# Prospectus
12/07/2022
Contents
UCITS governed by European Directive 2009/65/EC
PROSPECTUS
- 
### GENERAL CHARACTERISTICS
- 
###### Name

Edmond de Rothschild SICAV 47, rue du Faubourg Saint-Honoré 75008 Paris, France
- 
###### Legal form and Member State in which the SICAV was established

Société d'Investissement à Capital Variable à compartiments (open-ended investment company - SICAV, with sub- funds) under French law.
- 
###### Date of creation and expected term

The SICAV was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.
The SICAV was created on 12 February 2019 for a period of 99 years, through the merger of the following funds:
- Edmond de Rothschild Euro Sustainable Credit created 10 May 2005
- Edmond de Rothschild Euro Sustainable Growth created 10 February 2005
- Edmond de Rothschild Financial Bonds created 10 March 2008
- 
###### Summary of the management offer

The SICAV has 14 sub-funds.
EdR SICAV – Euro Sustainable Credit
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0010172767 | Net income: | Euro | 1 share | All subscribers | None |
| Accumulation |
| Net realised |
| capital gains: |
| Accumulation |
|  |  | Net income: |  |  |  |  |
|  |  | Distribution |  |  |  |  |
| B EUR shares | FR0010789313 | Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 share | All subscribers | None |
| CR EUR shares | FR0013305828 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |

|  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| I EUR shares | FR0010789321 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | None |
| K EUR shares | FR0013400066 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| N EUR shares | FR0010908285 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | None |
| R EUR shares | FR0013201001 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
**As well as all shareholders who subscribed to the Sub-fund before 12/02/2019
EdR SICAV – Euro Sustainable Equity
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0010505578 | Net income: | Euro | 1 share | All subscribers | None |
| Accumulation |
| Net realised |
| capital gains: |
| Accumulation |
|  |  | Net income: |  |  |  |  |
|  |  | Distribution |  |  |  |  |
| B EUR shares | FR0013400074 | Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 share | All subscribers | None |
| CR EUR shares | FR0013307717 | Net income: Accumulation Net realised capital gains: | Euro | 1 share | All subscribers, under the conditions specified in the “Target subscribers | None |

|  |  | Accumulation |  |  | and typical investor profile” section |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Net income: |  |  |  |  |
| CRD EUR shares | FR0013417516 | Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I EUR shares | FR0010769729 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
|  |  | Net income: |  |  |  |  |
| J EUR shares | FR0013444031 | Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| K EUR shares | FR0010850198 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
|  |  | Net income: |  |  |  |  |
| O EUR shares | FR0013444049 | Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €15,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| R EUR shares | FR0013287588 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
EdR SICAV – Financial Bonds
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A CHF (H) shares | FR0012749869 | Net income: | Swiss franc | 1 share | All subscribers | EUR/CHF |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| A EUR shares | FR0011034495 | Net income: | Euro | 1 share | All subscribers | None |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| A USD (H) shares | FR0011882281 | Net income: | US Dollars | 1 share | All subscribers | EUR/USD |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| B EUR shares | FR0011289966 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 share | All subscribers | None |
| B USD (H) shares | FR0012494300 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 share | All subscribers | EUR/USD |
| CR EUR shares | FR0013307691 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR GBP (H) shares | FR0013307683 | Net income: Accumulation Net realised capital gains: Accumulation | Pound sterling | 1 share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/GBP |
| CR USD (H) shares | FR0013312378 | Net income: Accumulation Net realised capital gains: | US Dollars | 1 share | All subscribers, under the conditions specified in the “Target subscribers | EUR/USD |

|  |  | Accumulation |  |  |  and typical investor  profile” section****  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Net income: |  |  |  |  |
| CRD EUR shares | FR0013409067 | Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I CHF (H) shares | FR0012749851 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties*** | EUR/CHF |
| I EUR shares | FR0010584474 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | None |
| I USD (H) shares | FR0011781210 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties*** | EUR/USD |
|  |  | Net income: |  |  |  |  |
| J EUR shares | FR0013174695 | Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties*** | None |
|  |  | Net income: |  |  |  |  |
| Equities J GBP (H) | FR0013350824 | Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Pound sterling | 500,000 pounds sterling | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/GBP |
| Equities J USD (H) | FR0013350808 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |

|  |  | and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| K EUR shares | FR0013233699 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties**** | None |
| N EUR shares | FR0011034560 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties*** | None |
| NC EUR shares | FR0013233707 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties*** | None |
| OC EUR shares | FR0013292463 | Net income: Accumulation and/or Distribution and/or Carried forward Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties*** | None |
| R EUR shares | FR0013287596 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
** As well as all shareholders who subscribed to the SICAV before 20/07/2018
*** As well as all shareholders who subscribed to the SICAV before 19/10/2018
**** As well as all shareholders who subscribed to the Sub-fund before 12/02/2019
EdR SICAV – Tricolore Rendement
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0010588343 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers | None |
| A USD shares | FR0010998179 | Net income: | US Dollars | 1 share | All subscribers | None |
|  Accumulation    Net realised   capital gains:   Accumulation  |
| B EUR shares | FR0010588350 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 share | All subscribers | None |
| I EUR shares | FR0010594325 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| K EUR shares | FR0010705145 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| R EUR shares | FR0010594333 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
EdR SICAV – Equity Euro Solve
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0013219243 | Net income: | Euro | 1 Share | All subscribers | None |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| B EUR shares | FR0013219276 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| CR EUR shares | FR0013307725 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I EUR shares | FR0013331568 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive ** | None |
| K EUR shares | FR0013062668 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive ** | None |
| KD EUR shares | FR0013131885 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements | None |

|  |  |  |  |  | of the “Solvency II” Directive ** |  |
| --- | --- | --- | --- | --- | --- | --- |
| N EUR shares | FR0013222874 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €5,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive”** | None |
| NC EUR shares | FR0013219300 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €5,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive”** | None |
| O EUR shares | FR0013222882 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €5,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive”** | None |
| PC EUR shares | FR0013062650 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive”** | None |
| R EUR shares | FR0013331550 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

| SC EUR shares | FR0013219284 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €25,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive ** | None |
| --- | --- | --- | --- | --- | --- | --- |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
**As well as all shareholders who subscribed to the Sub-fund before 08/03/2019
EdR SICAV – Start
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A CHF (H) shares | FR0012538072 | Net income: | Swiss franc | 1 Share | All subscribers | EUR/CHF |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| A EUR shares | FR0010459693 | Net income: | Euro | 1 Share | All subscribers | None |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| A USD (H) shares | FR0011050400 | Net income: | US Dollars | 1 Share | All subscribers | EUR/USD |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| CR EUR shares | FR0013307642 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR USD (H) shares | FR0013312303 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/USD |
| I CHF (H) shares | FR0012538064 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | EUR/CHF |

| I EUR shares | FR0010471136 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | None |
| --- | --- | --- | --- | --- | --- | --- |
| I USD (H) shares | FR0011050418 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | EUR/USD |
| J EUR shares | FR0013295888 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | None |
| N EUR shares | FR0010773614 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties** | None |
| P EUR shares | FR0013414851 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €60,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| R EUR shares | FR0010773598 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
**As well as all shareholders who subscribed to the Sub-fund before 21/03/2019
EdR SICAV – Europe Midcaps
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0010177998 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD shares | FR0010998112 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | None |
| A USD (H) shares | FR0012538056 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| CR EUR shares | FR0013307709 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR USD share | FR0013312386 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I EUR shares | FR0010594275 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I USD (H) shares | FR0013233673 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |
| K EUR shares | FR0010849802 | Net income: | Euro | €500,000 | Legal entities and institutional investors dealing on | None |
| Accumulation |
| Net realised |
| capital gains: |
| Accumulation |

|  |  |  |  |  | their own behalf or on behalf of third parties |  |
| --- | --- | --- | --- | --- | --- | --- |
| R EUR shares | FR0010614594 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company** | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.
**As well as all shareholders who subscribed to the Sub-fund before 21/03/2019.
EdR SICAV – Equity US Solve
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A CHF (H) shares | FR0013404266 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | USD/CHF |
| A EUR shares | FR0014007Q54 | Net income: | Euro | 1 Share | All subscribers | None |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| A EUR (H) shares | FR0013404274 | Net income: | Euro | 1 Share | All subscribers | USD/EUR |
|  Accumulation   Net realised   capital gains:   Accumulation  |
| A GBP (H) shares | FR0013404282 | Net income: Accumulation Net realised capital gains: Accumulation | Pound sterling | 1 Share | All subscribers | USD/GBP |
| A USD shares | FR0013404308 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | None |
| B CHF (H) shares | FR0013404316 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Swiss franc | 1 Share | All subscribers | USD/CHF |

| B EUR (H) shares | FR0013404324 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | USD/EUR |
| --- | --- | --- | --- | --- | --- | --- |
| B USD shares | FR0013404332 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers | None |
| CR EUR (H) shares | FR0013404340 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | USD/EUR |
| CR USD share | FR0013404357 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD EUR (H) shares | FR0013404365 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | USD/EUR |
| CRD USD shares | FR0013404373 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I EUR shares | FR0014007Q62 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements | None |

|  |  |  |  |  | of the “Solvency II” Directive |  |
| --- | --- | --- | --- | --- | --- | --- |
| I CHF (H) shares | FR0013404381 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | USD/CHF |
| I EUR (H) shares | FR0013404399 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | USD/EUR |
| I USD shares | FR0013404407 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | None |
| J CHF (H) shares | FR0013404415 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | USD/CHF |
| J EUR (H) shares | FR0013404456 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | USD/EUR |
| J USD shares | FR0013404423 | Net income: Distribution Net realised capital gains: | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third | None |

|  |  | Accumulation and/or Distribution and/or Carried forward |  |  | parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive |  |
| --- | --- | --- | --- | --- | --- | --- |
| K EUR (H) shares | FR0013404431 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | USD/EUR |
| K USD shares | FR0013404449 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | None |

*The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian, or entities belonging to the same group.

##### EdR SICAV – Global Opportunities
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0013281938 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A CHF (H) shares | FR0013429230 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | EUR/CHF |

| A USD (H) shares | FR0013429248 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| B EUR shares | FR0013464260 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| CR EUR shares | FR0013464211 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD EUR shares | FR0013464237 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I EUR shares | FR0013429255 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I CHF (H) shares | FR0013429263 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/CHF |

| I USD (H) shares | FR0013429271 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| J EUR shares | FR0013429289 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third-parties | None |
| K EUR shares | FR0013464252 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third-parties | None |

* The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the Custodian, or entities belonging to the same group.

##### EdR SICAV – Short Duration Credit
| Type of shares | ISIN code | Allocation of distributable income | Currenc y | Minimum initial subscription* | Target subscribers* | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A CHF (H) shares | FR0013460912 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | EUR/CHF |
| A EUR shares | FR0013460920 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD (H) shares | FR0013460938 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| B CHF (H) shares | FR0013460946 | Net income: Distribution Net realised capital gains: Accumulation and/or | Swiss franc | 1 Share | All subscribers | EUR/CHF |

|  |  | Distribution and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| B EUR shares | FR0013460961 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| B USD (H) shares | FR0013460979 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers | EUR/USD |
| CR EUR shares | FR0013460987 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR USD (H) shares | FR0013461019 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/USD |
| CRD EUR shares | FR0013461027 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD USD (H) shares | FR0013461555 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/USD |
| I CHF (H) shares | FR0013461563 | Net income: Accumulation | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on | EUR/CHF |

|  |  | Net realised capital gains: Accumulation |  |  | their own behalf or on behalf of third parties |  |
| --- | --- | --- | --- | --- | --- | --- |
| I EUR shares | FR0013461571 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I USD (H) shares | FR0013461589 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |
| J CHF (H) shares | FR0013461597 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/CHF |
| J EUR shares | FR0013461605 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| J USD (H) shares: | FR0013461613 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |
| K EUR shares | FR0013461639 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| N EUR shares | FR0013488194 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on | None |

|  |  |  |  |  | their own behalf or on behalf of third parties |  |
| --- | --- | --- | --- | --- | --- | --- |
| O EUR shares | FR0013488202 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

* The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the Custodian, or entities belonging to the same group.

##### EdR SICAV – Tech Impact
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers* | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0013488244 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD shares | FR0050000720 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | None |
| B EUR shares | FR0013488251 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| CR EUR shares | FR0013488269 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR USD shares | FR0050000738 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD EUR shares | FR0013488277 | Net income: Distribution | Euro | 1 Share | All subscribers, under the | None |

|  |  | Net realised capital gains: Accumulation and/or Distribution and/or Carried forward |  |  | conditions specified in the “Target subscribers and typical investor profile” section |  |
| --- | --- | --- | --- | --- | --- | --- |
| I EUR shares | FR0013488285 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I USD shares | FR0050000704 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| J EUR shares | FR0013519949 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| J USD shares | FR0050000712 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| K EUR shares | FR0013488293 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| N EUR shares | FR0013488301 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €15,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

| S EUR shares | FR0013532918 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €15,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| --- | --- | --- | --- | --- | --- | --- |

* The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the Custodian, or entities belonging to the same group.
EdR SICAV – Green New Deal
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A CHF shares | FR0013428919 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | None |
| A EUR shares | FR0013428927 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD shares | FR0013428935 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | None |
| B CHF shares | FR0013428950 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Swiss franc | 1 Share | All subscribers | None |
| B EUR shares | FR0013428968 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| B USD shares | FR0013428976 | Net income: Distribution Net realised capital gains: Accumulation and/or | US Dollars | 1 Share | All subscribers | None |

|  |  | Distribution and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| CR EUR shares | FR0013428984 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR USD shares | FR0013428992 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD EUR shares | FR0013429008 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD USD shares | FR0013429016 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| I CHF shares | FR0013429024 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | CHF 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I EUR shares | FR0013429040 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I USD shares | FR0013429057 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| J CHF shares | FR0013429065 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution | Swiss franc | CHF 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

|  |  | and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| J EUR shares | FR0013429081 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| J USD shares | FR0013429099 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| K EUR shares | FR0013429107 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| KD EUR shares | FR0013429115 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| R EUR shares | FR0050000068 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |

* The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the Custodian, or entities belonging to the same group.

##### EdR SICAV – Corporate Hybrid Bonds
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |

| A CHF (H) shares | FR00140058Y9 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | EUR/CHF |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR00140059A7 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD (H) shares | FR0014005997 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| B EUR shares | FR0014005989 | Net income: Distribution Net capital gains realised: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| CR EUR shares | FR0014005971 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CR USD (H) shares | FR0014005963 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/USD |

| CRD EUR shares |  | FR0014005955 |  | Net income: Distribution Net capital gains realised: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| I CHF (H) shares | FR0014005948 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 500,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/CHF |
| I EUR shares | FR0014005930 | Net income: Accumulation Net capital gains realised: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I USD (H) shares | FR0014005922 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |
| J EUR shares | FR0014005914 | Net income: Distribution Net capital gains realised: Accumulation and/or distribution and/or carried forward | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third-parties | None |
| J USD (H) shares | FR00140079Y5 | Net income: Distribution Net capital gains realised: Accumulation and/or Distribution | US Dollars | USD 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |

|  |  | and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| K EUR shares | FR0014005906 | Net income: Accumulation Net capital gains realised: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third-parties | None |
| NC EUR shares | FR00140058Z6 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| OC EUR shares | FR00140058X1 | Net income: Accumulation and/or Distribution and/or Carried forward Net capital gains realised: Accumulation and/or Distribution and/or Carried forward | Euro | €10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

* The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the Custodian, or entities belonging to the same group.

##### EdR SICAV – Millesima World 2028
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |

| A CHF (H) shares | FR0014008W14 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | EUR/CHF |
| --- | --- | --- | --- | --- | --- | --- |
| A EUR shares | FR0014008W22 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD (H) shares | FR0014008W30 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| AC EUR shares | FR0014008W48 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| B EUR shares | FR0014008W55 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |
| CR EUR shares | FR0014008W63 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |

| CR USD (H) shares | FR0014008W71 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| CRD EUR shares | FR0014008W89 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | None |
| CRD USD (H) shares | FR0014008W97 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers, under the conditions specified in the “Target subscribers and typical investor profile” section | EUR/USD |
| I CHF (H) shares | FR0014008WA1 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1,000,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/CHF |
| I EUR shares | FR0014008WB9 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €1,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| I USD (H) shares | FR0014008WC7 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 1,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |

| J EUR shares | FR0014008WD5 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | €1,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third-parties | None |
| --- | --- | --- | --- | --- | --- | --- |
| J CHF (H) shares | FR0014008WE3 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Swiss franc | 1,000,000 Swiss francs | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/CHF |
| Equities J USD (H) | FR0014008WF0 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | USD 1,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | EUR/USD |
| K EUR shares | FR0014008WG8 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | €1,000,000 | Institutional investors | None |
| R EUR shares | FR0014008WH6 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company | None |
| PWM EUR shares | FR0014008WI4 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | EUR 1,000 | Dedicated to Banque Privée EdR | None |

| PWM USD (H) shares | FR0014008WJ2 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | USD 1,000 | Dedicated to Banque Privée EdR | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| PWMD EUR shares | FR0014008WK0 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | EUR 1,000 | Dedicated to Banque Privée EdR | None |
| PWMD USD (H) shares | FR0014008WL8 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | USD 1,000 | Dedicated to Banque Privée EdR | EUR/USD |

- The minimum initial subscription amount does not apply to subscriptions that may be made by the Management Company, the custodian or entities belonging to the same group.
	- 
###### Address from which the latest annual report and interim statement may be obtained


The latest annual and interim reports are sent within eight business days of receipt of a written request by the shareholder to the Management Company, Edmond de Rothschild Asset Management (France), 47, rue du Faubourg Saint-Honoré, 75401 Paris cedex 08, France.
- 
### ACTORS
- 
###### Delegated Management Company

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
A public limited company (société anonyme) with Executive and Supervisory Boards, approved as an Asset Management Company by the AMF on 15 April 2004 under number GP 04000015.
Registered office: 47 rue du Faubourg Saint-Honoré, 75401 Paris Cedex 08, France
- 
###### Custodian

EDMOND DE ROTHSCHILD (France)
A public limited company (société anonyme) with Executive and Supervisory Boards, approved by the Banque de France-CECEI (French Credit Institutions and Investment Firms Committee) as a credit institution on 28 September 1970.
Registered office: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France Description of the custodian’s duties:
Edmond de Rothschild (France) performs the duties defined by the applicable regulations, namely:
- Custody of the SICAV’s assets,
- Checking that the Management Company’s decisions are lawful,
- Monitoring the SICAV’s cash flows. Control and management of conflicts of interest:The custodian EdR (France) and the Management Company EdRAM (France) both belong to the Edmond de Rothschild Group. In accordance with the applicable regulations, they have each implemented policies and procedures that are appropriate to their size, their organisation and the nature of their activities, in order to take reasonable steps intended to prevent conflicts of interest that might result from this link.

Delegates:
The custodian has delegated the custody of financial securities to the sub-custodian, CACEIS Bank.
The description of the delegated custodial duties, the list of sub-custodians of CACEIS Bank and information relating to conflicts of interest that may result from these delegations are available on the CACEIS website at www.caceis.com
Updated information is made available to investors within eight business days upon written request by the shareholder to the Custodian.
- 
##### Delegated transfer agent

EDMOND DE ROTHSCHILD (FRANCE) has assumed delegated responsibility for the functions related to liability accounting: the clearing of subscription and redemption orders and the management of the SICAV’s issuance account.
- 
##### Institution delegated with the task of maintaining the issuance account

EDMOND DE ROTHSCHILD (France)
A public limited company (société anonyme) with Executive and Supervisory Boards, approved by the Banque de France-CECEI (French Credit Institutions and Investment Firms Committee) as a credit institution on 28 September 1970.
Registered office: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- 
###### Sub-custodian

CACEIS Bank
Société anonyme (Public limited company) Credit institution approved by the CECEI
Registered office: 89–91 rue Gabriel Péri, 92120 Montrouge, France
Postal address: 12 place des États-Unis, CS 40083, 92549 Montrouge CEDEX, France
Acting on behalf of the custodian, the Sub-custodian is responsible for the safekeeping of the SICAV’s shares, for their liquidation, and for the delivery-versus-payment (DVP) of orders sent and received by the custodian. It is also responsible for the financial administration of the SICAV’s shares (such as securities transactions and the collection of income).
- 
###### Statutory auditor

PRICEWATERHOUSECOOPERS AUDIT
Registered office: 63, rue de Villiers - 92200 Neuilly sur Seine, France
Signatory: Frédéric Sellam
- 
###### Promoter

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
A public limited company (société anonyme) with Executive and Supervisory Boards, approved as an Asset Management Company by the AMF on 15 April 2004 under number GP 04000015.
Registered office: 47 rue du Faubourg Saint-Honoré, 75401 Paris Cedex 08, France
Telephone: 00 33 1 40 17 25 25	email: contact@edram.fr
Fax: +33 1 40 17 24 42	Website: www.edram.fr
Edmond de Rothschild Asset Management (France) oversees the promotion of the SICAV and may delegate the actual marketing activities to a third party of its choice. Moreover, the Management Company is not aware of the identity of all promoters of the SICAV’s shares, who are permitted to act without any official agreement.
Regardless of which company is ultimately appointed as promoter, the Edmond de Rothschild Asset Management (France) sales teams are available to provide information or answer any questions that shareholders might have regarding the SICAV. They may be contacted at the company’s registered office.
- 
###### Delegated administrative and accounting manager

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
A public limited company (société anonyme) with Executive and Supervisory Boards, approved as an Asset Management Company by the AMF on 15 April 2004 under number GP 04000015.
Registered office: 47 rue du Faubourg Saint-Honoré, 75401 Paris Cedex 08, France
The SICAV delegates its accounting and administrative management to EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France).
- 
###### Sub-delegation of accounting management:

CACEIS FUND ADMINISTRATION
A limited company (société anonyme) with a share capital of €5,800,000
Registered office: 89–91 rue Gabriel Péri, 92120 Montrouge, France
Postal address: 12 place des États-Unis, CS 40083, 92549 Montrouge CEDEX, France The SICAV delegates its accounting management to Caceis Fund Administration.
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) delegates accounting management of the SICAV to Caceis Fund Administration.
The primary corporate purpose of CACEIS Fund Administration is the valuation and accounting and administrative management of financial portfolios. As such, it mainly focuses on processing financial information for portfolios, the calculation of net asset values, bookkeeping for the portfolios, production of accounting and financial statements and information as well as the production of various regulatory and special reports.
- 
###### Delegation of financial management

Edmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Switzerland) S.A.
Société anonyme (public limited company) under Swiss law, governed by the federal law on banks and savings banks of 8 November 1934 and registered in the Swiss Trade Register under number CHE-105.978.847.
Registered office: 18 rue de Hesse, CH-1204 Geneva, Switzerland
This delegation of financial management focuses on currency hedging of the SICAV's hedged shares.
- 
###### Investment adviser:

Edmond de Rothschild (Switzerland) S.A.
Société anonyme (public limited company) under Swiss law, governed by the federal law on banks and savings banks of 8 November 1934 and registered in the Swiss Trade Register under number CHE-105.978.847.
Registered office: 18 rue de Hesse, CH-1204 Geneva, Switzerland
The investment adviser is not required to make decisions on behalf of the SICAV when these lie within the remit and responsibility of the delegated financial manager.
This investment advisory role covers the Sub-funds EdR SICAV – Corporate Hybrid Bonds, EdR SICAV – Short Duration Credit and EdR SICAV – Millesima World 2028.
- 
###### Members of administrative and management bodies

Identity and functions of members of the Board of Directors of the SICAV:
Flavien Duval (Director and Chair of the Board of Directors) Bertrand Montauze (Director and Managing Director) Christophe Caspar (Director)
Raphaël Bellaïche (Director)
- 
### OPERATING AND MANAGEMENT PROCEDURES
- 
##### General characteristics

These general characteristics are provisions that are common to all of the SICAV’s Sub-funds.
- Nature of the rights attached to the share class: the Société d'Investissement à Capital Variable (open-ended investment company - SICAV) is a limited company, whose purpose is to manage a portfolio of financial instruments and deposits. Subject to the provisions of Article L. 214-7-4 of the French Monetary and Financial Code, the SICAV’s shares are issued and redeemed at any time by the company at the request of shareholders and at the net asset value, plus or minus charges and fees, where applicable. Shareholders have a right of ownership on the SICAV’s assets proportional to the number of shares held.
- Entry in a register: the shares will be listed on Euroclear France and will be treated as registered securities prior to listing and as bearer securities once listed. The rights of holders of registered shares will be represented by an entry in a register held by the custodian and the rights of holders of bearer shares will be represented by an entry in the account held by the central custodian (Euroclear France) opened by way of sub-affiliation in the name of the sub- custodian.
- Voting rights: Each share is entitled to a voting right proportional to the fraction of capital that it represents. One share represents one vote. Decisions concerning management are taken by the Board of Directors at the behest of the Management Company.
- Form of shares: bearer.
- Decimalisation(splitting): the shares may, at the decision of the Board of Directors, be split into tenths, hundredths, thousandths, or ten-thousandths of a share.
	- 
###### Year-end


The last Stock Exchange trading day of September.
The first financial year will end on the last working stock exchange trading day of September 2019.
- 
###### Taxation:

The SICAV is not subject to corporation tax. However, distributions and capital gains are taxable when remitted to shareholders.
SICAVs are said to be transparent.
As such, any gains or losses realised when the SICAV’s shares are redeemed (or upon dissolution of a sub-fund) represent capital gains or losses and are subject to the taxation regime for capital gains or losses on transferable securities that applies to each shareholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, etc.). Such gains may be subject to withholding tax if the shareholder is not resident in France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation. Shareholders who are unsure of their tax situation are advised to contact a tax advisor for further information about the specific tax treatment that will be applicable to them before subscribing to SICAV’s shares.
- 
##### Specific provisions

EdR SICAV – Euro Sustainable Credit
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.

The Sub-fund was created on 12 February 2019, through the merger of the following fund:
-	Edmond de Rothschild Euro Sustainable Credit created 10 May 2005.
- ISIN codeA EUR shares: FR0010172767B EUR shares: FR0010789313 CR EUR shares: FR0013305828 I EUR shares: FR0010789321 K EUR shares: FR0013400066 N EUR shares: FR0010908285 R EUR shares: FR0013201001
- Specific tax regimeNone
- ClassificationBonds and other debt securities denominated in euros
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund aims to outperform its benchmark, the Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index, over the recommended investment period, through investments on the corporate bond markets that seek to combine financial profitability with the implementation of a policy that aims to respect non-financial criteria, while mitigating the risk of capital loss.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index (Bloomberg code: LECPTREU) is calculated and published by Bloomberg. It is representative of fixed-rate bond issues, denominated in euros, issued by the issuers from industry, banking and local authority public services with a rating of at least BBB- and a residual maturity of more than one year.

Bloomberg Index Services Limited (website: https://www.bloomberg.com), the administrator responsible for the benchmark index Bloomberg Barclays Capital Euro Aggregate Corporate Total Return is not included in the register of administrators and benchmark indices held by ESMA and benefits from the transitional regime provided for under Article 51 of the Benchmark Regulation (BMR).
The rates and indices used are annualised. Coupons are included in calculating the performance of this index.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategy. Strategies used:The management strategy is to build a portfolio on the corporate bond markets by selecting securities on the basis of an analysis that combines financial criteria in order to identify the securities with significant growth prospects with non-financial criteria in order to meet the requirements with regard to Socially Responsible Investment.

In order to achieve the management objective, the strategy will combine a sector-based approach using a “top- down” process and a credit analysis approach aimed at selecting the most attractive issuers by means of a “bottom- up” process.
The weighting of securities within the portfolio is determined based on a combination of this financial analysis and a simultaneous analysis of issuers on the basis of non-financial criteria.
- Analysis of financial criteriaTop-down approachThe top-down approach is, first and foremost, based on a macroeconomic analysis of the various sectors orcountries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations.

This analysis makes it possible to define, in particular:
- the degree of exposure to different economic sectors,
- the distribution between Investment Grade and High Yield (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories.

The top-down analysis provides a comprehensive overview of the portfolio. This is complemented by a stock-picking process (bottom-up approach).
Bottom-up approach
The aim of this approach is to identify those issuers within a particular sector that provide better relative value than others and therefore seem to be the most attractive.
The way issuers are selected is based on a fundamental analysis of each company. The fundamental analysis focuses on the evaluation of criteria such as:
- the clarity of the company’s strategy,
- its financial health (consistency of cash flow through different economic cycles, ability to honour its debts, etc.),
- the “strategic” nature of the company, which allows it to predict the likelihood of government intervention in the event of default or a significant deterioration of its financial situation.

Within the universe of the selected issuers, the choice of exposures will be based on characteristics such as the issuer’s rating, the liquidity of the securities, or their maturity.
The fundamental analysis model, intended to identify the securities with the highest upside potential, is based on a structure of managing analysts specialising in credit markets. Following an in-depth analysis of the various companies, the bottom-up process is further refined. The process leads to the choice of preferred investment instruments (direct investments in securities, credit default swaps, Itraxx, etc.) for exposure to selected issuers.
- Analysis of non-financial criteriaThis involves a qualitative analysis designed to allow securities to be selected based on the Management Company’s own ESG rating grid, which classifies securities according to the Environment, Social and Governance criteria listed below:Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;Social: quality of employment, human resources management, social impact, health and safety; Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders.

The ESG investment universe is composed of corporate bonds (non-financial and financial) denominated in euro and rated investment grade (AAA to BBB-), as well as non-financial corporate bonds denominated in euro and rated high yield (above CCC). The Management Company may select securities from outside of this ESG universe. It will, however, ensure that the selected ESG universe is a relevant means of comparison for the Sub-fund’s ESG rating.
The SRI ratings model was formulated:
- using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- using differentiated weightings for the three ESG pillars for each sector depending on its specific challenges: this means that the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which results in a different weighting for each of the three pillars. For example, a chemical company will be more affected by environmental issues whereas, for a company in the business services sector, a greater weighting will be placed on social factors.

To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating.
In the absence of an internal rating, the Manager relies on an ESG rating provided by a non-financial rating agency. At least 90% of portfolio companies receive either an internal ESG rating or a rating provided by an external rating agency.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
In order to hedge its assets and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX).
It may also implement strategies that aim to mitigate currency risks and/or manage interest rate risk through the use of financial contracts, particularly futures, options, and forward or swap contracts.
The manager will also implement active management of the Sub-fund's sensitivity to interest rates, which may vary between 0 and 8. The sensitivity will be reduced in order to protect the portfolio from the negative effects associated with an upward pressure on interest rates and increased in order to harness more widely the benefits associated with a lowering of interest rates. Additional remuneration will be obtained through active management of the interest rate risk.
Exposure to equity markets
Up to 10% of the Sub-fund’s net assets may be exposed to equity markets through potential purchases of convertible bonds.
Currencies
The Sub-fund may, on an ancillary basis, hold up to 10% of its net assets in securities issued in foreign currencies, for which the associated currency risk will be hedged. However, an exposure to currency risk limited to 10% of the portfolio’s net assets may remain.
. Assets:
Debt securities and money market instruments (up to 100% of the net assets, with a maximum of 100% invested directly in securities)
General characteristics
| Sensitivity to interest rates | - | [0; 8] |
| --- | --- | --- |
| Geographic region of the issuers | OECD, European Union, European Economic Area, G20 | 100% maximum in private debt |

Distribution of private debt/public debt
Up to 100% of the “Debt Securities” portfolio in private debt of issuers located in a Member State of the OECD, the European Union, the European Economic Area or the G20.
The portfolio will not invest in the public debt of a state or an entity of a Member State of the OECD, the European Union, the European Economic Area or the G20.
Criteria related to ratings
A minimum of 70% of the Sub-fund’s net assets will be made up of securities that have a minimum long-term rating of BBB- (Standard & Poor’s or equivalent, or an equivalent internal rating from the Management Company) or a short-term rating of A3. The selected securities may not be rated by a ratings agency, but in this case will receive an equivalent internal rating from the Management Company.
Up to 30% of the net assets may be invested in securities that have a lower rating, corresponding to that of the high yield category (speculative securities with a Standard & Poor’s or equivalent rating of below BBB- or an equivalent internal rating from the Management Company).
Overall, the average rating of the portfolio will be a minimum of BBB- as awarded by Standard & Poor’s or another equivalent rating agency, or an equivalent internal rating from the Management Company.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Legal nature of the instruments used
Debt securities of all kinds including, in particular:
- Fixed, variable or adjustable rate bonds
- Inflation-linked bonds
- “Green Bonds” (bonds intended to finance projects with a positive environmental impact)
- Negotiable debt securities
- Savings certificates
- Euro Commercial Papers (short-term negotiable securities issued in euros by a foreign entity)The portfolio may invest in PIK notes (payment-in-kind notes are bonds for which interest payments are not made systematically in cash).

Equities
- Exposure through directly held equities: None
- Exposure via convertible bonds: up to 10% of net assetsThe maximum exposure of the portfolio to the equity markets measured through the delta of convertible bonds may not exceed 10% of the Sub-fund’s net assets.

Shares or units of other French collective investment schemes or other foreign UCITS, AIFs or investment funds The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, including exchange-traded funds (ETFs), or money market or bond funds specifically in order to invest cash.
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Financial contracts
In order to hedge its assets and/or achieve its management objective, and without seeking overexposure, the Sub- fund may use financial contracts traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.), up to a limit of 100% of its assets. In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. To this end, the Sub-fund may take up positions with a view to hedging the portfolio against certain risks (interest rate, credit or currency) or exposing itself to interest rate and credit risks.

##### Types of markets invested in
- Regulated markets
- Organised markets
- Over-the-counter markets


##### Risks in which the manager intends to trade for the purposes of portfolio hedging or exposure
- Equity risk exclusively from potential exposure to convertible bonds
- Interest rate risk
- Currency risk
- Credit risk


##### Types of investment (transactions must only be undertaken in order to achieve the management objective)
- Hedging
- Exposure
- Arbitrage


##### Types of instruments used
- Interest rate options
- Forward interest-rate contracts
- Interest rate futures
- Interest rate swaps (fixed rate/variable rate all combinations and inflation)
- Credit derivatives (credit default swaps)
- Credit options
- Currency options
- Currency swaps
- Currency futures
- Warrants
- Options on interest rate swaps
- CDS optionsIn addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on bonds, bond indices and/or bond baskets up to a limit of 50% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 25%.

The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.

##### Strategy of using derivatives to achieve the management objective
- General hedging of certain risks (interest rate, credit, currency)
- Exposure to interest rate, credit and equity risks
- Reconstitution of synthetic exposure to assets and risks (interest rate, credit)The exposure to these financial instruments, markets, rates and/or some of their parameters or components resulting from the use of financial contracts cannot exceed 100% of the net assets.

The manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX).
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Securities with embedded derivatives (up to 100% of net assets)
To achieve its management objective, the sub-fund may also invest in financial instruments containing embedded derivatives. The sub-fund may solely invest in:
- callable or puttable bonds for up to 100% of net assets,
- convertible bonds for up to 10% of net assets,
- contingent convertible bonds (CoCos) for up to 20% of net assets.

Cash borrowings
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of its net assets.
Temporary purchases and sales of securities None
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investm ent is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to 
t
he effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub- fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions
potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risk linked to the SRI (Socially Responsible Investing) selection:
The Sub-fund may deviate from the benchmark index if it implements an SRI stock-picking strategy. Risk associated with hybrid products (convertible bonds):
Given their possible conversion into shares, convertible bonds introduce an equity risk into a bond portfolio. They also expose the portfolio to the volatility of equity markets, which is higher than that of bond markets. Holding such instruments therefore results in an increase in portfolio risk, which may be mitigated by the bond component of hybrid securities, depending on market configurations.
Risks associated with total return swaps:
The use of total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These contracts may therefore have a negative effect on the net asset value of the SICAV.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for total return swaps. Risks associated with contingent convertible bonds (CoCos):
CoCos are subordinated debt securities issued by credit institutions or insurance or reinsurance companies that are eligible for inclusion in their capital requirement and that have the specific feature of potentially being converted into shares or having their par value reduced (write-down mechanism) in response to a trigger, as previously defined in the prospectus. A CoCo includes an option to convert into shares at the initiative of the issuer in the event that their financial situation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion option may cause the value of the CoCo to decrease by an amount greater than that recorded on other traditional bonds of the issuer. Under the conditions set out by the CoCo concerned, certain trigger events may lead to the main investment and/or accrued interest permanently depreciating to zero, or to the conversion of the bond into a share.
Risk linked to the conversion threshold of CoCos:
The conversion threshold of a CoCo depends on the solvency ratio of its issuer. It is the event that determines the conversion of the bond into an ordinary share. The lower the solvency ratio, the greater the likelihood of conversion. Risk of loss or suspension of coupon:
Depending on the characteristics of the CoCos, the payment of coupons is discretionary and may be cancelled or suspended by the issuer at any time and for an indefinite period.
Risk of intervention of a regulatory authority at the point of “non-viability”:
A regulatory authority determines at any time and in a discretionary manner whether an institution is “not viable”,
i.e. the issuing bank requires the support of the public authorities to prevent the issuer from becoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable or otherwise continue its activities, and requires or requests the conversion of Conditional Convertible Bonds into shares in circumstances independent of the willingness of the issuer.
Capital structure inversion risk:
Contrary to the conventional capital hierarchy, investors in CoCos may incur a loss of capital that does not affect holders of shares. In certain scenarios, holders of CoCos will incur losses before holders of shares.
Call extension risk:
Most CoCos are issued in the form of instruments of a perpetual maturity, which are only repayable at predefined levels that have the approval of the competent authority. It cannot be assumed that perpetual CoCos will be called on the call date. CoCos are a type of permanent capital. It is possible that the investor may not receive the return on the principal on the expected repayment date or any given date.
Liquidity risk:
In certain circumstances, it may be difficult to find a buyer for CoCos and the seller may be obliged to accept a significant discount on the expected value of the bond in order to be able to sell it.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileA EUR, B EUR shares: All subscribersCR EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
I EUR, K EUR, and N EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 12/02/2019.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is particularly intended for investors who wish to maximise their bond investments through the active management of credit instruments denominated in euros with an analysis combining financial and non-financial criteria.
Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 2 years
- Procedures for determining and allocating income

| Distributable Amounts | "A EUR", "CR EUR", "R EUR", "I EUR", "K EUR" and "N EUR" shares | "B EUR" shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 7 share classes: "A EUR", "B EUR", "CR EUR", "I EUR", "K EUR", "N EUR" and "R EUR" shares. The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.

The B EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The K EUR share is denominated in Euros and expressed in shares or thousandths of a share. The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The R EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar)Initial net asset value:

| A EUR shares: €358.72 |
| --- |
| B EUR shares: €106.10 |
| CR EUR shares: €98.16 |
| I EUR shares: €13,972.51 K EUR shares: €100 |
| N EUR shares: €13,474.97 R EUR shares: €101.88 |

Minimum initial subscription:
| A EUR shares: 1 Share. |
| --- |
| B EUR shares: 1 Share. |
| CR EUR shares: 1 Share. |
| I EUR shares: €500,000 K EUR shares: €500,000 |
| R EUR shares: 1 Share. |
| N EUR shares: €10,000,000 |

This sum does not apply to subscriptions made by the promoter, financial manager, custodian, or their associates.
Minimum subsequent subscriptions:
| A EUR shares: 1 thousandth of a share. |
| --- |
| B EUR shares: 1 thousandth of a share. |
| CR EUR shares: 1 thousandth of a share. |
| I EUR shares: 1 thousandth of a share. K EUR shares: 1 thousandth of a share. |
| N EUR shares: 1 thousandth of a share. |
| R EUR shares: 1 thousandth of a share. |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the Sub-fund EdR SICAV - Euro Sustainable Credit | Net Asset Value x Number of shares | A EUR shares: maximum 1% |
| B EUR shares: maximum 1% |
| CR EUR shares: maximum 1% |
| I EUR shares: None |
| K EUR shares: None |
| N EUR shares: None |
| R EUR shares: maximum 1% |
| Subscription fee payable to the Sub-fund EdR SICAV – Euro Sustainable Credit | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the Sub-fund EdR SICAV - Euro Sustainable Credit | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to the Sub-fund EdR SICAV – Euro Sustainable Credit | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 0.95% incl. taxes |
| B EUR shares: Maximum 0.95% incl. taxes |
| CR EUR shares: Maximum 0.50% incl. taxes |
| I EUR share: Maximum 0.45% incl. taxes |
| K EUR shares: Maximum 0.60% incl. taxes |
| N EUR shares: Maximum 0.25% incl. taxes |
| R EUR shares: Maximum 1.15% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.15% incl. taxes |
| B EUR shares: Maximum 0.15% incl. taxes |
| CR EUR shares: Maximum 0.15% incl. taxes |
| I EUR shares: Maximum 0.15% incl. taxes |
| K EUR shares: Maximum 0.15% incl. taxes |
| N EUR shares: Maximum 0.15% incl. taxes |
| R EUR shares: Maximum 0.15% incl. taxes |
| Transaction fees | Deducted from each transaction | None |
| Performance fee (1) | Net assets of the sub-fund | A EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index |
| B EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index |
| CR EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index |
| I EUR share: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index |
| K EUR shares: None |
| N EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index |
| R EUR shares: Maximum 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures: Benchmark index: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return.
The performance fee is calculated by comparing the performance of the fund’s/sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore have a duration of 5 years or more, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period;
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.

-when the reference period is greater than or equal to 5 years: the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.
Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

Edm
ond de Rothschi
ld SICAV
EdR SICAV –
Euro Sustaina
ble Credit
*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis	of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period	“R”	/ Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| PERIOD | 0 | 1 | 2 |
| --- | --- | --- | --- |
| TARGET NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| BASIS	OF CALCULATION: NAV-TARGET NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period	“R”	/ Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in reference NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Yes | R | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be
extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to research as defined by Article 314-21 of the AMF General Regulation may be charged to the Sub- fund up to the value of 0.01% of its net asset value.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV – Euro Sustainable Credit will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Euro Sustainable Equity
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.

The Sub-fund was created on 12 February 2019, through the merger of the following fund:
-	Edmond de Rothschild Euro Sustainable Growth created 10 February 2005.
- ISIN codeA EUR shares:   FR0010505578B EUR shares: FR0013400074 CR EUR shares: FR0013307717 CRD EUR shares: FR0013417516 I EUR shares:   FR0010769729J EUR shares:   FR0013444031K EUR shares:  FR0010850198 O EUR shares:  FR0013444049 R EUR shares:   FR0013287588
- Specific tax regimeEligible for the PEA (French equity savings plan).
- ClassificationEquities of Eurozone countries
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund’s investment objective, over the duration of the recommended investment period, is to outperform its benchmark, the MSCI EMU index, by investing in eurozone companies, combining financial profitability with the implementation of a policy that aims to respect non-financial criteria.

The Sub-fund’s investment strategy also takes climate issues into account and aims to align the climate trajectory of the portfolio with the Paris Agreement.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe performance of the Sub-fund may be compared to the MSCI EMU, net dividends reinvested, with shares issued in Euros expressed in Euros. The MSCI EMU index (Bloomberg ticker: NDDUEMU index) is composed of 300 stocks from eurozone countries, selected according to criteria such as stock market capitalisation, transaction volumes and business sector. Weighted by country and business sector, the index endeavours to reflect, as far as possible, the economic structure of the eurozone. The index is calculated and published by MSCI Barra and the data may be consulted at www.mscibarra.com.

MSCI Limited (website: http://www.msci.com), the administrator responsible for the benchmark index MSCI EMU, is not included in the register of administrators and benchmark indices held by ESMA and benefits from the transitional regime provided for under Article 51 of the BMR.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
As the Sub-fund’s management is not index-linked, its performance may differ significantly from that of the benchmark index, which serves only as a basis for comparison.
- Investment strategy. Strategies used:The Sub-fund implements an active stock-picking strategy, selecting listed stocks from an investment universe comprising mainly eurozone securities. At least 75% of the Sub-fund will be permanently invested in equities and other PEA-eligible securities and at least 60% will be exposed to shares issued in one or more eurozone countries. Exposure to equities from outside the Eurozone shall not exceed 10% of the net assets. Up to 110% of the Sub- fund’s net assets may be exposed to equity risk.

The ESG investment universe is composed of all the companies included in the Sub-fund’s benchmark index, the MSCI EMU, eurozone small- and mid-caps valued at less than €5 billion and not included in this index, and non- eurozone large-caps valued at more than €5 billion and not included in this index. The Management Company may select securities from outside of this ESG universe. It will, however, ensure that the selected ESG universe is a relevant means of comparison for the Sub-fund’s ESG rating.
The Sub-fund’s management philosophy is to invest in companies whose strategic and operational choices are guided by sustainable development criteria. While conducting their activity, they will therefore focus their research on overall performance - economic and financial, social-societal and environmental - gaining the respect and trust of their internal and external stakeholders.
Securities are selected based on the combined use of financial criteria, to identify the securities with significant growth prospects, and non-financial criteria, in order to meet the requirements with regard to Socially Responsible Investment.
This analysis is designed to allow securities to be selected based on the Management Company’s own ESG rating grid, which classifies securities according to the Environment, Social, and Governance criteria listed below: Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;
Social: quality of employment, human resources management, social impact, health and safety; Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders.
The SRI ratings model was formulated:
- using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- using differentiated weightings for the three ESG pillars for each sector depending on its specific challenges: this means that the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which results in a different weighting for each of the three pillars. For example, a chemical company will be more affected by environmental issues whereas, for a company in the business services sector, a greater weighting will be placed on social factors.

To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on a scale of 7 ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts. The securities included in the portfolio will have a rating of greater than or equal to “A” according to the Management Company’s internal rating scale. An analysis of the company’sclimate profile is also carried out.
As part of its climate objective, we are aiming for this Sub-fund to have a climate trajectory of less than 2°C as defined in the Paris Agreement in 2015 (Source Carbon4 Finance). This temperature measurement will be published periodically in the Impact reporting.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
In line with the objective of having a climate trajectory aligned with the Paris Agreement, the sub-fund favours companies whose business model supports solutions on the energy and ecological transition. The Manager therefore analyses whether the activity, primarily capital investments, is in line with the taxonomy, without this being a management constraint.
However, this approach does not guarantee a minimum alignment with the taxonomy. Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
Based on the Manager's expectations of equity market developments, the Sub-fund may invest up to 25% of the net assets in debt securities and money market instruments traded on Eurozone markets, or up to 10% of its net assets in European markets outside the eurozone. These securities, which are rated at least Investment Grade (i.e. those for which the issuer default risk is lowest), but with no maximum duration, are selected according to their expected yield.
Subject to a limit of 100% of the assets, the Sub-fund may invest in financial contracts traded on regulated, organised or over-the-counter international markets.
. Assets:
Equities
At least 75% of the Sub-fund will be permanently invested in equities and other PEA-eligible securities and at least 60% will be exposed to shares issued in one or more eurozone countries. Exposure to equities from countries outside the eurozone will not exceed 10% of the net assets. The selected securities may or may not have voting rights.
Debt securities and money market instruments
The Sub-fund may invest up to 25% of its net assets in debt securities and money market instruments of public or equivalent issuers or private issuers, at fixed and/or variable rates, on eurozone markets, or up to 10% of its net assets in the same securities and instruments on European markets outside the eurozone. These instruments will be issued in the “investment grade” category (i.e. instruments with the lowest issuer default risk) defined by independent rating agencies, or with an equivalent internal rating from the Management Company.
For cash management purposes, the Sub-fund's assets may comprise debt securities or bonds. Such instruments, which usually have a residual term of less than three months, shall be issued without restriction in terms of the allocation between public and private debt, by sovereign states, assimilated institutions or entities with a short-term rating of A2 or higher, as awarded by Standard & Poor’s or any other equivalent rating awarded by another independent agency, or have an equivalent internal rating from the Management Company.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Shares or units of other foreign UCITS, AIFs or investment funds
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, or invest in other more specific sectors (for example: technology, healthcare, environment), including exchange-traded funds (ETFs), with a view to increasing exposure to the equity markets or to diversify exposure to other asset classes (such as commodities or property).
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Derivatives
The Sub-fund may invest up to 100% of the assets in financial contracts traded on regulated, organised, or over- the-counter markets in order to conclude:
- equity option contracts, in order to reduce equity volatility and to increase the Sub-fund’s exposure to a limited number of equities;
- futures in order to manage exposure to equities;
- forward foreign exchange contracts or currency swaps in order to hedge exposure to specific currencies in the case of equities outside the eurozone.

Equity risk exposure is limited to 110% of the net assets (mainly in the event of a significant variation in subscriptions/redemptions) and interest rate risk exposure to a maximum of 25% of the net assets.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 10% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 3%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
Embedded derivatives
The Sub-fund may invest up to 100% of its net assets in equities with embedded derivatives. The strategy for the use of embedded derivatives is the same as that set out for derivatives.
It concerns warrants, subscription warrants or callable and puttable bonds.
Deposits None.
Cash borrowings
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.) up to a limit of 10% of the net assets.
Temporary purchases and sales of securities None
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
T
he 
Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). There is a risk that t
h
e sub-fund may not be invested in the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following
default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to 
t
he effects of variations in credit quality.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small and mid-cap companies may be significantly less liquid and more volatile than those of large cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which 
t
he Sub-fund invests. Counterparty risk results from the sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which 
th
e Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate or modify positions.
Risk linked to derivatives:
T
he 
Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which 
t
he Sub-fund invests.
Risk linked to the SRI (Socially Responsible Investing) selection:
The Sub-fund may deviate from the benchmark index if it implements an SRI stock-picking strategy.
Risks associated with total return swaps: The use of total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These contracts may therefore have a negative effect on the net asset value of the SICAV.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for total return swaps. Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from
the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileThis Sub-fund is aimed at investors wishing to achieve greater returns though exposure to eurozone companies with an active sustainable development policy.

A EUR, B EUR shares: All subscribers
CR-EUR and CRD EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
I EUR, D EUR, K EUR and O EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 5 years
- Procedures for determining and allocating income

| Distributable income | "A EUR", "CR EUR", "R EUR", "I EUR", and "K EUR" shares | "B EUR", CRD EUR, J EUR and O EUR shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulated (in full or in part) or distributed (in full or in part) or carried forward (in full or in part) based on the decision of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 9 share classes: “A EUR”, “B EUR”, “CR EUR”, “CRD EUR”, “I EUR“, “J EUR”, “K EUR”, “OEUR” and “R EUR” shares.

The A EUR share is denominated in Euros and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J EUR share is denominated in Euros and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share. The O EUR share is denominated in Euros and expressed in shares or thousandths of a share. The R EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar)Initial net asset value:A EUR shares: €375.93B EUR shares: €100 CR EUR shares: €91.80 CRD EUR shares: €100 I EUR shares: €213.60J EUR shares: €100K EUR shares: €185.05 O EUR shares: €100R EUR shares: €100 Minimum initial subscription:

| A EUR shares: 1 Share B EUR shares: 1 Share |
| --- |
| CR EUR shares: 1 Share |
| CRD EUR shares: 1 Share I EUR shares: €500,000 J EUR shares: €500,000 K EUR shares: €500,000 O EUR shares: €15,000,000 R EUR shares: 1 Share |

This sum does not apply to subscriptions made by the promoter, financial manager, custodian, or their associates. Minimum subsequent subscriptions:
A EUR shares: 1 thousandth of a share
B EUR shares: 1 thousandth of a share CR EUR shares: 1 thousandth of a share CRD EUR shares: 1 thousandth of a share I EUR shares: 1 thousandth of a share
J EUR shares: 1 thousandth of a share
K EUR shares: 1 thousandth of a share O EUR shares: 1 thousandth of a share R EUR shares: 1 thousandth of a share Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV.
In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the Sub-fund EdR SICAV - Euro Sustainable Equity | Net Asset Value x Number of shares | A EUR shares: maximum 3% |
| B EUR shares: maximum 3% |
| CR EUR shares: maximum 3% |
| CRD EUR shares: maximum 3% |
| I EUR shares: None |
| J EUR shares: None |
| K EUR shares: None |
| O EUR shares: None |
| R EUR shares: maximum 3% |
| Subscription fee payable to Sub-fund EdR SICAV – Euro Sustainable Equity | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the Sub-fund EdR SICAV - Euro Sustainable Equity | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to Sub-fund EdR SICAV – Euro Sustainable Equity | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 1.95% incl. taxes |
| B EUR shares: Maximum 1.95% incl. taxes |
| CR EUR shares: Maximum 1.65% incl. taxes |
| CRD EUR shares: Maximum 1.65% incl. taxes |
| I EUR share: Maximum 0.95% incl. taxes |
| J EUR share: Maximum 0.95% incl. taxes |
| K EUR shares: Maximum 1.10% incl. taxes |
| O EUR shares: Maximum 0.75% incl. taxes |
| R EUR shares: Maximum 2.35% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.15% incl. taxes |
| B EUR shares: Maximum 0.15% incl. taxes |
| CR EUR shares: Maximum 0.15% incl. taxes |
| CRD EUR shares: Maximum 0.15% incl. taxes |
| I EUR shares: Maximum 0.15% incl. taxes |
| J EUR share: Maximum 0.15% incl. taxes |
| K EUR shares: Maximum 0.15% incl. taxes |
| O EUR shares: Maximum 0.15% incl. taxes |
| R EUR shares: Maximum 0.15% incl. taxes |
| Transaction fees paid to service providers: Custodian: between 0% and 50% Management Company: between 50% and 100% | Deducted from each transaction | Variable according to the instruments. In particular, maximum % incl. taxes - Equities, ETFs: 0.50%
- France UCIs: 0%
- Foreign UCIs: 0.50%
- Securities trades: 0%
- Foreign coupons: 5%(a minimum of €0 to €200 depending on the instrument's stock exchange)
 |
| Performance fee (1) | Net assets of the sub-fund | A EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| B EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| CRD EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| I EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| J EUR share: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| K EUR shares: None |
| O EUR shares: None |

|  |  | R EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU (NR) net dividends reinvested. |
| --- | --- | --- |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures: Benchmark index: MSCI EMU
The performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period.
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.

when the reference period is greater than or equal to 5 years, the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.
Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance * | Combined index performance * | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period -4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| PERIOD | 0 | 1 | 2 |
| --- | --- | --- | --- |
| TARGET NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| BASIS OF CALCULATION: NAV-TARGET NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in reference NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Yes | R | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV – Euro Sustainable Equity will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Financial Bonds
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.

