instruments financiers structurés sans amortissement ou avec amortissement prévu (tels que ABS/MBS) qui doivent avoir une échéance finale attendue de trois ans maximum. Le Gérant entend viser une notation moyenne de A au niveau du portefeuille, mais sans aucune garantie.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. Le Gérant peut également appliquer d’autres stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Commission de gestion maximum | 0,45% | 0,45% | 0,45% | 0,45% | N/A | 0,50% | 0,90% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 0,45% | 0,90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 14h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – Ultra Low Duration (EUR)
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice FTSE 6-Month Euro Eurodeposit est utilisé à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en dépôts bancaires, instruments du marché monétaire (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements), obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme émis par des émetteurs gouvernementaux et/ou des sociétés dont la notation est supérieure ou égale
à BBB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans des obligations convertibles. Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique (Marchés émergents compris), l’échéance du portefeuille et les monnaies (monnaies des Marchés émergents comprises). Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs. La duration moyenne pondérée du portefeuille ne peut excéder 365 jours. Les instruments peuvent avoir une échéance résiduelle maximale de trois ans, à l’exception (i) des instruments financiers structurés d’amortissement régulier (ABS/MBS) dont la durée de vie moyenne ne peut pas dépasser deux ans et (ii) des instruments financiers structurés sans amortissement ou avec amortissement prévu (tels que ABS/MBS) qui doivent avoir une échéance finale attendue de trois ans maximum. Le Gérant entend viser une notation moyenne de A au niveau du portefeuille, mais sans aucune garantie.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. Le Gérant peut également appliquer d’autres stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,21% | 0,17% | 0,10% | 0,31% | 0,44% | 0,31% |
| Commission de gestion maximum | 0,45% | 0,45% | 0,45% | 0,45% | N/A | 0,50% | 0,90% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 0,45% | 0,90% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 14h00 le jour T | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Crédit
LO Funds – Fallen Angels Recovery
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR est utilisé pour définir l’univers d’investissement initial pour la sélection individuelle des titres, la comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres du Compartiment seront généralement similaires à ceux de l’indice susmentionné mais les pondérations des titres devraient différer significativement. Le Gérant
pourra également sélectionner des titres ne faisant pas partie de l’indice susmentionné pour profiter d’opportunités d’investissement. En plus de l’indice susmentionné, l’indice Bloomberg Barclays Global High Yield Corporate Total Return peut aussi être utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, dans des obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme émis par des "Fallen Angels" (c’est-à-dire des émetteurs précédemment assortis d’une note investment grade mais désormais notés en deçà de cette catégorie et dont une émission ou plus font partie de l’indice Bloomberg Barclays Global Corporate ex-EM Fallen Angels 3% Issuer Capped TR), libellés dans toute monnaie (monnaies des Marchés émergents comprises).
Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans (i) des obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme d’émetteurs qui ne font pas partie de l’indice susmentionné, (ii) des obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme d’émetteurs des Marchés émergents, (iii) des titres de créance d’émetteurs gouvernementaux, (iv) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment) et/ou (v) des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification.
La notation des titres de créance ne peut pas être inférieure à B ou de qualité équivalente selon l’opinion du Gérant. En cas de baisse de la notation d’un titre de créance en deçà de B, le Gérant vendra la position dans les 12 mois.
L’utilisation d’instruments financiers dérivés n’est pas considérée dans ces limites. Le Gérant pourra, à sa discrétion, choisir les secteurs, les pays (le Compartiment pourra, en particulier, être entièrement investi en Marchés émergents) et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. En outre, le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,65% | 0,65% | 0,65% | 0,65% | N/A | 0,75% | 1,30% | N/A |
| Commission de distribution maximum | 0,65% | 1,30% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Règlement Benchmark
Voir la partie générale du Prospectus: "3. Objectifs et politiques d’investissement" / 3.1 "Dispositions générales communes à tous les Compartiments" / "(x) Règlement Benchmark"
Bloomberg Index Services Limited est l’administrateur de l’Indice de référence. Bloomberg Index Services Limited figure dans le registre de l’AEMF pour les administrateurs d’indices de référence.
Des informations supplémentaires sur l’Indice de référence figurent sur le site de l’administrateur: https://www.bloomberg.com/professional/ product/indices/
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Marchés émergents
LO Funds – Emerging Local Currency Bond Fundamental
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice JP Morgan GBI-EM Global Diversified TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et instruments de créance à court terme libellés en monnaies de l’OCDE et/ou en monnaies des Marchés émergents et émis ou garantis par des émetteurs souverains des Marchés émergents ou des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique sur des Marchés émergents. Le Compartiment peut également, dans des conditions de marché spécifiques ou si le Gérant le juge approprié, investir dans des obligations, autres instruments de créance à taux fixe ou flottant et instruments de créance à court terme libellés dans des monnaies de l’OCDE et émis ou garantis par des entités souveraines de l’OCDE. Les instruments décrits ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment-grade visée au paragraphe 3.2). Le Gérant pourra, à sa discrétion, choisir les émetteurs et les pays. Le Compartiment peut investir jusqu’à 35% du portefeuille dans des obligations émises ou garanties par l’Etat russe admises à une Cote officielle ou traitées sur un Marché réglementé. Les investissements directs sur des marchés russes (autres que les investissements négociés à la Bourse de Moscou (Moscow Exchange)) ainsi que les investissements négociés sur des marchés qui ne sont pas des Marchés réglementés mais qui sont notamment transférables, liquides et d’une valeur susceptible d’être déterminée avec précision à tout moment, ne pourront en totalité dépasser 10% des actifs nets du Compartiment. Jusqu’à 20% du portefeuille du Compartiment peuvent être investis en obligations du CIBM, en particulier par le biais de Bond Connect.
En plus des investissements dans des obligations ou d’autres instruments et titres de créance, le Gérant peut utiliser des instruments financiers dérivés (i) afin d’adopter des positions longues et courtes sur des monnaies (monnaies de l’OCDE et/ou monnaies des Marchés émergents) et/
ou (ii) afin d’augmenter ou de réduire son exposition à des classes d’actifs (actions comprises), des marchés (Marchés émergents compris) et des indices (indices de matières premières compris) spécifiques.
Le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) lorsque le Gérant considère par exemple que le Compartiment doit être positionné de façon défensive. Le Compartiment peut être entièrement investi sur les Marchés émergents. Veuillez vous référer à l’Annexe sur les facteurs de risque, en particulier le point 2.12 relatif à de tels investissements.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
JPMorgan GBI-EM Global Diversified TR
Niveau attendu de levier
300%
Budget de risque
190%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Marchés émergents
LO Funds – Asia Value Bond
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice JP Morgan Asia Credit TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit en (i) obligations, autres titres de créance à taux fixe ou flottant, obligations convertibles, obligations avec des warrants sur valeurs mobilières et instruments de créance à court terme, émis ou garantis par des émetteurs souverains ou des sociétés du monde entier,
(ii) monnaies et (iii) Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Le Gérant investit dans le monde entier, mais conserve un accent clair et distinct sur l’Asie en investissant dans des émetteurs exerçant leur activité principale en Asie (Japon compris).
Le Compartiment peut investir jusqu’à:
- 5% de ses actifs nets en OPC;
- 40% de ses actifs nets en titres de créance dont la notation est inférieure à BBB- ou à une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant, étant précisé que si un titre est noté par plus d’une agence de notation la notation la plus élevée est considérée comme valable;
- 20% de ses actifs nets en obligations convertibles et obligations avec des warrants sur valeurs mobilières;
- 25% de ses actifs nets en Obligations Coco; et
- 25% de ses actifs nets en obligations hors de la zone Asie-Pacifique (Japon compris).

Le Compartiment peut également investir dans les monnaies des Marchés émergents, y compris le CNH et le CNY. Jusqu’à 25% du portefeuille du Compartiment peuvent être investis en obligations du CIBM, en particulier par le biais de Bond Connect.
Le Gérant pourra, à sa discrétion, choisir les émetteurs, les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents), l’échéance et les monnaies (monnaies des Marchés émergents comprises).
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	NonL’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.

Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Marchés émergents
LO Funds – Asia Investment Grade Bond
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice JP Morgan JACI Investment Grade TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit au moins 70% de ses actifs nets en (i) obligations, autres titres de créance à taux fixe ou flottant, obligations convertibles, obligations avec des warrants sur valeurs mobilières et instruments de créance à court terme, émis ou garantis par des émetteurs souverains ou des sociétés exerçant leur activité principale dans la région Asie-Pacifique (Japon et Australie compris), (ii) monnaies et (iii) Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités).
Le Compartiment peut investir jusqu’à:
- 5% de ses actifs nets en OPC;
- 20% de ses actifs nets en Obligations Coco; et
- 30% de ses actifs nets en titres de créance hors de la zone Asie-Pacifique.

Si, en raison d’une baisse de leur notation, des titres détenus par le Compartiment présentent une notation inférieure ou égale à BBB- ou à une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant, les principes suivants s’appliquent:
- si les titres concernés sont notés BB+, BB ou BB- (ou assortis d’une notation équivalente tel que défini ci-dessus), le Compartiment peut détenir jusqu’à 10% de ses actifs nets dans ces titres en attendant leur liquidation en tenant compte des conditions du marché et du meilleur intérêt des actionnaires;
- si la notation des titres concernés est inférieure à BB- (ou à une notation équivalente tel que défini ci-dessus), le Compartiment procède sans délai à leur liquidation.

Le Compartiment peut également investir dans les monnaies des Marchés émergents, y compris le CNH et le CNY. Jusqu’à 25% du portefeuille du Compartiment peuvent être investis en obligations du CIBM, en particulier par le biais de Bond Connect.
Le Gérant pourra, à sa discrétion, choisir les émetteurs, les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents), l’échéance et les monnaies (monnaies des Marchés émergents comprises).
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	NonL’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.

Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucune |
| FROC maximum | 0,44% | 0,56% | 0,31% | 0,27% | 0,13% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Convertibles
LO Funds – Convertible Bond
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Refinitiv Global Convertible Composite Hedged TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du
Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations convertibles en actions et en instruments associés tels que les warrants et les actions privilégiées convertibles, libellés en différentes monnaies, ainsi qu’en obligations convertibles synthétiques (achat distinct d’obligations et d’options ou d’obligations convertibles et d’options) et en instruments financiers dérivés sur obligations convertibles. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans d’autres valeurs mobilières et/ou des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Le Compartiment ne peut pas détenir plus de 10% de ses actifs nets en actions. La valeur de marché de la part optionnelle des obligations convertibles synthétiques sera prise en compte aux fins de vérification de la conformité avec le ratio de deux tiers prévu par la politique d’investissement décrite ci-dessus.
Le Gérant peut investir les actifs du Compartiment dans des titres ou des émetteurs dont la notation est supérieure ou égale à B ou à une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Gérant pourra, à sa discrétion, choisir les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents)
et les monnaies (monnaies des Marchés émergents comprises). Le Gérant peut investir jusqu’à 5% des actifs du Compartiment en obligations convertibles chinoises par le biais du régime RQFII.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des forwards, des dérivés de crédit et des dérivés sur taux d’intérêt):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment, et en particulier sur le paragraphe 2.12 s’agissant des investissements effectués sur les Marchés émergents.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,65% | 0,65% | 0,65% | 0,65% | N/A | 0,75% | 1,30% | N/A |
| Commission de distribution maximum | 0,65% | 1,15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Thomson Reuters Global Convertible Composite Index Hedged EUR TR
Niveau attendu de levier
125%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Convertibles
LO Funds – Global Convertible Bond Defensive Delta
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations convertibles en actions et en instruments associés tels que les warrants et les actions privilégiées convertibles, libellées en différentes monnaies, ainsi qu’en obligations convertibles synthétiques (achat distinct d’obligations et d’options ou d’obligations convertibles et d’options) et en instruments financiers dérivés sur obligations convertibles. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans d’autres valeurs mobilières et/ou des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Le Compartiment ne peut pas détenir plus de 10% de ses actifs nets en actions. La valeur de marché de la part optionnelle des obligations convertibles synthétiques sera prise en compte aux fins de vérification de la conformité avec le ratio de deux tiers prévu par la politique d’investissement décrite ci-dessus. Le Gérant s’efforcera de maintenir le delta moyen pondéré du Compartiment à un niveau égal ou inférieur à 40%. Le delta se réfère à la sensibilité du prix d’une obligation convertible aux variations des cours des actions sous-jacentes.
Le Gérant peut investir les actifs du Compartiment dans des titres ou des émetteurs dont la notation est supérieure ou égale à B ou à une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Gérant pourra, à sa discrétion, sélectionner les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises).
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des forwards, des dérivés de crédit et des dérivés sur taux d’intérêt):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,65% | 0,65% | 0,65% | 0,65% | N/A | 0,75% | 1,30% | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de distribution maximum | 0,65% | 1,15% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Non applicable
Niveau attendu de levier
Le levier calculé selon la méthode de la somme des notionnels des instruments financiers dérivés devrait être de l’ordre de 125% de la Valeur nette d’inventaire.
L’attention des investisseurs est attirée sur le fait que les expositions et le levier attendus peuvent être dépassés.
Budget de risque
10%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Convertibles
LO Funds – Convertible Bond Asia
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Refinitiv Convertible Asia Ex-Japan TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de son portefeuille en obligations convertibles en actions libellées en différentes monnaies et émises par des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans la région asiatique, ainsi qu’en obligations convertibles synthétiques (achat distinct d’obligations et d’options ou d’obligations convertibles et d’options) et en instruments financiers dérivés sur obligations convertibles. Le Compartiment peut investir jusqu’à un tiers (1/3) de son portefeuille en autres valeurs mobilières et/ou en Liquidités et Moyens proches des liquidités. Le Compartiment ne peut pas détenir plus de 10% de ses actifs nets en actions. La valeur de marché de la part optionnelle des obligations convertibles synthétiques sera prise en compte aux fins de vérification de la conformité avec le ratio de deux tiers prévu par la politique d’investissement décrite ci-dessus. Le Gérant peut investir les actifs du Compartiment dans des titres ou des émetteurs dont la notation est supérieure ou égale à B ou à une notation équivalente selon les agences de notation visées
au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Gérant pourra, à sa discrétion, sélectionner les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les devises (monnaies des Marchés émergents comprises). Le Gérant peut investir jusqu’à 15% des actifs du Compartiment en obligations convertibles chinoises par le biais du régime RQFII.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut (i), dans des conditions de marché normales et conformément aux règles en vigueur en matière de diversification, détenir, à titre provisoire et auxiliaire, jusqu’à un tiers (1/3) de ses actifs nets en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) et (ii) détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des forwards, des dérivés de crédit et des dérivés sur taux d’intérêt):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment, et en particulier sur le paragraphe 2.12 s’agissant des investissements effectués sur les Marchés émergents.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Thomson Reuters Convertible Asia ex Japan Index (USD) TR
Niveau attendu de levier
125%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Convertibles
LO Funds – Convertible Bond High Conviction
Objectif et politique d’investissement
Le Compartiment est géré activement. L’indice Refinitiv Global Focus Convertible Bond TR est utilisé à des fins de comparaison de la performance ainsi qu’à des fins de surveillance du risque interne, sans impliquer de contrainte particulière pour les investissements du Compartiment. Les titres visés par le Compartiment peuvent être similaires à ceux de l’indice dans une mesure qui varie au fil du temps mais leur pondération devrait différer significativement. La performance du Compartiment peut s’écarter significativement de celle de l’indice.
Le Compartiment vise à investir dans des entreprises de premier ordre avec des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles de long terme en s’appuyant sur des outils et méthodologies de Profilage des Facteurs ESG et de la durabilité propres à LOIM.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations convertibles en actions et en instruments associés tels que les warrants et les actions privilégiées convertibles, libellées en différentes monnaies, ainsi qu’en obligations convertibles synthétiques (achat distinct d’obligations et d’options ou d’obligations convertibles et d’options) et en instruments financiers dérivés sur obligations convertibles. Le Compartiment peut investir jusqu’à un tiers (1/3) de ses actifs dans d’autres valeurs mobilières et/ou des Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités) conformément aux règles en vigueur en matière de diversification. Le Compartiment ne peut pas détenir plus de 10% de ses actifs nets en actions. La valeur de marché de la part optionnelle des obligations convertibles synthétiques sera prise en compte aux fins de vérification de la conformité avec le ratio de deux tiers prévu par la politique d’investissement décrite ci-dessus.
Le Gérant peut investir les actifs du Compartiment dans des titres ou des émetteurs dont la notation est supérieure ou égale à CCC+ d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Gérant pourra, à sa discrétion, choisir les instruments, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises). Le Gérant peut investir jusqu’à 20% des actifs nets du Compartiment en obligations convertibles domestiques chinoises.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des forwards, des dérivés de crédit et des dérivés sur taux d’intérêt):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Oui L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,75% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,25% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR relative
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Refinitiv Global Focus Convertible Bond TR
Niveau attendu de levier
125%
Budget de risque
150%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – High Yield 2021
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif et politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin dans le courant de l’année 2021 (ci-après le "Terme").
Le Compartiment investit, à hauteur de 50% au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme émis par des sociétés ou des émetteurs gouvernementaux, libellés dans une monnaie de l’OCDE et bénéficiant d’une notation BB, B, CCC ou d’une notation équivalente selon les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. Le Compartiment peut investir jusqu’à 50% de ses actifs dans (i) des titres de créance libellés dans d’autres monnaies (monnaies des Marchés émergents comprises), (ii) des titres de créance dont la notation est supérieure à BB, ou de qualité équivalente selon l’opinion du Gérant, et/ou (iii) des Obligations CoCo (qui peuvent représenter jusqu’à 10% des actifs du Compartiment). Toutefois, en raison de
la stratégie du Compartiment, le portefeuille peut s’écarter des limites mentionnées ci-dessus en conséquence d’un relèvement de la notation de crédit d’obligations ou en conséquence de flux de trésorerie résultant de l’échéance des obligations détenues en portefeuille.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître pour constituer progressivement la majeure partie des actifs.
Le Gérant pourra, à sa discrétion, choisir les secteurs, les zones géographiques (Marchés émergents compris) et les échéances. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs basée sur des règles. Le Gérant peut également appliquer en sus d’autres stratégies qualitatives et/ou systématiques.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt, d’inflation, de change et de volatilité):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	Non L’utilisation d’instruments financiers structurés est décrite au paragraphe 3.1.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions est annuelle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,44% | 0,56% | 0,28% | 0,24% | 0,10% | 0,44% | 0,56% | 0,44% |
| Commission de gestion maximum | 0,75% | 0,75% | 0,75% | 0,75% | N/A | 0,85% | 1,50% | N/A |
| Commission de distribution maximum | 0,75% | 1,55% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 5% | Jusqu’à 5% | Jusqu’à 5% | Jusqu’à 5% | Jusqu’à 5% | Jusqu’à 5% | Jusqu’à 5% | Jusqu’à 5% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – High Yield 2022
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin dans le courant de l’année 2022 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective ("Processus Buy"). Cependant, le portefeuille est suivi/maintenu ("Processus Maintain") de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance soit déclenché en cas d’augmentation significative du risque de défaut et/ou d’opportunités de valeur relative, selon l’opinion du Gérant.
Processus d’investissement "Buy & Maintain"
Le Processus Buy comporte deux étapes:
- un processus systématique/basé sur des règles qui vise une allocation à des secteurs considérés comme contribuant dans la plus large mesure à l’économie ainsi qu’une réduction du risque de défaut, et reflète les fondamentaux des émetteurs au sein de la pondération du portefeuille;
- un credit overlay visant à sélectionner les émetteurs sur la base des points de vue et de la conviction du Gérant.

Le Processus Maintain est basé sur l’expertise du Gérant en matière de recherche crédit visant à veiller à ce que les obligations soient remplacées en cas de:
- détérioration des fondamentaux de l’émetteur entraînant une hausse substantielle du risque de défaut;
- infraction aux directives de placement (par exemple une baisse de la notation);
- opportunités de valeur relative.

Politique d’investissement
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis par des sociétés, des émetteurs souverains et/ou des entités supranationales, libellés en EUR, USD, GBP et/ou CHF. Cependant, le Gérant cherchera à couvrir intégralement le portefeuille contre le risque de change.
Le Gérant peut investir au moins 50% des actifs du Compartiment dans des titres de créance dont la notation est supérieure ou égale à BB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Gérant peut investir jusqu’à 50% des actifs du Compartiment dans des titres de créance notés B d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. En cas de baisse de la notation d’un titre de créance en deçà de B, le Gérant vendra la position dans les 12 mois. L’utilisation d’instruments financiers dérivés ne doit pas être considérée dans ces limites.
Le Gérant visera une notation moyenne de BB au niveau du portefeuille.
Le Compartiment peut investir jusqu’à 50% de ses actifs dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est antérieure ou égale à juin 2023 et la date d’échéance prorogée postérieure à juin 2023. L’échéance maximum de tout titre de créance sans clause de remboursement anticipé est fixée au 28 décembre 2023.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître pour constituer progressivement la majeure partie des actifs.
Le Gérant cherchera à rester diversifié au niveau des secteurs/branches.
Le Gérant cherchera à investir dans au moins 70 positions sous-jacentes distinctes. A l’approche du Terme, le nombre de positions aura tendance à diminuer.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés dans la limite d’engagement autorisée de 100% (levier, y compris accords de compensation et de couverture) et dans la limite d’un budget de levier brut (somme des notionnels dans une approche de valeur absolue) de 150% ( jusqu’à 50% des actifs du Compartiment en CDS et options sur CDS et jusqu’à 100% en forwards de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiL’attention des investisseurs est attirée sur le fait que les niveaux indicatifs de levier peuvent être dépassés dans certaines situations liées, par exemple, à des changements soudains des conditions de marché plutôt qu’à une volonté d’obtenir une exposition supplémentaire.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions est annuelle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,40% | 0,40% | 0,40% | 0,40% | N/A | 0,44% | 0,80% | N/A |
| Commission de distribution maximum | 0,40% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – High Yield 2023
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin dans le courant de l’année 2023 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective ("Processus Buy"). Cependant, le portefeuille est suivi/maintenu ("Processus Maintain") de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance soit déclenché en cas d’augmentation significative du risque de défaut et/ou d’opportunités de valeur relative, selon l’opinion du Gérant.
Processus d’investissement "Buy & Maintain"
Le Processus Buy comporte deux étapes:
- un processus systématique/basé sur des règles qui vise une allocation à des secteurs considérés comme contribuant dans la plus large mesure à l’économie ainsi qu’une réduction du risque de défaut, et reflète les fondamentaux des émetteurs au sein de la pondération du portefeuille;
- un credit overlay visant à sélectionner les émetteurs sur la base des points de vue et de la conviction du Gérant.

Le Processus Maintain est basé sur l’expertise du Gérant en matière de recherche crédit visant à veiller à ce que les obligations soient remplacées en cas de:
- détérioration des fondamentaux de l’émetteur entraînant une hausse substantielle du risque de défaut;
- infraction aux directives de placement (par exemple une baisse de la notation);
- opportunités de valeur relative.

Politique d’investissement
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis par des sociétés, des émetteurs souverains et/ou des entités supranationales, libellés en EUR, USD, GBP et/ou CHF. Cependant, le Gérant cherchera à couvrir intégralement le portefeuille contre le risque de change.
Le Gérant peut investir au moins 50% des actifs du Compartiment dans des titres de créance dont la notation est supérieure ou égale à BB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Gérant peut investir jusqu’à 50% des actifs du Compartiment dans des titres de créance notés B d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. En cas de baisse de la notation d’un titre de créance en deçà de B, le Gérant vendra la position dans les 12 mois. L’utilisation d’instruments financiers dérivés ne doit pas être considérée dans ces limites.
Le Gérant visera une notation moyenne de BB au niveau du portefeuille.
Le Compartiment peut investir jusqu’à 50% de ses actifs dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est antérieure ou égale à juin 2024 et la date d’échéance prorogée postérieure à juin 2024. L’échéance maximum de tout titre de créance sans clause de remboursement anticipé est fixée au 28 décembre 2024.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître pour constituer progressivement la majeure partie des actifs.
Le Gérant cherchera à rester diversifié au niveau des secteurs/branches.
Le Gérant cherchera à investir dans au moins 70 positions sous-jacentes distinctes. A l’approche du Terme, le nombre de positions aura tendance à diminuer.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés dans la limite d’engagement autorisée de 100% (levier, y compris accords de compensation et de couverture) et dans la limite d’un budget de levier brut (somme des notionnels dans une approche de valeur absolue) de 150% ( jusqu’à 50% des actifs du Compartiment en CDS et options sur CDS et jusqu’à 100% en forwards de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiL’attention des investisseurs est attirée sur le fait que les niveaux indicatifs de levier peuvent être dépassés dans certaines situations liées, par exemple, à des changements soudains des conditions de marché plutôt qu’à une volonté d’obtenir une exposition supplémentaire.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions est annuelle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,40% | 0,40% | 0,40% | 0,40% | N/A | 0,44% | 0,80% | N/A |
| Commission de distribution maximum | 0,40% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – High Yield 2024
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin dans le courant de l’année 2024 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective ("Processus Buy"). Cependant, le portefeuille est suivi/maintenu ("Processus Maintain") de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance soit déclenché en cas d’augmentation significative du risque de défaut et/ou d’opportunités de valeur relative, selon l’opinion du Gérant.
Processus d’investissement "Buy & Maintain"
Le Processus Buy comporte deux étapes:
- un processus systématique/basé sur des règles qui vise une allocation à des secteurs considérés comme contribuant dans la plus large mesure à l’économie ainsi qu’une réduction du risque de défaut, et reflète les fondamentaux des émetteurs au sein de la pondération du portefeuille;
- un credit overlay visant à sélectionner les émetteurs sur la base des points de vue et de la conviction du Gérant.

Le Processus Maintain est basé sur l’expertise du Gérant en matière de recherche crédit visant à veiller à ce que les obligations soient remplacées en cas de:
- détérioration des fondamentaux de l’émetteur entraînant une hausse substantielle du risque de défaut;
- infraction aux directives de placement (par exemple une baisse de la notation);
- opportunités de valeur relative.

Politique d’investissement
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis par des sociétés, des émetteurs souverains et/ou des entités supranationales, libellés en EUR, USD, GBP et/ou CHF. Cependant, le Gérant cherchera à couvrir intégralement le portefeuille contre le risque de change.
Le Gérant peut investir au moins 50% des actifs du Compartiment dans des titres de créance dont la notation est supérieure ou égale à BB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Gérant peut investir jusqu’à 50% des actifs du Compartiment dans des titres de créance notés B d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. En cas de baisse de la notation d’un titre de créance en deçà de B, le Gérant vendra la position dans les 12 mois. L’utilisation d’instruments financiers dérivés ne doit pas être considérée dans ces limites.
Le Gérant visera une notation moyenne de BB au niveau du portefeuille.
Le Compartiment peut investir jusqu’à 50% de ses actifs dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est antérieure ou égale à juin 2025 et la date d’échéance prorogée postérieure à juin 2025. L’échéance maximum de tout titre de créance sans clause de remboursement anticipé est fixée au 28 décembre 2025.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître pour constituer progressivement la majeure partie des actifs.
Le Gérant cherchera à rester diversifié au niveau des secteurs/branches.
Le Gérant cherchera à investir dans au moins 70 positions sous-jacentes distinctes. A l’approche du Terme, le nombre de positions aura tendance à diminuer.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés dans la limite d’engagement autorisée de 100% (levier, y compris accords de compensation et de couverture) et dans la limite d’un budget de levier brut (somme des notionnels dans une approche de valeur absolue) de 150% ( jusqu’à 50% des actifs du Compartiment en CDS et options sur CDS et jusqu’à 100% en forwards de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiL’attention des investisseurs est attirée sur le fait que les niveaux indicatifs de levier peuvent être dépassés dans certaines situations liées à des changements soudains des conditions de marché plutôt qu’à une volonté d’obtenir une exposition supplémentaire.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions est annuelle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucune |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,40% | 0,40% | 0,40% | 0,40% | N/A | 0,44% | 0,80% | N/A |
| Commission de distribution maximum | 0,40% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – Asia Income 2024
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin au mois de novembre 2024 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective. Cependant, le portefeuille de titres est suivi/maintenu de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance puisse être déclenché à la discrétion du Gérant en cas d’augmentation significative du risque de défaut ou de révision à baisse des notations de crédit et/ou en présence d’opportunités de valeur relative, selon l’opinion du Gérant.
Politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme libellés en USD d’entités souveraines et/ou supranationales d’émetteurs asiatiques ou de sociétés, y compris des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans la région Asie-Pacifique (Japon et Australie compris). Le Compartiment peut investir jusqu’à deux tiers (2/3) de ses actifs dans des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B. En cas d’abaissement de la notation d’un titre de créance en deçà de B, le Gérant se réserve le droit de conserver ces titres de créance.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître.
Le Compartiment a été constitué pour une période se terminant au Terme.
Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs, en particulier à l’approche du Terme.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. Le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Le Compartiment n'investit pas dans des parts ou des actions d’OPC ni dans aucun Compartiment (à l’exception des OPC du marché monétaire inclus dans la définition des Liquidités et Moyens proches des liquidités).
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	NonL’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.

Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucune |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,50% | 0,50% | 0,50% | 0,50% | N/A | 0,55% | 1,00% | N/A |
| Commission de distribution maximum | 0,50% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – Asia Income 2025
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin au mois de novembre 2025 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective. Cependant, le portefeuille de titres est suivi/maintenu de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance puisse être déclenché à la discrétion du Gérant en cas d’augmentation significative du risque de défaut ou de révision à baisse des notations de crédit et/ou en présence d’opportunités de valeur relative, selon l’opinion du Gérant.
Politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme libellés en USD d’entités souveraines et/ou supranationales d’émetteurs asiatiques ou de sociétés, y compris des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans la région Asie-Pacifique (Japon et Australie compris). Le Compartiment peut investir jusqu’à 70% de ses actifs dans des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B. En cas d’abaissement de la notation d’un titre de créance en deçà de B, le Gérant se réserve le droit de conserver ces titres de créance.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître.
Le Compartiment a été constitué pour une période se terminant au Terme.
Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs, en particulier à l’approche du Terme.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. Le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Le Compartiment n’investit pas dans des parts ou des actions d’OPC ni dans aucun Compartiment (à l’exception des OPC du marché monétaire inclus dans la définition des Liquidités et Moyens proches des liquidités).
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	NonL’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.

Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,50% | 0,50% | 0,50% | 0,50% | N/A | 0,55% | 1,00% | N/A |
| Commission de distribution maximum | 0,50% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – Asia Income 2026
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin au mois de novembre 2026 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective. Cependant, le portefeuille de titres est suivi/maintenu de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance puisse être déclenché à la discrétion du Gérant en cas d’augmentation significative du risque de défaut ou de révision à baisse des notations de crédit et/ou en présence d’opportunités de valeur relative, selon l’opinion du Gérant.
Politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit, à hauteur de deux tiers (2/3) au moins de ses actifs, en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme libellés en USD d’entités souveraines et/ou supranationales d’émetteurs asiatiques ou de sociétés, y compris des sociétés qui ont leur siège ou exercent une partie prépondérante de leur activité économique dans la région Asie-Pacifique (Japon et Australie compris). Le Compartiment peut investir jusqu’à 70% de ses actifs dans des titres de créance dont la notation est inférieure à BBB mais pas inférieure à B. En cas d’abaissement de la notation d’un titre de créance en deçà de B, le Gérant se réserve le droit de conserver ces titres de créance.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître.
Le Compartiment a été constitué pour une période se terminant au Terme.
Le Gérant pourra, à sa discrétion, choisir les secteurs, l’exposition géographique et l’échéance du portefeuille. Le Compartiment peut être exposé à un nombre limité d’émissions et d’émetteurs, en particulier à l’approche du Terme.
L’approche d’investissement mise en œuvre par le Gérant pour sélectionner les titres repose principalement sur une analyse fondamentale des émetteurs. Le Gérant peut également mettre en œuvre des stratégies qualitatives et/ou systématiques.
Le Compartiment n’investit pas dans des parts ou des actions d’OPC ni dans aucun Compartiment (à l’exception des OPC du marché monétaire inclus dans la définition des Liquidités et Moyens proches des liquidités).
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés (en particulier, sans toutefois s’y limiter, des dérivés de crédit (CDS compris), sur taux d’intérêt et de change):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	NonL’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.

Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,50% | 0,50% | 0,50% | 0,50% | N/A | 0,55% | 1,00% | N/A |
| Commission de distribution maximum | 0,50% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – Global Income 2026
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin dans le courant de l’année 2026 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective ("Processus Buy"). Cependant, le portefeuille est suivi/maintenu ("Processus Maintain") de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance soit déclenché en cas d’augmentation significative du risque de défaut et/ou d’opportunités de valeur relative, selon l’opinion du Gérant.
Processus d’investissement "Buy & Maintain"
Le Processus Buy comporte deux étapes:
- un processus systématique/basé sur des règles qui vise une allocation à des secteurs considérés comme contribuant dans la plus large mesure à l’économie ainsi qu’une réduction du risque de défaut, et reflète les fondamentaux des émetteurs au sein de la pondération du portefeuille;
- un credit overlay visant à sélectionner les émetteurs sur la base des points de vue et de la conviction du Gérant.

Le Processus Maintain est basé sur l’expertise du Gérant en matière de recherche crédit visant à veiller à ce que les obligations soient remplacées en cas de:
- détérioration des fondamentaux de l’émetteur entraînant une hausse substantielle du risque de défaut;
- infraction aux directives de placement (par exemple une baisse de la notation);
- opportunités de valeur relative.

Politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis par des sociétés, des émetteurs souverains et/ou des entités supranationales, libellés en EUR, USD, GBP et/ou CHF. Cependant, le Gérant cherchera à couvrir intégralement le portefeuille contre le risque de change.
Le Gérant peut investir au moins 50% des actifs du Compartiment dans des titres de créance dont la notation est supérieure ou égale à BB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Gérant peut investir jusqu’à 50% des actifs du Compartiment dans des titres de créance notés B d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. En cas de baisse de la notation d’un titre de créance en deçà de B, le Gérant vendra la position dans les 18 mois. L’utilisation d’instruments financiers dérivés ne doit pas être considérée dans ces limites.
Le Gérant visera une notation moyenne de BB au niveau du portefeuille.
Le Compartiment peut investir jusqu’à 50% de ses actifs dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est antérieure ou égale au Terme et une date d’échéance prorogée au-delà d’un an après le Terme.
L’échéance maximum de tout titre de créance sans clause de remboursement anticipé est fixée à un an après le Terme. Les actifs du Compartiment ne peuvent pas être investis dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est postérieure au Terme et une date d’échéance prorogée au-delà d’un an après le Terme.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître pour constituer progressivement la majeure partie des actifs.
Le Gérant cherchera à rester diversifié au niveau des secteurs/branches.
Le Gérant cherchera à investir dans au moins 70 positions sous-jacentes distinctes. A l’approche du Terme, le nombre de positions aura tendance à diminuer en dessous du seuil de 70 positions sous-jacentes distinctes.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés dans la limite de VaR absolue autorisée (18%) et la limite de la somme attendue des notionnels (300%) et dans la limite d’un budget de levier net (exposition nette des dérivés/actifs sous gestion du Compartiment) de 50% (en CDS et options sur CDS).
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiL’attention des investisseurs est attirée sur le fait que les niveaux indicatifs de levier peuvent être dépassés dans certaines situations liées à des changements soudains des conditions de marché plutôt qu’à une volonté d’obtenir une exposition supplémentaire.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions est annuelle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,40% | 0,40% | 0,40% | 0,40% | N/A | 0,44% | 0,80% | N/A |
| Commission de distribution maximum | 0,40% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
300%
Budget de risque
18%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements à revenu fixe / Buy & Maintain
LO Funds – Global Income 2027
Veuillez lire la remarque relative aux Compartiments "Buy & Maintain" figurant au-dessous de la liste des Compartiments sous "Annexe A: Compartiments proposés à la souscription" ci-dessus. De plus, afin d’atteindre l’objectif d’investissement du Compartiment décrit ci-dessous, le Conseil d’administration peut décider de mettre un terme à l’émission d’Actions du Compartiment à tout moment après le lancement du Compartiment, ainsi que de reprendre l’émission d’Actions pour une période qu’il considère appropriée.
Objectif d’investissement
Compartiment dont l’objectif premier est de construire un portefeuille "Buy & Maintain" conçu pour une période prenant fin dans le courant de l’année 2027 (ci-après le "Terme").
Le concept d’une stratégie "Buy & Maintain" se réfère à un portefeuille investi principalement dans des titres de créance qui sont initialement achetés dans l’intention de les détenir jusqu’à leur échéance respective ("Processus Buy"). Cependant, le portefeuille est suivi/maintenu ("Processus Maintain") de façon à ce que le remplacement d’un ou plusieurs de ces titres de créance soit déclenché en cas d’augmentation significative du risque de défaut et/ou d’opportunités de valeur relative, selon l’opinion du Gérant.
Processus d’investissement "Buy & Maintain"
Le Processus Buy comporte deux étapes:
- un processus systématique/basé sur des règles qui vise une allocation à des secteurs considérés comme contribuant dans la plus large mesure à l’économie ainsi qu’une réduction du risque de défaut, et reflète les fondamentaux des émetteurs au sein de la pondération du portefeuille;
- un credit overlay visant à sélectionner les émetteurs sur la base des points de vue et de la conviction du Gérant.

Le Processus Maintain est basé sur l’expertise du Gérant en matière de recherche crédit visant à veiller à ce que les obligations soient remplacées en cas de:
- détérioration des fondamentaux de l’émetteur entraînant une hausse substantielle du risque de défaut;
- infraction aux directives de placement (par exemple une baisse de la notation);
- opportunités de valeur relative.