The Sub-fund was created on 12 February 2019, through the merger of the following fund:
-	Edmond de Rothschild Financial Bonds created 10 March 2008.
- ISIN code

| A CHF (H) shares: | FR0012749869 |
| --- | --- |
| A EUR shares: | FR0011034495 |
| A USD (H) share: | FR0011882281 |
| B EUR shares: | FR0011289966 |
| B USD (H) shares: | FR0012494300 |
| CR EUR shares: | FR0013307691 |
| CR GBP (H) shares: | FR0013307683 |
| CR USD (H) shares: | FR0013312378 |
| CRD EUR shares: I CHF (H) shares: | FR0013409067 FR0012749851 |
| I EUR shares: | FR0010584474 |
| I USD (H) shares: | FR0011781210 |
| J EUR shares: | FR0013174695 |
| J GBP (H) shares: | FR0013350824 |
| J USD (H) shares: | FR0013350808 |
| K EUR shares: | FR0013233699 |
| N EUR shares: | FR0011034560 |
| NC EUR shares: | FR0013233707 |
| OC EUR shares: | FR0013292463 |
| R EUR shares: | FR0013287596 |

- Specific tax regimeNone.
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging for the shares hedged.
- ClassificationBonds and other international debt securities.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund's objective is to outperform the benchmark index comprised of 80% ICE BofA Euro Financial Index and 20% ICE BofA Contingent Capital (hedged in EUR) Index over the recommended investment period through a portfolio that is primarily invested in bonds issued by international financial institutions.

The Sub-fund applies a dedicated ESG strategy on the basis of the non-financial criteria considered when the portfolio’s securities were selected. These environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe Sub-fund's benchmark index is the index made up of 80% ICE BofA Euro Financial index and 20% ICE BofA Contingent Capital (hedged in EUR) index. These two indices are published by ICE Benchmark Administration Limited.

The ICE BofA Euro Financial index is representative of the bond market of the financial sector issued in euro, whether for senior debt or subordinated debt of issuers.
The ICE BofA Contingent Capital (hedged in EUR) index is representative of the convertible contingent bond market. This index is hedged against the euro.
As the management of the Sub-fund is not index-linked, its performance may differ from that of its benchmark index, which serves only as a basis for comparison.
The rates and indices used are annualised. Coupons are included in calculating the performance of this index.
ICE Benchmark Administration Limited (website: https://www.theice.com/iba), the administrator of the ICE BofA Euro Financial and ICE BofA Contingent Capital Index (hedged in EUR) benchmark indices, is not included in the register of administrators and benchmark indices held by ESMA and is covered by the transitional provisions set out in Article 51 of the Benchmarks Regulation.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategy. Strategies used:In order to achieve the management objective, the Manager will invest up to 100% of the portfolio, in a discretionary manner, in bond-type securities issued by French and/or international public or private financial institutions (banks, financial companies, insurance companies and companies in the broader financial sector).

The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
ESG analysis is conducted on 100% of debt securities and money market instruments.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe.
The ESG investment universe is composed of the securities of the Sub-fund’s benchmark. The Management Company may select securities from outside of its benchmark. It will, however, ensure that the selected benchmark is a relevant means of comparison for the Sub-fund’s ESG rating.
Furthermore, the securities selection process includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk. The following sectors and business models are also excluded from the portfolio: nuclear energy, a serious breach of the United Nations Global Compact for companies and an inadequate rating on the Freedom House index for sovereign issuers.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account
the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.Currently, the sub- fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
The Manager may invest in bond-type securities in this sector without restriction, both in senior securities and subordinated securities, dated and non-dated, of all levels of subordination (Additional Tier 1, Restricted Tier 1, Tier 1, Tier 2, Tier 3 insurance). The selected securities may be Investment Grade (rating of BBB- or higher from Standard and Poor’s or equivalent or a rating deemed equivalent by the Management Company) or High Yield (speculative securities with a long-term rating of BBB- or lower from Standard and Poor’s or equivalent, or an equivalent internal rating from the Management Company) or they may be securities that have not been rated by a rating agency, up to 100% of its net assets.
Senior securities are generally defined as being priorities compared to subordinated securities in the event of the default or resolution of an issuer. Subordinated securities usually include priority levels (in case of default or resolution) that are set out contractually in the offering prospectus.
As the Sub-fund may invest in bonds of any subordination rank, there is a possibility that these instruments may be converted into shares at the initiative of the regulator or in the event, for example, of a fall in the solvency ratio below a threshold value that is generally contractually defined.
In the event that equities and bonds held in the portfolio are converted, the Sub-fund may temporarily hold shares up to the limit of 10% of its net assets and will proceed to sell them as soon as possible in the best interests of the shareholders.
In order to hedge its assets and/or achieve its management objective, the Sub-fund may use derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, total return swaps etc.), up to a limit of 100% of its net assets. In this context, the manager may obtain exposure or the synthetic hedging of indices, in business sectors or geographical areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to certain interest rate and credit risks. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers. These strategies will be implemented through the purchase or sale of protection via credit derivatives such as credit default swaps and via total return swaps (TRS) on a single benchmark entity or on indices (specifically iTraxx or CDX).
The face value of sales of protection via credit derivatives may not exceed 60% of the Sub-fund’s net assets. The face value of purchases of protection via credit derivatives may not exceed 70% of the Sub-fund's net assets.
The strategy is based on both a top-down approach and a bottom-up approach.
The top-down approach, based on an analysis of the macroeconomic situation, is used within the context of the geographical allocation of the portfolio. For the purposes of the management of the Sub-fund, the approach also incorporates the global and local regulatory universe in which the issuers operate.
The Bottom-Up approach, based on a credit analysis, aims to identify, within the financial sector, the issuers and/or issues with a relative value greater than others. The selection model is based on a fundamental analysis of each issuer which revolves around the evaluation of criteria such as:
- the clarity of the financial institution’s financial strategy;
- its solvency;
- the ESG criteria of the financial institution.

The Sub-fund may invest up to 20% of its net assets in securities issued by financial companies domiciled in emerging countries. However, these bonds will be denominated in a currency of so-called developed countries (EUR, GBP, CHF, USD, JPY).
The acquisition of securities or UCIs denominated in a currency other than that of the Sub-fund will be subject to currency risk hedging regardless of the currency of the share to which investors have subscribed.
However, a residual currency risk (up to 2% of net assets) may remain.
The Manager will also implement management of the Sub-fund's sensitivity to interest rates, which may vary between 0 and 10.
During periods when the investment strategy may lead the management team to reduce the Sub-fund’s exposure to bonds and/or other debt instruments in order to achieve the management objective, up to 100% of the Sub-fund may be invested in short-term negotiable securities and euro commercial papers. These financial instruments may also be used incidentally for cash investment purposes.
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of the net assets.
. Assets:
Equities
The Sub-fund is not intended to hold equities. However, since the Sub-fund may invest in bonds of any subordination rank or in convertible bonds or in contingent convertible bonds, these instruments may be converted into shares at the initiative of the regulator or in the event, for example, of a fall in the solvency ratio below the threshold that is generally contractually defined. In the event that equities and bonds held in the portfolio are converted, the Sub-fund may temporarily hold shares up to the limit of 10% of its net assets and will proceed to sell them as soon as possible in the best interests of the shareholders.
Debt securities and money market instruments: (up to 100% of the portfolio)
General characteristics:
| Sensitivity to interest rates | - | [0; +10] |
| --- | --- | --- |
| Geographic region of the issuers | All geographic regions | up to 100% of net assets |
| Emerging markets | up to 20% of net assets |
| Currency in which securities are denominated | Euro | up to 100% of net assets |
| - OECD currencies (for emerging countries: only issues denominated in: EUR, GBP, CHF, USD, JPY) | up to 100% of net assets |
| Currency risk level | - | Residual (up to 2% of net assets) |

Distribution of private debt/public debt:
The Sub-fund will primarily invest up to 100% of its net assets in private debt issued by companies in the financial sector.
The Sub-fund may also hold bonds from financial companies guaranteed by an OECD member state. Lastly, the Sub-fund may invest in State securities issued by OECD countries, particularly in the context of liquidity management.
Criteria related to ratings and subordination:
The Sub-fund may be exposed to dated or non-dated financial sector bond securities (senior debt and subordinated debt), of all ratings, and of any subordination rank.
The Sub-fund may invest up to 100% of its net assets in High Yield securities (speculative securities with a long- term rating of BBB- or lower from Standard and Poor’s or equivalent, or an equivalent internal rating from the Management Company), or Investment Grade securities (rating of BBB- or higher from Standard and Poor’s or equivalent or a rating deemed equivalent by the Management Company) or securities that have not been rated by a rating agency.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on
criteria other than its rating. In the event that an issuer in the “High Yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security.
The Sub-fund may invest in debt securities of all types including, in particular, fixed-rate, variable-rate and adjustable-rate bonds, negotiable debt securities, savings certificates, treasury bills, EMTNs and euro commercial papers.
The Sub-fund may invest up to 20% of its net assets in securities issued by financial companies domiciled in emerging countries. However, these bonds will be denominated in a currency of so-called developed countries (EUR, GBP, CHF, USD, JPY).
Shares or units of other French undertakings for collective investment or other foreign UCITS, AIFs or investmentfunds
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, including ETFs, or money market or bond funds.
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company. Currencies
The acquisition of securities or UCIs denominated in a currency other than the euro will be hedged against currency risk. However, a residual currency risk (up to 2% of net assets) may remain.
Financial contracts
In order to hedge its assets and/or achieve its management objective, the Sub-fund may use financial contracts traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.), up to a limit of 100% of its net assets. In this context, the manager may obtain exposure or the synthetic hedging of indices, business sectors or geographical areas. In this respect, the Sub-fund may take positions with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or exposing itself to certain interest rate and credit risks.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.

##### Types of markets invested in:
- Regulated markets
- Organised markets
- Over-the-counter markets


##### Risks in which the manager intends to trade for the purposes of portfolio hedging or exposure:
- Interest rate risk
- Currency risk (solely for hedging purposes)
- Credit riskas well as components of these risks


##### Types of investment (transactions must only be undertaken in order to achieve the management objective):
- Hedging
- Exposure
- Arbitrage


##### Type of instruments used:
- Options and futures: financial indices, currencies, interest rates
- Options on standardised forward contracts
- Forward currency contracts and currency swaps
- Swaps: interest rates (fixed rate/variable rate all combinations and inflation) and currencies, as well as swaps on components of these assets.
- Single-name or index-linked credit default swaps
- Index-linked CDS options
- Total return swapsThe Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on bonds, bond indices and/or bond baskets up to a limit of 100% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 25%.

The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
Securities with embedded derivatives
To achieve its management objective, the Sub-fund may also invest in financial instruments containing embedded derivatives. The Sub-fund may solely invest in:
- callable or puttable bonds
- convertible bonds
- contingent convertible bonds (CoCos) up to a limit of 50% of its net assets.

Cash borrowings
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases and sales of securities involving eligible financial securities or money market instruments, up to 100% of its net assets. More precisely, these transactions will consist of repurchase agreements on interest-rate or debt securities of eurozone countries and will be carried out for the purposes of cash management and/or the optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
Deposits
The Sub-fund may hold up to a maximum of 20% of its net assets in deposits with the custodian.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub- fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly, and finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Sector risk:
The Sub-fund carries a sector risk owing to the fact that it invests in securities in the same business sector: the financial sector. Should this market fall, there will also be a fall in the net asset value
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risk associated with the currency of shares denominated in currencies other than that of the Sub-fund:
Shareholders investing in currencies other than the Sub-fund’s base currency (Euro) may be exposed to currency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, which may cause the net asset value of the Sub-fund to fall.
Risks associated with temporary purchases and sales of securities and with total return swaps:
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Risks associated with contingent convertible bonds (CoCos):
CoCos are subordinated debt securities issued by credit institutions or insurance or reinsurance companies that are eligible for inclusion in their capital requirement and that have the specific feature of potentially being converted into shares or having their par value reduced (write-down mechanism) in response to a trigger, as previously defined in the prospectus. A CoCo includes an option to convert into shares at the initiative of the issuer in the event that their financial situation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion option may cause the value of the CoCo to decrease by an amount greater than that recorded on other traditional bonds of the issuer. Under the conditions set out by the CoCo concerned, certain trigger events may lead to the main investment and/or accrued interest permanently depreciating to zero, or to the conversion of the bond into a share.
Risk linked to the conversion threshold of CoCos:
The conversion threshold of a CoCo depends on the solvency ratio of its issuer. It is the event that determines the conversion of the bond into an ordinary share. The lower the solvency ratio, the greater the likelihood of conversion.
Risk of loss or suspension of coupon:
Depending on the characteristics of the CoCos, the payment of coupons is discretionary and may be cancelled or suspended by the issuer at any time and for an indefinite period.
Risk of intervention of a regulatory authority at the point of “non-viability”:
A regulatory authority determines at any time and in a discretionary manner whether an institution is “not viable”,
i.e. the issuing bank requires the support of the public authorities to prevent the issuer from becoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable or otherwise continue its activities, and requires or requests the conversion of Conditional Convertible Bonds into shares in circumstances independent of the willingness of the issuer.
Capital structure inversion risk:
Contrary to the conventional capital hierarchy, investors in CoCos may incur a loss of capital that does not affect holders of shares. In certain scenarios, holders of CoCos will incur losses before holders of shares.
Call extension risk:
Most CoCos are issued in the form of instruments of a perpetual maturity, which are only repayable at predefined levels that have the approval of the competent authority. It cannot be assumed that perpetual CoCos will be called on the call date. CoCos are a type of permanent capital. It is possible that the investor may not receive the return on the principal on the expected repayment date or any given date.
Liquidity risk:
In certain circumstances, it may be difficult to find a buyer for CoCos and the seller may be obliged to accept a significant discount on the expected value of the bond in order to be able to sell it.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from
the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileA EUR, A CHF (H), A USD (H), B EUR and B USD (H) shares: All investors.

CR EUR, CR GBP (H), CR USD (H) and CRD EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
I EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as all shareholders who subscribed to the Sub-fund before 20/07/2018.
I CHF (H), J EUR, I USD (H), N EUR, NC EUR and OC EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 19/10/2018.
K EUR, J USD (H), J GBP (H) shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 12/02/2019.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is specifically intended for investors who wish to maximise their bond investments through the active management of credit instruments issued by companies or institutions in the financial sector while being aware of the risks to which they are exposed; investors’ attention is drawn to the risks inherent to this type of security, as described in the “Risk Profile” section.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: more than 3 years
- Procedures for determining and allocating income

| Distributable income | "A USD (H)", "A EUR", "A CHF (H)", "CR EUR", "CR GBP (H)", "CR USD (H)", "R EUR", "I EUR", "I CHF (H)", "I USD (H)", "K EUR", "N EUR" and "NC EUR" shares | “B USD (H)”, “B EUR”, “CRD EUR”, “J EUR”, “J GBP (H)” and “J USD (H)” shares | "OC EUR" shares |
| --- | --- | --- | --- |
| Allocation of net income | Accumulation | Distribution | Mixed (accumulation and/or distribution and/or carried forward at the discretion of the Management Company) |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares and mixed shares are concerned, the Sub-fund’s Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares and mixed shares: annual with possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 20 share classes: “A CHF (H)”, “A EUR”, “A USD (H)”, “B EUR”, “B USD (H)”, “CR GBP (H)”,“CR EUR”, “CR USD (H)”, “CRD EUR”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J GBP (H)”, “J EUR”, “J USD (H)”, “K EUR”, “N EUR”, “NC EUR”, “OC EUR” and “R EUR” shares.

The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share.
The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The B USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share.
The CR USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share.
The J USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The NC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The OC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The R EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar)Initial net asset value:

| A CHF (H) shares: CHF 106.34 |
| --- |
| A EUR shares: €136.77 A USD (H) share: USD 116.32 B EUR shares: €127.78 B USD (H) shares: USD 100 |
| CR EUR shares: €95.91 |
| CR GBP (H) shares: GBP 97.25 CR USD (H) shares: USD 100 |
| CRD EUR shares: €100 I CHF (H) shares: CHF 108.15 |
| I EUR shares: €176.72 |
| I USD (H) shares: USD 122.96 |
| J EUR shares: €101.14 J GBP (H) shares: GBP 100 |
| J USD (H) shares: USD 100 |
| K EUR shares: €98.83 |
| N EUR shares: €1143.31 |
| NC EUR shares: €101.28 |
| OC EUR shares: €93.08 |

R EUR shares: €98.67 Minimum initial subscription:
| A CHF (H) shares: 1 Share A EUR shares: 1 Share. A USD (H) share: 1 Share. |
| --- |
| B EUR shares: 1 Share. B USD (H) shares: 1 Share. |
| CR EUR shares: 1 Share. CR GBP (H) shares: 1 Share. CR USD (H) shares: 1 Share. |
| CRD EUR shares: 1 Share. I CHF (H) shares: 500,000 Swiss francs. |
| I EUR shares: €500,000 |
| I USD (H) shares: USD 500,000. |
| J EUR shares: €500,000. J GBP (H) shares: 500,000 pounds sterling. |
| J USD (H) shares: USD 500,000. |
| K EUR shares: €500,000 |
| N EUR shares: €10,000,000 |
| NC EUR shares: €10,000,000 |
| OC EUR shares: €10,000,000 R EUR shares: 1 Share. |

Minimum subsequent subscriptions:
| A CHF (H) shares: 1 thousandth of a share. A EUR shares: 1 thousandth of a share. A USD (H) share: 1 thousandth of a share. |
| --- |
| B EUR shares: 1 thousandth of a share. B USD (H) shares: 1 thousandth of a share. |
| CR EUR shares: 1 thousandth of a share. CR GBP (H) shares: 1 thousandth of a share. CR USD (H) shares: 1 thousandth of a share. |
| CRD EUR shares: 1 thousandth of a share. I CHF (H) shares: 1 thousandth of a share. |
| I EUR shares: 1 thousandth of a share. |
| I USD (H) shares: 1 thousandth of a share. J EUR shares: 1 thousandth of a share. J GBP (H) shares: 1 thousandth of a share. |
| J USD (H) shares: 1 thousandth of a share. |

| K EUR shares: 1 thousandth of a share. |
| --- |
| N EUR shares: 1 thousandth of a share. |
| NC EUR shares: 1 thousandth of a share. |
| OC EUR shares: 1 thousandth of a share. |

R EUR shares: 1 thousandth of a share. Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 5% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 5% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fundWhen redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.

For example, if the total volume of share redemption requests is 10% of the Sub-fund’s net assets while the trigger threshold is set at 5% of the net assets, the SICAV may decide to honour redemption requests for up to 8% of the net assets, executing 80% of the redemption requests instead of the 50% it would execute if the 5% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of shares “A CHF (H)”, “A EUR”, “A USD (H)”, “B EUR”, “B USD (H)”, “CR GBP (H)”, “CR EUR”, “CR USD (H)”, “CRD EUR”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J GBP (H)”, “J EUR”, “J USD (H)”,
“K EUR”, “N EUR”, “NC EUR”, “OC EUR” and “R EUR” are executed in amounts or in shares or thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |
| Subscription fee not payable to the Sub-fund EdR SICAV - Financial Bonds | Net asset value x Number of shares | A CHF (H) shares: maximum 1% |
| A EUR shares: maximum 1% |
| A USD (H) share: maximum 1% |
| B EUR shares: maximum 1% |
| B USD (H) shares: maximum 1% |
| CR EUR shares: maximum 1% |
| CR GBP (H) shares: maximum 1% |
| CR USD (H) shares: maximum 1% |
| CRD EUR shares: maximum 1% |
| I CHF (H) shares: None |
| I EUR shares: None |
| I USD (H) shares: None |
| J EUR shares: None |
| J GBP (H) shares: None |
| J USD (H) shares: None |
| K EUR shares: None |
| N EUR shares: None |
| NC EUR shares: None |
| OC EUR shares: None |
| R EUR shares: maximum 1% |
| Subscription fee payable to Sub-fund EdR SICAV - Financial Bonds | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the Sub-fund EdR SICAV - Financial Bonds | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to Sub-fund EdR SICAV - Financial Bonds | Net asset value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A CHF (H) shares: Maximum 1.15% incl. taxes |
| A EUR share: Maximum 1.15% incl. taxes |
| A USD (H) share: Maximum 1.15% incl. taxes |
| B EUR shares: Maximum 1.15% incl. taxes |
| B USD (H) shares: Maximum 1.15% incl. taxes |
| CR EUR shares: Maximum 0.80% incl. taxes |
| CR GBP (H) shares: Maximum 0.80% incl. taxes |
| CR USD (H) shares: Maximum 0.80% incl. taxes |
| CRD EUR shares: Maximum 0.80% incl. taxes |
| I CHF (H) share: Maximum 0.55% incl. taxes |
| I EUR share: Maximum 0.55% incl. taxes |
| I USD (H) shares: Maximum 0.55% incl. taxes |
| J EUR share: Maximum 0.55% incl. taxes |
| J GBP (H) shares: Maximum 0.55% incl. taxes |
| J USD (H) shares: Maximum 0.55% incl. taxes |
| K EUR shares: Maximum 0.75% incl. taxes |
| N EUR shares: Maximum 0.40% incl. taxes |
| NC EUR shares: Maximum 0.55% incl. taxes |
| OC EUR shares: Maximum 0.55% incl. taxes |
| R EUR shares: Maximum 1.40% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A CHF (H) shares: Maximum 0.10% incl. taxes |
| A EUR share: Maximum 0.10% incl. taxes |
| A USD (H) share: Maximum 0.10% incl. taxes |
| B EUR shares: Maximum 0.10% incl. taxes |
| B USD (H) shares: Maximum 0.10% incl. taxes |
| CR EUR shares: Maximum 0.10% incl. taxes |
| CR GBP (H) shares: Maximum 0.10% incl. taxes |
| CR USD (H) shares: Maximum 0.10% incl. taxes |
| CRD EUR shares: Maximum 0.10% incl. taxes |
| I CHF (H) share: Maximum 0.10% incl. taxes |
| I EUR share: Maximum 0.10% incl. taxes |
| I USD (H) shares: Maximum 0.10% incl. taxes |
| J EUR share: Maximum 0.10% incl. taxes |
| J GBP (H) shares: Maximum 0.10% incl. taxes |
| J USD (H) shares: Maximum 0.10% incl. taxes |
| K EUR shares: Maximum 0.10% incl. taxes |
| N EUR shares: Maximum 0.10% incl. taxes |

|  |  | NC EUR shares: Maximum 0.10% incl. taxes |
| --- | --- | --- |
| OC EUR shares: Maximum 0.10% incl. taxes |
| R EUR shares: Maximum 0.10% incl. taxes |
| Transaction fees paid to service providers: Custodian: between 0% and 50% Management Company: between 50% and 100% | Deducted from each transaction | On the transactions: Max. 0.24% incl. taxes* for non-equity transactions and max. 0.60% incl. taxes* for equity and similar financial instrument transactions On coupon redemptions: Maximum 1.20% incl. taxes |
| Performance fee  (1) | Net assets of the sub-fund | A CHF (H) shares: 20% per year of outperformance compared with the benchmark index made up of 80% ICE BofA Euro Financial (hedged in CHF) + 20% ICE BofA Contingent Capital (hedged in CHF), coupons reinvested. |
| A EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |
| A USD (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in USD) + 20% ICE BofA Contingent Capital (hedged in USD), coupons reinvested. |
| B EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |
| B USD (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in USD) + 20% ICE BofA Contingent Capital (hedged in USD), coupons reinvested. |
| CR EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |
| CR GBP (H) shares: 20% per year of performance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in GBP) + 20% ICE BofA Contingent Capital (hedged in GBP), coupons reinvested. |
| CR USD (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in USD) + 20% ICE BofA Contingent Capital (hedged in USD), coupons reinvested. |

|  |  | CRD EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofAContingent Capital (hedged in EUR), coupons reinvested. |
| --- | --- | --- |
| I CHF (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in CHF) + 20% ICE BofA Contingent Capital (hedged in CHF), coupons reinvested. |
| I EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |
| I USD (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in USD) + 20% ICE BofA Contingent Capital (hedged in USD), coupons reinvested. |
| J EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |
| J GBP (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in GBP) + 20% ICE BofA Contingent Capital, coupons reinvested |
| J USD (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial (hedged in USD) + 20% ICE BofA Contingent Capital (hedged in USD), coupons reinvested. |
| K EUR shares: None |
| N EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |
| NC EUR shares: None |
| OC EUR shares: None |
| R EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR), coupons reinvested. |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index: 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedged in EUR).
The outperformance fee is calculated by comparing the sub-fund's share performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 20% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A performance fee may be charged in the event that the absolute performance of the share over its reference period is negative. A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision. The reference period for calculating the performance fee will end on the last net asset value date in September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is less than that of its benchmark index over the reference period, the fee will not be paid and the reference period will be extended by one year. The reference period may be extended four times.
At the end of a reference period of five years or more, if the performance of the share is less than that of its benchmark index, the reference period shall not be extended. A new reference period shall then be established, beginning at the end of the previous reference period.
At the end of a reference period:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV;
- If the difference between the NAV of the share and its target NAV is negative, a performance fee will not be implemented or charged and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is five years or more, this will end and the NAV at the end of this reference period will become its new reference NAV.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV(t)) x performance fee rate NAV (t): net assets as at date t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV(t) = Reference NAV x (benchmark index value on date t/benchmark index value on the Reference Date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV- Target NAV |  | -4 | 4 |

| Period | Combined share performance * | Combined index performance * | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Extension |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | Renewal |

*from start of reference period
** of outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period -4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV- Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Extension |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Extension |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Extension |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Extension |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Renewal |

*from start of reference period
** of outperformance
0–1 and 0–2 period: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4) but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Negative relative performance over the period, no performance fee is charged, reference period renewed, since the reference period has already been extended four times. A new reference NAV is set at 107.
Example 3:
| PERIOD | 0 | 1 | 2 |
| --- | --- | --- | --- |
| TARGET NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| BASIS OF CALCULATION: NAV-TARGET NAV |  | -2 | 8 |

Period
Combined share performance*
Combined index performance*
Combined relative performance*
Share performance in previous year
Index performance in previous year
Relative performance in previous year
Application of a fee
Renewed/extended period
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Extension |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | Renewal |

0–1 period: Positive absolute performance but underperformance of -2 (102–104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106–98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Fees linked to research, as defined by Article 314-21 of the AMF General Regulation, may be charged to the SICAV, up to the value of 0.01% of its net assets.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV - Financial Bonds will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Tricolore Rendement
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.

The Sub-fund was created on 8 March 2019, through the merger of the following fund:
-	Edmond de Rothschild Tricolore Rendement created 4 December 1998
- ISIN code

| A EUR shares: | FR0010588343 |
| --- | --- |
| A USD shares: | FR0010998179 |
| B EUR shares: | FR0010588350 |
| I EUR shares: | FR0010594325 |
| K EUR shares: | FR0010705145 |
| R EUR shares: | FR0010594333 |

- Specific tax regimeEligible for the PEA (French equity savings plan).
- ClassificationEquities from Eurozone countries
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund aims to outperform its benchmark index, the SBF 120 (NR), over a recommended investment horizon of more than five years by investing in predominantly French companies whose valuation characteristics indicate that they are likely to perform strongly.

These companies will be selected on the basis of an analysis that combines financial profitability and compliance with non-financial criteria.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Sub-fund’s investment universe consists of all French stocks with a market capitalisation of more than €300 million that have been subjected to a non-financial analysis.
- Benchmark indexThe management objective is not expressed in relation to a benchmark. However, for information purposes, the Sub-fund’s performance may be compared to the SBF 120 index, net dividends reinvested, expressed in Euros for shares issued in Euros and in US dollars for shares issued in US dollars. This index comprises the Paris Stock Exchange’s 120 largest stocks in terms of capitalisation.

EURONEXT (website: www.euronext.com/fr), the administrator responsible for the benchmark index SBF 120, is included in the register of administrators and benchmark indices held by ESMA.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategy. Strategies used:The Sub-fund implements an active stock-picking management strategy, selecting equities listed in an investment universe comprising mainly French stocks.

At least 75% of the assets will be invested in European equities, with at least 65% in eurozone equities. Equities from outside of France will not exceed 25% of the net assets. The Sub-fund’s exposure to equities outside the eurozone will not exceed 10% of its net assets. The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
The portfolio’s investment universe (initial investment universe) consists of all French stocks with a market capitalisation of more than €300 million. The Sub-fund will also invest at least 10% of its net assets in shares of listed French TPEs (trés petite entreprise — very small business), ETIs (entreprise de taille intermédiaire — intermediate-sized enterprise) or SMEs. These are businesses with a workforce of fewer than 5000 employees and an annual turnover not exceeding €1.5 billion or a total balance sheet not exceeding €2 billion, and whose market capitalisation is, or was at the end of at least one of the four preceding financial years, less than €2 billion.
All the stocks that form the portfolio’s investment universe (initial investment universe) are subjected to a detailed non-financial analysis below.
The investment universe will be reduced by eliminating 20% of the worst issuers.
The Sub-fund’s management philosophy is to invest in companies whose strategic and operational choices
are guided by overall performance – economic and financial, social-societal, governance-related and environmental – gaining the respect and trust of their internal and external stakeholders.
Securities are selected based on the combined use of financial criteria, to identify securities with significant growth prospects, which offer a reasonable return or which are significantly under-valued in the view of the management team, as well as non-financial criteria, in order to meet the requirements with regard to Socially Responsible Investment.
Analysis of financial criteria:
The securities universe in which the Sub-fund invests comprises the shares of companies whose capitalisation is generally greater than €300 million.
External analysts’ reports are used to assist managers in conducting their own research on a limited number of securities included in the investment scope. The choice of external analysts is also subject to a selection procedure defined by the Management Company.
Securities chosen in this way are then subject to quantitative and qualitative analysis. The Manager will therefore select the following stocks more specifically:
- Stocks with high net yields (net dividend per share/price of security).
- Growth stocks showing a growth in revenue and results.
- Stocks with discounts compared to the benchmark based on the following ratios: share price/revalued NAV per share, share price/cash flow per share, share price/net earnings per share (PER).

Analysis of non-financial criteria
This analysis is designed to allow securities to be selected based on the Management Company’s own ESG rating grid, which classifies securities according to the Environment, Social, and Governance criteria listed below:
Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;
Social: quality of employment, human resources management, social impact, health and safety;
Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholder interest.
The SRI ratings model was formulated:
- using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- using differentiated weightings for the three ESG pillars for each sector depending on its specific challenges: this means that the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which results in a different weighting for each of the three pillars. For example, a chemical company will be more affected by environmental issues whereas, for a company in the business services sector, a greater weighting will be placed on social factors.

To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on a seven-
point scale ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating provided by a non-financial rating agency.
The Sustainalytics rating method may not be identical to the proprietary rating calculation approach. The Manager predominantly selects stocks that have a proprietary rating for the portfolio. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company’s approach.
Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non- financial ratings.
Furthermore, the manager undertakes to exclude from the portfolio any company whose business activity is directly related to thermal and metallurgical coal and, where data is available, to exclude companies involved in distributing, transporting and manufacturing equipment and providing services, to the extent that 33% of their turnover is generated from customers whose business is directly related to thermal and metallurgical coal.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
The Manager identifies financial and non-financial problems with the companies in the portfolio that may be subject to traceable engagement and dialogue procedures. These procedures make it possible to maximise the potential for additional stock market appreciation associated with the engagement by following the financial or non-financial dynamics of the companies.
Depending on the manager's expectations regarding the evolution of the equity markets, and in order to leverage or protect performance, the Sub-fund may:
- invest between 0% and 25% of the net assets in euro-denominated French convertible bonds traded on a European regulated market and, within this same limit, up to 10% of the net assets in foreign convertible bonds. These convertible bonds (with no restriction in terms of rating or duration) are selected on the basis of their expected yield and their correlation with the underlying equities.
- invest in futures or options contracts traded on organised or regulated markets, subject to a limit of 100% of the net assets.
- equity option contracts traded on organised or regulated markets, subject to a limit of 25% of the net assets, to reduce equity volatility.

All these stocks will be selected using the steps for identifying stocks that comply with the previously mentioned non- financial criteria.
. Assets:
Equities:
At least 75% of the portfolio is permanently exposed to shares issued by companies, capitalisation of which is generally greater than €500 million, and other equivalent securities traded on a European market. In addition to equities and other similar securities traded on a European regulated market, the Sub-fund may also invest up to 25% of its net assets outside of France. The Sub-fund’s exposure to equities outside the eurozone will not exceed 10% of its net assets.
The shares will be selected using the steps for identifying stocks that comply with the previously mentioned non- financial criteria.
Debt securities and money market instruments:
The portfolio’s overall exposure to debt securities and money-market instruments may represent up to 25% of the portfolio for the purposes of cash management.
The instruments will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
For cash management purposes, the Sub-fund's assets may comprise Euro-denominated debt securities or bonds. Such instruments, which have a residual term of less than three months, shall be issued without restriction in terms of the allocation between public and private debt, by sovereign states, assimilated institutions or entities with a short-term rating of A2 or higher, as awarded by Standard & Poor’s or any other equivalent rating awarded by another independent agency, or have an equivalent internal rating from the Management Company.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” (speculative securities for which the risk of issuer default is higher) class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective. In the event that a security in the High Yield category has its rating downgraded, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating below BBB- or whose short-term rating is below or equal to A-3 according to Standard & Poor's or an equivalent agency or an equivalent internal rating from the Management Company), the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Shares or units of other French undertakings for collective investment or other foreign UCITS, AIFs or investmentfunds:
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, including exchange-traded funds (ETFs), or money market or bond funds specifically in order to invest cash.
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company. The units or shares of the selected UCIs will not be subject to a non-financial analysis.
Derivatives:
The Sub-fund may use financial contracts traded on French organised markets, regulated markets (futures, listedoptions), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/orexposure, without overexposure, up to a limit of 100% of its assets. In this respect, the Sub-fund may take a positionwith a view to hedging the portfolio against certain risks (equity risk, currency risk).
The options and futures contracts will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
The Sub-fund will not use total return swaps.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Derivatives:
The Sub-fund may, in accordance with its investment strategy, invest in euro-denominated French convertible bonds traded on a European regulated market, subject to a limit of 25% of the net assets and, within this same limit of 0% to 25% of the net assets, invest up to 10% in foreign convertible bonds.
The Sub-fund may hold subscription warrants resulting from a securities transaction on a temporary basis.
The instruments will be selected using the steps for identifying stocks that comply with the previously mentionednon-financial criteria.
Deposits:
None
Cash borrowings:
The sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption operations, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities:
None
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
T
he 
Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). There is a risk that t
h
e sub-fund may not be invested in the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to 
t
he effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (with a rating below BBB- from Standard & Poor’s or equivalent) or an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub-fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate or modify positions.
Risk linked to derivatives:
T
he 
Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which 
t
he Sub-fund invests.
Risk associated with the currency of shares denominated in currencies other than that of the Sub-fund:
Shareholders investing in currencies other than the Sub-fund’s base currency (Euro) may be exposed to currency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, which may cause the net asset value of the Sub-fund to fall.
Risk associated with small and mid-caps:
Securities of small- and mid-cap companies may be significantly less liquid and more volatile than those of large- cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileA EUR, A USD and B EUR shares: All subscribersI EUR and K EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.

R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is aimed specifically at investors wishing to achieve greater returns on their savings by investing primarily in French equity markets. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 5 years
- Procedures for determining and allocating income

| Distributable Amounts | "A USD", "A EUR", "R EUR", "I EUR", and "K EUR" shares | "B EUR" shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 6 share classes: "A EUR", "A USD", "B EUR", "I EUR", "K EUR" and "R EUR" shares. The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.

The A USD share is denominated in US Dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I EUR share is denominated in Euros and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share. The R EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar).

Initial net asset value:
| A EUR shares: €330.56 A USD shares: USD 108.00 |
| --- |
| B EUR shares: €204.28 |
| I EUR shares: €147.42 |
| K EUR shares: €181.05 R EUR shares: €172.23 |

Minimum initial subscription:
| A EUR shares: 1 Share. A USD shares: 1 Share. |
| --- |
| B EUR shares: 1 Share. |
| I EUR shares: €500,000 |
| K EUR shares: €500,000 R EUR shares: 1 Share. |

Minimum subsequent subscriptions:
| A EUR shares: 1 thousandth of a share. A USD shares: 1 thousandth of a share. |
| --- |
| B EUR shares: 1 thousandth of a share. |
| I EUR shares: 1 thousandth of a share. |
| K EUR shares: 1 thousandth of a share. R EUR shares: 1 thousandth of a share. |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the Sub-fund Tricolore Rendement | Net Asset Value x Number of shares | A EUR shares: maximum 3% |
| A USD shares: maximum 3% |
| B EUR shares: maximum 3% |
| I EUR shares: None |
| K EUR shares: None |
| R EUR shares: maximum 3% |
| Subscription fee payable to Sub-fund Tricolore Rendement | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the Sub-fund Tricolore Rendement | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to Sub-fund Tricolore Rendement | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 1.95% incl. taxes |
| A USD shares: Maximum 1.95% incl. taxes |
| B EUR shares: Maximum 1.95% incl. taxes |
| I EUR share: Maximum 0.95% incl. taxes |
| K EUR shares: Maximum 1.10% incl. taxes |
| R EUR shares: Maximum 2.35% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.10% incl. taxes |
| A USD shares: Maximum 0.10% incl. taxes |
| B EUR shares: Maximum 0.10% incl. taxes |
| I EUR share: Maximum 0.10% incl. taxes |
| K EUR shares: Maximum 0.10% incl. taxes |
| R EUR shares: Maximum 0.10% incl. taxes |
| Transaction fees paid to service providers: Custodian: between 0% and 50% Management Company: between 50% and 100% | Deducted from each transaction | Variable according to the instruments. In % excl. taxes - Equities, ETFs: max. 0.25%.
- UCITS France: 0%
- Foreign UCITS: 0.50%
- Securities trades: 0%
- Foreign coupons: 5%(a minimum of €0 to €200 depending on the instrument's stock exchange)
 |
| Performance fee  (1) | Net assets of the sub-fund | A EUR shares: 15% per year of the outperformance compared with the benchmark, the SBF 120 Index with net dividends reinvested |
| A USD shares: 15% per year of the outperformance compared with the benchmark, the SBF 120 Index with net dividends reinvested |
| B EUR shares: 15% per year of the outperformance compared with the benchmark, the SBF 120 Index with net dividends reinvested |
| I EUR shares: 15% per year of the outperformance compared with the benchmark, the SBF 120 Index with net dividends reinvested |
| K EUR shares: None |
| R EUR shares: 15% per year of the outperformance compared with the benchmark, the SBF 120 Index with net dividends reinvested |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1)  Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index: SBF 120 net dividends reinvested
The performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is greater than or equal to 5 years, the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combine d share performa nce* | Combine d index performa nce* | Combine d relative performa nce* | Share performa nce in previous year | Index performa nce in previous year | Relative performa nce in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |  |  |  |  |
| NAV | 100 | 102 | 106 |  |  |  |  |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |  |  |  |  |
| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in reference NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Yes | R | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV - Tricolore Rendement will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Equity Euro Solve
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 7 December 2018.

The Sub-fund was created on 8 March 2019, through the merger of the following fund:
-	Edmond de Rothschild Equity Europe Solve created 7 December 2015
- ISIN code

| A EUR shares: | FR0013219243 |
| --- | --- |
| B EUR shares: | FR0013219276 |
| CR EUR shares: | FR0013307725 |
| I EUR shares: | FR0013331568 |
| K EUR shares: | FR0013062668 |
| KD EUR shares: | FR0013131885 |
| N EUR shares: | FR0013222874 |
| NC EUR shares: | FR0013219300 |
| O EUR shares: | FR0013222882 |
| PC EUR shares: | FR0013062650 |
| R EUR shares: | FR0013331550 |
| SC EUR shares: | FR0013219284 |

- Specific tax regimeEligible for the PEA (French equity savings plan).
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe aim of the Sub-fund, over its recommended investment horizon, is to provide partial exposure to the performance of eurozone equity markets, while at the same time implementing full or partial permanent equity risk hedging on futures and options markets based on the manager’s expectations.

The aforementioned companies will be selected on the basis of an analysis of both financial return and compliance with non-financial criteria.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection and overall market exposure. The Sub-fund’s equity investment universe is comparable to that of the MSCI EMU NR index.
- Benchmark indexThe Sub-fund’s management objective is not expressed in relation to a benchmark, insofar as the Sub-fund will implement strategies for hedging equity risk.

However, the performance of the Sub-fund may be compared retrospectively to the performance of a benchmark comprising 56% of the MSCI EMU index, calculated with net dividends reinvested, and 44% of the capitalised
€STR.
The MSCI EMU index (Bloomberg ticker: NDDUEMU index) is composed of 300 stocks from eurozone countries, selected according to criteria such as stock market capitalisation, transaction volumes and business sector. Weighted by country and business sector, the index endeavours to reflect, as far as possible, the economic structure of the eurozone. The index is calculated and published by MSCI Barra and the data may be consulted at www.mscibarra.com.
MSCI Limited (website: http://www.msci.com), the administrator responsible for the benchmark index MSCI EMU, is not included in the register of administrators and benchmark indices held by ESMA and benefits from the transitional regime provided for under Article 51 of the BMR.
The €STR (Euro Short-Term Rate) is an interest rate calculated and administered by the European Central Bank, which reflects the price in euro of the overnight borrowing costs of a sample of banks located in the eurozone.
All information on the €STR (Euro Short-Term Rate) index is available on the website of the European Central Bank (ECB): https://www.ecb.europa.eu/.
The administrator of the €STR benchmark index, the European Central Bank, falls within the scope of exemption provided for under Article 2.2 of the BMR. As such, the ECB is not required to obtain authorisation or to be included in the register of administrators and benchmark indices held by ESMA.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategyStrategies usedThe Sub-fund uses an active stock-picking management strategy, investing a minimum of 75% of its net assets, directly or via UCIs, in selected eurozone equities, irrespective of stock market capitalisation (including small-caps and mid-caps), while maintaining its exposure to equity risk at between 0% and 90% of its net assets by implementing hedging or exposure strategies that involve trading on futures and options markets.

The ESG investment universe includes listed companies from developed countries in the eurozone with a market capitalisation of more than €1 billion. The Management Company may select securities from outside of this ESG universe. It will, however, ensure that the selected ESG universe is a relevant means of comparison for the Sub- fund’s ESG rating.
Securities are selected based on the combined use of financial criteria and non-financial criteria in order to meet the requirements with regard to Socially Responsible Investment.
Shares will be selected in accordance with the following strategy:
- Various filters will be applied to the investment universe in order to identify stocks that are considered eligible and that are to be subject to further analysis.
- An initial set of filters, based on non-financial analysis, will reduce the investment universe in accordance with the ESG ratings of the securities.
- A second set of filters allows securities selection on the basis of financial ratios by focussing on style bias (discounted securities, quality, growth etc.).
- The Sub-fund will not be exposed to the equities of emerging countries.

The analysis of non-financial criteria is designed to allow securities to be rated based on the Management Company’s own ESG rating grid, which classifies securities according to the Environmental, Social and Governance criteria listed below:
Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact
Social: quality of employment, human resources management, social impact, health and safety
Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholder interest
Our SRI ratings model promotes:
- A Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size or sector.
- Differentiated weightings for the three ESG pillars for each sector depending on its specific challenges: this means that the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which results in a different weighting for each of the three pillars. For example, a chemical company will be more affected by environmental issues whereas for a company in the business services sector, a greater weighting will be placed on social factors.

To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on
a seven-point scale ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating provided by Sustainalytics, a non-financial rating agency.
The Sustainalytics rating method may not be identical to the proprietary rating calculation approach. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company’s approach.
At least 90% of portfolio companies receive either an internal ESG rating or a rating provided by an external rating agency.
Once this process has been applied, the investment universe will be reduced by at least 20% by eliminating the poorer non-financial ratings.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.The Sub-fund will at all times meet the eligibility rules of the French share savings scheme (“PEA”).
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
For cash management purposes, the Sub-fund may invest up to 25% of its net assets in debt securities and money market instruments denominated in Euros. The Sub-fund will target issues from public or private European issuers that have a maximum residual maturity of 397 days and are rated investment grade (i.e. have a rating of BBB- or above according to Standard & Poor’s, or any other equivalent rating assigned by another independent agency, or an internal rating deemed equivalent and assigned by the Investment Manager).
In the event that an issuer’s rating is downgraded (Standard & Poor’s rating or an equivalent internal rating from the Management Company), the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
In addition, the Sub-fund may invest up to 10% of its net assets in units or shares of UCIs or other eligible Investment Funds, regardless of their classification, in particular in order to:
- increase exposure to equity markets or to diversify exposure to other asset classes (e.g. funds invested in securities of companies in the commodities or real estate sectors);
- or for cash management purposes (money market, diversified or bond UCITS).

For the purposes of efficient portfolio management and without deviating from its investment objectives, the Sub- fund may enter into repurchase agreements covering eligible Transferable Securities or Money Market Instruments, subject to a limit of 25% of its net assets. Guarantees received under these repurchase agreements will be subject to a discount depending on the type of securities. They may be in the form of cash and blue-chip government bonds.
The Sub-fund may be exposed to currency risk on an ancillary basis.
Subject to a limit of 100% of its net assets, the Sub-fund may use, for hedging and/or exposure purposes, over-the- counter derivative instruments or financial contracts traded on a regulated eurozone market in order to conclude:
- standardised forward contracts on equity index or volatility index,
- options on equity, equity index futures or volatility index.

The Sub-fund will seek to fully or partially hedge the equity risk at all times, subject to a limit of 100% of its net assets.
The implementation of hedging is determined on a discretionary basis by the management team depending on their expectations and on market conditions. The objective of the implementation of these hedging strategies is to mitigate significant equity market shocks, which means that the Fund will benefit less from bullish periods. These hedging strategies also allow the management team, in a tactical and opportunistic manner, to seek to optimise the cost of hedging the portfolio.
The Sub-fund may also choose to expose itself to equity markets via futures, temporarily and at its own discretion, in order to pursue its investment strategy.
Investors’ attention is drawn to the fact that upswings and downturns are determined on a discretionary basis by the management teams according to their expectations of market growth and may therefore not reflect actual market trends.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
.Assets usedEquities:
At least 75% of the portfolio is permanently invested in securities eligible for the PEA (French equity savings plan). The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
Debt securities and money market instruments:
Debt securities and money market instruments will be used for cash management purposes, subject to a limit of 25% of the net assets. The Sub-fund will target issues from public or private European issuers that have a maximum residual maturity of 397 days and are rated investment grade (i.e. have a rating of BBB- or above according to Standard & Poor’s, or any other equivalent rating assigned by another independent agency, or an internal rating deemed equivalent and assigned by the Investment Manager).
In the event that an issuer’s rating is downgraded (Standard & Poor’s rating or an equivalent internal rating from the Management Company), the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
The instruments will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Shares or units of other foreign UCITS, AIFs or investment funds:
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, including exchange-traded funds (ETFs), with a view to increasing exposure to the equity markets or to diversify exposure to other asset classes (such as commodities or property).
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company. The units or shares of the selected UCIs will not be subject to a non-financial analysis.
Derivatives:
Subject to a limit of 100% of its net assets, the Sub-fund may invest, for hedging and/or exposure purposes, in financial contracts traded on eurozone regulated, organised, or over-the-counter markets in order to conclude:
- options contracts on equities, futures, equity indices and/or certain parameters or components thereof (volatility, price, sector etc.) to manage exposure to European equity markets;
- equity index futures contracts and/or certain parameters or components thereof (volatility, price, sector etc.) for hedging or exposure purposes.

In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 50% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 15%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
The implementation of complete or partial equity risk hedging will be determined on a discretionary basis by the management team according to its expectations and market conditions.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Among the hedging strategies implemented, the Sub-fund may execute the following hedging transactions:
- purchases of put options and sales of call options;
- the simultaneous sale and purchase of similar options on the same underlying asset, but at a different strike price.

Securities with embedded derivatives (up to 25% of net assets):
To achieve its management objective, the sub-fund may also invest in financial instruments containing embedded derivatives. The Sub-fund may only invest in callable or puttable bonds up to a limit of 25% of its net assets.
Deposits:
None
Cash loans:
The sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption operations, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities:
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases of securities involving eligible financial securities or money-market instruments, up to 25% of its net assets. More precisely, these transactions will consist of repurchase transactions on interest-rate or debt securities of eurozone countries and will be carried out in the context of cash management and/or optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small and mid-cap companies may be significantly less liquid and more volatile than those of large cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risks associated with temporary purchases and sales of securities and with total return swaps (TRS):
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or capital protection:None.
- Eligible subscribers and typical investor profileA EUR and B EUR shares: All subscribersCR EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
I EUR, K EUR, KD EUR, SC EUR, N EUR, O EUR, PC EUR and NC EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 08/03/2019. These shares are more specifically intended for insurance companies subject to the requirements of the “Solvency II” Directive. In fact, the hedging strategies will be implemented and managed under conditions such that they can be deemed “risk mitigation techniques” within the meaning of Directive 2009/138/EC of 25 November 2009 (“Solvency II”), and thus enable the SCR (“Solvency Capital Requirement”) to be reduced for the investors concerned.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or
director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: more than 3 years
- Procedures for determining and allocating income

| Distributable Amounts | "A EUR", "CR EUR", "R EUR", "I EUR", "K EUR", "SC EUR", "N EUR", "NC EUR" and "PC EUR" shares | "B EUR", "KD EUR" and "O EUR" shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 13 share classes: "A EUR", "B EUR", "CR EUR", "I EUR", "K EUR", "KD EUR", "N EUR", "NC EUR", "O EUR", "PC EUR", "R EUR" and "SC EUR" shares.

| The A EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| --- |
| The B EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The I EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The K EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The KD EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The NC EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The O EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The PC EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The R EUR share is denominated in Euros and expressed in shares or thousandths of a share. The SC EUR share is denominated in Euros and expressed in shares or thousandths of a share. |

- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French equity markets (according to the official Euronext Paris S.A. calendar) and European derivative markets (according to the official EUREX calendar) are closed.

Initial net asset value:
| A EUR shares: €99.09 |
| --- |
| B EUR shares: €103.63 CR EUR shares: €93.07 |
| I EUR shares: €93.71 |
| K EUR shares: €102.75 |
| KD EUR shares: €92.18 |
| N EUR shares: €93.81 |
| NC EUR shares: €101.22 |
| O EUR shares: €91.10 |
| PC EUR shares: €102.76 |
| R EUR shares: €100.00 SC EUR shares: €91.51 |

Minimum initial subscription:
| A EUR shares: 1 Share. |
| --- |
| B EUR shares: 1 Share. |
| CR EUR shares: 1 Share. |
| I EUR shares: €500,000. |
| K EUR shares: €500,000. |
| KD EUR shares: €500,000. |
| N EUR shares: €5,000,000. |
| NC EUR shares: €5,000,000. |
| O EUR shares: €5,000,000. |
| PC EUR shares: €10,000,000. |
| R EUR shares: 1 Share. SC EUR shares: €25,000,000. |

Minimum subsequent subscriptions:
| A EUR shares: 1 thousandth of a share. |
| --- |
| B EUR shares: 1 thousandth of a share. |
| CR EUR shares: 1 thousandth of a share. |
| I EUR shares: 1 thousandth of a share. |
| K EUR shares: 1 thousandth of a share. |
| KD EUR shares: 1 thousandth of a share. |
| N EUR shares: 1 thousandth of a share. |
| NC EUR shares: 1 thousandth of a share. |
| O EUR shares: 1 thousandth of a share. |
| PC EUR shares: 1 thousandth of a share. |
| R EUR shares: 1 thousandth of a share. SC EUR shares: 1 thousandth of a share. |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of shares "A EUR", "B EUR", "CR EUR", "I EUR", "K EUR", "KD EUR", "N EUR", "NC EUR", "O EUR", "PC EUR", "R EUR" and "SC EUR" are executed in amounts or in shares or thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Option to limit or discontinue the subscriptions:
The SICAV will cease to issue new PC EUR shares with effect from 30 June 2017 at 12.30 p.m. PC EUR shares therefore may not be subscribed to as of this date.
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |
| Subscription fee not payable to Sub-fund EdR SICAV - Equity Euro Solve | Net asset value x Number of shares | A EUR shares: maximum 3% |
| B EUR shares: maximum 3% |
| CR EUR shares: maximum 3% |
| I EUR shares: None |
| K EUR shares: None |
| KD EUR shares: None |
| N EUR shares: None |
| NC EUR shares: None |
| O EUR shares: None |
| PC EUR shares: None |
| R EUR shares: maximum 3% |
| SC EUR shares: None |
| Subscription fee payable to the Sub-fund EdR SICAV – Equity Euro Solve | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to Sub-fund EdR SICAV - Equity Euro Solve | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to the Sub-fund EdR SICAV - Equity Euro Solve | Net asset value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 1.45% incl. taxes |
| B EUR shares: Maximum 1.45% incl. taxes |
| CR EUR shares: Maximum 1.95% incl. taxes |
| I EUR share: Maximum 0.75% incl. taxes |
| K EUR shares: Maximum 0.95% incl. taxes |
| KD EUR shares: Maximum 0.95% incl. taxes |
| N EUR shares: Maximum 0.60% incl. taxes |
| NC EUR shares: Maximum 0.75% incl. taxes |
| O EUR shares: Maximum 0.60% incl. taxes |
| PC EUR shares: Maximum 0.60% incl. taxes |
| R EUR shares: Maximum 1.80% incl. taxes |
| SC EUR shares: Maximum 0.60% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.10% incl. taxes |
| B EUR shares: Maximum 0.10% incl. taxes |
| CR EUR shares: Maximum 0.10% incl. taxes |
| I EUR share: Maximum 0.10% incl. taxes |
| K EUR shares: Maximum 0.10% incl. taxes |
| KD EUR shares: Maximum 0.10% incl. taxes |
| N EUR shares: Maximum 0.10% incl. taxes |
| NC EUR shares: Maximum 0.10% incl. taxes |
| O EUR shares: Maximum 0.10% incl. taxes |
| PC EUR shares: Maximum 0.10% incl. taxes |
| R EUR shares: Maximum 0.10% incl. taxes |
| SC EUR shares: Maximum 0.10% incl. taxes |
| Transaction fees | On the transaction amount | None |
| Performance fee  (1) | Net assets of the sub-fund | A EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| B EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| CR EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| I EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| K EUR shares: None |
| KD EUR shares: None |

|  |  | N EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| --- | --- | --- |
| NC EUR shares: None |
| O EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| PC EUR shares: None |
| R EUR shares: 15% per year of the outperformance compared to the benchmark, which comprises 56% of the MSCI EMU index and 44% of the capitalised €STR, with net dividends reinvested |
| SC EUR shares: None |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index: made up of 56% MSCI EMU index and 44% capitalised €STR.
The performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.

- when the reference period is greater than or equal to 5 years, the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.

Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance* | Combined index performance * | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| TARGET NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| BASIS OF CALCULATION: NAV-TARGET NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Pt |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in reference NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3*** | 8 | 2 | 6 | Yes | R | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV - Equity Euro Solve will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Start
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 04 January 2019.

The Sub-fund was created on 21 March 2019, through the merger of the following fund:
-	Edmond de Rothschild Start, created on 14 May 2007.
- ISIN code

| A CHF (H) shares: | FR0012538072 |
| --- | --- |
| A EUR shares: | FR0010459693 |
| A USD (H) share: | FR0011050400 |
| CR EUR shares: | FR0013307642 |
| CR USD (H) shares: | FR0013312303 |
| I CHF (H) shares: | FR0012538064 |
| I EUR shares: | FR0010471136 |
| I USD (H) shares: | FR0011050418 |
| J EUR shares: | FR0013295888 |
| N EUR shares: | FR0010773614 |
| P EUR shares: | FR0013414851 |
| R EUR shares: | FR0010773598 |

- Specific tax regimeNone.
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging for the shares hedged.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund management strategy is discretionary and opportunistic. The UCITS takes positions on the bond and equity markets and on currencies. The Sub-fund’s objective is to seek absolute performance, decorrelated over the recommended investment period, on the main international equity and bond markets. In the context of its management, the Sub-fund’s target volatility will be 2% and may reach a maximum of 3%.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe benchmark index to which the performance of A EUR, CR EUR, R EUR, I EUR, J EUR, N EUR and P EUR shares may be compared is the capitalised €STR. The €STR (Euro Short-Term Rate) is an interest rate calculated and administered by the European Central Bank, which reflects the price in euro of the overnight borrowing costs of a sample of banks located in the eurozone.

All information on the €STR (Euro Short-Term Rate) index is available on the website of the European Central Bank (ECB): https://www.ecb.europa.eu/. The administrator of the €STR benchmark index, the European Central Bank, falls within the scope of exemption provided for under Article 2.2 of the BMR. As such, the ECB is not required to obtain authorisation or to be included in the register of administrators and benchmark indices held by ESMA.
The benchmark index to which the performance of CR USD (H), A USD (H) and I USD (H) shares may be compared is the capitalised Federal Funds Effective Rate. The Federal Funds Effective Rate corresponds to the average overnight rate of the dollar zone. It is calculated by the New York Federal Reserve and represents the risk-free rate for the dollar zone. At the date of the latest update of this prospectus, the Federal Funds Effective Rate benchmark
index, administered by the Federal Reserve (website: https://www.federalreserve.gov/), fell within the scope of exemption provided for under Article 2.2 of the Benchmark Regulation (as a benchmark of a central bank) and, as such, was not included in the ESMA Register.
The benchmark index to which the performance of A CHF (H) and I CHF (H) shares may be compared is the capitalised SARON index.
SIX	Financial	Information	AG	(website:	https://www.six-group.com/financial- information/en/home.html#country=se), the administrator of the SARON benchmark index, is included in the register of administrators and benchmark indices held by ESMA.
As the Sub-fund is not index-linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
The rates and indices used are annualised. The calculation of the performance of these indicators includes coupons.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategyStrategies usedThe Sub-fund management strategy is discretionary and opportunistic. The UCITS takes positions on the bond and equity markets and on currencies. The Sub-fund’s objective is to seek absolute performance, decorrelated over the recommended investment period, on the main international equity and bond markets.

The ESG investment universe consists of public and private debt securities rated investment grade or high yield and issued by developed and emerging countries, as well as international equities. The Management Company may select securities from outside of this ESG universe. It will, however, ensure that the selected ESG universe is a relevant means of comparison for the Sub-fund’s ESG rating.
The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating or those issued by “emerging” countries will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the
company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
In the context of its management, the Sub-fund’s target volatility will be 2% and may reach a maximum of 3%. To achieve its management objective, the Sub-fund will be invested as follows:
- up to 100% of its net assets in public debt securities issued by OECD or European Union member states without restriction as to their maturity and rated “Investment Grade” or belonging to the “High Yield” class (speculative securities with a long-term rating below BBB- and a short-term rating below A3 as rated by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
- up to 100% of net assets in public debt securities issued by emerging countries outside the OECD and European Union, without restriction as to their maturity and rated “Investment Grade” (rated BBB- or higher by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
- up to 100% of net assets in private debt securities (particularly corporate bonds) rated “Investment Grade”, without restriction as to their maturity.
- up to 25% of its net assets in debt securities belonging to the “High Yield” class issued by private-sector companies, without restriction as to their maturity or geographical area.
- up to 25% of its net assets in public debt securities belonging to the “High Yield” class issued by non-OECD and European Union emerging countries without restriction as to their maturity.

Total investment in High Yield category debt issued by private sector companies and by non-OECD and European Union emerging countries may not exceed 30% of net assets.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating.
- up to 40% of its net assets in securities issued in currencies other than the euro.

The Sub-fund may also be exposed as follows:
- between -10% and +15% of its net assets to equity markets of all capitalisations and in all geographical or business sectors.
- up to 40% of its net assets to currency risk.

The Sub-fund’s sensitivity to interest rates may fluctuate between -2 and +4.
.Assets used
Debt securities and money market instruments:
| Sensitivity to interest rates | - | [-2; 4] |
| --- | --- | --- |
| Geographic region of the issuers | OECD, European Union | up to 100% of net assets |
|  | Other geographic regions, including emerging countries | up to 100% of net assets |
| Currency in which securities are denominated | Euro | up to 100% of net assets |
| Other currencies | up to 40% of net assets |
| Currency risk level | - | up to 40% of net assets |

The Sub-fund may invest up to 100% of its assets in debt securities and money-market instruments in order to gain exposure to bond or money markets. In addition, the Sub-fund may gain indirect exposure to bond or money markets through derivatives or UCIs.
The Sub-fund may invest up to 100% of its net assets in public debt securities issued by OECD or European Union member states, without restriction as to their maturity or rating, and up to 100% of its net assets in public debt securities issued by non-OECD and European Union emerging countries, without restriction as to their maturity and rated “Investment Grade” (rating higher than or equal to BBB- according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
Investment in private debt securities rated “Investment Grade” may be as high as 100% of the Sub-fund’s net assets, without restriction as to their maturity or geographical area.
The Sub-fund may also invest up to 25% of its net assets in securities belonging to the “High Yield” class (speculative securities with a long-term rating below BBB- and a short-term rating of A3 according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company) issued by private sector companies, without restriction as to their maturity or geographical area. Up to 25% of its net assets in public debt securities belonging to the High Yield category issued by non-OECD and European Union emerging countries. Total investment in “High Yield” class debt issued by private sector companies and by non-OECD and European Union emerging countries may not exceed 30% of net assets.
The Sub-fund’s sensitivity to interest rates may fluctuate between -2 and +4.
Equities:
The Sub-fund may invest in all equity markets, in shares with or without voting rights, of all capitalisations and from any geographical region or business sector. The Sub-fund’s exposure range to the equity market will be between - 10% and +15% of its net assets. In addition, the Sub-fund may be exposed to equities indirectly through forward financial instruments and UCIs, including exchange-traded funds.
Currencies:
The Sub-fund may invest up to 40% of its net assets in securities issued in currencies other than the euro. Up to 40% of the Sub-fund’s net assets may be exposed to currency risk.
UCIs:
The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, particularly equity, investment-grade bonds, high-yield bonds (i.e. speculative in nature), money-market or dynamic bonds. Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Financial contracts:
In order to hedge its assets and/or achieve its management objective, the Sub-fund may use financial contracts traded on regulated markets (futures, listed options) or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. To this end, the Sub-fund may take up positions with a view to hedging the portfolio against certain risks (equity, interest rate, credit, exchange rate, commodities) or exposing itself to interest rate, credit, equity, currency and commodities futures risk, etc. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers. These strategies will be implemented primarily through the sale or purchase of protections via Credit Default Swap credit derivatives, on single-reference entity or on indices (iTraxx or CDX).
In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on bonds, bond indices and/or bond baskets up to a limit of 25% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 10%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.

###### Risks in which the manager intends to trade:
- Interest-rate risk;
- Equity risk;
- Currency risk (primarily on non-convertible currencies);
- Credit risk;
- Commodity risk (up to a limit of 10% of assets);and components/parameters of these risks (specifically volatility).


###### Nature of actions:
- Hedging;
- Exposure;
- Arbitrages.

The Sub-fund may invest in any type of financial contract traded on international regulated, organised or over-the- counter markets.

###### Strategy for the use of derivatives:
- Hedging the portfolio against certain risks or exposing it to certain risks/asset classes;
- Building synthetic exposure to assets, risks and/or parameters or components of these asset classes and risks;
- Increasing exposure to the market.

The maximum commitment under such transactions shall meet the limits set for absolute VaR using the Value-at- Risk calculation method, capped by regulations at 20% of the assets with a threshold of 99% over 20 business days.
Securities containing derivatives:
To achieve its management objective, the sub-fund may also invest in financial instruments containing embedded derivatives. The sub-fund may invest solely in:
- callable or puttable bonds for up to 100% of net assets,
- convertible bonds for up to 25% of net assets.

Cash loans:
The sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of its net assets.
Temporary purchases and sales of securities:
In order to achieve efficient portfolio management and without deviating from its investment objectives, the sub- fund may make temporary purchases and sales of securities involving eligible financial securities or money-market instruments, up to 100% of its net assets. More precisely, these transactions will consist of repurchase and reverse repurchase agreements on interest-rate or debt securities of eurozone countries and will be carried out in the context of cash management and/or the optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
Deposits:
The Sub-fund may deposit up to 20% of its net assets with the custodian.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub- fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware
of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly, and finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risk associated with arbitrage strategies:
The Sub-fund may invest in UCIs that are able to take positions on the futures markets. However, financial market trends may turn out to be contrary to those anticipated by the tools used by underlying UCIs, which may cause the net asset value to fall.
Risks associated with temporary purchases and sales of securities and with total return swaps: The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the
selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or capital protection:None.
- Eligible subscribers and typical investor profileA EUR, A CHF (H) and A USD (H) shares: All investors.

R EUR shares: All subscribers (more specifically marketed by the distributors selected by the Management Company).
I EUR, I CHF (H), J EUR, N EUR and I USD (H) shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 21/03/2019. P EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
CR EUR and CR USD (H) shares: All subscribers; these shares may be marketed to retail investors (non- professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
This Sub-fund is specifically intended for investors seeking an investment that is diversified and decorrelated over the recommended investment period, on the main equity and bond markets.
For individuals, we recommend that investment in this Sub-fund form part of an approach aimed at building a diversified portfolio, which is exposed to equity and bond markets via other channels. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: 18 months
- Procedures for determining and allocating income

| Distributable Amounts | “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “N EUR”, “P EUR” and “R EUR” shares | “J EUR” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 12 share classes: “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J EUR”, “N EUR”, “P EUR” and “R EUR” shares.

| The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. |
| --- |
| The A EUR share is denominated in Euros and expressed in shares or thousandths of a share. The A USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. |
| The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The CR USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. |
| The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. |
| The I EUR share is denominated in Euros and expressed in shares or thousandths of a share. The I USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. |
| The J EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The P EUR share is denominated in euros and expressed in shares or thousandths of a share. |
| The R EUR share is denominated in Euros and expressed in shares or thousandths of a share. |

- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar)Initial net asset value:

| A CHF (H) shares: | CHF 98.01 |
| --- | --- |
| A EUR shares: | €547.00 |
| A USD (H) share: | USD 104.94 |
| CR EUR shares: | €99.31 |
| CR USD (H) shares: | USD 100 |
| I CHF (H) shares: | CHF 98.86 |
| I EUR shares: | €5,864.81 |
| I USD (H) shares: | USD 1,119.28 |
| J EUR shares: | €100 |
| N EUR shares: | €1,080.97 |
| P EUR shares: | €100 |

| R EUR shares: | €100.61 |
| --- | --- |

Minimum initial subscription:
| A CHF (H) shares: | 1 Share |
| --- | --- |
| A EUR shares: | 1 Share |
| A USD (H) share: | 1 Share |
| CR EUR shares: | 1 Share |
| CR USD (H) shares: | 1 Share |
| I CHF (H) shares: | 500,000 Swiss francs |
| I EUR shares: | €500,000 |
| I USD (H) shares: | USD 500,000 |
| J EUR shares: | €500,000 |
| N EUR shares: | €10,000,000 |
| P EUR shares: | €60,000,000 |
| R EUR shares: | 1 Share |

Minimum subsequent subscriptions:
| A CHF (H) shares: | 1 thousandth of a share |
| --- | --- |
| A EUR shares: | 1 thousandth of a share |
| A USD (H) share: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CR USD (H) shares: | 1 thousandth of a share |
| I CHF (H) shares: | 1 thousandth of a share |
| I EUR shares: | 1 thousandth of a share |
| I USD (H) shares: | 1 thousandth of a share |
| J EUR shares: | 1 thousandth of a share |
| N EUR shares: | 1 thousandth of a share |
| P EUR shares: | 1 thousandth of a share |
| R EUR shares: | 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J EUR”, “N EUR”, “P EUR” and “R EUR” shares are executed in amounts or in shares or thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV - Start Sub-fund | Net asset value x Number of shares | A CHF (H) shares: maximum 1% |
| A EUR shares: maximum 1% |
| A USD (H) share: maximum 1% |
| CR EUR shares: maximum 1% |
| CR USD (H) shares: maximum 1% |
| I CHF (H) shares: None |
| I EUR shares: None |
| I USD (H) shares: None |
| J EUR shares: None |
| N EUR shares: None |
| P EUR shares: maximum 4% |
| R EUR shares: maximum 1% |
| Subscription fee payable to the EdR SICAV - Start Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV - Start Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV - Start Sub-fund | Net asset value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A CHF (H) shares: Maximum 0.65% incl. taxes |
| A EUR share: Maximum 0.65% incl. taxes |
| A USD (H) share: Maximum 0.70% incl. taxes |
| CR EUR shares: Maximum 0.45% incl. taxes |
| CR USD (H) shares: Maximum 0.45% incl. taxes |
| I CHF (H) share: Max. 0.30% incl. taxes* |
| I EUR share: Max. 0.30% incl. taxes* |
| I USD (H) shares: Maximum 0.25% incl. taxes |
| J EUR share: Max. 0.30% incl. taxes* |
| N EUR shares: Maximum 0.20% incl. taxes |
| P EUR shares: Max. 0.15% incl. taxes* |
| R EUR shares: Maximum 0.95% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A CHF (H) shares: Maximum 0.10% incl. taxes |
| A EUR share: Maximum 0.10% incl. taxes |
| A USD (H) share: Maximum 0.10% incl. taxes |
| CR EUR shares: Maximum 0.10% incl. taxes |
| CR USD (H) shares: Maximum 0.10% incl. taxes |
| I CHF (H) share: Maximum 0.10% incl. taxes |
| I EUR share: Maximum 0.10% incl. taxes |
| I USD (H) shares: Maximum 0.10% incl. taxes |
| J EUR share: Maximum 0.10% incl. taxes |
| N EUR shares: Maximum 0.10% incl. taxes |
| P EUR shares: Max. 0.10% incl. taxes* |
| R EUR shares: Maximum 0.10% incl. taxes |
| Transaction	fees	paid	to	service providers: Custodian: between 0% and 50% Management Company: between 50% and 100% | Deducted from each transaction | On the transactions: Maximum 0.35% incl. taxes On coupon redemptions: Maximum 1.20% incl. taxes |

| Performance fee  (1) | Net assets of the sub-fund | A CHF (H) shares: 15% per year of the outperformance compared with the benchmark index, the SARON index |
| --- | --- | --- |
| A EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index |
| A USD (H) share: 15% per year of the outperformance compared with the benchmark, the capitalised Federal Funds Effective Rate |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index |
| CR USD (H) shares: 15% per year of the outperformance compared with the benchmark, the capitalised Federal Funds Effective Rate |
| I CHF (H) shares: 15% per year of the outperformance compared with the benchmark index, the SARON index |
| I EUR shares: 15% per year of the outperformance compared with the capitalised €STR benchmark index. |
| I USD (H) shares: 15% per year of the outperformance compared with the benchmark, the capitalised Federal Funds Effective Rate |
| J EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index |
| N EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index |
| P EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index |
| R EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index: the capitalised €STR for shares in euro, the capitalised Federal Funds Effective Rate for shares in US dollars and the capitalised SARON for shares in Swiss francs.
The performance fee is calculated by comparing the performance of the Sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
-	In cases where the Sub-fund’s share outperforms that of its benchmark index over the reference period, and where the Sub-fund’s performance is positive, a performance fee may be charged.
-  A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, or where the performance is negative, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index and is positive, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV and the difference between the NAV of the share and its reference NAV are positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period.
- If the difference between the NAV of the share and its target NAV or the difference between the NAV of the share and its reference NAV is negative, a performance fee will not be implemented or charged; and:- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.

-when the reference period is greater than or equal to 5 years: The cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.
Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance* | Combined index performance * | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | No | E |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). No performance fee is therefore charged and the reference period is extended by an additional year. The reference NAV is unchanged.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performanc e in previous year | Index performanc e in previous year | Relative performanc e in previous year | Applicatio n of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in referenc e NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3*** | 8 | 2 | 6 | No | E | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (117).
Fees linked to research as defined by Article 314-21 of the AMF General Regulation may be charged to the Sub-fund up to the value of 0.01% of its net asset value.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV - Start Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Europe Midcaps
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 4 January 2019.

The Sub-fund was created on 21 March 2019, through the merger of the following fund:
-	Edmond de Rothschild Europe Midcaps created on 10 May 2005.
- ISIN code

| A EUR shares: | FR0010177998 |
| --- | --- |
| A USD shares: | FR0010998112 |
| A USD (H) share: | FR0012538056 |
| CR EUR shares: | FR0013307709 |
| CR USD shares: | FR0013312386 |
| I EUR shares: | FR0010594275 |
| I USD (H) shares: | FR0013233673 |
| K EUR shares: | FR0010849802 |
| R EUR shares: | FR0010614594 |

- Specific tax regimeEligible for the PEA (French equity savings plan)
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging for the shares hedged.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveOver a recommended investment horizon of more than five years, the Sub-fund is managed with the aim of achieving an increase in net asset value as a result of exposure to mid-cap companies in Europe.

The selection criteria will be outlined in the investment strategy.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe Sub-fund has no benchmark index. Its investment scope is not entirely comparable to that of existing indices,The investment objective is not measured in terms of a benchmark. For information purposes, based on hindsight and an investment period of five years, the Sub-fund’s performance can be compared to the Stoxx Europe ex UK Small (NR) index (Bloomberg ticker: SCXG), expressed in euros for shares issued in euros and in US dollars for shares issued in US dollars, with net dividends reinvested. This is an index representing mid-cap European equities.

Stoxx Limited (website: www.stoxx.com), the administrator responsible for the benchmark index Stoxx Europe ex UK Small (NR), is included in the register of administrators and benchmark indices held by ESMA.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategyStrategies usedThe Sub-fund implements an active stock-picking management strategy, selecting listed stocks from an investment scope comprising mainly European securities. This means that equities are chosen based on their individual performance potential and not on geographical or sectoral factors. European Economic Area equities will represent between 75 and 100% of the net assets and will be selected according to the following strategy:
- the Sub-fund’s investment scope mainly comprises European equities of small- and mid-cap companies;
- External analysts’ reports are used to assist managers in conducting their own research on a limited number of stocks included in the investment scope. The choice of external analysts is also subject to a selection procedure defined by the Management Company,
- the chosen stocks are then analysed on the basis of quantitative and qualitative criteria. Financial analysis of these securities will include, more specifically, the following traditional ratios: Company Value/Revenue, Company Value/EBIT, Price/Revalued Net Assets, Share price/Earnings per share (PER), PER/Earnings growth. The manager will select securities with the best performance potential.

Securities in the Sub-fund may be denominated in a currency other than the euro, exposing up to 100% of the Sub- fund’s net assets to currency risk. Depending on the manager’s expectations regarding downward currency movements, and in order to protect performance (hedging of currency risk), the Sub-fund may use forward currency contracts or currency swaps.
The ESG investment universe is composed of the securities included in the benchmark index used for performance comparison. The Management Company may select securities from outside of its benchmark. It will, however, ensure that the selected benchmark is a relevant means of comparison for the Sub-fund’s ESG rating.
The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
.Assets usedEquities:
At least 75% of the Sub-fund’s net assets are permanently invested in shares and other similar securities of small- and mid-cap companies (issued by companies with a market capitalisation of less than €10 billion)
At least 75% of the Sub-fund’s net assets are permanently invested in securities eligible for the PEA (French equity savings plan). The companies issuing these securities must have registered offices in the European Union or in a State of the European Economic Area (EEA).
At least 60% of the portfolio is exposed to European Union equities.
Debt securities and money market instruments:
Negotiable debt securities and money market instruments will be used for cash management purposes. The portfolio’s investment in debt securities and money-market instruments may represent up to 25% of the portfolio. Such instruments, denominated in euros and which usually have a residual term of less than three months, shall be issued without restriction in terms of the allocation between public and private debt, by sovereign states, assimilated institutions or by entities with a short-term rating of A2 or higher, as awarded by Standard & Poor’s or any other equivalent rating awarded by another independent agency, or have an equivalent internal rating from the Management Company.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Shares or units of other UCITS, AIFs or foreign investment funds:
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, classified as equity funds, in order to diversify exposure to other asset classes or invest in more specific sectors (for example: technology or healthcare), classified as bond or monetary funds for cash-management purposes, including Exchange-Traded Funds (ETFs), or classified as money-market or bond funds specifically in order to invest cash.
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Derivatives:
Subject to a limit of 100% of its net assets, the Sub-fund may invest in financial contracts traded on European regulated, organised or over-the-counter markets in order to enter into forward currency contracts and currency swaps for hedging purposes.
In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities up to a limit of 50% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 20%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Securities containing derivatives: None.
Deposits:
None. Cash loans:
The sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption operations, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities:
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases of securities involving eligible financial securities or money-market instruments, up to 20% of its net assets. More precisely, these transactions will consist of repurchase agreements on interest-rate or debt securities of eurozone countries and will be carried out for the purposes of cash management and/or the optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small and mid-cap companies may be significantly less liquid and more volatile than those of large cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risk associated with the currency of units denominated in a currency other than that of the Sub-fund:
Unitholders investing in currencies other than the Sub-fund’s base currency (euro) may be exposed to currency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, which may cause the net asset value of the Sub-fund to fall.
Risks associated with temporary purchases and sales of securities and with total return swaps (TRS):
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or capital protection:None.
- Eligible subscribers and typical investor profileA EUR, A USD and A USD (H) shares: All subscribersR EUR shares: All subscribers; specifically intended to be marketed by distributors selected for this purpose by the Management Company and all shareholders who subscribed to the Sub-fund before 21/03/2019.

I EUR, K EUR, and I USD (H) shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
CR USD and CR EUR shares are intended for all subscribers; these units may be marketed to retail investors (non- professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
This Sub-fund is specifically intended for investors wishing to achieve greater returns on their savings via the European equity markets, particularly in the European Union. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 5 years
- Procedures for determining and allocating income

| Distributable Amounts | “A EUR”, “A USD”, “A USD (H)”, “CR EUR”, “CR USD”, “I EUR”, “I USD (H)”, “K EUR” and “R EUR” shares |
| --- | --- |
| Allocation of net income | Accumulation |
| Allocation of net realised gains or losses | Accumulation |

- Distribution frequencyAccumulation shares: not applicable
- Share characteristicsThe Sub-fund has 9 share classes: “A EUR”, “A USD”, “A USD (H)”, “CR EUR”, “CR USD”, “I EUR”, “I USD (H)”,“K EUR” and “R EUR” shares

| The A EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| --- |
| The A USD share is denominated in US Dollars and expressed in shares or thousandths of a share. |
| The A USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. |
| The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The CR USD share is denominated in US dollars and expressed in shares or thousandths of a share. |
| The I EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The I USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. |
| The K EUR share is denominated in Euros and expressed in shares or thousandths of a share. |
| The R EUR share is denominated in Euros and expressed in shares or thousandths of a share. |

- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar).

Initial net asset value:
| A EUR shares: | €419.58 |
| --- | --- |
| A USD shares: | USD 131.11 |
| A USD (H) share: | USD 106.06 |
| CR EUR shares: | €86.84 |
| CR USD shares: | USD 100 |
| I EUR shares: | €186.25 |
| I USD (H) shares: | USD 102.71 |
| K EUR shares: | €212.77 |
| R EUR shares: | €265.38 |

Minimum initial subscription:
| A EUR shares: | 1 Share |
| --- | --- |
| A USD shares: | 1 Share |
| A USD (H) share: | 1 Share |
| CR EUR shares: | 1 Share |
| CR USD shares: | 1 Share |
| I EUR shares: | €500,000 |
| I USD (H) shares: | USD 500,000 |
| K EUR shares: | €500,000 |
| R EUR shares: | 1 Share |

Minimum subsequent subscriptions:
| A EUR shares: | 1 thousandth of a share |
| --- | --- |
| A USD shares: | 1 thousandth of a share |
| A USD (H) share: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CR USD shares: | 1 thousandth of a share |
| I EUR shares: | 1 thousandth of a share |
| I USD (H) shares: | 1 thousandth of a share |
| K EUR shares: | 1 thousandth of a share |
| R EUR shares: | 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of “A EUR”, “A USD”, “A USD (H)”, “CR USD”, “CR EUR”, “R EUR”, “I EUR”, “I USD (H)” and “K EUR” shares are executed in amounts or in shares or thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the
investment jurisdiction of the SICAV. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV - Europe Midcaps Sub-fund | Net asset value x Number of shares | A EUR shares: maximum 3% |
| A USD shares: maximum 3% |
| A USD (H) share: maximum 3% |
| CR EUR shares: maximum 3% |
| CR USD shares: maximum 3% |
| I EUR shares: None |
| I USD (H) shares: None |
| K EUR shares: None |
| R EUR shares: maximum 3% |
| Subscription fee payable to the EdR SICAV - Europe Midcaps Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV - Europe Midcaps Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV - Europe Midcaps Sub-fund | Net asset value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 1.95% incl. taxes |
| A USD shares: Maximum 1.95% incl. taxes |
| A USD (H) share: Maximum 1.95% incl. taxes |
| CR EUR shares: Maximum 1.65% incl. taxes |
| CR USD shares: Maximum 1.65% incl. taxes |
| I EUR share: Maximum 0.95% incl. taxes |
| I USD (H) shares: Maximum 0.95% incl. taxes |
| K EUR shares: Maximum 1.10% incl. taxes |
| R EUR shares: Maximum 2.35% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.15% incl. taxes |
| A USD shares: Maximum 0.15% incl. taxes |
| A USD (H) share: Maximum 0.15% incl. taxes |
| CR EUR shares: Maximum 0.15% incl. taxes |
| CR USD shares: Maximum 0.15% incl. taxes |
| I EUR share: Maximum 0.15% incl. taxes |
| I USD (H) shares: Maximum 0.15% incl. taxes |
| K EUR shares: Maximum 0.15% incl. taxes |
| R EUR shares: Maximum 0.15% incl. taxes |
| Transaction	fees	paid	to	service providers: Custodian: between 0% and 50% Management Company: between 50% and 100% | Deducted from each transaction | Variable depending on the instrument, in particular: - From 0 to 0.50% maximum + VAT per transaction, (minimum of €0 to €200 depending on the stock exchange on which the instrument is traded)
- On receipt of coupons: from 0% to 5% maximum + VAT
 |

| Performance fee  (1) | Net assets of the sub-fund | A EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| --- | --- | --- |
| A USD shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| A USD (H) share: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| CR USD shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| I EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| I USD (H) shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |
| K EUR shares: None |
| R EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe ex UK Small net dividends reinvested |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index: Stoxx Europe ex UK Small NR
The performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
-	A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period.
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is greater than or equal to 5 years, the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combine d share performa nce* | Combine d index performa nce* | Combine d relative performa nce* | Share performa nce in previous year | Index performa nce in previous year | Relative performa nce in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |  |  |  |  |
| NAV | 100 | 102 | 106 |  |  |  |  |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |  |  |  |  |
| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*from start of reference period
** for outperformance
*** rounded
| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performanc e in previous year | Index performanc e in previous year | Relative performanc e in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in referenc e NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3*** | 8 | 2 | 6 | Yes | R | Yes |

0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV - Europe Midcaps Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report.
Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps and any equivalent transaction underforeign law
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Equity US Solve
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 2 April 2019.

The Sub-fund was created on 24 April 2019.
- ISIN code

| A CHF (H) shares: A EUR shares: | FR0013404266 FR0014007Q54 |
| --- | --- |
| A EUR (H) share: | FR0013404274 |
| A GBP (H) share: | FR0013404282 |
| A USD shares: | FR0013404308 |
| B CHF (H) shares: | FR0013404316 |
| B EUR (H) shares: | FR0013404324 |
| B USD shares: | FR0013404332 |
| CR EUR (H) shares: | FR0013404340 |
| CR USD shares: | FR0013404357 |
| CRD EUR (H) shares: | FR0013404365 |
| CRD USD shares: | FR0013404373 |
| I CHF (H) shares: I EUR shares: | FR0013404381 FR0014007Q62 |
| I EUR (H) shares: | FR0013404399 |
| I USD shares: | FR0013404407 |
| J CHF (H) shares: | FR0013404415 |
| J EUR (H) shares: | FR0013404456 |
| J USD shares: | FR0013404423 |
| K EUR (H) shares: | FR0013404431 |
| K USD shares: | FR0013404449 |

- Specific tax regimeNone
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging for the shares hedged.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe aim of the Sub-fund, over its recommended investment horizon, is to provide partial exposure to the performance of Northern American equity markets, while at the same time implementing full or partial permanent equity risk hedging on futures and options markets based on the Manager’s expectations.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe Sub-fund’s management objective is not related to a market index, insofar as the Sub-fund will implement strategies for hedging equity risk.

Nevertheless, the performance of A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR (H) and K EUR (H) shares may be compared retrospectively to the performance of a benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR. The €STR (Euro Short-Term Rate) is an interest rate calculated and administered by the
European Central Bank, which reflects the price in euro of the overnight borrowing costs of a sample of banks located in the eurozone.
All information on the €STR (Euro Short-Term Rate) index is available on the website of the European Central Bank (ECB): https://www.ecb.europa.eu/. The administrator of the €STR benchmark index, the European Central Bank, falls within the scope of exemption provided for under Article 2.2 of the BMR. As such, the ECB is not required to obtain authorisation or to be included in the register of administrators and benchmark indices held by ESMA.
The Standard & Poor’s 500 index (S&P 500) is representative of 500 US large-cap companies. More information with regard to the composition and the operating regulations of the index can be found at www.standardandpoors.com.
S&P Dow Jones Indices LLC (website: www.standardandpoors.com), the administrator responsible for the benchmark index Standard & Poor’s 500, is included in the register of administrators and benchmark indices held by ESMA.
The performance of A CHF (H), B CHF (H), I CHF (H) and J CHF (H) shares may be compared retrospectively to the performance of a benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in CHF, and 44% of which comprises the capitalised SARON.
SIX	Financial	Information	AG	(website:	https://www.six-group.com/financial- information/en/home.html#country=se), the administrator of the capitalised SARON benchmark index, is included in the register of administrators and benchmark indices held by ESMA.
As the sub-fund is not index-linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
The performance of A GBP (H) shares may be compared retrospectively to the performance of a benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in GBP, and 44% of which comprises the capitalised SONIA.
The Bank of England, the administrator of the capitalised SONIA benchmark index, is exempt under Article 2.2 of the BMR. As such, it is not required to obtain authorisation or be included in ESMA’s register of administrators and benchmark indices.
As the sub-fund is not index-linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
The performance of A USD, A EUR, B USD, CR USD, CRD USD, I EUR, I USD, J USD and K USD shares may be compared retrospectively to the performance of a benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate. This composite indicator will be expressed in the currency of the share. The capitalised Federal Funds Effective Rate index is the average overnight rate in the dollar zone. It is calculated by the New York Federal Reserve and represents the risk- free rate in the dollar zone.
At the date of the latest update of this prospectus, the Federal Funds Effective Rate benchmark index, administered by the Federal Reserve (website: https://www.federalreserve.gov/), fell within the scope of exemption provided for under Article 2.2 of the Benchmark Regulation (as a benchmark of a central bank) and, as such, was not included in the ESMA Register.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategyStrategies usedThe Sub-fund will use discretionary management techniques intended to expose it to equity markets in North America by investing in North American equities, or via derivatives on North American equities or equity indices, or via UCIs. The Management Company will maintain exposure to equity risk at between 0% and 90% of the Sub- fund’s net assets by implementing hedging strategies that involve trading on the futures and options markets. Exposure to equity markets will be established through the use of a passively managed “core” portion, consisting of index futures, North American equities (which may form part of the S&P 500), or ETFs, and an actively managed “satellite” portion for the purposes of diversification. This “satellite” portion enables the Manager to accentuate or mitigate certain sector biases according to market expectations. These investments may be made via direct investments in securities or via UCIs, futures or index options.

The ESG investment universe is composed of public debt securities with a short maturity (up to one year) issued by the United States and private debt securities rated investment grade (AAA to BBB-) and high yield (BB to CCC). The Management Company may select securities from outside of this ESG universe. It will, however, ensure that the selected ESG universe is a relevant means of comparison for the Sub-fund’s ESG rating.
At least 90% of the debt securities and money market instruments rated investment grade and 75% of the debt securities and money market instruments rated high yield have an ESG rating.
This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
Shares will be selected in accordance with the following strategy:
- The investment universe is selected using quantitative filters. These enable the Management Company to identify those North American stocks that are eligible for inclusion in the investment universe. These securities are then subject to further analyses. These filters enable the Management Company to build the securities universe according to its own analysis, rather than applying sectoral or geographical restrictions.
- External research is used to help the manager focus their own research on a smaller number of stocks included in the investment scope. The choice of external analysts is also subject to a selection procedure defined by the Management Company.
- The chosen securities are then subject to quantitative and qualitative analysis. The manager will then select stocks with the best growth and performance potential according to the Management Company’s analysis, to construct a concentrated portfolio.

Although exposure will be primarily sought on equity markets, the Sub-fund may invest up to 100% of its net assets in debt securities and money market instruments denominated in dollars or other currencies.
The Sub-fund seeks to invest in issues from public or private issuers with a residual maturity of a maximum of 397 days for fixed-rate issues and a maximum of two years for variable-rate issues.
These securities, rated primarily as “investment grade”, i.e. those for which the issuer default risk is lowest (securities with a rating greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company). However, it
should be noted that securities that have not been rated by a rating agency but have been rated as ‘	Investment Grade’ by the Management Company will be limited to 15% of the net assets.
The Sub-fund may also invest up to 10% of its net assets in “High Yield” securities, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating lower than BBB- or a short-term rating lower than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
In addition, the Sub-fund may invest up to 10% of its net assets in units or shares of UCIs or other eligible Investment Funds, regardless of their classification, in particular in order to:
- increase exposure to equity markets or to diversify exposure to other asset classes (e.g. funds invested in securities of companies in the commodities or real estate sectors);
- or for cash management purposes (money market and bond UCIs).

For the purposes of efficient portfolio management and without deviating from its investment objectives, the Sub- fund may enter into repurchase agreements covering eligible Transferable Securities or Money Market Instruments, subject to a limit of 25% of its net assets. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
The Sub-fund may hold securities denominated in a currency other than the dollar. In particular, it may invest in securities in denominated in euros and in Canadian dollars. These securities will be hedged against currency risk. However, residual exposure to currency risk of up to 10% of net assets may remain.
Subject to a limit of 100% of its net assets, the Sub-fund may use over-the-counter derivative instruments or financial contracts traded on a regulated or organised market in order to conclude:
- equity options, equity index contracts or futures contracts on indices
- forward currency contracts
- forward exchange (currency swaps) and forward currency contracts
- equity index futures contracts
- futures and/or options contracts on volatility indicesDerivative instruments will be used for the purposes of hedging and exposure, subject to an equity risk exposure limit of between 0% and 90%.

In particular, the implementation of hedging intended to maintain exposure to equity risk at between 0% and 90% is determined on a discretionary basis by the management team, depending on their expectations and on market conditions. In implementing these strategies, the Management Company aims to mitigate significant equity market shocks (which means that the Fund will benefit less from bullish periods), while seeking to optimise the portfolio hedging cost, in a tactical and opportunistic manner.
Investors’ attention is drawn to the fact that upswings and downturns are determined on a discretionary basis by the management teams according to their expectations of market growth and may therefore not reflect actual market trends.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
.Assets usedEquities:
Among the instruments used to expose the Fund to the North American equity market, the portfolio may invest between 0% and 100% of its assets in North American equities.
Debt securities and money market instruments:
The Sub-fund may invest up to 100% of its net assets indiscriminately in negotiable debt securities and bonds issued in dollars or any other currency by private or public entities.
The Sub-fund seeks to invest in issues from public or private issuers with a residual maturity of a maximum of 397 days for fixed-rate issues and a maximum of two years for variable-rate issues.
These securities, rated primarily as “investment grade”, i.e. those for which the issuer default risk is lowest (securities with a rating greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company). However, it should be noted that securities that have not been rated by a rating agency but have been rated as ‘Investment Grade’ by the Management Company will be limited to 15% of the net assets.
The Sub-fund may also invest up to 10% of its net assets in “High Yield” securities, i.e. speculative securities for which the risk of issuer default is higher (securities with a rating lower than BBB- or a short-term rating lower than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or an equivalent internal rating from the Management Company).
Securities selection is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that a security in the “High Yield” category has its rating downgraded, the Management Company must conduct an analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Shares or units of other foreign UCITS, AIFs or investment funds:
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, including exchange-traded funds (ETFs), with a view to increasing exposure to the equity markets or to diversify exposure to other asset classes (such as commodities or property).
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Derivatives:
Subject to a limit of 100% of its net assets, the Sub-fund may invest in financial contracts traded on regulated, organised, or over-the-counter markets in order to conclude:
- options contracts on equities,equity indices or futures contracts on indices for the purposes of hedging and exposure to American equity markets;
- forward currency contracts in order to limit the currency risk of the underlying portfolio;
- forward exchange (currency swaps) and forward currency contracts;
- futures contracts on indices for the purposes of hedging and exposure.
- futures and/or options contracts on volatility indicesIn addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on equities, equity indices and/or equity baskets up to a limit of 80% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 30%.

The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In particular, the implementation of complete or partial equity risk hedging will be determined on a discretionary basis by the management team according to its expectations and market conditions.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Among the hedging strategies implemented, the Sub-fund may execute the following hedging transactions:
- purchases of put options and sales of call options;
- the simultaneous sale and purchase of similar options on the same underlying asset, but at a different strike price.

Securities with embedded derivatives (up to 100% of net assets):
To achieve its management objective, the sub-fund may also invest in financial instruments containing embedded derivatives. The Sub-fund may only invest in callable or puttable bonds up to a limit of 100% of its net assets.
Deposits:
None
Cash loans:
The sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption operations, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities:
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases of securities involving eligible financial securities or money-market instruments, up to 25% of its net assets. More precisely, these transactions will consist of repurchase transactions on interest-rate or debt securities of eurozone countries and will be carried out in the context of cash management and/or optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in equity markets may lead to substantial net asset variations, which may have a negative impact on the Sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small and mid-cap companies may be significantly less liquid and more volatile than those of large cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub- fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Risks associated with temporary purchases and sales of securities and with total return swaps: The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments
not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or capital protection:None.
- Eligible subscribers and typical investor profileA CHF (H), A EUR, A EUR (H), A GBP (H), A USD, B CHF (H), B EUR (H), B USD shares: All subscribersCR EUR (H), CR USD, CRD EUR (H) and CRD USD shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
I CHF (H), I EUR, I EUR (H), I USD, J CHF (H), J EUR (H), J USD, K EUR (H) and K USD shares: Legal entities
and institutional investors dealing on their own behalf or on behalf of third parties. These shares are more specifically intended for insurance companies subject to the requirements of the “Solvency II” Directive. In fact, the hedging strategies will be implemented and managed under conditions such that they can be deemed “risk mitigation techniques” within the meaning of Directive 2009/138/EC of 25 November 2009 (“Solvency II”), and thus enable the SCR (“Solvency Capital Requirement”) to be reduced for the investors concerned. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 3 years
- Procedures for determining and allocating income

| Distributable Amounts | “A CHF (H)”, “A EUR” “A EUR (H)”, “A GBP (H)”, “A USD”, “CR EUR (H)”, “CR USD”, “I CHF (H)”, “I EUR” “I EUR (H)”, | “B CHF (H)”, “B EUR (H)”, “B USD”, “CRD EUR (H)”, “CRD USD”, “J CHF (H)”, “J EUR (H)” and “J USD” shares |
| --- | --- | --- |

|  | “I USD”, “K EUR (H)” and “K USD” shares |  |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 21 share classes: “A CHF (H)”, “A EUR”, “A EUR (H)”, “A GBP (H)”, “A USD”, “B CHF (H)”, “BEUR (H)”, “B USD”, “CR EUR (H)”, “CR USD”, “CRD EUR (H)”, “CRD USD”, “I CHF (H)”, “I EUR”, “I EUR (H)”, “I USD”, “J CHF (H)”, “J EUR (H)”, “J USD”, “K EUR (H)” and “K USD”.

The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The A EUR share is denominated in euros and expressed in shares or thousandths of a share.
The A EUR (H) share is denominated in euros and expressed in shares or thousandths of a share.
The A GBP (H) share is denominated in pounds sterling and expressed in shares or thousandths of a share. The A USD share is denominated in dollars and expressed in shares or thousandths of a share.
The B CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The B EUR (H) share is denominated in euros and expressed in shares or thousandths of a share.
The B USD share is denominated in dollars and expressed in shares or thousandths of a share.
The CR EUR (H) share is denominated in Euros and expressed in shares or thousandths of a share. The CR USD share is denominated in dollars and expressed in shares or thousandths of a share.
The CRD EUR (H) share is denominated in Euros and expressed in shares or thousandths of a share. The CRD USD share is denominated in dollars and expressed in shares or thousandths of a share.
The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in euros and expressed in shares or thousandths of a share.
The I EUR (H) share is denominated in euros and expressed in shares or thousandths of a share. The I USD share is denominated in dollars and expressed in shares or thousandths of a share.
The J CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The J EUR (H) share is denominated in euros and expressed in shares or thousandths of a share.
The J USD share is denominated in dollars and expressed in shares or thousandths of a share. The K EUR (H) share is denominated in euros and expressed in shares or thousandths of a share. The K USD share is denominated in dollars and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French and American markets are closed (according to the official Euronext Paris S.A. and NYSE calendars)Initial net asset value:

| A CHF (H) shares: A EUR shares: | CHF 100 €100 |
| --- | --- |
| A EUR (H) shares: | €100 |
| A GBP (H) shares: | £100 |

| A USD shares: | $100 |
| --- | --- |
| B CHF (H) shares: | CHF 100 |
| B EUR (H) shares: | €100 |
| B USD shares: | $100 |
| CR EUR (H) shares: | €100 |
| CR USD shares: | $100 |
| CRD EUR (H) shares: | €100 |
| CRD USD shares: | $100 |
| I CHF (H) shares: I EUR shares: | CHF 100 €100 |
| I EUR (H) shares: | €100 |
| I USD shares: | $100 |
| J CHF (H) shares: | CHF 100 |
| J EUR (H) shares: | €100 |
| J USD shares: | $100 |
| K EUR (H) shares: | €100 |
| K USD shares: | $100 |

Minimum initial subscription:
| A CHF (H) shares: A EUR shares: | 1 Share 1 Share |
| --- | --- |
| A EUR (H) shares: | 1 Share |
| A GBP (H) shares: | 1 Share |
| A USD shares: | 1 Share |
| B CHF (H) shares: | 1 Share |
| B EUR (H) shares: | 1 Share |
| B USD shares: | 1 Share |
| CR EUR (H) shares: | 1 Share |
| CR USD shares: | 1 Share |
| CRD EUR (H) shares: | 1 Share |
| CRD USD shares: | 1 Share |
| I CHF (H) shares: I EUR shares: | CHF 500,000 €500,000 |
| I EUR (H) shares: | €500,000 |
| I USD shares: | $500,000 |
| J CHF (H) shares: | CHF 500,000 |
| J EUR (H) shares: | €500,000 |
| J USD shares: | $500,000 |
| K EUR (H) shares: | €500,000 |
| K USD shares: | $500,000 |

Minimum subsequent subscriptions:
| A CHF (H) shares: A EUR shares: | 1 thousandth of a share 1 thousandth of a share |
| --- | --- |
| A EUR (H) shares: | 1 thousandth of a share |
| A GBP (H) shares: | 1 thousandth of a share |
| A USD shares: | 1 thousandth of a share |
| B CHF (H) shares: | 1 thousandth of a share |
| B EUR (H) shares: | 1 thousandth of a share |
| B USD shares: | 1 thousandth of a share |
| CR EUR (H) shares: | 1 thousandth of a share |
| CR USD shares: | 1 thousandth of a share |
| CRD EUR (H) shares: | 1 thousandth of a share |
| CRD USD shares: | 1 thousandth of a share |
| I CHF (H) shares: I EUR shares: | 1 thousandth of a share 1 thousandth of a share |
| I EUR (H) shares: | 1 thousandth of a share |
| I USD shares: | 1 thousandth of a share |
| J CHF (H) shares: | 1 thousandth of a share |
| J EUR (H) shares: | 1 thousandth of a share |
| J USD shares: | 1 thousandth of a share |
| K EUR (H) shares: | 1 thousandth of a share |
| K USD shares: | 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days.
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of “A CHF (H)”, “A EUR”, “A EUR (H)”, “A GBP (H)”, “A USD”, “B CHF (H)”, “B EUR (H)”, “B USD”, “CR EUR (H)”, “CR USD”, “CRD EUR (H)”, “CRD USD”, “I EUR”, “I CHF (H)”, “I EUR (H)”, “I USD”,
“J CHF (H)”, “J EUR (H)”, “J USD”, “K EUR (H)” and “K USD” shares are executed per amount, per share or per thousandths of shares.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and means of publication of NAV:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV - Equity US Solve Sub-fund | Net asset value x Number of shares | A CHF (H) shares: maximum 3% |
| A EUR shares: maxiumum 3% |
| A EUR (H) shares: maximum 3% |
| A GBP (H) shares: maximum 3% |
| A USD shares: maximum 3% |
| B CHF (H) shares: maximum 3% |
| B EUR (H) shares: maximum 3% |
| B USD shares: maximum 3% |
| CR EUR (H) shares: maximum 3% |
| CR USD shares: maximum 3% |
| CRD EUR (H) shares: maximum 3% |
| CRD USD shares: maximum 3% |
| I CHF (H) shares: None |
| I EUR shares: None |

|  |  | I EUR (H) shares: None |
| --- | --- | --- |
| I USD shares: None |
| J CHF (H) shares: None |
| J EUR (H) shares: None |
| J USD shares: None |
| K EUR (H) shares: None |
| K USD shares: None |
| Subscription fee payable to the EdR SICAV – Equity US Solve Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to EdR SICAV - Equity US Solve Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV - Equity US Solve Sub-fund | Net asset value x Number of shares | All classes of shares: None |

Operating and management fees:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A CHF (H) shares: Maximum 1.20% incl. taxes |
| A EUR shares: Maximum 1.20% incl. taxes |
| A EUR (H) shares: Maximum 1.20% incl. taxes |
| A GBP (H) shares: Maximum 1.20% incl. taxes |
| A USD shares: Maximum 1.20% incl. taxes |
| B CHF (H) shares: Maximum 1.20% incl. taxes |
| B EUR (H) shares: Maximum 1.20% incl. taxes |
| B USD shares: Maximum 1.20% incl. taxes |
| CR EUR (H) shares: Maximum 0.70% incl. taxes |
| CR USD shares: Maximum 0.70% incl. taxes |
| CRD EUR (H) shares: Maximum 0.70% incl. taxes |
| CRD USD shares: Maximum 0.70% incl. taxes |
| I CHF (H) shares: Maximum 0.55% incl. taxes |
| I EUR shares: Maximum 0.55% incl. taxes |
| I EUR (H) shares: Maximum 0.55% incl. taxes |
| I USD shares: Maximum 0.55% incl. taxes |
| J CHF (H) shares: Maximum 0.55% incl. taxes |
| J EUR (H) shares: Maximum 0.55% incl. taxes |
| J USD shares: Maximum 0.55% incl. taxes |
| K EUR (H) shares: Maximum 0.75% incl. taxes |
| K USD shares: Maximum 0.75% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A CHF (H) shares: Maximum 0.10% incl. taxes |
| A EUR shares: Maximum 0.10% incl. taxes |
| A EUR (H) shares: Maximum 0.10% incl. taxes |
| A GBP (H) shares: Maximum 0.10% incl. taxes |
| A USD shares: Maximum 0.10% incl. taxes |
| B CHF (H) shares: Maximum 0.10% incl. taxes |
| B EUR (H) shares: Maximum 0.10% incl. taxes |
| B USD shares: Maximum 0.10% incl. taxes |
| CR EUR (H) shares: Maximum 0.10% incl. taxes |
| CR USD shares: Maximum 0.10% incl. taxes |
| CRD EUR (H) shares: Maximum 0.10% incl. taxes |
| CRD USD shares: Maximum 0.10% incl. taxes |
| I CHF (H) shares: Maximum 0.10% incl. taxes |
| I EUR shares: Maximum 0.10% incl. taxes |
| I EUR (H) shares: Maximum 0.10% incl. taxes |
| I USD shares: Maximum 0.10% incl. taxes |
| J CHF (H) shares: Maximum 0.10% incl. taxes |
| J EUR (H) shares: Maximum 0.10% incl. taxes |
| J USD shares: Maximum 0.10% incl. taxes |
| K EUR (H) shares: Maximum 0.10% incl. taxes* |
| K USD shares: Maximum 0.10% incl. taxes |
| Transaction fees | On the transaction amount | None |

| Performance fee (1) | Net assets of the sub-fund | A CHF (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in CHF, and 44% of which comprises the capitalised SARON |
| --- | --- | --- |
| A EUR shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate. |
| A EUR (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR |
| A GBP (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in GBP, and 44% of which comprises the capitalised SONIA |
| A USD shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate |
| B CHF (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in CHF, and 44% of which comprises the capitalised SARON |
| B EUR (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR |
| B USD shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate |
| CR EUR (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR |
| CR USD shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate |

|  |  | CRD EUR (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR |
| --- | --- | --- |
| CRD USD shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate |
| I CHF (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in CHF, and 44% of which comprises the capitalised SARON |
| I EUR shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate. |
| I EUR (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR |
| I USD shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate |
| J CHF (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in CHF, and 44% of which comprises the capitalised SARON |
| J EUR (H) shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested and hedged in EUR, and 44% of which comprises the capitalised €STR |
| J USD shares: 15% per year of the outperformance compared to the benchmark index, 56% of which comprises the S&P 500 index, net dividends reinvested, and 44% of which comprises the capitalised Federal Funds Effective Rate |
| K EUR (H) shares: None |
| K USD shares: None |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more
than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
-  ​Performance feePerformance fees are payable to the Management Company in accordance with the following procedures: Benchmark index:
- made up of 56% S&P 500 index, net dividends reinvested, and 44% capitalised Fed Funds Effective Rate, for shares in USD and for non hedged shares in EUR.
- made up of 56% S&P 500 index, net dividends reinvested, hedged in EUR, and 44% capitalised €STR, for hedged shares in EUR
- made up of 56% S&P 500 index, net dividends reinvested, hedged in CHF, and 44% capitalised SARON, for shares in CHF
- made up of 56% S&P 500 index, net dividends reinvested, hedged in GBP, and 44% capitalised SONIA, for shares in GBP.

The performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
- In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
- A provision for performance fees will be made each time the net asset value is calculated.

When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period.
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.

-when the reference period is greater than or equal to 5 years: The cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.
Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance * | Combined index performance * | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performanc e in previous year | Index performanc e in previous year | Relative performanc e in previous year | Applicatio n of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in referenc e NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3*** | 8 | 2 | 6 | Yes | R | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV - Equity US Solve will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Global Opportunities
- 
###### Date created

The Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 26 July 2019.
The Sub-fund was created on 12 September 2019, through the absorption of the C unit of the following fund:
- CA EdRAM Opportunities, created on 11 January 2008
- 
###### ISIN code

| A EUR share: | FR0013281938 |
| --- | --- |
| A CHF (H) shares: | FR0013429230 |
| A USD (H) share: | FR0013429248 |
| B EUR shares: | FR0013464260 |
| CR EUR shares: | FR0013464211 |
| CRD EUR shares: | FR0013464237 |
| I EUR shares: | FR0013429255 |
| I CHF (H) shares: | FR0013429263 |
| I USD (H) shares: | FR0013429271 |
| J EUR shares: | FR0013429289 |
| K EUR shares: | FR0013464252 |

- Specific tax system:None.
- 
###### Delegation of financial management

Edmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.
This delegation of financial management focuses on currency hedging for the shares hedged.
- 
###### Exposure to other foreign UCITS, AIFs or investment funds:

Up to 10% of its net assets.
- 
###### Management objective

The Sub-fund aims to deliver performance greater than that of its benchmark index, over a recommended investment horizon of more than five years, via the discretionary and opportunistic management of a diversified portfolio across multiple asset classes (including equities, interest rates and currencies), with no restriction as to sector or geographic region. The management objective differs in that it takes the base currency of the subscribed share class into account:
- For the A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR and K EUR classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the €STR plus 3%.
- For the A CHF (H) and I CHF (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised SARON plus 3%.
- For the A USD (H) and I USD (H) classes: the management objective is to obtain, over the recommended investment horizon, an annual net performance greater than the capitalised Federal Funds Effective Rate plus 3%.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- 
###### Benchmark index

The benchmark index to which the performance of A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR and K EUR shares may be compared is the capitalised €STR plus 3%. The €STR (Euro Short-Term Rate) is an interest rate
calculated and administered by the European Central Bank, which reflects the price in euros of the overnight borrowing costs of a sample of banks located in the eurozone.
All information on the €STR (Euro Short-Term Rate) index is available on the website of the European Central Bank (ECB): https://www.ecb.europa.eu/. The administrator of the €STR benchmark index, the European Central Bank, falls within the scope of exemption provided for under Article 2.2 of the BMR. As such, the ECB is not required to obtain authorisation or to be included in the register of administrators and benchmark indices held by ESMA.
The benchmark index to which the performance of A USD (H) and I USD (H) shares may be compared is the capitalised Federal Funds Effective Rate + 3%. The Federal Funds Effective Rate corresponds to the average overnight rate for the dollar zone. It is calculated by the Federal Reserve and represents the risk-free rate for the dollar zone. At the date of the latest update of this prospectus, the Federal Funds Effective Rate benchmark index, administered by the Federal Reserve (website: https://www.federalreserve.gov/), fell within the scope of exemption provided for under Article 2.2 of the Benchmark Regulation (as a benchmark of a central bank) and, as such, was not included in the ESMA Register.
The benchmark index to which the performance of A CHF (H) and I CHF (H) shares may be compared is the capitalised SARON + 3%.
SIX	Financial	Information	AG	(website:	https://www.six-group.com/financial- information/en/home.html#country=se), the administrator of the capitalised SARON benchmark index, is included in the register of administrators and benchmark indices held by ESMA.
As the sub-fund is not index-linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
The rates and indices used are annualised. The calculation of the performance of these indicators includes coupons.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- 
###### Investment strategy

Strategies used
The Management Company uses a discretionary and opportunistic management style. The assets of the Sub-fund will be invested in equities and debt securities either directly or, on an ancillary basis, via the holding of units or shares of French or European UCITS or French AIFs, including index-linked funds, with no restriction as to sector, geographic region or allocation between the various asset classes. Convictions may also be reflected in the use of derivative instruments for the purposes of exposure, hedging or arbitrage. (Arbitrage strategies seek to exploit differences in the valuations and/or divergences between the fundamentals and positioning of various market segments on the equity, interest rate, credit and foreign exchange markets. These strategies are used to reduce the Fund’s correlation with the various asset classes, thereby decreasing dependence on purely directional strategies.) The portfolio’s overall exposure to the various asset classes, including the use of derivatives, will be carried out within the limits set for absolute VaR using the Value-at-Risk calculation method.
The allocation of assets will be determined according to:
A top-down approach: This is, first and foremost, based on a macroeconomic analysis of the various asset classes, market segments, sectors or countries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations. No constraints will be predetermined, thus allowing the management team to implement strategies that reflect its convictions.
This is complemented by a stock-picking process (bottom-up approach).
Bottom-up approach: The aim of this approach is to identify those instruments and/or issuers within a particular asset class, market segment, sector or country that provide better relative value than others and are therefore the most attractive according to the Management Company’s internal criteria. The method used to select instruments and/or issues is based on a fundamental analysis and valuation of each issuer, adapted to the specific features of their investment universe.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund does not include any other environmental or social characteristics in its investment selection process and sustainable investment is not its objective (as provided for under Articles 8 or 9 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or 
“
SFDR”).
The Investment Manager does not take into account the negative impact of investment decisions on the sustainability factors of this product.
The investments underlying this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
Assets usedEquities:
In the context of its management objective, the Sub-fund may invest up to 100% directly in equities without restriction as regards geographic area or capitalisation. The selection of securities will give priority to investment policies focused on equities whose price growth projections exceed the market average. The geographic allocation will be made between various international stock exchanges, including emerging markets. In addition, certain specific themes arising from economic and company analyses will be pursued, resulting in over- or under-exposure to certain sectors and distribution in terms of company size.
Thus, exposure to equities will be between 0% and 100%. Debt securities and money market instruments:
In the context of its management objective, the Sub-fund may invest up to 100% of its assets directly in debt securities and money market instruments. These securities will be selected with no rating constraints: they may belong to the “investment grade” category (i.e. for which the risk of issuer default is lowest) or the “high yield” category (speculative securities for which the risk of issuer default is higher), including unrated securities.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “high yield” category has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
The Sub-fund’s sensitivity to interest rates may fluctuate between -10 and +10.
The Sub-fund may purchase units in EMTNs (Euro Medium Term Notes) or indexed bonds. Shares or units of foreign UCITS, AIFs or investment funds:
The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs,
particularly equity, investment-grade bonds, high-yield bonds (i.e. speculative in nature), money-market or dynamic bonds. Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company. Currencies:
The Sub-fund may invest up to 100% of its net assets in currencies other than the euro.
Derivatives:
The use of financial contracts is provided for as part of a hedging, exposure and/or overexposure strategy on the equity, interest rate, currency and index markets, and/or for some of their parameters or components (volatility, prices, sectors, etc.).
Accordingly, the strategy for the use of derivatives will be implemented for the purposes of:
- Hedging the portfolio against certain risks or exposing it to certain risks/asset classes;
- Building synthetic exposure to assets, risks and/or parameters or components of these asset classes and risks;
- Increasing exposure to a given market;
- Establishing arbitrage strategies designed to exploit differences in valuations between instruments, asset classes, market segments, sectors and countries.

Specifically, the manager will trade in:
- forward contracts, forward foreign exchange contracts or currency swaps, in order to hedge exposure to currency risk or for the purpose of exposure or arbitrage.
- futures or options contracts and equity swaps traded on organised or regulated markets, in order to increase or decrease exposure to equity and interest rate markets.
- interest rate swaps and options on interest rate swaps to increase or decrease exposure to interest rate risk.
- credit default swaps on a single benchmark entity or on indices (iTraxx or CDX) and index-linked CDS options to increase or decrease exposure to credit risk.

In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on shares, bonds, bond indices and/or bond baskets up to a limit of 50% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 15%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
The Sub-fund may have a maximum net leverage ratio of 10.
The maximum commitment under such transactions shall meet the limits set for absolute VaR using the Value-at- Risk calculation method, capped by regulations at 20% of the assets with a threshold of 99% over 20 business days.
The Sub-fund may invest in any type of financial contract traded on international regulated, organised or over-the- counter markets.
Embedded derivatives:
To achieve its management objective, the sub-fund may also invest in financial instruments containing embedded derivatives. The Sub-fund may invest:
- in callable or puttable bonds up to a limit of 100% of its net assets;
- in warrants up to a limit of 100% of its net assets;
- in subscription warrants up to a limit of 100% of its net assets;Deposits:NoneCash borrowings:For cash management purposes, the Sub-fund may occasionally borrow cash up to 10% of the value of its net assets.

Temporary purchases and sales of securities:
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases of securities involving eligible financial securities or money-market instruments, up to 10% of its net assets. More precisely, these transactions will consist of repurchase agreem ents on interest-rate or debt securities of eurozone countries and will be carried out for the purposes of cash management and/or the optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio. In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- 
###### Investments between Sub-funds

The Sub-fund may invest up to 10% of its net assets in a sub-fund of the Edmond de Rothschild Fund SICAV. The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- 
###### Risk profile:

Your money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.
The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form their own opinion independently of the Edmond de Rothschild
Group, by obtaining as much specialist advice on such matters as is necessary to ensure that this investment is appropriate for their financial and legal position and investment horizon.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- according to Standard & Poor’s or equivalent) or those with an equivalent internal rating assigned by the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub-fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value. Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the Sub-fund in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly, and finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the Sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external, political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small and mid-cap companies may be significantly less liquid and more volatile than those of large cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risks associated with temporary purchases and sales of securities and with total return swaps (TRS):
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment.
- 
###### Guarantee or capital protection:

None
- 
###### Target subscribers and typical investor profile:

A EUR, A CHF (H), A USD (H), B EUR shares: All investors.
CR EUR, CRD EUR shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
J EUR, I EUR, I CHF (H), I USD (H), K EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
This Sub-fund is aimed at investors wishing to achieve greater returns from their portfolios through a diversified medium that can evolve both on equity markets and on international interest rate markets.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These units must not be offered, sold, or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, investors are advised to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, requirements and specific objectives. In any event, unitholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this sub-fund.
Minimum recommended investment period: > 5 years.
- 
###### Procedures for determining and allocating distributable income:

| Distributable income | “A EUR”, “A CHF (H)”, “A USD (H)”, “CR EUR”, “I EUR”, “I CHF (H)” and “I USD (H)”, “K EUR” shares | “B EUR”, “CRD EUR”, “J EUR” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund’s Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- 
###### Distribution frequency:

Accumulation shares: not applicable
Distribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- 
###### Share characteristics:

The Sub-fund has 11 share classes: “A EUR”, “A CHF (H)”, “A USD (H)”, “B EUR”, “CR EUR”, “CRD EUR”, “I EUR”, “I CHF (H)”, “I USD (H)”, “J EUR” and “K EUR” shares.
The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The A USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I USD (H) share is denominated in US Dollars and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- 
###### Subscription and redemption procedures:

Date and frequency of net asset value calculation:
Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar).
Initial net asset value:
| A EUR shares: | €97.55 |
| --- | --- |
| A CHF (H) shares: | CHF 100 |
| A USD (H) share: | USD 100 |
| B EUR shares: | €100 |
| CR EUR shares: | €100 |
| CRD EUR shares: | €100 |
| I EUR shares: | €100 |
| I CHF (H) shares: | CHF 100 |
| I USD (H) shares: | USD 100 |
| J EUR shares: K EUR shares: | €100 €100 |

Minimum initial subscription:
| A EUR shares: | 1 Share |
| --- | --- |
| A CHF (H) shares: | 1 share |
| A USD (H) share: | 1 share |

| B EUR shares: | 1 Share |
| --- | --- |
| CR EUR shares: | 1 Share |
| CRD EUR shares: | 1 Share |
| I EUR shares: | €500,000 |
| I CHF (H) share: | CHF 500,000 |
| I USD (H) shares: | USD 500,000 |
| J EUR shares: | €500,000 |
| K EUR shares: | €500,000 |

Minimum subsequent subscription amount:
| A EUR shares: | 1 thousandth of a share |
| --- | --- |
| A CHF (H) share: | 1 thousandth of a share |
| A USD (H) share: | 1 thousandth of a share |
| B EUR shares: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CRD EUR shares: | 1 thousandth of a share |
| I EUR shares: | 1 thousandth of a share |
| I CHF (H) shares: | 1 thousandth of a share |
| I USD (H) share: | 1 thousandth of a share |
| J EUR shares: | 1 thousandth of a share |
| K EUR shares: | 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D before 12:30 p.m. | D before 12:30 p.m. | D | D+1 | D+3 | D+3* |

In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of A EUR, A CHF (H), A USD (H), B EUR, CR EUR, CRD EUR, I CHF (H), I USD (H), J EUR, and K (EUR) shares are executed in amounts or in shares or thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and means of publication of NAV:
The Sub-fund’s net asset value can be obtained from the Management Company:
Edmond de Rothschild Asset Management (France) – 47 rue du Faubourg Saint-Honoré – 75401 – Paris Cedex 08, France
- 
###### Charges and fees:

Subscription and redemption fees:
Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.
| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |

| Subscription fee not payable to the EdR SICAV – Global Opportunities Sub-fund | Net asset value x Number of shares | All classes of shares: maximum 4.50% |
| --- | --- | --- |
| Subscription fee payable to the EdR SICAV – Global Opportunities Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV – Global Opportunities Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV – Global Opportunities Sub-fund | Net asset value x Number of shares | All classes of shares: None |

Operating and management fees:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges. Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged in addition to the operating and management fees:
- Performance fee
- Transaction fees charged to the Sub-fund
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 1.45% incl. taxes |
| A CHF (H) shares: Maximum 1.45% incl. taxes |
| A USD (H) share: Maximum 1.45% incl. taxes |
| B EUR shares: Maximum 1.45% incl. taxes |
| CR EUR shares: Maximum 0.80% incl. taxes |
| CRD EUR shares: Maximum 0.80% incl. taxes |
| I EUR share: Maximum 0.70% incl. taxes |
| I CHF (H) share: Maximum 0.70% incl. taxes |
| I USD (H) shares: Maximum 0.70% incl. taxes |
| J EUR shares: Maximum 0.70% incl. tax* |
| K EUR shares: Maximum 0.80% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.10% incl. taxes |
| A CHF (H) shares: Maximum 0.10% incl. taxes |
| A USD (H) share: Maximum 0.10% incl. taxes |
| B EUR shares: Maximum 0.10% incl. taxes |
| CR EUR shares: Maximum 0.10% incl. taxes |
| CRD EUR shares: Maximum 0.10% incl. taxes |
| I EUR share: Maximum 0.10% incl. taxes |
| I CHF (H) share: Maximum 0.10% incl. taxes |
| I USD (H) shares: Maximum 0.10% incl. taxes |
| J EUR share: Maximum 0.10% incl. taxes |
| K EUR shares: Maximum 0.10% incl. taxes |
| Transaction fees | On the amount of the transaction | None |
| Performance fee Net assets of the Sub-fund (1) | A EUR share: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index plus 3% |
| A CHF (H) shares: 15% per year of the outperformance compared with the benchmark index, the SARON index plus 3% |
| A USD (H) share: 15% per year of the outperformance compared with the benchmark, |

|  | the capitalised Federal Funds Effective Rate plus 3% |
| --- | --- |
| B EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index plus 3% |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index plus 3% |
| CRD EUR shares: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index plus 3% |
| I EUR share: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index plus 3% |
| I CHF (H) share: 15% per year of the outperformance compared with the benchmark index, the SARON index plus 3% |
| I USD (H) shares: 15% per year of the outperformance compared with the benchmark, the capitalised Federal Funds Effective Rate plus 3% |
| J EUR share: 15% per year of the outperformance compared with the benchmark, the capitalised €STR index plus 3% |
| K EUR shares: None |

*  Inclusive of all taxes.
For this activity, the Management Company has not opted for VAT.
** In the event that the administrative fees external to the Management Company increase by 0.10% (incl. taxes) or less per annum, the Management Company will inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
*** apart from any applicable performance fees
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index:
- The capitalised €STR +3% for shares in euro
- The capitalised Federal Funds Effective Rate +3% for shares in US dollars
- The capitalised SARON +3% for shares in Swiss francsThe performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.

When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV, and a new reference period shall begin at the end of this reference period.
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is greater than or equal to 5 years, the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combine d share performa nce* | Combine d index performa nce* | Combine d relative performa nce* | Share performa nce in previous year | Index performa nce in previous year | Relative performa nce in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |  |  |  |  |
| NAV | 100 | 102 | 106 |  |  |  |  |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |  |  |  |  |
| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*from start of reference period
** for outperformance
*** rounded
| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performanc e in previous year | Index performanc e in previous year | Relative performanc e in previous year | Applicatio n of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in referenc e NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3*** | 8 | 2 | 6 | Yes | R | Yes |

0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference
period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV – Global Opportunities Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report.
Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law:
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Edr SICAV – Short Duration Credit
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 27 December 2019.

The Sub-fund was created on 20 January 2020.
- ISIN code

| A CHF (H) shares: | FR0013460912 |
| --- | --- |
| A EUR shares: | FR0013460920 |
| A USD (H) share: | FR0013460938 |
| B CHF (H) shares: | FR0013460946 |
| B EUR shares: | FR0013460961 |
| B USD (H) shares: | FR0013460979 |
| CR EUR shares: | FR0013460987 |
| CR USD (H) shares: | FR0013461019 |
| CRD EUR shares: | FR0013461027 |
| CRD USD (H) shares: | FR0013461555 |
| I CHF (H) shares: | FR0013461563 |
| I EUR shares: | FR0013461571 |
| I USD (H) shares: | FR0013461589 |
| J CHF (H) shares: | FR0013461597 |
| J EUR shares: | FR0013461605 |
| J USD (H) shares: | FR0013461613 |
| K EUR shares: N EUR shares: O EUR shares: | FR0013461639 FR0013488194 FR0013488202 |

- Specific tax regimeNone
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging for the shares hedged.
- ClassificationBonds and other debt securities denominated in euros
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund aims to outperform its benchmark index, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested, over the recommended investment period, through investments in corporate bond markets. In order to achieve this objective, additional return will be sought for the bond portfolio through the active management of interest rate risk and credit risk.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark index50% of the Sub-fund’s benchmark index is composed of the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% is composed of the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested. These two indices are calculated and published by ICE Benchmark Administration Limited. They represent, respectively, the performance of fixed-rate bonds, denominated in euros, issued by issuers rated at least BBB- with a residual maturity of more than one year and less than five years and fixed-rate bonds, denominated in euros, issued by issuers rated at least CCC with a maturity of more than one year and less than three years.

As the management of the Sub-fund is not index-linked, its performance may differ from that of its benchmark index, which serves only as a basis for comparison.
The rates and indices used are annualised. The performance of these two benchmarks is calculated with coupons included.
ICE Benchmark Administration Limited (website: https://www.theice.com/iba), the administrator responsible for the benchmark indices CE BofA 1-5 Year A-BBB Euro Corporate index and ICE BofA 1-3 Year Euro Developed Markets High Yield Constrained index is not included in the register of administrators and benchmark indices held by ESMA and is covered by the transitional provisions set out in Article 51 of the Benchmarks Regulation.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
The performance of the A CHF (H), B CHF (H), I CHF (H) and J CHF (H) shares may be compared, for reference and a posteriori, to a benchmark index, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in CHF, coupons reinvested. As the sub-fund is not index- linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
The performance of the A USD (H), B USD (H), CR USD (H), CRD USD (H), I USD (H) and J USD (H) shares may be compared, for reference and a posteriori, to a benchmark index, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in USD, coupons reinvested. As the sub-fund is not index-linked, its performance may differ significantly from that of the benchmarks, which only serve as a basis for comparison.
- Investment strategyStrategies used:In order to achieve the management objective, the Manager will invest up to 100% of the portfolio, in a discretionary manner, in bond-type securities issued by public or private companies.

The ESG investment universe is composed of the securities of the Sub-fund’s benchmark. The Management Company may select securities from outside of its benchmark. It will, however, ensure that the selected benchmark is a relevant means of comparison for the Sub-fund’s ESG rating.
The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe. Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
The Sub-fund invests:
- a minimum of 30% of its net assets in bonds with a rating greater than or equal to BBB- (Standard and Poor's or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies.
- a minimum of 30% of its net assets in high yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, which are speculative securities presenting a higher risk of default than investment grade bonds)
- up to 10% of its net assets in unrated bonds
- up to 10% of its assets in bonds issued by public or private companies located in non-OECD countries
- up to 10% of its assets in bonds with a residual maturity of more than 5 years.

The Manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to achieve the management objective, the strategy will combine a sector-based approach using a “top- down” process and a credit analysis approach aimed at selecting the most attractive issuers by means of a “bottom- up” process.
Top-down approach
The top-down approach is, first and foremost, based on a macroeconomic analysis of the various sectors or countries explored within the context of the portfolio allocation. It leads to the determination of market scenarios created on the basis of the management team’s expectations.
This analysis makes it possible to define, in particular:
- the degree of exposure to different economic sectors,
- the distribution between Investment Grade and High Yield (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories.

The top-down analysis provides a comprehensive overview of the portfolio. This is complemented by a stock-picking process (bottom-up approach).
Bottom-up approach
The aim of this approach is to identify those issuers within a particular sector that provide better relative value than others and therefore seem to be the most attractive.
The way issuers are selected is based on a fundamental analysis of each company. The fundamental analysis focuses on the evaluation of criteria such as:
- the clarity of the company’s strategy,
- its financial health (consistency of cash flow through different economic cycles, ability to honour its debts, etc.),
- the “strategic” nature of the company, which allows it to predict the likelihood of government intervention in the event of default or a significant deterioration of its financial situation.

Within the universe of the selected issuers, the choice of exposures will be based on characteristics such as the issuer’s rating, the liquidity of the securities, or their maturity.
The fundamental analysis model, intended to identify the securities with the highest upside potential, is based on a structure of managing analysts specialising in credit markets. Following an in-depth analysis of the various companies, the bottom-up process is further refined. The process leads to the choice of preferred investment instruments (direct investments in securities, credit default swaps, Itraxx, etc.) for exposure to selected issuers.
In order to hedge its assets and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. In this context, the Manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers up to a level of 10% exposure. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX).
It may also implement strategies that aim to mitigate currency risks and/or manage interest rate risk through the use of financial contracts, particularly futures, options, and forward or swap contracts.
The manager will also implement active management of the Sub-fund's sensitivity to interest rates, which may vary between 0 and 4.
Exposure to equity markets
Up to 10% of the Sub-fund’s net assets may be exposed to equity markets through potential purchases of convertible bonds.
Currencies
The Sub-fund may, on an ancillary basis, hold up to 10% of its net assets in securities issued in foreign currencies, for which the associated currency risk will be hedged. Nevertheless, a residual currency risk of up to 2% of net assets may remain.
. Assets:
Debt securities and money market instruments (up to 100% of the net assets, with a maximum of 100% invested directly in securities)

##### General characteristics
| Sensitivity to interest rates | - | [0; 4] |
| --- | --- | --- |

| Geographic region of the issuers | OECD, European Union, European Economic Area, G20 | up to 100% of net assets |
| --- | --- | --- |
| All geographic regions | up to 10% of net assets |

Distribution of private debt/public debt
Up to 100% of the “Debt Securities” portfolio in private debt of issuers located in a Member State of the OECD, the European Union, the European Economic Area or the G20.
The portfolio will not be invested in the public debt of a State.

##### Criteria related to ratings
A minimum of 30% of the Sub-fund’s net assets will be made up of securities that have a minimum long-term rating of BBB- (Standard & Poor’s or equivalent, or an equivalent internal rating from the Management Company) or a short-term rating of A3. The selected securities may not be rated by a ratings agency, but in this case will receive an equivalent internal rating from the Management Company.
The Sub-fund invests a minimum 30% of its net assets in securities that have a lower rating and fall into the high yield category (speculative securities with a Standard & Poor’s or equivalent rating of below BBB- or an equivalent internal rating assigned by the Management Company).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” class has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.

##### Legal nature of the instruments used
Debt securities of all kinds including, in particular:
- Fixed, variable or adjustable rate bonds
- Inflation-linked bonds
- Negotiable debt securities
- Savings certificates
- Euro Commercial Papers (short-term negotiable securities issued in euros by a foreign entity)The portfolio may invest in PIK notes (payment-in-kind notes are bonds for which interest payments are not made systematically in cash).

Equities
- Exposure through directly held equities: None
- Exposure via convertible bonds: up to 10% of net assetsThe maximum exposure of the portfolio to the equity markets measured through the delta of convertible bonds may not exceed 10% of the Sub-fund’s net assets.

Shares or units of other French collective investment schemes or other foreign UCITS, AIFs or investment funds The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, including exchange-traded funds (ETFs), or money market or bond funds specifically in order to invest cash.
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Financial contracts
In order to hedge its assets and/or achieve its management objective, and without seeking overexposure, the Sub- fund may use financial contracts traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.), up to a limit of 100% of its assets. In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. To this end, the Sub-fund may take up positions with a view to hedging the portfolio against certain risks (interest rate, credit or currency) or exposing itself to interest rate and credit risks.

##### Types of markets invested in
- Regulated markets
- Organised markets
- Over-the-counter markets


##### Risks in which the manager intends to trade for the purposes of portfolio hedging or exposure
- Equity risk exclusively from potential exposure to convertible bonds
- Interest rate risk
- Currency risk
- Credit risk


##### Types of investment (transactions must only be undertaken in order to achieve the management objective)
- Hedging
- Exposure
- Arbitrage


##### Types of instruments used
- Interest rate options
- Forward interest-rate contracts
- Interest rate futures
- Credit derivatives (credit default swaps)
- Credit options
- Currency options
- Currency swaps
- Interest rate swaps (fixed rate/variable rate all combinations and inflation)
- Currency futures
- Warrants
- Options on interest rate swaps
- CDS options
- Options on standardised forward contractsIn addition, the SICAV may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on interest rates up to a limit of 10% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 3%.

The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence on the composition or management of the SICAV’s portfolio.

##### Strategy of using derivatives to achieve the management objective
- General hedging of certain risks (interest rate, credit, currency)
- Exposure to interest rate, credit and equity risks
- Reconstitution of synthetic exposure to assets and risks (interest rate, credit)The exposure to these financial instruments, markets, rates and/or some of their parameters or components resulting from the use of financial contracts cannot exceed 100% of the net assets.

The Manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers up to a level of 10% exposure. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX).
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Securities with embedded derivatives (up to 100% of net assets)
To achieve its management objective, the sub-fund may also invest in financial instruments containing embedded derivatives. The sub-fund may solely invest in:
- callable or puttable bonds for up to 100% of net assets,
- convertible bonds for up to 10% of net assets,
- contingent convertible bonds (CoCos) for up to 10% of net assets.

Cash borrowings
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of its net assets.
Deposits:
None
Temporary purchases and sales of securities
In order to achieve efficient portfolio management and without deviating from its investment objectives, t
h
e sub- fund may make temporary purchases and sales of securities involving eligible financial securities or money-market
instruments, up to 25% of its net assets. More precisely, these transactions will consist of repurchase and reverse repurchase agreements on interest-rate or debt securities of eurozone countries and will be carried out in the context of cash management and/or the optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the remuneration for temporary sales and purchases of securities is provided in the “Charges and fees” section.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another Sub-fund of the SICAV Edmond de Rothschild Fund.

The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will be invested primarily in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to 
t
he effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This sub- fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests. Counterparty risk results from this sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions
potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk linked to derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the sub-fund invests.
Risk associated with hybrid products (convertible bonds):
Given their possible conversion into shares, convertible bonds introduce an equity risk into a bond portfolio. They also expose the portfolio to the volatility of equity markets, which is higher than that of bond markets. Holding such instruments therefore results in an increase in portfolio risk, which may be mitigated by the bond component of hybrid securities, depending on market configurations.
Risks associated with temporary purchases and sales of securities and with total return swaps:
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchases and sales of securities.
Risks associated with contingent convertible bonds (CoCos):
CoCos are subordinated debt securities issued by credit institutions or insurance or reinsurance companies that are eligible for inclusion in their capital requirement and that have the specific feature of potentially being converted into shares or having their par value reduced (write-down mechanism) in response to a trigger, as previously defined in the prospectus. A CoCo includes an option to convert into shares at the initiative of the issuer in the event that their financial situation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion option may cause the value of the CoCo to decrease by an amount greater than that recorded on other traditional bonds of the issuer. Under the conditions set out by the CoCo concerned, certain trigger events may lead to the main investment and/or accrued interest permanently depreciating to zero, or to the conversion of the bond into a share.
Risk linked to the conversion threshold of CoCos:
The conversion threshold of a CoCo depends on the solvency ratio of its issuer. It is the event that determines the conversion of the bond into an ordinary share. The lower the solvency ratio, the greater the likelihood of conversion. Risk of loss or suspension of coupon:
Depending on the characteristics of the CoCos, the payment of coupons is discretionary and may be cancelled or suspended by the issuer at any time and for an indefinite period.
Risk of intervention of a regulatory authority at the point of “non-viability”:
A regulatory authority determines at any time and in a discretionary manner whether an institution is “not viable”,
i.e. the issuing bank requires the support of the public authorities to prevent the issuer from becoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable or otherwise continue its activities, and requires or requests the conversion of Conditional Convertible Bonds into shares in circumstances independent of the willingness of the issuer.
Capital structure inversion risk:
Contrary to the conventional capital hierarchy, investors in CoCos may incur a loss of capital that does not affect holders of shares. In certain scenarios, holders of CoCos will incur losses before holders of shares.
Call extension risk:
Most CoCos are issued in the form of instruments of a perpetual maturity, which are only repayable at predefined levels that have the approval of the competent authority. It cannot be assumed that perpetual CoCos will be called on the call date. CoCos are a type of permanent capital. It is possible that the investor may not receive the return on the principal on the expected repayment date or any given date.
Liquidity risk:
In certain circumstances, it may be difficult to find a buyer for CoCos and the seller may be obliged to accept a significant discount on the expected value of the bond in order to be able to sell it.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain
issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) whic h are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileA EUR, A CHF (H), A USD (H), B EUR, B CHF (H), B USD (H) shares: All subscribersCR EUR, CR USD (H), CRD EUR, CRD USD (H) shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
I CHF (H), I EUR, I USD (H), J CHF (H), J EUR, J USD (H), N EUR, O EUR and K EUR shares: Legal entities and
institutional investors dealing on their own behalf or on behalf of third parties.
This Sub-fund is particularly intended for investors who wish to maximise their bond investments through the active management of credit instruments denominated in euros.
Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the
recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 2 years
- Procedures for determining and allocating income

| Distributable Amounts | “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “K EUR” and “N EUR” shares | “B CHF (H)”, “B EUR”, “B USD (H)”, “CRD EUR”, “CRD USD (H)”, “J CHF (H)”, “J EUR”, “J USD (H)” and “O EUR” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the auditor.
- Share characteristicsThe Sub-fund has 19 share classes: “A CHF (H)”, “A EUR”, “A USD (H)”, “B CHF (H)”, “B EUR”, “B USD (H)”, “CREUR”, “CR USD (H)”, “CRD EUR”, “CRD USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J CHF (H)”, “J EUR”, “J USD (H)”, “K EUR”, “N EUR” and “O EUR” shares.

The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share.
The B CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The B USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CRD USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share.
The J CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The J EUR share is denominated in euros and expressed in shares or thousandths of a share.
The J USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The O EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of the net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar).

Initial net asset value:
| A CHF (H) shares: | CHF 100 |
| --- | --- |
| A EUR shares: | €100 |
| A USD (H) share: | $102.02 |
| B CHF (H) shares: | CHF 100 |
| B EUR shares: | €86,69 |
| B USD (H) shares: | $100 |
| CR EUR shares: | €100 |
| CR USD (H) shares: | $100 |
| CRD EUR shares: | €100 |
| CRD USD (H) shares: | $100 |
| I CHF (H) shares: | CHF 95.07 |
| I EUR shares: | €11 072.59 |
| I USD (H) shares: | $100 |
| J CHF (H) shares: | CHF 100 |
| J EUR shares: | €100 |
| J USD (H) shares: | $100 |
| K EUR shares: N EUR shares: O EUR shares: | €100 €11 088.87 €8 879.45 |

Minimum initial subscription:
| A CHF (H) shares: | 1 Share |
| --- | --- |
| A EUR shares: | 1 Share |
| A USD (H) shares: | 1 Share |
| B CHF (H) shares: | 1 Share |
| B EUR shares: | 1 Share |
| B USD (H) shares: | 1 Share |
| CR EUR shares: | 1 Share |
| CR USD (H) shares: | 1 Share |
| CRD EUR shares: | 1 Share |
| CRD USD (H) shares: | 1 Share |
| I CHF (H) shares: | CHF 500,000 |
| I EUR shares: | €500,000 |
| I USD (H) shares: | $500,000 |
| J CHF (H) shares: | CHF 500,000 |
| J EUR shares: | €500,000 |
| J USD (H) shares: | $500,000 |
| K EUR shares: N EUR shares: O EUR shares: | €500,000 €10,000,000 €10,000,000 |

Minimum subsequent subscriptions:
| A CHF (H) shares: | 1 thousandth of a share |
| --- | --- |
| A EUR shares: | 1 thousandth of a share |
| A USD (H) shares: | 1 thousandth of a share |
| B CHF (H) shares: | 1 thousandth of a share |
| B EUR shares: | 1 thousandth of a share |
| B USD (H) shares: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CR USD (H) shares: | 1 thousandth of a share |
| CRD EUR shares: | 1 thousandth of a share |
| CRD USD (H) shares: | 1 thousandth of a share |
| I CHF (H) shares: | 1 thousandth of a share |
| I EUR shares: | 1 thousandth of a share |
| I USD (H) shares: | 1 thousandth of a share |
| J CHF (H) shares: | 1 thousandth of a share |
| J EUR shares: | 1 thousandth of a share |
| J USD (H) shares: | 1 thousandth of a share |
| K EUR shares: | 1 thousandth of a share |
| N EUR shares: O EUR shares: | 1 thousandth of a share 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption conditions are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m.** | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

* In the event of the dissolution of the Fund, redemptions will be settled within a maximum of five business days
** The subscription period for A USD (H), B EUR, I CHF (H), I EUR, N EUR and O EUR shares will commence on 30/10/2020.
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV. In case of uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value
:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees which are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV – Short Duration Credit Sub-fund | Net Asset Value x Number of shares | A CHF (H) shares: maximum 1% |
| A EUR shares: maximum 1% |
| A USD (H) share: maximum 1% |
| B CHF (H) shares: maximum 1% |
| B EUR shares: maximum 1% |
| B USD (H) shares: maximum 1% |
| CR EUR shares: maximum 1% |
| CR USD (H) shares: maximum 1% |
| CRD EUR shares: maximum 1% |
| CRD USD (H) shares: maximum 1% |
| I CHF (H) shares: None |
| I EUR shares: None |
| I USD (H) shares: None |
| J CHF (H) shares: None |
| J EUR shares: None |
| J USD (H) shares: None |
| K EUR shares: None |
| N EUR shares: None |
| O EUR shares: None |
| Subscription fee payable to the EdR SICAV – Short Duration Credit Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV – Short Duration Credit Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV – Short Duration Credit Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management fees
:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A CHF (H) shares: Maximum 0.70% incl. taxes |
| A EUR share: Maximum 0.70% incl. taxes |
| A USD (H) share: Maximum 0.70% incl. taxes |
| B CHF (H) shares: Maximum 0.70% incl. taxes |
| B EUR shares: Maximum 0.70% incl. taxes |
| B USD (H) shares: Maximum 0.70% incl. taxes |
| CR EUR shares: Maximum 0.45% incl. taxes |
| CR USD (H) shares: Maximum 0.45% incl. taxes |

|  |  | CRD EUR shares: Maximum 0.45% incl. taxes |
| --- | --- | --- |
| CRD USD (H) shares: Maximum 0.45% incl. taxes |
| I CHF (H) share: Maximum 0.35% incl. taxes |
| I EUR share: Maximum 0.35% incl. taxes |
| I USD (H) shares: Maximum 0.35% incl. taxes |
| J CHF (H) shares: Maximum 0.35% incl. taxes |
| J EUR share: Maximum 0.35% incl. taxes |
| J USD (H) shares: Maximum 0.35% incl. taxes |
| K EUR shares: Maximum 0.45% incl. taxes |
| N EUR shares: Maximum 0.20% incl. taxes |
| O EUR shares: Maximum 0.20% incl. taxes |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A CHF (H) shares: Maximum 0.15% incl. taxes |
| A EUR share: Maximum 0.15% incl. taxes |
| A USD (H) share: Maximum 0.15% incl. taxes |
| B CHF (H) shares: Maximum 0.15% incl. taxes |
| B EUR shares: Maximum 0.15% incl. taxes |
| B USD (H) shares: Maximum 0.15% incl. taxes |
| CR EUR shares: Maximum 0.15% incl. taxes |
| CR USD (H) shares: Maximum 0.15% incl. taxes |
| CRD EUR shares: Maximum 0.15% incl. taxes |
| CRD USD (H) shares: Maximum 0.15% incl. taxes |
| I CHF (H) share: Maximum 0.15% incl. taxes |
| I EUR share: Maximum 0.15% incl. taxes |
| I USD (H) shares: Maximum 0.15% incl. taxes |
| J CHF (H) shares: Maximum 0.15% incl. taxes |
| J EUR share: Maximum 0.15% incl. taxes |
| J USD (H) shares: Maximum 0.15% incl. taxes |
| K EUR shares: Maximum 0.15% incl. taxes |
| N EUR shares: Maximum 0.15% incl. taxes |
| O EUR shares: Maximum 0.15% incl. taxes |
| Transaction fees | Deducted from each transaction | None |
| Performance fee  (1) | Net assets of the sub-fund | A CHF (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in CHF, coupons reinvested |

|  |  | A EUR share: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested |
| --- | --- | --- |
| A USD (H) share: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in USD, coupons reinvested |
| B CHF (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in CHF, coupons reinvested |
| B EUR shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested |
| B USD (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in USD, coupons reinvested |
| CR EUR shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested |
| CR USD (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield |

|  |  | Constrained index hedged in USD, coupons reinvested |
| --- | --- | --- |
| CRD EUR shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested |
| CRD USD (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in USD, coupons reinvested |
| I CHF (H) share: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in CHF, coupons reinvested |
| I EUR share: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested |
| I USD (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in USD, coupons reinvested |
| J CHF (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in CHF, coupons reinvested |
| J EUR share: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of |

|  |  | which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index, coupons reinvested |
| --- | --- | --- |
| J USD (H) shares: Maximum 15% per annum of the outperformance compared with the benchmark, 50% of which comprises the ICE BofA 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedged in USD, coupons reinvested |
| K EUR shares: None |
| N EUR shares: None |
| O EUR shares: None |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
*** apart from any applicable performance fees
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index:
- made up of 50% ICE BofA1-5 Year A-BBB Euro Corporate Index with coupons reinvested and 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index with coupons reinvested for shares in EUR
- made up of 50% ICE BofA1-5 Year A-BBB Euro Corporate Index hedged in CHF with coupons reinvested and 50% ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index hedged in CHF with coupons reinvested for shares in CHF
- made up of 50% ICE BofA1-5 Year A-BBB Euro Corporate Index hedged in USD with coupons reinvested and 50% ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index hedged in USD with coupons reinvested for shares in USDThe performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.

When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is lower than that of its benchmark index over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore be greater than or equal to 5 years, but strictly less than 6 years.
At the end of a reference period of five years or more,
in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period shall be established, beginning at the end of the sub-period of the reference period at the end of which the greatest relative performance (greatest outperformance or least underperformance) is recorded. “Sub-periods” mean the sub-periods starting at the beginning of the reference period and ending at the end of each crystallisation date within the reference period.
if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed, and a new reference period shall begin at the end of the one that is ending.
At the end of reference period t:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV,and a new reference period shall begin at the end of this reference period.
- If the difference between the NAV of the sub-fund and its target NAV is negative, a performance fee will not be implemented or charged; and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is greater than or equal to 5 years, the cumulative outperformance at the end of each sub-period of the reference period is recorded. The sub-periods making up the reference period are the following: [t-5; t-4], [t-5; t-3], [t-5; t-2], [t-5; t-1] , [t-5; t]. A new reference period shall be established, beginning at the end of the sub-period with the highest relative performance. The Reference NAV becomes equal to the NAV of the share at the end of that sub-period.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV (t)) x performance fee rate NAV (t): net assets at the end of year t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV (t) = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends.
Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance* | Combined index performance * | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | E |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | R |

*from start of reference period
** for outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period
-4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | E |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | E |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | E |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | E |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | D |

*from start of reference period
** for outperformance
0–1 and 0–2 periods: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4), but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Relative performance over a negative period, no performance fee is charged. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (105: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
Example 3:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | E |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | R |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Example 4:
| Period | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NAV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Reference NAV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Basis of Calculation: NAV- Target NAV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period | Combined share performance * | Combined index performance * | Combined relative performance * | Share performanc e in previous year | Index performanc e in previous year | Relative performanc e in previous year | Applicatio n of a fee | Renewed period “R” / Extended period “E” or Deferred period “D” | Change in referenc e NAV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 4 | 8 | -4 | 4 | 8 | -4 | No | E | No |
| 0–2 | 5 | 10 | -5 | 1 | 2 | -1 | No | E | No |
| 0–3 | 17 | 18 | -1 | 11 | 7 | 4 | No | E | No |
| 0–4 | 3 | 15 | -12 | -12 | -3 | -9 | No | E | No |
| 0–5 | 6 | 10 | -4 | 3 | -4 | 7 | No | D | Yes |
| 3–6 | -3 | -5 | 3*** | 8 | 2 | 6 | Yes | R | Yes |

*from start of reference period
** for outperformance
*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference period. No performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–2 period: The performance of the share is positive (5) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100).
0–3 period: The performance of the share is positive (17) but lower than that of the benchmark index (18) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–4 period: The performance of the share is positive (3) but lower than that of the benchmark index (15) over the reference period. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (100)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference period. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefore cannot be extended. A new reference
period shall be established, beginning at the end of year 3, with the year-end NAV of year 3 as the reference NAV (117: year-end NAV over the current reference period having the highest combined relative performance, in this case of -1).
3–6 period: The performance of the share is negative (-3) but higher than that of the benchmark index (-5). A performance fee is therefore charged, with the basis of calculation being the combined relative performance since the beginning of the period, i.e. NAV (114)-Target NAV (111): 3. The reference NAV becomes the NAV at the end of the period (114). The reference period is renewed.
Fees linked to research as defined by Article 314-21 of the AMF General Regulation may be charged to the Sub- fund up to the value of 0.01% of its net asset value.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV – Short Duration Credit Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries:
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Tech Impact
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 05 June 2020.

The Sub-fund was created on 29 June 2020.
- ISIN codeA EUR shares:   FR0013488244A USD shares:   FR0050000720B EUR shares: FR0013488251 CR EUR shares: FR0013488269 CR USD shares: FR0050000738 CRD EUR shares: FR0013488277 I EUR shares:   FR0013488285 I USD shares:  FR0050000704 J EUR shares:   FR0013519949J USD shares:   FR0050000712K EUR shares:  FR0013488293 N EUR shares:  FR0013488301 S EUR shares:   FR0013532918
- Specific tax regimeNone
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund’s objective is to achieve a performance net of management fees that is greater than that of its benchmark index, over a recommended investment horizon of more than five years, by investing in companies on the international equity markets that focus their activities on technological innovation and that seek to combine financial return and sound ESG practices. These companies will be selected on the basis of an analysis that combines financial return and compliance with non-financial criteria. Through its investments, the Sub-fund will seek to develop the global technological ecosystem and more particularly the European technological ecosystem.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexFor information purposes, the Sub-fund’s performance may be compared to the MSCI ACWI Information Technology NR Index expressed in euros, or in US Dollars for units denominated in that currency.

The MSCI ACWI Information Technology NR Index reflects the variation in technology stocks on the international developed and emerging markets. This index is calculated with net dividends reinvested. You can find more information on this index on the website www.msci.com.
MSCI Limited (website: http://www.msci.com), the administrator responsible for the benchmark MSCI ACWI Information Technology Index, is not included in the register of administrators and benchmark indices held by ESMA and benefits from the transitional regime provided for under Article 51 of the BMR.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
As the Fund’s management is not index-linked, its performance may differ significantly from that of its benchmark, which serves only as a basis for comparison.
- Investment strategy. Strategies used:In order to achieve its objective, the Manager will adopt a discretionary management strategy through selection based on an analysis of companies focusing their activities on technological innovation.

This selection will be based on both financial and non-financial criteria to meet socially responsible investment requirements.
Through these investments, the strategy will in particular seek to support the creation and development of a French and European technological ecosystem with impacts that include direct and indirect job creation, investment in research and development and new technological expertise.
As such, the Manager monitors measurable performance indicators: the number of jobs created by European companies in the portfolio and the job creation levels in that same area, research and development (R&D) expenditure as a proportion of revenue and other indicators with a social, environmental and governance impact. This list of indicators is not exhaustive. The Sub-fund’s impact report is available on the Management Company’s website.
The management philosophy of the Sub-fund is to invest in undertakings whose strategic and operational decisions are guided by overall performance – economic and financial, social-societal, governance-related and environmental – in compliance with the respect and trust of their internal and external stakeholders.
The portfolio will be managed dynamically: it will be regularly adapted with a view to adapting it to market developments and to the convictions of the management team.
The Sub-fund’s ESG investment universe is composed of international companies with a market capitalisation of more than €100 million that are specialised in information technology and have been subjected to non-financial analysis.
The Management Company may select securities from outside of this ESG universe. It will, however, ensure that the selected ESG universe is a relevant means of comparison for the Sub-fund’s ESG rating.
The investment process begins by identifying technological innovation themes that enable new products, activities or services and that have an impact on the technological ecosystem. These themes include (but are not limited to) cloud computing, artificial intelligence and data analysis, automation and robotics, and the internet of things.
These themes go significantly beyond the traditional technology sector as it exists in the major market indices. The Sub-fund may also invest in (without being limited to) the following sectors: industry (such as robotics), communication services (such as social networks), healthcare (such as genome analysis), finance (such as payment technologies), consumption (such as e-commerce) and energy (such as alternative energies). Studying each theme then allows the main leaders or beneficiaries of the innovation to be identified. The companies comprising the investment universe will be selected on the basis of an analysis meeting the non-financial criteria detailed below.
Analysis of non-financial criteria:
This analysis enables stock selection according to the Management Company’s own ESG rating grid, which classifies securities according to the Environmental, Social and Governance criteria listed below:
Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact
Social: quality of employment, human resources management, social impact, health and safety
Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholder interest The SRI ratings model was formulated:
-using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size or sector.
-
with differentiated weightings for the three ESG pillars for each sector depending on its specific 
challenges: this means that the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which results in a different weighting for each of the three pillars. For example, a chemical company will be more affected
by environmental issues whereas for a company in the business services sector, a greater weighting will be placed on social factors.
To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on a seven- point scale ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating provided by Sustainalytics, a non-financial rating agency.
At least 90% of the net assets in the portfolio receive either an internal ESG rating or a rating provided by an external rating agency.
The Sustainalytics rating method may not be identical to the proprietary rating calculation approach. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company’s approach.
Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non- financial ratings.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
Between 60% and 100% of the Sub-fund’s net assets will be exposed to the international equity markets , either directly or indirectly via UCIs, financial contracts, ADRs (American depositary receipts), GDRs (global depositary receipts) and P-notes (participatory notes). ADRs/GDRs are tradeable certificates that are issued by custodian banks and represent a given number of shares in a company. P-notes are financial instruments that are issued by authorised investors on the Indian market and grant a right to the performance of a share in a given company.
The shares will be selected using the steps for identifying stocks that comply with the non-financial criteria.
Exposure to French and/or European companies will represent a minimum of 15% of net assets at the time the portfolio is created. This will reach a minimum of 30% from the portfolio’s third year (the first day following a two- year period after the creation date of the portfolio) and will be set to a minimum of 50% from the fifth year (the first day following a four-year period after the creation date of the portfolio). The final objective of the strategy is to follow the technological innovation of French and/or European companies over time and depending on the depth of the market in question.
The Sub-fund may invest up to 20% of its assets in securities listed in Shanghai and Shenzhen via the use of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges.
Given its investment strategy, the Sub-fund may be exposed to the equity markets of emerging countries up to a maximum of 85% of its net assets during the portfolio’s first two years, 70% of its net assets for the next two years and 50% of its net assets from the portfolio’s fifth year.
Investment via UCIs will be limited to 10% of net assets.
Up to 40% of the Sub-fund’s net assets may be invested in debt securities and money market instruments from public or equivalent issuers or private issuers, at fixed and/or floating rates, with no restriction as regards geographical area or maturity. These instruments will be issued in the “investment grade” category (i.e. instruments with the lowest issuer default risk) defined by independent rating agencies, or with an equivalent internal rating from the Management Company.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
The Sub-fund may also invest up to 10% of its net assets in securities that are unrated but have an internal rating from the management company, or are rated as “high yield” (speculative securities for which the risk of issuer default is higher and which are rated below BBB- by Standard & Poor’s or an equivalent agency, or which have an equivalent internal rating from the management company).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Subject to a limit of 100% of net assets, the Sub-fund may invest in financial contracts traded on regulated, organised or over-the-counter international markets.
On an ancillary basis, the Sub-fund may also hold up to 10% of its net assets in embedded derivatives. The use of instruments with embedded derivatives will not increase the Fund’s overall exposure to equity risk to more than 100% of its net assets.
The Sub-fund, which aims to invest in stocks without distinguishing by geographic region, may hold securities not denominated in euros, thereby exposing itself to currency risk, up to a maximum of 85% of its net assets during the portfolio’s first two years, 70% of its net assets for the next two years and up to 50% of its net assets from the portfolio’s fifth year.. Depending on the Manager’s expectations regarding downward currency movements, and in order to hedge against this risk, the Sub-fund may use forward currency contracts or currency swaps.
The shares will be selected using the steps for identifying stocks that comply with the previously mentioned non- financial criteria.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
In line with the objective of having a climate trajectory aligned with the Paris Agreement, the sub-fund favours companies whose business model supports solutions on the energy and ecological transition. The Manager therefore analyses whether the activity, primarily capital investments, is in line with the taxonomy, without this being a management constraint.
However, this approach does not guarantee a minimum alignment with the taxonomy. Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
. Assets:
Equities
Between 60% and 100% of the portfolio’s net assets are exposed to international equities and equivalent securities (ADRs, GDRs, P-notes) of all capitalisations that focus their activities on technological innovation. The securities selection process will give priority to investment policies focused on equities whose price growth projections exceed the market average. The geographic allocation will be achieved via investment in various international stock exchanges, including emerging markets. The shares will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Debt securities and money-market instruments
Up to 40% of the Sub-fund’s net assets may be invested in debt securities and money market instruments from public or equivalent issuers or private issuers, at fixed and/or floating rates, with no restriction as regards geographical area or maturity. These instruments will be issued in the Investment Grade category (i.e. those for which the issuer default risk is lowest) as defined by independent ratings agencies or with an equivalent internal rating from the Management Company, but, up to a maximum of 10%, they may also be unrated with an internal rating from the Management Company or be rated High Yield (speculative securities for which the risk of default by the issuer is greater, Standard and Poor’s or equivalent rating below BBB- or with an equivalent internal rating from the Management Company).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective. The instruments will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Shares or units of other foreign UCITS, AIFs or investment funds
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, or invest in other more specific sectors (for example: technology, healthcare, environment), including exchange-traded funds (ETFs), with a view to increasing exposure to the equity markets or to diversify exposure to other asset classes (such as commodities or property).
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
The units or shares of the selected UCIs will not be subject to a non-financial analysis.
Derivatives
The Sub-fund may invest up to 100% of the assets in financial contracts traded on international regulated, organised, or over-the-counter markets in order to conclude:
- equity option contracts in order to reduce equity volatility and increase the Sub-fund’s exposure,
- futures contracts in order to manage equity exposure and index contracts,
- forward foreign exchange contracts or currency swaps in order to hedge exposure to specific currencies in the case of equities outside the eurozone.