Politique d’investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment investit en obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis par des sociétés, des émetteurs souverains et/ou des entités supranationales, libellés en EUR, USD, GBP et/ou CHF. Cependant, le Gérant cherchera à couvrir intégralement le portefeuille contre le risque de change.
Le Gérant peut investir au moins 50% des actifs du Compartiment dans des titres de créance dont la notation est supérieure ou égale à BB d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant.
Le Gérant peut investir jusqu’à 50% des actifs du Compartiment dans des titres de créance notés B d’après les agences de notation visées au paragraphe 3.2 ou de qualité équivalente selon l’opinion du Gérant. En cas de baisse de la notation d’un titre de créance en deçà de B, le Gérant vendra la position dans les 18 mois. L’utilisation d’instruments financiers dérivés ne doit pas être considérée dans ces limites.
Le Gérant visera une notation moyenne de BB au niveau du portefeuille.
Le Compartiment peut investir jusqu’à 50% de ses actifs dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est antérieure ou égale au Terme et une date d’échéance prorogée au-delà d’un an après le Terme.
L’échéance maximum de tout titre de créance sans clause de remboursement anticipé est fixée à un an après le Terme. Les actifs du Compartiment ne peuvent pas être investis dans des titres de créance remboursables par anticipation dont la date de remboursement anticipé est postérieure au Terme et une date d’échéance prorogée au-delà d’un an après le Terme.
A la discrétion du Gérant, le Compartiment peut être entièrement investi, conformément aux règles en vigueur en matière de diversification, en Liquidités et Moyens proches des liquidités (y compris les ABS/MBS à court terme, qui peuvent représenter jusqu’à 10% des investissements en Liquidités et Moyens proches des liquidités). En particulier, à l’approche du Terme, les positions en Liquidités et Moyens proches des liquidités auront tendance à croître pour constituer progressivement la majeure partie des actifs.
Le Gérant cherchera à rester diversifié au niveau des secteurs/branches.
Le Gérant cherchera à investir dans au moins 70 positions sous-jacentes distinctes. A l’approche du Terme, le nombre de positions aura tendance à diminuer en dessous du seuil de 70 positions sous-jacentes distinctes.
Conformément aux dispositions du paragraphe 3.1, le Compartiment peut détenir jusqu’à 10% de ses actifs nets en OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement visées à la Section 4 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivé dans la limite de VaR absolue autorisée (18%) et la limite de la somme attendue des notionnels (300%) et dans la limite d’un budget de levier net (exposition nette des dérivés/actifs sous gestion du Compartiment) de 50% (en CDS et options sur CDS):
- à des fins de couverture	Oui
- à des fins de GEP	Oui
- dans le cadre de la stratégie d’investissement	OuiL’attention des investisseurs est attirée sur le fait que les niveaux indicatifs de levier peuvent être dépassés dans certaines situations liées à des changements soudains des conditions de marché plutôt qu’à une volonté d’obtenir une exposition supplémentaire.

L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
Concernant la politique en matière de dividendes, en sus des dispositions figurant dans la Section "Politique en matière de dividendes" du Prospectus, les principes suivants s’appliquent:
- il peut être procédé à des distributions fixes de dividendes dont le montant sera déterminé par le Conseil d’administration à la première distribution d’une année et pour l’année à laquelle elles se rapportent;
- la périodicité des distributions est annuelle.

Le Conseil d’administration pourra, à sa discrétion, mettre en œuvre les principes susmentionnés et modifier ou ajuster le montant des distributions fixes ainsi que la périodicité des paiements au regard d’événements de marché ou d’autres circonstances telles que les exigences des investisseurs et le meilleur intérêt de ces derniers.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |
| FROC maximum | 0,31% | 0,44% | 0,22% | 0,22% | 0,08% | 0,31% | 0,44% | 0,44% |
| Commission de gestion maximum | 0,40% | 0,40% | 0,40% | 0,40% | N/A | 0,44% | 0,80% | N/A |
| Commission de distribution maximum | 0,40% | 0,80% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% | Jusqu’à 2% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
VaR absolue
Portefeuille de référence utilisé aux seules fins d’évaluation de l’exposition globale
Sans objet
Niveau attendu de levier
300%
Budget de risque
18%
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier et, potentiellement, une plus-value du capital investi; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 15h00 le jour T - 1 | Quotidien | Jusqu’à T + 3 jours  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements monétaires à court terme
LO Funds – Short-Term Money Market (EUR)
Le Compartiment est géré activement. L’indice FTSE 1-Month Euro Eurodeposit est utilisé à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment.
Ce Compartiment se qualifie comme un Fonds à VLV à court terme tel que défini dans le Règlement FM. Ce Compartiment ne peut pas recourir aux techniques et instruments relatifs à des valeurs mobilières et à des instruments du marché monétaire visés au paragraphe 4.5 à des fins de GEP.
Objectif et politique d’investissement
Le Compartiment investit dans des dépôts bancaires, instruments du marché monétaire et titres de créance à court terme (p. ex. ECP, T-Bills, CD) et autres titres à taux fixe ou variable, libellés en monnaies de l'OCDE et/ou en monnaies des Marchés émergents, avec pour objectif d’offrir un rendement conforme à celui des taux du marché monétaire. L’ensemble du portefeuille du Compartiment ne peut avoir une WAL supérieure à 120 jours. Les instruments sont de qualité élevée et peuvent avoir une échéance résiduelle maximale de 397 jours. La WAM du portefeuille ne peut excéder 60 jours. Jusqu’à 20% des actifs du Compartiment peuvent être investis en ABCP.
Le Compartiment doit investir dans des titres de première qualité tels que déterminés par le Gérant. Pour déterminer ce facteur de crédit de première qualité, le Gérant évalue les caractéristiques de chaque titre avant tout achat y compris, sans toutefois s’y limiter, le rang (senior, subordonné, sécurisé), le type de coupon (fixe, flottant, zéro), le volume de l’émission, la taille de l’émetteur, le nombre de cotations sur le marché (impact sur la liquidité), la liquidité des instruments de substitution, le marché de l’émission, le type de garantie, la monnaie, le pays de l’émetteur, le pays de l’émission, l’échéance de l’émission et la notation disponible de l’émission et de l’émetteur. De plus, le Gérant surveille cette évaluation de crédit en permanence.
Le Compartiment n’investit pas dans des parts d’OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement applicables aux FM visées à la Section 4.7 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Non
- dans le cadre de la stratégie d’investissement	NonLe Compartiment peut utiliser des instruments financiers dérivés uniquement aux fins de couverture des risques de taux d'intérêt ou des risques de change; le sous-jacent de ces instruments financiers dérivés consiste en taux d’intérêt, taux de change, monnaies ou indices représentatifs de l’une de ces catégories.

Les investissements dans des monnaies autres que la Monnaie de référence sont couverts contre le risque de change.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
EUR
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,14% | 0,25% | 0,08% | 0,08% | 0,08% | 0,14% | 0,25% | 0,14% |
| Commission de gestion maximum | 0,30% | 0,30% | 0,30% | 0,30% | N/A | 0,35% | 0,60% | N/A |
| Commission de distribution maximum | 0,30% | 0,40% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier, accordant la plus grande importance à la sécurité et à la liquidité de leur capital; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 14h00 le jour T | Quotidien | Jusqu’à T + 1 jour  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements monétaires à court terme
LO Funds – Short-Term Money Market (USD)
Le Compartiment est géré activement. L’indice FTSE 1-Month U.S. Dollar Eurodeposit est utilisé à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment.
Ce Compartiment se qualifie comme un Fonds à VLV à court terme tel que défini dans le Règlement FM. Ce Compartiment ne peut pas recourir aux techniques et instruments relatifs à des valeurs mobilières et à des instruments du marché monétaire visés au paragraphe 4.5 à des fins de GEP.
Objectif et politique d’investissement
Le Compartiment investit dans des dépôts bancaires, instruments du marché monétaire et titres de créance à court terme (p. ex. ECP, T-Bills, CD) et autres titres à taux fixe ou variable, libellés en monnaies de l'OCDE et/ou en monnaies des Marchés émergents, avec pour objectif d’offrir un rendement conforme à celui des taux du marché monétaire. L’ensemble du portefeuille du Compartiment ne peut avoir une WAL supérieure à 120 jours. Les instruments sont de qualité élevée et peuvent avoir une échéance résiduelle maximale de 397 jours. La WAM du portefeuille ne peut excéder 60 jours. Jusqu’à 20% des actifs du Compartiment peuvent être investis en ABCP.
Le Compartiment doit investir dans des titres de première qualité tels que déterminés par le Gérant. Pour déterminer ce facteur de crédit de première qualité, le Gérant évalue les caractéristiques de chaque titre avant tout achat y compris, sans toutefois s’y limiter, le rang (senior, subordonné, sécurisé), le type de coupon (fixe, flottant, zéro), le volume de l’émission, la taille de l’émetteur, le nombre de cotations sur le marché (impact sur la liquidité), la liquidité des instruments de substitution, le marché de l’émission, le type de garantie, la monnaie, le pays de l’émetteur, le pays de l’émission, l’échéance de l’émission et la notation disponible de l’émission et de l’émetteur. De plus, le Gérant surveille cette évaluation de crédit en permanence.
Le Compartiment n’investit pas dans des parts d’OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement applicables aux FM visées à la Section 4.7 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Non
- dans le cadre de la stratégie d’investissement	NonLe Compartiment peut utiliser des instruments financiers dérivés uniquement aux fins de couverture des risques de taux d’intérêt ou des risques de change; le sous-jacent de ces instruments financiers dérivés consiste en taux d’intérêt, taux de change, monnaies ou indices représentatifs de l’une de ces catégories.

Les investissements dans des monnaies autres que la Monnaie de référence sont couverts contre le risque de change.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
USD
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,19% | 0,25% | 0,08% | 0,08% | 0,08% | 0,19% | 0,25% | 0,19% |
| Commission de gestion maximum | 0,30% | 0,30% | 0,30% | 0,30% | N/A | 0,35% | 0,60% | N/A |
| Commission de distribution maximum | 0,30% | 0,40% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier, accordant la plus grande importance à la sécurité et à la liquidité de leur capital; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 14h00 le jour T | Quotidien | Jusqu’à T + 1 jour  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements monétaires à court terme
LO Funds – Short-Term Money Market (GBP)
Le Compartiment est géré activement. L’indice FTSE 1-Month U.K. Sterling Eurodeposit est utilisé à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment.
Ce Compartiment se qualifie comme un Fonds à VLV à court terme tel que défini dans le Règlement FM. Ce Compartiment ne peut pas recourir aux techniques et instruments relatifs à des valeurs mobilières et à des instruments du marché monétaire visés au paragraphe 4.5 à des fins de GEP.
Objectif et politique d’investissement
Le Compartiment investit dans des dépôts bancaires, instruments du marché monétaire et titres de créance à court terme (p. ex. ECP, T-Bills, CD) et autres titres à taux fixe ou variable, libellés en monnaies de l'OCDE et/ou en monnaies des Marchés émergents, avec pour objectif d’offrir un rendement conforme à celui des taux du marché monétaire. L’ensemble du portefeuille du Compartiment ne peut avoir une WAL supérieure à 120 jours. Les instruments sont de qualité élevée et peuvent avoir une échéance résiduelle maximale de 397 jours. La WAM du portefeuille ne peut excéder 60 jours. Jusqu’à 20% des actifs du Compartiment peuvent être investis en ABCP.
Le Compartiment doit investir dans des titres de première qualité tels que déterminés par le Gérant. Pour déterminer ce facteur de crédit de première qualité, le Gérant évalue les caractéristiques de chaque titre avant tout achat y compris, sans toutefois s’y limiter, le rang (senior, subordonné, sécurisé), le type de coupon (fixe, flottant, zéro), le volume de l’émission, la taille de l’émetteur, le nombre de cotations sur le marché (impact sur la liquidité), la liquidité des instruments de substitution, le marché de l’émission, le type de garantie, la monnaie, le pays de l’émetteur, le pays de l’émission, l’échéance de l’émission et la notation disponible de l’émission et de l’émetteur. De plus, le Gérant surveille cette évaluation de crédit en permanence.
Le Compartiment n’investit pas dans des parts d’OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement applicables aux FM visées à la Section 4.7 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Non
- dans le cadre de la stratégie d’investissement	NonLe Compartiment peut utiliser des instruments financiers dérivés uniquement aux fins de couverture des risques de taux d’intérêt ou des risques de change; le sous-jacent de ces instruments financiers dérivés consiste en taux d’intérêt, taux de change, monnaies ou indices représentatifs de l’une de ces catégories.

Les investissements dans des monnaies autres que la Monnaie de référence sont couverts contre le risque de change.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
GBP
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,19% | 0,25% | 0,08% | 0,08% | 0,08% | 0,19% | 0,25% | 0,19% |
| Commission de gestion maximum | 0,30% | 0,30% | 0,30% | 0,30% | N/A | 0,35% | 0,60% | N/A |
| Commission de distribution maximum | 0,30% | 0,40% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier, accordant la plus grande importance à la sécurité et à la liquidité de leur capital; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 14h00 le jour T | Quotidien | Jusqu’à T + 1 jour  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
Compartiment en placements monétaires à court terme
LO Funds – Short-Term Money Market (CHF)
Le Compartiment est géré activement. L’indice FTSE 1-Month Swiss Franc Eurodeposit est utilisé à des fins de comparaison de la performance, sans impliquer de contrainte particulière pour les investissements du Compartiment.
Ce Compartiment se qualifie comme un Fonds à VLV à court terme tel que défini dans le Règlement FM. Ce Compartiment ne peut pas recourir aux techniques et instruments relatifs à des valeurs mobilières et à des instruments du marché monétaire visés au paragraphe 4.5 à des fins de GEP.
Objectif et politique d’investissement
Le Compartiment investit dans des dépôts bancaires, instruments du marché monétaire et titres de créance à court terme (p. ex. ECP, T-Bills, CD) et autres titres à taux fixe ou variable, libellés en monnaies de l'OCDE et/ou en monnaies des Marchés émergents, avec pour objectif d’offrir un rendement conforme à celui des taux du marché monétaire. L’ensemble du portefeuille du Compartiment ne peut avoir une WAL supérieure à
120 jours. Les instruments sont de qualité élevée et peuvent avoir une maturité résiduelle maximale de 397 jours. La WAM du portefeuille ne peut excéder 60 jours. Jusqu’à 20% des actifs du Compartiment peuvent être investis en ABCP.
Le Compartiment doit investir dans des titres de première qualité tels que déterminés par le Gérant. Pour déterminer ce facteur de crédit de première qualité, le Gérant évalue les caractéristiques de chaque titre avant tout achat y compris, sans toutefois s’y limiter, le rang (senior, subordonné, sécurisé), le type de coupon (fixe, flottant, zéro), le volume de l’émission, la taille de l’émetteur, le nombre de cotations sur le marché (impact sur la liquidité), la liquidité des instruments de substitution, le marché de l’émission, le type de garantie, la monnaie, le pays de l’émetteur, le pays de l’émission, l’échéance de l’émission et la notation disponible de l’émission et de l’émetteur. De plus, le Gérant surveille cette évaluation de crédit en permanence.
Le Compartiment n’investit pas dans des parts d’OPC.
Sous réserve des limites autorisées par les Restrictions d’investissement applicables aux FM visées à la Section 4.7 du Prospectus, le Gérant est autorisé à utiliser des instruments financiers dérivés:
- à des fins de couverture	Oui
- à des fins de GEP	Non
- dans le cadre de la stratégie d’investissement	NonLe Compartiment peut utiliser des instruments financiers dérivés uniquement aux fins de couverture des risques de taux d’intérêt ou des risques de change; le sous-jacent de ces instruments financiers dérivés consiste en taux d’intérêt, taux de change, monnaies ou indices représentatifs de l’une de ces catégories.

Les investissements dans des monnaies autres que la Monnaie de référence sont couverts contre le risque de change.
L’attention des investisseurs est attirée sur l’Annexe sur les facteurs de risque, qui expose les facteurs de risque applicables au Compartiment.
Monnaie de référence
CHF
Classes d’Actions proposées à la souscription
Les Actions peuvent aussi prendre différentes formes (c.-à-d. Monnaies alternatives, politique en matière de dividendes, politique de couverture de change, "Seeding", "Connect"): cf. paragraphe 2.2.
|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Type d’investisseur(s) | Cf. tableau au paragraphe 2.2 |
| Montant minimum de souscription initiale et de détention | Equivalent d’EUR 3’000 | Equivalent d’EUR 1’000 | Equivalent de CHF 1’000’000 | Equivalent de CHF 1’000’000 | A définir | Equivalent d’EUR 3’000 | Equivalent d’EUR 3’000 | Aucun |

|  | Actions P | Actions R | Actions N | Actions I | Actions S | Actions M | Actions H | Actions E |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FROC maximum | 0,14% | 0,25% | 0,08% | 0,08% | 0,08% | 0,14% | 0,25% | 0,14% |
| Commission de gestion maximum | 0,30% | 0,30% | 0,30% | 0,30% | N/A | 0,35% | 0,60% | N/A |
| Commission de distribution maximum | 0,30% | 0,40% | N/A | N/A | N/A | N/A | N/A | N/A |
| Commission de performance | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Niveau maximum des commissions de gestion lorsque le Compartiment investit ses actifs dans d’autres OPCVM ou OPC ou Compartiments cibles* | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% | Jusqu’à 3,5% |
| Commission de transaction | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% | Jusqu’à 3% |

* Nonobstant toute commission de performance pouvant être prélevée au-delà de cette limite
Information SFDR
La classification du Compartiment en vertu du SFDR, la manière dont le Gérant intègre les risques en matière de durabilité dans ses décisions d’investissement concernant les Compartiments et les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont définis dans l’Annexe SFDR.
Gérant
Cf. paragraphe 6.3
Approche utilisée pour calculer le risque global du Compartiment
Approche par les engagements
Profil de l’investisseur type
Le Compartiment convient aux investisseurs qui:
- recherchent un revenu régulier, accordant la plus grande importance à la sécurité et à la liquidité de leur capital; et
- sont disposés à prendre les risques accrus associés aux catégories d’actifs décrites dans les objectif et politique d’investissement; et
- peuvent tolérer une certaine volatilité dans la valeur de leurs Actions.

Procédure de souscription
Le montant de la souscription doit être envoyé conformément à la procédure de souscription décrite à la Section 20 du Prospectus. Les demandes de souscription doivent parvenir à la Société au plus tard à l’Heure limite.
Le montant de la souscription doit être versé au Dépositaire dans la Monnaie de référence ou dans la Monnaie alternative respective, s’il s’agit de classes émises dans une Monnaie alternative, valeur avant la Date de paiement, et l’identité exacte du ou des souscripteurs ainsi que le Compartiment pour lequel les Actions sont souscrites doivent être indiqués.
Heure limite
| Heure limite  1 (heure du Luxembourg) (souscriptions, rachats et conversions) | Jour d’évaluation  2 ("T") | Date de paiement  3 |
| --- | --- | --- |
| 14h00 le jour T | Quotidien | Jusqu’à T + 1 jour  4 |

N. B.: toute référence à un jour sera interprétée comme une référence à un Jour ouvrable
1  
Si ce jour n’est pas un Jour ouvrable, le premier Jour ouvrable au Luxembourg précédant ce jour.
2  
Si ce Jour d’évaluation n’est pas un Jour ouvrable, le Jour d’évaluation sera le Jour ouvrable suivant ou le Jour ouvrable précédent en cas d’évaluation bimensuelle.
3  
Pour les rachats, les paiements seront normalement effectués dans la Monnaie de référence.
4  
Les actionnaires sont invités à consulter le site Internet du Groupe Lombard Odier (www.loim.com) pour connaître la Date de paiement applicable.
Veuillez vous référer au paragraphe 12.1 "Dispositions générales" de la Section 12 "Emission et vente d’Actions" pour de plus amples informations.
ANNEXE B: FACTEURS DE RISQUE
La liste de facteurs de risque ci-après ne prétend pas donner une description exhaustive des risques liés à un investissement dans les Actions des Compartiments. Avant toute décision de souscription ou d’achat d’Actions, les investisseurs potentiels sont priés de lire attentivement
le Prospectus complet et de s’adresser à leurs conseillers professionnels afin de comprendre les conséquences fiscales et autres de cet investissement compte tenu de leur situation personnelle.
Les performances passées n’offrent aucune garantie quant aux résultats futurs et il se peut que l’investisseur ne récupère pas le montant initialement investi. Rien ne garantit que les Compartiments atteindront effectivement leur objectif d’investissement ni que la valeur des actifs augmentera.
Le tableau ci-après récapitule les principaux risques liés au portefeuille de base de chaque Compartiment à la date du Prospectus. Il ne saurait constituer une liste figée et exhaustive de l’ensemble des risques potentiels. Les investisseurs doivent garder à l’esprit que les risques sont interdépendants et que les Compartiments peuvent être sensibles à chacun des facteurs de risque, notamment en cas de turbulences sur les marchés.
| Récapitulatif des principaux risques |
| --- |
| Risques Compartiments | Risques généraux | Actions | Petites et moyennes capitalisations | Titres à revenu fixe | Monnaies | Titres non investment-grade et distressed securities | Titres convertibles | Obligations convertibles contingentes | Matières premières | Organismes de placement collectif (au-delà de 10%) | ABS/MBS (au-delà de 10%) | Marchés émergents | Enregistrement en Russie / investissements en Russie | Concentration régionale ou sectorielle | Dérivés (couverture/gestion efficace du portefeuille) | Dérivés (stratégie d’investissement) | Modèle |
| Compartiments d’allocation d’actifs |
| All Roads Conservative | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| All Roads Growth | X | X | X | X | X | X | X |  | X |  |  | X |  |  | X | X | X |
| Event Convexity | X | X | X | X | X | X | X |  | X |  |  |  |  | X | X | X | X |
| Multiadvisers UCITS | X | X | X | X | X | X | X |  | X | X |  | X |  | X | X | X | X |
| Defensive Systematic Alternative Solution | X | X |  | X | X | X |  |  | X |  |  | X |  | X | X | X | X |
| Compartiments en actions |
| Generation Global | X | X |  |  | X |  | X |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Global Equity | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| Continental Europe Family Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Golden Age | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X |  |
| World Brands | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| World Gold Expertise | X | X | X |  | X |  |  |  | X |  |  | X | X | X | X |  |  |
| Commodity Risk Premia | X |  |  |  | X |  |  |  | X |  |  |  |  | X | X | X | X |
| Global FinTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Natural Capital | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Global HealthTech | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Emerging High Conviction | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X | X |  |
| China High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| TargetNetZero Europe Equity | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X |  | X |
| Europe All Cap Leaders | X | X | X |  | X |  | X |  |  |  |  | X |  | X | X |  |  |

| Récapitulatif des principaux risques |
| --- |
| Risques Compartiments | Risques généraux | Actions | Petites et moyennes capitalisations | Titres à revenu fixe | Monnaies | Titres non investment-grade et distressed securities | Titres convertibles | Obligations convertibles contingentes | Matières premières | Organismes de placement collectif (au-delà de 10%) | ABS/MBS (au-delà de 10%) | Marchés émergents | Enregistrement en Russie / investissements en Russie | Concentration régionale ou sectorielle | Dérivés (couverture/gestion efficace du portefeuille) | Dérivés (stratégie d’investissement) | Modèle |
| Europe High Conviction | X | X |  |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Continental Europe Small & Mid Leaders | X | X | X |  | X |  |  |  |  |  |  |  |  | X | X | X |  |
| Asia High Conviction | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X | X | X |
| TerreNeuve | X | X | X | X | X |  | X |  |  |  |  | X |  |  | X | X |  |
| Swiss Equity | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Swiss Small & Mid Caps | X | X | X |  |  |  |  |  |  |  |  |  |  | X | X |  |  |
| Climate Transition | X | X | X |  | X |  |  |  |  |  |  | X |  | X | X |  |  |
| Compartiments en placements à revenu fixe |
| Global Inflation-Linked Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X | X | X |
| Global Government Fundamental | X |  |  | X | X | X |  |  |  |  |  | X |  |  | X | X | X |
| Swiss Franc Bond (Foreign) | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Global Climate Bond | X |  |  | X | X | X |  |  |  |  |  | X |  | X | X |  | X |
| TargetNetZero Global IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| TargetNetZero Euro IG Corporate | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Global BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Euro BBB-BB Fundamental | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X | X |
| Swiss Franc Credit Bond (Foreign) | X |  |  | X | X | X |  | X |  |  |  | X |  |  | X | X | X |
| Ultra Low Duration (USD) | X |  |  | X |  | X |  |  |  |  |  |  |  | X | X |  |  |
| Ultra Low Duration (EUR) | X |  |  | X |  | X |  |  |  |  |  |  |  | X | X |  |  |
| Fallen Angels Recovery | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X | X |  |
| Emerging Local Currency Bond Fundamental | X |  |  | X | X | X |  |  | X |  |  | X | X | X | X | X |  |
| Asia Value Bond | X |  |  | X | X | X | X | X |  |  |  | X |  | X | X |  |  |
| Asia Investment Grade Bond | X |  |  | X | X |  | X | X |  |  |  | X |  | X | X |  |  |
| Convertible Bond | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Global Convertible Bond Defensive Delta | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| Convertible Bond Asia | X | X |  | X | X | X | X |  |  |  |  | X |  | X | X | X |  |
| Convertible Bond High Conviction | X | X |  | X | X | X | X |  |  |  |  | X |  |  | X | X |  |
| High Yield 2021 | X |  |  | X | X | X |  | X |  |  |  | X |  | X | X |  | X |
| High Yield 2022 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2023 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| High Yield 2024 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X |  |  |
| Asia Income 2024 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Asia Income 2025 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |

| Récapitulatif des principaux risques |
| --- |
| Risques Compartiments | Risques généraux | Actions | Petites et moyennes capitalisations | Titres à revenu fixe | Monnaies | Titres non investment-grade et distressed securities | Titres convertibles | Obligations convertibles contingentes | Matières premières | Organismes de placement collectif (au-delà de 10%) | ABS/MBS (au-delà de 10%) | Marchés émergents | Enregistrement en Russie / investissements en Russie | Concentration régionale ou sectorielle | Dérivés (couverture/gestion efficace du portefeuille) | Dérivés (stratégie d’investissement) | Modèle |
| Asia Income 2026 | X |  |  | X |  | X |  |  |  |  |  | X |  | X | X |  |  |
| Global Income 2026 | X |  |  | X | x | X |  |  |  |  |  |  |  |  | X | X |  |
| Global Income 2027 | X |  |  | X | X | X |  |  |  |  |  |  |  |  | X | X |  |
| Compartiments en placements monétaires à court terme |
| Short-Term Money Market (EUR) 1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (USD) 1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (GBP) 1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |
| Short-Term Money Market (CHF) 1 | X |  |  | X |  |  |  |  |  |  |  |  |  |  | X |  |  |

1 
Voir aussi les facteurs de risque spécifiques au paragraphe 2.16
- Risques générauxUne corrélation défavorable des risques généraux peut se produire, notamment lorsque les Compartiments sont confrontés à des conditions de marché anormales. Par conséquent, en cas de turbulences sur les marchés, le renforcement de l’un de ces risques peut non seulement accentuer l’exposition des Compartiments à d’autres risques généraux, mais aussi induire des risques supplémentaires.
- Risque de créditLe risque de crédit est un risque général qui s’applique à tous les placements. Il désigne le risque d’une perte liée au non- paiement d’un prêt ou d’une autre obligation (principal ou intérêts, voire les deux) par un débiteur. Pour les Compartiments, le débiteur peut être soit l’émetteur d’un titre sous-jacent ("risque d’émetteur"), soit la contrepartie dans une transaction telle qu’un contrat sur dérivés de gré à gré, une opération de mise ou de prise en pension ou un prêt de titres en portefeuille("risque de contrepartie"). Le débiteur peut être un gouvernement ("risque souverain"). Le risque de crédit désigne également le risque d’une perte liée à un événement de crédit autre que le défaut de paiement du débiteur, tel que, sans s’y limiter, une baisse de la notation de crédit du débiteur ou le rééchelonnement de sa dette.

Risque d’émetteur: si l’émetteur d’un titre à revenu fixe ou d’une action est en cessation de paiement, les Compartiments peuvent perdre la totalité du montant investi dans ce titre.
Risque de contrepartie: les Compartiments peuvent réaliser des transactions de gré à gré (over the counter) ou investir sur des marchés hors cote (inter dealer market). Les Compartiments s’exposent donc au risque qu’une contrepartie n’honore pas ses obligations selon les termes du contrat en raison d’un différend (de bonne foi ou non) concernant lesdits termes du contrat ou en raison d’un problème de crédit ou de liquidité, entraînant une perte pour les Compartiments pouvant atteindre l’intégralité du montant engagé avec cette contrepartie. Ces risques de contrepartie sont plus importants pour les contrats dont l’échéance est plus longue, où des événements peuvent se produire qui empêchent la réalisation du contrat, ou lorsque les Compartiments ont exécuté des transactions avec une seule contrepartie ou un petit groupe de contreparties.
Risque souverain: lorsque l’émetteur d’un titre à revenu fixe sous-jacent est un gouvernement ou un émetteur souverain, le risque existe que ce gouvernement ne puisse pas ou ne veuille pas honorer ses obligations, exposant ainsi les Compartiments à une perte correspondant au montant investi dans ce titre.
Risque systémique: le risque de crédit peut aussi découler d’une situation où plusieurs grands établissements dépendent les uns des autres pour satisfaire leurs besoins opérationnels ou de liquidité, la défaillance de l’un entraînant celle d’autres établissements. Parfois qualifié de "risque systémique", ce risque est susceptible d’affecter les intermédiaires financiers, tels que les organismes de compensation, les banques, les maisons de titres et les Bourses, avec lesquels les Compartiments traitent au quotidien.
- Risque de marché et de volatilitéLe risque de marché est un risque général qui s’applique à tous les placements. Il s’agit du risque de voir la valeur d’un investissement décroître en raison de changements des facteurs du marché tels que le taux de change, le taux d’intérêt, les actions ou la volatilité.

Le risque de volatilité est la probabilité de voir fluctuer les prix, les taux ou les monnaies cotés sur différents marchés. La volatilité peut affecter de diverses façons la Valeur nette d’inventaire des Compartiments. La volatilité de la Valeur nette d’inventaire par Action augmente à mesure que celle du marché augmente.
- Risque de taux d’intérêtLe risque de taux d’intérêt est le risque de voir la valeur d’un investissement décroître en raison de la variabilité des taux d’intérêt. Lorsque les taux d’intérêt augmentent, la valeur des titres de créance baisse, de même que la Valeur nette d’inventaire par Action des Compartiments investis dans ces titres. Les titres dont la duration est longue sont plus sensibles aux fluctuations des taux d’intérêt, ce qui les rend généralement plus volatils que les titres de duration plus courte. La duration mesure la sensibilité du prix (la valeur du principal) d’un investissement à revenu fixe à la variation des taux d’intérêt.
- Risque de changeLe risque de change est un risque général qui s’applique à tous les Compartiments qui investissent dans des actifs libellés dans une monnaie autre que la Monnaie de référence ("monnaie étrangère"). Il s’agit du risque de voir la valeur de ces actifs décroître, de même que la Valeur nette d’inventaire des Compartiments, en raison de taux de change défavorables. En cas d’appréciation de la monnaie dans laquelle est libellé un titre par rapport à la Monnaie de référence, la valeur du titre augmente. Inversement, une baisse du taux de change de la monnaie pèse sur ladite valeur. Les risques de change sont proportionnels au volume des actifs libellés en monnaies étrangères détenus par les Compartiments.

Les Compartiments peuvent proposer des classes d’Actions dans une Monnaie alternative. Les variations du taux de change entre la Monnaie de référence et cette Monnaie alternative sont susceptibles de se traduire par une baisse de la valeur desdites Actions exprimée dans la Monnaie alternative. Même en cas de couverture du risque de change, il peut subsister un risque de change résiduel. Bien que les stratégies de couverture ne soient pas forcément utilisées pour chaque classe d’Actions d’un Compartiment, les instruments financiers utilisés pour mettre en œuvre ces stratégies seront des actifs/ engagements du Compartiment dans son ensemble (pas de ségrégation entre les classes d’un même Compartiment).
- Risque de liquiditéLe risque de liquidité désigne le risque qu’un actif ne puisse pas être négocié assez rapidement pour ne pas affecter le prix de cet actif. Dans des conditions de marché normales, le risque de liquidité est faible, car les Compartiments peuvent uniquement investir dans les Actifs éligibles cités au paragraphe 4.1. En revanche, en cas de turbulences sur le marché, lefaible volume du marché empêche les Compartiments de vendre aisément leurs actifs à leur juste valeur, voire de les vendre dans l’absolu. Si les Compartiments reçoivent des demandes de rachat massives dans de telles conditions de marché, les Administrateurs peuvent prendre les mesures appropriées pour protéger les intérêts des actionnaires.
- Risque lié aux titres non cotés et/ou illiquidesLes Compartiments peuvent investir ou détenir une fraction (au maximum 10%) de leurs actifs nets en titres qui ne sont pas (ou plus) cotés en Bourse ou sur un Marché réglementé ou qui peuvent être considérés comme illiquides du fait de l’absence de marché actif. Les Compartiments risquent d’être confrontés à des retards substantiels et de subir des pertes en tentant de vendre ces titres. Si opportun, les positions illiquides et dépourvues de marché actif des portefeuilles des Compartiments seront évaluées au prix du marché compte tenu des prix de marché du moment, des prix de marché d’investissements comparables et/ou d’autres facteurs (p. ex. la nature de l’instrument en question) selon ce qui s’avérera approprié. Dans la mesure où l’évaluation au prix de marché d’un investissement illiquide est impossible, ledit investissement sera enregistréà la juste valeur raisonnablement déterminée par les Administrateurs ou leur délégué. Rien ne garantit que la juste valeur correspondra à la valeur réalisée par les Compartiments lors de l’aliénation ultérieure de l’investissement ou qui serait réalisée en cas d’aliénation immédiate dudit investissement. Par conséquent, un investisseur demandant à un Compartiment le rachat de ses Actions avant la vente d’un tel investissement ne participera pas aux gains ou aux pertes en résultant.
- Risque lié aux rachats massifsEn cas de rachat massif d’Actions d’un des Compartiments dans un laps de temps limité, le Compartiment risque de se voir contraint de liquider des positions dans des délais plus brefs que ceux qui seraient souhaitables, avec un effet négatif sur la valeur des Actions rachetées et des Actions toujours en circulation.
- Risque lié aux opérations de couvertureLes Compartiments peuvent détenir des instruments financiers à la fois aux fins d’investissement et aux fins de couverture des risques ou de GEP. Le succès de la stratégie de couverture d’un Compartiment ou d’une classe d’Actions sera en partie déterminé par la capacité du Gérant à évaluer correctement le degré de corrélation entre la performance des instruments utilisés dans ladite stratégie et la performance des investissements du portefeuille couverts. Etant donné que les caractéristiques de nombreux titres changent au fil de l’évolution des marchés ou du temps, le succès de la stratégie decouverture d’un Compartiment ou d’une classe d’Actions dépendra également de la capacité du Gérant à recalculer, réajuster et appliquer les couvertures de manière efficace et en temps opportun. Si les Compartiments ou classes d’Actions peuvent conclure des opérations de couverture visant à réduire le risque, ces opérations peuvent se solder pour eux/elles par une performance globale inférieure à celle qu’ils/elles auraient réalisée s’ils/si elles n’avaient pas conclu lesdites opérations. Pour diverses raisons, le Gérant pourra ne pas chercher à établir une corrélation parfaite entre l’instrument de couverture utilisé et les positions du portefeuille couvertes. Une telle corrélation imparfaite peut empêcher les Compartiments ou classes d’Actions d’atteindre la couverture recherchée ou les exposer à un risque de perte. Le Gérant pourra ne pas couvrir un risque donné, s’il juge sa probabilité de survenance trop faible pour justifier le coût de la couverture ou s’il ne prévoit pas la survenance dudit risque.
- Risque lié aux IFSLes IFS sont soumis aux risques liés aux investissements sous-jacents. Les investissements dans les IFS peuvent impliquer un risque de perte du principal et/ou du paiement des intérêts du fait des fluctuations des investissements sous-jacents.

Ce type d’investissement sous-jacent pouvant associer des instruments financiers dérivés, les IFS peuvent être sujets à une volatilité plus élevée que celle associée aux investissements directs dans des titres à revenu fixe et des actions. En outre, les investissements dans des IFS exposeront les Compartiments au risque de crédit de la contrepartie ayant émis ces IFS. En cas de faillite ou d’insolvabilité de cette contrepartie ou si les établissements financiers ayant émis ces IFS se heurtent à des conditions de marché difficiles, les Compartiments peuvent connaître des retards dans le dénouement de leurs positions et des pertes substantielles du fait de la perte de valeur des IFS. Les IFS comportent également un risque de liquidité, car il se peut qu’ils ne soient pas aussi liquides que leurs actifs sous-jacents, en fonction des conditions de marché.
- Risque fiscalLes investisseurs sont priés de noter plus particulièrement que le produit de la vente de titres sur certains marchés ou l’encaissement de tous dividendes ou autres revenus peuvent ou pourront être soumis à des impôts, prélèvements, droits ou autres taxes et frais imposés par les autorités dudit marché, y compris des retenues à la source. Le droit fiscal et la pratique en la matière de certains pays dans lesquels les Compartiments investissent ou sont susceptibles d’investir à l’avenir ne peuvent être arrêtés définitivement. Par conséquent, il est possible que l’interprétation du droit ou la compréhension de la pratique actuelles évoluent, ou que le droit soit modifié rétroactivement. Les Compartiments risquent donc d’être soumisà une taxation supplémentaire dans des pays où elle n’est pas prévue à la date du Prospectus ou à la date à laquelle les investissements sont effectués, valorisés ou aliénés.
- Risque lié à l’Agent d’administration et au DépositaireLes opérations des Compartiments sont effectuées par les prestataires de services décrits dans le Prospectus. En cas de faillite ou d’insolvabilité d’un prestataire de services, les investisseurs risquent de subir des retards (par exemple dans le traitement des souscriptions, des conversions ou du rachat d’Actions) ou d’autres perturbations.

Les actifs des Compartiments sont conservés par le Dépositaire et les sous-conservateurs dûment habilités, ce qui expose les Compartiments à des risques de perte liés à la fonction de dépositaire (1) si le Dépositaire/le sous-conservateur manque à ses obligations (exécution incorrecte) et (2) si le Dépositaire/le sous-conservateur est en défaut.
- Risque lié au prêt de titres et risque lié aux opérations de mise et de prise en pension
	- Risque lié au prêt de titresLes Compartiments peuvent prêter les titres qu’ils ont en portefeuille. Ils tentent ainsi d’augmenter leurs revenus grâce aux intérêts perçus en vertu du prêt. En cas de faillite de la contrepartie à un prêt de titres, les Compartiments risquent de subir des retards concernant la récupération des titres prêtés. Dans l’hypothèse d’une augmentation de la valeur des titres prêtés par les Compartiments, ceux-ci risquent de subir une perte s’ils ne récupèrent pas lesditstitres. Les Compartiments recevront des garanties qui devront demeurer en tout temps égales à 100% au moins de la valeur totale des titres pendant toute la durée du prêt, ajusté de la marge applicable conformément à la politique du Haircut décrite au paragraphe 4.5.1 (iii) du Prospectus.