The use of financial contracts will not result in an overall increase of the Sub-fund’s exposure to equity risk in excess of 100%. The options and futures contracts will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
The Sub-fund will not use total return swaps.
In order to significantly limit the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Securities with embedded derivatives
The sub-fund may invest up to 10% of its net assets in securities with embedded derivatives. The strategy for the use of embedded derivatives is the same as that set out for derivatives.
It concerns warrants, subscription warrants or callable and puttable bonds.
These instruments will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Deposits
The Sub-fund may hold up to a maximum of 10% of its net assets in deposits with the custodian.
Cash borrowings
The sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities None.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another sub-fund of the SICAV Edmond de Rothschild Fund. The overall investment in other sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will primarily be invested in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
T
he 
Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). There is a risk that t
h
e sub-fund may not be invested in the best-performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to 
t
he effects of variations in credit quality.
Credit risk associated with investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (with a rating below BBB- from Standard & Poor’s or equivalent) or an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This Sub-fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the sub-fund in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The Sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile.
A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly, and finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the Sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the sub-fund’s net asset value.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which 
t
he Sub-fund invests. Counterparty risk results from the sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which 
th
e Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate or modify positions.
Risk associated with derivatives:
T
he 
Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which 
t
he Sub-fund invests.
Risk associated with small and mid-caps:
Securities of small- and mid-cap companies may be significantly less liquid and more volatile than those of large- cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileThis Sub-fund is aimed at investors wishing to achieve greater returns on their savings through eurozone companies focusing their activities on technological innovation and with an active sustainable development policy.

A EUR, A USD and B EUR shares: All subscribers
CR EUR, CR USD and CRD EUR shares: All subscribers; these shares may be marketed to retail investors (non- professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a regulated financial entity on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person responsible for ensuring that the criteria related to the capacity of subscribers or purchasers have been observed, and that they have received the required information, is the person entrusted with effectively implementing marketing for the SICAV. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
I EUR, I USD, J EUR, J USD, K EUR, N EUR and S EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
 Recommended investment period: more than 5 years
- Procedures for determining and allocating income

| Distributable income | “A EUR”, “A USD”, “CR EUR”, “I EUR”, “I USD”, “K EUR”, “N EUR” and “S EUR” shares | “B EUR”, “CRD EUR”, “J EUR” and “J USD” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulated (in full or in part) or distributed (in full or in part) or carried forward (in full or in part) based on the decision of the Management Company |

Where distribution shares are concerned, the Sub-fund’s Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the Statutory Auditor.
- Share characteristicsThe Sub-fund has 13 share classes: “A EUR”, “A USD”, “B EUR”, “CR EUR”, “CR USD”, “CRD EUR”, “I EUR“, “I USD”, “J EUR”, “J USD”, “K EUR”, “N EUR” and “S EUR” sharesThe A EUR share is denominated in Euros and expressed in shares or thousandths of a share.

The A USD share is denominated in US dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CR USD share is denominated in US dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I EUR share is denominated in Euros and expressed in shares or thousandths of a share. The I USD share is denominated in US dollars and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J USD share is denominated in US dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The N EUR share is denominated in Euros and expressed in shares or thousandths of a share. The S EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French and American markets are closed (according to the official Euronext Paris S.A. and NYSE calendars).

Initial net asset value: A EUR shares: €100
A USD shares: USD 100
B EUR shares: €100 CR EUR shares: €100
CR USD shares: USD 100 CRD EUR shares: €100
I EUR shares: €100
I USD shares: USD 100
J EUR shares: 
€100
J USD shares: 
USD 100
K EUR shares: €100 N EUR shares: €100 S EUR shares: €100
Minimum initial subscription:
| A EUR shares: 1 Share A USD shares: 1 Share B EUR shares: 1 Share |
| --- |
| CR EUR shares: 1 Share |
| CR USD shares: 1 Share CRD EUR shares: 1 Share I EUR shares: €500,000 I USD shares: USD 500,000 J EUR shares: €500,000 J USD shares: USD 500,000 K EUR shares: €500,000 |

N EUR shares: €15,000,000 S EUR shares: €15,000,000
This sum does not apply to subscriptions made by the promoter, financial manager, custodian, or their associates. Minimum subsequent subscriptions:
A EUR shares: 1 thousandth of a share
A USD shares: 1 thousandth of a share
B EUR shares: 1 thousandth of a share CR EUR shares: 1 thousandth of a share CR USD shares: 1 thousandth of a share CRD EUR shares: 1 thousandth of a share I EUR shares: 1 thousandth of a share
I USD shares: 1 thousandth of a share J EUR shares: 1 thousandth of a share
J USD shares: 1 thousandth of a share
K EUR shares: 1 thousandth of a share N EUR shares: 1 thousandth of a share S EUR shares: 1 thousandth of a share
Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption processes are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12.30 p.m. | D, before 12.30 p.m. | D | D+1 | D+3 | D+3* |

*In the event of the dissolution of the Sub-fund, redemptions will be settled within a maximum of five business days.
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV.
If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Option to limit or discontinue the subscriptions:
The SICAV will cease issuing new S EUR shares as soon as the outstanding value of this share class reaches
€200 million. S EUR shares therefore may not be subscribed to over this amount.
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the sub-fund serve to offset the charges incurred by the sub-fund when investing and divesting investors´ monies. Fees that are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV – Tech Impact Sub-fund | Net Asset Value x Number of shares | A EUR shares: maximum 3% |
| A USD shares: maximum 3% |
| B EUR shares: maximum 3% |
| CR EUR shares: maximum 3% |
| CR USD shares: maximum 3% |
| CRD EUR shares: maximum 3% |
| I EUR shares: None |
| I USD shares: None |
| J EUR shares: None |
| J USD shares: None |
| K EUR shares: None |
| N EUR shares: None |
| S EUR shares: None |
| Subscription fee payable to the EdR SICAV – Tech Impact Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV – Tech Impact Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV – Tech Impact Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management charges:
These charges cover all costs charged directly to the sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the sub-fund | A EUR shares: Maximum 1.80% incl. taxes* |
| A USD shares: Maximum 1.80% incl. taxes* |
| B EUR shares: Maximum 1.80% incl. taxes* |
| CR EUR shares: Maximum 1.05% incl. taxes* |
| CR USD shares: Maximum 1.05% incl. taxes* |
| CRD EUR shares: Maximum 1.05% incl. taxes* |
| I EUR shares: Maximum 0.90% incl. taxes* |
| I USD shares: Maximum 0.90% incl. taxes* |
| J EUR shares: Maximum 0.90% incl. taxes* |
| J USD shares: Maximum 0.90% incl. taxes* |
| K EUR shares: Maximum 1.00% incl. taxes* |
| N EUR shares: Maximum 0.70% incl. taxes* |
| S EUR shares: Maximum 0.25% incl. taxes* |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the sub-fund | A EUR shares: Maximum 0.15% incl. taxes* |
| A USD shares: Maximum 0.15% incl. taxes* |
| B EUR shares: Maximum 0.15% incl. taxes* |
| CR EUR shares: Maximum 0.15% incl. taxes* |
| CR USD shares: Maximum 0.15% incl. taxes* |
| CRD EUR shares: Maximum 0.15% incl. taxes* |
| I EUR shares: Maximum 0.15% incl. taxes* |
| I USD shares: Maximum 0.15% incl. taxes* |
| J EUR shares: Maximum 0.15% incl. taxes* |
| J USD shares: Maximum 0.15% incl. taxes* |
| K EUR shares: Maximum 0.15% incl. taxes* |
| N EUR shares: Maximum 0.15% incl. taxes* |
| S EUR shares: Maximum 0.15% incl. taxes* |
| Transaction fees | On the amount of the transaction | None |
| Performance fee (1) | Net assets of the sub-fund | A EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| A USD shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| B EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| CR EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |

|  |  | CR USD shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| --- | --- | --- |
| CRD EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| I EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| I USD shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| J EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| J USD shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |
| K EUR shares: None |
| N EUR shares: None |
| S EUR shares: a maximum of 15% per year of the outperformance compared to the benchmark MSCI ACWI Information Technology Index, net dividends reinvested. |

*Incl. taxes = inclusive of all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1)  Performance fee:
Performance fees are payable to the Management Company in accordance with the following procedures:
Benchmark index: MSCI ACWI Information Technology Index denominated in Euro and/or US Dollars for shares denominated in the same currency.
The performance fee is calculated by comparing the Sub-fund's share performance with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A performance fee may be charged in the event that the absolute performance of the share over its reference period is negative. A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference period for calculating the performance fee will end on the last net asset value date in September. This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is less than that of its benchmark index over the reference period, the fee will not be paid and the reference period will be extended by one year. The reference period may be extended four times.
At the end of a reference period of five years or more, if the performance of the share is less than that of its benchmark index, the reference period shall not be extended. A new reference period shall then be established, beginning at the end of the previous reference period.
At the end of a reference period:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV;
- If the difference between the NAV of the share and its target NAV is negative, a performance fee will not be implemented or charged and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is five years or more, this will end and the NAV at the end of this reference period will become its new reference NAV.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV )(t) x performance fee rate NAV (t): net assets as at date t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV(t) = Reference NAV x (benchmark index value on date t/benchmark index value on the Reference Date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis	of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance * | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Extension |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | Renewal |

*from start of reference period
** of outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period -4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Period | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV-Target NAV |  | -1 | -3 | -1 | -2 | -3 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Extension |
| 0–2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Extension |
| 0–3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Extension |
| 0–4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Extension |
| 0–5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Renewal |

*from start of reference period
** of outperformance
0–1 and 0–2 period: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4) but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Negative relative performance over the period, no performance fee is charged, reference period renewed, since the reference period has already been extended four times. A new reference NAV is set at 107.
Example 3:
| PERIOD | 0 | 1 | 2 |
| --- | --- | --- | --- |
| TARGET NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| BASIS OF CALCULATION: NAV-TARGET NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in	previous year | Index performance in	previous year | Relative performance in	previous year | Application of a fee | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Extension |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | Renewal |

0–1 period: Positive absolute performance but underperformance of -2 (102–104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106–98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV - Tech Impact Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report.
Procedure for selecting intermediaries
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
EdR SICAV – Green New Deal
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 19 May 2020.

The Sub-fund was created on 24 May 2020.
- ISIN code

| A CHF shares: | FR0013428919 |
| --- | --- |
| A EUR shares | FR0013428927 |
| A USD shares: | FR0013428935 |
| B CHF shares: | FR0013428950 |
| B EUR shares: | FR0013428968 |
| B USD shares: | FR0013428976 |
| CR EUR shares: | FR0013428984 |
| CR USD shares: | FR0013428992 |
| CRD EUR shares | FR0013429008 |
| CRD USD shares: | FR0013429016 |
| I CHF shares: | FR0013429024 |
| I EUR shares | FR0013429040 |
| I USD shares: | FR0013429057 |
| J CHF shares: | FR0013429065 |
| J EUR shares: | FR0013429081 |
| J USD shares: | FR0013429099 |
| K EUR shares: | FR0013429107 |
| KD EUR shares: | FR0013429115 |
| R EUR shares: | FR0050000068 |

- Specific tax regimeNone
- Exposure to other foreign UCITSs, AIFs or investment fundsUp to 10% of its net assets.
- Management objectiveThe Sub-fund’s objective is to seek, over a recommended investment horizon of more than 5 years, a performance exceeding that of its benchmark, the MSCI World (NR) EUR, by investing on international equity markets through the selection of companies linked to the theme of climate change. These companies will be selected on the basis of a proprietary analysis that combines financial profitability, a thematic analysis and compliance with non-financial criteria.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund’s objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index. The difference compared to the benchmark index may be significant, but sometimes may also be limited.
- Benchmark indexFor information purposes, the Sub-fund’s performance may be compared to that of the MSCI World (NR) index with net dividends reinvested, expressed in euros for units denominated in euros and in US dollars or Swiss francs for units denominated in those currencies. The MSCI World index reflects movements on the main international stock markets. You can find more information on this index on the website www.msci.com.

MSCI Limited (website: http://www.msci.com), the administrator responsible for the MSCI World benchmark index, is not included in the register of administrators and benchmark indices held by ESMA and benefits from the transitional regime provided for under Article 51 of the BMR.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
As the Sub-fund’s management is not index-linked, its performance may differ significantly from that of its benchmark, which serves only as a basis for comparison.
- Investment strategy. Strategies usedTo achieve its objective, the Manager will adopt a discretionary management strategy through a selection of companies and/or UCIs investing in the theme of climate change, based on a fundamental financial analysis and the cumulative application of the following non-financial approaches: (i) a thematic investment in the equity portion of the Sub-fund, which will represent at least 75% of the net assets at all times, and (ii) a non-financial and thematic filter on the issuers of securities (applied to shares and debt securities/bonds). At least 75% of the Sub-fund will be invested in shares at all times. For each company in the portfolio, an estimate of the share of the activity directly or indirectly contributing to the energy and ecological transition (green share) will be made. The data used is derived from a proprietary analysis and supplemented by external service providers.

This measure will be determined on the basis of an estimate of the company’s activity linked to 11 eco-activities:
Clean Air, Green Buildings, Green Chemistry, Circular Economy, Energy Efficiency, Clean Energy, Transition Financing, Sustainable Mobility, Sustainable Nutrition, Healthcare and Analysis, and Green Information and Communication Technologies (ICTs).
An activity that contributes indirectly may, for example, consist of financing, investments in companies engaged in eco-activities, the manufacture of components and software used in eco-activities, and the consumption of products derived from eco-activities.
The green share is defined in relation to the eco-activities described above. It corresponds to a percentage of turnover, EBITDA or a metric specific to the sector (for example, the capacities installed for a power generation company).
Each company in the portfolio will be subject to thematic classification. The Fund will invest at least 30% and up to 100% of the equity portion in companies that are directly linked to this theme (Core) according to a proprietary analysis conducted by the Management Company. Core companies are active in mitigating climate change, adapting to climate change, the sustainable use and protection of water and marine resources, the transition to a circular economy, waste prevention and recycling, pollution control and prevention, and the protection of healthy ecosystems. Core companies have a green share greater than or equal to 50%. The Sub-fund may also invest up to 30% of the equity portion in companies that facilitate the implementation of these activities through financing, insurance products or IT services (Enablers) and whose green share is more difficult to measure. The Sub-fund may also invest up to 40% of the equity portion in companies with a green share of 10% to 50% for which the theme is a significant development focus but where this focus does not represent their main activity (Leaders of tomorrow).
The portfolio will be managed dynamically: it will be regularly adapted with a view to adapting it to market developments and to the convictions of the management team. The steps for identifying stocks that fall within the theme and comply with the non-financial criteria may be summarised as follows:
The portfolio’s investment universe (initial investment universe) consists of stocks in the MSCI World. In addition, the Sub-fund may include companies that are not included in the MSCI World, such as companies in emerging countries. These companies will have a market capitalisation of more than €100 million at the time of purchase. However, these companies must adhere to the same non-financial analysis process as the components of the MSCI World. Furthermore, the holding percentage for a stock in the portfolio is independent of the weight of this stock in this indicator and the stocks present in the benchmark may not be held in the portfolio.
All the stocks that form the portfolio’s investment universe (initial investment universe) are subjected to a detailed non-financial analysis below. The investment universe will be reduced by eliminating 20% of the worst issuers.
- An initial filter is in place in order to exclude companies whose activities run counter to the energy and ecological transition. This includes companies belonging to the MSCI GICS integrated oil, exploration and production, cement and aggregates, coal mining, and airline and air transport services sectors.

The Sub-fund’s management philosophy is to invest in companies whose strategic and operational choices are guided by sustainable development criteria. While conducting their activity, they will therefore focus their research on overall performance – economic and financial, social-societal and environmental – gaining the respect and trust of their internal and external stakeholders, within the constraints of the methodological limitations resulting from data accessibility, corporate transparency and uncertainty regarding the long-term impacts of climate change.
-  The filtered stocks are subject to an analysis of non-financial criteriaThis involves a qualitative analysis designed to allow securities to be selected based on the Management Company’s own ESG rating grid, which classifies securities according to the company’s Environment, Social- societal and Governance criteria, in particular the following criteria listed below:Environment: energy consumption, greenhouse gas emissions, water, waste, pollution, environmental management strategy, green impact;Social: quality of employment, human resources management, social impact, health and safety; Governance: structure of governance bodies, remuneration policy, audit and internal control, shareholders.

The SRI ratings model was formulated:
- using a Best-in-Universe approach, i.e. by favouring the best-performing companies regardless of their financial rating, size, or sector.
- using differentiated weightings for the three ESG pillars for each sector depending on its specific challenges: this means that the three non-financial pillars are allocated a greater or lesser weighting depending on the sector in question, which results in a different weighting for each of the three pillars. For example, a chemical company will be more affected by environmental issues whereas for a company in the business services sector, a greater weighting will be placed on social factors.

To determine if the company analysed embodies the characteristics of a responsible and sustainable company as defined by the Management Company, the latter carries out research to produce an internal ESG rating on a scale of 7 ranging from AAA to CCC. This rating is an aggregation of the results scored against the various ESG criteria in the rating grid determined by the analysts.
In the absence of an internal rating, the Manager relies on an ESG rating provided by a non-financial rating agency.
The Sustainalytics rating method may not be identical to the proprietary rating calculation approach. In general, the Manager is responsible for selecting securities that comply with the non-financial criteria that are most suited to the Management Company’s approach.
- Once this process has been conducted, the investment scope will be reduced by eliminating 20% of the worst issuers in the Fund’s benchmark index, the MSCI World (NR).
- The Manager will then determine the composition of the portfolio by selecting securities through the combined use of financial criteria, to identify the securities with significant growth prospects, and non-financial criteria, in order to meet the requirements with regard to Socially Responsible Investment.

Between 75% and 110% of the net assets of the Sub-fund will be directly or indirectly exposed to the international equity markets via UCIs and/or financial contracts. Exposure via UCIs will be limited to 10% of net assets.
The companies represented in the portfolio will be linked to the energy, commodities, utilities, information technology, industry and consumer sectors, particularly in transportation.
In terms of its investment strategy, up to 100% of the Sub-fund’s net assets may be exposed to the equity markets of emerging countries.
The Sub-fund may invest up to 20% of its assets in securities listed in Shanghai and Shenzhen via the use of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programmes. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may deviate from the standards prevailing on major international exchanges.
For cash management purposes, up to 25% of the Sub-fund’s net assets may be invested in debt securities and money market instruments traded on international markets, including emerging markets, directly and/or via UCIs subject to a limit of 10%. These securities, rated primarily as “investment grade” (i.e. where the risk of issuer default is lowest and which have a rating of BBB- or higher according to Standard & Poor’s or an equivalent agency and an equivalent internal rating from the Management Company) but with no maximum duration, are selected according to their expected return.
The Sub-fund may also invest up to 10% of the net assets (excluding short-term securities) in securities rated “high yield” at the time of purchase (speculative securities with a rating below BBB- according to Standard & Poor’s or an equivalent agency and with an equivalent internal rating from the Management Company and securities for which the probability of default is higher than that of “investment grade” bonds) or invest in UCIs specialising in “high-yield” bonds (speculative securities).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
Subject to a limit of 100% of net assets, the Sub-fund may invest in financial contracts traded on regulated, organised or over-the-counter international markets.
The Sub-fund may also hold embedded derivatives (warrants or certificates), on an ancillary basis, representing up to 10% of its assets. The use of instruments with embedded derivatives will not increase the Fund’s overall exposure to equity risk to more than 110% of its net assets.
As its objective is to invest in securities with no geographical restriction, the Sub-fund may hold securities denominated in currencies other than the euro, and therefore up to 100% of its net assets may be exposed to currency risk. Depending on the Manager’s expectations regarding downward currency movements, and in order to hedge against this risk, the Sub-fund may use forward currency contracts or currency swaps.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 9 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund incorporates sustainability risk into its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
In line with the objective of having a climate trajectory aligned with the Paris Agreement, the sub-fund favours companies whose business model supports solutions on the energy and ecological transition. The Manager therefore analyses whether the activity, primarily capital investments, is in line with the taxonomy, without this being a management constraint.
However, this approach does not guarantee a minimum alignment with the taxonomy. Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
. Assets usedEquities:
Between 75% and 110% of the portfolio’s net assets are exposed to shares of companies in all sectors that work directly or indirectly on the fight against climate change, without geographical constraint. It will invest in securities of companies with a market capitalisation at the time of purchase which is at least equivalent to €100 million. The selected securities may or may not have voting rights.
Debt securities and money market instruments:
The Sub-fund may invest up to 25% of its net assets indiscriminately in negotiable debt securities and bonds issued in dollars or any other currency by private or public entities, directly and/or via UCIs subject to a limit of 10% of its net assets.
The issuers will be selected using the steps for identifying stocks that comply with the theme and respect the previously mentioned non-financial criteria.
The eligible instruments will primarily have an “investment grade” rating (securities with a long-term rating is greater than or equal to BBB- or a short-term rating greater than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or a rating deemed equivalent by the Management Company); however, the Sub-fund may also invest up to 10% of its net assets in “high yield” securities (speculative securities with a long-term rating below BBB- or with a short-term rating lower than A-3 according to Standard & Poor’s or an equivalent agency, or a rating deemed equivalent by the Management Company, i.e. securities for which the probability of default is higher than for “investment grade” bonds). Up to 10% of the Sub-fund may also be invested in securities with no public rating issued by a financial rating agency, but with an internal rating issued by the Management Company.
Shares or units of other foreign UCITS, AIFs or investment funds:
The Sub-fund may hold up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, regardless of their classification, in order to diversify exposure to other asset classes, including exchange-traded funds (ETFs), with a view to increasing exposure to the equity markets or to diversify exposure to other asset classes (such as commodities or property).
Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Derivatives:
The Sub-fund may invest up to 100% of the assets in financial contracts traded on international regulated, organised, or over-the-counter markets in order to conclude:
- equity option contracts in order to reduce equity volatility and increase the Sub-fund’s exposure,
- futures contracts in order to manage equity exposure and index contracts,
- forward foreign exchange contracts or currency swaps in order to hedge exposure to specific currencies in the case of equities outside the eurozone.

The options and futures contracts will be selected using the steps for identifying stocks that comply with the theme and respect the previously mentioned non-financial criteria.
The use of financial contracts will not result in an overall increase of the Sub-fund’s exposure to equity risk in excess of 110%.
The Sub-fund will not use total return swaps.
In order to significantly limit the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Securities with embedded derivatives:
The Sub-fund may invest in financial instruments containing embedded derivatives (warrants or certificates), on an ancillary basis, up to 10% of its assets. The use of instruments with embedded derivatives will not increase the Sub-fund’s overall exposure to equity risk beyond 110% of its net assets.
Deposits:
The Sub-fund may hold up to a maximum of 20% of its net assets in deposits with the custodian.
Cash loans:
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption operations, etc.), up to a limit of 10% of the net assets.
Temporary purchases and sales of securities:
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases of securities involving eligible financial securities or money-market
instruments, up to 25% of its net assets. More precisely, these transactions will consist of repurchase transactions on interest-rate or debt securities of eurozone countries and will be carried out in the context of cash management and/or optimisation of the Sub-fund’s income.
The expected proportion of assets under management which will be the subject of such transactions will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of investment grade (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to significantly limit the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested.
Further information on the fees applicable to temporary purchases and sales of securities is provided in the “Charges and fees” section.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another sub-fund of the SICAV Edmond de Rothschild Fund. The overall investment in other sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will primarily be invested in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the Sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments such as treasury bills (BTFs and BTANs) or short-term negotiable securities is that of issuer default, due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- according to Standard & Poor’s or equivalent) or those with an equivalent internal rating assigned by the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This Sub-fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the Sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the Sub-fund in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The Sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may deviate from the standards prevailing on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly, and finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the Sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the Sub-fund’s net asset value.
Risk associated with small and mid-caps:
Securities of small- and mid-cap companies may be significantly less liquid and more volatile than those of large- cap companies. As a result, the Sub-fund’s net asset value may fluctuate significantly and more rapidly.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-fund invests. Counterparty risk results from this Sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the Sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk associated with derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-fund invests.
Risk associated with the currency of units denominated in a currency other than that of the Sub-fund:
Shareholders investing in currencies other than the Sub-fund’s base currency (euro) may be exposed to currency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, which may cause the net asset value of the Sub-fund to fall.
Risks associated with temporary purchases and sales of securities:
The use of these transactions and the management of their collateral may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchases and sales of securities.
Sustainability risk:
Means an environmental, social or governance event or condition that, if it occurs, could cause a significant negative, material or potential, impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) which are partly based on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG
and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or capital protection:None.
- Eligible subscribers and typical investor profileA CHF, A EUR, A USD, B CHF, B EUR and B USD shares: All subscribersI CHF, I EUR, I USD, J CHF, J EUR, J USD, K EUR and KD EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.

CR EUR, CR USD, CRD EUR and CRD USD shares are intended for all subscribers; these units may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a regulated financial entity on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person responsible for ensuring that the criteria related to the capacity of subscribers or purchasers have been observed, and that they have received the required information, is the person entrusted with effectively implementing marketing for the SICAV. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is specifically intended for investors wishing to achieve greater returns on their savings via the European equity markets, particularly in the European Union.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this Sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the
recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: more than 5 years
- Procedures for determining and allocating income

| Distributable Amounts | “A CHF”, “A EUR”, “A USD”, “CR EUR”, “CR USD”, “I CHF”, “I EUR”, “I USD”, “K EUR” and “R EUR” shares | “B CHF”, “B EUR”, “B USD”, “CRD EUR”, “CRD USD”, “J CHF”, “J EUR”, “J USD” and “KD EUR” shares |
| --- | --- | --- |
| Allocation of net income | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund’s Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the Statutory Auditor.
- Share characteristicsThe Sub-fund has 18 share classes: “A CHF”, “A EUR”, “A USD”, “B CHF”, “B EUR”, “B USD”, “CR EUR”, “CR USD”, “CRD EUR”, “CRD USD”, “I CHF”, “I EUR”, “I USD”, “J CHF”, “J EUR”, “J USD”, “K EUR”, “KD EUR” and “REUR” shares.

The A CHF share is denominated in Swiss francs and expressed in shares or thousandths of a share. The A EUR share is denominated in euros and expressed in shares or thousandths of a share.
The A USD share is denominated in dollars and expressed in shares or thousandths of a share.
The B CHF share is denominated in Swiss francs and expressed in shares or thousandths of a share. The B EUR share is denominated in euros and expressed in shares or thousandths of a share.
The B USD share is denominated in dollars and expressed in shares or thousandths of a share. The CR EUR share is denominated in euros and expressed in shares or thousandths of a share. The CR USD share is denominated in dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in euros and expressed in shares or thousandths of a share. The CRD USD share is denominated in dollars and expressed in shares or thousandths of a share.
The I CHF share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in euros and expressed in shares or thousandths of a share.
The I USD share is denominated in dollars and expressed in shares or thousandths of a share.
The J CHF share is denominated in Swiss francs and expressed in shares or thousandths of a share. The J EUR share is denominated in euros and expressed in shares or thousandths of a share.
The J USD share is denominated in dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in euros and expressed in shares or thousandths of a share. The KD EUR share is denominated in euros and expressed in shares or thousandths of a share. The R EUR share is denominated in euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French and American markets are closed (according to the official Euronext Paris S.A. and NYSE calendars).

Initial net asset value:
| A CHF shares: | CHF 100 |
| --- | --- |
| A EUR shares: | €100 |
| A USD shares: | $ 100 |
| B CHF shares: | CHF 100 |
| B EUR shares: | €100 |
| B USD shares: | $ 100 |
| CR EUR shares: | €100 |
| CR USD shares: | $ 100 |
| CRD EUR shares: | €100 |
| CRD USD shares: | $ 100 |
| I CHF shares: | CHF 100 |
| I EUR shares: | €100 |
| I USD shares: | $ 100 |
| J CHF shares: | CHF 100 |
| J EUR shares: | €100 |
| J USD shares: | $ 100 |
| K EUR shares: | €100 |
| KD EUR shares: | €100 |
| R EUR shares: | €100 |

Minimum initial subscription:
| A CHF shares: | 1 Share |
| --- | --- |
| A EUR shares: | 1 Share |
| A USD shares: | 1 Share |
| B CHF shares: | 1 Share |
| B EUR shares: | 1 Share |
| B USD shares: | 1 Share |
| CR EUR shares: | 1 Share |
| CR USD shares: | 1 Share |
| CRD EUR shares: | 1 Share |
| CRD USD shares: | 1 Share |
| I CHF shares: | CHF 500,000 |
| I EUR shares: | €500,000 |
| I USD shares: | $500,000 |
| J CHF shares: | CHF 500,000 |
| J EUR shares: | €500,000 |
| J USD shares: | $500,000 |
| K EUR shares: | €500,000 |
| KD EUR shares: | €500,000 |
| R EUR shares: | 1 Share |

Minimum subsequent subscriptions:
| A CHF shares: | 1 thousandth of a share |
| --- | --- |
| A EUR shares: | 1 thousandth of a share |
| A USD shares: | 1 thousandth of a share |
| B CHF shares: | 1 thousandth of a share |
| B EUR shares: | 1 thousandth of a share |
| B USD shares: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CR USD shares: | 1 thousandth of a share |
| CRD EUR shares: | 1 thousandth of a share |
| CRD USD shares: | 1 thousandth of a share |
| I CHF shares: | 1 thousandth of a share |

| I EUR shares: | 1 thousandth of a share |
| --- | --- |
| I USD shares: | 1 thousandth of a share |
| J CHF shares: | 1 thousandth of a share |
| J EUR shares: | 1 thousandth of a share |
| J USD shares: | 1 thousandth of a share |
| K EUR shares: | 1 thousandth of a share |
| KD EUR shares: | 1 thousandth of a share |
| R EUR shares: | 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption processes are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of execution of order | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12.30 p.m. | D, before 12.30 p.m. | D | D+1 | D+3 | D+3* |

*In the event of the dissolution of the Sub-fund, redemptions will be settled within a maximum of five business days.
The Management Company has implemented a method of adjusting the Sub-fund’s net asset value known as Swing Pricing. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Subscriptions and redemptions of “A CHF”, “A EUR”, “A USD”, “B CHF”, “B EUR”, “B USD”, “CR EUR”, “CR USD”, “CRD EUR”, “CRD USD”, “I CHF”, “I EUR”, “I USD”, “J CHF”, “J EUR”, “J USD”, “K EUR”, “KD EUR” and “R EUR”
shares are executed by amount or by share or by thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the Sub-fund. If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Place and means of publication of NAV:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the Sub-fund serve to offset the charges incurred by the Sub-fund when investing and divesting investors’ monies. Fees that are not paid to the UCITS are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV – Green New Deal Sub-fund | Net asset value x Number of shares | A CHF shares: maximum 3% |
| A EUR shares: maximum 3% |
| A USD shares: maximum 3% |
| B CHF shares: maximum 3% |
| B EUR shares: maximum 3% |
| B USD shares: maximum 3% |
| CR EUR shares: maximum 3% |
| CR USD shares: maximum 3% |
| CRD EUR shares: maximum 3% |
| CRD USD shares: maximum 3% |
| I CHF shares: None |
| I EUR shares: None |
| I USD shares: None |
| J CHF shares: None |
| J EUR shares: None |
| J USD shares: None |
| K EUR shares: None |
| KD EUR shares: None |
| R EUR shares: 3% |
| Subscription fee payable to the EdR SICAV – Green New Deal Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV – Green New Deal Sub-fund | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV – Green New Deal Sub-fund | Net asset value x Number of shares | All classes of shares: None |

Operating and management fees:
These charges cover all costs charged directly to the Sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes, etc.) as well as any transaction fees, if applicable, that may be charged by the Custodian and the Management Company, in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the Sub-fund | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the Sub-fund | A CHF shares: Maximum 1.70% incl. taxes* |
| A EUR shares: Maximum 1.70% incl. taxes* |
| A USD shares: Maximum 1.70% incl. taxes* |
| B CHF shares: Maximum 1.70% incl. taxes* |
| B EUR shares: Maximum 1.70% incl. taxes* |
| B USD shares: Maximum 1.70% incl. taxes* |
| CR EUR shares: Maximum 0.95% incl. taxes* |
| CR USD shares: Maximum 0.95% incl. taxes* |
| CRD EUR shares: Maximum 0.95% incl. taxes* |
| CRD USD shares: Maximum 0.95% incl. taxes* |
| I CHF shares: Maximum 0.85% incl. taxes* |
| I EUR shares: Maximum 0.85% incl. taxes* |
| I USD shares: Maximum 0.85% incl. taxes* |
| J CHF shares: Maximum 0.85% incl. taxes* |
| J EUR shares: Maximum 0.85% incl. taxes* |
| J USD shares: Maximum 0.85% incl. taxes* |
| K EUR shares: Maximum 1.00% incl. taxes* |
| KD EUR shares: Maximum 1.00% incl. taxes* |
| R EUR shares: Maximum 2.05% incl. taxes* |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the Sub-fund | A CHF shares: Maximum 0.15% incl. taxes* |
| A EUR shares: Maximum 0.15% incl. taxes* |
| A USD shares: Maximum 0.15% incl. taxes* |
| B CHF shares: Maximum 0.15% incl. taxes* |
| B EUR shares: Maximum 0.15% incl. taxes* |
| B USD shares: Maximum 0.15% incl. taxes* |
| CR EUR shares: Maximum 0.15% incl. taxes* |
| CR USD shares: Maximum 0.15% incl. taxes* |
| CRD EUR shares: Maximum 0.15% incl. taxes* |
| CRD USD shares: Maximum 0.15% incl. taxes* |
| I CHF shares: Maximum 0.15% incl. taxes* |
| I EUR shares: Maximum 0.15% incl. taxes* |
| I USD shares: Maximum 0.15% incl. taxes* |
| J CHF shares: Maximum 0.15% incl. taxes* |
| J EUR shares: Maximum 0.15% incl. taxes* |
| J USD shares: Maximum 0.15% incl. taxes* |
| K EUR shares: Maximum 0.15% incl. taxes* |
| KD EUR shares: Maximum 0.15% incl. taxes* |
| R EUR shares: Maximum 0.15% incl. taxes* |
| Performance fee (1) | Net assets of the Sub-fund | A CHF shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| A EUR shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |

|  |  | A USD shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| --- | --- | --- |
| B CHF shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| B EUR shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| B USD shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| CR EUR shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| CR USD shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| CRD EUR shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| CRD USD shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| I CHF shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| I EUR shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| I USD shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| J CHF shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| J EUR shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| J USD shares: 15% per year of the outperformance compared to the benchmark MSCI World, net dividends reinvested. |
| K EUR shares: None |
| KD EUR shares: None |
| R EUR shares: 15% per year of the outperformance compared to the MSCI World benchmark index, net dividends reinvested. |

*Incl. taxes = inclusive of all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.10% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.10% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
Performance fees are payable to the Management Company in accordance with the following procedure. Benchmark index: MSCI World, net dividends reinvested.
The performance fee is calculated by comparing the performance of the sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark index, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark index, a provision of 15% will be applied to its outperformance.
In cases where the sub-fund’s share outperforms that of its benchmark index over the reference period—even if the share has had a negative performance—a performance fee may be charged.
A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of September.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the date of creation of the share to the end date of the first reference period, ensuring compliance with the minimum term of one year.
At the end of the reference period, if the performance of the share is less than that of its benchmark index over the reference period, the fee is not payable and the reference period will be extended by one year. The reference period may be extended four times.
At the end of a reference period of five years or more, if the performance of the share is less than that of its benchmark index, the reference period will not be extended. A new reference period shall then be established, beginning at the end of the previous reference period.
At the end of a reference period:
- If the difference between the NAV of the share and its target NAV is positive, a performance fee will be implemented and charged. This NAV becomes the new reference NAV;
- If the difference between the NAV of the share and its target NAV is negative, a performance fee will not be implemented or charged; and:
	- if the share has a reference period of less than five years, it will be extended by one year. The reference NAV then remains unchanged.
	- when the reference period is five years or more, this will end and the NAV at the end of this reference period will become the new reference NAV.


Calculation method
Amount of provision = MAX (0; NAV(t) – Target NAV) x performance fee rate NAV (t): net assets as at date t
Reference NAV: last net asset value of the previous reference period Reference date: date of reference NAV
Target NAV = Reference NAV x (benchmark index value on date t/benchmark index value on the reference date) adjusted for subscriptions, redemptions and dividends.
Examples:
The examples below are based on the assumption of zero subscriptions, redemptions and dividends. Example 1:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 105 | 95 |
| NAV | 100 | 101 | 99 |
| Basis	of calculation: NAV-Target NAV |  | -4 | 4 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Charged fee** | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Extension |
| 0–2 | -1 | -5 | 4 | -2 | -10 | 8 | Yes | Renewal |

*from start of reference period
** of outperformance
0–1 period: The NAV for the reference period is less than the Target NAV (101 versus 105, differential/relative performance from start of reference period -4). No performance fee is therefore charged and the initial one-year reference period is extended by an additional year. The reference NAV is unchanged.
0–2 period: The NAV for the reference period is higher than the Target NAV (99 versus 95, differential/relative performance from start of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference period NAV: 99<NAV start of reference period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the start of the reference period (4). Its amount is equal to the basis of calculation multiplied by the performance fee rate. The reference period is renewed and a new reference NAV is set at 99.
Example 2:
| Target NAV | 100 | 102 | 104 | 106 | 108 | 110 |
| --- | --- | --- | --- | --- | --- | --- |
| NAV | 100 | 101 | 101 | 105 | 106 | 107 |
| Basis of calculation: NAV- Target NAV |  | -1 | -3 | -1 | -2 | -3 |

Period	0	1	2	3	4	5
Period
Combined share performance*
Combined index performance*
Combined relative performance*
Share performance in previous year
Index performance in previous year
Relative performance in previous year
Application of a fee
Renewed/extended period
| 1 | 2 | -1 | 1 | 2 | -1 | No | Extension |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | 4 | -3 | 0 | 2 | -2 | No | Extension |
| 5 | 6 | -1 | 4 | 2 | 2 | No | Extension |
| 6 | 8 | -2 | 1 | 2 | -1 | No | Extension |
| 7 | 10 | -3 | 1 | 2 | -1 | No | Renewal |

0–1
0–2
0–3
0–4
0–5
*from start of reference period
** of outperformance
0–1 and 0–2 period: The absolute performance generated over the period is positive (NAV>reference NAV) but the relative performance is negative (NAV<Target NAV). No performance fee is charged. The reference period is extended by one year at the end of the first year and by an additional year at the end of the second year. The reference NAV is unchanged.
0–3 period: The absolute performance generated over the period is positive (5) and the relative performance generated over the year is positive (4) but the cumulative relative performance since the start of the reference period (0–3) is negative (-1). Therefore, no performance fee is charged. The reference period is extended by an additional year. The reference NAV is unchanged.
0–4 period: Negative relative performance over the period, no performance fee, the reference period is extended again by an additional year for the fourth and last time. The reference NAV is unchanged.
0–5 period: Negative relative performance over the period, no performance fee is charged, reference period renewed, since the reference period has already been extended four times. A new reference NAV is set at 107.
Example 3:
| Period | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Target NAV | 100 | 104 | 98 |
| NAV | 100 | 102 | 106 |
| Basis of Calculation: NAV- Target NAV |  | -2 | 8 |

| Period | Combined share performance* | Combined index performance* | Combined relative performance* | Share performance in previous year | Index performance in previous year | Relative performance in previous year | Application of a fee | Renewed/extended period |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0–1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Extension |
| 0–2 | 6 | -2 | 8 | 4 | -6 | 10 | Yes | Renewal |

0–1 period: Positive absolute performance but underperformance of -2 (102−104) over the reference period. No performance fee is charged. The reference period is extended by one year. The reference NAV is unchanged.
0–2 period: Positive absolute performance and outperformance of 8 (106−98). A performance fee is therefore charged with a basis of calculation of 8. The reference period is renewed, a new reference NAV is set at 106.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV – Green New Deal Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub-fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries
In accordance with the AMF General Regulation, the Management Company has established a Best Selection/Best
Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
EdR SICAV – Corporate Hybrid Bonds
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 05 November 2021.

The Sub-fund was created on 09 December 2021.
- ISIN code

| A CHF (H) shares: | FR00140058Y9 |
| --- | --- |
| A EUR shares: | FR00140059A7 |
| A USD (H) shares: | FR0014005997 |
| B EUR shares: | FR0014005989 |
| CR EUR shares: | FR0014005971 |
| CR (H) USD shares: | FR0014005963 |
| CRD EUR shares: | FR0014005955 |
| I CHF (H) shares: | FR0014005948 |
| I EUR shares: | FR0014005930 |
| I USD (H) shares: | FR0014005922 |
| J EUR shares: | FR0014005914 |
| J USD (H) shares | FR00140079Y5 |
| K EUR shares: | FR0014005906 |
| NC EUR shares: | FR00140058Z6 |
| OC EUR shares: | FR00140058X1 |

- Specific tax regimeNone
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging of the hedged shares.
- ClassificationBonds and other international debt securities.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Investment objectiveThe objective of the Sub-fund is to outperform the ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index over the recommended investment period through a portfolio invested mainly in hybrid debt securities of companies from any geographical region. These bond-type securities are issued by non-financial companies with the following characteristics: Subordinated payment rank and issued with a "perpetual" maturity or more than 50 years at issuance.

The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-Fund’s objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure.
The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-Fund may not hold all the components of the benchmark index or indeed any of the components in question. The difference compared to the benchmark index may be total or significant, but sometimes may also be limited.
- Benchmark indexThe Sub-fund's performance indicator is the ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index hedged in EUR, published by ICE Benchmark Administration Limited. It is representative of the hybrid non- financial corporate debt market. The benchmark index is expressed in the currency of the share in question.

The benchmark index for the CHF-denominated Sub-Classes (H) is the ICE BofA Global Hybrid Non-Financial Corporate Constrained Index hedged and expressed in CHF, and the benchmark for the USD-denominated Sub- Classes (H) is the index ICE BofA Global Hybrid Non-Financial Corporate Constrained Index hedged and expressed in USD.
As the management of the Sub-fund is not index-linked, its performance may differ from that of its benchmark index, which serves only as a basis for comparison.
The rates and indices used are annualised. Coupons are included in calculating the performance of this index.
ICE Benchmark Administration Limited (website: https://www.theice.com/iba), the administrator of the benchmark ICE BofA Global Hybrid Non-Financial Corporate Constrained Index, is not included in the register of administrators and benchmark indices held by ESMA and is covered by the transitional provisions set out in Article 51 of the Benchmarks Regulation.
In accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, the Management Company has a procedure in place for monitoring the benchmark indices used, which sets out the action to be taken in the event that an index materially changes or ceases to be provided.
- Investment strategy. Strategies used:In order to achieve its management objective, the Manager will invest in a discretionary manner in bonds, including 50% to 100% of the net assets in hybrid bonds, issued by non-financial, international, public or private companies and up to 15% of the net assets in bonds of financial institutions.

The ESG investment universe is composed of the securities of the Sub-fund’s benchmark.
The Management Company may select securities from outside of its benchmark. It will, however, ensure that the selected benchmark is a relevant means of comparison for the Sub-fund’s ESG rating.
The Sub-fund may also invest up to 10% of its net assets in bonds, including hybrid bonds, belonging to the speculative High Yield category (speculative issues with a Standard and Poor's or equivalent long-term rating below BBB-, or with an equivalent internal rating by the management company), or not rated by the rating agencies. For hybrid High Yield bonds, the rating of the issuer's most senior debt is used.
.
The Sub-fund may invest up to 20% of its net assets in bond-type securities issued by financial and non-financial companies domiciled in emerging countries. However, these bonds will be denominated in a currency of so-called developed countries (EUR, GBP, CHF, USD, JPY).
The Manager may also invest up to 15% of the net assets in any bond-type security in the financial sector, both in senior securities and in dated and non-dated subordinated securities of any level of subordination (Tier 1, Upper Tier 2 or Lower Tier 2) including hybrid securities (such as AT1). The selected securities may be Investment Grade (rating of BBB- or higher from Standard and Poor’s or equivalent or a rating deemed equivalent by the management company) or High Yield (speculative securities with a long-term rating of BBB- or lower from Standard and Poor’s or equivalent, or an equivalent internal rating from the management company) or unrated by the credit rating agencies.
Senior securities are generally defined as being priorities compared to subordinated securities in the event of the default of an issuer. Subordinated securities usually include priority levels (in case of default) that are set out contractually in the offering prospectus.
As the Sub-fund may invest in bonds of any subordination rank, there is a possibility that these instruments may be converted into shares at the initiative of the regulator or in the event, for example, of a fall in the solvency ratio below a threshold value that is generally contractually defined.
In the event that equities and bonds held in the portfolio are converted, the Sub-fund may temporarily hold shares up to the limit of 10% of its net assets and will proceed to sell them as soon as possible in the best interests of the shareholders.
order to hedge its assets, exposure and/or achieve its management objective, and without seeking overexposure, the Sub-fund may use financial contracts traded on regulated markets (futures, interest rate futures, currency futures, listed options), organised or over-the-counter markets (options, swaps, etc.), up to a limit of 100% of its net assets. In this situation, the Manager may obtain exposure to or synthetically hedge indices, industry sectors or geographic regions. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. With this in mind, the Manager may adopt strategies chiefly aimed at anticipating or protecting the Sub-fund against the risk of default by one or more issuers or exposing the portfolio to the credit risks of one or more issuers. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single benchmark entity or on indices (iTraxx or CDX).
The Sub-fund may use securities with embedded derivatives in the same manner and with the same objectives as referred to above for derivatives.
The face value of sales of protection via credit derivatives may not exceed 60% of the Sub-fund’s net assets. The face value of purchases of protection via credit derivatives may not exceed 70% of the Sub-fund's net assets.
Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating will have an ESG rating within the portfolio. This is either a proprietary ESG rating or a rating provided by an external non-financial data agency. Both ratios are expressed as a capitalisation of the net assets of the collective investment.
At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe. In addition, the Manager will not invest in securities with lower Sustainalytics or equivalent ratings.
Furthermore, the securities selection process also includes negative screening, which involves excluding companies that contribute to the production of controversial weapons, in compliance with international agreements in this field, as well as companies exposed to activities related to thermal coal and tobacco, in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France) available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund integrates sustainability risk and takes into account the main negative impacts in its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Fund/Sub-fund is not able to fully and accurately
calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation.
Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%. The strategy is based on both a bottom-up approach and a top-down approach.
The bottom-up approach, based on the combination of credit analysis and the study of valuations at the "issuer" and "issue" levels, aims to identify issuers and/or issues with a higher relative value than others. The selection model is based on a fundamental and quantitative analysis of each issuer and issue, which revolves around the evaluation of criteria such as:
- the clarity of the company’s strategy;
- its solvency;
- the “strategic” nature of the company.

Lastly, within the scope of the issuers selected through a combination of quantitative and fundamental analysis, the choice of exposures will be based on characteristics such as the rating of the issuer, the liquidity of the securities or their maturity.
The top-down approach, based on an analysis of the macroeconomic situation, is used to determine the risks and opportunities from a macro/top-down perspective, and in turn the desired overall risk level and exposure of the portfolio to key themes, including but not limited to: credit sensitivity, geographic region, sector exposure and interest rate sensitivity. The macro approach seeks to combine discretionary thematic views with valuation-based approaches to assist in the portfolio construction process in order to achieve the investment objective. For the purposes of the management of the Sub-fund, the approach also incorporates the global and local regulatory universe in which the issuers operate.
The acquisition of securities or UCIs denominated in a currency other than that of the Sub-fund will be subject to currency risk hedging, which will be carried out as soon as operationally possible, regardless of the currency of the share to which investors have subscribed. However, a residual currency risk may remain and is not expected to exceed 2%.
The Manager will also implement management of the Sub-fund's sensitivity to interest rates, which may vary between 0 and 10.
During periods when the investment strategy may lead the management team to reduce the Sub-fund’s exposure to bonds and/or other debt instruments in order to achieve the management objective, up to 100% of the Sub-fund may be invested in short-term negotiable securities and euro commercial papers. These financial instruments may also be used incidentally for cash investment purposes.
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of the net assets.
. Assets:
Equities
The Sub-fund is not intended to hold equities.
However, the Sub-fund may invest in bonds of all levels of subordination or in contingent convertible bonds. These instruments may be converted into equities on the initiative of the regulator or in the event, for example, of a lowering of the solvency ratio below the threshold generally laid down contractually. In the event that equities and bonds held in the portfolio are converted, the Sub-fund may temporarily hold shares up to the limit of 10% of its net assets and will proceed to sell them as soon as possible in the best interests of the shareholders.
Debt securities and money market instruments: (up to 100% of the portfolio)
General characteristics:
| Sensitivity to interest rates | - | [0; +10] |
| --- | --- | --- |
| Geographic region of issuers | All geographic regions | up to 100% of net assets |
| Emerging markets | up to 20% of net assets |
| - OECD currencies (for emerging countries: only issues denominated in: EUR, GBP, CHF, USD, JPY) | up to 100% of net assets |
| Currency risk level | - | Residual (up to 2% of net assets) |

Distribution of private debt/public debt:
The Sub-fund may invest up to 100% of its net assets in private debt.
The Sub-fund may also invest in State securities issued by OECD countries, particularly for the purposes of liquidity management.
Criteria related to ratings and subordination:
Up to 100% of the net assets of the Sub-fund may be exposed to dated or non-dated financial and non-financial sector bond-type securities (senior debt and subordinated debt), of all ratings, and of any subordination rank.
The Sub-fund may invest up to 10% of its net assets in bonds, including hybrid bonds rated High Yield (speculative issues with a Standard and Poor's or equivalent long-term rating below BBB-, or with an equivalent internal rating of the management company) or not rated by the rating agencies. For hybrid High Yield bonds, the rating of the issuer's most senior debt is used.
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal qualitative, quantitative and fundamental analysis. Prior to each investment decision, the management company analyses each security against criteria other than its rating. In the event that an issuer in the High Yield category has its rating downgraded, the management company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
The Sub-fund may invest in debt securities of all types including, in particular, fixed-rate, variable-rate and adjustable-rate bonds, negotiable debt securities, savings certificates, treasury bills, EMTNs and euro commercial papers.
The Sub-fund may invest up to 20% of its net assets in bond-type securities issued by financial and non-financial companies domiciled in emerging countries, or issued by governments of emerging countries. However, these bonds will be denominated in a currency of so-called developed countries (EUR, GBP, CHF, USD, JPY).
Shares or units of other French undertakings for collective investment or other foreign UCITS, AIFs or investmentfunds
The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs. These UCIs may be managed by the management company or by an affiliated company.
Currencies
The acquisition of securities or UCIs denominated in a currency other than the euro will be hedged against currency risk. Nevertheless, a residual currency risk (maximum of 2% of the net assets) may remain.
Financial contracts
In order to hedge its assets, exposure and/or achieve its management objective, and without seeking overexposure, the Sub-fund may use financial contracts traded on regulated markets (futures, interest rate futures, currency futures, listed options), organised or over-the-counter markets (options, swaps, etc.), up to a limit of 100% of its net assets. In this situation, the Manager may obtain exposure to or synthetically hedge indices, industry sectors or geographic regions. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. In order to significantly limit the total counterparty risk of instruments traded over-the-counter, the Management Company may receive cash collateral, which will be deposited with the custodian and will not be reinvested.

##### Types of markets invested in:
- Regulated markets
- Organised markets
- Over-the-counter markets


##### Risks in which the Manager intends to trade for the purposes of portfolio hedging or exposure:
- Interest rate risk
- Currency risk (solely for hedging purposes)
- Credit risk
- as well as components of these risks


##### Types of investment (transactions must only be undertaken in order to achieve the management objective):
- Hedging
- Exposure
- Arbitrage


##### Types of instruments used:
- Options and futures: financial indices, currencies, interest rates, options on interest rate and credit futures
	- Forward currency contracts and currency swaps
	- Swaps: interest rates (fixed/floating, all combinations and inflation), currencies and components of these assets.
	- Single-name or index-linked credit default swaps
	- Options on CDS on indicesIn addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on bonds, bond indices and/or bond baskets up to a limit of 100% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 25%.


The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
Securities with embedded derivatives
To achieve its management objective, the Sub-fund may also invest in financial instruments containing embedded derivatives. The Sub-fund may solely invest in:
- callable or puttable bonds,
- convertible bonds,
- contingent convertible bonds (CoCos).

Cash loans
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption transactions, etc.), up to a limit of 10% of the net assets.
Repurchase and reverse repurchase agreements
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may make temporary purchases of securities involving eligible financial securities or money-market instruments, up to 100% of its net assets. More precisely, these transactions will consist of repurchase agreements on interest-rate or debt securities of eurozone countries and will be carried out for the purposes of cash management and/or the optimisation of the Sub-fund’s income.
The expected proportion of assets under management, which will be the subject of such transactions, will be 10% of the net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum investment grade rating (rating greater than or equal to BBB- according to Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-Fund’s portfolio.
In order to significantly limit the total counterparty risk of instruments traded over-the-counter, the Management Company may receive cash collateral, which will be deposited with the custodian and will not be reinvested.
Further information on the fees applicable to temporary purchases and sales of securities is provided in the “Charges and fees” section.
Deposits
The Sub-fund may hold up to a maximum of 20% of its net assets in deposits with the custodian.
- Investments between Sub-fundsThe Sub-fund may invest up to 10% of its net assets in another sub-fund of the SICAV Edmond de Rothschild Fund. The overall investment in other sub-funds of the SICAV is limited to 10% of its net assets.
- Risk profileYour money will primarily be invested in financial instruments selected by the management company. These instruments will be subject to market trends and fluctuations.

The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-Fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the shares for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the Sub-Fund may not be invested in the best- performing markets at all times. The Sub-Fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments, such as Treasury bills (BTFs and BTANs) or short-term negotiable securities, is that of issuer default due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-Fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to 
t
he effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- from Standard & Poor’s or equivalent) or those with an equivalent internal rating from the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This Sub- Fund should therefore be considered partly speculative and as being aimed specifically at investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value.
Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the Sub-Fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security and thus the net asset value of the Sub-Fund in the event of a change in the yield curve.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests. Counterparty risk results from this Sub-Fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the Sub-Fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Risk associated with investing in emerging markets:
The Sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may deviate from the standards prevailing on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly and, finally, the companies held in the portfolio may have governments as shareholders.
Currency risk:
The capital may be exposed to currency risk when its constituent securities or investments are denominated in a different currency from that of the Sub-fund. Currency risk is the risk of a fall in the exchange rate of the base currency of financial instruments in the portfolio against the Sub-fund’s base currency, the euro, which may lead to a fall in the net asset value.
Equity risk:
The value of a share may vary as a result of factors related to the issuing entity but also as a result of external political or economic factors. Fluctuations in the equity and convertible bond markets, whose performance is in part correlated with that of the underlying equities, may lead to substantial variations in the net assets, which could have a negative impact on the performance of the Sub-fund’s net asset value.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests. Counterparty risk results from this Sub-Fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the Sub-Fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-Fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate, or modify positions.
Risk associated with derivatives:
The Sub-Fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-Fund invests.
Risk associated with the currency of shares denominated in currencies other than that of the Sub-fund:
Shareholders investing in currencies other than the Sub-fund’s base currency (Euro) may be exposed to currency risk if this is not hedged. The value of the Sub-fund’s assets may fall if exchange rates vary, which may cause the net asset value of the Sub-fund to fall.
Hybrid and subordinated securities risk:
The Sub-fund may be exposed to hybrid or subordinated securities. Hybrid or subordinated debt is subject to specific risks of non-payment of coupons and loss of capital under certain circumstances. For non-financial bonds, hybrid debt is deeply subordinated debt, which implies a low recovery rate in the event of issuer default.
Risks associated with temporary purchases and sales of securities and with total return swaps:
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk of inadequately drafting contracts concluded with counterparties for temporary purchases and sales of securities.
Risks associated with contingent convertible bonds (CoCos):
CoCos are subordinated debt securities issued by credit institutions or insurance or reinsurance companies that are eligible for inclusion in their capital requirement and that have the specific feature of potentially being converted into shares or having their par value reduced (write-down mechanism) in response to a trigger, as previously defined in the prospectus. A CoCo includes an option to convert into shares at the initiative of the issuer in the event that their financial situation deteriorates. In addition to the inherent interest rate and credit risk involved with bonds, activating the conversion option may cause the value of the CoCo to decrease by an amount greater than that recorded on other traditional bonds of the issuer. Under the conditions set out by the CoCo concerned, certain trigger events may lead to the main investment and/or accrued interest permanently depreciating to zero, or to the conversion of the bond into a share.
Risk linked to the conversion threshold of CoCos:
The conversion threshold of a CoCo depends on the solvency ratio of its issuer. It is the event that determines the conversion of the bond into an ordinary share. The lower the solvency ratio, the greater the likelihood of conversion.
Risk of loss or suspension of coupon:
Depending on the characteristics of the CoCos, the payment of coupons is discretionary and may be cancelled or suspended by the issuer at any time and for an indefinite period.
Risk of intervention of a regulatory authority at the point of “non-viability”:
A regulatory authority determines at any time and in a discretionary manner whether an institution is “not viable”,
i.e. the issuing bank requires the support of the public authorities to prevent the issuer from becoming insolvent, bankrupt, unable to pay the majority of its debts as they become payable or otherwise continue its activities and requires or requests the conversion of Conditional Convertible Bonds into shares in circumstances independent of the willingness of the issuer.
Capital structure inversion risk:
Contrary to the conventional capital hierarchy, investors in CoCos may incur a loss of capital that does not affect holders of shares. In certain scenarios, holders of CoCos will incur losses before holders of shares.
Call extension risk:
Most CoCos are issued in the form of instruments of a perpetual maturity, which are only repayable at predefined levels that have the approval of the competent authority. It cannot be assumed that perpetual CoCos will be called on the call date. CoCos are a type of permanent capital. It is possible that the investor may not receive the return on the principal on the expected repayment date or any given date.
Liquidity risk:
In certain circumstances, it may be difficult to find a buyer for CoCos and the seller may be obliged to accept a significant discount on the expected value of the bond in order to be able to sell it.
Sustainability risk:
An environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. The Fund’s investments are exposed to a sustainability risk that could have a significant negative impact on the value of the Fund. Consequently, the Manager identifies and analyses sustainability risks as part of their investment policy and investment decisions.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) that partly rely on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- Guarantee or protectionNone.
- Eligible subscribers and typical investor profileA EUR, A CHF (H), A USD (H) and B EUR shares: All subscribersI EUR, I CHF (H), I USD (H), J EUR, J USD (H), K EUR, NC (EUR) and OC (EUR) shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.

CR EUR, CR USD (H) and CRD EUR shares are intended for all subscribers; these units may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a financial entity regulated on behalf of its client as part of a management mandate.

In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not available for subscription for retail investors in all jurisdictions.
The person responsible for ensuring that the criteria related to the capacity of subscribers or purchasers have been observed, and that they have received the required information, is the person entrusted with effectively implementing marketing for the SICAV.
Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
This Sub-fund is specifically intended for investors who wish to maximise their bond investments through the active management of credit instruments issued by companies or institutions in the financial sector while being aware of the risks to which they are exposed; investors’ attention is drawn to the risks inherent to this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should seek advice from their legal adviser if there is any doubt about their legal status.
The appropriate amount to invest in this Sub-Fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-Fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-Fund.
Recommended investment period: more than 3 years
- Procedures for determining and allocating income

| Distributable income | “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “K EUR” and “NC EUR” shares | “B EUR”, “CRD EUR”,“J EUR” and “J USD (H) shares | "OC EUR" shares |
| --- | --- | --- | --- |
| Allocation of net profit/loss | Accumulation | Distribution | Mixed (accumulation and/or distribution and/or carried forward at the discretion of the Management Company) |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full or in part), at the discretion of the Management Company |

Where distribution shares are concerned, the Sub-fund’s Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- Distribution frequencyAccumulation shares: not applicableDistribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year and within one month for interim dividends following the date of the position certified by the statutory auditor.
- Share characteristicsThe Sub-fund has 15 share classes: “A CHF (H)”, “A EUR”, “A USD (H)”, “B EUR”, “CR EUR”, “CR USD (H)”, “CRDEUR”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J EUR”, “J USD (H)”, “K EUR”, “NC EUR” and “OC EUR” shares.

The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The B EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J USD (H) share is denominated in Dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The NC EUR share is denominated in Euros and expressed in shares or thousandths of a share. The OC EUR share is denominated in Euros and expressed in shares or thousandths of a share.
- Subscription and redemption proceduresDate and frequency of net asset value calculation:Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar).

Initial net asset value:
| A CHF (H) shares: | CHF 100 |
| --- | --- |
| A EUR shares: | €100 |
| A USD (H) shares: | $100 |
| B EUR shares: | €100 |
| CR EUR shares: | €100 |
| CR USD (H) shares | $100 |
| CRD EUR shares: | €100 |
| I CHF (H) shares: | CHF 100 |
| I EUR shares: | €100 |
| I USD (H) shares: | $100 |
| J EUR shares: | €100 |
| J USD (H) shares | $100 |
| K EUR shares: | €100 |
| NC EUR shares: | €100 |
| OC EUR shares: | €100 |

Minimum initial subscription:
| A CHF (H) shares: | 1 Share |
| --- | --- |
| A EUR shares: | 1 Share |
| A USD (H) shares: | 1 Share |
| B EUR shares: | 1 Share |
| CR EUR shares: | 1 Share |
| CR USD (H) shares: | 1 Share |
| CRD EUR shares: | 1 Share |
| I CHF (H) shares: | CHF 500,000 |
| I EUR shares: | €500,000 |
| I USD (H) shares: | $500,000 |
| J EUR shares: | €500,000 |
| J USD (H) shares | $500,000 |
| K EUR shares: | €500,000 |
| NC EUR shares: | €10,000,000 |
| OC EUR shares: | €10,000,000 |

Minimum subsequent subscriptions:
| A CHF (H) shares: | 1 thousandth of a share |
| --- | --- |
| A EUR shares: | 1 thousandth of a share |
| A USD (H) shares: | 1 thousandth of a share |
| B EUR shares: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CR USD (H) shares: | 1 thousandth of a share |

| CRD EUR shares: | 1 thousandth of a share |
| --- | --- |
| I CHF (H) shares: | 1 thousandth of a share |
| I EUR shares: | 1 thousandth of a share |
| I USD (H) shares: | 1 thousandth of a share |
| J EUR shares: | 1 thousandth of a share |
| J USD (H) shares | 1 thousandth of a share |
| K EUR shares: | 1 thousandth of a share |
| NC EUR shares: | 1 thousandth of a share |
| OC EUR shares: | 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption processes are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of the net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

*In the event of the dissolution of the Sub-fund, redemptions will be settled within a maximum of five business days.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 10% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 10% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 15% of the Sub-fund’s net assets while the trigger threshold is set at 10% of the net assets, the SICAV may decide to honour redemption requests for up to 12% of the net assets, executing 80% of the redemption requests instead of the 67% it would execute if the 10% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months.
Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Share subscriptions and redemptions are executed in amounts or in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV. If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline in order to take into account transfer times to Edmond de Rothschild (France).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the Sub-fund serve to offset the charges incurred by the Sub-fund when investing and divesting investors’ monies. Fees that are not paid to the Sub-fund are paid to the management company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the Sub-fund EdR SICAV – Corporate Hybrid Bonds | Net Asset Value x Number of shares | A CHF (H) shares: maximum 1% |
| A EUR shares: maximum 1% |
| A USD (H) shares: maximum 1% |
| B EUR shares: maximum 1% |
| CR EUR shares: maximum 1% |
| CR USD (H) shares: maximum 1% |
| CRD EUR shares: maximum 1% |
| I CHF (H) shares: None |
| I EUR shares: None |
| I USD (H) shares: None |
| J EUR shares: None |
| J USD (H) shares: None |
| K EUR shares: None |
| NC EUR shares: None |
| OC EUR shares: None |
| Subscription fee payable to Sub-fund EdR SICAV – Corporate Hybrid Bonds | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the Sub-fund EdR SICAV – Corporate Hybrid Bonds | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to Sub-fund EdR SICAV – Corporate Hybrid Bonds | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management fees:
These charges cover all costs charged directly to the Sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes etc.) as well as any transaction fees, if applicable, that may be charged by the custodian and the management company in particular.
The following fees may be charged on top of management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the Sub-fund | A CHF (H) shares: Maximum 1.15% incl. taxes* |
| A EUR shares: Maximum 1.15% incl. taxes* |
| A USD (H) shares: Maximum 1.15% incl. taxes* |
| B EUR shares: Maximum 1.15% incl. taxes* |
| CR EUR shares: Maximum 0.80% incl. taxes* |
| CR USD (H) shares: Maximum 0.80% incl. taxes* |
| CRD EUR shares: Maximum 0.80% incl. taxes* |
| I CHF (H) shares: Maximum 0.55% incl. taxes* |
| I EUR shares: Maximum 0.55% incl. taxes* |
| I USD (H) shares: Maximum 0.55% incl. taxes* |
| J EUR shares: Maximum 0.55% incl. taxes* |
| J USD (H) shares: Maximum 0.55% incl. taxes* |
| K EUR shares: Maximum 0.70% incl. taxes* |
| NC EUR shares: Maximum 0.55% incl. taxes* |
| OC EUR shares: Maximum 0.55% incl. taxes* |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the Sub-fund | A CHF (H) shares: Maximum 0.15% incl. taxes* |
| A EUR shares: Maximum 0.15% incl. taxes* |
| A USD (H) shares: Maximum 0.15% incl. taxes* |
| B EUR shares: Maximum 0.15% incl. taxes* |
| CR EUR shares: Maximum 0.15% incl. taxes* |
| CR USD (H) shares: Maximum 0.15% incl. taxes* |
| CRD EUR shares: Maximum 0.15% incl. taxes* |
| I CHF (H) shares: Maximum 0.15% incl. taxes* |
| I EUR shares: Maximum 0.15% incl. taxes* |
| I USD (H) shares: Maximum 0.15% incl. taxes* |
| J EUR shares: Maximum 0.15% incl. taxes* |
| J USD (H) shares: Maximum 0.15% incl. taxes* |
| K EUR shares: Maximum 0.15% incl. taxes* |
| NC EUR shares: Maximum 0.15% incl. taxes* |
| OC EUR shares: Maximum 0.15% incl. taxes* |

| Transaction fees | Deducted from each transaction | None |
| --- | --- | --- |

| Performance fee (1) | Net assets of the Sub-fund | A CHF (H) shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (CHF hedged), coupons reinvested. |
| --- | --- | --- |
| A EUR shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (EUR hedged), coupons reinvested. |
| A USD (H) shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (USD hedged), coupons reinvested. |
| B EUR shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (EUR hedged), coupons reinvested. |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (EUR hedged), coupons reinvested. |
| CR USD (H) shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (USD hedged), coupons reinvested. |
| CRD EUR shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (EUR hedged), coupons reinvested. |
| I CHF (H) shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (CHF hedged), coupons reinvested. |
| I EUR shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (EUR hedged), coupons reinvested. |
| I USD (H) shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (USD hedged), coupons reinvested. |
| J EUR shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (EUR hedged), coupons reinvested. |

|  |  | J USD (H) shares: 15% per year of the outperformance compared with the benchmark ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (USD hedged), coupons reinvested. |
| --- | --- | --- |
| K EUR shares: None |
| NC EUR shares: None |
| OC EUR shares: None |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** In the event of an increase in administrative fees external to the Management Company of 0.15% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. In the event of an increase of more than 0.15% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
(1) Performance fee
-ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index coupons reinvested, hedged and expressed in euro for euro-denominated share classes.
-ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index coupons reinvested, hedged and expressed in US dollars for US dollar-denominated share classes
-ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index coupons reinvested, hedged and expressed in Swiss francs for Swiss franc-denominated share classes.
The performance fee is calculated by comparing the performance of the Sub-fund’s share with that of an indexed reference asset.In cases where the SubThe reference period for calculating the performance fee will end on the last net asset value date in January.
, or at the earliest on 31/01/2023. It is at the end of this period that the compensation mechanism for past underperformance may be reset. The reference period may be extended four times and thus reach 5 years or less if the underperformance is recovered more quickly.
At the end of a reference period extended four times to reach five years:
- if the performance of the share exceeds that of its benchmark index, a fee is payable. The reference period is renewed and a new reference period shall begin on completion of the one that is ending.
- in the event that the performance of the share is lower than that of its benchmark index, no fee will be payable. A new reference period is established by defining a new reference year which depends on offsetting the periods of underperformance by any periods of outperformance within these first 5 years. If, in addition to the first year of underperformance, another year of underperformance has occurred within this first 5-year period and has not been offset by the end of this first period, a new period of up to 5 years will commence from the start of this new year of underperformanceFees linked to research as defined by Article 314-21 of the General Regulation of the AMF may be charged to the Sub-fund up to the value of 0.01% of its net asset value.

Any retrocession of management fees for the underlying UCIs and investment funds collected by the Sub-fund EdR SICAV – Corporate Hybrid Bonds will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries
In accordance with the AMF General Regulations, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
- The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.

EdR SICAV – Millesima World 2028
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 06 May 2022.

The Sub-fund was created on 31 May 2022.
- ISIN code

| A EUR shares: | FR0014008W22 |
| --- | --- |
| A CHF (H) shares: | FR0014008W14 |
| A USD (H) shares: AC EUR shares | FR0014008W30 FR0014008W48 |
| B EUR shares: | FR0014008W55 |
| CR EUR shares: | FR0014008W63 |
| CR USD (H) shares: | FR0014008W71 |
| CRD EUR shares: | FR0014008W89 |
| CRD USD (H) shares: | FR0014008W97 |
| I EUR shares: | FR0014008WB9 |
| I CHF (H) shares: | FR0014008WA1 |
| I USD (H) shares: | FR0014008WC7 |
| J EUR shares: | FR0014008WD5 |
| J CHF (H) shares: | FR0014008WE3 |
| J USD (H) shares: | FR0014008WF0 |
| K EUR shares: | FR0014008WG8 |
| R EUR shares: | FR0014008WH6 |
| PWM EUR shares: | FR0014008WI4 |
| PWM USD (H) shares | FR0014008WJ2 |
| PWMD EUR shares: | FR0014008WK0 |
| PWMD USD (H) shares | FR0014008WL8 |

- Specific tax regimeNone
- Delegation of financial managementEdmond de Rothschild Asset Management (France) delegates part of the financial management of the SICAV to: Edmond de Rothschild (Suisse) S.A.

This delegation of financial management focuses on currency hedging for the shares hedged.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- Investment objectiveMillesima World 2028 aims, over its recommended investment period, to achieve performance linked to trends on the international bond markets, particularly through exposure to high-yield securities maturing in December 2028 at the latest.

The management objective differs (taking into account the management and administrative fees) depending on the class of shares subscribed to:
- For share classes A and B: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 3.30%.
- For share class AC: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 3.15%.
- For share classes CR and CRD: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 4%.
- For share classes I and J: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 4.05%.
- For share class K: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 3.90%.
- For share class R: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 2.90%.
- For share classes PWM and PWMD: the management objective is to achieve, over an investment period starting from the launch of the Sub-fund until 31 December 2028, an annual net performance greater than 3.80%.

This objective is based on the materialisation of market assumptions determined by the management company. Under no circumstances is it a promise regarding the Sub-fund’s yield or performance.
It takes into account the estimated default risk, the cost of hedging and management fees.
- Benchmark indexThe Sub-fund has no benchmark index. Its investment strategy is not represented by existing indices.
- Investment strategy. Strategies used:In order to achieve its management objective, the manager will invest on a discretionary basis, in particular through a carry trade strategy, in bond securities maturing no later than 31 December 2028.

These securities will be representative of the expectations of the Management Company’s bond team regarding the Investment Grade and High Yield credit markets (speculative securities for which the risk of issuer default is higher) and may be issued by companies from all geographic regions.
The Sub-fund may invest up to 50% of its net assets in bond-type securities issued by companies domiciled in emerging countries. However, these bonds will be denominated in the currency of a so-called developed country (EUR, GBP, CHF, USD, JPY).
The Sub-fund may also invest up to 100% of its net assets in sovereign bonds issued by developed countries and up to 10% of its net assets in sovereign bonds issued by emerging countries, provided that they are denominated in the currency of a so-called developed country (EUR, GBP, CHF, USD, JPY) and, secondly, that the Sub-fund’s overall investment in emerging countries does not exceed 50% of its net assets.
The strategy is not limited to the holding of bonds; the Management Company may conduct arbitrages in the interest of holders in the event of new market opportunities or an increase in the risk of a forward default of one of the issuers in the portfolio.
The Manager will seek to select the issues which, based on their convictions, are the most attractive, in order to maximise the Sub-fund’s risk/return ratio.
As the Sub-fund nears maturity, it will be managed on the money market and with reference to the euro money market average rate (capitalised €STR). After approval from the AMF (Autorité des Marchés Financiers), the Sub- fund will then opt either for a new investment strategy or for dissolution, or it will be merged with another UCITS.
To achieve the management objective, the strategy will primarily combine a sector-based approach and credit analysis.
The Manager also systematically includes ESG factors in the financial analysis in order to select portfolio securities. The ESG investment universe is composed of the following securities:
- non-financial corporate bonds that are denominated in EUR, are rated BB or B based on the average of their ratings from Moody’s, S&P and Fitch, and are included in the ICE BofAML BB-B Euro Non-Financial H-Y Constrained Index (HEC5);
- corporate bonds issued by companies that are included in the J.P. Morgan CEMBI Broad Diversified (JBCDCOMP) index and are located in an emerging country or have all their assets in an emerging country.

The Management Company:
- aims to ensure that the portfolio has an average ESG rating that is higher than that of the ESG investment universe;
- has ensured that these two indicators and the combination thereof are relevant for ESG topics and has not introduced any bias to facilitate compliance with the ESG rating restrictions applied to the portfolio;
- may select securities from outside of these indices. It will, however, ensure that the indices used are a relevant means of comparison of the Sub-fund’s ESG rating.

Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
At least 90% of debt securities and money market instruments benefiting from an Investment Grade credit assessment and 75% of debt securities and money market instruments benefiting from a High Yield credit assessment or issued by emerging countries have an ESG rating within the Sub-fund. This is either a proprietary ESG rating or a rating provided by an external non-financial data agency. Both ratios are expressed as a capitalisation of the net assets of the collective investment.
At the end of this process, the Sub-fund will have an ESG rating that is higher than that of its investment universe.
The manager will not invest in the lowest-rated securities as rated by Sustainalytics or an equivalent non-financial rating agency.
The securities selection process also includes negative screening, which involves excluding companies that contribute to the production of controversial weapons, in compliance with international agreements in this field, as well as companies exposed to activities related to thermal coal and tobacco, in accordance with the Edmond de Rothschild Asset Management (France) exclusion policy available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund integrates sustainability risk and takes into account the main negative impacts in its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account (to the extent that data is available) the extent to which turnover or investments that are considered to be green are eligible for and align with the Taxonomy Regulation. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. An analysis may also be carried out on the carbon footprint (based on the relevant parameters), the company’s climate strategy and greenhouse gas reduction targets and the environmental added value of products and services, eco-design, etc.
The “causing no significant harm” principle only applies to those of the investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to guarantee reliable data for assessing the eligibility or alignment of investments with the Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments considered to be environmentally sustainable in the form of a minimum alignment percentage in accordance with the strict interpretation of Article 3 of the EU Taxonomy Regulation.
Currently, the Sub-fund does not aim to make any investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%. Top-down approach
The top-down approach, which is based on an analysis of the macroeconomic situation, is used within the context of the geographical allocation of the portfolio. For the purposes of the management of the Sub-fund, the approach also incorporates the global and local regulatory universe in which the issuers operate.
It allows the management team to determine specific market scenarios based on their predictions.
This analysis makes it possible to define, in particular:
- the degree of exposure to the various economic sectors within the private issuers component. This will be determined in such a way as to preserve a certain level of diversification.
- the distribution between the various ratings within the Investment Grade and High Yield categories (speculative securities, for which the risk of issuer default is greater, and which have a Standard & Poor’s or equivalent rating below BBB- or an equivalent internal rating from the Management Company) and between the different ratings within these categories.

The management team will seek to build a diversified portfolio both in terms of issuers and sectors.
The top-down analysis provides a comprehensive overview of the Sub-fund. This is complemented by a robust stock-picking process (bottom-up approach).
Bottom-up approach
The aim of this approach is to identify those issuers within a particular sector that provide better relative value than others and therefore seem to be the most attractive.
The way issuers are selected is based on a fundamental analysis of each company.
The fundamental analysis is structured around an assessment of specific criteria such as:
- the clarity of the company’s strategy
- its financial health (regular cash flow through different economic cycles, ability to honour its debts, ability to stand up to stress tests, etc.)
- non-financial criteriaWithin the scope of the selected issuers, the choice of exposures will be based on characteristics such as the issuer’s rating and the liquidity of the securities or their maturity.

In order to hedge its assets, exposure and/or achieve its management objective, and without seeking overexposure, the Sub-fund may use financial contracts traded on regulated markets (futures, listed options), organised markets or over-the-counter markets (options, swaps, etc.), up to a limit of 100% of its net assets. In this situation, the manager may obtain exposure to or synthetic hedging of indices, industry sectors or geographic regions. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. With this in mind, the manager may adopt strategies chiefly aimed at anticipating or protecting the Sub-fund against the risk of default by one or more issuers, or exposing the portfolio to the credit risks of one or more issuers. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single benchmark entity or on indices (iTraxx or CDX).
The Sub-fund may use securities with embedded derivatives in the same manner and with the same objectives as referred to above for derivatives.
In the event of conversion into shares
Up to 5% of the Sub-fund’s net assets may be held in shares following the conversion of convertible bonds held in the portfolio and/or, in exceptional cases, restructuring of securities held in the portfolio.
The Sub-fund’s sensitivity to interest rates may vary between 0 and 7.
Currencies
The euro currency risk will be hedged. Nevertheless, a residual currency risk may remain, up to a maximum of 2% of net assets.
-	For assets: Equities:
Up to 5% of the Sub-fund’s net assets may be held in shares following the conversion of convertible bonds held in
the portfolio and/or, in exceptional cases, following the restructuring of securities held in the portfolio.
Debt securities and money market instruments: (up to 100% of the net assets, with a maximum of 100% investeddirectly in securities):

##### General characteristics
| Sensitivity to interest rates | - | [0; 7] |
| --- | --- | --- |
| Geographic region of issuers | Developed countries | up to 100% of net assets |
| Emerging markets | up to 50% of net assets |
| - OECD currencies (for emerging countries: only issues denominated in: EUR, GBP, CHF, USD, JPY) | Up to 100% of net assets |
| Currency risk level | - | Residual (up to 2% of net assets) |


###### Distribution of private debt/public debt
To achieve the management objective, up to 100% of the portfolio’s net assets may be invested in private or public debt.

##### Criteria related to ratings
The portfolio may invest up to 100% of its net assets in high-yield securities (speculative securities with a long-term Standard & Poor’s or equivalent rating below BBB-, or with an equivalent internal rating from the Management Company). The portfolio may invest up to 15% of its net assets in securities rated between CCC+ and CCC-. The Sub-fund may also be invested in distressed securities (debt instruments that are officially undergoing restructuring or in default of payment and that have a Standard & Poor’s rating below CCC-, an equivalent rating from another independent agency or a rating deemed equivalent by the manager) up to a maximum of 5% of its net assets.
Taking into account the existence of a maximum maturity for the Sub-fund, the portfolio may invest up to 100% of its net assets in Investment Grade securities (with a long-term Standard and Poor’s rating or equivalent above BBB- or with an equivalent internal rating from the Management Company) in the form of bonds, debt securities or money market instruments.
Thus, as the Sub-fund approaches the end of its term and as a result of the portfolio securities reaching maturity, money market instruments will be the preferred choice for reinvestments (either directly or through a UCI).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the management company analyses each security against criteria other than its rating. In the event that an issuer has their rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
The Sub-fund may be fully invested in short-term securities with maturities of less than 3 months, particularly during its launch phase and as it reaches maturity.

##### Legal nature of the instruments used
Debt securities of all kinds including, in particular:
- Fixed, variable or adjustable-rate bonds
- Convertible bonds
- EMTN (Euro Medium Term Notes)
- Inflation-linked bonds
- Negotiable debt securities
- Savings certificates
- BTFs (negotiable fixed-rate discount Treasury bills)
- Treasury bills
- Medium-term negotiable securities
- Euro commercial papers (short-term negotiable securities issued in euros by a foreign entity)Shares or units of other French undertakings for collective investment or other foreign UCITS, AIFs or investmentfunds:The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs classified as money market or bond funds. These UCIs may be managed by the management company or by an affiliated company.

Financial contracts (subject to an overall off-balance sheet limit of 100% of the net assets):
In order to hedge its assets, exposure and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial contracts traded on regulated markets (futures, listed options) organised markets or over-the-counter markets (options, swaps, etc.). In this situation, the manager may obtain exposure to or synthetic hedging of indices, industry sectors or geographic regions. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks.
In order to significantly limit the total counterparty risk of instruments traded over-the-counter, the Management Company may receive cash collateral, which will be deposited with the custodian and will not be reinvested.

##### Types of markets invested in:
- Regulated markets
- Organised markets
- Over-the-counter markets


##### Risks in which the manager intends to trade:
- Interest rate risk
- Currency risk
- Credit risk
- Equity risk


##### Types of investment (transactions must only be undertaken in order to achieve the management objective):
- Hedging
- Exposure


##### Types of instruments used:
- Interest rate options
- Forward rate agreements
- Interest rate futures
- Options on interest-rate futures
- Interest rate swaps (fixed or variable rate for all combinations and inflation)
- Currency options
- Currency futures
- Options on currency futures
- Currency swaps
- Currency forwards
- Credit derivatives (credit default swaps)
- Options on CDS
- Options (PUT) on equity indices (solely for hedging purposes)In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on interest rates and credit up to a limit of 50% of its net assets for hedging or exposure purposes. The expected proportion of assets under management that will be subject to such contracts is 25%. The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- from Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company). These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.

The maturity dates of financial contracts will be consistent with the Sub-fund’s investment horizon.
The exposure to these financial instruments, markets, rates and/or some of their parameters or components resulting from the use of financial contracts cannot exceed 100% of the net assets.
Securities with embedded derivatives (up to 100% of net assets)
To achieve its management objective, the Sub-fund may also invest in financial instruments containing embedded derivatives.The Sub-fund may only invest in callable, puttable, index-linked and/or convertible bonds or in warrants up to a limit of 100% of its net assets.
Cash loans
The Sub-fund is not intended to be a cash borrower. However, a liability position may exist at certain points due to transactions related to the Sub-fund’s cash flows (ongoing investments and divestments, subscription/redemption operations, etc.), up to a limit of 10% of the net assets.
Repurchase and reverse repurchase agreements
In order to achieve efficient portfolio management and without deviating from its investment objectives, the Sub- fund may use up to 100% of its net assets to make temporary purchases and sales of securities involving eligible financial securities or money-market instruments. More precisely, these transactions will consist of repurchase and reverse repurchase agreements on interest-rate or debt securities of eurozone countries and will be carried out in the context of cash management and/or the optimisation of the Sub-fund’s income.
It is anticipated that the proportion of assets under management used for such transactions will be 10% of net assets.
The counterparties to these transactions are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- from Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio. In order to significantly limit the total counterparty risk of instruments traded over-the-counter, the Management Company may receive cash collateral, which will be deposited with the custodian and will not be reinvested.
Further information on the fees applicable to temporary purchases and sales of securities is provided in the “Charges and fees” section.
Deposits
The Sub-fund may hold up to a maximum of 20% of its net assets in deposits with the custodian.
- 
###### Investments between Sub-funds

The Sub-fund may invest up to 10% of its net assets in another sub-fund of the SICAV Edmond de Rothschild Fund.
The overall investment in other Sub-funds of the SICAV is limited to 10% of its net assets.
- 
###### Risk profile

Your money will primarily be invested in financial instruments selected by the Management Company. These instruments will be subject to market trends and fluctuations.
The risk factors described below are not exhaustive. It is the responsibility of each investor to analyse the risk associated with such an investment and to form his/her own opinion independently of the Edmond de Rothschild Group by obtaining as much specialist advice on such matters as is necessary in order to ensure this investment is appropriate for his/her financial and legal position and investment term.
Risk of capital loss:
The Sub-fund does not guarantee or protect the capital invested, so investors may not recover the full amount of the capital they initially invested, even if they retain the units for the duration of the recommended investment period.
Discretionary management risk:
The discretionary management style is based on anticipating trends in the various markets (equities, bonds, money market, commodities and currencies). However, there is a risk that the Sub-fund may not be invested in the best- performing markets at all times. The Sub-fund’s performance may therefore be lower than the investment objective, and a drop in its net asset value may lead to negative performance.
Credit risk:
The main risk linked to debt securities and/or money market instruments, such as Treasury bills (BTFs and BTANs) or short-term negotiable securities, is that of issuer default due either to the non-payment of interest and/or the non- repayment of capital. Credit risk is also associated with the downgrading of an issuer. Shareholders are reminded that the net asset value of the Sub-fund is likely to fall if a total loss is recorded on a financial instrument following default by an issuer. The inclusion of debt securities in the portfolio, whether directly or through UCIs, exposes the Sub-fund to the effects of variations in credit quality.
Credit risk linked to investment in speculative securities:
The Sub-fund may invest in issues from companies rated as non-investment grade by a rating agency (rating below BBB- according to Standard & Poor’s or equivalent) or those with an equivalent internal rating assigned by the Management Company. These issues are known as speculative securities and present a higher risk of issuer default. This UCITS should therefore be considered as partly speculative and intended specifically for investors who are aware of the risks inherent in investing in such securities. As a result, the use of high-yield securities (speculative securities with a higher risk of issuer default) may incur a greater risk of a fall in the net asset value. Interest rate risk:
The exposure to interest rate products (debt securities and money market instruments) makes the Sub-fund sensitive to interest rate fluctuations. Interest rate risk might result in a fall in the value of the security, and thus the net asset value of the Sub-fund, in the event of a change in the yield curve.
Risk associated with investing in emerging markets:
The Sub-fund may be exposed to emerging markets. In addition to the individual risks of each issuing company, there are also external risks, particularly in these markets. Furthermore, investors are reminded that the operating and oversight conditions in these markets may deviate from the standards prevailing on major international exchanges. Consequently, the holding of such securities may increase the portfolio’s risk profile. A fall in the market may thus be more pronounced and rapid than in developed countries, the net asset value may fall further and more rapidly and, finally, the companies held in the portfolio may have governments as shareholders.
Risk associated with financial and counterparty contract commitments:
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-fund invests. Counterparty risk results from this Sub-fund’s use of financial contracts traded on over-the-counter markets and/or of temporary purchases and sales of securities. Such transactions potentially expose the Sub-fund to the risk of one of its counterparties defaulting and to a possible decrease in its net asset value.
Liquidity risk:
The markets in which the Sub-fund trades may occasionally be affected by a lack of liquidity. These market conditions may affect the prices at which the Sub-fund may have to liquidate, initiate or modify positions.
Risk associated with derivatives:
The Sub-fund may invest in forward financial instruments (derivatives).
The use of financial contracts may entail the risk of a sharper, more abrupt fall in the net asset value than in the markets in which the Sub-fund invests.
Risks associated with temporary purchases and sales of securities and with total return swaps:
The use of securities financing transactions and total return swaps, as well as the management of their collateral, may involve certain specific risks such as operational risks or custody risk. These transactions may therefore have a negative effect on the net asset value of the Sub-fund.
Legal risk:
This is the risk that inadequately drafted contracts are concluded with counterparties for temporary purchases and sales of securities and for total return swaps.
Sustainability risk:
An environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
Risks associated with ESG criteria:
The integration of ESG and sustainability criteria into the investment process may exclude securities from certain issuers on non-investment grounds and, consequently, certain market opportunities that are available to funds that do not use ESG or sustainability criteria may not be available to the Sub-fund, and the Sub-fund’s performance may at times be better or worse than that of comparable funds that do not use ESG or sustainability criteria. Asset selection may be based in part on a proprietary ESG rating process or on exclusion lists (“ban lists”) that partly rely on third-party data. The lack of common or harmonised definitions and labels that incorporate ESG and sustainability criteria at EU level may cause managers to adopt different approaches when defining the ESG objectives and determining whether these objectives have been achieved by the funds they manage. This also means that it may be difficult to compare strategies that include ESG and sustainability criteria, given that the selection and weightings applied to the selected investments may, to some extent, be subjective or based on indicators that may share the same name, but whose underlying meanings are different. Investors are advised that the subjective value that they may or may not assign to certain types of ESG criteria may differ substantially from the Financial Manager’s methodology. The lack of harmonised definitions may also result in certain investments not benefiting from preferential tax regimes or tax credit schemes, as a result of ESG criteria being valued differently than initially envisaged.
- 
###### Guarantee or protection

None.
- 
###### Eligible subscribers and typical investor profile

A EUR, A CHF (H), A USD (H), AC EUR and B EUR shares: All subscribers
I EUR, I CHF (H), I USD (H), J EUR, J CHF (H) and J USD (H) shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.
K EUR shares: Institutional investors.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
CR EUR, CR USD (H), CRD EUR, CRD USD (H) shares: All subscribers; these shares may be marketed to retail investors (non-professional or professional) exclusively in the following cases:
- Subscription as part of independent advice provided by a financial advisor or regulated financial entity,
- Subscription as part of non-independent advice, with a specific agreement that does not authorise them to receive or retain trailer fees,
- Subscription by a regulated financial entity on behalf of its client as part of a management mandate.

PWM EUR, PWMD EUR, PWM USD and PWMD USD shares: Intended for Banque Privée EdR for the purpose of providing financial services to its clients.
In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not available for subscription for retail investors in all jurisdictions.
This Sub-fund is intended for investors wishing to optimise their bond investments by way of a portfolio that aims to achieve performance linked to changes in the international fixed-income markets, specifically through exposure to high-yield securities maturing in December 2028 at the latest. Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target UCIs likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(-ies) of such accounts are financial services professionals (including, inter alia, owners or employees of member firms of FINRA or UCI managers) (“Restricted Persons”), or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should seek advice from their legal adviser if there is any doubt about their legal status.
The appropriate amount to invest in this Sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: until 31 December 2028
- 
###### Procedures for determining and allocating income

| Distributable income | “A EUR”, “A CHF (H)”, “A USD (H)”, “AC EUR”, “CR EUR”, “CR USD (H)”, “I EUR”, “I CHF (H)”, “I USD (H)”, “K EUR”, “PWM EUR”, “PWM USD (H)” and “R EUR” shares, | “B EUR”, “CRD EUR”, “CRD USD (H)”, “J CHF (H)”, “J EUR”, “J USD (H)” shares “PWMD EUR” and “PWMD USD (H)” shares |
| --- | --- | --- |
| Allocation of net profit/loss | Accumulation | Distribution |
| Allocation of net realised gains or losses | Accumulation | Accumulation (in full or in part) or Distribution (in full or in part) or Carried forward (in full |

|  |  | or in part), at the discretion of the Management Company |
| --- | --- | --- |

Where distribution shares are concerned, the Sub-fund’s Management Company may decide to distribute one or more interim dividends on the basis of the financial positions certified by the Statutory Auditor.
- 
###### Distribution frequency

Accumulation shares: not applicable
Distribution shares: annual with the possibility of interim dividends. The payment of distributable income takes place within a period of no more than five months following the end of the financial year, and within one month for interim dividends following the date of the position certified by the statutory auditor.
- 
###### Share characteristics

The Sub-fund has 21 share classes: “A CHF (H)”, “A EUR”, “A USD (H)”, “AC EUR”, “B EUR”, “CR EUR”, “CR USD (H)”, “CRD EUR”, “CRD USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “J CHF (H)”, “J EUR”, “J USD (H)”, “K EUR”, “R EUR”, “PWM EUR”, “PWM USD (H)”, “PWMD EUR” and “PWMD USD (H)” shares.
The A CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The A EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The A USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The A EUR share is denominated in Euros and expressed in shares or thousandths of a share
The B EUR share is denominated in Euros and expressed in shares or thousandths of a share. The CR EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CR USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The CRD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The CRD USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share The I CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The I EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The I USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The J CHF (H) share is denominated in Swiss francs and expressed in shares or thousandths of a share. The J EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The J USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The K EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The R EUR share is denominated in Euros and expressed in shares or thousandths of a share. The PWM EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The PWM USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share. The PWMD EUR share is denominated in Euros and expressed in shares or thousandths of a share.
The PWMD USD (H) share is denominated in US dollars and expressed in shares or thousandths of a share.
- 
###### Subscription and redemption procedures

Date and frequency of net asset value calculation:
Daily, with the exception of public holidays and days on which the French markets are closed (according to the official Euronext Paris S.A. calendar).
Initial net asset value:
| A CHF (H) shares: | CHF 100 |
| --- | --- |
| A EUR shares: | €100 |

| A USD (H) shares: AC EUR shares | $100 €100 |
| --- | --- |
| B EUR shares: | €100 |
| CR EUR shares: | €100 |
| CR USD (H) shares: | $100 |
| CRD EUR shares: CRD USD (H) shares: | €100 $100 |
| I CHF (H) shares: | CHF 100 |
| I EUR shares: | €100 |
| I USD (H) shares: | $100 |
| J EUR shares: J CHF (H) shares: | €100 CHF 100 |
| J USD (H) shares: | $100 |
| K EUR shares: | €100 |
| R EUR shares: PWM EUR shares: PWM USD (H) shares: PWMD EUR shares: PWMD USD (H) shares: | €100 €1,000 $1,000 €1,000 $1,000 |

Minimum initial subscription:
| A CHF (H) shares: | 1 Share |
| --- | --- |
| A EUR shares: | 1 Share |
| A USD (H) shares: AC EUR shares | 1 Share 1 Share |
| B EUR shares: | 1 Share |
| CR EUR shares: | 1 Share |
| CR USD (H) shares: | 1 Share |
| CRD EUR shares: CRD USD (H) shares: | 1 Share 1 Share |
| I CHF (H) shares: | CHF 1,000,000 |
| I EUR shares: | €1,000,000 |
| I USD (H) shares: | $1,000,000 |
| J EUR shares: J CHF (H) shares: | €1,000,000 CHF 1,000,000 |
| J USD (H) shares: K EUR shares: R EUR shares: PWM EUR shares: PWM USD (H) shares: PWMD EUR shares: PWMD USD (H) shares: | $1,000,000 €1,000,000 1 Share €1,000 $1,000 €1,000 $1,000 |

Minimum subsequent subscriptions:
| A CHF (H) shares: | 1 thousandth of a share |
| --- | --- |
| A EUR shares: | 1 thousandth of a share |

| A USD (H) shares: AC EUR shares | 1 thousandth of a share 1 thousandth of a share |
| --- | --- |
| B EUR shares: | 1 thousandth of a share |
| CR EUR shares: | 1 thousandth of a share |
| CR USD (H) shares: | 1 thousandth of a share |
| CRD EUR shares: CRD USD (H) shares: | 1 thousandth of a share 1 thousandth of a share |
| I CHF (H) shares: | 1 thousandth of a share |
| I EUR shares: | 1 thousandth of a share |
| I USD (H) shares: | 1 thousandth of a share |
| J EUR shares: J CHF (H) shares: | 1 thousandth of a share 1 thousandth of a share |
| J USD (H) shares: | 1 thousandth of a share |
| K EUR shares: R EUR shares: | 1 thousandth of a share 1 thousandth of a share |
| PWM EUR shares: PWM USD (H) shares: PWMD EUR shares: PWMD USD (H) shares: | 1 thousandth of a share 1 thousandth of a share 1 thousandth of a share 1 thousandth of a share |

Subscription and redemption procedures:
Orders are executed in accordance with the table below.
Subscription and redemption processes are expressed in business days. D is the net asset value calculation day:
| Clearing of subscription orders | Clearing of redemption orders | Date of order execution | Publication of net asset value | Settlement of subscriptions | Settlement of redemptions |
| --- | --- | --- | --- | --- | --- |
| D, before 12:30 p.m. | D, before 12:30 p.m. | D | D+1 | D+3 | D+3* |

*In the event of the dissolution of the Sub-fund, redemptions will be settled within a maximum of five business days.
The Management Company has implemented a method of adjusting the net asset value of the Sub-fund known as swing pricing during the marketing period of the Sub-fund. This mechanism is described in Section VII of the prospectus: “Asset valuation rules”.

##### Redemption gates:
The Management Company may introduce redemption gates, which, in exceptional circumstances and provided that they are in the interests of shareholders or the general public, enable redemption requests to be spread across several NAV (net asset value) dates once they exceed a given threshold.
Description of the method:
Once an objectively predetermined threshold of redemptions is reached on a particular NAV date, the Management Company may decide not to carry out all redemption requests on that NAV date. To establish this threshold, the Management Company takes into account the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio.
The Management Company may apply redemption gates to the Sub-fund when the threshold of 5% of the net assets is reached. As the Sub-fund has multiple share classes, the trigger threshold will be the same for all of its share classes. This threshold of 5% takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
The trigger threshold for the gates is based on the relationship between:
- the difference, on any given centralisation date, between the number of shares of the Sub-fund for which redemption requests have been made or the total value of these redemptions, and the number of shares of the Sub-fund for which subscription requests have been made or the total value of these subscriptions; and
- the net assets or total number of shares of the Sub-fund.

When redemption requests exceed the trigger threshold of the redemption gates, the Sub-fund may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
For example, if the total volume of share redemption requests is 10% of the Sub-fund’s net assets while the trigger threshold is set at 5% of the net assets, the SICAV may decide to honour redemption requests for up to 8% of the net assets, executing 80% of the redemption requests instead of the 50% it would execute if the 5% threshold was strictly applied.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Notifying shareholders:
When redemption gates are applied, shareholders of the Sub-fund will be notified by any means via the website https://funds.edram.com.
Shareholders of the Sub-fund whose redemption orders will not be executed will be informed individually as soon as possible.
Processing unexecuted orders:
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date.
Postponed redemption orders will not be given priority over subsequent redemption requests. Unexecuted redemption orders are automatically postponed and may not be revoked by shareholders of the Sub-fund.
Exemption from redemption gates:
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class that occur on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Share subscriptions and redemptions are executed in amounts, in shares or in thousandths of a share.
A switch from one share class to another share class within this Sub-fund or another Sub-fund of the SICAV is treated as a redemption transaction followed by a new subscription. Consequently, the tax system applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the SICAV. If there is any uncertainty, subscribers should contact their adviser to obtain information about the tax regime applicable to them.
Unitholders are advised that orders sent to institutions responsible for receiving subscription and redemption orders must take into account the deadline for centralising orders that is applied to the transfer agent, Edmond de Rothschild (France). Consequently, the other institutions named may apply their own earlier deadline, in order to take into account transfer times to Edmond de Rothschild (France).
Option to limit or discontinue the subscriptions:
The marketing period is open for a period of 12 months from the date the Sub-fund was launched. However, the marketing period may be closed early if the assets under management in the Sub-fund exceed €150 million. At the end of this period, the Sub-fund will be closed to any subscription (except in the event of a subscription that coincides with a redemption from the same investor for the same amount and executed on the same net asset value calculation date).
Place and method of publication of net asset value:
The Sub-fund’s net asset value can be obtained from the Management Company: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
- Charges and feesSubscription and redemption fees:Subscription and redemption fees increase the subscription price paid by the investor or reduce the redemption price. The fees payable to the Sub-fund serve to offset the charges incurred by the Sub-fund when investing and divesting investors’ monies. Fees that are not paidto the Sub-fund are paid to the Management Company, promoter, etc.

| Fees payable by the investor on subscriptions and redemptions | Basis | Rate and scale |
| --- | --- | --- |
| Subscription fee not payable to the EdR SICAV – Millesima World 2028 Sub-fund | Net Asset Value x Number of shares | A CHF (H) shares: maximum 4% |
| A EUR shares: maximum 4% |
| A USD (H) shares: maximum 4% |
| AC EUR shares: maximum 4% |
| B EUR shares: maximum 4% |
| CR EUR shares: maximum 4% |
| CR USD (H) shares: maximum 4% |
| CRD EUR shares: maximum 4% |
| CRD USD (H) shares: maximum 4% |
| I CHF (H) shares: None |
| I EUR shares: None |
| I USD (H) shares: None |
| J EUR shares: None |
| J CHF (H) shares: None |
| J USD (H) shares: None |
| K EUR shares: None |
| R EUR shares: maximum 4% |
| PWM EUR shares: None |
| PWM USD (H) shares: None |
| PWMD EUR shares: None |
| PWMD USD (H) shares: None |
| Subscription fee payable to the EdR SICAV – Millesima World 2028 Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the EdR SICAV – Millesima World 2028 Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |
| Redemption fee payable to the EdR SICAV – Millesima World 2028 Sub-fund | Net Asset Value x Number of shares | All classes of shares: None |

Operating and management fees:
These charges cover all costs charged directly to the Sub-fund, with the exception of transaction charges.
Transaction charges include intermediary charges (brokerage fees, local taxes etc.), as well as any transaction fees, if applicable, that may be charged by the custodian and the Management Company in particular.
The following fees may be charged in addition to management and administration fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the SICAV | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the Sub-fund | A CHF (H) shares: Maximum 1.10% incl. taxes* |
| A EUR shares: Maximum 1.10% incl. taxes* |
| A USD (H) shares: Maximum 1.10% incl. taxes* |
| AC EUR shares: Maximum 1.25% incl. taxes* |
| B EUR shares: Maximum 1.10% incl. taxes* |
| CR EUR shares: Maximum 0.40% incl. taxes* |
| CR USD (H) shares: Maximum 0.40% incl. taxes* |
| CRD EUR shares: Maximum 0.40% incl. taxes* |
| CRD USD (H) shares: Maximum 0.40% incl. taxes* |
| I CHF (H) shares: Maximum 0.35% incl. taxes* |
| I EUR shares: Maximum 0.35% incl. taxes* |
| I USD (H) shares: Maximum 0.35% incl. taxes* |
| J EUR shares: Maximum 0.35% incl. taxes* |
| J CHF (H) shares: Maximum 0.35% incl. taxes* |
| J USD (H) shares: Maximum 0.35% incl. taxes* |
| K EUR shares: Maximum 0.50% incl. taxes* |
| R EUR shares: Maximum 1.50% incl. taxes* |
| PWM EUR shares: Maximum 0.60% incl. taxes* |
| PWM USD (H) shares: Maximum 0.60% incl. taxes* |
| PWMD EUR shares: Maximum 0.60% incl. taxes* |
| PWMD USD (H) shares: Maximum 0.60% incl. taxes* |
| Administrative costs external to the Management Company**, particularly custodian, appraiser and statutory auditor fees, etc. | Net assets of the Sub-fund | A CHF (H) shares: Maximum 0.10% incl. taxes* |
| A EUR shares: Maximum 0.10% incl. taxes* |
| A USD (H) shares: Maximum 0.10% incl. taxes* |
| AC EUR shares: Maximum 0.10% incl. taxes* |
| B EUR shares: Maximum 0.10% incl. taxes* |
| CR EUR shares: Maximum 0.10% incl. taxes* |
| CR USD (H) shares: Maximum 0.10% incl. taxes* |
| CRD EUR shares: Maximum 0.10% incl. taxes* |
| CRD USD (H) shares: Maximum 0.10% incl. taxes* |

|  |  | I CHF (H) shares: Maximum 0.10% incl. taxes* |
| --- | --- | --- |
| I EUR shares: Maximum 0.10% incl. taxes* |
| I USD (H) shares: Maximum 0.10% incl. taxes* |
| J EUR shares: Maximum 0.10% incl. taxes* |
| J CHF (H) shares: Maximum 0.10% incl. taxes* |
| J USD (H) shares: Maximum 0.10% incl. taxes* |
| K EUR shares: Maximum 0.10% incl. taxes* |
| R EUR shares: Maximum 0.10% incl. taxes* |
| PWM EUR shares: Maximum 0.10% incl. taxes* |
| PWM USD (H) shares: Maximum 0.10% incl. taxes* |
| PWMD EUR shares: Maximum 0.10% incl. taxes* |
| PWMD USD (H) shares: Maximum 0.10% incl. taxes* |
| Transaction fees | Deducted from each transaction | None |

| Performance fee (1) | Net assets of the Sub-fund | A EUR shares: 10% per year of the outperformance compared with a fixed rate of 3.30%. |
| --- | --- | --- |
| A CHF (H) shares: 10% per year of the outperformance compared with a fixed rate of 3.30%. |
| A USD (H) shares: 10% per year of the outperformance compared with a fixed rate of 3.30%. |
| AC EUR shares: None |
| B EUR shares: 10% per year of the outperformance compared with a fixed rate of 3.30%. |
| CR EUR shares: 10% per year of the outperformance compared with a fixed rate of 4%. |
| CR USD (H) shares: 10% per year of the outperformance compared with a fixed rate of 4%. |
| CRD EUR shares: 10% per year of the outperformance compared with a fixed rate of 4%. |
| CRD USD (H) shares: 10% per year of the outperformance compared with a fixed rate of 4%. |
| I EUR shares: 10% per year of the outperformance compared with a fixed rate of 4.05%. |
| I CHF (H) shares: 10% per year of the outperformance compared with a fixed rate of 4.05%. |
| I USD (H) shares: 10% per year of the outperformance compared with a fixed rate of 4.05%. |
| J EUR shares:  10% per year of the outperformance compared with a fixed rate of 4.05%. |
| J CHF (H) shares:  10% per year of the outperformance compared with a fixed rate of 4.05%. |
| J USD (H) shares:  10% per year of the outperformance compared with a fixed rate of 4.05%. |
| K EUR shares: None |
| R EUR shares:  10% per year of the outperformance compared with a fixed rate of 2.90%. |
| PWM EUR shares:  10% per year of the outperformance compared with a fixed rate of 3.80%. |
| PWM USD (H) shares:  10% per year of the outperformance compared with a fixed rate of 3.80%. |
| PWMD EUR shares:  10% per year of the outperformance compared with a fixed rate of 3.80%. |
| PWMD USD (H) shares:  10% per year of the outperformance compared with a fixed rate of 3.80%. |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** If administrative fees external to the Management Company increase by 0.15% (incl. taxes) or less per annum, the Management Company may inform shareholders of the Sub-fund by any means. If they increase by more than 0.15% (incl. taxes) per annum, shareholders will be informed individually and offered the chance to redeem their shares free of charge.
-  Performance feePerformance fees are payable to the Management Company in accordance with the following procedures: Benchmark threshold:The benchmark threshold is set at:
- a fixed annual rate of 3.30% for share classes A and B;
- a fixed annual rate of 4% for share classes CR and CRD;
- a fixed annual rate of 4.05% for share classes I and J.
- a fixed annual rate of 2.90% for share class R,
- a fixed annual rate of 3.80% for share classes PWM and PWMD.