La Société fait appel aux services d’un agent de prêt au lieu de gérer ses propres programmes de prêt de titres. Banque Lombard Odier & Cie SA est l’agent de prêt pour la Société. Banque Lombard Odier & Cie SA, la Société et la Société de gestion appartiennent au Groupe Lombard Odier. Des conflits d’intérêts potentiels peuvent survenir dans les situations suivantes:
- un accord en vertu duquel le risque lié à l’activité de prêt de titres est supporté par le prêteur (c.-à-d. la Société) tandis que les revenus découlant de cette activité sont partagés entre le prêteur et son agent peut encourager l’agent à sacrifier la qualité tant de la garantie que de la contrepartie. Pour réduire ce risque, l’agent de prêt de titres est tenu de se conformer strictement à la politique de prêt de titres mise en place par la Société de gestion et approuvée par la Société;
- une opération de prêt de titres dans le cadre de laquelle l’actif devant être prêté fait partie des portefeuilles respectifs de plusieurs entités faisant appel au même agent de prêt pourrait conduire à favoriser une de ces entités. Pour réduire ce risque, l’agent de prêt s’engage à garantir l’égalité de traitement de toutes les parties à une même opération de prêt de titres et à appliquer une allocation équitable entre elles.
- Risque lié aux opérations de mise et de prise en pensionLes Compartiments peuvent conclure des opérations de mise et de prise en pension. Cette pratique comporte certains risques. Par exemple, si la partie qui vend les titres à un Compartiment dans le cadre d’une opération de prise en pension manque à son obligation de racheter les titres sous-jacents, pour cause de faillite ou autre, ledit Compartiment cherchera à aliéner ces titres, opération susceptible d’entraîner des frais et des retards. Si le vendeur devient insolvable et fait l’objet d’une liquidation ou d’une réorganisation conformément au droit applicable sur la faillite ou autre, la possibilité d’aliéner les titres sous-jacents risque d’être restreinte pour ce Compartiment. Enfin, si un vendeur manque à son obligation de racheter les titres dans le cadre d’une opération de prise en pension, le Compartiment concerné risque de subir une perte dans la mesure où il serait contraint de liquider sa position sur le marché et où le produit de la vente des titres sous-jacents se révélerait inférieur au prix de rachat convenu avec le vendeur défaillant.

Les Compartiments peuvent conclure des opérations de mise en pension. Si la contrepartie au contrat de mise en pension manque à ses obligations, une perte peut être subie sur la vente du titre sous-jacent dans la mesure où le produit de la vente et les intérêts courus du titre seraient inférieurs au prix de revente convenu dans le contrat de mise en pension, intérêts compris. De plus, en cas de faillite ou d’insolvabilité de la contrepartie, les Compartiments peuvent subir des retards et des frais liés à la vente du titre sous-jacent ou subir la perte du principal et des intérêts.
- Risque de performance lié au recours à des techniques de GEPTandis que les Compartiments visent à générer des revenus supplémentaires, la performance totale des Compartiments recourant à de telles techniques peut être affectée si l’un des risques énoncés ci-dessus se réalise et se traduit par une perte.
- Risque opérationnelLe risque opérationnel est un risque global qui concerne tous les Compartiments lors d’opérations menées pour le compte desdits Compartiments dans le cadre de leur politique d’investissement respective. Un tel risque se concrétise par des erreurs opérationnelles qui incluent notamment des erreurs de transactions et des erreurs humaines similaires telles que des erreurs de frappe qui surviennent lors de la saisie dans un système de négoce électronique, ou encore des erreurs typographiquesou rédactionnelles liées aux contrats de dérivés ou contrats similaires. La Société de gestion ou, le cas échéant, les Gérants, leurs membres, administrateurs, actionnaires, fondés de pouvoir, employés et sociétés affiliées, leurs représentants légaux respectifs (chacun constituant une "Partie indemnisée") ne seront pas tenus pour responsables vis-à-vis de la Société ou de ses actionnaires de toute perte résultant d’erreurs opérationnelles à l’exception de pertes occasionnées par une fraude, une défaillance volontaire ou une négligence de la part de la Partie indemnisée. Les dispositions ci-dessus ne constituent pas une décharge des Parties indemnisées de toute responsabilité dans la mesure où ladite responsabilité ne peut être déclinée, modifiée ou limitée aux termes de la législation en vigueur, mais elles seront interprétées de sorte à être appliquées dans toute la mesure permise par la loi et les réglementations.
- Risque réglementaireGénéralités - Du fait des nombreuses réformes réglementaires en cours, il existe un risque que la politique d’investissement des Compartiments soit affectée et que des restrictions supplémentaires limitent la capacité des Compartiments à détenir certains instruments ou à s’engager dans certaines transactions et compromettent la capacité des Compartiments à atteindre leurs objectifs d’investissement initiaux respectifs. Afin de satisfaire à de nouvelles lois, règles et réglementations ou à des modifications apportées à des lois, règles et réglementations existantes, la restructuration ou la clôture d’un Compartiment ainsi que des coûts supplémentaires ne peuvent être exclus. Vous trouverez ci-après une liste non exhaustive des changements réglementaires potentiels pour l’UE et les Etats-Unis d’Amérique.

UE - L’UE traite actuellement les sujets suivants (liste non exhaustive):
- la consultation lancée par la Commission européenne sur la réglementation des produits, la gestion des liquidités, les dépositaires, les fonds des marchés monétaires, les investissements à long terme en vue d’une autre directive OPCVM ("Directive OPCVM VI");
- des sujets spécifiques portant sur les OPCVM et traités par l’AEMF - le rôle de l’AEMF est de parvenir à une plus grande cohérence dans l’application au quotidien de la législation européenne dans le domaine des marchésdes valeurs mobilières et elle joue un rôle actif dans la mise en place au sein de l’UE d’une culture commune et l’établissement de pratiques cohérentes en matière de surveillance, y compris en émettant des avis et en publiant des orientations et recommandations qui constituent une base centrale de référence pour le travail des régulateurs nationaux; et
- la proposition de Taxe sur les transactions financières dans l’UE ("TTF UE").

Etats-Unis d’Amérique - Les régulateurs des Etats-Unis prennent ou ont pris des mesures sur les sujets suivants (liste non exhaustive):
- le Dodd-Frank Wall Street Reform and Consumer Protection Act (le "Dodd-Frank Act") a imposé la règle Volcker ("Volcker Rule"), qui restreint, pour les entités bancaires et les sociétés financières non bancaires, la possibilité d’exercer certaines activités telles que le négoce pour compte propre et l’investissement, la promotion ou la détention d’intérêts dans des fonds d’investissement;
- le Hiring Incentives to Restore Employment Act (le "Hire Act") a été promulgué aux Etats-Unis en mars 2010 et inclut les dispositions FATCA. L’objectif du FATCA est d’assurer que les détails relatifs aux investisseurs américains détenant des actifs en dehors des Etats-Unis soient communiqués par les FFI aux autorités fiscales américaines afin de réduire l’évasion fiscale américaine. En application du Hire Act et afin de décourager les FFI de ne pas adhérerà ce régime, tous les titres américains détenus par un établissement financier qui ne se soumet et ne se conforme pas à ce régime se verront appliquer un impôt à la source américain de 30% sur le produit brut des ventes etsur les revenus (la "Retenue FATCA"). Le régime FATCA entre en vigueur progressivement entre le 1er juillet 2014 et 2017. Le 28 mars 2014, les Etats-Unis d’Amérique et le Grand-Duché de Luxembourg ont conclu un accord intergouvernemental de modèle 1 ("IGA") et un memorandum of understanding y afférent visant à faciliter la conformité avec les dispositions du FATCA. Le 29 juillet 2015, la loi du 24 juillet 2015 portant approbation de l’IGA entre le Grand-Duché de Luxembourg et les Etats-Unis a été publiée (la "Loi FATCA luxembourgeoise"). La Société,par l’intermédiaire de ses Compartiments, remplit les conditions requises pour être un FFI. Aux termes du FATCA, de l’IGA et de la Loi FATCA luxembourgeoise, un FFI peut revêtir le statut de FFI "rapporteur" ou de FFI "non rapporteur". Selon le statut de FFI "rapporteur" ou "non rapporteur" attribuable à la Société, cette dernière peut être contrainte d'exiger de tous les actionnaires qu’ils fournissent obligatoirement une preuve documentaire de leur résidencefiscale et de communiquer certaines données à l’autorité luxembourgeoise compétente sur les comptes soumis à communication et/ou imposer des restrictions à l’offre et à la vente d’Actions à certaines catégories d’investisseurs non soumises à l’obligation de communiquer ou prélever l’impôt à la source sur le produit brut des ventes ou sur les revenus de source américaine (voir paragraphe 13.2). Il convient de noter que même si la Société déploie tous les efforts que l’on peut raisonnablement attendre d’elle pour se conformer à toutes les obligations lui incombant au titre du FATCA, elle ne peut donner aucune garantie quant à sa capacité à satisfaire à ces obligations et, par conséquent, à éviter la Retenue FATCA, ce qui pourrait avoir un impact défavorable sur tous les actionnaires. Il est, en outre, recommandé aux investisseurs de s’adresser à leur propre conseiller juridique et fiscal pour évaluer les conséquences éventuelles du FATCA sur leur investissement dans la Société.
- Risque de dilutionLes investisseurs peuvent raisonnablement s’attendre à subir des coûts occasionnés par les activités de négoce d’un Gérant cherchant à atteindre les objectifs d’investissement du Compartiment. Ils ne peuvent par contre pas raisonnablement s’attendre à subir une baisse de la valeur pour les actionnaires (dilution) due à une activité de négoce excessive d’autres actionnaires entrant et sortant du Compartiment provoquant des investissements/désinvestissements significatifs sur des valeurs ou des marchés de la part du Compartiment.

Une dilution peut par exemple être provoquée par:
- l’achat de valeurs à un prix d’achat plus élevé;
- la vente de valeurs à un prix de vente plus bas;
- une augmentation des courtages forfaitaires explicites, y compris des frais, commissions et taxes de courtage;
- des répercussions sur le marché résultant de l’achat ou de la vente de valeurs et de leurs effets sur les courbes d’offres et de demandes desdites valeurs sur le marché.

Les mécanismes anti-dilution tels que le Swing Pricing visent à offrir une protection raisonnable aux actionnaires existants d’un Compartiment contre l’effet de dilution négatif exercé sur la VNI lorsqu’un Compartiment investit/désinvestit sur des valeurs ou des marchés du fait de l’activité des actionnaires. Cela se fait en transférant l’effet de dilution estimé vers les actionnaires à l’origine des demandes de souscription ou de remboursement.
Il convient toutefois de noter que l’application de mécanismes anti-dilution ne permet pas toujours de compenser entièrement les effets négatifs de l’activité des actionnaires sur la VNI du Compartiment, en particulier lorsque les conditions de marché sont tendues. Il convient aussi de noter que les mécanismes anti-dilution peuvent accentuer la volatilité à court terme de la performance d’un Compartiment.
- Risque en matière de durabilitéPar "risque en matière de durabilité", on entend un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante sur la valeur de l’investissement d’un Compartiment. Les risques en matière de durabilité peuvent représenter un risque à eux seuls ou avoir une incidence sur d’autres risques et peuvent contribuer de manière significative à certains risques, tels que les risques de marché, les risques opérationnels, les risques de liquidité ou les risques de contrepartie.

L’évaluation des risques en matière de durabilité est complexe et peut reposer sur des données ESG qui sont difficiles à obtenir et incomplètes, estimées, obsolètes ou largement incorrectes d’une autre manière. Même si cela est identifié, rien ne garantit que ces données seront correctement évaluées.
L’intégration de risques en matière de durabilité dans le processus de décision d’investissement peut entraîner l’exclusion d’investissements rentables de l’univers de placement des Compartiments et peut aussi forcer les Compartiments à vendre des investissements qui continueront à enregistrer une bonne performance.
L’appréciation du risque en matière de durabilité est subjective dans une certaine mesure et rien ne garantit que tous les investissements effectués par le Compartiment refléteront les convictions ou valeurs d’un investisseur donné sur les investissements durables.
Les risques en matière de durabilité peuvent se manifester de différentes manières et peuvent entraîner une détérioration significative du profil financier, de la rentabilité ou de la réputation d’un investissement sous-jacent et peuvent donc avoir une incidence marquée sur son cours ou sa liquidité.
Les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur les rendements du Compartiment sont présentés dans l’Annexe SFDR.
- Risques liés à certains Compartiments
	- Risque lié aux actionsLes risques liés aux investissements en actions (et titres assimilés) incluent les fluctuations importantes des cours, les informations défavorables relatives à l’émetteur ou au marché et le rang subordonné des actions par rapport aux titres de dette émis par la même société. Les cours des actions varient quotidiennement et peuvent être influencés par de nombreux facteurs microéconomiques et macroéconomiques tels que l’actualité politique et économique, la publication des bénéfices des entreprises et les catastrophes. La valeur des actions fluctue, et les Compartiments investissant en actions peuvent subir des pertes importantes.


Les Compartiments peuvent investir dans des introductions en Bourse ("IPO"). Il existe un risque de volatilité plus élevée du cours de l’action nouvellement émise du fait de facteurs tels que l’absence de marché public existant, des transactions non saisonnières, un nombre limité de titres pouvant être négociés et un manque d’informations sur l’émetteur.
- Risque lié aux petites et moyennes capitalisationsLes titres de petites et moyennes capitalisations, souvent vendus sur les marchés OTC, peuvent être moins liquides que ceux cotés sur les principales Bourses de valeurs. De ce fait, ils sont susceptibles, surtout lors d’une baisse des marchés, de passer par une période de manque de liquidité et de connaître, à court terme, une volatilité des cours et des écarts considérables entre prix de vente et prix d’achat. L’effet combiné de la volatilité des cours et de la liquidité restreinte de ces marchés peut affecter de manière négative la performance des Compartiments. Par ailleurs, le risque de faillite ou d’insolvabilité de nombre de petites capitalisations est supérieur à celui des poids lourds de la cote ("blue chips").
- Risque lié aux titres à revenu fixeLes risques liés aux investissements en obligations ou autres titres à revenu fixe incluent les risques de crédit, de liquidité et de taux d’intérêt.
- Risque de changeLes Compartiments peuvent être exposés à un risque de change. Les Compartiments peuvent investir dans des monnaies autres que leur Monnaie de référence. Par conséquent, la valeur d’un investissement peut subir l’influence favorable ou défavorable des fluctuations des taux de change, nonobstant les efforts déployés pour couvrir de telles fluctuations. De plus, les investisseurs potentiels dont les actifs et engagements sont principalement libellés dans des monnaies autres que la Monnaie de référence d’un Compartiment doivent tenir compte du risque potentiel de perte lié aux fluctuations du taux de change entre la Monnaie de référence du Compartiment et ces autres monnaies. Les taux de change peuvent connaître d’importantes fluctuations sur de courtes périodes. Ils sont généralement déterminés par l’offre et la demande sur les marchés des changes et la valeur relative des investissements dans différents pays, les changements réels ou perçus detaux d’intérêt et d’autres facteurs complexes. Les taux de change peuvent également être affectés de façon imprévisible par l’intervention (ou l’absence d’intervention) des gouvernements ou banques centrales concernés, ou par des contrôles des changes ou des développements politiques. Certaines monnaies ne sont pas librement convertibles.

Par ailleurs, un Compartiment peut subir des coûts liés aux conversions entre différentes monnaies. Les cambistes réalisent un bénéfice basé sur la différence entre les prix auxquels ils achètent et vendent différentes monnaies. Ainsi, un cambiste proposera de vendre une monnaie au Compartiment à un certain taux, tout en proposant un taux de change moins élevé si le Compartiment souhaite revendre immédiatement cette monnaie au cambiste. Le Compartiment effectuera ses opérations de change soit au comptant au cours spot en vigueur sur le marché des changes, soit par le biais de contrats à terme ou de contrats d’option pour acheter ou vendre des monnaies autres que la Monnaie de référence. Il est prévu que la plupart des
opérations de change des Compartiments aient lieu au moment de l’achat de titres et soient exécutées par le courtier local ou le Dépositaire.
- Risque lié aux titres non investment-grade et aux distressed securitiesLes investissements en titres de créance ou instruments connexes assortis d’une notation inférieure ou égale à BB (d’après Standard & Poor’s, Moody’s ou une agence de notation équivalente) ou de qualité équivalente selon l’opinion du Gérant peuvent impliquer des risques supplémentaires. Les titres qui bénéficient d’une notation BB ou équivalente sont considérés comme étant, de manière prédominante, spéculatifs quant à la capacité du débiteur, sur une longue période de temps,à s’acquitter de ses obligations en principal et intérêts ou à maintenir d’autres conditions spécifiées dans les documents d’offre. Quand bien même ces valeurs jouissent de certains éléments de qualité et de protection, ceux-ci sont dominés par les importantes incertitudes ou expositions de ces valeurs à des conditions économiques défavorables. Les titres dont la notation est inférieure à B, et en particulier les titres de type distressed debt sont, la plupart du temps, émis par dessociétés en situation financière difficile, aux résultats d’exploitation médiocres, qui affichent d’importants besoins en capital ou un résultat net déficitaire et se heurtent à des problèmes spéciaux de concurrence ou de vieillissement des produits,y compris des sociétés impliquées dans des procédures de faillite, de réorganisation ou de liquidation. Ces obligations peuvent constituer des placements à très haut risque, bien qu’en retour, elles puissent également comporter un potentiel de rendement élevé. Elles ne sont en règle générale pas garanties et peuvent être subordonnées à d’autres titres et obligations en circulation de l’émetteur. Il se peut que les titres de créance d’une notation non investment-grade ne soient pas protégés par des clauses ou des restrictions financières sur l’endettement supplémentaire. La capacité de ces sociétés à rembourser leurs dettes dans les délais peut être entravée par des fluctuations de taux d’intérêt défavorables, des changements dans la conjoncture économique globale, des facteurs économiques touchant un secteur particulier ou des faits nouveaux au seinde ces sociétés. Les risques inhérents aux investissements dans des entités en difficulté incluent le fait qu’il est souvent difficile d’obtenir des informations sur la situation réelle de ces émetteurs. Ces investissements peuvent aussi être affectés par les règles de droit concernant, entre autres, les transferts frauduleux et autres paiements ou transferts susceptibles d’être annulés, la responsabilité du prêteur, et le pouvoir du tribunal des faillites de repousser, réduire, subordonner, requalifier des créances en fonds propres ou rejeter des prétentions particulières. Rien ne garantit que la valeur des actifs utilisés comme nantissement des placements de la Société sera suffisante ou que des conditions favorables à une réorganisation ou une action similaire fructueuse seront réunies. Dans le cadre de toute procédure de réorganisation ou de liquidation relative à une entité dans laquelle la Société investit, la Société peut perdre la totalité de son investissement, être contrainte d’accepter des espèces ou des titres d’une valeur inférieure à son investissement initial et/ou être contrainte d’accepter un paiement étendu sur une période prolongée. En pareil cas, il se peut que les rendements générés par les investissements de la Société ne dédommagent pas les actionnaires à la hauteur des risques encourus.

En outre, l’évaluation du risque de crédit associé à des titres de créance s’accompagne d’incertitudes, car les agences de notation de crédit du monde entier ont des normes différentes, ce qui rend la comparaison difficile d’un pays à un autre. Par ailleurs, le marché des différentiels de taux est souvent inefficace et manque de liquidité, ce qui complique le calcul précis des baisses de taux pour évaluer des instruments financiers.
- Risque lié aux titres convertiblesLes titres convertibles sont des obligations, titres de créance, notes, actions privilégiées et autres titres qui peuvent, dans un délai donné à un prix déterminé ou suivant une formule déterminée, être convertis en ou échangés contre une certaine quantité d’actions ordinaires du même émetteur ou d’un autre émetteur. Un titre convertible confère au détenteur le droit de percevoir des intérêts, qui sont généralement payés ou accumulés, sur une créance, ou des dividendes, qui sont payés ou accumulés, sur des actions privilégiées jusqu’à ce que le titre convertible arrive à échéance ou soit remboursé, converti ou échangé. Généralement, les titres convertibles (i) affichent des rendements supérieurs à ceux des titres ordinaires, mais inférieurs à ceux de titres comparables non convertibles, (ii) sont moins sujets aux fluctuations de valeur que les actions ordinaires sous-jacentes du fait de leurs caractéristiques de titre à revenu fixe et (iii) offrent un potentiel de plus-value en capital en cas de hausse du cours de l’action ordinaire sous-jacente. La valeur d’un titre convertible dépend de sa "valeur nue" (déterminée par son rendement par rapport aux rendements d’autres titres d’échéance et de qualité comparables sans droit de conversion) et de sa "valeur de conversion" (valeur du titre, à sa valeur de marché, en cas de conversion en actionsordinaires sous-jacentes). Un titre convertible se vendra généralement avec une prime par rapport à sa valeur de conversion dans la mesure où les investisseurs jugent intéressant le droit d’acquérir l’action ordinaire sous-jacente tout en détenant un titre à revenu fixe. D’une manière générale, le montant de la prime décroît à mesure que l’échéance du titre convertible se rapproche. Un titre convertible peut faire l’objet d’un remboursement à l’initiative de l’émetteur à un prix fixé dans l’instrument sur lequel se fonde le titre convertible. Si un titre convertible détenu par un Compartiment est appelé au remboursement, ledit Compartiment se verra contraint de permettre à l’émetteur de rembourser le titre, de le convertir en actions ordinaires sous- jacentes ou de le vendre à un tiers. Chacune de ces opérations peut être préjudiciable à ce Compartiment.
- Risque lié aux obligations convertibles contingentesLes obligations convertibles contingentes (les "Obligations CoCo") sont des titres de créance qui se transforment en actions ou sont annulées en cas d’événement déclencheur. Les investissements dans les Obligations CoCo présentent différents risques pouvant entraîner la perte partielle ou totale des sommes investies ou un retard de paiement. De telles situations peuvent avoir une incidence négative sur les Compartiments.

Les investissements dans les Obligations CoCo sont exposés aux risques suivants (liste non exhaustive):
Risque de déclenchement
Les niveaux de déclenchement diffèrent et déterminent l’exposition au risque de conversion en fonction de l’écart entre le ratio de fonds propres et le niveau de déclenchement. Le Gérant du Compartiment peut rencontrer des difficultés à l’heure d’anticiper les événements déclencheurs requérant une conversion de la dette en actions.
Les déclencheurs sont conçus de façon à ce que la conversion ait lieu lorsque l’émetteur fait face à une situation de crise donnée, déterminée en vertu d’une évaluation réglementaire ou de pertes objectives (p. ex. le calcul du ratio prudentiel de fonds propres core tier 1 de l’émetteur). En tant que titres convertibles d’un type particulier, les Obligations CoCo ont plusieurs caractéristiques en commun avec les titres convertibles tels que décrits ci-dessus, mais s’en distinguent par un attribut particulier qui est leur déclencheur de conversion de la dette en actions.
Risque d'annulation du coupon
Pour certaines Obligations CoCo, les paiements sont entièrement discrétionnaires et peuvent être annulés par l’émetteur à n’importe quel moment, pour quelque raison que ce soit et pendant une durée indéterminée. Pour certaines Obligations
CoCo, les paiements des coupons annulés ne s’accumulent pas mais sont amortis, ce qui peut se traduire par une évaluation erronée du risque lié aux investissements dans les Obligations CoCo.
Risque d’inversion de la structure financière
Contrairement à la hiérarchie des capitaux traditionnelle, les investisseurs en Obligations CoCo peuvent (i) subir une perte sur le capital investi lorsque les détenteurs d’actions ne subissent pas de perte ou (ii) subir une perte avant les détenteurs d’actions. Les coupons des investisseurs en Obligations CoCo peuvent être annulés alors que l’émetteur continue de verser des dividendes sur ses actions ordinaires.
Risque de report de la date de remboursement anticipé
Certaines Obligations CoCo sont émises comme des instruments perpétuels, remboursables à des niveaux prédéfinis uniquement avec l’approbation de l’autorité compétente. Les Obligations CoCo perpétuelles ne seront pas obligatoirement remboursées à la date de remboursement anticipé. Les investisseurs en Obligations CoCo peuvent ne pas recevoir le remboursement du principal comme prévu à une date de remboursement anticipé ou à toute date ultérieure.
Risque inconnu
La structure des Obligations CoCo est innovante et n’a pas encore fait ses preuves. Dans un environnement difficile, lorsque les caractéristiques sous-jacentes de ces instruments seront mises à l’épreuve, rien ne permet de savoir avec certitude comment ils se comporteront. Si un émetteur individuel atteint un niveau de déclenchement ou annule le coupon, il est difficile de prévoir si le marché considèrera la situation comme un événement idiosyncratique ou systémique. Dans ce dernier cas, l’ensemble de la classe d’actifs pourrait être soumise à un risque de contagion des prix et de volatilité. Ce risque pourrait s’accentuer en fonction du niveau d’arbitrage des instruments sous-jacents De plus, dans un marché illiquide, la formation des prix pourrait subir un stress croissant.
Risque de rendement/d’évaluation
Par rapport à des émissions obligataires mieux notées d’un même émetteur ou à des émissions obligataires de même notation d’autres émetteurs, les Obligations CoCo offrent généralement un rendement favorable. Certains investisseurs peuvent privilégier les Obligations CoCo en raison de leur rendement attrayant pouvant être considéré comme une prime de complexité.
Risque de conversion
Les Obligations CoCo comportent des risques de conversion et des incertitudes liées, entre autres, à la difficulté de prévoir les événements déclencheurs entraînant la conversion de la dette en actions.
En ce qui concerne les risques de conversion, il reste des incertitudes quant au comportement de ces titres en cas de conversion: par exemple, les déclencheurs de conversion vont entraîner l’émission d’actions nouvelles au profit des porteurs d’Obligations CoCo, qui pourraient décider ou être contraints de vendre les actions nouvelles dès leur conversion, entraînant une diminution du prix des actions de l’émetteur. En particulier, le Gérant peut se voir forcé de vendre les nouvelles actions si la politique d’investissement d’un Compartiment ne permet pas l’intégration d’actions dans son portefeuille.
Risque de dépréciation
Les Obligations CoCo sont considérées comme des titres hybrides. Etant donné qu’elles sont émises sous la forme d’obligations, elles peuvent perdre leur valeur nominale (c.-à-d. l’investissement principal et/ou les intérêts courus peuvent être réduits à zéro de manière permanente) ou, suite à un événement déclencheur, être converties en actions (veuillez vous référer au paragraphe "Risque de conversion" ci-dessus).
Risque de concentration sectorielle
Les Obligations CoCo sont émises par des établissements des secteurs de la banque et de l’assurance. Si un Compartiment investit significativement en Obligations CoCo, sa performance sera davantage liée à la performance globale du secteur des services financiers que ne le serait un Compartiment appliquant une approche plus diversifiée.
Risque de liquidité
Dans certains cas, il peut être difficile de trouver un acheteur disposé à acheter les Obligations CoCo et le vendeur peut devoir accepter une décote importante par rapport à la valeur attendue de l’obligation.
- Risque lié aux matières premièresBien que la Société ait l’interdiction d’effectuer des investissements ou de conclure des opérations portant sur des matières premières, des contrats de matières premières ou des certificats représentant des matières premières, elle peut chercherà s’exposer aux matières premières par l’intermédiaire de parts d’OPC, d’actions ou d’instruments dérivés basés sur des indices. Les cours des matières premières sont influencés notamment par divers facteurs macroéconomiques tels que les fluctuations de l’offre et de la demande, les conditions météorologiques et autres phénomènes naturels, les politiques et programmes agricoles, commerciaux, fiscaux, monétaires et de contrôle des changes des gouvernements ainsi que d’autres événements imprévisibles. Les prix des matières premières peuvent être hautement volatils.
- Risque lié aux OPCLes OPC sous-jacents dans lesquels les Compartiments peuvent investir sont susceptibles d’être évalués par des administrateurs; ces évaluations peuvent par conséquent ne pas être vérifiées régulièrement ou en temps opportun par un tiers indépendant. Le risque existe donc que (i) les évaluations des Compartiments ne reflètent pas la valeur réelle des positions des véhicules de placement sous-jacents détenues par les Compartiments à un moment donné, ce qui peut se traduire par des pertes ou une valorisation incorrecte des Compartiments et/ou que (ii) les évaluations ne soient pasdisponibles le Jour d’évaluation, si bien que certains actifs des Compartiments sont susceptibles d’être évalués sur la base d’une estimation.

Pour certains de ces OPC sous-jacents, le dépositaire peut être un courtier au lieu d’une banque. Dans certains cas, ces courtiers n’ont pas la même notation de crédit qu’une banque. De plus, la législation applicable aux OPC sous-jacents peut disposer que les obligations du dépositaire sont limitées à la conservation des actifs, sans inclure de fonctions de surveillance similaires à celles qui s’imposent aux dépositaires d’OPC luxembourgeois.
En outre, il se peut que les réviseurs de certains de ces OPC sous-jacents ne recourent pas à des mesures de surveillance similaires à celles exigées pour les fonds de placement luxembourgeois.
- Risque lié aux instruments financiers dérivés
- Risque d’évaluationDe nombreux instruments financiers dérivés, et particulièrement les instruments financiers dérivés de gré à gré, sont complexes, difficiles à évaluer, souvent évalués de manière subjective, une évaluation ne pouvant être effectuée que par un nombre restreint de professionnels du marché. La valeur de remplacement d’une transaction sur instruments financiers dérivés de gré à gré peut différer de la valeur de liquidation de cette transaction, et les évaluations fournies par la contrepartie d’un Compartiment engagé dans cette transaction peuvent différer de l’évaluation fournie par un tiers ou de la valeur à la liquidation. Une contrepartie peut cesser de tenir un marché ou de coter certainsinstruments. Des évaluations erronées peuvent avoir pour conséquence des règlements en espèces d’un montant plus élevé à la contrepartie ou une perte de valeur dudit Compartiment.
- VolatilitéLe cours d’un instrument financier dérivé peut s’avérer très volatil du fait qu’une faible variation du cours du titre, de l’indice, du taux d’intérêt ou de la monnaie sous-jacents peut entraîner une variation importante du cours del’instrument financier dérivé. Un investissement dans des instruments financiers dérivés peut se solder par des pertes supérieures au montant investi.
- CorrélationLes instruments dérivés ne corrèlent ou ne suivent pas toujours parfaitement, ou même fortement, la valeur des actifs sous-jacents sur laquelle ils sont censés s’aligner. De ce fait, le recours par les Compartiments à des techniques d’instruments financiers dérivés n’est pas forcément un moyen efficace pour atteindre l’objectif d’investissement de ces Compartiments et peut même s’avérer contre-productif.
- Exposition courteBien que la Société ne puisse pas effectuer de ventes à découvert de valeurs mobilières, certains Compartiments peuvent, dans le cadre de leur stratégie d’investissement, utiliser des instruments financiers dérivés pour adopter une exposition courte à ces valeurs mobilières. En cas d’augmentation du cours des valeurs mobilières, les Compartiments pourraient subir des pertes significatives.
- Effet de levierLes Compartiments ne recourront pas à l’emprunt pour effectuer des investissements supplémentaires, mais un Compartiment utilisant des instruments financiers dérivés dans le cadre de sa stratégie d’investissement est susceptible de faire l’objet d’un effet de levier (exposition brute au marché, réunissant des positions longues et synthétiques courtes, supérieure à la valeur nette d’inventaire).

Si l’effet de levier offre des chances d’accroître le rendement total d’un Compartiment, il augmente aussi les pertes potentielles. En conséquence, tout événement préjudiciable à la valeur d’un investissement du Compartiment serait amplifié dans la mesure de l’effet de levier du Compartiment. L’effet cumulatif du recours à l’effet de levier par le Compartiment sur un marché connaissant une évolution défavorable aux investissements du Compartiment peut se traduire, pour le Compartiment, par une perte importante.
- Risque de contrepartie (transactions sur instruments dérivés de gré à gré)Les Compartiments peuvent conclure des transactions sur instruments dérivés sur des marchés de gré à gré, qui les exposent au risque de crédit de leurs contreparties ainsi qu’à l’éventuelle incapacité de ces derniers de satisfaire aux termes de ces engagements comme indiqué à l’alinéa relatif au risque de contrepartie ci-dessus.

Les Compartiments peuvent aussi se trouver dans l’impossibilité de liquider une position ou de fermer une position ouverte par la conclusion d’une transaction symétrique de gré à gré au moment où ils le souhaitent, ce qui peut nuire à leur performance. La liquidation d’une transaction sur dérivés de gré à gré requiert le consentement de la contrepartie de la transaction.
- Contrôle et surveillanceLes instruments financiers dérivés sont des produits hautement spécialisés qui requièrent des techniques d’investissement et des analyses de risque différentes de celles des actions et obligations. L’utilisation de techniques dérivées présuppose non seulement la connaissance des actifs sous-jacents des instruments financiers dérivés, mais également la connaissance des instruments financiers dérivés proprement dits, sans que l’évolution de la valeur de ces derniers puisse pour autant être surveillée dans toutes les conditions de marché possibles. L’utilisation et lacomplexité des instruments financiers dérivés requièrent notamment le maintien de mécanismes de contrôle adéquats pour la surveillance des transactions conclues, la capacité d’évaluer le risque que des instruments financiers dérivés ajoutent aux Compartiments ainsi que la capacité de prévoir correctement les évolutions des cours, des taux d’intérêt ou des taux de change des actifs sous-jacents. Aucune garantie ne peut être donnée quant à l’exactitude d’une quelconque prévision ou sur le succès d’une stratégie d’investissement utilisant des instruments financiers dérivés.
- GarantieEn vertu des accords ISDA et des annexes sur le soutien des garanties conclus entre la Société et chaque contrepartie OTC, la Société et ses contreparties ISDA sont tenues de garantir leur exposition réciproque sur la base de la valeur du marché. La garantie transférée par la Société à ses contreparties ISDA est transférée avec le droit légal de propriété.
- Recours limitéLa Société est une structure à compartiments multiples (chaque compartiment étant désigné par le terme de Compartiment). Même s’il ne constitue pas une entité juridique séparée, chaque Compartiment correspondà une part distincte de l’actif et du passif de la Société de droit luxembourgeois et bénéficie par conséquent d’une responsabilité limitée conformément aux dispositions des documents constitutifs de la Société et à la loi luxembourgeoise. Lorsqu’elle négocie pour le compte d’un Compartiment donné, la Société s’efforcera si possibled’obtenir une confirmation contractuelle des contreparties à la transaction (chacune constituant une "Contrepartie") selon laquelle l’engagement de la Société se limitera aux actifs du Compartiment concerné et que la Contrepartie ne disposera d’aucune voie de recours à l’encontre des actifs d’un autre Compartiment. Toutefois, il ne sera peut-être pas toujours possible d’obtenir une telle confirmation et dans le cas (i) où une Contrepartie détient des actifs de plus d’un Compartiment; et (ii) où les tribunaux de la juridiction dans laquelle se situent les actifs ne maintiennent pas le principe luxembourgeois de responsabilité limitée tel que susmentionné, il se peut que les actifs du Compartiment soient utilisés pour répondre des engagements d’un autre Compartiment.
- Options / warrantsUne option est un contrat qui donne à l’acheteur le droit, mais non l’obligation, d’acheter (call) ou de vendre (put) l’actif sous-jacent à une date future donnée ou pendant un laps de temps donné, à un prix fixé à l’avance (prix d’exercice) en échange du paiement d’une prime, qui représente la perte maximale pour l’acheteur de l’option.

Les options peuvent constituer pour le Gérant une solution économique pour limiter les baisses tout en profitant de la totalité de la hausse d’un titre, d’un indice financier, etc. Des positions longues en options peuvent être adoptées pour se couvrir contre les fluctuations défavorables du sous-jacent. La prise de positions courtes en vue d’améliorer le rendement total et de générer des revenus pour le Compartiment sous forme de primes perçues est également possible. L’émission et l’achat d’options sont des activités spécialisées qui peuvent impliquer des risques importants.
Si le Gérant se trompe dans ses prévisions concernant l’évolution des prix de marché ou son analyse de la corrélation entre les instruments ou indices faisant l’objet de l’émission ou de l’achat des options et les instruments composant le portefeuille d’investissement d’un Compartiment, le Compartiment risque d’accuser des pertes qu’il n’aurait autrement pas subies.
Un warrant est un certificat qui autorise son détenteur à acheter un montant spécifique de titres sous-jacents de la société émettrice à un prix prédéterminé jusqu’à la date d’échéance du certificat, contre paiement d’une prime. Les warrants sont très similaires aux options d’achat, mais quelques différences majeures existent, notamment: (i) les warrants sont émis par des parties privées, typiquement l’entreprise sur laquelle porte le warrant, (ii) les warrants sont considérés comme des instruments OTC, (iii) les warrants ne sont pas standardisés comme les options cotées,
(iv) les warrants ne peuvent habituellement pas faire l’objet d’une exposition courte de la part des investisseurs.
- Forwards (contrats à terme de gré à gré)Un forward est un contrat dans lequel deux parties conviennent d’échanger l’actif sous-jacent à une date future donnée et à un prix fixé à l’avance. L’acheteur s’engage aujourd’hui à acheter un certain actif à une date future et le vendeur s’engage à le lui livrer à cette date.

Contrairement aux contrats de futures, les forwards ne sont pas traités en Bourse et ne sont pas standardisés; ce sont plutôt des banques et des négociants qui jouent le rôle de contreparties sur ces marchés, négociant chaque transaction sur une base individuelle. Ces opérations à terme sont dans une large mesure non réglementées; il n’y a pas de limites aux fluctuations de cours quotidiennes. Les contreparties qui opèrent sur les marchés à terme ne sont pas tenues de continuer à tenir des marchés pour les titres sous-jacents qu’elles négocient et ces marchés
sont susceptibles de connaître des périodes d’illiquidité parfois longues. Des perturbations peuvent survenir sur tout marché traité par les Compartiments du fait d’un volume de transactions anormalement élevé, d’une intervention politique ou d’autres facteurs. S’agissant de ces opérations, les Compartiments sont exposés au risque de défaillance de la contrepartie ou d’incapacité ou de refus de la contrepartie d’exécuter ces contrats. L’illiquidité ou la perturbation du marché peuvent se traduire par des pertes importantes pour les Compartiments.
- FuturesLes futures sont des contrats à terme standardisés négociés sur des marchés organisés. Le montant du dépôt de garantie initial (marge initiale) est faible comparé à la valeur du contrat de futures: ces opérations reposent sur un effet de levier. Une variation relativement faible du marché sera amplifiée d’autant et pourra jouer en faveur ou en défaveur de l’investisseur. Le placement de certains ordres censés limiter les pertes à des montants donnés peut se révéler inopérant du fait de conditions de marché rendant impossible l’exécution de ces ordres.
- Contract for difference (CFD)Un contract for difference est un contrat entre deux parties qui leur permet de constituer une exposition à la performance économique et aux flux de trésorerie d’un titre sans acheter ou vendre effectivement ce titre. Les deux parties conviennent que le vendeur paiera à l’acheteur la différence de prix au terme d’une certaine période en cas de hausse du cours du titre en question; inversement, l’acheteur paiera la différence de prix au vendeur en cas de baisse du cours du titre. Le CFD est lié aux cours du titre sous-jacent. Partant, aucun droit n’est acquis et aucune obligation n’est contractée en ce qui concerne l’action sous-jacente.

Les Compartiments peuvent adopter des positions synthétiques longues ou courtes avec une marge variable par l’intermédiaire de CFD. Il s’agit d’instruments à fort effet de levier: pour un dépôt faible, un Compartiment peut détenir une position nettement plus importante que ne le permet un placement traditionnel. En cas de fluctuations importantes et défavorables du marché, il est possible de perdre l’intégralité du dépôt initial tout en restant redevable du paiement immédiat de sommes supplémentaires pour maintenir le dépôt de garantie obligatoire.
- Swaps (IRS et TRS compris)Dans une opération de swap standard, deux parties conviennent d’échanger les rendements (ou les différentiels de taux de rendement) gagnés ou réalisés sur des investissements ou des instruments donnés définis à l’avance.

Les Compartiments peuvent conclure des opérations de swap en vue d’obtenir des positions courtes et longues synthétiques sur certains titres, secteurs ou indices, y compris des indices de matières premières. Les contrats de swap peuvent être négociés et structurés individuellement pour inclure une exposition à différents types d’investissements ou facteurs du marché. En fonction de leur structure, les contrats de swap peuvent augmenter ou réduire l’exposition des Compartiments aux taux d’intérêt à long ou court terme, aux taux de change, aux taux
d’emprunt des entreprises, aux taux d’inflation ou à d’autres facteurs tels que des actions individuelles, des paniers ou des indices d’actions. Les contrats de swap peuvent prendre de nombreuses formes et sont connus sous différents vocables.
Un swap sur taux d’intérêt (IRS) est un contrat d’échange d’une série de flux de trésorerie ( jugés risqués, car liés, p. ex., à un taux d’intérêt variable) contre une autre série de flux de trésorerie ( jugés stables, car liés, p. ex., à un taux d’intérêt fixe).
Un swap sur rendement total (TRS) est un contrat qui prévoit l’échange du droit à percevoir le rendement total, coupons plus gains ou pertes en capital, d’un actif de référence (une action, p. ex.), d’un indice ou d’un panier d’actifs donnés contre le droit d’effectuer des paiements fixes ou variables ou un autre gain réalisé du fait de la possession d’une action.
Le facteur principal de la performance des contrats de swap est la variation du taux d’intérêt, de la monnaie, de l’action individuelle ou des autres facteurs en question déterminant le montant des paiements à recevoir et à effectuer par un Compartiment. Si un contrat de swap exige qu’un Compartiment effectue des paiements, ledit Compartiment doit être prêt à effectuer ces paiements au moment où ils sont dus. En outre, en cas de dégradation de la qualité de crédit d’une contrepartie, il faut s’attendre à une baisse de la valeur des contrats de swap avec cette contrepartie susceptible de se traduire par des pertes pour le Compartiment en question.
Le marché des swaps a connu un essor important ces dernières années, et un grand nombre de banques et de sociétés offrant des services de banques d’affaires - agissant en qualité de contreparties et d’agents - utilisent une documentation standardisée sur les swaps. Le marché des swaps est ainsi devenu liquide, mais rien ne garantit qu’il existera un marché secondaire liquide à un moment donné pour un swap précis.
- Swaps sur défaillanceUn swap sur défaillance (credit default swap ou CDS) est un contrat en vertu duquel une partie achète une protection contre les pertes liées à un événement de crédit d’une entité de référence jusqu’à l’échéance du swap. L’acheteur de la protection paie une commission périodique pour cette protection jusqu’à la date d’échéance, sauf si un événement de crédit déclenche le paiement conditionnel. Dans cette dernière hypothèse, l’acheteur de la protection ne doit payer que la commission accumulée jusqu’au jour de l’événement de crédit. Si un événement de crédit survient, le règlement s’effectuera soit en espèces, soit par une livraison physique. (i) Règlement en espèces: le vendeur dela protection paiera à l’acheteur le montant net de la différence entre la valeur nominale et la valeur de marché du titre. (ii) Livraison physique: l’acheteur de la protection livrera une obligation ou un prêt de l’entité de référence au vendeur de la protection, en échange de quoi ce dernier paiera la valeur nominale. Faillites, défauts de paiement et restructurations sont les événements de crédit typiques faisant l’objet de CDS.

Les Compartiments peuvent adopter des positions synthétiques longues ou courtes sur certains titres par l’intermédiaire de CDS. L’utilisation de CDS peut comporter des risques plus élevés que ceux associés aux investissements directs en obligations. Un CDS permet de transférer le risque de défaut. Les CDS peuvent remplacer l’achat d’obligations d’entreprises ou servir à couvrir une exposition à une obligation d’entreprise spécifique ou à réduire l’exposition au risque de crédit de base. Si un Compartiment est l’acheteur et si aucun événement de défaut ne se produit, le Compartiment perdra son investissement et ne récupérera rien. En revanche, si un tel événement survient, le Compartiment acheteur recevra le montant susmentionné, en espèces ou sous forme de livraison physique. Si un Compartiment est le vendeur, il percevra un revenu fixe jusqu’au terme du contrat à condition qu’aucun événement de crédit ne survienne. En cas de survenance de l’événement de crédit, le Compartiment devra payer le montant prévu au contrat.
Tous les Compartiments recourant aux swaps sur défaillance peuvent, en cas d’évènement de crédit, être amenés à recevoir des obligations bénéficiant d’une notation de qualité inférieure à la notation investment-grade et libellées
dans une monnaie autre que la Monnaie de référence. S’agissant des Compartiments autorisés à investir uniquement dans des obligations investment-grade ou dans des obligations émises dans la Monnaie de référence, la livraison
de ces obligations non investment-grade libellées dans une monnaie autre que la Monnaie de référence ne sera pas considérée comme une violation de la politique d’investissement.
Le marché des CDS peut parfois être moins liquide que les marchés obligataires.
- Risque lié aux ABS et risque lié aux MBSLes ABS et les MBS sont des titres adossés à des actifs financiers dont la nature varie et détermine la qualification du titre.

Les MBS sont des titres qui représentent une participation directe ou indirecte dans, ou sont garantis par nantissement par et payables par, des prêts hypothécaires garantis par des biens immobiliers ou des instruments dérivés de tels prêts.
Le paiement du principal et des intérêts et le prix d’un MBS dépendent en général des flux de trésorerie générés par les hypothèques sous-jacentes et les termes du MBS. Les MBS sont adossés à différents types d’hypothèques, y compris sur des propriétés commerciales et résidentielles. Les MBS sont émis par des entités gouvernementales et non gouvernementales et incluent différents types de titres tels que les titres de transfert (pass-through), des obligations garanties par des créances hypothécaires et des MBS divisés (stripped MBS).
Certains MBS représentent des intérêts dans des pools de prêts hypothécaires constitués en vue de leur vente à des investisseurs par diverses agences gouvernementales telles que la US Government National Mortgage Association (GNMA), par des organisations liées au gouvernement comme la U.S. Federal National Mortgage Association (FNMA) et la U.S. Federal Home Loan Mortgage Corporation (FHLMC), et par des émetteurs privés tels que les banques commerciales, les mutuelles d’épargne et de crédit et les établissements de crédit hypothécaire.
Des entités privées, gouvernementales ou liées au gouvernement peuvent créer des pools d’hypothèques proposant des investissements pass-through. Les intérêts des pools de titres liés à des hypothèques diffèrent des autres formes de titres de créance, qui prévoient normalement un paiement périodique des intérêts par montants fixes avec des paiements du principal à l’échéance ou à des dates spécifiques. Au lieu de cela, ces titres prévoient normalement un paiement mensuel qui consiste en un paiement d’intérêts et un paiement du principal. Ces paiements sont généralement un "pass-through" des paiements mensuels effectués par les emprunteurs individuels sur leur prêt commercial ou résidentiel, net de tous frais payés à l’émetteur ou au garant de tels titres. Des paiements additionnels sont déclenchés par des remboursements du principal découlant de la vente de la propriété sous-jacente, du refinancement ou de l’exécution forcée, net des frais ou coûts encourus. Le paiement en temps voulu du principal et des intérêts des titres pass-through émis par la U.S. Federal National Mortgage Association (FNMA) et la U.S. Federal Home Loan Mortgage Corporation (FHLMC) est garanti par la
U.S. Federal National Mortgage Association (FNMA) et la U.S. Federal Home Loan Mortgage Corporation (FHLMC). Les MBS privés représentent un intérêt dans des pools composés de prêts hypothécaires résidentiels ou commerciaux créés par des émetteurs non gouvernementaux tels que les banques commerciales et les mutuelles d’épargne et de crédit ou les
établissements d’hypothèques privées. Les titres MBS privés peuvent être assortis d’un risque plus élevé et être plus volatils que les MBS gouvernementaux ou liés au gouvernement. De plus, les MBS privés peuvent être moins liquides que les MBS gouvernementaux ou liés au gouvernement.
Les obligations garanties par des créances hypothécaires sont des titres de créance d’une entité juridique garantis par des hypothèques. Elles sont généralement notées par des agences de notation et sont structurées en plusieurs classes, souvent désignées par le terme de "tranches", chaque classe étant assortie d’une échéance déclarée différente et d’un échéancier différent pour les paiements du principal et des intérêts, y compris les paiements anticipés. Les tranches les plus courtes, les tranches senior, comportent généralement un risque inférieur à celui des tranches junior, à échéance plus longue.
Les stripped MBS sont des MBS dérivés à classes multiples. Les stripped MBS peuvent être émis par des agences ou des véhicules du gouvernement américain, ou par des initiateurs privés de, ou investisseurs en, prêts hypothécaires, y compris des mutuelles d’épargne et de crédit, des banques hypothécaires, des banques commerciales, des banques d’affaires et des entités à but spécial ou promus par les entités précitées. Les stripped MBS privés peuvent être moins liquides que d’autres types de MBS. Les stripped MBS sont habituellement divisés en deux classes qui reçoivent une proportion différente des distributions d’intérêts et du principal d’un pool d’actifs hypothécaires. Un stripped MBS commun comportera une classe qui reçoit une partie des intérêts et la majeure partie du principal des actifs hypothécaires tandis que l’autre classe recevra la majeure partie des intérêts et le reste du principal. Dans les cas les plus extrêmes, une classe recevra l’intégralité des intérêts (interest-only), tandis que l’autre classe recevra l’intégralité du principal (principal-only).
Les ABS sont très similaires aux MBS, à la différence près que les titres sont garantis par d’autres types d’actifs en plus des hypothèques, entre autres des créances sur cartes de crédit, des prêts sur capital immobilier, maisons préfabriquées, prêts automobiles, prêts étudiants, locations de matériel ou encore des crédits bancaires senior. Ces actifs peuvent être un pool d’actifs ou un actif unique. Les ABS représentant un intérêt dans un pool d’actifs offrent une diversification plus importante des crédits que les ABS représentant un intérêt dans un actif unique. Le paiement des intérêts et le remboursement du principal sur un ABS peuvent dépendre dans une large mesure des flux de trésorerie générés par les actifs sous-jacents et, dans certains cas, peuvent être soutenus par des lettres de crédit, des actes de cautionnement ou d’autres rehaussements de crédit.
La qualité de crédit des ABS dépend en première ligne de la qualité des actifs sous-jacents, des droits de recours à l’encontre des actifs sous-jacents et/ou de l’émetteur, du niveau de l’éventuel rehaussement de crédit offert pour les titres et de la qualité de crédit de l’éventuel fournisseur de soutien au crédit. La valeur des ABS peut être affectée par différents facteurs, tels que les variations des taux d’intérêt, la disponibilité d’informations concernant le pool et sa structure, la solvabilité de l’agent de service du pool, l’initiateur des actifs sous-jacents, ou les entités fournissant le rehaussement de crédit. Les ABS qui ne bénéficient pas d’une sûreté sur les actifs sous-jacents présentent certains risques additionnels que ne recèlent pas les ABS qui bénéficient d’une telle sûreté sur les actifs sous-jacents.
Les MBS et ABS sont exposés aux risques de paiement anticipé, d’extension de maturité et de défaut de paiement.
Risque de paiement anticipé: risque que le principal soit remboursé au cours de la durée de vie du titre et non à l’échéance, si les obligations sous-jacentes font l’objet de paiements anticipés non planifiés du principal avant la date d’échéance
du titre en raison de paiements anticipés volontaires, de refinancements ou d’exécutions forcées des prêts sous-jacents. Certains types d’ABS sont souvent sujets à des remboursements plus rapides que ne l’indique leur échéance déclarée en raison du pass-through de remboursements anticipés du principal sur les actifs sous-jacents. Le taux des remboursements du principal sur ces ABS est lié au taux des remboursements du principal sur le pool d’actifs sous-jacents et lié à la priorité de paiement du titre par rapport au pool d’actifs. L’occurrence des remboursements anticipés est fonction de nombreux facteurs tels que le niveau des taux d’intérêt, les conditions économiques générales, le lieu et l’âge des obligations sous- jacentes, les taux de défaut et de recouvrement ainsi que d’autres conditions sociales et démographiques. Les paiements anticipés du principal ayant généralement lieu lorsque les taux d’intérêt baissent, les investisseurs doivent souvent réinvestir les produits de tels remboursements anticipés à des taux d’intérêt inférieurs à ceux servis par les actifs dans lesquels ils étaient précédemment investis. Par conséquent, dans les périodes de baisse des taux d’intérêt, ces ABS peuvent présenter un potentiel d’appréciation du capital inférieur à celui d’autres titres d’échéance comparable servant un revenu. De même, les titres interest-only et principal-only mentionnés plus haut sont hautement sensibles aux remboursements anticipés associés aux hypothèques sous-jacentes et afficheront des réactions opposées à une même tendance dans les paiements anticipés. Pour les titres interest-only, les paiements anticipés au sein du pool signifient des paiements d’intérêts inférieurs aux attentes puisque les hypothèques seront arrivées à terme, affectant négativement les détenteurs des titres. Pour les titres principal- only, les paiements anticipés au sein du pool signifient un remboursement du principal plus rapide que prévu, ce qui profite aux détenteurs des titres. En raison de la très forte sensibilité de ces titres, la possibilité de chutes marquées des prix est nettement plus élevée que dans le cas des MBS conventionnels.
Risque d’extension de maturité: risque que des titres de créance soient remboursés plus lentement qu’attendu initialement, augmentant la vie moyenne de ces titres de créance et la sensibilité des prix de ces titres de créance aux futures variations du taux d’intérêt. Une hausse des taux d’intérêt pourrait se traduire par un remboursement plus lent qu’attendu des hypothèques par les propriétaires fonciers, ce qui ralentirait les paiements des titres de créance adossés à des hypothèques. Cela pourrait allonger la duration du titre de créance, accroissant la sensibilité de son prix aux variations du taux d’intérêt, et augmenter le potentiel de perte.
Risque de défaut: risque de défaut de paiement sur les actifs sous-jacents auxquels le titre est adossé. Un affaiblissement des fondamentaux de crédit associés aux actifs sous-jacents auxquels les titres ABS/MBS sont adossés peut entraîner une hausse du taux de défaut, ce qui se traduirait par une baisse de la valeur des titres de créance ABS/MBS.
En raison de leurs caractéristiques spécifiques, les ABS/MBS peuvent également être exposés à des risques de taux d’intérêt, de crédit et de liquidité plus élevés que d’autres titres de créance comme les obligations gouvernementales.
Les ABS/MBS peuvent être structurés comme des titres synthétiques. Par exemple, le CMBX est un CDS sur un panier d’obligations MBS commerciales, constituant de fait un indice de CMBS. En achetant un tel instrument, les Compartiments achètent une protection (c.-à-d. la possibilité d’obtenir le nominal pour les obligations en cas d’événement de crédit défavorable), autorisant les Compartiments à couvrir leur exposition ou à vendre à découvert le secteur des MBS commerciaux. En vendant à découvert un tel instrument et en détenant des liquidités pour satisfaire à l’obligation éventuelle de l’acheter, les Compartiments vendent une protection et obtiennent en fait une exposition longue au secteur des MBS commerciaux plus rapidement et plus efficacement qu’en achetant des obligations individuelles. Les risques associés à de tels instruments synthétiques sont comparables à ceux des titres ABS ou MBS sous-jacents que ces instruments cherchent à répliquer, en plus du risque que ces instruments synthétiques n’affichent pas la performance escomptée en raison de conditions de marché défavorables.
Si l’un des risques mentionnés ci-dessus se concrétise, les Compartiments peuvent ne pas parvenir à récupérer tout ou partie de leur investissement initial dans les titres, nonobstant l’existence de mécanismes tels que le rehaussement de crédit ou la séniorité.
- Risque lié aux Marchés émergentsGénéralités: l’infrastructure juridique, judiciaire et réglementaire des Marchés émergents auxquels les Compartiments sont susceptibles d’être exposés est toujours en phase de développement, et il règne un certain flou juridique pour les acteurs des marchés locaux comme pour leurs contreparties. Certains marchés comportent des risques importants pour les investisseurs, qui devront par conséquent s’assurer, avant tout investissement, qu’ils comprennent les risques y afférents et qu’ils sont convaincus de l’opportunité d’un tel investissement. Ces risques peuvent inclure (i) un risque accru de nationalisation, d’expropriation, de fusions forcées de sociétés, de création de monopoles d’Etat, de fiscalité spoliatrice ou d’instaurationd’un contrôle des prix; (ii) une incertitude sociale, économique et politique accrue, y compris la guerre; (iii) une dépendance accrue à l’égard des exportations et l’importance correspondante du commerce international; (iv) une volatilité accrue, une liquidité moindre, des volumes d’échanges faibles et une moindre capitalisation des marchés de titres; (v) une volatilité accrue des taux de change; (vi) un risque accru d’inflation; (vii) des contrôles renforcés des investissements étrangers et des restrictions au rapatriement de capitaux investis et à la convertibilité des monnaies locales en monnaies principales et/ou desrestrictions sur l’achat ou la vente par des investisseurs étrangers; (viii) une probabilité accrue de décisions gouvernementales visant à mettre un terme au soutien de programmes de réforme économique ou à imposer une économie planifiée; (ix)des différences de normes, méthodes, pratiques et publications comptables, de vérification des comptes et d’information financière susceptibles de se traduire par une indisponibilité, des lacunes ou des retards dans les informations importantes sur les émetteurs; (x) une réglementation plus sommaire des marchés de titres; (xi) des délais de règlement plus longs pour les transactions sur titres et des dispositifs de liquidation et de conservation moins fiables; (xii) une protection moindre par l’enregistrement d’actifs; (xiii) un droit des sociétés moins développé concernant les obligations fiduciaires des dirigeants et administrateurs et la protection des actionnaires et (xiv) des procédures moins officielles pour les opérations sur titres (aucune source centrale d’identification, aucun avis formel) et vote par procuration.

Risque de fluctuation des taux de change: conformément à leurs objectifs d’investissement, certains Compartiments investiront leurs actifs essentiellement dans des titres de sociétés des pays en développement et la totalité ou presque de leurs revenus sera libellée dans la monnaie de ces pays. Un certain nombre de monnaies de pays en développement se sont fortement dépréciées par rapport aux principales devises ces dernières années ou sont susceptibles de le faire, et une dévaluation peut survenir brusquement. Des stratégies de couverture seront mises en œuvre dans la mesure du possible, mais elles ne pourront pas éliminer totalement les fluctuations de change défavorables. Certaines monnaies ne sont pas librement convertibles.
Risque de conservation: la Société peut aussi devoir utiliser des prestataires de services locaux pour assurer la bonne garde des actifs et pour l’exécution des opérations sur titres. Même si la Société s’efforce de ne faire appel qu’aux prestataires de services les plus qualifiés sur chacun des marchés concernés, le choix de fournisseurs dans certains pays émergents peut
se révéler très limité. Ces fournisseurs risquent de ne pas offrir des garanties comparables à celles offertes par les sociétés opérant dans les pays développés. En conséquence, la Société s’expose à obtenir une qualité de services moins fiable pour ce s’agissant de l’exécution des opérations sur titres et leur dépôt.
Risque de règlement et de négoce: les systèmes de règlement des Marchés émergents peuvent être moins bien organisés que ceux des marchés développés. Il existe un risque d’inexistence de la méthode de livraison contre paiement dans certains Marchés émergents. Ainsi, leurs lacunes ou défauts éventuels sont susceptibles de retarder le règlement des transactions
et de compromettre les montants en espèces ou les titres de ces Compartiments. En particulier, la pratique sur ces marchés peut exiger que le règlement intervienne avant la réception des titres achetés ou que la livraison des titres soit effectuée avant la réception du paiement. Les Bourses sur les Marchés émergents présentent un risque d’absence d’un fonds de garantie de règlement en cas de pénurie provisoire de titres ou d’espèces ou dans le cas d’une défaillance de la contrepartie ou d’une faute professionnelle du courtier. La Société s’efforcera, dans la mesure du possible, d’avoir recours à des contreparties
dont la situation financière constitue une garantie relative au risque d’insolvabilité; toutefois, le risque de pertes dues à une cessation de paiement ne peut être totalement éliminé. Certains marchés peuvent présenter des restrictions spécifiques à l’exercice d’une activité.
Enregistrement de titres: dans certains pays il n’existe pas de reconnaissance d’une propriété du "prête-nom". Il faut enregistrer le nom de l’ayant droit final auprès de l’émetteur.
Risque réglementaire: le droit régissant les investissements privés et étrangers, les transactions en actions et autres relations contractuelles dans certains pays, notamment les pays en développement, est, pour une bonne part, nouveau et inéprouvé. De ce fait, la Société peut être exposée à un certain nombre de risques inhabituels, y compris une protection inadéquate des investisseurs, une législation contradictoire, un droit incomplet, flou et fluctuant, une méconnaissance ou des violations de réglementations de la part d’autres acteurs du marché, le manque de voies de recours établies ou applicables, le manque de pratiques courantes et d’usages en matière de confidentialité caractéristiques des marchés développés ainsi que le défaut d’application des règles existantes. Par ailleurs, il peut être difficile d’obtenir et de faire appliquer un jugement dans certains pays dans lesquels des actifs de la Société sont investis. Rien ne garantit que ces difficultés à protéger et à faire appliquer les droits n’auront pas de répercussions négatives sur la Société et ses activités. En outre, les revenus et plus- values des Compartiments peuvent être soumis à des retenues à la source imposées par des gouvernements étrangers pour lesquelles les détenteurs de parts risquent de ne pas recevoir de crédit pour impôt étranger en totalité.
Risque lié aux restrictions de placements et de rapatriements: certains pays interdisent les investissements par des entités étrangères ou les soumettent à des restrictions importantes. Certains pays soumettent les investissements effectués par des étrangers à l’approbation préalable par les autorités, ou limitent le montant que des étrangers peuvent investir dans une société donnée, ou restreignent les investissements pouvant être effectués par des étrangers dans une
société à une catégorie de titres spécifique dont les conditions peuvent être moins avantageuses que celles des titres de la société proposés à leurs ressortissants. Certains pays peuvent limiter les possibilités d’investissement dans des émetteurs ou des secteurs considérés comme importants au regard des intérêts nationaux. Ainsi, le rapatriement de capitaux, des revenus de placements et des produits de vente par des investisseurs étrangers peut, dans certains pays en développement, être subordonné à l’enregistrement et/ou à l’approbation des autorités. Cela peut être préjudiciable aux opérations des Compartiments. Les Compartiments investiront uniquement sur des marchés où ces restrictions sont considérées comme acceptables; il est toutefois possible que des restrictions nouvelles ou supplémentaires soient imposées postérieurement aux placements effectués, ce qui pourrait limiter la capacité du Gérant à gérer efficacement les actifs concernés, et entraîner en fin de compte une perte substantielle.
Risque de liquidité: étant donné que les Compartiments susmentionnés investiront une grande proportion de leurs actifs en titres de Marchés émergents qui sont généralement moins liquides que ceux des marchés développés, les investisseurs doivent considérer leurs avoirs dans ces Compartiments comme un placement à long terme et être conscients qu’il ne sera peut-être pas toujours possible d’effectuer des paiements de rachats dans le délai prévu (cf. Section 14).
Investissements en RPC: les marchés de titres en RPC sont des Marchés émergents connaissant une croissance et des changements rapides. La plupart des lois et des réglementations chinoises régissant les titres et les entreprises sont
susceptibles de faire l’objet de modifications et d’aménagements imprévisibles. Les effets de tels changements peuvent être rétrospectifs et préjudiciables aux investissements des Compartiments.
Le négoce des Actions A chinoises, s'il est envisagé par un Compartiment, sera réalisé par l'intermédiaire du Shanghai-Hong Kong Stock Connect ("Stock Connect"; veuillez également vous référer à la section Définitions). Stock Connect est encore
en phase de développement et sera ouvert à l’ensemble des investisseurs sans obligation de licence, et les restrictions en matière, entre autres, de monnaie de règlement, de blocage du produit des ventes ou de retardement du rapatriement
dudit produit sont limitées. Les modalités de détention des actifs dans le cadre de Stock Connect et la question de la bonne séparation de ces actifs constituent un risque particulier inhérent à Stock Connect. En cas d’utilisation de Stock Connect, le
risque de perte d’actifs ou d’incapacité à identifier correctement les actifs comme appartenant à la Société est supérieur à celui lié au système de compensation d’un marché non émergent. La Société ne commencera à recourir à Stock Connect pour un Compartiment qu’une fois qu’elle aura l’assurance raisonnable que ce système de négoce est acceptable au regard des lois et réglementations pertinentes applicables à la Société. De plus, un Compartiment peut chercher à s’exposer aux Actions A chinoises par le biais de produits d’accès au marché, tels que des warrants ou des obligations participatives ("P-Notes"), ou d’autres formes de produits structurés ou dérivés employées à des fins similaires.
Bien que les possibilités de négoce susmentionnées soient le signe d’une internationalisation croissante du RMB et de la libéralisation des marchés financiers chinois, il convient de noter que (i) les Actions A chinoises détenues par l’intermédiaire de Stock Connect directement ou via des produits d’accès au marché peuvent être assorties de droits de vote limités et
- le renminbi est soumis à des restrictions de change et n’est pas une devise entièrement convertible. Le taux de change utilisé pour les Compartiments se rapporte au renminbi offshore ("CNH") et non au renminbi onshore ("CNY"). La valeur du CNH pourrait différer, peut-être de façon significative, de celle du CNY, du fait d’un certain nombre de facteurs, dont ceux mentionnés ci-dessus.

Risques liés à Stock Connect
Dans le cadre de Stock Connect, la Société a, par l’intermédiaire de ses courtiers de Hong Kong, accès à certains titres éligibles cotés et négociés sur la Bourse de Shanghai (Shanghai Stock Exchange, "SSE"), y compris des Actions A chinoises (les "Titres SSE"). De telles transactions sont soumises aux lois et règlementations de la RPC et de Hong Kong ainsi qu’aux règles, politiques et directives applicables émises, le cas échéant.
Séparation et propriété économique des Titres SSE
Les Titres SSE sont détenus dans un compte prête-nom au nom de Hong Kong Securities Clearing Company Limited (“HKSCC”), ouvert auprès de ChinaClear, un compte omnibus dans lequel tous les Titres SSE des investisseurs de Stock Connect sont mis en commun. Les Titres SSE sont la propriété économique des investisseurs (un Compartiment) et sont séparés des propres actifs de HKSCC.
De plus, les Titres SSE qui sont la propriété économique des investisseurs (y compris d’un Compartiment) seront séparés dans les comptes ouverts auprès de HKSCC par les sous-conservateurs concernés, et dans les comptes ouverts auprès des sous-conservateurs concernés dudit Compartiment dans CCASS géré par HKSCC en qualité de dépositaire central de titres à Hong Kong.
En vertu des lois de la RPC, le Compartiment aurait la propriété économique des Titres SSE. Il est expressément précisé, dans les "Several Provisions on the Pilot Programme of Stock Connect" (telles que publiées par la China Securities Regulatory Commission pour accompagner le lancement et la gestion de Stock Connect), que HKSCC agit en qualité de détenteur pour compte et que le Compartiment détiendrait les droits et les intérêts des Titres SSE. La Bourse de Hong Kong a également précisé que le Compartiment est le propriétaire économique des Titres SSE.
Il convient toutefois de noter que la nature exacte et les méthodes d’application des droits et intérêts d’un Compartiment en vertu de la loi de la RPC sont incertaines et que quelques cas impliquant une structure de compte prête-nom ont été portés devant les tribunaux de la RPC.
Il convient également de noter que, comme pour les autres systèmes de compensation et dépositaires centraux de titres, Stock Connect n’est pas obligé de faire respecter les droits d’un Compartiment devant les tribunaux de la RPC. Tout Compartiment souhaitant faire valoir ses droits de propriété économique devant les tribunaux de la RPC devra envisager les questions juridiques et procédurales au moment pertinent.
Quotas
Stock Connect est soumis à un quota global d’investissements transfrontaliers ainsi qu’à un quota journalier qui n’appartient pas à un Compartiment et peut uniquement être utilisé selon le principe du premier arrivé, premier servi. En particulier, si
le solde restant du quota journalier du canal nord est épuisé ou le quota journalier du canal nord est dépassé pendant la séance d’ouverture des achats, les nouveaux ordres d’achat seront rejetés (mais les investisseurs seront autorisés à vendre leurs titres transfrontaliers indépendamment du solde du quota). En conséquence, les quotas peuvent restreindre la capacité d’un Compartiment donné à investir dans les Titres SSE par l’intermédiaire de Stock Connect en temps opportun, et un Compartiment peut ne pas pouvoir mettre efficacement en œuvre ses stratégies d’investissement.
Règlement
La Société prendra des dispositions avec les dépositaires et courtiers de Hong Kong afin d’assurer que les règlements en espèces sont reçus en échange de la livraison des titres pour le négoce des Titres SSE (livraison contre paiement). A cette fin, pour les transactions de Titres SSE par un Compartiment, les courtiers de Hong Kong créditeront ou débiteront le compte de caisse d’un Compartiment le même jour pour le règlement des titres, pour un montant égal aux fonds correspondant auxdites transactions.
Risque de compensation et de règlement
HKSCC et ChinaClear mettront en place des liens de compensation favorisant leur interaction afin de faciliter la compensation et le règlement des transactions transfrontalières. En ce qui concerne les transactions transfrontalières initiées sur un marché, la chambre de compensation de ce marché (i) compensera et règlera lesdites transactions avec ses propres participants
à la compensation et (ii) s’efforcera de satisfaire aux obligations de compensation et de règlement de ses participants à la compensation avec la chambre de compensation de la contrepartie.
En cas de défaut de ChinaClear ou de déclaration de défaut de ChinaClear, les obligations de HKSCC envers les transactions sur le canal nord, dans le cadre de ses contrats de marché avec les participants à la compensation, se limiteront à aider
les participants à la compensation à engager des procédures contre ChinaClear. HKSCC s’efforcera en toute bonne foi de récupérer les sommes et les titres non remboursés auprès de ChinaClear par l’intermédiaire des canaux juridiques disponibles ou la liquidation de ChinaClear. Dans ce cas, un Compartiment peut subir un retard du processus de récupération ou ne pas être capable de compenser ses pertes auprès de ChinaClear.
Absence de protection du Fonds d’indemnisation des investisseurs
Les investissements par l’intermédiaire de Stock Connect sont réalisés par un/des courtier(s) et sont exposés aux risques de défaut dudit/desdits courtier(s) dans le cadre de leurs obligations. Les investissements d’un Compartiment sur le canal nord par l’intermédiaire de Stock Connect ne sont pas couverts par le Fonds d’indemnisation des investisseurs de Hong Kong. En conséquence, les Compartiments sont exposés au risque de défaut du/des courtiers(s) chargé(s) de négocier les Titres SEE par l’intermédiaire de Stock Connect.
Risque d’interruption
La Bourse de Hong Kong et la Bourse de Shanghai se réservent le droit d’interrompre le négoce sur le canal nord et/ou le canal sud, si elles estiment qu’une telle mesure est nécessaire pour garantir un marché équitable et ordonné ainsi qu’une gestion prudente des risques. L’approbation des autorités de réglementation concernées est nécessaire avant de pouvoir interrompre le négoce. En cas d’interruption du négoce sur le canal nord par l’intermédiaire de Stock Connect, la capacité du Compartiment concerné à accéder au marché de la RPC serait limitée.
Différences des jours de Bourse
Stock Connect opérera uniquement les jours d’ouverture des marchés de la RPC et de Hong Kong et les jours d’ouverture des banques sur les deux marchés les jours de règlement correspondants. En conséquence, il se peut que, dans certains cas, un jour de Bourse normal sur le marché de RPC ne soit pas un jour de négoce normal sur le marché de Hong Kong, auquel cas un Compartiment ne pourra pas accéder au marché de RPC par l’intermédiaire de Stock Connect. Un Compartiment peut être exposé à un risque de fluctuation des prix des Titres SSE tandis que Stock Connect est fermé.
Risque opérationnel
Stock Connect permet aux investisseurs de Hong Kong et étrangers d’accéder directement au marché chinois des actions par l’intermédiaire d'un nouveau canal. Stock Connect se fonde sur le fonctionnement des systèmes opérationnels des
acteurs du marché concernés. Les acteurs du marché peuvent participer à ce programme s’ils satisfont à certaines capacités informatiques, à la gestion du risque et à d’autres exigences pouvant être spécifiées par la Bourse et/ou la chambre de compensation. Etant donné que les régimes de titres et les systèmes juridiques des deux marchés diffèrent de manière significative, les acteurs du marché devront, sur une base continue, résoudre les problèmes résultant des différences pour le fonctionnement du programme expérimental.
De plus, la "connectivité" de Stock Connect requiert l’acheminement des ordres par-delà la frontière RPC-Hong Kong. Cela exige le développement de nouveaux systèmes informatiques par la Bourse de Hong Kong et les acteurs du marché (c.-à-d. un nouveau système d’acheminement ("China Stock Connect System") qui devra être mis en place par la Bourse de Hong Kong et auquel les acteurs du marché devront se connecter). Rien ne garantit que les systèmes de la Bourse de Hong Kong et des acteurs du marché fonctionneront correctement ou continueront d’être adaptés aux changements et aux développements des deux marchés. Si les systèmes concernés ne fonctionnaient pas correctement, le négoce par l’intermédiaire du programme pourrait être perturbé sur les deux marchés. La capacité d’un Compartiment à accéder au marché des Titres SSE (et, partant, d’atteindre son objectif d’investissement) pourrait être limitée.
Restrictions sur la vente imposées par le suivi front-end
Conformément aux réglementations de la RPC, un investisseur souhaitant vendre des Titres SSE doit détenir suffisamment de Titres SEE dans le compte; dans le cas contraire, la Bourse de Shanghai rejettera l’ordre de vente concerné. La Bourse de Hong Kong procèdera à une vérification pré-transaction sur les ordres de vente des Titres SSE de ses acteurs (c.-à-d. les courtiers) afin d’éviter toute survente. Tout Compartiment souhaitant vendre certains des Titres SSE qu’il détient doit
transférer ces Titres SSE vers les comptes respectifs de ses courtiers avant l’ouverture du jour de Bourse. S’il ne respecte pas ce délai, il ne pourra pas vendre ces Titres SSE le jour de Bourse. En conséquence, le Compartiment concerné peut ne pas être en mesure de céder des positions dans les Titres SSE en temps opportun.
Risque réglementaire
Stock Connect est de nature innovante et sera soumis aux réglementations des autorités réglementaires et aux règles de mise en œuvre imposées par les Bourses de la RPC et de Hong Kong. De plus, les régulateurs peuvent, de temps à autre, mettre en œuvre de nouvelles réglementations en relation avec l’application des lois opérationnelles et transfrontalières concernant les transactions transfrontalières réalisées par l’intermédiaire de Stock Connect.
Il convient de noter que les réglementations n’ont pas encore fait leurs preuves et qu’il est difficile d’évaluer avec certitude comment elles seront appliquées. Par ailleurs, les réglementations actuelles sont susceptibles d’être modifiées. Rien ne garantit la continuité de Stock Connect. Un Compartiment investissant sur les marchés de RPC par l’intermédiaire de Stock Connect peut être affecté par de telles modifications.
Risque lié à la fiscalité
Le 14 novembre 2014, le ministre des Finances, la State Administration of Taxation et la China Securities Regulatory Commission (CSRC) ont publié la Circulaire sur le traitement fiscal pour le programme pilote de Shanghai-Hong Kong Stock Connect (Tax Treatment for the Pilot Programme of Shanghai-Hong Kong Stock Connect). Ladite Circulaire prévoit que les fonds investissant dans des Titres SSE par l’intermédiaire de Stock Connect sont temporairement exemptés de l’impôt sur les plus-values provenant du transfert des Titres SSE à compter du 17 novembre 2014 (l’"exemption Stock Connect"). Les dividendes des Titres SSE versés à un fonds resteront assujettis à un impôt à la source de 10%. Toutes nouvelles lois et réglementations fiscales ainsi que toutes nouvelles interprétations peuvent être appliquées rétroactivement.
CIBM
Le CIBM est un marché de gré à gré dirigé par les prix sur lequel les investisseurs institutionnels négocient des obligations souveraines, des obligations gouvernementales et des obligations d’entreprises sur une base individuelle. Il représente la quasi-totalité des valeurs obligataires en circulation du volume de transactions total en Chine.
L’attention des investisseurs est attirée sur le fait que les transactions sur le CIBM exposent le Compartiment à certains risques (risque de contrepartie, risque de liquidité, risque de règlement).
Risque de règlement
Il existe différentes méthodes de règlement des transactions sur le CIBM et, bien que des conditions favorables soient négociées au nom du Compartiment, rien ne garantit que les risques de règlement puissent être éliminés. Si une contrepartie ne satisfait pas à ses obligations au titre d’une transaction, le Compartiment essuiera des pertes.
Le règlement de toutes les transactions obligataires s’effectuera par l’intermédiaire de ChinaClear. ChinaClear exerce ses activités sous la surveillance des autorités chinoises compétentes.
Si un participant manque à son obligation de payer toute somme due à ChinaClear, cette dernière a le pouvoir d’utiliser, en vue du paiement de tout montant dû à ChinaClear, les fonds disponibles sous forme de (i) garanties en espèces fournies
par le participant défaillant; (ii) espèces détenues dans le fonds de garantie commun abondé par le participant défaillant; ou
- espèces générées par la vente de titres. La partie défaillante sera responsable des frais et de toute différence de prix résultant de la vente des titres.

Si un participant manque à son obligation de livrer les titres, ChinaClear est autorisée à différer le paiement dû au participant livreur jusqu’à ce qu’il ait satisfait à l’obligation non réglée. De plus, ChinaClear peut utiliser (au lieu des titres faisant l’objet des obligations de livraison) tout ou partie des titres provenant des sources suivantes pour satisfaire aux obligations et engagements dudit participant concernant ChinaClear:
- titres fournis par la partie défaillante;
- titres achetés en utilisant les fonds déposés sur le compte de garantie bloqué désigné; ou
- titres à la disposition de ChinaClear provenant d’autres sources.