The performance fee is calculated by comparing the performance of the Sub-fund’s share with that of an indexed reference asset. The indexed reference asset reproduces the performance of the benchmark threshold, adjusted for subscriptions, redemptions and, where applicable, dividends.
When the share outperforms its benchmark threshold on a pro rata temporis basis, a provision of 10% will be applied to its outperformance.
In cases where the Sub-fund’s share outperforms that of its benchmark threshold over the reference period, a performance fee may be charged. A provision for performance fees will be made each time the net asset value is calculated.
When shares are redeemed, the Management Company receives the portion of the performance fee corresponding to the shares redeemed.
In the event of underperformance, the performance fee provision will be reduced by reversing the provision. The reversal cannot be more than the provision.
The reference periods shall end with the last net asset value for the month of June.
This performance fee is payable annually after the last net asset value for the reference period is calculated.
The reference period is a minimum of one year. The first reference period shall run from the share creation date to the last date of the first reference period, ensuring compliance with the minimum term of one year, or at the earliest on 30/06/2023.
At the end of the reference period, if the performance of the share is lower than that of its benchmark threshold over the reference period, no fee will be payable and the reference period will be extended by one year. The reference period may be extended four times and may therefore reach a maximum of five years
At the end of a reference period extended four times to reach five years:
- if the performance of the share exceeds that of its benchmark threshold, a performance fee is payable and charged. A new reference period will begin.
- if the performance of the share is lower than that of its benchmark threshold, no fee will be payable. A new reference period is established by defining a new reference year. If a year of underperformance occurred during the previous reference period, it is offset by any years of outperformance that occurred within these first five years. If, in addition to the first year of underperformance, another year of underperformance has occurred within this first five-year period and has not been offset by the end of this first period, a new period of up to five years will commence from the start of this new year of underperformance.

Examples:
Research costs, within the meaning of Article 314-21 of the AMF General Regulations, may be invoiced to the Sub- fund up to a limit of 0.01% of its net assets 
until subscriptions are closed and up to a limit of 0.001% of its net assets after this closure.
Any retrocession of management fees for the underlying UCIs and investment funds collected by the EdR SICAV – Millesima World 2028 Sub-fund will be repaid to the Sub-fund. The rate of management fees applicable to the underlying UCIs and investment funds will be valued by taking into account any retrocessions collected by the Sub- fund.
In the exceptional case that a sub-custodian applies an unanticipated transaction fee not set out in the terms and conditions above, with regard to a specific transaction, a description of the transaction and the transaction fees charged will be specified in the management report of the SICAV.
Shareholders can find out more information in the SICAV’s annual report. Procedure for selecting intermediaries
In accordance with the AMF General Regulations, the Management Company has established a Best Selection/Best Execution policy for intermediaries and counterparties.
The purpose of this policy is to select, according to various predetermined criteria, the brokers and intermediaries whose execution policy will achieve the best possible results when executing orders. The Edmond de Rothschild Asset Management (France) Policy is available on its website: www.edram.fr.
Calculation and allocation of the proceeds resulting from temporary purchases and sales of securities and anyequivalent transaction under foreign law
Repurchase agreements are conducted through Edmond de Rothschild (France) according to the prevailing market conditions at the time of the transaction.
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
Calculation and allocation of the proceeds resulting from total return swaps (TRS) and any equivalent transactionunder foreign law:
The operating costs and expenses linked to these transactions are borne by the Sub-fund. Income generated by these transactions is paid in full to the Sub-fund.
- 
### COMMERCIAL INFORMATION
	- 
###### Information for investors


Subscription and redemption orders are centralised by:
Edmond de Rothschild (France) (delegated transfer agent)
A public limited company (société anonyme) with Executive and Supervisory Boards, approved by the Banque de France-CECEI (French Credit Institutions and Investment Firms Committee) as a credit institution on 28 September 1970.
Registered office: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, France
Telephone: 33 (0) 1 40 17 25 25
Any requests for information about the SICAV may be sent to the promoter.
The Management Company may send the composition of the UCI’s portfolio to certain shareholders, or to their service providers with an obligation of confidentiality, for the purposes of calculating the regulatory requirements relating to Directive 2009/138/EC (Solvency II) in accordance with the guidance issued by the AMF, after more than 48 hours have passed since the publication of the net asset value.
Information concerning the consideration of criteria relating to compliance with social and environmental objectives and of governance quality in the management of this SICAV is included on the website at www.edram.fr and is recorded in the annual report of the SICAV for the ongoing financial year.
- 
### INVESTMENT RULES

The SICAV complies with the investment rules set out in European Directive 2009/65/EC.
The SICAV may derogate from applying the 5-10-40 ratios and invest more than 35% of its net assets in eligible financial securities and money market instruments issued or guaranteed by any government or authorised public or semi-public body.
- 
### OVERALL RISK

Commitment method:
The Sub-funds listed below use the commitment method to calculate the total risk ratio associated with financial contracts:
- EdR SICAV – Financial Bonds
- EdR SICAV – Euro Sustainable Credit
- EdR SICAV – Euro Sustainable Equity
- EdR SICAV – Tricolore Rendement
- EdR SICAV – Equity Euro Solve
- EdR SICAV – Europe Midcaps
- EdR SICAV – Equity US Solve
- EdR SICAV – Short Duration Credit
- EdR SICAV – Tech Impact
- EdR SICAV – Green New Deal
- EdR SICAV – Corporate Hybrid Bonds
- EdR SICAV – Millesima World 2028Value-at-risk method (absolute VaR):The Sub-funds below use the value-at-risk calculation method (absolute VaR) in order to calculate the total risk of the Sub-fund on financial contracts:
- EdR SICAV – Start
- EdR SICAV – Global OpportunitiesThe maximum commitment resulting from these transactions complies with the limits set in terms of absolute VaR according to the value-at-risk calculation method, capped by regulations at 20% of the net assets, with a threshold of 99% over business days.

Indicative level of leverage effect:
The EdR SICAV – Start Sub-fund’s indicative leverage level, calculated as the sum in absolute terms of the nominal amounts of the positions on financial contracts, is 328.98%. The Sub-fund may achieve a higher leverage level. It is worth noting that this method, which consists of aggregating the absolute value of nominal amounts, in reality shows the gross exposure.
The EdR SICAV – Global Opportunities sub-fund’s indicative leverage level, calculated as the sum in absolute terms of the nominal amounts of the positions on financial contracts, is 1031.68%. The Sub-fund may achieve a higher leverage level. It is worth noting that this method, which consists of aggregating the absolute value of nominal amounts, in reality shows the gross exposure.
- 
### ASSET VALUATION RULES
	- 
###### Asset valuation rules


For the Sub-funds EdR SICAV – Euro Sustainable Credit, EdR SICAV – Euro Sustainable Equity, EdR SICAV – Financial Bonds, EdR SICAV – Tricolore Rendement, EdR SICAV – Europe Midcaps, EdR SICAV – Start, EdR SICAV – Equity Euro Solve, EdR SICAV – Equity US Solve, EdR SICAV Tech Impact, EdR SICAV - Short Duration Credit, EdR SICAV – Green New Deal, EdR SICAV – Global Opportunities and EdR SICAV – Corporate Hybrid Bonds, the net asset value per share is calculated in accordance with the valuation rules specified below. The procedures are set out in detail in the notes to the annual financial statements. The valuation calculation is based on closing prices.
- securities traded on French or foreign regulated markets are valued at their market price. The valuation at the reference market price is calculated in accordance with the procedures determined by the Management Company and described in the notes to the annual financial statements;
- transferable and other debt securities that are not traded in significant volumes are valued using an actuarial method. The rate used is that applied to issues of equivalent securities plus or minus any differential representing the specific characteristics of the issuer of the security. However, transferable debt securities with a residual maturity of three months or less or without a particular sensitivity may be valued using the straight- line method. The procedures governing the application of these rules are decided by the Management Company and set out in detail in the notes to the annual financial statements;
- for transferable securities and other items on the balance sheet whose prices have not been quoted on the valuation date, the Management Company will adjust their valuation to reflect variations that are deemed likely in light of current events. The Statutory Auditor is notified of this decision.
- futures and options traded on French or foreign organised markets are valued at their market value based on the procedures determined by the Management Company and described in the notes to the annual financial statements;
- transactions involving futures, options or swaps concluded on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or at a value estimated in accordance with the procedures determined by the Management Company and described in the notes to the annual financial statements;
- shares or units in SICAVs, Mutual Funds or UCIs are valued either on the basis of the last known net asset value, the last known market price on the valuation day or the net asset value estimated using information provided by the administrator or Manager of the SICAV or investment fund.

For the EdR SICAV – Millesima World 2028 Sub-fund, the net asset value per share is calculated in accordance with the valuation rules specified below. The procedures are set out in detail in the notes to the annual financial statements. The valuation calculation is based on closing prices.
- securities traded on a regulated French or foreign market are valued at their market price (ask) during the marketing period of the Sub-fund and then at the sale price (bid) once the Sub-fund is no longer being marketed;
- transferable and other debt securities that are not traded in significant volumes are valued using an actuarial method. The rate used is that applied to issues of equivalent securities plus or minus any differential representing the specific characteristics of the issuer of the security. However, negotiable debt securities with a residual maturity of three months or less, or without a particular sensitivity, may be valued using the straight-line method. The procedures governing the application of these rules are decided by the Management Company and set out in detail in the notes to the annual financial statements;
- for transferable securities and other items on the balance sheet whose prices have not been quoted on the valuation date, the Management Company will adjust their valuation to reflect variations that are deemed likely in light of current events. The statutory auditor is notified of this decision;
- futures and options traded on French or foreign organised markets are valued at their market value based on the procedures determined by the Management Company and described in the notes to the annual financial statements;
- transactions involving futures, options or swaps concluded on over-the-counter markets authorised by the regulations applicable to UCITS are valued at their market value or at a value estimated in accordance with the procedures determined by the Management Company and described in the notes to the annual financial statements;
- shares or units in SICAVs, Mutual Funds or UCIs are valued either on the basis of the last known net asset value, the last known market price on the valuation day or the net asset value estimated using information provided by the administrator or Manager of the SICAV or investment fund.
- 
###### Swing Pricing method used to adjust the net asset value, with trigger threshold

For the sub-funds EdR SICAV – Euro Sustainable Credit, EdR SICAV – Euro Sustainable Equity, EdR SICAV – Financial Bonds, EdR SICAV – Tricolore Rendement, EdR SICAV – Europe Midcaps, EdR SICAV – Start, EdR SICAV – Equity Euro Solve EdR SICAV – Equity US Solve, EdR SICAV – Tech Impact, EdR SICAV – Short Duration Credit, EdR SICAV – Green New Deal, EdR SICAV – Global Opportunities and EdR SICAV - Corporate Hybrid Bonds, the Management Company has implemented a method of adjusting the net asset value known as Swing Pricing, with a trigger threshold, in order to protect the interests of these sub-funds’ shareholders. In the event of significant movement of a Sub-fund’s liabilities, this mechanism consists in ensuring that the cost of transactions generated by these subscriptions/redemptions is borne by the Fund’s incoming or outgoing Sub-fund shareholders. If, on a net asset value calculation day, the net amount of subscription and redemption orders from investors across all share classes of a Sub-fund exceeds a threshold that has been predetermined by the Management Company, expressed as a percentage of the Sub-fund’s net assets (called the trigger threshold), the net asset value may be adjusted upwards or downwards to take into account the readjustment costs attributable to the net subscription/redemption orders. The net asset value of each share class is calculated separately but, in percentage terms, any adjustment affects all the net asset values for each share class of the Sub-fund in an identical manner. The costs and the trigger threshold are determined by the Management Company and reviewed periodically. The Management Company estimates these costs on the basis of transaction fees, purchase and sale price ranges, and any potential taxes applicable to the Sub-fund.
As this adjustment is linked to the net amount of the Sub-fund’s subscription and redemption orders, it is not possible to predict with accuracy whether swing pricing will be applied at any given moment in the future, or the frequency with which the Management Company will make such adjustments. In any event, such adjustments may not exceed 2% of the net asset value.
Investors are informed that, due to the application of swing pricing, the volatility of the net asset value of the Sub- fund may not solely reflect that of the securities held in the portfolio.
The adjusted net asset value, the “swung” NAV, is the only net asset value communicated to Sub-fund shareholders. However, if a performance fee is payable, this is calculated on the net asset value prior to application of the swing pricing system.
In accordance with the regulations, the Management Company does not notify unitholders of the trigger threshold and ensures that internal information channels are restricted, to preserve the confidential nature of the information.
For the EdR SICAV – Millesima World 2028 Sub-fund, the Management Company has implemented a method of adjusting the net asset value known as swing pricing, with a trigger threshold, in order to protect the interests of this Sub-fund’s shareholders.
If, on a net asset value calculation day, the amount of redemption orders exceeds the amount of subscription orders from investors across all classes of shares of the Sub-fund, and if this amount is greater in absolute terms than a threshold that has been predetermined by the Management Company, expressed as a percentage of the Sub- fund’s net assets (called the trigger threshold), the net asset value may be adjusted downwards to take into account the readjustment costs attributable to net redemption orders. The net asset value of each share class is calculated separately but, in percentage terms, any adjustment affects all the net asset values for each share class of the Sub- fund in an identical manner. This mechanism ensures that the cost of transactions generated by these redemptions is borne by the Sub-fund’s outgoing shareholders.
The cost and trigger threshold parameters are set by the Management Company and reviewed periodically. These costs are estimated by the Management Company based on transaction fees, buy-sell spreads and any potential taxes applicable to the Sub-fund.
Since this adjustment is linked to the net amount of the Sub-fund’s subscription and redemption orders, it is not possible to accurately predict whether swing pricing will be applied at any given time in the future, nor how frequently the Management Company will make such adjustments. In any event, such adjustments may not exceed 2% of the net asset value.
Investors are informed that, due to the application of swing pricing, the volatility of the net asset value of the Sub- fund may not solely reflect that of the securities held in the portfolio.
The adjusted net asset value, i.e. the “swung” NAV, is the only net asset value communicated to the Sub-fund’s shareholders. However, if there is a performance fee, it will be calculated on the net asset value prior to the adjustment mechanism being applied.
In accordance with the regulatory provisions, the Management Company does not communicate trigger threshold levels and ensures that internal information channels are restricted in order to preserve confidentiality.
- 
###### Accounting method

The Edmond de Rothschild SICAV complies with the accounting rules set forth in the current regulations and, in particular, with the applicable chart of accounts.
The Edmond de Rothschild SICAV has chosen the euro as its base currency. Interest is recorded using the accrued interest method.
The value of any security denominated in a currency other than the Euro is translated into Euros on the valuation day.
All transactions are recorded exclusive of charges.
Financial instruments whose prices have not been determined on the valuation day or whose prices have been adjusted are valued under the Management Company’s responsibility at their probable trading price. These valuations and the relevant justification will be communicated to the Statutory Auditor during their audits.
The sub-funds below have chosen the euro as their base currency:
- EdR SICAV – Euro Sustainable Credit
- EdR SICAV – Euro Sustainable Equity
- EdR SICAV – Financial Bonds
- EdR SICAV – Tricolore Rendement
- EdR SICAV – Equity Euro Solve
- EdR SICAV – Start
- EdR SICAV – Europe Midcaps
- EdR SICAV – Global Opportunities
- EdR SICAV – Short Duration Credit
- EdR SICAV – Tech Impact
- EdR SICAV – Green New Deal
- EdR SICAV – Corporate Hybrid Bonds
- EdR SICAV – Millesima World 2028The Sub-fund below has chosen the Dollar as its base currency:
- EdR SICAV – Equity US Solve
- 
### REMUNERATION

Edmond de Rothschild Asset Management (France) has a remuneration policy that complies with the provisions of European Directive 2009/65/EC (‘UCITS V Directive’) and Article 321-125 of the AMF General Regulation which apply to UCITS. The remuneration policy promotes the sound and effective management of risk and does not encourage risk-taking that would be inconsistent with the risk profiles of the UCITS it manages. The Management Company has implemented adequate measures to prevent any conflict of interest.
For all Management Company employees who are considered to have a material impact on the risk profile of the UCITS, and identified as such each year using a process involving the Human Resources, Risk and Compliance
teams, the remuneration policy involves a part of their variable remuneration (which must remain within reasonable limits in relation to fixed remuneration) being deferred over three years.
The Management Company has decided not to establish its own remuneration committee, choosing instead to delegate this function to its parent company, Edmond de Rothschild (France). It is organised in accordance with the principles set out in Directive 2009/65/EC.
Details of the Management Company’s remuneration policy are available on the company’s website at: http://www.edmond-de-rothschild.com/site/France/fr/asset-management. A written copy of the policy is available free of charge upon request from the Management Company.

## ARTICLES OF ASSOCIATION
Edmond de Rothschild SICAV

## SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE (SICAV) À COMPARTIMENTS / OPEN-ENDED INVESTMENT COMPANY (OEIC), UMBRELLA FUND
In the form of a public limited company Registered office: 47 rue du Faubourg Saint-Honoré
75008 Paris, France
PARIS TRADE & COMPANIES REGISTER 850 407 297

#### TITLE I - FORM - PURPOSE - NAME - REGISTERED OFFICE - DURATION OF THE COMPANY ARTICLE 1 - FORM
By these Articles of Association there is formed between the holders of the shares hereby created and to be created in the future, an open-ended investment company (Société d’Investissement à Capital Variable / "SICAV") governed by the provisions of the French Commercial Code applicable to limited companies (sociétés anonymes) (Book II - Title II - Chapter V), of the French Monetary and Financial Code (Book II - Title I - Chapter IV - section I - subsection I); their implementing texts, subsequent texts, and by these Articles of Association.
The SICAV has multiple sub-funds. Each sub-fund issues classes of shares that represent the SICAV assets allocated to it. In this case, the provisions of these Articles of Association applicable to the SICAV´s shares apply to the classes of shares issued that represent the sub-fund´s assets.

#### ARTICLE 2 - PURPOSE
The purpose of this Company is the formation and management of a portfolio of financial instruments and deposits.

#### ARTICLE 3 - NAME
The name of the Company is: Edmond de Rothschild SICAV
followed by the words "Société d’Investissement à Capital Variable" which may or may not be followed by the term "SICAV".

#### ARTICLE 4 - REGISTERED OFFICE
The registered office is at 47 rue du Faubourg Saint-Honoré, Paris (75008).

#### ARTICLE 5 - DURATION
The duration of the Company is ninety-nine years from the date of its registration in the Trade and Companies Register unless dissolved early or extended in accordance with these Articles of Association.

#### TITLE II - CAPITAL - CHANGES IN CAPITAL - SHARE CHARACTERISTICS ARTICLE 6 - SHARE CAPITAL
The SICAV's initial capital amounts to 2 251 555 571,65 euros split into 10 524 926,11 fully paid-up shares. It was constituted by in-kind contributions.
For the sub-fund EdR SICAV - Euro Sustainable Credit:
The sub-fund's initial capital amounts to 126 085 387,20 euros split into 354 369,97 fully paid-up shares.
It was formed on 12/02/2019 by the absorption of the entire assets of the mutual fund FCP Edmond de Rothschild Euro Sustainable Credit.
For the sub-fund EdR SICAV - Euro Sustainable Growth:
The sub-fund's initial capital amounts to 158 002 616,77 euros split into 864 362,19 fully paid-up shares.
It was formed on 12/02/2019 by the absorption of the entire assets of the mutual fund FCP Edmond de Rothschild Euro Sustainable Growth.
For the sub-fund EdR SICAV - Financial Bonds:
The sub-fund's initial capital amounts to 1 967 467 567,68 euros split into 9 306 193,95 fully paid-up shares.
It was formed on 12/02/2019 by the absorption of the entire assets of the mutual fund FCP Edmond de Rothschild Financial Bonds.
The SICAV is an umbrella Fund, and each sub-fund issues classes of shares that represent the SICAV assets allocated to it. In this case, the provisions of these Articles of Association applicable to the SICAV´s shares apply to the classes of shares issued that represent the sub-fund´s assets.
The characteristics of the different classes of shares and their eligibility requirements are specified in the SICAV prospectus.
The various share classes may:
- Have different income distribution policies (distribution or accumulation);
- Be denominated in different currencies;
- Be charged different management fees;
- Be charged different subscription and redemption fees;
- Have different nominal values;
- Be partially or fully hedged for risks, as specified in the prospectus. Such hedging is via financial instruments that minimise the impact of the hedges of the other share classes of the Fund;
- Be reserved for one or more marketing channels.

Shares may be grouped or split upon the recommendation of the Board of Directors as ratified by an Extraordinary General Meeting.
Shares may be fractioned, at the discretion of the Board of Directors, into tenths, hundredths, thousandths, or ten- thousandths of a share.
The provisions of the Articles of Association governing the issue and redemption of shares shall apply to fractions of shares, the value of which shall always be proportionate to that of the share they represent. Unless otherwise specified, all other provisions of the Articles of Association relating to shares shall apply to fractions of shares without the need to state so.

#### ARTICLE 7 - CHANGES IN CAPITAL
The amount of capital may change as a result of the Company issuing new shares to, or redeeming existing shares from, shareholders who request to subscribe or redeem.

#### ARTICLE 8 - ISSUE AND REDEMPTION OF SHARES
Shares are issued at any time, at the request of the shareholders, based on their net asset value plus any subscription fees.
Redemptions and subscriptions are carried out under the terms and conditions set out in the prospectus. Redemptions may be made in cash.
Redemptions may also be made in kind. When an in-kind redemption corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing shareholder needs to be obtained by the Fund or the Management Company. When an in-kind redemption does not correspond to a representative portion of the assets in the portfolio, then all shareholders must give their written consent authorising the outgoing shareholder to redeem its shares in return for certain specific assets, as explicitly set out in the agreement.
Notwithstanding the foregoing, when the Fund is an ETF, redemptions on the primary market may, with the consent of the portfolio Management Company and in compliance with the interests of the unitholders, be made in kind under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuer account registrar according to the conditions set out in the Fund’s prospectus.
In general, the assets redeemed are valued according to the rules set out in Article 9 and in-kind redemptions are made based on the first net asset value following acceptance of the securities in question.
To be valid and not voided, all new subscription requests must be fully paid-up whereupon the newly issued shares shall carry the same entitlements as existing shares on the issue date.
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code, the Company's redemption of shares and issue of new shares, may be suspended temporarily by the Board of Directors in exceptional circumstances if it is in the shareholders' interests to do so.
If the net assets of the SICAV (or a sub-fund) fall below the regulatory minimum threshold, no redemptions may be executed from the SICAV (or sub-fund).
Pursuant to Article L. 214-7-4 of the French Monetary and Financial Code and Article 411-20-1 of the AMF General Regulations, the Management Company may decide to cap redemptions in exceptional circumstances and provided it is in the interests of shareholders or the general public.
The Management Company may introduce redemption gates, which enable redemption requests from shareholders of the Sub-fund in question to be spread across several NAV dates once they exceed an objectively predetermined threshold. The threshold above which the redemption gates may be triggered must be justified according to the frequency of NAV calculation for the Sub-fund, the Sub-fund’s management strategy and the liquidity of the assets in its portfolio. The Management Company may apply redemption gates when the trigger threshold is reached. This threshold is set out in the “Redemption gates” section of the prospectus of each sub-fund of the SICAV. If the Sub- fund in question has multiple share classes, the trigger threshold will be the same for all of its share classes.
This trigger threshold is based on the relationship between:
- the difference, on any given clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- net assets of the Sub-fund.

The threshold takes into account cleared redemptions across all of the Sub-fund’s assets, rather than being applied by share class.
When redemption requests exceed the trigger threshold of the redemption gates, the Management Company may nevertheless decide to honour redemption requests made beyond the predetermined threshold, by partially or fully executing the orders that could have been blocked.
While redemption gates are in operation, redemption orders will be executed in the same proportions for shareholders of the Sub-fund who have made a redemption request on a given NAV date. The unexecuted part of the redemption order will not be given priority over subsequent redemption requests. Unexecuted parts of redemption orders that are automatically postponed may not be revoked by shareholders of the Sub-fund.
Redemption gates may only be applied on a maximum of 20 NAV dates over 3 months. Redemption gates may not exceed one month.
Subscription and redemption transactions on the same NAV date, for the same number of shares and by a single shareholder or beneficial owner (transactions known as “round trips”) are exempt from redemption gates. This exemption also applies to switches from one share class to another share class, on the same NAV date, for the same value and by a single shareholder or beneficial owner.
Minimum subscription conditions may be specified, in accordance with the procedures set out in the prospectus.
The Fund may cease to issue units pursuant to paragraph three of Article L.214-7-4 of the French Monetary and Financial Code, provisionally or definitively, partially or totally, in situations that objectively require the closing of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. Existing shareholders will be notified by any variety of means that this mechanism has been triggered and activated, and will be informed of the threshold and the objective circumstances that led to the decision for partial or total closure. In the event of partial closure, this notification by any variety of means will explicitly set out the terms under which existing unitholders may continue to subscribe for the duration of that partial closure. Shareholders are also notified by any variety of means of the decision by the Fund or by the Management Company either to terminate the total or partial closure of subscriptions (when they fall below the triggering threshold), or not to terminate it (in the event of a change in the threshold or objective circumstances that led to the
implementation of this mechanism). Any change to the objective circumstances invoked or to the triggering threshold of the mechanism must always be made in the interests of the shareholders. The notification made by any means will specify the exact grounds for such changes.

#### ARTICLE 9 - CALCULATION OF NET ASSET VALUE
Share NAV is calculated in accordance with the valuation rules set out in the prospectus.
A spot NAV will also be calculated on an indicative basis by the market operator if the shares are listed on a stock exchange.

#### ARTICLE 10 - TYPE OF SHARES
Shares may be in bearer form.
Pursuant to Article L. 211-4 of the French Monetary and Financial Code, the shares must be listed in a securities account maintained by the issuer or by an authorised intermediary.
Shareholders' rights will be evidenced by the registration of their shares in a securities account in their name: at the broker of their choice for bearer shares.
The Company may request, at its expense, the name, nationality and address of the shareholders of the SICAV as well as the number of shares they each old, in accordance with Article L.211-5 of the French Monetary and Financial Code.

#### ARTICLE 11 - ADMISSION FOR TRADING ON A REGULATED MARKET
Shares may be listed for trading on a regulated market and/or a multilateral trading system in accordance with the regulations in force. If the SICAV whose shares are listed for trading on a regulated market has an index-based management objective, it must have implemented a system to ensure that the price of its shares does not deviate significantly from its net asset value.

#### ARTICLE 12 - RIGHTS AND OBLIGATIONS ATTACHED TO SHARES
Each share confers an ownership right to the Company's capital, and the income therefrom, in proportion to the percentage of capital that the share represents.
The rights and obligations attached to a share follow the title of ownership, into whatever hands it may pass.
Share ownership automatically implies adherence to the Company's Articles of Association and the decisions of General Meetings..
Whenever it is necessary to hold multiple shares to exercise any right, particularly in an exchange or reorganisation, the owners of single shares, or of fewer than the required number of shares, cannot exercise those rights unless they personally arrange to group, buy or sell the necessary shares.

#### ARTICLE 13 - INDIVISIBILITY OF SHARES
All joint individual holders or beneficiaries of a single share must be represented at the Company by a single jointly agreed, named person, or failing that, by the President of the Commercial Court of the district in which the registered office is located.
Owners of fractions of shares may group together. In such a case, they must be represented as specified in the previous paragraph, by a single person who will exercise, for each group, the rights attached to the ownership of one whole share.
The voting right attached to the share belongs to the beneficial owner at Ordinary General Meetings and to the bare owner at Extraordinary General Meetings.

#### TITLE III - ADMINISTRATION AND MANAGEMENT OF THE COMPANY
ARTICLE 14 - ADMINISTRATION
The Company is administered by a Board of Directors (consisting of three to eighteen members) appointed by a General Meeting.
Over the course of the life of the Company, the Directors are appointed or reappointed by an Ordinary General Meeting of Shareholders.
Directors may be natural persons or legal entities. If a Director is a legal entity, it must, when appointed, designate a permanent representative who shall be subject to the same conditions and obligations and incur the same civil and criminal liability as if he/she were a member of the Board of Directors in his/her own right, without prejudice to the liability of the legal entity which he/she represents.
This mandate as permanent representative is granted for the duration of the term of office of the legal entity. If the legal entity revokes its representative's mandate, it must notify the SICAV thereof without delay by registered mail, including the identity of its new permanent representative. The same applies in the event of the death, resignation or prolonged incapacity of the permanent representative.

#### ARTICLE 15 - TERM OF OFFICE OF DIRECTORS - REAPPOINTMENT TO THE BOARD
Subject to the provisions of the previous paragraph in this Article, the term of office of Directors is three years for new Directors and no more than six years for reappointments; "year" is understood to mean the period between two consecutive Annual General Meetings.
If one or more directorships become vacant between any two General Meetings, as a result of death or resignation, the Board of Directors may make provisional appointments.
A Director appointed provisionally by the Board to replace another, remains in office only for the remaining period of its predecessor's term. The provisional appointment is subject to ratification by the next General Meeting.
All outgoing Directors are eligible for reappointment. Their directorships may be revoked at any time by an Ordinary General Meeting.
The term of office of each member of the Board of Directors ends at the close of the Ordinary General Meeting of Shareholders convened to approve the financial statements for the past year, held in the year in which the Director's mandate expires, it being understood that if no General Meeting is held in that year, the Director in question shall remain in office but only until 31 December of that year, subject to the following exceptions.
Any Director may be appointed for a period less than six years if required to keep the Board renewal schedule as consistent as possible over any six-year period. This applies in particular where the number of Directors is increased or decreased in a way that affects renewal consistency.
When the number of members of the Board of Directors falls below the legal minimum, the remaining member(s) must immediately convene an Ordinary General Meeting of Shareholders with a view to make up the full complement of Board members.
In accordance with regulations, Directors over the age of 70 may not comprise more than one-third of the number Board members.
The Board of Directors may be renewed in fractions.
In the event of the death or resignation of a Director and when the number of remaining Directors is more than or equal to the statutory minimum, the Board may, provisionally and for the duration of the remaining term of office, provide for its replacement.

#### ARTICLE 16 - BOARD COUNCIL
The Board elects from among its members, for any term at its discretion provided it does not exceed the Director's term of office, a Chairman who must be a natural person.
The Chairman of the Board of Directors organises and directs its work and reports it to the General Meeting. It ensures the proper operation of the Company's management bodies and, in particular, that the Directors are capable of accomplishing their missions.
If it considers appropriate, the Board of Directors also appoints a Vice Chairman, and may also select a Secretary who does not have to be a Board member.
If the Chairman is absent or incapacitated, the Board meeting is chaired by the Vice Chairman. Failing which, the Board appoints from among its members a person to chair the meeting.

#### ARTICLE 17 - BOARD MEETINGS AND DELIBERATIONS
The Board of Directors meets when convened by the Chairman, as often as the Company's interests require, either at the registered office or at any other location stated in the Notice of Meeting.
If it has not met for more than two months, a minimum one-third of its members may ask the Chairman to convene it with a set agenda. The Chief Executive Officer may also ask the Chairman to convene the Board of Directors with a set agenda. The Chairman is bound by these requests.
An internal rule may set, in accordance with legal and regulatory provisions, the conditions for organising Board meetings that may be held by videoconference, except for decisions expressly excluded by the French Commercial Code.
Meetings are convened by ordinary post or by any other method, including orally if urgent.
Half of the members must be present for deliberations to be valid. Decisions are passed by a majority of the votes of the members present or represented.
Each Director has one vote. In the event of a tie, the Chairman of the meeting casts the deciding vote.

#### ARTICLE 18 - MINUTES
The minutes are drafted and copies or extracts of the deliberations are delivered and certified in accordance with law.

#### ARTICLE 19 - POWERS OF THE BOARD OF DIRECTORS
The Board of Directors sets the Company's business strategy and oversees its implementation. Subject to the Company's corporate purpose and the powers explicitly granted to it by the law governing the rights of Shareholders' Meetings, it addresses anything involving the running of the Company and adjudicates all matters relating to it. The Board of Directors undertakes any audits and checks it considers appropriate. The Chairman or the Chief Executive Officer of the Company is required to provide to every Director all the documents and information needed to accomplish its mission.
A Director may, in writing, appoint any other Director to act as proxy on its behalf at a Board meeting. A Director may, however, act as proxy for only one member for any vote.

#### ARTICLE 20 - OVERALL MANAGEMENT – OBSERVERS
The overall management of the Company is performed personally either by the Chairman of the Board of Directors or by any other natural person appointed by the Board of Directors given the title of Chief Executive Officer.
The choice of which overall management method to adopt is made in accordance with the provisions in these Articles of Association by the Board of Directors, for a period ending at the expiry of the term of office of the existing Chairman of the Board of Directors. Shareholders and third parties are notified of the decision, in accordance with applicable laws and regulations.
Depending on the option chosen by the Board of Directors in accordance with the provisions defined above, overall management is provided either by the Chairman or by a Chief Executive Officer.
When the Board of Directors opts to separate the functions of Chairman and Chief Executive Officer, a CEO is appointed for a set term of office.
When the overall management of the Company is assumed by the Chairman of the Board of Directors, the following provisions relating to the Chief Executive Officer apply to the Chairman.
Subject to the powers that the law explicitly grants to shareholders' meetings and the powers that it reserves specially for the Board of Directors, and within the limits of the corporate purpose, the Chief Executive Officer is vested with the widest powers to act in any circumstances on behalf of the Company. He exercises these powers within the limits of the corporate purpose and subject to the powers that the law grants explicitly to shareholders' meetings and to the Board of Directors. He represents the Company in its relations with third parties.
The Chief Executive Officer may consent to any partial delegation of his powers to any person of his choice. The Chief Executive Officer may be removed from office at any time by the Board of Directors.
On the recommendation of the Chief Executive Officer, the Board of Directors may appoint up to five natural persons tasked with assisting the CEO, with the title of Deputy Chief Executive Officer.
Deputy Chief Executive Officers may be removed from office by the Board on the recommendation of the CEO.
With the CEO's consent, the Board of Directors determines the scope and duration of the powers conferred on the Deputy Chief Executive Officers.
These powers may include the ability to partially delegate. Should the Chief Executive Officer cease to perform his functions or become incapacitated, they shall, unless decided otherwise by the Board, retain their functions and authority until a new CEO is appointed.
Deputy Chief Executive Officers have the same powers in respect of third parties as the CEO.
A General Meeting may appoint one or more Observers from the Company, who may or may not be shareholders. The Board of Directors may appoint Observers subject to ratification by the next General Meeting.
A General Meeting may allocate to Observers remuneration the value of which it sets.
Observers are appointed for a period of three years expiring at the close of the General Meeting convened to approve the financial statements for the third financial year since their appointment.
Observers, tasked with overseeing the strict application of the Articles of Association, are convened to Board of Directors meetings and take part in a non-voting, advisory capacity only.
The Board of Directors may decide to create committees to assist the Board in the preparation of its work.

#### ARTICLE 21 – ALLOCATIONS AND REMUNERATION FOR THE BOARD (OR OBSERVERS)
The General Meeting may allocate to Directors as remuneration for their work a fixed annual amount in the form of attendance fees which are posted as Company overheads and distributed among the Board members at the Board's discretion.
The Board sets the remuneration paid to the Chairman of the Board of Directors, the Chief Executive Officers, and Observers.

#### ARTICLE 22 – DEPOSITARY
The depositary is appointed by the Board of Directors.
The Depositary performs the tasks required by applicable laws and regulations, as well as those contractually entrusted to it by the SICAV or Management Company. It must ensure that the decisions taken by the Management Company are lawful. Where applicable, it must take all protective measures that it considers necessary. In the event of a dispute with the Management Company, the depositary must inform the Autorité des Marchés Financiers (AMF) thereof.

#### ARTICLE 23 - THE PROSPECTUS
When the SICAV has fully delegated its management functions, the Board of Directors or Management Company has full powers to make any changes to ensure the proper management of the Company, subject to the legislation and regulations governing SICAVs.

#### TITRE IV - STATUTORY AUDITOR
ARTICLE 24 - APPOINTMENT - POWERS - REMUNERATION
The Statutory Auditor is appointed for a period of six financial years by the Board of Directors subject to the approval of the Autorité des Marchés Financiers, from among persons authorised to perform such functions for commercial companies.
It certifies the accuracy and truthfulness of the accounts. The Auditor’s mandate may be renewed.
The Statutory Auditor is required to notify the AMF as soon as possible of any fact or decision concerning the undertaking for collective investment in transferable securities of which it becomes aware during the course of its work, that may:
- Constitute a violation of the legislative or regulatory provisions applicable to the Fund and likely to have a significant impact on the financial position, earnings or assets;
- Affect the conditions or the continuity of its operations;
- Lead to the expression of reservations or the refusal to certify the financial statements.

The Auditor shall supervise the valuation of the assets and determine the exchange ratios used in the event of a conversion, merger or split.
It assesses any contribution or redemption in kind under its responsibility, except in the event of redemptions in kind for an ETF on the primary market.
It checks the composition of the assets and other items prior to publication.
The Statutory Auditor’s fees are determined by mutual agreement between the Auditor and the Management Company’s Board of Directors on the basis of a schedule of work indicating the duties deemed necessary.
The Auditor shall certify the financial statements that serve as the basis for the payment of interim dividends.
An alternate Statutory Auditor may be appointed, to replace the principal auditor if the latter is incapacitated, dismissed, resigns, or dies.

#### TITLE V - GENERAL MEETINGS
ARTICLE 25 - GENERAL MEETINGS
General Meetings are convened and deliberate in accordance with applicable legislation.
An Annual General Meeting, which must approve the Company's financial statements, must be held within four months of the financial year end.
The Meetings may be held at the registered office or at any other location specified in the Notice of Meeting.
Any shareholder may participate, in person or by proxy, at meetings upon providing proof of identity and share ownership, in the form of an entry in the register of bearer securities, at the locations mentioned in the Notice of Meeting, proof of which must be provided by the record date which is no later than two days before the date of the General Meeting.
A shareholder may be represented by proxy in accordance with Article L. 225-106 of the French Commercial Code.
The Meetings are chaired by the Chairman of the Board of Directors or, in his absence, by a Vice Chairman or by a Director delegated by the Board for this purpose. Failing which, the Meeting elects a Chairman itself.
The minutes of the Meeting are drafted and their copies certified and delivered in accordance with law.

#### TITLE VI - ANNUAL FINANCIAL STATEMENTS ARTICLE 26 - FINANCIAL YEAR
The financial year starts on the day after the last NAV calculation date in September and ends on the last NAV calculation date in the same month the following year.
However, exceptionally, the first financial year will include all transactions completed since the creation date until the last trading day of September 2019.

#### ARTICLE 27 – DIVIDEND POLICY
The net income for the financial year is equal to the amount of interest, arrears, dividends, premiums and lots, director’s fees and all revenues generated by the securities held in the portfolio of the Fund, plus income generated by temporary cash holdings, less management fees, and any depreciation allowances and borrowing costs.
Distributable income comprises:
1° Net income plus any balance carried forward and increased or decreased by the balance of the income adjustment account;
2° Realised gains (net of fees), minus realised losses (net of fees), recorded during the financial year, plus any net gains of the same type recorded during previous financial years which have not been distributed or accumulated, plus or minus the balance of the capital gains adjustment account.
Some or all amounts stated in 1° and 2° may be distributed independently of each other. Dividends are paid out no later than five months after year-end.
The 
Management Company 
decides each year on the allocation of income. The principles for income allocation and dividend distribution are stated in the prospectus.
Where distribution shares are concerned, the Management Company of the SICAV may decide to make one or more advance payments on the basis of the financial positions certified by the Statutory Auditor.

#### TITLE VII - EXTENSION - DISSOLUTION - LIQUIDATION ARTICLE 28 - EXTENSION OR EARLY DISSOLUTION
The Board of Directors may at any time and for any reason ask an Extraordinary General Meeting to extend or early dissolve or liquidate the SICAV.
Shareholders' subscription and redemption orders are frozen on the publication date of the Notice of Meeting of the General Meeting at which the early dissolution or liquidation is proposed or the expiration of the Company is announced.

#### ARTICLE 29 - LIQUIDATION
The liquidation terms and conditions are specified in Article L. 214-12 of the French Monetary and Financial Code.
The net proceeds from the liquidation, after settling liabilities, is distributed in cash or in kind among the shareholders of the respective sub-funds.
The duly constituted General Meeting retains the same powers during the liquidation as during the normal life of the Company; it has the power to approve the liquidation statements and discharge the liquidator.

#### TITLE VIII - DISPUTES ARTICLE 30 - COMPETENT JURISDICTION - DOMICILE FOR SERVICE
Any disputes that may arise during the life of the Company or during its liquidation, between the shareholders and the Company, or between the shareholders themselves, regarding Company business, are judged in accordance with the law and subject to the jurisdiction of the competent courts.

Translation (ENFR, 2022-07-12):
# Prospectus
12/07/2022
Sommaire
OPCVM relevant de la Directive européenne 2009/65/CE
PROSPECTUS
- 
### CARACTERISTIQUES GENERALES
- 
###### Dénomination

Edmond de Rothschild SICAV 47 rue du Faubourg Saint-Honoré 75008 PARIS
- 
###### Forme juridique et Etat membre dans lequel la SICAV a été constituée

Société d’Investissement à Capital Variable (SICAV) à compartiments de droit français.
- 
###### Date de création et durée d'existence prévue

La SICAV a été agréée par l’Autorité des marchés financiers le 07 décembre 2018.
La SICAV a été créée le 12 février 2019 pour une durée de 99 ans, par fusion-absorption des FCP suivants :
- Edmond de Rothschild Euro Sustainable Credit constitué le10 mai 2005
- Edmond de Rothschild Euro Sustainable Growth constitué le 10 février 2005
- Edmond de Rothschild Financial Bonds constitué le 10 mars 2008
- 
###### Synthèse de l'offre de gestion

La SICAV dispose de14 compartiments.
EdR SICAV – Euro Sustainable Credit
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0010172767 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs | Néant |
| Action B EUR | FR0010789313 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 action | Tous souscripteurs | Néant |
| Action CR EUR | FR0013305828 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil de l'investisseur type» | Néant |

| Action I EUR | FR0010789321 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action K EUR | FR0013400066 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action N EUR | FR0010908285 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | Néant |
| Action R EUR | FR0013201001 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
**Ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 12/02/2019
EdR SICAV – Euro Sustainable Equity
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0010505578 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs | Néant |
| Action B EUR | FR0013400074 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 action | Tous souscripteurs | Néant |
| Action CR EUR | FR0013307717 | Résultat net : Capitalisation Plus-values nettes réalisées : | Euro | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil | Néant |

|  |  | Capitalisation |  |  | de l'investisseur type» |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action CRD EUR | FR0013417516 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil de l'investisseur type» | Néant |
| Action I EUR | FR0010769729 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J EUR | FR0013444031 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action K EUR | FR0010850198 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action O EUR | FR0013444049 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 15 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action R EUR | FR0013287588 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
EdR SICAV – Financial Bonds
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF (H) | FR0012749869 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 action | Tous souscripteurs | EUR/CHF |
| Action A EUR | FR0011034495 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs | Néant |
| Action A USD (H) | FR0011882281 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 action | Tous souscripteurs | EUR/USD |
| Action B EUR | FR0011289966 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 action | Tous souscripteurs | Néant |
| Action B USD (H) | FR0012494300 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 action | Tous souscripteurs | EUR/USD |
| Action CR EUR | FR0013307691 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil de l'investisseur type» | Néant |
| Action CR GBP (H) | FR0013307683 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Livre sterling | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil | EUR/GBP |

|  |  |  |  |  | de l'investisseur type» |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action CR USD (H) | FR0013312378 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil de l'investisseur type»**** | EUR/USD |
| Action CRD EUR | FR0013409067 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil de l'investisseur type» | Néant |
| Action I CHF (H) | FR0012749851 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers*** | EUR/CHF |
| Action I EUR | FR0010584474 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | Néant |
| Action I USD (H) | FR0011781210 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers*** | EUR/USD |
| Action J EUR | FR0013174695 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers*** | Néant |
| Action J GBP (H) | FR0013350824 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou | Livre sterling | 500 000 Livre sterling | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/GBP |

|  |  | Distribution |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| et/ou Report |
|  |  | Résultat net : |  |  |  |  |
| Action J USD (H) | FR0013350808 | Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |
| Action K EUR | FR0013233699 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers**** | Néant |
| Action N EUR | FR0011034560 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers*** | Néant |
| Action NC EUR | FR0013233707 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers*** | Néant |
|  |  | Résultat net : |  |  |  |  |
| Action OC EUR | FR0013292463 | Capitalisation et/ou Distribution et/ou report Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou report | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers*** | Néant |
| Action R EUR | FR0013287596 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
** Ainsi que l’ensemble des porteurs d’actions ayant souscrit dans la SICAV avant le 20/07/2018
*** Ainsi que l’ensemble des porteurs d’actions ayant souscrit dans la SICAV avant le 19/10/2018
**** Ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 12/02/2019
EdR SICAV – Tricolore Rendement
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0010588343 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs | Néant |
| Action A USD | FR0010998179 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 action | Tous souscripteurs | Néant |
| Action B EUR | FR0010588350 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 action | Tous souscripteurs | Néant |
| Action I EUR | FR0010594325 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action K EUR | FR0010705145 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action R EUR | FR0010594333 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
EdR SICAV – Equity Euro Solve
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0013219243 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |
| Action B EUR | FR0013219276 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | Néant |
| Action CR EUR | FR0013307725 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique «Souscripteurs concernés et profil de l'investisseur type» | Néant |
| Action I EUR | FR0013331568 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite « Solvabilité II »** | Néant |
| Action K EUR | FR0013062668 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite « Solvabilité II »** | Néant |
| Action KD EUR | FR0013131885 | Résultat net : Distribution | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour | Néant |

|  |  | Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report |  |  | compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite « Solvabilité II »** |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action N EUR | FR0013222874 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 5 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II»** | Néant |
| Action NC EUR | FR0013219300 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 5 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II»** | Néant |
| Action O EUR | FR0013222882 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 5 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II»** | Néant |
| Action PC EUR | FR0013062650 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II»** | Néant |

| Action R EUR | FR0013331550 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action SC EUR | FR0013219284 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 25 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite « Solvabilité II »** | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
**Ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 08/03/2019
EdR SICAV – Start
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF (H) | FR0012538072 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | EUR / CHF |
| Action A EUR | FR0010459693 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |
| Action A USD (H) | FR0011050400 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |
| Action CR EUR | FR0013307642 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |

| Action CR USD (H) | FR0013312303 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | EUR / USD |
| --- | --- | --- | --- | --- | --- | --- |
| Action I CHF (H) | FR0012538064 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | EUR/CHF |
| Action I EUR | FR0010471136 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | Néant |
| Action I USD (H) | FR0011050418 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | EUR/USD |
| Action J EUR | FR0013295888 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | Néant |
| Action N EUR | FR0010773614 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers** | Néant |
| Action P EUR | FR0013414851 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 60 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action R EUR | FR0010773598 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs | Néant |

|  |  |  |  |  | sélectionnés à cet effet par la société de gestion |  |
| --- | --- | --- | --- | --- | --- | --- |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
**Ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 21/03/2019.
EdR SICAV – Europe Midcaps
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0010177998 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |
| Action A USD | FR0010998112 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | Néant |
| Action A USD (H) | FR0012538056 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |
| Action CR EUR | FR0013307709 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CR USD | FR0013312386 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action I EUR | FR0010594275 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I USD (H) | FR0013233673 | Résultat net : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs | EUR/USD |

|  |  | Plus-values nettes réalisées : Capitalisation |  |  | institutionnels pour compte propre ou pour compte de tiers |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action K EUR | FR0010849802 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action R EUR | FR0010614594 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion** | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.
**Ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 21/03/2019.
EdR SICAV – Equity US Solve
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF (H) | FR0013404266 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | USD/CHF |
| Action A EUR | FR0014007Q54 | Résultat net : Capitalisatio n Plus-values nettes réalisées : Capitalisatio n | Euro | 1 Action | Tous souscripteurs | Néant |
| Action A EUR (H) | FR0013404274 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | USD/EUR |
| Action A GBP (H) | FR0013404282 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Livre sterling | 1 Action | Tous souscripteurs | USD/GBP |

| Action A USD | FR0013404308 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action B CHF (H) | FR0013404316 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 1 Action | Tous souscripteurs | USD/CHF |
| Action B EUR (H) | FR0013404324 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | USD/EUR |
| Action B USD | FR0013404332 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs | Néant |
| Action CR EUR (H) | FR0013404340 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | USD/EUR |
| Action CR USD | FR0013404357 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CRD EUR (H) | FR0013404365 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | USD/EUR |

|  |  | Distribution |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| et/ou Report |
| Action CRD USD | FR0013404373 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action I EUR | FR0014007Q62 | Résultat net : Capitalisatio n Plus-values nettes réalisées : Capitalisatio n | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | Néant |
| Action I CHF (H) | FR0013404381 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500.000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | USD/CHF |
| Action I EUR (H) | FR0013404399 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | USD/EUR |
| Action I USD | FR0013404407 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500.000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la | Néant |

|  |  |  |  |  | Directive dite «Solvabilité II» |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action J CHF (H) | FR0013404415 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 500.000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | USD/CHF |
| Action J EUR (H) | FR0013404456 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | USD/EUR |
| Action J USD | FR0013404423 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 500.000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | Néant |
| Action K EUR (H) | FR0013404431 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux entreprises soumises aux exigences de la Directive dite «Solvabilité II» | USD/EUR |
| Action K USD | FR0013404449 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500.000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers, plus particulièrement destiné aux | Néant |

|  |  |  |  |  | entreprises soumises aux exigences de la Directive dite «Solvabilité II» |  |
| --- | --- | --- | --- | --- | --- | --- |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la société de gestion, le dépositaire ou des entités appartenant au même groupe.

##### EdR SICAV – Global Opportunities
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0013281938 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |
| Action A CHF (H) | FR0013429230 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | EUR / CHF |
| Action A USD (H) | FR0013429248 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |
| Action B EUR | FR0013464260 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs |  | Néant |

| Action CR EUR | FR0013464211 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action CRD EUR | FR0013464237 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action I EUR | FR0013429255 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I CHF (H) | FR0013429263 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/CHF |
| Action I USD (H) | FR0013429271 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |
| Action J EUR | FR0013429289 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

| Action K EUR | FR0013464252 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| --- | --- | --- | --- | --- | --- | --- |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la Société de Gestion, le dépositaire ou des entités appartenant au même groupe.