Bien que ChinaClear soit tenue de procéder au paiement et à la livraison des titres respectivement aux participants livreurs et aux participants récepteurs, il est possible que ces opérations prennent du retard si l’une ou l’autre des parties manque à son obligation de paiement ou de livraison.
La RPC a entrepris de libéraliser ses marchés financiers en proposant ou en facilitant l’accès à plusieurs programmes d’investissement. Suite à une révision en 2016, l’accès au CIBM a été facilité (l’"Accès facilité au CIBM"). Les investisseurs institutionnels étrangers peuvent investir, sans autorisation ni quota particuliers, directement dans des valeurs à revenu fixe libellées en RMB négociées sur le CIBM par l’intermédiaire d’un agent de règlement obligataire onshore (l’"Agent de
règlement obligataire") chargé d’effectuer les démarches et l’ouverture de compte nécessaires auprès des autorités de RPC compétentes, notamment la BPC.
Les règles et règlements régissant l’Accès facilité au CIBM sont relativement récents. L’application et l’interprétation de ces règlements en matière d’investissement n’ont donc pas encore vraiment fait leurs preuves et il est difficile d’évaluer avec certitude comment ces dispositions seront appliquées sachant qu’une grande liberté a été accordée en la matière aux
autorités et aux instances de réglementation de RPC et qu’il n’existe aucun précédent ni aucune certitude quant à l’usage qui est ou qui sera fait de cette liberté. De plus, rien ne garantit que les règles et règlements régissant l’Accès facilité au CIBM ne seront pas abolis à l’avenir. Un Compartiment investissant sur les marchés de RPC par l’intermédiaire de l’Accès facilité au CIBM peut être affecté par de telles modifications ou une telle abolition.
Restrictions concernant les transferts de fonds et risque de rapatriement
Les investisseurs étrangers (tels que le Compartiment) peuvent transférer le capital à investir sur le CIBM au titre de l’Accès facilité au CIBM vers la RPC en RMB ou dans une monnaie étrangère. Un Compartiment recourant à l’Accès facilité au CIBM devra transférer un capital représentant au moins 50% de la taille prévue de l’investissement dans un délai de neuf (9)
mois suivant le dépôt de son dossier auprès de la BPC, faute de quoi un dossier actualisé devra être déposé par l’Agent de règlement obligataire onshore.
En cas de rapatriement de fonds de RPC par un Compartiment, le rapport RMB/monnaie étrangère ("Rapport de change") devrait généralement correspondre au Rapport de change initial constaté lors du transfert du capital en RPC, avec un écart autorisé de 10%. Cependant, dans la mesure où un rapatriement sortant s’effectue dans la même monnaie que le transfert entrant, la restriction concernant le Rapport de change ne s’appliquera pas.
Les autorités de RPC peuvent imposer aux investisseurs participant à l’Accès facilité au CIBM et/ou à l’Agent de règlement obligataire certaines restrictions susceptibles d’avoir des conséquences négatives sur la liquidité et la performance du Compartiment. Actuellement, les rapatriements effectués en RMB sont autorisés quotidiennement et ne sont pas soumis à des restrictions au rapatriement (telles que des périodes de blocage) ou à approbation préalable, même si des vérifications d’authenticité et de conformité seront réalisées, et si des déclarations concernant les transferts et rapatriements seront effectuées auprès des autorités compétentes de RPC par l’Agent de règlement obligataire. Rien ne garantit cependant que les règles et règlements de RPC ne changeront pas ou que des restrictions au rapatriement ne seront pas imposées à l’avenir.
En outre, étant donné que la vérification d’authenticité et de conformité réalisée par l’Agent de règlement obligataire est effectuée pour chaque rapatriement, le rapatriement risque d’être retardé, voire rejeté par l’Agent de règlement obligataire en cas de non-respect des règles et règlements régissant l’Accès facilité au CIBM. Toute restriction imposée à l’avenir par les autorités de RPC ou tout refus ou retard de la part de l’Agent de règlement obligataire concernant le rapatriement du capital investi et des bénéfices nets peut avoir une incidence sur la capacité du Compartiment à satisfaire aux demandes de rachat émanant des actionnaires. Il convient de noter que le temps effectivement nécessaire pour l’exécution du rapatriement en question sera indépendant de la volonté du Gérant.
Comptes espèces et titres
La propriété effective des titres en RMB acquis par l’intermédiaire de l’Accès facilité au CIBM a été reconnue dans des documents publiés par la BPC et les autorités de RPC. Le concept de propriété effective n’a cependant pas fait ses preuves en RPC. L’attention des investisseurs est attirée sur le fait que les espèces déposées sur le compte espèces du Compartiment auprès de l’Agent de règlement obligataire ne seront pas séparées, mais constitueront une dette échue de l’Agent de règlement obligataire envers le Compartiment en tant que déposant. Ces espèces seront mêlées aux espèces appartenant
à d’autres clients de l’Agent de règlement obligataire. En cas de faillite ou de liquidation de l’Agent de règlement obligataire, le Compartiment n’aura aucun droit de propriété sur les espèces déposées sur ledit compte espèces, et le Compartiment deviendra un créancier chirographaire de même rang que tous les autres créanciers chirographaires de l’Agent de règlement. Il se peut que le Compartiment rencontre des difficultés et/ou subisse des retards s’agissant du recouvrement de cette dette, voire ne soit pas en mesure de la recouvrer du tout ou du moins pas en totalité, auquel cas le Compartiment subira des pertes.
Risque lié à l’Agent de règlement obligataire
Le Compartiment risque de subir des pertes résultant directement ou indirectement: (i) des actes ou omissions concernant le règlement de transactions ou le transfert de fonds ou de titres par l’Agent de règlement obligataire; ou (ii) la défaillance ou la faillite de l’Agent de règlement obligataire; ou (iii) la déchéance de l’Agent de règlement obligataire du droit d’agir en tant que tel à titre temporaire ou permanent. Tout acte, omission, défaillance ou déchéance de ce type peut également avoir une incidence négative sur la mise en œuvre par un Compartiment de sa stratégie d’investissement ou peut perturber les
activités d’un Compartiment, notamment occasionner des retards concernant le règlement de toute transaction ou le transfert de fonds ou de titres vers la RPC ou la récupération des actifs, avec de possibles répercussions négatives sur la valeur nette d’inventaire d’un Compartiment.
De plus, la BPC a le pouvoir d’imposer des sanctions réglementaires en cas de non-respect, par l’Agent de règlement obligataire, de toute disposition des règles régissant l’Accès facilité au CIBM. Ces sanctions peuvent avoir un impact négatif sur l’investissement du Compartiment par l’intermédiaire de l’Accès facilité au CIBM.
Risques associés à Bond Connect
Présentation de Bond Connect
Bond Connect est un accès réciproque au marché obligataire entre Hong Kong et la Chine continentale, établi par China Foreign Exchange Trade System & National Interbank Funding Centre, China Central Depository & Clearing Co., Ltd, Shanghai Clearing House, SEHK et Central Moneymarkets Unit. Le marché obligataire chinois se compose principalement du CIBM.
Les investisseurs étrangers éligibles peuvent investir dans le CIBM sur le canal nord de Bond Connect ("Négoce sur le canal nord"). Le Négoce sur le canal nord se conformera aux politiques actuelles régissant les participations étrangères au CIBM. Le Négoce sur le canal nord ne sera soumis à aucun quota d’investissement.
Aux termes des réglementations en vigueur en Chine continentale, les investisseurs étrangers éligibles souhaitant investir sur le CIBM par le biais de Bond Connect pourront le faire en recourant à un agent de dépôt offshore approuvé par l’Autorité monétaire de Hong Kong (Hong Kong Monetary Authority). Cet agent sera responsable de l’ouverture de compte auprès de l’agent de dépôt onshore approuvé par la BPC.
La volatilité de marché et un possible manque de liquidité dû à de faibles volumes de négoce de certains titres de créance sur le CIBM peuvent se traduire par des fluctuations significatives des cours de certains titres de créance négociés sur ce marché. Le Compartiment investissant sur un tel marché est par conséquent exposé au risque de liquidité et au risque de volatilité. Les écarts entre prix de vente et prix d’achat de tels titres peuvent être importants. Le Compartiment concerné est donc susceptible de subir d’importants coûts de négoce et de réalisation, et peut également essuyé des pertes lors de la vente de tels investissements.
Dans la mesure où il réalise des transactions sur le CIBM, le Compartiment concerné peut également être exposé à des risques liés aux procédures de règlement et de défaillance des contreparties. Une contrepartie ayant conclu une transaction avec le Compartiment concerné peut manquer à son obligation de régler la transaction par livraison des titres concernés ou par paiement en valeur.
Etant donné que l’ouverture de compte pour les investissements sur le CIBM par le biais de Bond Connect doit être effectuée en recourant à un agent de dépôt offshore, le Compartiment concerné est exposé à des risques de défaillance ou d’erreur de la part dudit agent de dépôt offshore.
Bond Connect recèle des risques réglementaires. Les règles et réglementations régissant les investissements via Bond Connect sont susceptibles de subir des changements qui peuvent avoir un effet rétroactif. Dans le cas où les autorités chinoises compétentes suspendraient l’ouverture de compte ou le négoce via Bond Connect, la capacité du Compartiment concerné à investir sur le CIBM serait limitée et pourrait avoir un effet négatif sur la performance du Compartiment concerné, étant donné que ce dernier pourrait être contraint de céder ses positions sur le CIBM. Le Compartiment correspondant pourrait également subir de ce fait des pertes importantes.
Il n’existe pas de directive écrite spécifique des autorités fiscales de la Chine continentale concernant le traitement de l’impôt sur le revenu ou d’autres catégories d’impôt payables en lien avec le négoce sur le CIBM par des investisseurs institutionnels étrangers éligibles via Bond Connect. Les charges fiscales applicables au Compartiment concerné pour le négoce sur le CIBM via Bond Connect sont donc incertaines. De même, toutes nouvelles lois et réglementations fiscales ainsi que toutes nouvelles interprétations peuvent être appliquées rétroactivement.
Risques liés au régime RQFII
En plus des risques définis dans la partie "Investissements en RPC", les risques supplémentaires suivants s’appliquent.
Risque RQFII. L’application et l’interprétation des règlements qui régissent les investissements par le biais du régime RQFII en RPC n’ont pas encore vraiment fait leurs preuves et il est difficile d’évaluer avec certitude comment ces dispositions seront appliquées sachant qu’une grande liberté a été accordée en la matière aux autorités et aux instances de réglementation
de RPC et qu’il n’existe aucun précédent ni aucune certitude quant à l’usage qui est ou qui sera fait de cette liberté. Il n’est pas possible de prédire l’évolution future du régime RQFII. Toute restriction de rapatriement imposée concernant les investissements en question par le régime RQFII peut avoir des effets négatifs sur la capacité du Compartiment à satisfaire aux demandes de rachat. Tout changement dans le régime RQFII de manière générale, y compris la possibilité
que le Gérant RQFII perde son statut RQFII, peut affecter la capacité du Compartiment à investir dans des titres éligibles en RPC directement par le biais du RQFII correspondant. En outre, en cas de suspension ou de révocation du statut RQFII, la performance du Compartiment peut être affectée car le Compartiment peut être contraint de vendre ses positions en titres RQFII éligibles. Les lois, règles et règlements applicables au RQFII peuvent changer et de tels changements peuvent avoir des effets rétroactifs.
Risque lié aux restrictions d’investissement RQFII. Bien que le RQFII ne prévoie pas que les restrictions d’investissement RQFII affecteront la capacité du Compartiment à atteindre son objectif d’investissement, l’attention des investisseurs est attirée sur le fait que les lois et règlements de RPC applicables peuvent limiter la capacité d’un RQFII d’acquérir des titres de certains émetteurs de RPC de temps à autre et peuvent contraindre le Compartiment à vendre ses titres, ce qui affecterait sa capacité à faire des investissements en RPC. Le négoce de titres chinois peut être affecté par des suspensions temporaires ou permanentes imposées de temps à autre par les bourses de Shanghai et/ou Shenzhen ou en vertu de toute intervention réglementaire ou gouvernementale en lien avec des investissements particuliers ou les marchés en général. Une telle suspension ou opération sur titres peut empêcher le Compartiment d’acquérir ou de liquider des positions sur les titres en
question dans le cadre de la gestion générale et de l’ajustement périodique des investissements du Compartiment par le RQFII ou de satisfaire aux demandes de rachat. De telles circonstances peuvent aussi compliquer la détermination de la Valeur nette d’inventaire du Compartiment et peuvent exposer le Compartiment à des pertes. Afin d’atténuer les effets de volatilité extrême dans le cours des titres, les bourses de Shanghai et de Shenzhen limitent actuellement l’ampleur de la fluctuation autorisée dans les cours des titres sur un jour de négoce. La limite quotidienne représente le montant maximum de variation à la hausse ou à la baisse du cours d’un titre (pendant la session de négoce en cours) par rapport au prix de règlement du jour précédent. La limite quotidienne ne régit que les fluctuations de cours et ne restreint pas le négoce dans la limite définie. Cependant, la limite ne plafonne pas les pertes potentielles car la limite peut fonctionner pour éviter une liquidation de titres à la juste valeur ou à la valeur de réalisation probable pour de tels titres ce qui signifie que le Compartiment peut ne pas être en mesure de liquider des positions défavorables. Rien ne garantit qu’un marché liquide existe sur une bourse pour un titre particulier ou à un moment particulier.
Risque de contrepartie. Tout actif acquis par le biais du régime RQFII sera détenu par un dépositaire local conformément aux réglementations de la RPC, sous forme électronique via le(s) compte(s) titres RQFII et les liquidités seront détenues dans un/des compte(s) espèces renminbi auprès du dépositaire local. Bien que les actifs détenus sur de tels comptes soient isolés et détenus séparément et appartiennent uniquement au Compartiment, il est possible que les autorités judiciaires
et réglementaires de RPC interprètent cette position différemment à l’avenir. Le Compartiment peut aussi subir des pertes suite aux actes ou omissions du dépositaire local lors de l’exécution ou du règlement de transactions ou lors du transfert de fonds ou titres. Les liquidités détenues par le dépositaire local sur le(s) compte(s) espèces renminbi ne seront pas séparées concrètement, mais constitueront une dette échue du dépositaire local envers le Compartiment en tant que déposant. Ces
espèces seront mêlées aux espèces appartenant à d’autres clients du dépositaire local. En cas d’insolvabilité du dépositaire local, le Compartiment n’aura aucun droit de propriété sur les espèces déposées sur ledit compte espèces ouvert auprès du dépositaire local, et le Compartiment deviendra un créancier chirographaire de même rang que tous les autres créanciers chirographaires du dépositaire local. Il se peut que le Compartiment rencontre des difficultés et/ou subisse des retards s’agissant du recouvrement de cette dette, voire ne soit pas en mesure de la recouvrer du tout ou du moins pas en totalité, auquel cas le Compartiment perdra tout ou partie de ses liquidités.
Risque de contrepartie vis-à-vis de courtiers de RPC. Le Gérant RQFII sélectionne des courtiers en RPC ("Courtier(s) RPC") pour exécuter des transactions pour le Compartiment sur des marchés de RPC. Il est possible que le Gérant RQFII ne désigne qu’un courtier RPC pour chaque bourse en RPC en raison de l’exigence en RPC que les titres soient vendus par le même Courtier RPC qui avait initialement acheté les titres. Si, pour quelque raison que ce soit, le Gérant RQFII n’est pas en mesure de recourir au courtier en question en RPC, l’opération du Compartiment peut en être affectée. Le Compartiment peut aussi subir des pertes suite aux actes ou omissions du/des Courtier(s) RPC lors de l’exécution ou du règlement de transactions ou lors du transfert de fonds ou titres. Si un seul Courtier RPC est désigné, le Compartiment peut ne pas payer la commission
la plus faible disponible sur le marché. Toutefois, le Gérant RQFII devra, lors de la sélection de Courtiers RPC, considérer des facteurs tels que la compétitivité des taux de commission, la taille des ordres concernés et les normes d’exécution. Il y a un risque que le Compartiment subisse des pertes suite à la défaillance, à l’insolvabilité ou à la déchéance d’un Courtier RPC. Dans un tel cas, le Compartiment peut être affecté dans l’exécution de transactions par ce Courtier RPC. Par conséquent,
la Valeur nette d’inventaire du Compartiment pourrait aussi être affectée. Pour atténuer l’exposition de la Société au(x) Courtier(s) RPC, le Gérant RQFII utilise des procédures spécifiques pour s’assurer que chaque Courtier RPC sélectionné est un établissement réputé et que le risque de crédit est acceptable pour la Société.
Risque lié au transfert et au rapatriement de RMB. Le rapatriement de RMB n’est actuellement soumis à aucune période de blocage ou d’approbation réglementaire préalable; néanmoins, des vérifications concernant l’authenticité et la conformité seront menées et des rapports mensuels sur les transferts et rapatriements seront soumis à la State Administration of Foreign Exchange de RPC par le dépositaire local. Le processus de rapatriement peut être soumis à certaines exigences définies
dans les réglementations pertinentes (p.ex. présentation de certains documents lors du rapatriement des bénéfices cumulés réalisés). Le processus de rapatriement peut entraîner des retards. Rien ne garantit que les règles et règlements de RPC ne changeront pas ou que des restrictions au rapatriement ne seront pas imposées à l’avenir. De plus, de tels changements des règles et règlements de RPC peuvent être appliqués rétroactivement. Toute restriction de rapatriement imposée concernant des liquidités du Compartiment peut avoir des effets négatifs sur la capacité du Compartiment à satisfaire aux demandes de rachat. En outre, étant donné que la vérification d’authenticité et de conformité réalisée par le dépositaire local est effectuée pour chaque rapatriement, le rapatriement risque d’être retardé, voire rejeté par le dépositaire local en cas de non-respect des règles et règlements RQFII. Dans un tel cas, le produit du rachat sera versé à l’actionnaire demandant le rachat dès que possible et après l’exécution du rapatriement des fonds concernés. Le temps effectivement nécessaire pour l’exécution du rapatriement en question sera indépendant de la volonté du Gérant RQFII.
- Risque lié à l’enregistrement en Russie / Investissements en RussieLes investissements en Russie sont actuellement sujets à des risques supplémentaires relatifs à la propriété et au dépôt des titres. En Russie, la titularité des titres résulte d’inscriptions dans les livres d’une société ou de son agent d’enregistrement (qui n’est pas un mandataire du Dépositaire et qui n’assume aucun engagement envers le Dépositaire). Aucun certificat représentatif d’un titre de propriété de sociétés russes ne sera détenu par le Dépositaire ou un sous-conservateur ou dans un système central de dépôt effectif. Dès lors, compte tenu de ce système et de l’absence de normes étatiques et de leur exécution, la Société pourrait perdre son enregistrement et la titularité des titres russes pour cause de fraude, négligence ou inadvertance.

De surcroît, les investissements en Russie peuvent également être affectés par le contexte de crise géopolitique en Europe de l’Est impliquant la Russie et l’Ukraine. Les pays occidentaux ont pris des sanctions contre la Russie, ce qui pourrait inciter la Russie à prendre des contre-mesures à l’encontre de certains pays occidentaux ou autres. L’économie russe pourrait donc en pâtir et la Russie pourrait devenir un investissement plus risqué, avec une volatilité accrue sur certains marchés, des restrictions aux investissements étrangers en Russie, des difficultés à liquider les investissements russes ou l’expatriation de capitaux hors de Russie.
La Bourse de Moscou Moscow Exchange MICEX-RTS est le seul marché ayant la qualité de Marché réglementé en Russie.
- Risque de concentration régionale ou sectorielleRisque de concentration sur des pays/régions donnés: lorsqu’un Compartiment se borne à investir dans des titres d’émetteurs situés dans un pays ou une région donnés, cette concentration expose ce Compartiment au risque d’événements sociaux, politiques ou économiques défavorables susceptibles de se produire dans ledit pays ou ladite région. Le risque augmente si le pays ou la région en question est un marché émergent.

Risque de concentration sur certains secteurs: lorsqu’un Compartiment se borne à investir dans un secteur donné, tel que la technologie ou la santé, il peut être sensible aux facteurs affectant lesdits secteurs et exposé à des fluctuations du marché et à des risques plus importants qu’en cas d’investissement dans un éventail plus large de titres embrassant différents secteurs économiques. Les secteurs technologiques, liés à la technologie et à la santé peuvent également être
davantage réglementés par les pouvoirs publics que de nombreux autres secteurs. En conséquence, l’évolution des politiques gouvernementales et la nécessité d’obtenir des autorisations officielles peuvent avoir des effets défavorables sensibles sur ces secteurs. De plus, ces sociétés peuvent être exposées au risque inhérent aux nouvelles technologies, aux pressions concurrentielles et à d’autres facteurs ainsi qu’à un risque relativement élevé d’obsolescence dû aux progrès scientifiques
et technologiques, et sont tributaires de l’acceptation des technologies par les consommateurs et les entreprises au fil de l’évolution desdites technologies. Nombre de sociétés du secteur technologique sont des petites capitalisations et sont donc exposées aux risques que comporte l’investissement dans ces sociétés décrit ci-dessus. L’évolution de ces investissements sectoriels peut s’écarter de la tendance générale de la Bourse.
- Risque de modèleLes Compartiments qui appliquent des méthodes de gestion quantitative ou des processus ou stratégies systématiques font reposer leurs processus de gestion sur des modèles basés, dans des proportions variables, sur les conditions passées du marché. Compte tenu du caractère incertain de l’avenir, ces modèles sont susceptibles de ne pas saisir le risque qu’ils sont censés saisir et, partant, de signaler des opportunités d’investissement erronées.
- Facteur de risque spécifique aux FMUn Fonds monétaire n’est pas un investissement garanti. Les investissements en FM diffèrent des investissements dans des dépôts, car la valeur des Actions peut fluctuer et les rendements qu’elles génèrent peuvent évoluer à la hausse ou à la baisse. Les investisseurs peuvent ne pas récupérer le montant qu’ils ont initialement investi. La Société ne fait appel à aucun soutien extérieur pour garantir la liquidité du FM ou stabiliser la Valeur nette d’inventaire par Action de ses FM. Par conséquent, le risque de perte du principal est supporté par l’actionnaire.
- P-NotesCertains Compartiments peuvent investir dans des P-Notes ou certificats qui sont des produits structurés. Les P-Notes sont émises par des banques ou des courtiers négociants et sont conçues pour offrir un rendement lié à la performance d’untitre ou marché boursier sous-jacent particulier. Les P-Notes peuvent avoir les caractéristiques ou prendre la forme de divers instruments, y compris des certificats ou des warrants. Le porteur d’une P-Note liée à un titre sous-jacent donné a le droit de recevoir tout dividende versé à l’égard du titre sous-jacent. Toutefois, le porteur d’une P-Note ne bénéficie généralementpas des droits de vote auxquels il pourrait prétendre s’il détenait directement le titre sous-jacent. Les P-Notes constituent des obligations contractuelles directes, générales et non garanties des banques ou des courtiers-négociants qui les émettent, ce qui expose les Compartiments investissant dans les P-Notes au risque de contrepartie. Les investissements dans des P-Notes comportent certains risques en plus de ceux associés à un investissement direct dans les titres étrangers sous-jacents ou sur les marchés de titres étrangers dont ils cherchent à reproduire le rendement. Par exemple, rien ne garantit que le cours d’une P-Note sera égal à la valeur du titre étranger sous-jacent ou du marché de titres étranger qu’il cherche à reproduire. En tant qu’acquéreur d’une P-Note, les Compartiments qui investissent dans ces dernières se fient à la solvabilité de la contrepartie qui émet la P-Note et n’ont aucun droit en vertu d’une P-Note contre l’émetteur du titre sous-jacent. Par conséquent, sicette contrepartie devenait insolvable, les Compartiments concernés perdraient leur investissement. Le risque que ces Compartiments perdent leurs investissements en raison de l’insolvabilité d’une seule contrepartie peut être amplifié dans la mesure où les Compartiments achètent des P-Notes émises par un émetteur ou un petit nombre d’émetteurs. Les P-Notes comprennent également des coûts de transaction supplémentaires à ceux applicables à un investissement direct dans des titres. En outre, l’utilisation des P-Notes par les Compartiments peut faire en sorte que le rendement des Compartimentss’écarte de la performance de la partie de l’indice à laquelle les Compartiments s’exposent grâce à l’utilisation de P-Notes. En raison de restrictions en matière de liquidité et de transfert, les marchés secondaires sur lesquels les P-Notes sont négociées peuvent être moins liquides que les marchés pour d’autres titres, ce qui peut entraîner l’absence de cours du marché facilement disponibles pour les titres des portefeuilles des Compartiments et faire baisser la valeur des P-Notes. La capacité des Compartiments d’évaluer leurs titres devient plus difficile et le jugement dans l’application des procédures d’évaluationà la juste valeur peut jouer un plus grand rôle dans l’évaluation des actions des Compartiments en raison de la disponibilité réduite de données objectives et fiables sur les cours. Par conséquent, bien que ces décisions soient prises de bonne foi, il peut néanmoins être plus difficile pour les Compartiments d’attribuer une valeur quotidienne exacte à ces titres.

ANNEXE C: SFDR
Les informations SFDR C-1.1 à C-1.15 concernent les Compartiments correspondant à l’article 8 du SFDR.
| C-1.1 | 306 |
| --- | --- |
| C-1.2 | 309 |
| C-1.3 | 313 |
| C-1.4 | 317 |
| C-1.5 | 319 |
| C-1.6 | 323 |
| C-1.7 | 327 |
| C-1.8 | 331 |
| C-1.9 | 335 |
| C-1.10 | 339 |
| C-1.11 | 343 |
| C-1.12 | 347 |
| C-1.13 | 351 |
| C-1.14 | 355 |
| C-1.15 | 358 |

Les informations SFDR C-2.1 à C-2.3 concernent les Compartiments correspondant à l’article 9 du SFDR.
| C-2.1 | 362 |
| --- | --- |
| C-2.2 | 366 |
| C-2.3 | 370 |

Les informations SFDR C-3.1 à C-3.9 concernent tous les autres Compartiments.
| C-3.1 | 376 |
| --- | --- |
| C-3.2 | 378 |
| C-3.3 | 379 |
| C-3.4 | 380 |
| C-3.5 | 381 |
| C-3.6 | 382 |
| C-3.7 | 383 |
| C-3.8 | 384 |
| C-3.9 | 386 |

| Compartiments d’allocation d’actifs | Information SFDR |
| --- | --- |
| All Roads Conservative | C-3.1 |
| All Roads | C-3.1 |
| All Roads Growth | C-3.1 |
| Event Convexity | C-3.2 |
| Multiadvisers UCITS | C-3.3 |
| Defensive Systematic Alternative Solution | C-3.4 |
| Compartiments en actions | Information SFDR |
| Generation Global | C-1.11 |
| TargetNetZero Global Equity | C-1.10 |
| Continental Europe Family Leaders | C-1.1 |
| Golden Age | C-1.1 |
| World Brands | C-1.1 |
| World Gold Expertise | C-3.5 |
| Commodity Risk Premia | C-3.6 |
| Global FinTech | C-1.1 |
| Natural Capital | C-2.2 |
| Global HealthTech | C-1.1 |
| China High Conviction | C-1.1 |
| TargetNetZero Europe Equity | C-1.10 |
| Europe All Cap Leaders | C-1.1 |
| Europe High Conviction | C-3.7 |
| Continental Europe Small & Mid Leaders | C-1.1 |
| Emerging High Conviction | C-1.1 |
| Asia High Conviction | C-1.1 |
| TerreNeuve | C-1.7 |
| Swiss Equity | C-1.14 |
| Swiss Small & Mid Caps | C-1.14 |
| Climate Transition | C-2.1 |
| Compartiments en placements à revenu fixe | Information SFDR |
| Global Inflation-Linked Fundamental | C-1.4 |
| Global Government Fundamental | C-1.4 |
| Swiss Franc Bond (Foreign) | C-1.5 |
| Global Climate Bond | C-2.3 |
| TargetNetZero Global IG Corporate | C-1.8 |
| TargetNetZero Euro IG Corporate | C-1.8 |
| Global BBB-BB Fundamental | C-1.12 |
| Euro BBB-BB Fundamental | C-1.12 |
| Swiss Franc Credit Bond (Foreign) | C-1.5 |
| Ultra Low Duration (USD) | C-1.13 |
| Ultra Low Duration (EUR) | C-1.13 |
| Fallen Angels Recovery | C-1.9 |

| Emerging Local Currency Bond Fundamental | C-1.4 |
| --- | --- |
| Asia Value Bond | C-1.3 |
| Asia Investment Grade Bond | C-1.3 |
| Convertible Bond | C-1.2 |
| Global Convertible Bond Defensive Delta | C-1.6 |
| Convertible Bond Asia | C-1.2 |
| Convertible Bond High Conviction | C-1.2 |
| High Yield 2021 | C-3.8 |
| High Yield 2022 | C-3.8 |
| High Yield 2023 | C-3.8 |
| High Yield 2024 | C-3.8 |
| Asia Income 2024 | C-3.9 |
| Asia Income 2025 | C-1.3 |
| Asia Income 2026 | C-1.3 |
| Global Income 2026 | C-1.15 |
| Global Income 2027 | C-1.15 |
| Compartiments en placements monétaires à court terme | Information SFDR |
| Short-Term Money Market (EUR) | C-1.13 |
| Short-Term Money Market (USD) | C-1.13 |
| Short-Term Money Market (GBP) | C-1.13 |
| Short-Term Money Market (CHF) | C-1.13 |

Informations SFDR – Article 8 C-1.1
Applicable aux Compartiments suivants:
- Continental Europe Family Leaders
- Golden Age
- World Brands
- Global FinTech
- China High Conviction
- Europe All Cap Leaders
- Continental Europe Small & Mid Leaders
- Emerging High Conviction
- Asia High Conviction
- Global HealthTechClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection des sociétés au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés s’inscrivant dans le dernier quintile en termes de durabilité au sein de l’univers d’investissement du Compartiment. Le système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Sur la base de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant adopte une approche sélective et cherchera à éliminer les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de ne pas les éliminer. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant. Le Gérant estime qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément la promotion des caractéristiques ESG et qu’un jugement qualitatif axé sur l’avenir peut être nécessaire. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et les services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Engagement
- Le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
	- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";

- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.
- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment.
- L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.

Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. L’élimination des 20% de sociétés les moins bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des
interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.2
Applicable aux Compartiments suivants:
- Convertible Bond
- Convertible Bond Asia
- Convertible Bond High ConvictionClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les 20% des sociétés les moins bien notées en termes de durabilité au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Le Gérant utilise l’exercice de sélection et de notation susmentionné dans le cadre de son évaluation d’investissement. Le Gérant ne cherchera pas à éliminer automatiquement les 20% des sociétés les moins bien notées compte tenu de l’univers réduit de sociétés qui en résulterait dans un marché déjà restreint. Il se servira de cet exercice comme d’un guide et cherchera typiquement à investir dans des sociétés mieux notées. Toute décision d’éliminer une société ou de procéder à un investissement dans une société suite au processusde sélection reste toutefois à l’entière discrétion du Gérant. Le Gérant considère en outre qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels et pétrole et gaz conventionnels – le Gérant cherchera à limiter les investissements dans les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Pétrole et gaz conventionnels – le Gérant cherchera à limiter les investissements dans les sociétés liées au secteur du gaz et du pétrole conventionnels sauf si plus de 40% de leur chiffre d’affaires proviennent du gaz naturel et des énergies renouvelables.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Contribution à la température et comparaison des notations ESG
- Le Gérant visera à ce que le portefeuille du Compartiment soit à l’origine d’une contribution moyenne pondérée à la température inférieure à celle de l’indice de référence utilisé par le Compartiment et auquel l’objectif et la politique d’investissement font référence.
- Le Gérant visera à atteindre une meilleure notation ESG moyenne pondérée pour le portefeuille du Compartiment que celle obtenue par l’indice de référence.
- Rien ne garantit qu’il soit possible d’atteindre une contribution moyenne pondérée à la température inférieure ni une meilleure notation ESG et le Gérant ne sera lié d’aucune manière que ce soit par un objectif ou une exigence en la matière.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR.
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Le Gérant pense que l’engagement/la gérance peut entraîner des changements positifs en matière de durabilité dans les pratiques commerciales dans des situations où l’exclusion/la limitation à elle seule peut avoir une moindre incidence à plus long terme. En conséquence, au niveau d’un Compartiment, le gérant s’engage à s’engager auprès des sociétés avec les contributions négatives les plus élevées à la notation ESG globale du portefeuille du Compartiment. Cet engagement vise à encourager les sociétés à offrir une plus grande transparence sur les critères ESG (pour les sociétés dont les mauvaises notations reflètent des pratiques insuffisantes en matière de divulgation), de même
qu’à inciter la direction à adopter de meilleures pratiques (pour les sociétés avec une mauvaise notation sur certains indicateurs ESG). Le Gérant est aussi tenu de revoir régulièrement les notations ESG de ces sociétés dans l’optique de réduire l’exposition aux sociétés pour lesquelles le processus d’engagement ne s’est pas traduit par une amélioration de la notation ESG.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. La volonté d’investir dans des sociétés affichant de bonnes notations ESG n’est pas un objectif d’investissement obligatoire et les restrictions relatives aux sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.3
Applicable aux Compartiments suivants:
- Asia Value Bond
- Asia Investment Grade Bond
- Asia Income 2025
- Asia Income 2026Classification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les 10% des sociétés les moins bien notées en termes de durabilité au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Sur la base de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant cherchera à éliminer les 10% de sociétés les moins bien notées dans l’univers du Compartiment sauf s’il existe des raisons objectives de ne pas les éliminer. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant. Le Gérant estime qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément la promotion des caractéristiques ESG et qu’un jugement qualitatif axé sur l’avenir peut être nécessaire. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone. Les sociétés des Marchés émergents dépendent fortement de l’accès au capital pour parvenir à s’acheminer vers des pratiques commerciales plus durables. Elles dépendent par ailleurs davantage que leurs homologues des marchés développés des secteurs industriels dont l’empreinte carbone et les contributions à la température sont plus importantes. Il n’est doncpas toujours possible de simplement éliminer les sociétés avec les empreintes les plus importantes puisqu’elles font partie intégrante du système économique et de la santé/stabilité sociale des pays émergents. Priver entièrement les sociétés des marchés émergents de l’accès au capital se traduirait vraisemblablement à long terme par une transition plus lente de ces marchés vers une économie àfaible émission de carbone. L’exercice d’élimination ne s’appliquera pas aux positions que le Gérant prévoit de détenir à court terme (des positions avec une période de détention attendue de moins de 6 mois).
- Le Gérant cherchera aussi à éliminer les 10% de émetteurs souverains les moins bien notés dans l’univers d’investissement du Compartiment, sur la base de sa propre méthodologie de notation souveraine, sauf s’il existe des raisons objectives de ne pas les éliminer. En ce qui concerne les émetteurs souverains, il convient de noter que les données de durabilité sont plus limitées et qu’il n’est pas facile d’établir le lien entre le produit d’instruments de dette émis ou liés à des émetteurs souverains et les caractéristiques ESG individuelles.

Il convient aussi de noter que les économies des marchés émergents peuvent afficher de moins bonnes notations que leurs contreparties des marchés développés mais néanmoins présenter des éléments positifs en matière de promotion ESG qui nécessitent du capital pour améliorer ces notations. Il ne s’agira donc pas de procéder à un exercice binaire d’exclusion des émetteurs souverains sur la base de leurs seules notations. Un examen plus global des politiques et des engagements à promouvoir les caractéristiques environnementales sera nécessaire. Toute décision d’éliminer une société reste donc à l’entière discrétion du Gérant.
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques et opérations commerciales d’un émetteur afin de déterminer si ce dernier peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’un émetteur en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’un émetteur.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes, durables et sociales dépend toutefois de la disponibilité d’opportunités d’investissement adéquates. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes. Il est en outre probable que seule une petite partie des émetteurs dans l’univers d’investissement dans lequel le Compartiment investit émettent des obligations vertes, durables et sociales correspondant au profil visé par le Compartiment.

Contribution à la température et comparaison des notations ESG
- Le Gérant visera à réduire la contribution moyenne pondérée à la température du portefeuille du Compartiment sur le moyen à long terme, pour autant que des opportunités d’investissement adéquates soit disponibles et conformes avec les objectifs du Compartiment.
- Le Gérant visera à améliorer la notation ESG moyenne pondérée du portefeuille du Compartiment sur le moyen à long terme, pour autant que des opportunités d’investissement adéquates soit disponibles et conformes avec les objectifs du Compartiment.
- Rien ne garantit qu’il sera possible d’atteindre une réduction de la contribution moyenne pondérée à la température ni une amélioration de la notation ESG moyenne pondérée en ce qui concerne l’objectif susmentionné.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès des 10 premiers émetteurs d’émissions de carbone du portefeuille du Compartiment dans la perspective d’orienter les sociétés vers une économie à faible émission de carbone. De telles activités d’engagement/de gérance ne concerneront pas les positions que le Gérant prévoit de détenir à court terme.
Le gérant pense que l’engagement/la gérance peut entraîner des changements positifs en matière de durabilité dans les pratiques commerciales dans des situations où l’exclusion/la limitation à elle seule peut avoir une moindre incidence à plus long terme.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Le Gérant cherche en particulier à promouvoir les pratiques ESG qui soutiennent le développement des infrastructures, les énergies propres, les tendances lourdes de développement durable ainsi que la création d’emplois et la diminution de la pauvreté. Le Gérant considère que ces thèmes sont bien couverts par les ODD ONU #1, #6, #7, #8, #9, #11 et #13.
Le Gérant donne la préférence aux sociétés et aux émetteurs qui peuvent contribuer à des développements durables positifs à long terme en phase avec les thèmes suivants et les ODD ONU correspondants:
- Développement de l’infrastructure
	- ODD ONU #6 (Eau propre et assainissement) et #9 (Industrie, innovation et infrastructure)

- Energie propre*
	- ODD ONU #7 (Energie propre et d’un coût abordable) et #13 (Mesures relatives à la lutte contre les changements climatiques)

- Tendances à l’urbanisation durables
	- ODD ONU #11 (Villes et communautés durables)

- Création d’emplois et diminution de la pauvreté
	- ODD ONU #1 (Pas de pauvreté) et #8 (Travail décent et croissance économique)*Dans la mesure du possible, le Gérant préférera les investissements dans la production d’électricité de sources renouvelables et ne cherchera pas (tout en continuant d’investir à son entière discrétion) à procéder à de nouveaux investissements dans la production d’électricité à base de charbon thermique pour le compte du Compartiment, hormis en ce qui concerne les positions existantes datant d’avant l’introduction en novembre 2019 des restrictions portant sur le charbon thermique.


Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. L’élimination des 10% de sociétés les moins bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues et ne s’appliquent pas aux portefeuilles déjà constitués à la date du présent Prospectus. Le Gérant garde toute discrétion
pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’un émetteur sont intrinsèquement liées à son succès à long terme et que les émetteurs ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des émetteurs individuels dans lesquels le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.4
Applicable aux Compartiments suivants:
- Global Inflation-Linked Fundamental
- Global Government Fundamental
- Emerging Local Currency Bond FundamentalClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les Objectifs de développement durable fixés par les Nations unies.
Filtrage et notation ESG systématiques des émetteurs souverains
Compte tenu des défis auxquels le monde est aujourd’hui confronté, l’analyse des risques en matière de durabilité que recèlent les obligations souveraines revêt un caractère essentiel. Le Gérant complète donc son évaluation traditionnelle du crédit souverain par un cadre analytique qui intègre les facteurs de risque en matière de durabilité de manière globale. Outre les critères macro habituels, des considérations ESG plus
générales sont intégrées dans l’évaluation du risque des obligations souveraines. Le Gérant a développé un modèle propriétaire (la "Méthodologie de notation LO") pour procéder à une évaluation indépendante de la position de l’émetteur souverain en ce qui concerne les droits humains, les droits environnementaux et les Objectifs de développement durable (ODD) des Nations unies. Ce modèle couvre un large éventail de questions environnementales, sociales et de gouvernance, y compris les inégalités, la cohésion sociale, la qualité des services publics, l’approvisionnement en eau et en produits alimentaires, la sécurité énergétique, la limitation du et la résilience au réchauffement climatique, la protection de la biodiversité, la pollution, l’efficacité réglementaire, la force institutionnelle et la stabilité politique. Les décisions d’investissement sont prises sur la base d’un ensemble de données très fiables issues de différents organismes supranationaux, d’universités, d’instituts de recherche et de grandes ONG. Les données collectées sont normalisées dans des indicateurs entre 0 et 100 points. La méthodologie intègre la méthodologie propriétaire "Conscience", "Actions" et "Résultats" ("CAR") du Gérant qui surpondère la composante "R", c’est-à-dire les indicateurs liés aux résultats
définitifs.
Surpondération et sous-pondération d’émetteurs souverains
Le Gérant cherchera à sous-pondérer ou surpondérer l’exposition à un émetteur souverain jusqu’à 10% au total selon les résultats de la notation. La décision de sous-pondérer (pénaliser) ou de surpondérer (favoriser) le cas échéant reste à l’entière discrétion du Gérant. Le Gérant vise à favoriser ou à pénaliser un émetteur en fonction de caractéristiques ESG et peut, si nécessaire, appliquer une évaluation qualitative prospective.
Préférence pour les obligations vertes
Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.
Contribution à la température et comparaison des notations ESG
- Le Gérant visera à ce que le portefeuille du Compartiment soit à l’origine d’une contribution moyenne pondérée à la température inférieure à celle de l’indice de référence utilisé par le Compartiment et auquel l’objectif et la politique d’investissement font référence.
- Le Gérant visera à atteindre une meilleure notation ESG moyenne pondérée pour le portefeuille du Compartiment que celle obtenue par l’indice de référence.
- Rien ne garantit qu’il soit possible d’atteindre une contribution moyenne pondérée à la température inférieure ni une meilleure notation ESG et le Gérant ne sera lié d’aucune manière que ce soit par un objectif ou une exigence en la matière.

Engagement
Les sociétés d’investissement n’ont généralement pas un accès leur permettant de s’engager auprès des autorités souveraines et gouvernementales en ce qui concerne les questions de durabilité. Le Gérant s’efforcera plutôt de soutenir des initiatives au niveau des secteurs pour aider à mettre l’accent sur les questions de durabilité / améliorer les résultats en matière de durabilité au niveau souverain.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant pour le Compartiment est conçu de manière à promouvoir notamment les Objectifs de développement durable fixés par les Nations unies.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
La sous-pondération ou la surpondération d’émetteurs souverains sur la base de la Méthodologie de notation souveraine LO est mise en œuvre de manière systématique pour la composante du bêta fondamental du portefeuille du Compartiment et peut être ajustée à l’occasion des rééquilibrages du portefeuille du Compartiment. Le niveau de sous-pondération ou de surpondération est laissé à la discrétion du Gérant de manière à lui permettre de faire une évaluation aussi bien qualitative que quantitative du profil de durabilité de l’émetteur souverain.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que le profil environnemental, social et de gouvernance d’un émetteur souverain est intrinsèquement lié à la valeur à long terme des obligations émises par l’émetteur souverain en question. Cependant, il n’existe aucune garantie concernant la performance des émetteurs individuels dans lesquels le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.5
Applicable aux Compartiments suivants:
- Swiss Franc Bond (Foreign)
- Swiss Franc Credit Bond (Foreign)Classification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés ayant les profils de durabilité les moins bien notés au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG lesplus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Le Gérant utilise l’exercice de sélection et de notation susmentionné dans le cadre de son évaluation d’investissement. Le Gérant ne cherchera pas à éliminer automatiquement les sociétés les moins bien notées compte tenu de l’univers réduit de sociétés qui en résulterait dans un marché déjà restreint. Il se servira de cet exercice comme d’un guide et cherchera typiquement à investir dans des sociétés mieux notées. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant.
- En lien avec le processus de sélection décrit ci-avant, le Gérant considère qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai, par exemple, pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Liste d’exclusion SVVK-ASIR – le Gérant cherchera à limiter les investissements dans les sociétés qui figurent sur la liste d’exclusion tenue par l’Association suisse pour des investissements responsables ("Liste d’exclusion SVVK-ASIR").
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.

Contribution à la température et comparaison des notations ESG
- Le Gérant visera à ce que le portefeuille du Compartiment soit à l’origine d’une contribution moyenne pondérée à la température inférieure à celle de l’indice de référence utilisé par le Compartiment et auquel l’objectif et la politique d’investissement font référence.
- Le Gérant visera à atteindre une meilleure notation ESG moyenne pondérée pour le portefeuille du Compartiment que celle obtenue par l’indice de référence.
- Rien ne garantit qu’il soit possible d’atteindre une contribution moyenne pondérée à la température inférieure ni une meilleure notation ESG et le Gérant ne sera lié d’aucune manière que ce soit par un objectif ou une exigence en la matière.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès de plus petites sociétés dans le portefeuille du Compartiment avec des notations ESG, intensité de carbone et alignement de la température plus faibles, car il y a une plus grande capacité à influencer la contribution que ces sociétés apporteront à une économie CLIC™ par rapport à de plus grandes sociétés au sein du portefeuille du Compartiment. Le Gérant continuera à examiner les sociétés auprès desquelles il s’engage sur plusieurs années et réduira l’exposition aux sociétés si aucune amélioration ne se produit.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. La volonté de sélectionner des sociétés bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels, des sociétés figurant sur la liste d’exclusion SVVK-ASIR ou de sociétés exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des règles/interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que
le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG et CLIC™ ont plus de chances de prospérer et de créer de la valeur à long terme.
Cependant, il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.6
Applicable au Compartiment suivant:
- Global Convertible Bond Defensive DeltaClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les 20% des sociétés les moins bien notées en termes de durabilité au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Le Gérant utilise l’exercice de sélection et de notation susmentionné dans le cadre de son évaluation d’investissement. Le Gérant ne cherchera pas à éliminer automatiquement les 20% des sociétés les moins bien notées compte tenu de l’univers réduit de sociétés qui en résulterait dans un marché déjà restreint. Il se servira de cet exercice comme d’un guide et cherchera typiquement à investir dans des sociétés mieux notées. Toute décision d’éliminer une société ou de procéder à un investissement dans une société suite au processusde sélection reste toutefois à l’entière discrétion du Gérant. Le Gérant considère en outre qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels et pétrole et gaz conventionnels – le Gérant cherchera à limiter les investissements dans les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Pétrole et gaz conventionnels – le Gérant cherchera à limiter les investissements dans les sociétés liées au secteur du gaz et du pétrole conventionnels sauf si plus de 40% de leur chiffre d’affaires proviennent du gaz naturel et des énergies renouvelables.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Le Gérant pense que l’engagement/la gérance peut entraîner des changements positifs en matière de durabilité dans les pratiques commerciales dans des situations où l’exclusion/la limitation à elle seule peut avoir une moindre incidence à plus long terme. En conséquence, au niveau d’un Compartiment, le gérant s’engage à s’engager auprès des sociétés avec les contributions négatives les plus élevées à la notation ESG globale du portefeuille du Compartiment. Cet engagement vise à encourager les sociétés à offrir une plus grande transparence sur les critères ESG (pour les sociétés dont les mauvaises notations reflètent des pratiques insuffisantes en matière de divulgation), de même
qu’à inciter la direction à adopter de meilleures pratiques (pour les sociétés avec une mauvaise notation sur certains indicateurs ESG). Le Gérant est aussi tenu de revoir régulièrement les notations ESG de ces sociétés dans l’optique de réduire l’exposition aux sociétés pour lesquelles le processus d’engagement ne s’est pas traduit par une amélioration de la notation ESG.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. La volonté d’investir dans des sociétés affichant de bonnes notations ESG n’est pas un objectif d’investissement obligatoire et les restrictions relatives aux sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.7
Applicable au Compartiment suivant:
- TerreNeuveClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
Le Gérant vise à ce que le Compartiment saisisse l’alpha en investissant dans les titres de sociétés qui proposent des solutions décisives aux défis environnementaux et sociaux et à utiliser des instruments dérivés pour adopter des positions courtes sur les titres les moins bien positionnés en la matière.
La proposition d’investissement du Gérant pour le Compartiment repose sur la conviction que les sociétés qui proposent des solutions aux défis environnementaux et sociaux, telles que des technologies de décarbonisation, des technologies agricoles qui préservent la qualité des sols et la biodiversité ou des solutions qui soutiennent une économie circulaire, surperformeront à terme car la demande pour leurs produits
augmentera plus rapidement que celle pour les produits concurrents. Inversement, les sociétés qui proposent des produits et des services qui ne correspondent pas aux tendances de durabilité verront la demande baisser et subiront une érosion de leurs rendements.
Nonobstant la volonté ou la proposition d’investissement du Gérant, il n’existe aucune garantie quant à la performance des sociétés dans lesquelles le Compartiment investit.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection des sociétés au moyen de la méthodologie de notation ESG TerreNeuve propriétaire du Gérant, qui comprend des informations pertinentes sur des indicateurs de durabilité couvrant le climat et d’autres indicateurs concernant l’environnement (émissions de gazà effet de serre, performance énergétique, biodiversité, utilisation de l’eau, gestion des déchets), des questions sociales et liées aux employés, le respect des droits humains et la lutte contre la corruption et la fraude (la "Méthodologie de notation TerreNeuve"). De plus, le Gérant classe les sociétés par rapport à des questions de gouvernance telles que la qualité de la gestion, les normes les pratiques comptables et fiscales ainsi que les mesures incitatives.
- Cette méthodologie permet au Gérant d’identifier les 15% des sociétés les moins bien notées au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pourchaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. La Méthodologie de notation TerreNeuve est décrite plus en détails à la fin de cette information.
- Le Gérant cherchera à investir dans les sociétés les mieux notées et à adopter des positions courtes sur les sociétés les moins bien notées au moyen d’instruments dérivés, sauf s’il existe des raisons objectives pour ne pas le faire. Sans être tenu de respecter une quelconque restriction particulière, le Gérant évitera généralement de prendre des positions longues sur les sociétés parmi les 15% les moins bien notées de l’univers du Compartiment selon la notation ci-dessus. Toute décision de prendre une position sur une quelconque société reste néanmoins à l’entière discrétion du Gérant. Le Gérant considère qu’un processus d’investissement reposant entièrement sur les résultats d’une sélection automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut aussi être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Armes controversées – exclusion des sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.
- Tabac – exclusion des sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Restrictions
- Charbon, pétrole et gaz non conventionnels – le Gérant cherchera à limiter les investissements dans les sociétés suivantes: Charbon thermiqueExploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.

Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à ne pas prendre de positions longues pour le compte du Compartiment sur des sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").

Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées et du tabac) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai, par exemple, pour les sociétés impliquées dans les Controverses les plus graves lorsque la société a identifié le problème, reconnu la faute, pris des mesures correctives et qu’elle a constitué des provisions pour d’éventuelles obligations.
Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue de la notation selon la Méthodologie de notation TerreNeuve, qui comprend des indicateurs sur les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, des questions sociales et liées aux employés, le respect des droits humains et la lutte contre la corruption et la fraude.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et les services de celle-ci seront affectés par les tendances environnementales et sociales / la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Engagement
- Le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les trois priorités d’engagement du Gérant sont les suivantes:
	- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
	- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
	- S’engager auprès de sociétés sans notation ESG.

- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment.

Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la méthodologie de cartographie de la matérialité décrite à la fin de cette information.
Pour le compte du Compartiment, le Gérant préfère les sociétés qui peuvent contribuer positivement aux enjeux environnementaux et sociaux et cherche à investir dans les leaders des domaines suivants: énergies renouvelables, économie de l’hydrogène, économie circulaire, agriculture durable, mobilité propre, efficacité des ressources, santé et bien-être, eau, outils numériques, accès à l’éducation. Toute décision d’investir dans une société reste à l’entière discrétion du Gérant.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées et le tabac sont des interdictions absolues auxquelles il n’est pas possible de déroger. En ce qui concerne les autres processus, évaluations, sélections et restrictions mentionnés dans la présente annexe, le Gérant garde toute discrétion relative à ses décisions d’investissement pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
Méthodologie de notation TerreNeuve
Le cadre d’investissement durable du Gérant tient compte des pratiques commerciales des sociétés par rapport à l’entier de leurs écosystèmes de partenaires. Le Gérant a développé une méthodologie de notation de la matérialité ESG propriétaire lui permettant de se concentrer sur les dimensions environnementales, sociales et de gouvernance vraiment importantes dans la chaîne de valeur d’une société. Le cadre propriétaire du Gérant est constitué de 10 catégories et reflète les principales dimensions des possibles opportunités et risques en matière ESG dans la chaîne de valeur d’une société. Cela inclut les risques en amont essentiellement liés à la chaîne d’approvisionnement ou à l’utilisation de ressources naturelles, les risques opérationnels directement liés au processus de production et opérationnels d’une société ainsi que les risques en aval
liés à d’éventuelles incidences négatives des produits et services vendus. La constitution des notations repose sur des données brutes de différents fournisseurs spécialisés et inclut notamment des informations sur les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, des questions sociales et liées aux employés, le respect des droits humains et la lutte contre la corruption et la fraude. De plus, le Gérant classe les sociétés par rapport à des questions de gouvernance telles que la qualité de la gestion, les normes les pratiques comptables et fiscales ainsi que les mesures incitatives.
Le Gérant identifie et note les dimensions ESG les plus importantes pour environ 90 sous-secteurs GICS (Global Industry Classification Standard) de niveau 4 inclus dans la cartographie de matérialité ESG du Gérant. Pour chaque société, le Gérant calcule une note de 0 à 100 intégrant la matérialité en surpondérant les informations plus importantes selon leur secteur spécifique et en sous-pondérant les informations générales moins importantes. Ces notes permettent au Gérant d’attribuer un classement ESG entre 0 et 100 à chaque société et de comparer les sociétés au sein des secteurs et entre les secteurs. La Méthodologie de notation TerreNeuve renforce la capacité du Gérant à surveiller les progrès réalisés par une société sur les questions spécifiques au secteur les plus importantes pour la durabilité à long terme et à s’engager auprès d’elle pour ces questions importantes.
C-1.8
Applicable aux Compartiments suivants:
- TargetNetZero Global IG Corporate
- TargetNetZero Euro IG CorporateClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Evaluation et alignement de la température
- Le Gérant, grâce à notre outil interne d’alignement de la température du portefeuille ("Lombard Odier Portfolio Temperature Alignment"– LOPTA), évalue l’empreinte carbone des sociétés et l’alignement de la température en leur sein, en fonction de ventilations sectorielles/ régionales, de trajectoires historiques et de trajectoires/cibles prospectives. Le cadre LOPTA permet au Gérant d’analyser les trajectoires de température dans l’ensemble des portefeuilles, ainsi que le degré d’alignement des sociétés individuelles ou des portefeuilles surla transition climatique, en estimant le niveau du réchauffement climatique dû à des sociétés ou des portefeuilles spécifiques par extrapolation aux objectifs de leurs groupes de pairs respectifs.
- Le Gérant vise à atteindre une réduction des émissions de CO2 plus rapide comparée à la réduction des émissions de l’indice indiqué dans la politique d’investissement du Compartiment.
- Le Gérant vise à ce que le portefeuille du Compartiment apporte au niveau implicite du réchauffement climatique, sur la base des tendances projetées pour les émissions cumulées entre 2015 et 2050, une contribution moyenne pondérée inférieure à celle de l’indice indiqué dans la politique d’investissement du Compartiment, à l’aide de la même méthodologie.

Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés ayant les profils de durabilité les moins bien notés au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG lesplus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I de l’Annexe SFDR.
- Sur la base de la notation de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant adopte une approche sélective et cherchera généralement à ne pas investir dans les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de ne pas les éliminer. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant.
- Sélection des sociétés au moyen du LOPTA, un outil qui quantifie le risque de transition climatique inhérent aux titres et aux portefeuilles individuels en déterminant une mesure prospective et intuitive de la température. Ces mesures permettent au Gérant d’évaluer l’alignement d’une société sur l’Accord de Paris. Le LOPTA couvre plusieurs aspects climatiques des Indicateurs de durabilité axés sur le SFDR, notamment l’identification de sociétés ayant instauré des initiatives de réduction des émissions de carbone
- En lien avec les processus de sélection susmentionnés, le Gérant considère qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugementqualitatif prospectif peut être requis. Cela peut être particulièrement vrai, par exemple, pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.
- Exclusion des sociétés générant plus de 10% de leur chiffre d’affaires de la production ou de la vente de pornographie.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Pour la composante "alpha overlay" du portefeuille du Compartiment, revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour contribuer à l’évaluation du Gérant de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès de plus petites sociétés dans le portefeuille du Compartiment avec des notations ESG, intensité de carbone et alignement de la température plus faibles, car il y a une plus grande capacité à influencer la contribution que ces sociétés apporteront à une économie CLIC™ par rapport à de plus grandes sociétés au sein du portefeuille du Compartiment. Le Gérant continuera à examiner les sociétés auprès desquelles il s’engage sur plusieurs années et réduira l’exposition aux sociétés si aucune amélioration ne se produit.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Dans le cadre du Compartiment, les processus de construction du portefeuille du Gérant visent à soutenir les objectifs de l’Accord de Paris en matière de réduction de la température de la planète.
Les processus d’investissement du Gérant sont conçus de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I de l’Annexe SFDR.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. L’élimination des 20% de sociétés les moins bien notées, ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses de niveau élevé telles que décrites ci-avant ne sont pas des
interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG et CLIC™ ont plus de chances de prospérer et de créer de la valeur à long terme.
Cependant, il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.9
Applicable au Compartiment suivant:
- Fallen Angels RecoveryClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les 20% des sociétés les moins bien notées au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Le Gérant utilise l’exercice de sélection et de notation susmentionné dans le cadre de son évaluation d’investissement. Le Gérant ne cherchera pas à éliminer automatiquement les 20% des sociétés les moins bien notées compte tenu de l’univers réduit de sociétés qui en résulterait dans un marché déjà restreint. Il se servira de cet exercice comme d’un guide et cherchera typiquement à investir dans des sociétés mieux notées. Toute décision d’éliminer une société ou de procéder à un investissement dans une société suite au processusde sélection reste toutefois à l’entière discrétion du Gérant. Le Gérant considère en outre qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès de plus petites sociétés dans le portefeuille du Compartiment avec des notations ESG, intensité de carbone et alignement de la température plus faibles, car il y a une plus grande capacité à influencer la contribution que ces sociétés apporteront à une économie CLIC™ par rapport à de plus grandes sociétés au sein du portefeuille du Compartiment. Le Gérant continuera à examiner les sociétés auprès desquelles il s’engage sur plusieurs années et réduira l’exposition aux sociétés si aucune amélioration ne se produit.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de
la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. La volonté d’investir dans des sociétés affichant de bonnes notations ESG n’est pas un objectif d’investissement obligatoire et les restrictions relatives aux sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG et CLIC™ ont plus de chances de prospérer et de créer de la valeur à long terme.
Cependant, il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.10
Applicable aux Compartiments suivants:
- TargetNetZero Global Equity
- TargetNetZero Europe EquityClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives et de l’alignement de la température des placements du Compartiment dans le cadre de son processus
d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection des sociétés au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Le système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I de l’Annexe SFDR.
- Sélection des sociétés au moyen du LOPTA, un outil qui quantifie le risque de transition climatique inhérent aux titres et aux portefeuilles individuels en déterminant une mesure prospective et intuitive de la température. Cette mesure permet au Gérant d’évaluer l’alignement d’une société sur l’Accord de Paris. Le LOPTA couvre plusieurs aspects climatiques des Indicateurs de durabilité axés sur le SFDR, notamment l’identification de sociétés ayant instauré des initiatives de réduction des émissions de carbone.
- Filtrage des niveaux de controverse, tels que définis dans les principes du Pacte mondial des Nations Unies conformément à plusieurs des Indicateurs de durabilité axés sur le SFDR liés à l’aspect social tels que les questions sociales liées aux employés et les droits humains.

Les notes attribuées en vertu du processus de sélection susmentionné sont communiquées et réexaminées par le Gérant à intervalles réguliers. Ces données doivent aider le Gérant à analyser les caractéristiques du portefeuille du Compartiment et les risques en matière de durabilité par rapport à l’indice indiqué dans la politique d’investissement du Compartiment ("l’Indice"). Elles sont incorporées au modèle d’investissement systématique du Gérant.
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.
- Exclusions des sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Restrictions
- Violations importantes des principes du Pacte mondial des Nations Unies – sans exclure une société qui pourrait contribuer à la transition vers une économie à faible émission de carbone conformément au but du Compartiment, le Gérant cherchera à réduire l’exposition à ladite société si elle est reconnue comme étant impliquée dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Charbon, pétrole et gaz non conventionnels – le Gérant cherchera à réduire l’exposition à chacune des sociétés reconnues comme étant impliquées dans les activités suivantes:Charbon thermiqueExploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.

Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
Conformément au but du Compartiment de minimiser la température et d’accélérer le rythme de réduction des émissions de CO2, la réduction de l’exposition aux sociétés fortement exposées au charbon, aux pétrole et gaz non conventionnels et aux Controverses les plus graves n’est pas une restriction absolue. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil de durabilité d’une société peut toujours être effectuée, notamment lorsque le Gérant considère que la société peut contribuer de manière déterminante à la transition vers une économie à faible émission de carbone conformément au but du Compartiment.
Contribution à la température, empreinte carbone et alignement du portefeuille
- Le processus d’investissement du Compartiment vise à réduire considérablement le risque de transition climatique. La stratégie vise à minimiser la température du portefeuille du Compartiment tout en se concentrant sur les opportunités les plus importantes en matière de transition climatique.. Le Gérant utilise principalement une approche prospective pour estimer comment les sociétés vont se décarboner et, en conséquence, identifier les opportunités et les risques.
- Le Gérant vise à augmenter l’exposition du portefeuille du Compartiment aux sociétés présentant des risques moindres en matière de transition climatique. Par conséquent, la stratégie vise, en moyenne, à renforcer l’exposition aux sociétés affichant une température moins élevée (telle que définie par le LOPTA). Toutefois, l’exposition à une telle société peut être réduite dans certaines conditions, pour préserver les caractéristiques financières générales du portefeuille du Compartiment et respecter d’autres contraintes d’investissement.
- Le Gérant vise à réduire l’exposition du portefeuille du Compartiment aux sociétés les plus susceptibles de subir des incidences financières négatives graves résultant de la transition vers une économie à faible émission de carbone. La stratégie vise, en moyenne, à réduire l’exposition aux sociétés affichant une température plus élevée (telle que déterminée par le LOPTA). Toutefois, l’exposition à une telle société peut être renforcée dans certaines conditions, pour préserver les caractéristiques financières générales du portefeuille du Compartiment et respecter d’autres contraintes d’investissement.
- La minimisation de la température du portefeuille du Compartiment est combinée à un objectif de réduction plus rapide des émissions de CO2 comparée à la réduction des émissions de l’Indice. Le Gérant vise à assurer que (i) globalement, le portefeuille du Compartiment n’est pas plus exposé aux sociétés dont les émissions de carbone sont élevées et que (ii) le portefeuille du Compartiment réduit son exposition à la fois au risque de transition climatique et à l’actuel risque d’émissions de carbone.

Rien ne garantit que les objectifs susmentionnés seront atteints.
Comparaison des notations ESG
Les risques en matière de durabilité sont également gérés en appliquant une amélioration globale des notations ESG au portefeuille du Compartiment. Par conséquent, la stratégie vise, en moyenne, à choisir les sociétés dont les notations ESG sont les meilleures à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier. Rien ne garantit que cet objectif sera atteint.
Engagement
- Le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
	- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
	- S’engager pour des pratiques améliorées en matière de publication d’informations (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG exclusif du Gérant; (ii) pour les sociétés identifiées comme ayant une incidence négative sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR et (iii) pour les sociétés qui publient déjà desrapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;

- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon la SFDR telle que décrite à la rubrique I de l’Annexe SFDR;
- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment. L’engagement est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.

Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le Compartiment promeut les pratiques ESG en tentant de réduire considérablement le risque de transition climatique au moyen du LOPTA, un outil qui quantifie le risque de transition climatique inhérent aux titres et aux portefeuilles individuels en déterminant une mesure prospective et intuitive de la température. Cette mesure permet au Gérant d’évaluer l’alignement d’un investissement donné sur l’Accord de Paris, ainsi que les sociétés ayant instauré des initiatives de réduction des émissions de carbone.
Le processus d’investissement du Compartiment est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité décrite à la rubrique I de l’Annexe SFDR. Le processus d’investissement du Compartiment est aussi conçu pour réduire l’exposition aux sociétés impliquées dans les violations les plus importantes du Pacte mondial des Nations Unies.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
Le Gérant est soumis aux principes suivants:
- L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger.
- L’exclusion des sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac est une interdiction absolue à laquelle il n’est pas possible de déroger.
- La réduction de l’exposition aux sociétés impliquées dans les Controverses les plus graves est un principe absolu. En outre, le Gérant a les objectifs suivants en ce qui concerne le portefeuille du Compartiment:
- La notation ESG du portefeuille du Compartiment, telle que mesurée par la Méthodologie de notation de la matérialité industrielle ESG/ CAR de Lombard Odier, devrait être supérieure ou égale à celle de l’Indice.
- L’empreinte carbone du portefeuille du Compartiment devrait être inférieure ou égale à celle de l’Indice.
- La température du portefeuille du Compartiment, telle que mesurée par le LOPTA, devrait être inférieure ou égale à celle de l’Indice.

Ces objectifs ne sont pas des exigences obligatoires et rien ne garantit qu’ils seront atteints.
Conformément au but du Compartiment de minimiser la température et d’accélérer le rythme de réduction des émissions de CO2, la réduction de l’exposition aux sociétés fortement exposées au charbon et aux pétrole et gaz non conventionnels n’est pas une règle absolue. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil de durabilité d’une société peut toujours être effectuée, notamment lorsque le Gérant considère que la société peut contribuer de manière déterminante à la transition vers une économie à faible émission de carbone conformément au but du Compartiment.
Les principes et objectifs susmentionnés sont considérés à chaque rééquilibrage du portefeuille du Compartiment. Toute mise à jour des données de filtrage ESG intervenant entre les rééquilibrages est prise en compte lors du prochain rééquilibrage.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Compartiment est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps. Le changement climatique engendrera des changements dans les conditions économiques et, en conséquence, sur les marchés financiers. Les opportunités, les risques et les températures sont susceptibles de varier dans le temps. Les paramètres de la stratégie sont fréquemment réévalués afin qu’ils reflètent ces changements en permanence. Le portefeuille du Compartiment fait l’objet de rééquilibrages réguliers pour tenir compte notamment (i) des mises à jour dans l’évaluation ESG ou LOPTA de sociétés et (ii) du niveau de controverse.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.11
Applicable au Compartiment suivant:
- Generation GlobalLes termes employés dans cette Section s’entendent tels qu’ils sont définis dans le Glossaire du Prospectus et ci-après:Liste Focus	désigne la liste des sociétés tenue par le Gérant dans le cadre de son processus de sélection "bottom-up" et de la prise en compte des caractéristiques ESG telles que décrites ci-après;Gérant	désigne Generation Investment Management LLP;QD et QA	désigne la Qualité de la direction (QD) et la Qualité de l’activité (QA) qui sont des indicateurs utilisés par le Gérant pour l’aider à déterminer si des sociétés doivent être admises, conservées ou supprimées de la liste Focus.

Classification du Compartiment selon le SFDR
La Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.
Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR.
La stratégie d’investissement du Compartiment cherche à intégrer la recherche consacrée à la durabilité dans le cadre d’une analyse fondamentale rigoureuse. Le Gérant considère que la recherche actions à long terme requiert une large vue systémique des risques et opportunités commerciaux futurs en identifiant les défis en matière d’ESG que les sociétés du monde entier doivent relever. La philosophie d’investissement du Gérant repose principalement sur sa conviction que les facteurs ESG affectent directement la rentabilité à long terme des sociétés.
Les évolutions des caractéristiques ESG font partie intégrante de la mise en œuvre de la stratégie d’investissement du Compartiment. Le Gérant n’adopte généralement pas de "filtres" dans le cadre de son processus d’investissement. Il considère plutôt que son processus de portefeuille intègre une analyse ESG dans chaque décision d’investissement et qu’en conséquence ce processus élimine naturellement les titres qui sont généralement exclus par une approche reposant sur une liste. Une telle approche reposant sur une liste implique généralement l’utilisation d’un indice de référence et d’exclusions par rapport à celui-ci alors que le Compartiment n’est pas géré en référence à un indice
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.
Etant donné que le Gérant considère que les facteurs ESG sont étroitement liés à la valeur à long terme, séparer une telle analyse de ses modèles financiers est considéré comme contraire à sa philosophie d’investissement. L’intégration de la recherche ESG et l’analyse fondamentale des actions correspond davantage à cette philosophie et soutient son processus d’investissement.
Contrairement à la stratégie d’investissement largement répandue de sélection extrinsèque des investissements, le processus du Gérant s’appuie en premier lieu sur les différentes étapes décrites ci-après. Les évolutions des caractéristiques ESG sont prises en compte tout au long du processus d’investissement. En conséquence, il n’y a pas d’allocation tactique ou stratégique à des pays/régions, industries/secteurs ou monnaies spécifiques et chaque position adoptée est le résultat d’un processus de sélection "bottom-up". Le processus du Gérant, tel que définit ci-après, illustre la manière dont le Gérant évalue les caractéristiques environnementales et sociales promues par le Compartiment et comment les bonnes pratiques de gouvernance des sociétés sont évaluées. Il montre aussi comment l’identification des risques de durabilité est intégrée dans le processus de décision d’investissement du Gérant. Cela fonctionne de la manière suivante:
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Comme indiqué, le Compartiment n’est pas géré en référence à un indice.
- Feuilles de route. Le Gérant développe des "Feuilles de route" qui initient le processus d’investissement et permettent aux analystes et au reste de l’équipe d’étudier les facteurs stimulant les tendances du secteur et générales tout en approfondissant leur compréhension du contexte d’investissement. Les Feuilles de route peuvent avoir une approche plus large, sur des régions et pays ou des thématiques ESG (par exemple, l’Europe et la Chine, le voyage durable ou l’énergie hydrogène récemment), mais elles se concentrent plus généralement sur des secteurs et sous-secteurs. Quoi qu’il en soit, les Feuilles de route permettent à l’équipe du Gérant d’identifier les aspects ESG(y compris les risques) qui sont pertinents et importants pour des secteurs particuliers. Elaborer une Feuille de route de cette manière permet à l’équipe d’investissement d’établir un modèle pour ce qu’elle considère comme une activité et une équipe de direction de qualité élevée pour le secteur concerné, et elle s’oriente donc vers les parties du marché où elle pense qu’un tel ensemble robuste de sociétés peut exister. Grâce à leurs recherches en lien avec la Feuille de route, les analystes du Gérant génèrent une listes de noms de sociétés potentiels pour la suite du processus de sélection.
- Liste Focus. Une analyse détaillée de la société est ensuite effectuée jusqu’à ce que l’analyste détermine soit que l’activité examinée ne répondra pas aux seuils de qualité, soit qu’il est prêt à présenter une thèse d’investissement complète sur cette société aux autres membres de l’équipe d’investissement. Cette étape est appelée présentation de "liste Focus". Cette étape est axée sur la série decritères solides définie pour la Qualité de la direction (QD) et la Qualité de l’activité (QA). Les aspects pris en compte incluent les barrières sectorielles à l’entrée, la stabilité de l’activité et l’alignement des incitations de la direction qui sont des éléments clés de l’évaluation des facteurs ESG. Par exemple, les analystes pourront prendre en considération des facteurs tels que:
- Une offre équitable: la société fournit-elle ses produits/services d’une manière qui favorise la satisfaction à long terme de ses clients sans concurrence déloyale?
- Incidence environnementale: la société fournit-elle des produits en accord avec un environnement durable?
- Personnes: la société rémunère-t-elle ses employés de manière équitable et gère-t-elle les risques en matière de talent?
- Consommation durable: la société propose-t-elle des produits et services en accord avec des niveaux durables de consommation?
- Risque de données: la société protège-t-elle des données sensibles contre des intrus et veille-t-elle au respect de la vie privée des clients?
- Changement de régime réglementaire: la société est-elle exposée à des risques importants de changement dans l’environnement géopolitique ou réglementaire mondial?
- Clients non durables: la société offre-t-elle une quantité importante de produits à des clients qui appartiennent à un écosystème non durable?

L’ensemble de l’équipe d’investissement participe à ce processus et utilise ces critères pour noter les entreprises dans son système de notation QA/QD. La meilleure note étant 1, la moins bonne étant 5. Une société doit atteindre la note de 3 ou une meilleure note dans les critères QA et QD pour être admise dans la liste Focus.
- Décision d’achat. Lorsqu’une société est admise dans la liste Focus, elle peut être sélectionnée par les gérants de portefeuille du Gérant pour être incluse dans le portefeuille s’ils estiment, à leur entière discrétion, que le "potentiel haussier" de ce titre est suffisant. Le Gérant cherche à investir uniquement dans des sociétés qui ont été admises dans la liste Focus. Pour écarter tout doute, toute admission dans la liste Focus n’entraîne pas forcément l’achat des titres d’une société. Il est possible que même si une société est admise dansla liste Focus elle ne soit jamais achetée pour le portefeuille. Cela pourrait arriver si les gérants de portefeuille estiment que, même s’ils aimeraient détenir cette société, elle n’offre pas selon eux un bon rapport qualité-prix. La composition de la liste Focus est réviséepériodiquement et les sociétés qui ne remplissent plus les critères d’admission dans la liste sont supprimées. Après avoir été supprimées de la liste Focus, les positions qui n’ont pas encore été vendues seront vendues à la discrétion du Gérant dans le meilleur intérêt des actionnaires.

Le Gérant avertit les investisseurs potentiels que, bien qu’il cherche notamment à identifier les facteurs ESG pertinents pour inclure des sociétés dans la liste Focus, les données pertinentes, comparables, fiables et accessibles au public sur les sociétés sont insuffisantes dans un certain nombre de domaines et que cela constitue une entrave à une évaluation complète et exacte de tels facteurs. L’évaluation des facteurs ESG
est donc dynamique et évoluera au fil du temps parallèlement au développement des sources de données. Même lorsque des données sont disponibles, leur incidence et/ou interprétation peut être contestée. Cette question comprend de multiples facettes, mais l’exemple suivant illustre ces limites méthodologiques générales. Les données relatives aux émissions de carbone et à l’empreinte carbone peuvent ne pas toujours être disponibles et, lorsqu’elles le sont, leur mesure fait encore l’objet d’un vaste débat. Dans un processus de fabrication, cela peut inclure les émissions de l’usine fabriquant l’objet ou les émissions de carbone tout au long de la chaîne d’approvisionnement jusqu’à cette usine et jusqu’à l’utilisateur final de ce produit. Suite aux récents efforts réglementaires visant à standardiser cette approche et la collecte de données similaires, le Gérant s’attend à ce que la disponibilité, l’étendue et l’exactitude des données ESG continuent à s’améliorer, mais cela restera une contrainte potentielle pour la méthodologie. De plus, de telles données reposent sur les efforts de tiers et les interruptions ou inexactitudes de ces données sont indépendantes de la volonté du Gérant.
Exclusions
Le Gérant n’adopte généralement pas de "filtres" dans le cadre de son processus d’investissement.
Restrictions
Le Gérant n’investit pas dans des sociétés qui n’ont pas été admises dans la liste Focus. Pour écarter tout doute, la gestion efficace du portefeuille et les stratégies de couverture, si autorisées, ne sont pas soumises au processus de la liste Focus et restent à la discrétion du Gérant.
Le Gérant n’investira pas sciemment dans des sociétés:
- qui génèrent une part importante (définie en général comme supérieure à 15%) de leur chiffre d’affaires de la fabrication, la vente et la distribution de produits du tabac, sachant que l’utilisation finale de tels produits est connue pour nuire à la santé; ou
- qui génèrent une part importante (définie en général comme supérieure à 15%) de leur chiffre d’affaires de la fabrication, la vente et la distribution de munitions à dispersion et de mines antipersonnel.

Le Gérant peut modifier cette liste d’investissements limités de temps à autre. Si de tels investissements viennent à faire partie du portefeuille (par exemple en raison du changement du modèle d’affaires de la société concernée ou suite à une information incomplète ou floue au moment de l’achat), le Gérant vendra la position à sa discrétion. Pour écarter tout doute, le Gérant ne sera pas responsable de l’acquisition ou la conservation d’un titre soumis à des restrictions si cela résulte d’une réévaluation d’informations que le Gérant pensait raisonnablement être fiables et qu’il avait agi en toute bonne foi. Il s’agit en fin de compte d’une évaluation discrétionnaire et non pas de la mise en œuvre d’un ensemble de règles donnant lieu à une violation de directives d’investissement.
Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
Les critères spécifiés ci-avant concernant la Qualité de l’activité (QA) et la Qualité de la direction (QD) nécessitent aussi une analyse approfondie du positionnement d’une société en ce qui concerne les facteurs ESG pertinents et importants dans son secteur. Si le Gérant considère qu’une société ne positionne pas ses activités de manière appropriée par rapport aux facteurs ESG pertinents et importants qui la concernent, elle ne figurera pas sur la liste Focus (même si elle a de bonnes notes sur d’autres critères). Une évaluation détaillée est effectuée par l’analyste concerné pour chaque société sur la liste Focus, puis un objectif et une fourchette de cours sont établis.
Le Gérant adopte une approche sélective. L’admission d’une société dans la liste Focus est donc le produit de la notation de l’ensemble (ou presque en cas d’absence) de l’équipe d’investissement du Gérant pour cette stratégie. Une fois admise dans la liste Focus, une société est admissible aux fins d’investissement par les gérants de portefeuille du Gérant. Le Gérant investira typiquement dans environ 30 à 60 titres de la liste Focus d’environ 130 sociétés, bien que ces chiffres soient des lignes directrices plutôt que des restrictions fondamentales et tant le nombre de titres investis de la liste Focus que la taille de cette liste peuvent varier au fil du temps. En conséquence, bien qu’aucun pourcentage de réduction spécifique du Compartiment ne soit visé, le nombre de titres sélectionnés pour le portefeuille devrait être nettement inférieur à l’univers d’investissement potentiel du Compartiment
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selon le processus du Gérant. Historiquement, le portefeuille tend à être relativement concentré par rapport aux indices de marché plus larges, ce qui signifie que la performance des sociétés individuelles peut avoir une incidence disproportionnée sur la valeur du Compartiment.
Le Gérant surveille activement un certain nombre de résultats clés du processus de gestion de portefeuille afin de s’assurer que les titres contenus dans le portefeuille sont les meilleures idées du Gérant et que leur poids est approprié. Un rééquilibrage du portefeuille ou des décisions de vente peuvent être requis lorsque les fluctuations du marché écartent des sociétés de leurs allocations cibles ou que les allocations cibles sont modifiées. Le Gérant sera particulièrement attentif aux rendements cibles modélisés de chaque investissement exprimés en fourchette de valeurs et aux scores de la Qualité de l’activité et de la Qualité de la direction. Des changements dans ces scores (aussi en raison de facteurs ESG) entraîneront une réévaluation de la position dans le portefeuille.
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Comme indiqué, le Compartiment n’est pas géré en référence à un indice. Il peut investir dans le monde entier en utilisant une approche "unconstrained". Un indice mondial classique qui capte la représentation des grandes et moyennes capitalisations pourrait avoir plus de mille composantes, voire nettement plus. Pour écarter tout doute, l’indice de référence indiqué dans les objectifs et la politique d’investissement du Compartiment est utilisé uniquement à des fins de comparaison de la performance.
Engagement
Dans le cadre de sa due diligence, la Gérant vise à constituer une vue aussi complète que possible sur la QA et la QD par ses propres recherches et en parlant avec la direction d’une société. Les discussions permettent d’apprendre des choses sur les sociétés et la façon dont elles sont dirigées. Durant ce processus, le Gérant partage les informations issues de ses recherches qu’il considère comme importantes pour les sociétés. En tant que Gérant axé sur la durabilité, il trouve que les équipes de direction apprécient souvent de discuter de la manière dont les facteurs de durabilité peuvent affecter la société et son secteur. Le Gérant surveille toutes les sociétés sur sa liste Focus en tenant compte des informations collectées des données accessibles au public, de ses propres recherches et de discussions avec la direction des sociétés. Selon le cas, le
Gérant aborde des sujets identifiés dans le cadre de sa surveillance qui pourraient, selon lui, créer des risques importants pour la société ou, en revanche, offrir des opportunités d’améliorer sa performance. Si un risque identifié par son processus de surveillance réduit son évaluation de la QA ou la QD en dessous du seuil d’inclusion dans la liste Focus, cela devrait entraîner la suppression de la société de la liste Focus, mais ce n’est pas un processus automatisé et la société peut être maintenue dans la liste si on peut raisonnablement penser que la position va s’améliorer.
En plus des engagements spécifiques avec des sociétés individuelles, nous abordons aussi avec des sociétés de la liste Focus des sujets tels que la diversité et la crise climatique que le Gérant considère comme importants pour toutes les sociétés. Les analystes d’investissement du Gérant sont chargés de la surveillance des sociétés et du dialogue avec ces dernières.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Une partie importante de la conception du processus d’investissement du Gérant est l’évaluation des pratiques ESG qui sont considérées comme les plus importantes pour les sociétés dans lesquelles le Compartiment investit.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
Le Gérant investit uniquement dans des sociétés admises dans la liste Focus. De plus, le Gérant s’efforce de ne pas investir dans des sociétés impliquées dans la fabrication, la vente et la distribution de produits du tabac ainsi que de munitions à dispersion et de mines antipersonnel (tel que détaillé ci-avant).
Toute décision d’investir en dehors de ces paramètres reste à l’entière discrétion du Gérant. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’analyse ESG tel que décrit ci-avant dans le cadre de la construction de la liste Focus.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG et le Compartiment n’est pas géré en référence à un indice.
C-1.12
Applicable aux Compartiments suivants:
- Global BBB-BB Fundamental
- Euro BBB-BB FundamentalClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés ayant les profils de durabilité les moins bien notés au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG lesplus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Pour la composante "alpha overlay" du portefeuille du Compartiment, sur la base de la notation de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant adopte une approche sélective et cherchera généralement à ne pas investir dans les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de ne pas les éliminer. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant.
- Pour la composante du bêta fondamental du portefeuille du Compartiment, le Gérant cherchera à sous-pondérer ou surpondérer l’exposition à une société jusqu’à 15% (ou dans les situations extrêmes à exclure une société) selon les résultats de la notation. La décision de sous-pondérer ou surpondérer le cas échéant reste à l’entière discrétion du Gérant.
- En lien avec le processus de sélection décrit ci-avant, le Gérant considère qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai, par exemple, pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Filtrage et notation de l’intensité de carbone
- Pour la composante du bêta fondamental du portefeuille du Compartiment, le Gérant cherchera aussi à sous-pondérer ou surpondérer le portefeuille du Compartiment jusqu’à 5% par région et 15% par secteur en référence aux notations d’intensité de carbone d’une société. La décision de sous-pondérer ou surpondérer le cas échéant reste à l’entière discrétion du Gérant.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Pour la composante "alpha overlay" du portefeuille du Compartiment, revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour contribuer à l’évaluation du Gérant de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.

Contribution à la température et comparaison des notations ESG
- Le Gérant visera à ce que le portefeuille du Compartiment soit à l’origine d’une contribution moyenne pondérée à la température inférieure à celle de l’indice de référence utilisé par le Compartiment et auquel l’objectif et la politique d’investissement font référence.
- Le Gérant visera à atteindre une meilleure notation ESG moyenne pondérée pour le portefeuille du Compartiment que celle obtenue par l’indice de référence.
- Rien ne garantit qu’il soit possible d’atteindre une contribution moyenne pondérée à la température inférieure ni une meilleure notation ESG et le Gérant ne sera lié d’aucune manière que ce soit par un objectif ou une exigence en la matière.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès de plus petites sociétés dans le portefeuille du Compartiment avec des notations ESG, intensité de carbone et alignement de la température plus faibles, car il y a une plus grande capacité à influencer la contribution que ces sociétés apporteront à une économie CLIC™ par rapport à de plus grandes sociétés au sein du portefeuille du Compartiment. Le Gérant continuera à examiner les sociétés auprès desquelles il s’engage sur plusieurs années et réduira l’exposition aux sociétés si aucune amélioration ne se produit.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. L’élimination ou la sous-pondération des sociétés les moins bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des règles/interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG et CLIC™ ont plus de chances de prospérer et de créer de la valeur à long terme.
Il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.13
Applicable aux Compartiments suivants:
- Ultra Low Duration (USD)
- Ultra Low Duration (EUR)
- Short-Term Money Market (EUR)
- Short-Term Money Market (USD)
- Short-Term Money Market (GBP)
- Short-Term Money Market (CHF)Classification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques des positions de sociétés
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés ayant les profils de durabilité les moins bien notés au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG lesplus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Sur la base de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant adopte une approche sélective et cherchera généralement à ne pas investir dans les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de le faire. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant.

Filtrage et notation ESG systématiques des positions souveraines
- Compte tenu des défis auxquels le monde est aujourd’hui confronté, l’analyse des risques en matière de durabilité que recèlent les obligations souveraines revêt un caractère essentiel. Le Gérant complète donc son évaluation traditionnelle du crédit souverain par un cadre analytique qui intègre les facteurs de risque en matière de durabilité de manière globale. Outre les critères macro habituels, des considérations ESG plus générales sont intégrées dans l’évaluation du risque des obligations souveraines. Le Gérant a développé un modèle propriétaire (la "Méthodologie de notation LO") pour procéder à une évaluation indépendante de la position de l’émetteur souverain en ce qui concerne les droits humains, les droits environnementaux et les Objectifs de développement durable (ODD) desNations unies. Ce modèle couvre un large éventail de questions environnementales, sociales et de gouvernance, y compris les inégalités, la cohésion sociale, la qualité des services publics, l’approvisionnement en eau et en produits alimentaires, la sécurité énergétique, la limitation du et la résilience au réchauffement climatique, la protection de la biodiversité, la pollution, l’efficacité réglementaire, la force institutionnelle et la stabilité politique. Les décisions d’investissement sont prises sur la base d’un ensemble de données très fiables issues de différents organismes supranationaux, d’universités, d’instituts de recherche et de grandes ONG. Les données collectées sont normalisées dans des indicateurs entre 0 et 100 points. La méthodologie intègre la méthodologie propriétaire "Conscience", "Actions" et "Résultats" ("CAR") du Gérant qui surpondère la composante "R", c’est-à-dire les indicateurs liés aux résultats définitifs.

Positions souveraines/gouvernementales
- Pour les positions souveraines/gouvernementales, le Gérant cherchera généralement à sous-pondérer ou surpondérer l’exposition à un émetteur souverain et lié à des gouvernements selon les résultats de la notation. La décision de sous-pondérer ou surpondérer le cas échéant reste à l’entière discrétion du Gérant.

En lien avec les processus de sélection décrits ci-avant, le Gérant considère qu’un processus d’élimination ou de sous-pondération/surpondération reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai, par exemple, pour les sociétés en phase de transition vers une économie à faible émission de carbone.
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Pour le portefeuille du Compartiment, revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour contribuer à l’évaluation du Gérant de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.

Engagement
Sociétés émettrices
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès de plus petites sociétés dans le portefeuille du Compartiment avec des notations ESG, intensité de carbone et alignement de la température plus faibles, car il y a une plus grande capacité à influencer la contribution que ces sociétés apporteront à une économie CLIC™ par rapport à de plus grandes sociétés au sein du portefeuille du Compartiment. Le Gérant continuera à examiner les sociétés auprès desquelles il s’engage sur plusieurs années et réduira l’exposition aux sociétés si aucune amélioration ne se produit.
Emetteurs souverains
Les sociétés d’investissement n’ont généralement pas un accès leur permettant de s’engager auprès des autorités souveraines et gouvernementales en ce qui concerne les questions de durabilité. Le Gérant s’efforcera plutôt de soutenir des initiatives au niveau des secteurs pour aider à mettre l’accent sur les questions de durabilité / améliorer les résultats en matière de durabilité au niveau souverain.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. L’élimination ou la sous-pondération/surpondération de sociétés les moins bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des règles/interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’un émetteur peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant
considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG et CLIC™ ont plus de chances de prospérer et de créer de la valeur à long terme.
Cependant, il n’existe aucune garantie concernant la performance des émetteurs individuels dans lesquels le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.14
Applicable aux Compartiments suivants:
- Swiss Equity
- Swiss Small & Mid CapsClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection des sociétés au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés s’inscrivant dans le dernier quintile en termes de durabilité au sein de l’univers d’investissement du Compartiment. Le système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Le Gérant utilise l’exercice de sélection et de notation susmentionné dans le cadre de son évaluation d’investissement. Le Gérant ne cherchera pas à éliminer automatiquement les sociétés les moins bien notées compte tenu de l’univers réduit de sociétés qui en résulterait dans un marché déjà restreint. Le Gérant adoptera une approche sélective et cherchera, sans être tenu de respecter une quelconque restriction particulière, à sous-pondérer les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de ne pas le faire. Toute décision de sous-pondérer une société reste à l’entière discrétion du Gérant. Le Gérant considère qu’une sous-pondération automatique reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – en raison de l’univers d’investissement concentré auquel de Compartiment est exposé, le Gérant cherchera à réduire l’exposition aux sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure ou de réduire l’exposition à une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ou des réductions de l’exposition ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG. De plus, la promotion de caractéristiques environnementales ou sociales par le Compartiment est évaluée dans un approche holistique tenant compte des autres facteurs indiqués.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et les services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Engagement
- Le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
	- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
	- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;

- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.
- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment.
- L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.

Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. La sous-pondération des 20% de sociétés les moins bien notées ou qui sont exposées aux Controverses les plus graves ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels telles que décrites ci-avant ne sont pas des règles/interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-1.15
Applicable aux Compartiments suivants:
- Global Income 2026
- Global Income 2027Classification du compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 8 du SFDR.

Promotion des caractéristiques environnementales et/ou sociales
Le Compartiment est un produit financier qui promeut, entre autres caractéristiques, des caractéristiques environnementales ou sociales, ou une combinaison de ces caractéristiques. L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment et il convient de préciser que, sauf indication contraire dans cette section, le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" aux fins du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre le succès financier à long terme et la viabilité d’un placement et son profil de durabilité, c’est pourquoi il procède à une évaluation mesurable des caractéristiques ESG positives des placements du Compartiment dans le cadre de son processus d’investissement dans le but de promouvoir les pratiques environnementales et/ou sociales et/ou de gouvernance qui sont les plus importantes pour le secteur dans lequel se trouve un placement.
L’évaluation des caractéristiques ESG du Gérant comprend les éléments suivants:
Filtrage et notation ESG systématiques
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les 20% des sociétés les moins bien notées au sein de l’univers d’investissement du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Le Gérant utilise l’exercice de sélection et de notation susmentionné dans le cadre de son évaluation d’investissement. Le Gérant ne cherchera pas à éliminer automatiquement les 20% des sociétés les moins bien notées compte tenu de l’univers réduit de sociétés qui en résulterait dans un marché déjà restreint. Il se servira de cet exercice comme d’un guide et cherchera typiquement à investir dans des sociétés mieux notées. Toute décision d’éliminer une société ou de procéder à un investissement dans une société suite au processusde sélection reste toutefois à l’entière discrétion du Gérant. Le Gérant considère en outre qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément de promouvoir des caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément de promouvoir les caractéristiques ESG et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique des notations ESG ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.

Préférence pour les obligations vertes
- Dans la mesure du possible, le Gérant préférera les obligations vertes, durables et sociales. La capacité à investir dans des obligations vertes dépend de la disponibilité, du profil et de la valorisation. Le Gérant ne peut donc pas s’engager à investir une proportion donnée du portefeuille du Compartiment dans des obligations vertes.

Engagement
Le Gérant a une approche au niveau de l’entreprise et au niveau des compartiments en matière d’engagement.
Niveau de l’entreprise – le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.

Les engagements au niveau d’une entreprise reflètent des positions dans l’ensemble des portefeuilles gérés par le Gérant et peuvent ne pas inclure des sociétés faisant partie du portefeuille du Compartiment. Les engagements au niveau d’une entreprise reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans les portefeuilles gérés par le Gérant. L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.
Niveau du Compartiment – Au niveau du Compartiment, le Gérant cherchera à s’engager auprès de plus petites sociétés dans le portefeuille du Compartiment avec des notations ESG, intensité de carbone et alignement de la température plus faibles, car il y a une plus grande capacité à influencer la contribution que ces sociétés apporteront à une économie CLIC™ par rapport à de plus grandes sociétés au sein du portefeuille du Compartiment. Le Gérant continuera à examiner les sociétés auprès desquelles il s’engage sur plusieurs années et réduira l’exposition aux sociétés si aucune amélioration ne se produit.
Pratiques environnementales et/ou sociales et/ou de gouvernance promues par le Compartiment
Le processus d’investissement du Gérant est conçu de sorte à évaluer les pratiques ESG les plus importantes pour les sociétés dans lesquelles le Compartiment investit à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier décrite à la rubrique I.
Aucun objectif d’investissement durable
L’investissement durable ne fait pas partie des objectifs du Compartiment.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger. La volonté d’investir dans des sociétés affichant de bonnes notations ESG n’est pas un objectif d’investissement obligatoire et les restrictions relatives aux sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil ESG d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.
Base continue du processus d’évaluation du Gérant
Le Compartiment met en œuvre une stratégie "Buy and Maintain". Si des changements sont apportés au portefeuille du Compartiment après la construction initiale de son portefeuille, ces changements peuvent être effectués en intégrant des processus d’investissement ESG qui évoluent et peuvent s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG et CLIC™ ont plus de chances de prospérer et de créer de la valeur à long terme.
Cependant, il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
Informations SFDR – Article 9 C-2.1
Applicable au Compartiment suivant:
- Climate TransitionClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 9 du SFDR.

Objectif durable
Le Compartiment investit dans des sociétés susceptibles de croître grâce aux réglementations, innovations, services et produits liés à la lutte mondiale contre le changement climatique ou à l’adaptation au changement climatique. Le Compartiment vise à investir dans des sociétés de premier ordre présentant des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles à long terme, en s’appuyant, entre autres, sur les outils et méthodologies internes de profilage des facteurs ESG et de la durabilité énumérés ci-après.
Evaluation de la contribution aux incidences environnementales positives
- Le processus d’investissement interne appliqué par le Gérant au Compartiment vise à choisir, en vue de les ajouter à l’univers d’investissement du Compartiment, des sociétés qui génèrent des revenus et/ou bénéfices importants d’activités commerciales ayant une incidence positive sur l’un ou plusieurs des domaines suivants de la transition climatique représentant des opportunités d’investissement:Fournisseurs de solutions proposant des moyens innovants de réduire, d’éviter ou de capter les émissions de carbone produites par les combustibles fossiles. Candidats à la transition œuvrant dans des secteurs à forte intensité de carbone qui peinent à réduire leurs émissions mais dont la transition vers un modèle plus propre est susceptible de créer des avantages concurrentiels à mesure duresserrement de la réglementation ou de la flambée du prix du carbone. Candidats à l’adaptation contribuant à rendre les infrastructures plus respectueuses du climat, dans un environnement caractérisé par les dommages climatiques. Il appartient aux équipes du Gérant dédiées à la recherche, stratégie et gérance en investissement durable (Sustainable Investment Research, Strategy and Stewardship (SIRSS)), à la recherche en actions et aux considérations ESG de vérifier les sociétés en fonction de leurs activités commerciales admissibles. L’importance relative des revenus tirés des activités commerciales admissibles peut varier en fonction du secteur et de la taille de la société concernée. Le Gérant cherchera à limiter les investissements dans les sociétés œuvrant dans des secteurs qui ne contribuent pas à la transition climatique, exerçant certaines activités commerciales (présentées plus en détail) ou affichant de mauvaises notations ESG.
- Les titres sont réévalués dès que cela est nécessaire en vue de leur inclusion dans l’univers d’investissement. Si une société modifie son modèle d’affaires, si ses revenus passent en deçà de seuils prédéterminés ou si la société cesse de remplir les critères ESG définis par le Gérant, il sera envisagé de liquider l’investissement correspondant, à condition que cela soit dans l’intérêt des actionnaires.
- Pour être incluse dans le portefeuille, une société doit également remplir les critères d’évaluation de la qualité ESG définis par le Gérant, qui visent à revoir les pratiques commerciales de la société en parallèle avec les principaux indicateurs d’importance couvrant divers paramètres environnementaux, sociaux et de gouvernance, y compris les principales incidences négatives relatives au secteur concerné. Si cette performance n’est pas optimale, ou si les données déclarées sont incomplètes, le Gérant, avant de prendre sa décision, communique avec la société pour évaluer sa performance, ses politiques et ses perspectives par rapport aux principaux paramètres d’importance.

Filtrage et notation ESG systématiques
- Sélection des sociétés au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés s’inscrivant dans le dernier quintile en termes de durabilité au sein de l’univers de placement du Compartiment. Le système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG lesplus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Sur la base de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant adopte une approche sélective et cherchera à éliminer les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de ne pas les éliminer. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément d’identifier les investissements durables et qu’un jugement qualitatif prospectif peut être nécessaire. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément d’identifier les investissements durables et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Revue active par le Gérant des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean", circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et les services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.
- En plus de l’analyse de la contribution positive que la société peut apporter par rapport aux objectifs environnementaux axés sur la transition climatique et sur l’économie CLIC™, les sociétés font l’objet d’une analyse supplémentaire visant à déterminer si elles peuvent néanmoins nuire à d’autres objectifs environnementaux ou sociaux – principe consistant à "ne pas causer de préjudice important". Les données prises en compte dans la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier sont également évaluées par rapport aux incidences négatives qu’une société pourrait avoir sur d’autres objectifs de durabilité, en soutien à l’analyse du principe consistant à ne pas causer de préjudice important.

Engagement
- Le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
	- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
	- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
	- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
	- S’engager auprès de sociétés sans notation ESG.

- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment.
- L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.

Quels indicateurs de durabilité sont utilisés pour mesurer la réalisation de l’objectif durable du Compartiment?
Les caractéristiques environnementales et sociales des investissements du Compartiment sont évaluées lors de plusieurs étapes: durant la vérification initiale de l’inclusion de la société dans l’univers d’investissement, durant la décision d’investissement en termes de respect du principe consistant à ne pas causer de préjudice important et durant le reporting annuel en matière de durabilité.
Les investissements du Compartiment sont mesurés au niveau de l’exposition aux activités commerciales contribuant aux incidences environnementales positives en matière de transition climatique. Notamment: Fournisseurs de solutions proposant des moyens innovants de réduire, d’éviter ou de capter les émissions de carbone produites par les combustibles fossiles; candidats à la transition œuvrant dans des secteurs à forte intensité de carbone qui peinent à réduire leurs émissions mais dont la transition vers un modèle plus propre est susceptible de créer des avantages concurrentiels à mesure du resserrement de la réglementation ou de la flambée du prix du carbone; et candidats à l’adaptation contribuant à rendre les infrastructures plus respectueuses du climat, dans un environnement caractérisé par les dommages climatiques.
Les investissements du Compartiment sont évalués à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur les Indicateurs de durabilité axés sur le SFDR. Ces indicateurs sont également évalués par rapport aux incidences négatives qu’une société pourrait avoir sur d’autres objectifs de durabilité, en soutien à l’analyse du principe consistant à ne pas causer de préjudice important.
Les indicateurs de durabilité incluent les émissions de carbone, le volume d’eau économisée, les émissions potentiellement évitées et l’alignement de la température sur les objectifs de l’Accord de Paris.
Lombard Odier a développé son propre outil pour mesurer l’alignement de la température: le "Lombard Odier Portfolio Temperature Alignment", ou outil Lombard Odier d’alignement de la température du portefeuille (LOPTA). Le LOPTA quantifie le risque de transition climatique inhérent aux titres et aux portefeuilles individuels en déterminant une mesure prospective de la température. Cette mesure permet au Gérant d’évaluer l’alignement d’un investissement donné sur l’Accord de Paris et d’exclure les sociétés susceptibles de fortement nuire aux objectifs dudit Accord.
La méthodologie d’alignement de la température vise à évaluer l’ambition d’une société en matière de réduction des émissions de carbone, ainsi que tout objectif ou engagement de cette société envers la décarbonisation. Le Gérant compare ces évaluations avec des références sectorielles et régionales, afin de déterminer si les émissions cumulées prévues pour la société concernée sont susceptibles de respecter ou de dépasser les seuils climatiques de référence. Cela lui permet de calculer le niveau implicite du réchauffement climatique dû aux stratégies et aux activités commerciales de la société, ce qui l’aide à identifier les risques et les opportunités climatiques, posant ainsi les bases d’une gérance et d’un engagement plus ciblés en matière de transition vers une économie à zéro émission de carbone.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’objectif, d’une part, d’investir dans des sociétés dont la croissance est susceptible de bénéficier des réglementations, des innovations, des services ou des produits favorisant la transition climatique et, d’autre part, d’identifier des sociétés de premier ordre présentant des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles à long terme est une exigence obligatoire.
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger.
L’élimination des 20% de sociétés les moins bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil de durabilité d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques de durabilité.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-2.2
Applicable au Compartiment suivant:
- Natural CapitalClassification du Compartiment selon le SFDRLa Société de gestion a classé le Compartiment en tant que produit financier soumis à l’Article 9 du SFDR.

Objectif durable
Le Compartiment investit dans des sociétés dont la croissance est susceptible de bénéficier des réglementations, des innovations, des services ou des produits favorisant la transition vers une économie plus circulaire et une économie valorisant le capital naturel. Le Compartiment vise à investir dans des sociétés de premier ordre présentant des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles à long terme, en s’appuyant, entre autres, sur les outils et méthodologies internes de profilage des facteurs ESG et de la durabilité énumérés ci-après.
Evaluation de la contribution aux incidences environnementales positives
- Le processus d’investissement interne appliqué par le Gérant au Compartiment vise à choisir, en vue de les ajouter à l’univers d’investissement du Compartiment, des sociétés qui génèrent des revenus et/ou bénéfices importants d’activités commerciales ayant une incidence positive sur l’un ou plusieurs des domaines suivants du capital naturel représentant des opportunités d’investissement: bioéconomie circulaire, efficacité des ressources, économie axée sur les résultats et zéro déchet. Il appartient aux équipes du Gérant dédiées à la recherche, stratégie et gérance en investissement durable (Sustainable Investment Research, Strategy and Stewardship (SIRS)), à la recherche en actions et aux considérations ESG de vérifier les sociétés en fonction de leurs activités commerciales admissibles. L’importance relative des revenus tirés des activités commerciales admissibles peut varier en fonction du secteur et de la taille de la société concernée. Le Gérant cherchera à limiter les investissements dans les sociétés œuvrant dans des secteurs qui ne contribuent pas à la préservation ou à l’exploitation du capital naturel, exerçant certaines activités commerciales (présentées plus en détail) ou affichant de mauvaises notations ESG.
- Les titres sont réévalués dès que cela est nécessaire en vue de leur inclusion dans l’univers d’investissement. Si une société modifie son modèle d’affaires, si ses revenus passent en deçà de seuils prédéterminés ou si la société cesse de remplir les critères ESG définis par le Gérant, il sera envisagé de liquider l’investissement correspondant, à condition que cela soit dans l’intérêt des actionnaires.
- Pour être incluse dans le portefeuille du Compartiment, une société doit également remplir les critères d’évaluation de la qualité ESG définis par le Gérant, qui visent à revoir les pratiques commerciales de la société en parallèle avec les principaux indicateurs d’importance couvrant divers paramètres environnementaux, sociaux et de gouvernance, y compris les principales incidences négatives relatives au secteur concerné. Si cette performance n’est pas optimale, ou si les données déclarées sont incomplètes, le Gérant, avant de prendresa décision, communique avec la société pour évaluer sa performance, ses politiques et ses perspectives par rapport aux principaux paramètres d’importance.

Filtrage et notation ESG systématiques
- Le Gérant choisit les sociétés au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. Cette méthodologie permet au Gérant d’identifier les sociétés s’inscrivant dans le dernier quintile en termes de durabilité au sein de l’univers de placement du Compartiment. Le système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.
- Sur la base de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, le Gérant adopte une approche sélective et cherchera à éliminer les 20% de sociétés les moins bien notées sauf s’il existe des raisons objectives de ne pas les éliminer. Toute décision d’éliminer une société reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus d’élimination reposant entièrement sur les résultats d’une sélection négative automatisée ne permet pas forcément d’identifier les investissements durables et qu’un jugement qualitatif prospectif peut être nécessaire. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone.

Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les sociétés suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherchera à limiter les investissements dans les sociétés qui sont impliquées dans les violations les plus graves du Pacte mondial des Nations Unies ("Controverses les plus graves").
- Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant. Le Gérant considère qu’un processus reposant entièrement sur des exclusions absolues (à l’exception des armes controversées) ne permet pas forcément d’identifier les investissements durables et qu’un jugement qualitatif prospectif peut être requis. Cela peut être particulièrement vrai pour les sociétés en phase de transition vers une économie à faible émission de carbone ou lorsque la gérance et l’engagement peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques ESG.

Revue quantitative et qualitative des pratiques commerciales et modèles d’affaires
- Le Gérant procède à une revue active des données de durabilité suivantes (disponibles à des fins d’examen pour différentes périodes historiques) pour confirmer son évaluation de la contribution d’une société à une économie CLIC™ ("Circular, Lean, Inclusive and Clean": circulaire, efficiente, inclusive et propre):
	- Revue des scores/notes selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR.
	- Revue de l’alignement climatique d’une société en tenant compte non seulement des empreintes carbones (quantité d’émissions actuellement produites par une société), mais aussi de l’alignement de sa température (en tenant compte des émissions futures attendues d’une société et du degré d’alignement de ces émissions et de tout engagement en faveur d’objectifs climatiques).
	- Revue des activités d’une société pour évaluer comment le modèle d’affaires, les produits et les services de celle-ci seront affectés par la transition vers une économie CLIC™.

- Ces données doivent aider le Gérant à analyser les pratiques commerciales et les opérations d’une société afin de déterminer si cette dernière peut être durable à long terme.
- Selon le Gérant, une évaluation prospective et active du profil de durabilité d’une société en sus d’un examen historique de notation ou d’une comparaison par rapport à un indice ESG est fondamentale pour bien comprendre la viabilité à long terme d’une société.
- En plus de l’analyse de la contribution positive que la société peut apporter par rapport aux objectifs environnementaux axés sur le capital naturel et sur l’économie CLIC™, les sociétés font l’objet d’une analyse supplémentaire visant à déterminer si elles peuvent néanmoins nuire à d’autres objectifs environnementaux ou sociaux – principe consistant à "ne pas causer de préjudice important". Dans ce contexte, les données prises en compte dans la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier sont également évaluées par rapport aux incidences négatives qu’une société pourrait avoir sur d’autres objectifs de durabilité, en soutien à l’analyse du principe consistant à ne pas causer de préjudice important.

Engagement
- Le Gérant vise à promouvoir des pratiques commerciales durables et encourage des modèles d’affaires durables qui contribuent à atténuer le changement climatique et à s’y adapter et à passer à un modèle économique CLIC™ grâce à ses efforts d’engagement. Le Gérant s’engage auprès des sociétés dans lesquelles il investit selon un cadre stratégique de priorités d’engagement et suit activement les progrès par rapport aux objectifs d’engagement pour mesurer les résultats de façon appropriée. Les priorités d’engagement du Gérant sont les suivantes:
	- Encourager les sociétés à adopter des modèles d’affaires neutres en carbone et rentables, en utilisant les principes d’Oxford Martin sur le "Climate-Conscious Investment";
	- S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
	- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
	- S’engager auprès de sociétés sans notation ESG.

- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment.
- L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps.

Quels indicateurs de durabilité sont utilisés pour mesurer la réalisation de l’objectif durable du Compartiment?
Les caractéristiques environnementales et sociales des investissements du Compartiment sont évaluées lors de plusieurs étapes: durant la vérification initiale de l’inclusion de la société dans l’univers d’investissement, durant la décision d’investissement en termes de respect du principe consistant à ne pas causer de préjudice important et durant le reporting annuel en matière de durabilité.
Les investissements du Compartiment sont mesurés au niveau de l’exposition aux activités commerciales contribuant aux incidences environnementales positives en matière de transition vers la bioéconomie circulaire, l’efficacité des ressources, l’économie axée sur les résultats et le zéro déchet.
Les investissements du Compartiment sont évalués à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur les Indicateurs de durabilité axés sur le SFDR. Ces indicateurs sont également évalués par rapport aux incidences négatives qu’une société pourrait avoir sur d’autres objectifs de durabilité, en soutien à l’analyse du principe consistant à ne pas causer de préjudice important.
Les indicateurs de durabilité incluent les émissions de carbone, le volume d’eau économisée, les émissions potentiellement évitées et l’alignement de la température sur les objectifs de l’Accord de Paris.
Lombard Odier a développé son propre outil pour mesurer l’alignement de la température: le "Lombard Odier Portfolio Temperature Alignment", ou outil Lombard Odier d’alignement de la température du portefeuille (LOPTA), qui quantifie le risque de transition climatique inhérent aux titres et aux portefeuilles individuels en déterminant une mesure prospective de la température. Cette mesure permet au Gérant d’évaluer l’alignement d’un investissement donné sur l’Accord de Paris et d’exclure les sociétés susceptibles de fortement nuire aux objectifs dudit Accord.
Éléments obligatoires de la stratégie d’investissement conçue pour atteindre les caractéristiques ESG promues par le Compartiment
L’objectif, d’une part, d’investir dans des sociétés dont la croissance est susceptible de bénéficier des réglementations, des innovations, des services ou des produits favorisant la transition vers une économie plus circulaire et une économie valorisant le capital naturel et, d’autre part, d’identifier des sociétés de premier ordre présentant des modèles financiers, des pratiques commerciales et des modèles d’affaires durables, faisant preuve de résilience et ayant la capacité d’évoluer et de tirer avantage des tendances structurelles à long terme est une exigence obligatoire.
L’exclusion des sociétés impliquées dans la fabrication d’armes controversées est une interdiction absolue à laquelle il n’est pas possible de déroger.
L’élimination des 20% de sociétés les moins bien notées ainsi que l’exclusion des sociétés fortement exposées au tabac, au charbon et aux pétrole et gaz non conventionnels ou qui sont exposées aux Controverses les plus graves telles que décrites ci-avant ne sont pas des interdictions absolues. Le Gérant garde toute discrétion pour s’assurer qu’une évaluation qualitative du profil de durabilité d’une société peut toujours être effectuée, notamment lorsque des données manquent, qu’elles sont obsolètes ou que le Gérant considère que l’engagement et la gérance peuvent entraîner un changement plus efficace et positif dans les pratiques commerciales touchant les caractéristiques de durabilité.
Base continue du processus d’évaluation du Gérant
Le processus d’investissement du Gérant est dynamique. Il est conçu pour s’adapter aux conditions de marché changeantes, à la couverture des données et aux évolutions dans l’analyse de durabilité globale et peut donc changer au fil du temps.
Allocation d’actifs minimale aux investissements durables pour le présent Compartiment
Il n’y a aucune allocation minimale cible aux investissements durables pour le présent Compartiment. L’allocation effective aux investissements durables sera le produit du processus d’évaluation ESG tel que décrit ci-avant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant,
il n’existe aucune garantie concernant la performance des sociétés individuelles dans lesquelles le Compartiment investit ni concernant les rendements du portefeuille du Compartiment dans son ensemble.
Indice de référence
L’Indice de référence utilisé par le Compartiment n’est pas un indice aligné sur des caractéristiques ESG.
C-2.3
Applicable au Compartiment suivant:
- Global Climate BondQuelle est la classification du compartiment selon le SFDR?

La Société de gestion a classé le Compartiment en tant que compartiment soumis à l’Article 9 du SFDR. Le Compartiment a un objectif d’investissement durable.
Les termes employés dans cette Section s’entendent tels qu’ils sont définis dans le Glossaire du Prospectus et ci-après:
E/S	signifie environnemental et/ou social
Rapport d’impact	désigne le rapport d’impact annuel préparé par le Gérant pour le Compartiment, qui présente les incidences environnementales et sociales des investissements du Compartiment, incluant l’alignement du portefeuille sur les Objectifs de développement durable des Nations Unies et une évaluation des émissions de gaz à effet de serre évitées. Le dernier Rapport d’impact en date est publié sur le site https://affirmativeim.com/impact-report.
Gérant ou AIM	désigne Affirmative Investment Management Partners Limited, le gérant du Compartiment
Processus SPECTRUM
®	
désigne le processus de vérification indépendant propre au Gérant, qui est présenté sur le site https:// affirmativeim.com/process
Quel est l’objectif d’investissement durable du Compartiment?
Le Compartiment est un compartiment en placements d’impact à revenu fixe et a pour objectif principal l’investissement durable. Le Compartiment vise à générer des rendements corrigés des risques standard et à avoir une incidence environnementale et/ou sociale.
Les titres ne sont inclus dans le Compartiment que s’ils ont une incidence environnementale et/ou sociale positives contribuant à la réalisation soit des objectifs de l’Accord de Paris soit des ODD ONU. L’émetteur des titres doit également avoir été approuvé dans le cadre du processus de vérification d’un point de vue environnemental, social et de gouvernance.
Les titres inclus dans l’univers d’investissement du Compartiment sont vérifiés grâce au processus de vérification indépendant propre à Affirmative Investment Management (AIM): le processus SPECTRUM
®
. De plus amples informations sur le processus sont fournies sur le site du Gérant:
https://affirmativeim.com/process/.
Un portefeuille diversifié de placements à revenu fixe de qualité investment grade est construit afin de produire une incidence environnementale et sociale et de générer des rendements obligataires standard. Le Gérant communique les principaux indicateurs environnementaux et sociaux dans son Rapport d’impact annuel, qui peut varier d’une année à l’autre en fonction des investissements réalisés par le Compartiment.
Les indicateurs environnementaux incluent les tonnes d’émissions de gaz à effet de serre évitées chaque année, l’intensité carbone moyenne pondérée, les mégawatts de puissance installée en énergie propre, les m3 d’eau traitée, la capacité en passagers quotidienne des transports à faibles émissions de carbone et les m3 de bâtiments respectueux de l’environnement par superficie au sol.
Les indicateurs sociaux incluent le nombre d’emplois conservés/créés, le nombre d’étudiants ayant accès à des équipements scolaires écologiques, le nombre d’enfants vaccinés et le nombre de prêts de microfinance et de prêts aux PME.
Quelle stratégie d’investissement le Compartiment applique-t-il?
Quelle stratégie d’investissement le Compartiment applique-t-il pour atteindre son objectif d’investissement durable?
Une stratégie d’investissement dicte les placements choisis, en fonction, par exemple, des objectifs, de la tolérance au risque et des futurs besoins en liquidités.
Le Compartiment n’investit que dans des titres dont il a été vérifié qu’ils ont une incidence environnementale et/ou sociale positives et qui contribuent à la réalisation des objectifs de l’Accord de Paris et/ou des ODD ONU. L’équipe de vérification d’AIM, qui rassemble les équipes dédiées au crédit et à la durabilité, analyse chaque titre et chaque émetteur conformément au processus SPECTRUM
®
. Les conclusions de cette analyse permettent de créer l’univers d’investissement à partir duquel l’équipe de gestion de portefeuilles d’AIM gère le Compartiment. L’incidence du Compartiment est mesurée une fois par an dans le Rapport d’impact annuel. Le Rapport d’impact de 2019 fait état d’un ratio de couverture des investissements de 93%.
Quels sont les éléments obligatoires de la sélection des investissements?
Les éléments obligatoires sont des engagements qui ne peuvent pas être modifiés pendant la durée de vie du Compartiment.
Le Compartiment n’investit que dans des titres susceptibles d’avoir une incidence environnementale et/ou sociale positives. L’univers d’investissement se limite aux titres approuvés dans le cadre du processus de vérification propre à AIM, le processus SPECTRUM
®
, qui inclut des évaluations distinctes en matière de durabilité et de crédit.
L’exclusion de certains émetteurs est un autre élément obligatoire. Les émetteurs œuvrant dans certains secteurs ou affichant de mauvaises notations ESG, comme indiqué dans les critères d’exclusion d’AIM, seront exclus du portefeuille. Ces émetteurs sont examinés au cas par cas dans le cadre du processus SPECTRUM
®
. Les critères d’exclusion d’AIM s’appliquent au Compartiment. Ils sont présentés sur le site suivant: https://affirmativeim.com/policies/.
Comment la stratégie est-elle mise en œuvre de façon continue dans le cadre du processus d’investissement?
Le processus de vérification SPECTRUM
® 
est la première étape du processus d’investissement d’AIM. Les conclusions du processus de vérification permettent de créer l’univers des titres admissibles. Si un titre est détenu, il est réexaminé au moins une fois par an durant le cycle annuel d’AIM pour le reporting en matière d’impact.
Dans le cadre de ce processus de reporting, le reporting en matière d’impact de l’émetteur est examiné. AIM communique avec l’émetteur si son reporting en matière d’impact est jugé insuffisant.
Les analystes du crédit et de la durabilité communiquent également avec les émetteurs avant l’émission des titres concernés et au besoin.
Les titres sont réévalués dès que cela est nécessaire en vue de leur inclusion dans l’univers d’investissement. S’il s’avère qu’un titre n’a pas d’incidence positive ou que son émetteur cesse de remplir les stricts critères ESG d’AIM ou de respecter les normes de reporting, le titre concerné est "dégradé" et les gérants du portefeuille doivent le vendre dans un délai de 30 jours, à condition que cela soit dans l’intérêt des actionnaires.
Dans la mesure où le marché des obligations à impact évolue encore, la méthodologie de vérification SPECTRUM
® 
fait l’objet d’une revue annuelle et est mise à jour si nécessaire.
Le Compartiment a-t-il un objectif mesurable?
Le Gérant applique une approche de "sélection des meilleurs" en filtrant l’univers d’investissement à l’aide du processus de vérification
SPECTRUM
®
. Le Compartiment est fondé sur une sélection positive. Il n’investit que dans des titres qui dégagent des rendements standard et qui ont une incidence positive. La plupart des obligations traditionnelles émises dans le monde seront exclues car elles n’ont pas d’incidence environnementale ou sociale positives.
Le nombre de titres exclus varie en fonction du niveau et de la qualité des émissions. Historiquement, environ 15% à 25% des titres que nous réexaminons parmi les obligations labellisées et non labellisées sont exclus de notre univers d’investissement.
Quelle est la politique permettant d’évaluer les pratiques de bonne gouvernance des sociétés dans lesquelles le Compartiment investit?
La gouvernance couvre la direction de la société concernée, la rémunération de son personnel (dont ses dirigeants), ses audits, ses contrôles internes, les droits de ses actionnaires, sa conformité fiscale et les relations avec ses autres parties prenantes.
Les pratiques de gouvernance des émetteurs sont évaluées grâce au processus SPECTRUM
®
. Les équipes dédiées à la durabilité et au crédit examinent les pratiques de gouvernance des émetteurs dans leur cadre de leurs évaluations. La gouvernance est spécifiquement prise en considération dans les piliers "Ethique et comportement des émetteurs" (évaluation du crédit) et "Emetteurs responsables" (évaluation de la durabilité). Dans le cadre de cette évaluation, les équipes dédiées à la durabilité et au crédit mènent leurs propres recherches en plus de celles effectuées par certains fournisseurs externes de données ESG.
Quelles sont les incidences probables des risques en matière de durabilité sur les rendements du Compartiment?
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société ou d’un émetteur sont intrinsèquement liées à son succès à long terme et que les sociétés ou les émetteurs ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de doper leur solvabilité sur le long terme.
Quelle est l’allocation d’actifs minimale prévue pour le Compartiment?
L’allocation d’actifs est l’un des éléments de la mise en œuvre de la stratégie d’investissement. Elle désigne le pourcentage de vos investissements consacré à un type d’actifs donné.
La catégorie nº 1 "Alignés sur les caractéristiques E/S" inclut tout investissement aligné sur la caractéristique:
- La Sous-catégorie nº 1A couvre les investissements considérés comme durables. Un investissement est durable s’il concerne une activité économique qui contribue à un objectif environnemental, mesuré par exemple en fonction des principaux indicateurs d’efficacité des ressources tels que les émissions de CO2 ou l’utilisation de l’eau, ou bien s’il contribue à un objectif social tel que la réduction des inégalités, ou encore s’il favorise la cohésion sociale.
- La sous-catégorie nº 1B "Autres caractéristiques E/S" couvre les investissements alignés sur des caractéristiques environnementales ou sociales qui ne remplissent pas les critères d’un "investissement durable".
- La catégorie nº 2 "Reste" inclut les investissements qui ne sont pas alignés sur les caractéristiques E/S et qui ne sont pas considérés comme durables.

Le Compartiment investit uniquement dans des obligations vertes, sociales ou durables labellisées et non labellisées, ainsi que dans des obligations alignées sur le processus SPECTRUM
®
. Pour cette raison, tous les investissements du Compartiment sont durables et sont classés dans la sous-catégorie nº 1A, à l’exception des liquidités.
La combinaison des obligations vertes, sociales, durables et alignées sur le processus SPECTRUM
® 
changera dans le temps. Le mix des investissements en vigueur au 30 novembre 2020 est indiqué dans le graphique suivant.
Allocation en obligations à impact
Investissements verts
Sans label – investissements verts Durabilité
Sans label – durabilité Social
Sans label – social Alignés
Liquidités
Investissements
Nº 1A Alignés
Nº 2 Reste (liquidités)
Dans quels secteurs économiques les investissements sont-ils réalisés?
Le Compartiment est exposé principalement aux secteurs des titres financiers et gouvernementaux à revenu fixe. Il est prévu que le mix sectoriel change dans le temps.
L’exposition sectorielle du Compartiment en vigueur au 30 novembre 2020 est indiquée dans le graphique ci-dessous. Tous les investissements sont classés dans la sous-catégorie nº 1A, à l’exception des liquidités.
Allocation sectorielle
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
#1A	#1B	#2
Biens de consommation, cycliques	Biens de consommation, non-cycliques Energie	Titres financiers
Gouvernement	Industrie
Services publics	Liquidités
Le Compartiment utilise-t-il des instruments dérivés?
Oui. Le Compartiment utilise des instruments dérivés à des fins de couverture et de gestion efficace du portefeuille.
Quels investissements sont inclus dans la catégorie nº 2 "Reste"?
A des fins de gestion des risques ou de liquidité, le Compartiment peut également utiliser des liquidités, qui ne sont pas soumises au processus SPECTRUM
® 
d’AIM.
Comment les investissements durables contribueront-ils à un objectif durable et éviteront-ils de causer un préjudice important à tout autre objectif d’investissement durable pendant la période de référence?
Cette section ne concerne que la sous-catégorie des investissements durables illustrée ci-dessus (nº 1A "Durables") et non pas la catégorie "Autres caractéristiques E/S", pas plus que la catégorie "Reste".
Comment les investissements durables du Compartiment contribueront-ils à un objectif durable?
Un investissement contribuant à un objectif environnemental ou social ne peut être considéré comme "durable" que s’il apporte une contribution avérée à un objectif environnemental ou social et s’il ne cause pas de préjudice important à tout (autre) objectif durable. La Taxinomie de l’UE est un classement des activités environnementales approuvées par l’Union européenne.
Le Compartiment investit uniquement dans des obligations qui ont une incidence environnementale et/ou sociale positives. L’incidence potentielle est évaluée grâce au processus SPECTRUM
® 
et une analyse exhaustive est menée pour chaque émetteur d’obligations non labellisées et pour chaque cadre relatif aux obligations labellisées. Cela permet à AIM de faire des recherches individuelles pour chaque incidence attendue. Afin de bien comprendre ces éléments, l’incidence positive attendue et tous les facteurs externes, qu’ils soient positifs ou négatifs, sont pris en compte.
AIM a défini sa propre taxinomie pour les projets environnementaux et sociaux. Le processus SPECTRUM
® 
évalue également l’alignement sur cette taxinomie. Les secteurs environnementaux admissibles incluent l’énergie, l’infrastructure, la gestion des ressources en eau, l’efficacité des ressources, la gestion des terres, le milieu marin et la pisciculture. Les secteurs sociaux admissibles incluent l’éducation, la formation, l’emploi, la santé mondiale, l’autonomisation des femmes et des populations vulnérables, l’inclusion financière, les entreprises durables, la
sécurité alimentaire et les logements sociaux. La taxinomie d’AIM dépend également d’autres initiatives externes visant à définir l’investissement environnemental et social, comme la Taxinomie de l’UE sur la finance durable, la taxinomie de la Climate Bonds Initiative et les orientations
de l’International Capital Market Association sur les obligations vertes et sociales. AIM vérifie régulièrement s’il est nécessaire d’apporter des changements, en fonction des derniers événements survenus sur le marché et des dernières évolutions scientifiques.
Les titres et les émetteurs inclus dans l’univers d’investissement SPECTRUM
® 
sont réexaminés en continu et AIM déclare les informations relatives à l’incidence du Compartiment dans le Rapport d’impact annuel.
Comment les principales incidences négatives sur les facteurs de durabilité sont-elles prises en compte?
Les principales incidences négatives sont le plus gros impact négatif des investissements sur les facteurs de durabilité (environnement, questions sociales et liées aux employés, respect des droits humains, lutte contre la corruption et la fraude).
Les principales incidences négatives sur les facteurs de durabilité sont prises en compte dans le cadre du processus de vérification SPECTRUM
®
d’AIM. Cela se fait à deux niveaux:
- incidences négatives liées à l’utilisation du produit de l’obligation; et
- incidences négatives liées à l’émetteur de l’obligation mais pas nécessairement à l’utilisation déclarée du produit de cette obligation.

Le critère de "l’émetteur responsable" inclus dans l’analyse SPECTRUM
® 
se concentre sur l’émetteur lui-même, visant à déterminer s’il respecte les normes ESG d’AIM. Cela inclut l’environnement, les questions sociales et liées aux employés, le respect des droits humains et la lutte contre la corruption et la fraude.
Comment les investissements causant un préjudice important aux objectifs d’investissement durable sont-ils exclus?
Si un investissement cause un préjudice environnemental ou social important, il est ne répond pas aux critères du processus SPECTRUM
® 
d’AIM et est exclu de l’univers SPECTRUM Bond
®
. Pour cette raison, l’émission correspondante ne peut pas être acquise par le Compartiment. Le processus SPECTRUM
® 
exige de l’analyste qu’il détermine si une incidence environnementale ou social négatives découle directement ou indirectement de l’utilisation déclarée du produit de l’obligation ou de l’émetteur.
Le Compartiment respecte également les critères d’exclusion d’AIM, qui sont présentés sur son site: https://affirmativeim.com/policies/
Quels indicateurs de durabilité sont utilisés pour mesurer la réalisation de l’objectif durable du Compartiment?
Des indicateurs de durabilité sont utilisés pour mesurer la réalisation de l’objectif durable du Compartiment. Les caractéristiques environnementales et sociales du Compartiment sont évaluées lors de deux étapes:
- lors de la vérification initiale de l’émission obligataire et de l’émetteur, au moment où l’équipe de vérification d’AIM achève sa première analyse SPECTRUM
- ®
- ; et
- lors du reporting annuel en matière d’impact.

Tant l’émission obligataire, en termes d’utilisation du produit, que l’émetteur de l’obligation, d’un point de vue ESG, sont évalués de façon indépendante.
Le processus de vérification SPECTRUM
® 
couvre à la fois les revues de la soutenabilité et les revues du crédit. Grâce à ce processus, l’univers SPECTRUM Bond
® 
et SPECTRUM
® 
des obligations admissibles est construit grâce à une sélection positive couvrant tous les critères énumérés ci-dessous. De plus amples informations sur le processus SPECTRUM
® 
sont fournies sur le site https://affirmativeim.com/process/.
Les indicateurs de durabilité sont également inclus dans le Rapport d’impact annuel. Ils incluent notamment les émissions potentiellement évitées, calculées à l’aide de la méthodologie Carbon Yield, ainsi que l’intensité carbone moyenne pondérée, indicateur recommandé par le Groupe de travail sur la publication d’informations financières relatives au climat. Le Rapport d’impact annuel du Compartiment est fourni sur le site https:// affirmativeim.com/impact-report/.
Avertissement
La méthodologie de vérification SPECTRUM
® 
peut présenter des limitations en raison de la disponibilité des données des émetteurs ou des fournisseurs de services de données. La méthodologie SPECTRUM
® 
permet au Gérant d’établir un processus discipliné pour évaluer le profil de durabilité d’un émetteur, mais ses conclusions ne sont pas définitives. Elle est conçue pour être utilisée en conjonction avec d’autres outils, fournisseurs de données et évaluations portant sur la durabilité du modèle d’affaires et des pratiques commerciales d’une société.
La méthodologie SPECTRUM
® 
est dynamique et est conçue pour s’adapter aux changements liés à la durabilité. Le Gérant peut modifier tout processus lié à la méthodologie SPECTRUM
®
, à tout moment, sans préavis et à sa discrétion.
Aucune déclaration n’est faite et aucune garantie n’est fournie quant à la performance financière d’une société donnée en fonction de la note déterminée par la méthodologie SPECTRUM
®
.
Puis-je obtenir de plus amples informations sur les produits en ligne?
De plus amples informations sur le processus d’investissement d’AIM sont fournies sur le site https://affirmativeim.com/process/. De plus amples informations sur le Compartiment sont fournies sur le site www.loim.com.
Un indice spécifique est-il utilisé comme indice de référence pour déterminer si le Compartiment est durable?
Un indice de référence de durabilité est un indice par rapport auquel il est possible de déterminer si le Compartiment atteint son objectif d’investissement durable.
Le Compartiment évalue les aspects du portefeuille liés à la durabilité sur une base absolue. Cela concerne par exemple le nombre de tonnes de CO2 qu’il est prévu de compenser grâce aux projets financés par les titres que le Compartiment détient. Cette évaluation représente une véritable économie de CO2 "nette" attendue car elle analyse les émissions de carbone produites lors de la construction du projet, ainsi que l’économie de carbone attendue sur la durée du projet.
Le Compartiment utilise l’indice Bloomberg Barclays Global Aggregate Index comme indice de référence pour comparer sont empreinte carbone à celle de l’indice de référence. AIM publie l’intensité carbone moyenne pondérée du Compartiment dans le Rapport d’impact annuel. L’indice de référence n’est pas un indice de marché large. Il n’est pas aligné sur l’objectif d’investissement durable du Compartiment.
Informations SFDR – Tous les autres Compartiments C-3.1
Applicable aux Compartiments suivants:
- All Roads Conservative
- All Roads
- All Roads GrowthLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre la viabilité et le succès financier à long terme d’un portefeuille d’investissement et son profil de durabilité, c’est pourquoi il vise, dans la mesure du possible, à inclure les évaluations et facteurs ESG dans les processus d’investissement appliqués au Compartiment.
L’intégration des évaluations et facteurs ESG dans les processus d’investissement du Gérant passe par les éléments suivants:
Filtrage et notation ESG systématiques des sociétés
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier permet au Gérant de rapidement comprendre et comparer les profils de durabilité des sociétés pouvant être incluses dans l’univers d’investissement cible du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.

Filtrage et notation ESG systématiques des émetteurs souverains
- Le Gérant complète son évaluation traditionnelle du crédit souverain par un cadre analytique qui intègre les facteurs de risque en matière de durabilité de manière globale. Outre les critères macro habituels, des considérations ESG plus générales sont intégrées dans l’évaluation du risque des obligations souveraines. Le Gérant a développé un modèle propriétaire (la "Méthodologie de notation souveraine LO") pour procéder à une évaluation indépendante de la position de l’émetteur souverain en ce qui concerne les droits humains, les droits environnementaux et les Objectifs de développement durable (ODD) des Nations unies. Ce modèle couvre un largeéventail de questions environnementales, sociales et de gouvernance, y compris les inégalités, la cohésion sociale, la qualité des services publics, l’approvisionnement en eau et en produits alimentaires, la sécurité énergétique, la limitation du et la résilience au réchauffement climatique, la protection de la biodiversité, la pollution, l’efficacité réglementaire, la force institutionnelle et la stabilité politique. Les décisions d’investissement sont prises sur la base d’un ensemble de données très fiables issues de différents organismes supranationaux, d’universités, d’instituts de recherche et de grandes ONG. Les données collectées sont normalisées dans des indicateurs entre 0 et 100 points. La méthodologie intègre la méthodologie propriétaire "Conscience", "Actions" et "Résultats" ("CAR") du Gérant qui surpondère la composante "R", c’est-à-dire les indicateurs liés aux résultats définitifs.

Evaluation et alignement de la température
- Le Gérant, grâce à notre outil interne d’alignement de la température du portefeuille ("Lombard Odier Portfolio Temperature Alignment"
	- LOPTA), évalue l’empreinte carbone des sociétés et l’alignement de la température en leur sein, en fonction de ventilations sectorielles/ régionales, de trajectoires historiques et de trajectoires/cibles prospectives. Le cadre LOPTA permet au Gérant d’analyser les trajectoires de température dans l’ensemble des portefeuilles, ainsi que le degré d’alignement des sociétés individuelles ou des portefeuilles surla transition climatique, en estimant le niveau du réchauffement climatique dû à des sociétés ou des portefeuilles spécifiques par extrapolation aux objectifs de leurs groupes de pairs respectifs.


Intégration des résultats de la notation et du processus d’alignement de la température à la construction du panier
- Le Gérant vise à intégrer les notes et évaluations internes susmentionnées à la construction des portefeuilles de titres d’entreprises et de titres souverains du Compartiment, en orientant les paniers correspondants vers les meilleures notes en matière de durabilité.
- Dans le portefeuille de titres d’entreprises du Compartiment, une note de durabilité est calculée pour chaque société au sein de l’indice de référence applicable, à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, en vue de construire un panier dont la pondération privilégie les sociétés les mieux notées, afin d’améliorer ainsi les notes du panier en matière de durabilité et d’intensité carbone par rapport à la capitalisation de référence du panier sur le marché.
- Le Gérant applique un processus semblable à celui décrit ci-dessus dans le portefeuille de titres souverains du Compartiment, à l’aide de la Méthodologie de notation souveraine LO.

Nonobstant ce qui précède, il convient de tenir compte des éléments suivants:
- La façon dont les évaluations ESG sont intégrées aux processus d’investissement reste à l’entière discrétion du Gérant.
- La sélection des indices de référence de chacun des portefeuilles constituant le portefeuille d’investissement global du Compartiment, qui peuvent changer dans le temps, reste à l’entière discrétion du Gérant.
- Les portefeuilles de titres d’entreprises et de titres souverains susmentionnés ne constituent qu’une partie du portefeuille d’investissement global du Compartiment.

Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant, aucune garantie n’est fournie quant à la performance du portefeuille du Compartiment.
C-3.2
Applicable au Compartiment suivant:
- Event ConvexityLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR.
Bien que les Facteurs ESG ne soient pas systématiquement intégrés au processus de décision d’investissement du Compartiment, le Gérant tiendra compte des évolutions liées à la durabilité d’un point de vue global dans le cadre de son analyse fondamentale.
Sans préjudice de ce qui précède, le Gérant tiendra compte de la politique du Groupe LOIM relative aux exclusions/restrictions:
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les investissements dans les sociétés reconnues comme étant impliquées dans les activités suivantes:Charbon thermiqueExploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.

Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – Le Gérant cherchera à exclure les investissements dans les sociétés reconnues comme étant impliquées dans les violations les plus graves du Pacte mondial des Nations Unies.

Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Toutefois, rien ne garantit que le Gérant sélectionnera, pour le compte du Compartiment, des investissements conformes aux critères ESG, ou si le Gérant sélectionne de tels investissements, que ces investissements contribueront à la performance positive du Compartiment.
C-3.3
Applicable au Compartiment suivant:
- Multiadvisers UCITSLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR. Le Compartiment investissant dans des fonds sous-jacents dont l’objectif et la politique d’investissement peuvent correspondre ou non aux dispositions de l’Article 8 ou de l’Article 9 du SFDR, le respect de ces dispositions par le Compartiment par le biais de ses fonds sous-jacents ne peut pas être garanti.
Toutefois, les risques en matière de durabilité sont inclus dans le processus de décision d’investissement des fonds sous-jacents dans la mesure où ils ont un impact sur leur stratégie déclarée. Cela peut passer par leur impact sur la valorisation des titres, par des stratégies d’impact plus officielles ou par des restrictions sur certaines sociétés. Globalement, le nombre d’investissements prenant position sur l’impact futur des politiques ESG et des méthodes d’investissement va clairement en augmentant dans les stratégies actions, crédit et macro.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences de ces risques tombent dans le cadre des rendements normaux attendus pour le Compartiment et tout incidence négative sur les fonds sous-jacents devrait être limitée. De fait, à mesure que les Facteurs ESG augmentent en termes d’impact sur les valorisations des titres, les gérants modifient leurs modèles de tarification en conséquence, intégrant donc les effets de marché réels des facteurs ESG aux modèles de tarification en fonction du marché. Toutefois, rien ne garantit que le Gérant sélectionnera, pour le compte du Compartiment, des investissements conformes aux critères ESG, ou si le Gérant sélectionne de tels investissements, que ces investissements contribueront à la performance positive du Compartiment.
C-3.4
Applicable au Compartiment suivant:
- Defensive Systematic Alternative SolutionLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre la viabilité et le succès financier à long terme d’un portefeuille d’investissement et son profil de durabilité, c’est pourquoi il vise, dans la mesure du possible, à inclure les évaluations et facteurs ESG dans les processus d’investissement appliqués au Compartiment.
L’intégration des évaluations et facteurs ESG dans les processus d’investissement du Gérant passe par les éléments suivants:
Filtrage et notation ESG systématiques des sociétés
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier permet au Gérant de rapidement comprendre et comparer les profils de durabilité des sociétés pouvant être incluses dans l’univers d’investissement cible du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.

Intégration des résultats de la notation
- Le processus d’investissement du Compartiment vise à réduire à la fois les risques en matière de durabilité et les risques liés au carbone. Le Gérant vise donc à augmenter l’exposition du portefeuille du Compartiment aux sociétés présentant des risques moins élevés en matière de durabilité et d’émissions de carbone.
- Dans le portefeuille de positions longues du Compartiment, le Gérant cherchera généralement à ne pas investir dans les 10% de sociétés les moins bien notées selon la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, sauf s’il existe des raisons de le faire. Toutefois, cette restriction n’est pas une règle absolue. Le Gérant reste totalement libre d’investir dans une société s’il estime que cet investissement est approprié.
- Le Gérant visera généralement à intégrer les notes et évaluations internes susmentionnées à la construction du portefeuille de positions longues du Compartiment, en orientant les paniers correspondants vers les meilleures notes en matière de durabilité et de carbone par rapport au portefeuille de positions courtes.
- Nonobstant ce qui précède, la façon dont les évaluations ESG sont intégrées aux processus d’investissement reste à l’entière discrétion du Gérant et celui-ci n’est assujetti à aucun objectif spécifique s’agissant de l’intégration des Facteurs ESG à son processus d’investissement.

Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant, aucune garantie n’est fournie quant à la performance du portefeuille du Compartiment ou quant à l’impact de l’intégration des Facteurs ESG dans le processus de décision d’investissement du Gérant.
C-3.5
Applicable au Compartiment suivant:
- World Gold ExpertiseLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR.
Toutefois, le Gérant peut intégrer les Facteurs ESG dans le cadre de l’évaluation fondamentale d’une société ou d’un pays et/ou dans le cadre de la méthodologie de construction du portefeuille.
Caractéristiques de durabilité
Le Gérant applique les exclusions suivantes dans le cadre du processus de décision d’investissement du Compartiment:
- Exclusions des sociétés agissant en violation des lois et traités internationaux.
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Si le Gérant intègre les Facteurs ESG à sa décision d’investissement, cela peut l’amener à identifier des risques persistants dans certains secteurs comme l’exploitation minière et l’énergie.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Certains risques en matière de durabilité peuvent avoir une incidence négative sur les rendements du Compartiment. En outre, le Gérant estime que la survenance d’un risque en matière de durabilité peut engendrer d’autres risques (financiers) pouvant également nuire à la valeur de l’investissement.
Compte tenu de l’univers d’investissement du Compartiment, le Gérant tiendra spécifiquement compte des risques en matière de durabilité liés aux investissements dans des sociétés d’exploitation minière. Il est de plus en plus attendu des sociétés d’exploitation minière qu’elles fassent preuve de gérance responsable. Dans le cas contraire, leur réputation peut être endommagée ou elles peuvent perdre leur accès à des ressources partagées telles que les terres, ce qui peut avoir une incidence négative sur leur valeur d’entreprise. La réputation d’une société d’exploitation minière peut également se détériorer à la suite d’une couverture médiatique négative quant à ses pratiques de travail. L’incidence probable des risques en matière de durabilité sur le rendement dépend du type de risque qui survient. Pour les sociétés d’exploitation minière, cette incidence probable est généralement considérée comme importante.
C-3.6
Applicable au Compartiment suivant:
- Commodity Risk PremiaLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR.
Le principal objectif du Compartiment est de répliquer la performance d’un indice de matières premières interne visant à capter la performance des matières premières de quatre secteurs larges (métaux précieux, métaux industriels, énergie et agriculture, hors denrées alimentaires de base).
L’intégration des risques en matière de durabilité dans les décisions prises par le Gérant pour le Compartiment n’est pas pertinente car les composantes sous-jacentes de l’indice sont des contrats à terme sur matières premières.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les rendements du Compartiment ne sont pas corrélés aux risques en matière de durabilité.
C-3.7
Applicable au Compartiment suivant:
- Europe High ConvictionLes présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR.
Bien que les Facteurs ESG ne soient pas systématiquement intégrés au processus de décision d’investissement du Compartiment, le Gérant en tient compte en guise d’outil de gestion des risques. Plus précisément, le Gérant évalue les éventuels risques posés par les pratiques ESG d’une société pour le profil d’investissement et/ou la valeur de l’action correspondante. S’agissant des actions posant certains risques ESG, le Gérant peut décider, à son entière discrétion, soit de les exclure soit de les inclure s’il estime que les risques concernés sont correctement pris en compte dans les cours.
Sans préjudice de ce qui précède, le Gérant a l’intention de tenir compte de la politique du Groupe LOIM relative aux exclusions/restrictions:
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Tabac, charbon, pétrole et gaz non conventionnels – le Gérant cherchera à exclure les investissements dans les sociétés reconnues comme étant impliquées dans les activités suivantes:Tabac – sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac.

Charbon thermique
Exploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.
Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Toutefois, rien ne garantit que le Gérant sélectionnera, pour le compte du Compartiment, des investissements conformes aux critères ESG, ou si le Gérant sélectionne de tels investissements, que ces investissements contribueront à la performance positive du Compartiment.
C-3.8
Applicable aux Compartiments suivants:
- High Yield 2021
- High Yield 2022
- High Yield 2023
- High Yield 2024Les présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR. Cependant, le Gérant estime qu’il existe une forte corrélation entre la viabilité et le succès financier à long terme d’un portefeuille d’investissement et son profil de durabilité, c’est pourquoi il vise, dans la mesure du possible, à inclure les évaluations et facteurs ESG dans les processus d’investissement appliqués au Compartiment.
L’intégration des évaluations et facteurs ESG dans les processus d’investissement du Gérant passe par les éléments suivants:
Filtrage et notation ESG systématiques des sociétés
- Sélection au moyen de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, qui comprend des informations pertinentes sur chacun des Indicateurs de durabilité axés sur le SFDR couvrant les émissions de gaz à effet de serre, la performance énergétique, la biodiversité, l’utilisation de l’eau, la gestion des déchets, les questions sociales et liées aux employés, les droits humains, la lutte contre la corruption et la fraude. La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier permet au Gérant de rapidement comprendre et comparer les profils de durabilité des sociétés pouvant être incluses dans l’univers d’investissement cible du Compartiment. Ce système de notation est aussi "axé sur la matérialité". Il identifie le cadre de durabilité le plus pertinent pour chaque secteur de manière à se concentrer sur les aspects ESG les plus importants qui peuvent affecter une société en particulier. Il vise aussi à établir une distinction entre les sociétés qui sont simplement sensibilisées et celles qui obtiennent des résultats tangibles (cadre CAR - Conscience, Actions, Résultats). La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est décrite plus en détails à la rubrique I.

Evaluation et alignement de la température
- Le Gérant, grâce à notre outil interne d’alignement de la température du portefeuille ("Lombard Odier Portfolio Temperature Alignment"
	- LOPTA), évalue l’empreinte carbone des sociétés et l’alignement de la température en leur sein, en fonction de ventilations sectorielles/ régionales, de trajectoires historiques et de trajectoires/cibles prospectives. Le cadre LOPTA permet au Gérant d’analyser les trajectoires de température dans l’ensemble des portefeuilles, ainsi que le degré d’alignement des sociétés individuelles ou des portefeuilles surla transition climatique, en estimant le niveau du réchauffement climatique dû à des sociétés ou des portefeuilles spécifiques par extrapolation aux objectifs de leurs groupes de pairs respectifs.


Intégration des résultats de la notation et du processus d’alignement de la température à la construction du panier
- Le Compartiment met en œuvre une stratégie "Buy and Maintain". Le Gérant tient compte des notations ESG attribuées aux sociétés à l’aide de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier pour construire le portefeuille initial.
- Il peut également tenir compte de ces notes, ainsi que du cadre LOPTA, s’il décide d’ajouter des émetteurs supplémentaires au portefeuille initial du Compartiment.
- Toutefois, compte tenu de l’univers d’investissement, le Gérant reconnaît que la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier et le cadre LOPTA peuvent présenter des limitations en raison de la non-disponibilité de données ESG.
- Nonobstant ce qui précède, la façon dont les évaluations ESG sont intégrées aux processus d’investissement reste à l’entière discrétion du Gérant et celui-ci n’est assujetti à aucun objectif spécifique s’agissant de l’intégration des Facteurs ESG à son processus d’investissement.

Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Cependant, aucune garantie n’est fournie quant à la performance du portefeuille du Compartiment.
C-3.9
Applicable au Compartiment suivant:
- Asia Income 2024Les présentes informations sont déclarées aux fins de l’Article 6 du règlement SFDR.

Intégration des risques et évaluations de durabilité dans les décisions d’investissement
L’objectif et la politique d’investissement du Compartiment sont définis dans l’annexe du Compartiment.
Le Compartiment n’a pas pour objectif ni pour vocation d’investir dans des placements considérés comme des "investissements durables" ou de promouvoir des "caractéristiques environnementales ou sociales" au sens des Articles 8 et 9 du règlement SFDR.
Le Compartiment met en œuvre une stratégie "Buy and Maintain". Bien que les Facteurs ESG ne soient pas systématiquement intégrés au processus de construction du portefeuille d’investissement initial du Compartiment, le Gérant peut tenir compte des évolutions liées à la durabilité d’un point de vue global dans le cadre de son analyse fondamentale s’il décide d’ajouter de nouveaux émetteurs.
Sans préjudice de ce qui précède, le Gérant tiendra compte de la politique du Groupe LOIM relative aux exclusions/restrictions pour tout nouvel investissement effectué pour le compte du Compartiment:
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.

Restrictions
- Charbon, pétrole et gaz non conventionnels – le Gérant cherche à exclure les investissements dans les sociétés reconnues comme étant impliquées dans les activités suivantes:Charbon thermiqueExploitation minière – sociétés générant plus de 10% de leur chiffre d’affaires de l’extraction de charbon thermique. Production d’électricité – sociétés générant plus de 10% de leur chiffre d’affaires de la production d’électricité au charbon.

Pétrole et gaz non conventionnels – sociétés générant plus de 10% de l’ensemble de leur chiffre d’affaires des sables bitumineux, du gaz et du pétrole de schiste et de l’exploration gazière et pétrolière dans l’Arctique.
- Violations importantes des principes du Pacte mondial des Nations Unies – le Gérant cherche à exclure les investissements dans les sociétés reconnues comme étant impliquées dans les violations les plus graves du Pacte mondial des Nations Unies.

Toute décision d’exclure une société au titre des restrictions susmentionnées reste à l’entière discrétion du Gérant.
Incidences probables des risques en matière de durabilité sur les rendements du Compartiment
Les incidences probables des risques en matière de durabilité sont difficiles à quantifier. Le Gérant pense que les pratiques environnementales, sociales et de gouvernance d’une société sont intrinsèquement liées à son succès à long terme et que les sociétés ayant mis en place des pratiques et des opérations conformes aux critères ESG ont plus de chances de prospérer et de créer de la valeur à long terme. Il est possible que le Compartiment subisse des incidences négatives en cas d’ajout, dans son portefeuille, d’émetteurs dont le modèle d’affaires et les pratiques commerciales ne peuvent pas être adaptés aux risques en matière de durabilité.
ANNEXE C RUBRIQUE I
La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier
Le cadre d’investissement durable du Gérant tient compte des pratiques commerciales des sociétés par rapport à l’entier de leurs écosystèmes de partenaires. Le Gérant a développé une méthodologie de cartographie de la matérialité ESG et de notation ESG propriétaire lui permettant de se concentrer sur les dimensions environnementales, sociales et de gouvernance vraiment importantes dans la chaîne de valeur d’une société. Le cadre propriétaire du Gérant est constitué de 14 catégories et reflète les principales dimensions des possibles opportunités et risques en matière ESG dans la chaîne de valeur d’une société. Cela inclut les risques en amont essentiellement liés à la chaîne d’approvisionnement ou à l’utilisation de ressources naturelles, les risques opérationnels directement liés au processus de production et opérationnels d’une société ainsi que les risques en aval liés à d’éventuelles incidences négatives des produits et services vendus. La constitution des notes repose sur les données brutes de différents fournisseurs spécialisés incluant, entre autres, toutes les informations pertinentes utilisées pour définir la méthodologie appliquée pour évaluer les principales incidences négatives des décisions du Gérant sur les Indicateurs de durabilité axés sur le SFDR, comme indiqué de façon plus détaillée à la rubrique II.
Le Gérant identifie et note les dimensions ESG les plus importantes pour 158 sous-secteurs GICS (Global Industry Classification Standard) de niveau 4 inclus dans la cartographie de matérialité ESG du Gérant. Pour chaque société, le Gérant calcule une note de 0 à 100 intégrant la matérialité en surpondérant les informations plus importantes selon son secteur spécifique et en sous-pondérant les informations générales moins importantes. La méthodologie intègre la méthodologie propriétaire "Conscience", "Actions" et "Résultats" ("CAR") du Gérant qui surpondère la composante "R", c’est-à-dire les indicateurs ESG liés aux résultats définitifs. Ces notes permettent au Gérant d’attribuer à chaque société un classement ESG compris entre A+ et D, en fonction du centile dans lequel elle est située dans son secteur respectif. La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier renforce la capacité du Gérant à surveiller les progrès réalisés par une société sur les questions spécifiques au secteur les plus importantes pour la durabilité à long terme et à s’engager auprès d’elle pour ces questions importantes. La méthodologie distingue les "parleurs" des "acteurs" et des "champions".
Les données et indicateurs ESG de la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier sont également cartographiés par rapport aux 17 objectifs de développement durable des Nations Unies (ODD ONU). Ainsi, le Gérant peut examiner la durabilité des pratiques commerciales d’une société sous un nouvel angle, dialoguer avec elle en connaissance de cause et assurer une plus grande visibilité sur la conformité du portefeuille du Compartiment aux ODD ONU.
La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier vise à filtrer au moins 90% des sociétés de l’univers d’investissement des Compartiments.
Avertissement
La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier peut présenter des limitations en raison de la disponibilité des données des sociétés/émetteurs ou des fournisseurs de services de données. La Méthodologie de notation de la matérialité industrielle ESG/ CAR de Lombard Odier peut permettre à un gérant d’évaluer le profil de durabilité d’une société ou d’un émetteur, mais ses conclusions ne sont pas définitives. Cette méthodologie est conçue pour être utilisée en conjonction avec d’autres outils et évaluations portant sur la durabilité du modèle d’affaires et des pratiques commerciales d’une société.
La Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier est dynamique et est conçue pour s’adapter aux changements liés à la durabilité. Le Gérant peut modifier tout processus lié à la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier, à tout moment, sans préavis et à sa discrétion.
Aucune déclaration n’est faite et aucune garantie n’est fournie quant à la performance financière d’une société donnée en fonction de la note attribuée par la Méthodologie de notation de la matérialité industrielle ESG/CAR de Lombard Odier.
ANNEXE C RUBRIQUE II
Méthodologie utilisée pour mesurer les principales incidences négatives des décisions du Gérant sur les Indicateurs de durabilité axés sur le SFDR
Les principales incidences négatives des décisions du Gérant sur les Indicateurs de durabilité axés sur le SFDR sont mesurées en cartographiant les informations les plus pertinentes de la base de données ESG du Gérant par rapport aux principaux indicateurs de durabilité avec incidence négative énumérés ci-dessous.
La base de données ESG exhaustive du Gérant, présentée plus en détail à la rubrique I, est élargie en permanence par de nouveaux contributeurs/fournisseurs et couvre toutes les dimensions de la durabilité. Si une information requise pour les principales incidences négatives n’est pas disponible dans la base de données ESG du Gérant ou auprès d’un fournisseur de données ESG externe, un indicateur correspondant est établi à l’aide des informations pertinentes les plus proches permettant d’évaluer les principales incidences négatives.
Liste des Indicateurs de durabilité axés sur le SFDR
La liste des Indicateurs de durabilité axés sur le SFDR est fournie ci-dessous. A noter que les indicateurs retenus dépendront de la version finale du règlement délégué de la Commission complétant le règlement SFDR, de la disponibilité des données et de la méthode choisie par le Gérant pour intégrer ces indicateurs à son modèle. L’adoption des indicateurs de durabilité reste à l’entière discrétion du Gérant, selon ceux qu’il juge les plus appropriés/pertinents.
Indicateurs liés au climat et à d’autres considérations environnementales
- Emissions de gaz à effet de serre
- Performance énergétique
- Biodiversité
- Eau
- DéchetsQuestions sociales et liées aux employés, respect des droits humains, lutte contre la corruption et la fraude
- Questions sociales et liées aux employés
- Droits humains
- Lutte contre la corruption et la fraudeANNEXE C RUBRIQUE IIILombard Odier Portfolio Temperature Alignment Tool: outil Lombard Odier d’alignement de la température du portefeuilleNotre outil interne LOPTA (outil Lombard Odier d’alignement de la température du portefeuille) permet au Gérant de rapidement évaluer non seulement l’empreinte carbone des sociétés mais aussi l’alignement de la température en leur sein, en fonction de ventilations sectorielles/ régionales, de trajectoires historiques et de trajectoires/cibles prospectives. Le cadre LOPTA permet au Gérant d’analyser les trajectoires de température dans l’ensemble des portefeuilles, ainsi que le degré d’alignement des sociétés individuelles ou des portefeuilles sur la transition climatique. L’outil LOPTA permet d’estimer le niveau du réchauffement climatique dû à des sociétés ou des portefeuilles spécifiques par extrapolation aux objectifs de leurs groupes de pairs respectifs.

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