##### EdR SICAV – Short Duration Credit
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés* | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF (H) | FR0013460912 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | EUR / CHF |
| Action A EUR | FR0013460920 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Eur o | 1 Action | Tous souscripteurs | Néant |
| Action A USD (H) | FR0013460938 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |
| Action B CHF (H) | FR0013460946 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 1 Action | Tous souscripteurs | EUR / CHF |
| Action B EUR | FR0013460961 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | Néant |
| Action B USD (H) | FR0013460979 | Résultat net : Distribution | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |

|  |  | Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action CR EUR | FR0013460987 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CR USD (H) | FR0013461019 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | EUR / USD |
| Action CRD EUR | FR0013461027 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CRD USD (H) | FR0013461555 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | EUR / USD |
| Action I CHF (H) | FR0013461563 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/CHF |
| Action I EUR | FR0013461571 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I USD (H) | FR0013461589 | Résultat net : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour | EUR/USD |

|  |  | Plus-values nettes réalisées : Capitalisation |  |  | compte propre ou pour compte de tiers |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action J CHF (H) | FR0013461597 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 500 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR / CHF |
| Action J EUR | FR0013461605 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J USD (H) | FR0013461613 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |
| Action K EUR | FR0013461639 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action N EUR | FR0013488194 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action O EUR | FR0013488202 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 10 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la Société de Gestion, le dépositaire ou des entités appartenant au même groupe.

##### EdR SICAV – Tech Impact
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés* | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A EUR | FR0013488244 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |
| Action A USD | FR0050000720 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | Néant |
| Action B EUR | FR0013488251 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | Néant |
| Action CR EUR | FR0013488269 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CR USD | FR0050000738 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CRD EUR | FR0013488277 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action I EUR | FR0013488285 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

| Action I USD | FR0050000704 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action J EUR | FR0013519949 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J USD | FR0050000712 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action K EUR | FR0013488293 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action N EUR | FR0013488301 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 15 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action S EUR | FR0013532918 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 15 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la Société de Gestion, le dépositaire ou des entités appartenant au même groupe.

##### EdR SICAV – Green New Deal
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiqueme nt couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF | FR0013428919 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | Néant |
| Action A EUR | FR0013428927 | Résultat net : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |

|  |  | Plus-values nettes réalisées : Capitalisation |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action A USD | FR0013428935 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | Néant |
| Action B CHF | FR0013428950 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 1 Action | Tous souscripteurs | Néant |
| Action B EUR | FR0013428968 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | Néant |
| Action B USD | FR0013428976 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs | Néant |
| Action CR EUR | FR0013428984 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CR USD | FR0013428992 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CRD EUR | FR0013429008 | Résultat net : Distribution Plus-values nettes réalisées : | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |

|  |  | Capitalisation et/ou Distribution et/ou Report |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action CRD USD | FR0013429016 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action I CHF | FR0013429024 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500.000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I EUR | FR0013429040 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I USD | FR0013429057 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500.000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J CHF | FR0013429065 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 500.000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J EUR | FR0013429081 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J USD | FR0013429099 | Résultat net : Distribution Plus-values nettes réalisées : | US Dollars | 500.000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

|  |  | Capitalisation et/ou Distribution et/ou Report |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Action K EUR | FR0013429107 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action KD EUR | FR0013429115 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action R EUR | FR0050000068 | Résultat net : Capitalisatio n Plus-values nettes réalisées : Capitalisatio n | Euro | 1 Action | Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la Société de Gestion, le dépositaire ou des entités appartenant au même groupe.

##### EdR SICAV – Corporate Hybrid Bonds
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF (H) | FR00140058Y9 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | EUR/CHF |

| Action A EUR | FR00140059A7 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs |  | Néant |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Action A USD (H) | FR0014005997 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |
| Action B EUR | FR0014005989 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | Néant |
| Action CR EUR | FR0014005971 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CR USD (H) | FR0014005963 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | EUR/USD |
| Action CRD EUR | FR0014005955 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et | Néant |

|  |  |  |  | Distribution et/ou Report |  |  | profil de l'investisseur type » |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Action I CHF (H) | FR0014005948 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 500 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/CHF |
| Action I EUR | FR0014005930 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I USD (H) | FR0014005922 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |
| Action J EUR | FR0014005914 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action J USD (H) | FR00140079Y5 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 500 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |

| Action K EUR | FR0014005906 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 500.000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action NC EUR | FR00140058Z6 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 10 000 000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action OC EUR | FR00140058X1 | Résultat net : Capitalisation et/ou Distribution et/ou report Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou report | Euro | 10 000 000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

* Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la Société de Gestion, le dépositaire ou des entités appartenant au même groupe.

##### EdR SICAV – Millésima World 2028
| Type d’actions | Code ISIN | Affectation des sommes distribuables | Devise de libellé | Montant minimum de souscription initiale* | Souscripteurs concernés | Risque systématiquement couvert |
| --- | --- | --- | --- | --- | --- | --- |
| Action A CHF (H) | FR0014008W14 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 Action | Tous souscripteurs | EUR/CHF |

| Action A EUR | FR0014008W22 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs |  | Néant |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Action A USD (H) | FR0014008W30 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs | EUR/USD |
| Action AC EUR | FR0014008W48 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs | Néant |
| Action B EUR | FR0014008W55 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs | Néant |
| Action CR EUR | FR0014008W63 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| Action CR USD (H) | FR0014008W71 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | EUR/USD |

| Action CRD EUR |  | FR0014008W89 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | Néant |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Action CRD USD (H) | FR0014008W97 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 Action | Tous souscripteurs, dans les conditions précisées à la rubrique « Souscripteurs concernés et profil de l'investisseur type » | EUR/USD |
| Action I CHF (H) | FR0014008WA1 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Franc suisse | 1 000 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/CHF |
| Action I EUR | FR0014008WB9 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 000 000 Euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |
| Action I USD (H) | FR0014008WC7 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 000 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |
| Action J EUR | FR0014008WD5 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 000 000 euros | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | Néant |

| Action J CHF (H) | FR0014008WE3 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Franc suisse | 1 000 000 Francs suisses | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/CHF |
| --- | --- | --- | --- | --- | --- | --- |
| Action J USD (H) | FR0014008WF0 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 000 000 USD | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers | EUR/USD |
| Action K EUR | FR0014008WG8 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 000 000 euros | Investisseurs institutionnels | Néant |
| Action R EUR | FR0014008WH6 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 Action | Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion | Néant |
| Action PWM EUR | FR0014008WI4 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | Euro | 1 000 euros | Dédié à la Banque Privée EdR | Néant |
| Action PWM USD (H) | FR0014008WJ2 | Résultat net : Capitalisation Plus-values nettes réalisées : Capitalisation | US Dollars | 1 000 USD | Dédié à la Banque Privée EdR | EUR/USD |

| Action PWMD EUR | FR0014008WK0 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | Euro | 1 000 euros | Dédié à la Banque Privée EdR | Néant |
| --- | --- | --- | --- | --- | --- | --- |
| Action PWMD USD (H) | FR0014008WL8 | Résultat net : Distribution Plus-values nettes réalisées : Capitalisation et/ou Distribution et/ou Report | US Dollars | 1 000 USD | Dédié à la Banque Privée EdR | EUR/USD |

- Le montant minimum de souscription initiale ne s’applique pas à la souscription qui pourrait être réalisée par la Société de Gestion, le dépositaire ou des entités appartenant au même groupe.
	- 
###### Indication du lieu où l'on peut se procurer le dernier rapport annuel et le dernier état périodique


Les derniers documents annuels et périodiques sont adressés dans un délai de huit jours ouvrés sur simple demande écrite de l’actionnaire auprès de la société de gestion Edmond de Rothschild Asset Management (France), 47, rue du Faubourg Saint Honoré, 75401 Paris cedex 08.
- 
### ACTEURS
- 
###### Société de gestion par délégation

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
Société Anonyme, à Directoire et Conseil de Surveillance, agréée en tant que société de gestion par l’AMF, le 15 avril 2004 sous le numéro GP 04000015.
Siège social: 47 rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08
- 
###### Dépositaire

EDMOND DE ROTHSCHILD (France)
Société Anonyme, à Directoire et Conseil de Surveillance, agréée par la Banque de France-CECEI en tant qu'établissement de crédit le 28 septembre 1970.
Siège social : 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08 Description des missions du dépositaire :
Edmond de Rothschild (France) exerce les missions définies par la Règlementation applicable, à savoir :
- La garde des actifs de la SICAV,
- Le contrôle de la régularité des décisions de la société de gestion,
- Le suivi des flux de liquidités de la SICAV. Encadrement et gestion des conflits d’intérêts :Le dépositaire EdR (France) et la société de gestion EdRAM (France) appartiennent au même Groupe, Edmond de Rothschild. Ils ont, conformément à la Réglementation applicable, mis en place, une politique et une procédure appropriées au regard de leur taille, de leur organisation et de la nature de leurs activités, en vue de prendre les mesures raisonnables destinées à prévenir les conflits d'intérêts qui pourraient découler de ce lien.

Délégataires :
Le dépositaire a délégué la fonction de conservation des titres financiers au Conservateur, CACEIS Bank.
La description des fonctions de garde déléguées, la liste des sous délégataires de CACEIS Bank et l’information relative aux conflits d’intérêt susceptibles de résulter de ces délégations sont disponibles sur le site de CACEIS : www.caceis.com
Des informations actualisées sont mises à disposition des investisseurs dans un délai de huit jours ouvrés sur simple demande écrite de l’actionnaire auprès du Dépositaire.
- 
##### Centralisateur par délégation

EDMOND DE ROTHSCHILD (France) assume par délégation les fonctions liées à la tenue du passif : la centralisation des ordres de souscription et de rachat d’une part, la tenue de compte émission de la SICAV d’autre part.
- 
##### Etablissement en charge de la tenue du compte émission par délégation

EDMOND DE ROTHSCHILD (France)
Société Anonyme, à Directoire et Conseil de Surveillance, agréée par la Banque de France-CECEI en tant qu'établissement de crédit le 28 septembre 1970.
Siège social: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Conservateur CACEIS Bank Société anonymeEtablissement de crédit agréé par le CECEISiège social: 89-91 rue Gabriel Péri – 92120 MontrougeAdresse postale: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX.

Le Conservateur est en charge pour le compte du dépositaire, de la garde des actions de la SICAV, de leur liquidation et du règlement livraison des ordres collectés et transmis par le dépositaire. Il assure également le service financier des actions de la SICAV (opérations sur titres, encaissement des revenus).
- 
###### Commissaire aux comptes

PRICEWATERHOUSECOOPERS AUDIT
Siège social : 63, rue de Villiers – 92200 Neuilly sur Seine
Signataire : Monsieur Frédéric SELLAM
- 
###### Commercialisateur

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Société Anonyme, à Directoire et Conseil de Surveillance, agréée en tant que société de gestion par l’AMF, le 15 avril 2004 sous le numéro GP 04000015.
Siège social: 47 rue du Faubourg Saint-Honoré -75401 Paris Cedex 08
Téléphone: 00 33 1 40 17 25 25	e-mail: contact@edram.fr
Télécopie: 00 33 1 40 17 24 42	Site internet: www.edram.fr
Edmond de Rothschild Asset Management (France) prend l’initiative de la commercialisation de la SICAV et pourra être amenée à déléguer la réalisation effective de cette commercialisation à un tiers choisi par ses soins. Par ailleurs, la société de gestion ne connaît pas l'ensemble des commercialisateurs des actions de la SICAV, qui peuvent agir en dehors de tout mandat.
Quel que soit le commercialisateur final, les équipes commerciales d’Edmond de Rothschild Asset Management (France) sont à la disposition des actionnaires pour toute information ou question relative à la SICAV au siège social de la société.
- 
###### Gestionnaire administratif et comptable par délégation

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Société Anonyme, à Directoire et Conseil de Surveillance, agréée en tant que société de gestion par l’AMF, le 15 avril 2004 sous le numéro GP 04000015.
Siège social: 47 rue du Faubourg Saint-Honoré -75401 Paris Cedex 08
La SICAV délègue à EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) sa gestion administrative et comptable.
- 
###### Sous-Délégation de la gestion comptable :

CACEIS FUND ADMINISTRATION
Société anonyme au capital social de 5 800 000 €
Siège social: 89-91 rue Gabriel Péri – 92120 Montrouge
Adresse postale: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX La SICAV délègue à Caceis Fund Administration sa gestion comptable.
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) délègue à Caceis Fund Administration la gestion comptable de la SICAV.
Caceis Fund Administration a notamment, pour objet social la valorisation et la gestion administrative et comptable de portefeuilles financiers. A ce titre, elle procède, principalement, au traitement de l'information financière relative
aux portefeuilles, aux calculs des valeurs liquidatives, à la tenue de la comptabilité des portefeuilles, à la production des états et informations comptables et financiers et à la production de divers états réglementaires ou spécifiques.
- 
###### Délégation de la gestion financière

Edmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.
Société anonyme de droit suisse, régie par la loi fédérale sur les banques et les caisses d'épargne du 8 novembre 1934 et enregistrée au Registre du Commerce suisse sous le n°CHE-105.978.847.
Siège social : 18 rue de Hesse, CH – 1204 Genève – Suisse
Cette délégation de gestion financière porte sur la couverture de change des actions couvertes de la SICAV.
- 
###### Conseiller en investissement :

Edmond de Rothschild (Suisse) S.A.
Société anonyme de droit suisse, régie par la loi fédérale sur les banques et les caisses d'épargne du 8 novembre 1934 et enregistrée au Registre du Commerce suisse sous le n°CHE-105.978.847.
Siège social : 18 rue de Hesse, CH – 1204 Genève – Suisse
Le conseiller en investissement n’est pas amené à prendre des décisions pour le compte de la SICAV, qui relèvent de la compétence et de la responsabilité du gestionnaire financier par délégation.
Ce rôle de Conseil en investissement porte sur les Compartiments EdR SICAV – Corporate Hybrid Bonds, EdR SICAV – Short Duration Credit et EdR SICAV – Millesima World 2028.
- 
###### Membres des organes d’administration et de direction

Identité et fonctions des membres du Conseil d’administration de la SICAV :
Monsieur Flavien DUVAL (Administrateur et Président du Conseil d’Administration) Monsieur Bertrand MONTAUZE (Administrateur et Directeur Général)
Monsieur Christophe Caspar (Administrateur) Monsieur Raphaël Bellaïche (Administrateur)
Les modalités d’administration de la SICAV sont précisées dans les statuts.
- 
### MODALITES DE FONCTIONNEMENT ET DE GESTION
- 
##### Caracteristiques generales

Ces caractéristiques générales sont des dispositions communes à l’ensemble des compartiments de la SICAV.
- Nature du droit attaché à la catégorie d’actions: la Société d’Investissement à Capital Variable, dite SICAV, est une société anonyme qui a pour objet la gestion d’un portefeuille d’instruments financiers et de dépôts. Sous réserve des dispositions de l’article L. 214-7-4 du Code monétaire et financier, les actions de la SICAV sont émises et rachetées à tout moment par la société à la demande des actionnaires et à la valeur liquidative majorée ou diminuée, selon le cas, des frais et commissions. Les actionnaires disposent d'un droit de propriété sur les actifs de la SICAV proportionnel au nombre d’actions possédées.
- Inscription à un registre: les actions seront admises en Euroclear France et seront qualifiées de titres au nominatif avant leur admission et de titres au porteur dès leur admission. Les droits des porteurs d’actions nominatives seront représentés par une inscription dans un registre tenu par le dépositaire et les droits des porteurs d’actions au porteur seront représentés par une inscription au compte tenu par le dépositaire central (Euroclear France) ouvert en sous affiliation au nom du conservateur.
- Droits de vote: Chaque action donne droit à un droit de vote proportionnel à la fraction du capital qu’elle représente. Une action représente une voix. Les décisions concernant la gestion sont prises par le Conseil d’Administration sous l’impulsion de la société de gestion.
- Forme des actions: au porteur.
- Décimalisation(fractionnement) : les actions pourront être fractionnées, sur décision du conseil d’administration en dixièmes, centièmes, millièmes, dix-millièmes d’action.
	- 
###### Date de clôture


Dernier jour de Bourse ouvré du mois de septembre.
La date de clôture du premier exercice interviendra le dernier jour de Bourse ouvré du mois de septembre 2019.
- 
###### Régime fiscal

La SICAV n’est pas assujettie à l’impôt sur les sociétés. Cependant les distributions et les plus-values sont imposables entre les mains de ses actionnaires.
Les SICAV sont dites transparentes.
Ainsi, les gains ou les pertes réalisés lors du rachat des actions de la SICAV (ou lors de la dissolution d’un compartiment) constituent des plus-values ou moins-values soumises au régime des plus-values ou moins-values sur valeurs mobilières applicable à chaque actionnaire suivant sa situation propre (pays de résidence, personne physique ou morale, lieu de souscription…). Ces plus-values peuvent faire l'objet d’une retenue à la source si l’actionnaire ne réside pas fiscalement en France. Par ailleurs, les plus-values latentes peuvent dans certains cas faire l'objet d'une imposition.
En cas de doute sur sa situation fiscale, l’actionnaire est invité à se rapprocher d'un conseiller pour connaître le traitement fiscal spécifique qui lui sera applicable avant la souscription d’action de la SICAV.
- 
##### Dispositions particulieres

EdR SICAV – Euro Sustainable Credit
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 07 décembre 2018. Le compartiment a été créé le 12 février 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Euro Sustainable Credit constitué le10 mai 2005.
- Code ISINAction A EUR : FR0010172767 Action B EUR : FR0010789313 Action CR EUR : FR0013305828 Action I EUR : FR0010789321 Action K EUR : FR0013400066 Action N EUR : FR0010908285 Action R EUR :  FR0013201001
- Régime fiscal spécifiqueNéant
- ClassificationObligations et autres titres de créance libellés en euro
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment vise à offrir une performance supérieure à celle de son indice de référence, l’indice Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, sur la durée de placement recommandée, par des placements sur les marchés obligataires d'entreprises cherchant à allier rentabilité financière et mise en œuvre d’une politique visant à respecter des critères extra-financiers en contrepartie d'un risque de perte en capital.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceL’indice Bloomberg Barclays Capital Euro Aggregate Corporate Total Return (code Bloomberg LECPTREU) est calculé et publié par Bloomberg. Il est représentatif des emprunts obligataires à taux fixe, libellés en euro, émis par les émetteurs des secteurs de l’industrie, de la banque et des services aux collectivités publiques notés au minimum BBB- et ayant une durée résiduelle supérieure à 1 an.

L’administrateur Bloomberg Index Services Limited (site internet : 
https://
www.bloomberg.com) de l’indice de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de cet indicateur inclut les coupons. Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :La stratégie de gestion consiste à construire un portefeuille sur les marchés obligataires d'entreprises, en sélectionnant des titres sur la base d’une analyse combinant des critères financiers permettant de définir des valeurs qui présentent d’importantes perspectives de croissance et des critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable.

Pour la réalisation de l’objectif de gestion, la stratégie combinera une approche sectorielle déclinée à travers un processus Top Down (descendant) et une analyse crédit destinée à sélectionner les émetteurs les plus attractifs au travers d’un processus Bottom Up (ascendant).
Le croisement de cette analyse financière avec une analyse parallèle des émetteurs selon des critères extra- financiers permettra de définir la pondération des titres constituant le portefeuille.
- Analyse des critères financiersApproche Top DownL’approche Top Down repose avant tout sur une analyse macroéconomique des différents secteurs ou pays explorés dans le cadre de l’allocation du portefeuille. Elle aboutit à la détermination de scénarios de marché définis à partir des anticipations de l’équipe de gestion.

Cette analyse permet notamment de définir :
- le degré d’exposition aux différents secteurs économiques,
- la répartition entre les catégories Investment Grade et High Yield (titres spéculatifs pour lesquels le risque de défaillance de l'émetteur est plus important dont la notation est inférieure à BBB- selon Standard & Poor’s ou équivalent, ou bénéficiant d’une notation interne équivalente de la société de gestion) et entre les différentes notations au sein de ces catégories.

L’analyse Top Down permet d’avoir une vision globale du portefeuille. Celle-ci est complétée par un processus de sélection de titres (approche Bottom Up).
Approche Bottom Up
Ce processus vise à identifier, au sein d’un même secteur, les émetteurs présentant une valeur relative supérieure aux autres et apparaissant ainsi comme les plus attractifs.
Le mode de sélection des émetteurs repose sur une analyse fondamentale de chaque société. L’analyse fondamentale s’articule autour de l’évaluation de critères tels que :
- la lisibilité de la stratégie de l’entreprise,
- sa santé financière (régularité des Cash Flows à travers différents cycles économiques, capacité à honorer ses dettes…),
- le caractère « stratégique » de l’entreprise laissant anticiper une intervention de l’Etat en cas de défaillance ou	de dégradation importante de sa situation financière.

Au sein de l’univers des émetteurs sélectionnés, le choix des expositions se fera en fonction de caractéristiques telles que la notation de l’émetteur, la liquidité des titres ou leur maturité.
Le modèle d’analyse fondamentale, destiné à identifier les titres présentant le plus fort potentiel d’appréciation, repose sur une structure d’analystes gérants spécialisés sur les marchés du crédit. A la suite de l’analyse approfondie des différentes sociétés, le processus Bottom Up est à nouveau affiné. Il aboutit au choix des véhicules d’investissement à privilégier (titres vifs, Crédit Default Swaps, Itraxx...) pour s’exposer aux signatures sélectionnées.
- Analyse des critères extra-financiersIl s’agit ici d’une analyse qualitative qui permet de sélectionner des valeurs selon une grille de notation ESG propre à la société de gestion, qui classe les titres selon les critères de nature Environnementale, Sociale-sociétale et de Gouvernance d’entreprise listés ci-dessous :Environnement : consommation de l’énergie, émissions de GES, eau, déchets, pollution, stratégie de management environnemental, impact vert ;Social : qualité de l’emploi, management des ressources humaines, impact social, santé et sécurité ; Gouvernance : structure des organes de gouvernance, politique de rémunération, audit et contrôle interne, actionnaires.

L'univers d'investissement ESG est composé des obligations d'entreprises (non financières et financières) libellées en euro ayant une évaluation de crédit Investment Grade (AAA à BBB-) ainsi que des obligations d'entreprises non financières libellées en euro ayant une évaluation de crédit High Yield (supérieur à CCC). La société de gestion
peut sélectionner des valeurs en dehors de cet Univers ESG. Pour autant, elle s’assurera que l’univers ESG retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Le modèle de notation ISR a été construit :
- selon une approche Best-in Universe, c’est-à-dire de façon à favoriser les entreprises les plus performantes sans considération de rating financier, de taille ou de secteur.
- avec des pondérations différenciées des 3 piliers ESG par secteur d’activités en fonction de leurs enjeux spécifiques : en effet, les 3 piliers extra-financiers se voient attribuer une pondération plus ou moins importante en fonction du secteur considéré, ce qui résulte en un poids différent de chacun des trois piliers. Par exemple, une entreprise chimique sera plus concernée par la problématique environnementale alors qu’une société du secteur des services aux entreprises verra un poids plus important accordé aux facteurs sociaux.

Afin de déterminer si l’entreprise analysée incarne les caractéristiques de l’entreprise à caractère responsable et durable définies par la société de gestion, cette dernière réalise une étude qui aboutit à une note ESG interne.
En l’absence de notation en interne, le gérant s’appuie sur une notation ESG fournie par une agence de notation extra-financière.
Au minimum 90% des sociétés en portefeuille bénéficient d’une notation ESG interne ou fournie par une agence de notation externe.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, sans recherche de surexposition, le compartiment pourra avoir recours aux instruments financiers dérivés, négociés, sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps…). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d’activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et de crédit. Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou visant à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protections par le biais de dérivés de crédit de type « Credit Default Swap », sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Il pourra également mettre en place des stratégies visant à diminuer les risques de change et/ou à gérer le risque de taux par l’utilisation de contrats financiers et notamment futures, options, contrats à terme ou swap.
Le gérant mettra également en œuvre une gestion active de la sensibilité du compartiment aux taux d’intérêt, celle- ci pouvant varier entre 0 et 8. La sensibilité sera réduite pour protéger le portefeuille des effets négatifs liés à un mouvement de hausse des taux et augmentée pour capter plus largement les bénéfices liés à une baisse des taux. Un complément de rémunération sera obtenu par le biais d’une gestion active du risque de taux.
Exposition aux marchés actions
Dans la limite de 10% de son actif net, l
e 
compartiment pourra être exposé aux marchés actions au travers d’achats éventuels d’obligations convertibles.
Devises
Le compartiment pourra détenir, à titre accessoire, jusqu’à 10% de titres émis en devises étrangères, le risque de change sera couvert. Néanmoins, il pourra subsister une exposition au risque de change limitée à 10% de l'actif net du portefeuille.
. Sur les actifs :
Titres de créance et instruments du marché monétaire (jusqu’à 100% de l’actif net dont 100% maximum en titresdirects)
Caractéristiques générales
| Sensibilité aux taux d’intérêt | - | [0 ; 8] |
| --- | --- | --- |
| Zone géographique des émetteurs | OCDE, Union Européenne, Espace Economique Européen, G20 | 100% maximum en dette privée |

Répartition dette privée / dette publique
Jusqu'à 100% du portefeuille "Titres de créances" en dette privée d’émetteurs situés dans un Etat membre de l’OCDE, de l’Union Européenne, de l’Espace Economique Européen ou du G20.
Le portefeuille ne sera pas investi en dette publique d’un Etat ou d’une entité d’un pays membre de l’OCDE, de l’Union Européenne, de l’Espace Economique Européen ou du G20.
Critères relatifs à la notation
Les titres sélectionnés présenteront une notation (Standard and Poor's ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente) long terme minimum de BBB- ou une notation court terme de A3 pour 70% minimum de l'actif net du compartiment. Les titres sélectionnés pourront ne pas être notés pas une agence de notation, mais bénéficieront alors d’une notation interne de la société de gestion équivalente.
Dans la limite de 30% de l’actif net, les titres pourront présenter une notation inférieure, correspondant à la catégorie High Yield (titres spéculatifs dont la notation est inférieure à BBB- selon Standard & Poor’s ou équivalent, ou bénéficiant d’une notation interne équivalente de la société de gestion).
Au global, la notation moyenne du portefeuille sera minimum de BBB- selon Standard & Poor’s, ou équivalent, ou bénéficiera d’une notation interne de la société de gestion équivalente.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Nature juridique des instruments utilisés
Titres de créances de toute nature dont notamment :
- Obligations à taux fixe, variable ou révisable
- Obligations indexées sur l'inflation
- Obligations vertes, dites Green Bonds (obligations qui ont pour but de financer des projets avec un impact environnemental positif)
- Titres de créances négociables
- Bons de caisse
- Euro Commercial Papers (titres négociables à court terme émis en Euro par une entité étrangère)Le portefeuille pourra investir dans des PIK notes (les payment in kind notes sont des obligations pour lesquelles le paiement des intérêts ne se fait pas systématiquement en espèces).

Actions
- Exposition au travers d’actions détenues en direct : Néant
- Exposition via des obligations convertibles : jusqu’à 10% de l’actif netL’exposition maximale du portefeuille aux marchés actions mesurée à travers le delta des obligations convertibles ne pourra pas dépasser 10% de l’actif net du compartiment.

Actions ou parts d'autres placements collectifs de droit français ou d'autres OPCVM, FIA ou fondsd'investissement de droit étranger
L
e 
compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs, y compris indiciels côtés, ou de classification monétaire ou obligataire notamment afin de placer la trésorerie.
Dans cette limite de 10%, l
e 
compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Contrats financiers
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, sans recherche de surexposition, et dans la limite de 100% de son actif, l
e 
compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps,…). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d’activité ou des zones géographiques. A ce titre, l
e 
compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et crédit.

##### Nature des marchés d'intervention
- Marchés réglementés
- Marchés organisés
- Marchés de gré à gré


##### Risques sur lesquels le gérant désire intervenir, dans le but de couverture et d'exposition du portefeuille
- Risque actions exclusivement issu de la possible exposition à des obligations convertibles
- Risque taux
- Risque de change
- Risque crédit


##### Nature des interventions, l'ensemble des opérations devant être limitées à la réalisation de l'objectif de gestion
- Couverture
- Exposition
- Arbitrage


##### Nature des instruments utilisés
- Options de taux
- Contrats de taux à terme
- Futures de taux
- Swaps de taux (taux fixe/taux variable toutes combinaisons et inflation)
- Dérivés de crédit (Credit Default Swaps)
- Options de crédit
- Options de change
- Swaps de change
- Change à terme
- Warrants
- Options sur Swaps de taux
- Options sur CDSPar ailleurs, le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur obligations, indices obligataires et/ou paniers obligataires jusqu’à 50% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 25%.

Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.

##### Stratégie d'utilisation des dérivés pour atteindre l'objectif de gestion
- Couverture générale de certains risques (taux, crédit, change)
- Exposition aux risques de taux crédit et actions
- Reconstitution d’une exposition synthétique à des actifs et des risques (taux, crédit)L’exposition sur ces instruments financiers, marchés, taux et/ou à certains de leurs paramètres ou composantes résultant de l’utilisation des contrats financiers ne pourra excéder 100% de l’actif net.

Le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou visant à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protections par le biais de dérivés de crédit de type Credit Default Swap, sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Titres intégrant des dérivés (jusqu’à 100% de l’actif net)
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. L
e 
compartiment pourra uniquement investir dans :
- des obligations callable ou puttable jusqu’à 100% de l’actif net,
- des obligations convertibles jusqu’à 10% de l’actif net,
- des obligations contingentes convertibles (Cocos) jusqu’à 20% de l’actif net.

Emprunts d’espèces
L
e 
compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de son actif net.
Opérations d’acquisitions et cessions temporaires de titres Néant
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du
Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose l
e 
compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié à la sélection ISR (Investissement Socialement Responsable) :
La sélection de titres ISR peut amener le compartiment à s’écarter de l’indicateur de référence. Risque lié aux produits hybrides (obligations convertibles) :
Compte tenu de leur possible conversion en actions, les obligations convertibles introduisent un risque actions dans un portefeuille obligataire. Elles exposent également le portefeuille à la volatilité des marchés actions, supérieure à celles des marchés obligataires. La détention de tels instruments conduit donc à une augmentation du risque du portefeuille, celui-ci pouvant être atténué, selon les configurations de marché, par la composante obligataire des titres hybrides.
Risques liés aux Total Return Swaps :
L’utilisation des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties, peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces contrats peut entrainer un effet négatif sur la valeur liquidative de la SICAV.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux contrats d’échange sur rendement global.
Risques liés aux contingent convertible bonds (Cocos) :
Les Cocos sont des titres de créance subordonnés émis par les établissements de crédit ou les compagnies d’assurance ou de réassurance, éligibles dans leurs fonds propres réglementaires et qui présentent la spécificité d’être convertibles en actions, ou bien dont le nominal peut être diminué (mécanisme dit de « write down ») en cas de survenance d’un « élément déclencheur » (« Trigger »), préalablement défini dans le prospectus. Une Coco inclut une option de conversion en actions à l’initiative de l’émetteur en cas de dégradation de sa situation financière. En plus du risque de crédit et de taux inhérent aux obligations, l’activation de l’option de conversion peut entrainer une baisse de la valeur du Coco supérieure à celle constatée sur les autres obligations classiques de l’émetteur. Selon les conditions fixées par la Coco concernée, certains événements déclencheurs peuvent entraîner une dépréciation permanente à zéro de l’investissement principal et/ou des intérêts courus ou une conversion de l’obligation en action.
Risque lié au seuil de conversion des Cocos :
Le seuil de conversion d’une Coco dépend du ratio de solvabilité de son émetteur. Il s’agit de l’évènement qui détermine la conversion de l’obligation en action ordinaire. Plus le ratio de solvabilité est faible, plus la probabilité de conversion est forte.
Risque de perte ou suspension de coupon :
En fonction des caractéristiques des Cocos, le paiement des coupons est discrétionnaire et peut être annulé ou suspendu par l’émetteur à tout moment et pour une période indéterminée.
Risque d’intervention d’une autorité de régulation au point de « non-viabilité » :
Une autorité de régulation détermine à tout moment de manière discrétionnaire qu’une institution n’est « pas viable
», c’est-à-dire que la banque émettrice requiert le soutien des autorités publiques pour empêcher l’émetteur de devenir insolvable, de faire faillite, de se retrouver dans l’incapacité de payer la majeure partie de ses dettes à leur échéance ou de poursuivre autrement ses activités et impose ou demande la conversion des Obligations Convertibles Conditionnelles en actions dans des circonstances indépendantes de la volonté de l’émetteur.
Risque d’inversion de la structure de capital :
Contrairement à la hiérarchie conventionnelle du capital, les investisseurs en Cocos peuvent subir une perte de capital qui n’affecte pas les détenteurs d’actions. Dans certains scénarios, les détenteurs de Cocos subiront des pertes avant les détenteurs d'actions.
Risque de report du remboursement :
La plupart des Cocos sont émises sous la forme d'instruments à durée perpétuelle, qui ne sont remboursables à des niveaux prédéterminés qu'avec l'approbation de l'autorité compétente. On ne peut pas supposer que des Cocos perpétuelles seront remboursées à la date de remboursement. Les Cocos sont une forme de capital permanent. Il est possible que l'investisseur ne reçoive pas le retour du principal tel qu'attendu à la date de remboursement ou à quelque date que ce soit.
Risque de liquidité :
Dans certaines circonstances, il peut être difficile de trouver un acheteur de Cocos et le vendeur peut être contraint d'accepter une décote substantielle sur la valeur attendue de l'obligation pour pouvoir la vendre.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, B EUR: Tous souscripteursActions CR EUR : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Actions I EUR, K EUR et N EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 12/02/2019. Actions R EUR : Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent optimiser leurs placements obligataires par le biais d’une gestion active d’instruments de crédit libellés en euro avec une analyse combinant des critères financiers et extra-financiers.
L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique
« profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 2 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A EUR», «CR EUR», «R EUR», « I EUR», «K EUR» et «N EUR» | Actions «B EUR» |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins- values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 7 catégories d’actions : Actions « A EUR», «B EUR», «CR EUR», «I EUR», «K EUR»,«N EUR» et «R EUR».

L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.)Valeur liquidative d’origine :

| Action A EUR : 358,72 €. |
| --- |
| Action B EUR : 106,10 €. |
| Action CR EUR : 98,16 €. |
| Action I EUR: 13972,51 €. Action K EUR: 100 €. |
| Action N EUR : 13474,97 €. Action R EUR : 101,88 €. |

Montant minimum de souscription initiale :
| Action A EUR : 1 Action. |
| --- |
| Action B EUR : 1 Action. |
| Action CR EUR : 1 Action. |
| Action I EUR : 500 000 €. Action K EUR : 500 000 € |
| Action R EUR : 1 Action. |
| Action N EUR : 10 000 000 €. |

Ce montant ne s’applique pas aux souscriptions réalisées par le commercialisateur, le gestionnaire financier, le dépositaire ou des collaborateurs de ces derniers.
Montant minimum des souscriptions ultérieures :
| Action A EUR : 1 millième d’action. |
| --- |
| Action B EUR : 1 millième d’action. |
| Action CR EUR : 1 millième d’action. |
| Action I EUR : 1 millième d’action. Action K EUR : 1 millième d’action. |
| Action N EUR : 1 millième d’action. |
| Action R EUR : 1 millième d’action. |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de
10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales
applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |
| --- | --- | --- |
| Commission de souscription non acquise au Compartiment EdR SICAV – Euro Sustainable Credit | Valeur Liquidative x Nombre d’actions | Action A EUR : 1% maximum |
| Action B EUR : 1% maximum |
| Action CR EUR : 1% maximum |
| Action I EUR : Néant |
| Action K EUR : Néant |
| Action N EUR : Néant |
| Action R EUR : 1% maximum |
| Commission de souscription acquise au Compartiment EdR SICAV – Euro Sustainable Credit | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au Compartiment EdR SICAV  –  Euro Sustainable Credit | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au Compartiment EdR SICAV  –  Euro Sustainable Credit | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 0.95% TTC* maximum |
| Action B EUR : 0.95% TTC* maximum |
| Action CR EUR : 0.50% TTC* maximum |
| Action I EUR : 0.45% TTC* maximum |
| Action K EUR : 0.60% TTC* maximum |
| Action N EUR : 0.25% TTC* maximum |
| Action R EUR : 1.15% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.15% TTC* maximum |
| Action B EUR : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action I EUR: 0.15% TTC* maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action N EUR : 0.15% TTC* maximum |
| Action R EUR : 0.15% TTC* maximum |
| Commissions de mouvement | Prélèvement sur chaque transaction | Néant |
| Commission de surperformance  (1) | Actif net du compartiment | Action A EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Action B EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Action CR EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Action I EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Action K EUR : Néant |
| Action N EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Action R EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence : Bloomberg Barclays Capital Euro Aggregate Corporate Total Return.
La commission de surperformance est calculée en comparant la performance de l’action du fonds/compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’ action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence;
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans, : la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible 
(t)) 
x taux de Commission de surperformance AN (t): actif net en fin d’annéet
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performan ce	action cumulée* | Performan ce	indice cumulée* | Performan ce relative cumulée* | Performan ce	action sur | Performan ce	indice sur | Performan ce relative sur | Perception commission** | Période	renouvelée « R »	/	Prolongée « P »	ou	décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

|  |  |  |  | dernière année | dernière année | dernière année |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action	sur dernière année | Performance indice	sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance, 
n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| PÉRIODE | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN CIBLE | 100 | 104 | 98 |
| AN | 100 | 102 | 106 |
| ASSIETTE DE CALCUL : AN-AN CIBLE |  | -2 | 8 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action	sur dernière année | Performance indice	sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R »	/ Prolongée « P » ou	décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de référence
** de surperformance
*** arrondi
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Oui | R | Oui |

Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche au sens de l’article 314-21 du Règlement Général de l’AMF peuvent être facturés au compartiment dans la limite de 0,01% de son actif net.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV 
– 
Euro Sustainable Credit sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV 
– 
Euro Sustainable Equity
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 07 décembre 2018. Le compartiment a été créé le 12 février 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Euro Sustainable Growth constitué le 10 février 2005.
- Code ISINAction A EUR : FR0010505578 Action B EUR : FR0013400074 Action CR EUR : FR0013307717 Action CRD EUR : FR0013417516 Action I EUR : FR0010769729 Action J EUR : FR0013444031 Action K EUR : FR0010850198 Action O EUR : FR0013444049 Action R EUR :   FR0013287588
- Régime fiscal spécifiqueEligible au PEA.
- ClassificationActions des pays de la zone euro
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionL’objectif de gestion du compartiment, sur la durée de placement recommandée, vise à surperformer son indicateur de référence, le MSCI EMU, par des placements dans des sociétés de la zone Euro, alliant rentabilité financière, et mise en œuvre d’une politique visant à respecter des critères extra-financiers.

La stratégie d'investissement du compartiment tient également compte des enjeux climatiques et recherche un alignement de la trajectoire climatique du portefeuille avec l’Accord de Paris.
Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceLa performance du compartiment pourra être comparée à l’indice MSCI EMU, dividendes nets réinvestis, exprimé en Euro pour les actions émises en Euro. L’indice MSCI EMU (ticker Bloomberg : NDDUEMU Index) est un indice composé de 300 valeurs appartenant aux pays membres de la zone euro sélectionnées selon la capitalisation boursière, le volume de transaction et le secteur d’activité. L’indice s’efforce de respecter la pondération par pays et par secteurs d’activité reflétant au maximum la structure économique de la zone euro. L’indice est calculé et publié par MSCI Barra et les données sont accessibles sur www.mscibarra.com.

L’administrateur MSCI Limited (site internet : http://www.msci.com) de l’indice de référence MSCI EMU n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement de l’indicateur de référence qui n’est qu’un indicateur de comparaison.
- Stratégie d’investissement. Stratégies utilisées :Le compartiment opère une gestion active de sélection de titres (stock-picking) cotés sur un univers de valeurs majoritairement de la zone Euro. Le compartiment sera investi en permanence à hauteur de 75% au moins en actions et autres titres éligibles au PEA et sera exposé à hauteur de 60% au moins en actions émises dans un ou plusieurs pays de la zone Euro. L'exposition sur les actions des pays hors zone Euro ne dépassera pas 10% de l'actif net. Le compartiment pourra être exposé au risque action jusqu’à 110% de l’actif net.

L'univers d'investissement ESG est composé de l'ensemble des sociétés de l’indice de référence du compartiment, à savoir le MSCI EMU, dans des sociétés de petites et moyennes capitalisations boursières de la zone euro, n'excédant pas 5 milliards d'euros et n’appartenant pas à cet indice ainsi que dans des sociétés de grandes capitalisations boursières, supérieure à 5 milliards d'euros en dehors de la zone Euro et n’appartenant pas à cet indice. La société de gestion peut sélectionner des valeurs en dehors de cet Univers ESG. Pour autant, elle s’assurera que l’univers ESG retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
La philosophie de gestion du compartiment vise à investir dans des entreprises qui orientent leurs choix stratégiques et opérationnels dans l’optique d’un développement durable. Elles viseront ainsi dans la conduite de leur activité la recherche de performance globale - à la fois économique et financière, sociale-sociétale et environnementale - dans le respect et la confiance de leurs parties prenantes internes et externes.
La sélection des titres repose sur l’utilisation combinée de critères financiers permettant de définir des valeurs qui présentent d’importantes perspectives de croissance et de critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable.
Cette analyse, permet de sélectionner des valeurs selon une grille de notation ESG propre à la société de gestion, qui classe les titres selon les critères de nature Environnementale, Sociale-sociétale et de Gouvernance d’entreprise listés ci-dessous :
Environnement : consommation de l’énergie, émissions de GES, eau, déchets, pollution, stratégie de management environnemental, impact vert ;
Social : qualité de l’emploi, management des ressources humaines, impact social, santé et sécurité ; Gouvernance : structure des organes de gouvernance, politique de rémunération, audit et contrôle interne, actionnaires.
Le modèle de notation ISR a été construit :
- selon une approche Best-in Universe, c’est-à-dire de façon à favoriser les entreprises les plus performantes sans considération de rating financier, de taille ou de secteur.
- avec des pondérations différenciées des 3 piliers ESG par secteur d’activités en fonction de leurs enjeux spécifiques : en effet, les 3 piliers extra-financiers se voient attribuer une pondération plus ou moins importante en fonction du secteur considéré, ce qui résulte en un poids différent de chacun des trois piliers. Par exemple, une entreprise chimique sera plus concernée par la problématique environnementale alors qu’une société du secteur des services aux entreprises verra un poids plus important accordé aux facteurs sociaux.

Afin de déterminer si l’entreprise analysée incarne les caractéristiques de l’entreprise à caractère responsable et durable définies par la société de gestion, cette dernière réalise une étude qui aboutit à une note ESG interne sur une échelle de 7 gradations allant d’AAA à CCC. La note est l’agrégation des résultats obtenus sur les différents critères E, S, G de la grille de notation déterminée par les analystes. Les valeurs retenues dans le portefeuille présenteront une notation supérieure ou égale à A selon l’échelle de notation interne à la société de gestion. Uneanalyse du profil climatique de l’entreprise est également réalisée.
Dans le cadre de son objectif climatique, nous visons pour ce compartiment une trajectoire climatique inférieure à 2°C définie dans les accords de Paris de 2015 (Source Carbon4 Finance). Cette mesure de la température sera publiée périodiquement dans le reporting Impact.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 9 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
En cohérence avec l’objectif d’avoir une trajectoire climatique alignée avec les accords de Paris, le com partiment privilégie les entreprises dont le business model est vecteur de solutions sur la transition énergétique et écologique. Le gérant analyse ainsi si l’activité, notamment les investissements en capital, est aligné avec la taxonomie, sans que cela ne soit une contrainte de gestion.
Cette approche ne garantit cependant pas un minimum d’alignement avec la taxonomie. Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
En fonction des anticipations du gérant sur l’évolution des marchés actions, le compartiment pourra investir dans des titres de créances et instruments du marché monétaire négociés sur les marchés de la zone Euro dans la limite de 25% de l'actif net, ou européens hors zone Euro dans la limite de 10%. Ces titres, notés au minimum « investment grade » (c’est-à-dire pour lesquels le risque de défaillance des émetteurs est le moins élevé) mais sans limite de duration, sont sélectionnés en fonction de leur rendement attendu.
Dans la limite d’une fois l’actif, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés internationaux réglementés, organisés ou de gré à gré.
. Sur les actifs :
Actions
Le compartiment sera investi en permanence à hauteur de 75% au moins en actions et autres titres éligibles au PEA et sera exposé à hauteur de 60% au moins en actions émises dans un ou plusieurs pays de la zone Euro. L’exposition sur les actions des pays hors zone Euro ne dépassera pas 10% de l’actif net. Les titres sélectionnés seront ou non assortis d’un droit de vote.
Titres de créance et instruments du marché monétaire
Le compartiment pourra être investi en titres de créances et instruments du marché monétaire jusqu’à 25% de l’actif net, d’émetteurs publics ou assimilé ainsi que privés, à taux fixes et/ou variables, sur des marchés de la zone Euro ou européens hors zone Euro dans la limite de 10% sans contrainte de maturité. Ces instruments seront émis dans la catégorie « investment grade » (c’est-à-dire pour lesquels le risque de défaillance des émetteurs est le moins élevé) définie par les agences de notation indépendantes, ou bénéficiant d’une notation interne de la société de gestion équivalente.
L’actif du compartiment dans le cadre de la gestion de trésorerie pourra comprendre des titres de créances ou obligations. Ces instruments, d’une durée résiduelle généralement inférieure à trois mois, seront émis sans restriction de répartition dette publique/dette privée par des états souverains, des institutions assimilées ou bien par des entités ayant une notation court terme égale ou supérieure à A2, décernée par Standard & Poor’s ou toute autre notation équivalente attribuée par une autre agence indépendante, ou bénéficiant d’une notation interne de la société de gestion équivalente.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Actions ou parts d'autres OPCVM, FIA ou fonds d’investissements de droit étranger
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs ou intervenir sur des secteurs plus spécifiques (par exemple : technologie, santé, environnement), y compris indiciels côtés pour augmenter l’exposition aux marchés actions ou diversifier l'exposition à d'autres classes d'actifs (par exemple : matières premières ou immobilier).
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée. Instruments dérivés
Dans la limite d’une fois l’actif, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés réglementés, organisés ou de gré à gré afin de conclure :
- des contrats d’options sur actions tant pour diminuer la volatilité des actions que pour augmenter l’exposition du compartiment sur un nombre restreint d’actions,
- des contrats de futures pour piloter l’exposition actions,
- des contrats à terme sur devises ou des swaps de change afin de couvrir l’exposition à certaines devises dans le cadre des actions hors zone Euro.

L’exposition au risque action sera limitée à 110% de l’actif net (essentiellement en cas de variation importante des souscriptions/rachats), l’exposition au risque de taux à hauteur de 25% maximum de l’actif net.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Par ailleurs, le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur actions, indices actions et/ou paniers actions jusqu’à 10% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 3%.
Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Instruments à dérivés intégrés
Le compartiment pourra utiliser des titres intégrant des dérivés dans la limite d’une fois l’actif net. La stratégie d’utilisation des dérivés intégrés est la même que celle décrite pour les dérivés.
Il s’agit de warrants, de bons de souscriptions ou d’obligations callable ou puttable.
Dépôts Néant.
Emprunts d’espèces
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat, etc.) dans la limite de 10% de l’actif net.
Opérations d’acquisitions et cessions temporaires de titres Néant
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
L
e 
compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que l
e 
compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose l
e 
compartiment aux effets de la variation de la qualité du crédit.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels l
e 
compartiment est investi. Le risque de contrepartie résulte du recours par l
e 
compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels l
e 
compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
L
e 
compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels l
e 
compartiment est investi.
Risque lié à la sélection ISR (Investissement Socialement Responsable) :
La sélection de titres ISR peut amener le compartiment à s’écarter de l’indicateur de référence. Risques liés aux Total Return Swaps :
L’utilisation des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties, peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces contrats peut entrainer un effet négatif sur la valeur liquidative de la SICAV.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux contrats d’échange sur rendement global.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds
comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeCe compartiment s’adresse à des investisseurs qui souhaitent dynamiser leur épargne par le biais de sociétés de la zone Euro menant une politique active en faveur du développement durable.

Actions A EUR, B EUR : Tous souscripteurs
Actions CR EUR et CRD EUR : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Actions I EUR, J EUR, K EUR et O EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.
Actions R EUR : Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique
« profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 5 ans
- Modalités de détermination et d'affectation des revenus

| Sommes distribuables | Actions «A EUR», «CR EUR», «R EUR», «I EUR» et «K EUR» | Action «B EUR», CRD EUR, J EUR et O EUR |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins- values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 9 catégories d’actions : Actions « A EUR », «B EUR», «CR EUR», « CRD EUR », «I EUR», « J EUR », «K EUR», « O EUR » et «R EUR».

L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action O EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.)Valeur liquidative d’origine :Action A EUR : 375,93 € Action B EUR : 100 € Action CR EUR : 91,80 € Action CRD EUR : 100 € Action I EUR : 213,60 € Action J EUR : 100 € Action K EUR : 185,05 € Action O EUR : 100 € Action R EUR : 100 €Montant minimum de souscription initiale :

| Action A EUR : 1 Action Action B EUR : 1 Action |
| --- |
| Action CR EUR : 1 Action |

Action CRD EUR : 1 Action Action I EUR : 500 000 € Action J EUR : 500 000 € Action K EUR : 500 000 € Action O EUR : 15 000 000 € Action R EUR : 1 Action
Ce montant ne s’applique pas aux souscriptions réalisées par le commercialisateur, le gestionnaire financier, le dépositaire ou des collaborateurs de ces derniers.
Montant minimum des souscriptions ultérieures :
Action A EUR : 1 millième d’action Action B EUR : 1 millième d’action Action CR EUR : 1 millième d’action Action CRD EUR : 1 millième d’action Action I EUR : 1 millième d’action Action J EUR : 1 millième d’action Action K EUR : 1 millième d’action Action O EUR : 1 millième d’action Action R EUR : 1 millième d’action
Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV.
En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |
| --- | --- | --- |
| Commission de souscription non acquise au Compartiment EdR SICAV - Euro Sustainable Equity | Valeur Liquidative x Nombre d’actions | Action A EUR : 3% maximum |
| Action B EUR : 3% maximum |
| Action CR EUR : 3% maximum |
| Action CRD EUR : 3% maximum |
| Action I EUR : Néant |
| Action J EUR : Néant |
| Action K EUR : Néant |
| Action O EUR : Néant |
| Action R EUR : 3% maximum |
| Commission de souscription acquise au Compartiment EdR SICAV - Euro Sustainable Equity | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au Compartiment EdR SICAV - Euro Sustainable Equity | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au Compartiment EdR SICAV - Euro Sustainable Equity | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 1.95% TTC* maximum |
| Action B EUR : 1.95% TTC* maximum |
| Action CR EUR : 1.65% TTC* maximum |
| Action CRD EUR : 1.65% TTC* maximum |
| Action I EUR : 0.95% TTC* maximum |
| Action J EUR : 0.95% TTC* maximum |
| Action K EUR : 1.10% TTC* maximum |
| Action O EUR : 0.75% TTC* maximum |
| Action R EUR : 2.35% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.15% TTC* maximum |
| Action B EUR : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action CRD EUR : 0.15% TTC* maximum |
| Action I EUR: 0.15% TTC* maximum |
| Action J EUR : 0.15% TTC* maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action O EUR : 0.15% TTC* maximum |
| Action R EUR : 0.15% TTC* maximum |
| Prestataires percevant des commissions de mouvements : Le dépositaire : entre 0% et 50% La société de gestion : entre 50% et 100% | Prélèvement sur chaque transaction | Variable en fonction des instruments. Notamment, en % TTC maximum - Actions, ETF : 0,50%
- OPC France : 0%
- OPC étrangers : 0,50%- O.S.T. : 0%
- Coupons étrangers : 5%(minimum de 0€ à 200€ en fonction de la place boursière de l’instrument)
 |
| Commission de surperformance (1) | Actif net du compartiment | Action A EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| Action B EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| Action CR EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| Action CRD EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| Action I EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| Action J EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| Action K EUR : Néant |
| Action O EUR : Néant |

|  |  | Action R EUR : 15% par an de la surperformance par rapport à la valeur de référence MSCI EMU (NR) dividendes nets réinvestis. |
| --- | --- | --- |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence : MSCI EMU
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence.
-Si la différence entre l’AN compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
quand la période de référence est supérieure ou égale à 5 ans, la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5
;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible 
(t)) 
x taux de Commission de surperformance AN (t): actif net en fin d’annéet
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN- AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |

| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive
(4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |  |  |  |  |
| AN |  | 100 | 102 | 106 |  |  |  |  |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |  |  |  |  |
| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de
référence
** de surperformance
*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Oui | R | Oui |

référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV - Euro Sustainable Equity sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV 
– 
Financial Bonds
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 07 décembre 2018. Le compartiment a été créé le 12 février 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Financial Bonds constitué le 10 mars 2008.
- Code ISIN

| Action A CHF (H) : | FR0012749869 |
| --- | --- |
| Action A EUR : | FR0011034495 |
| Action A USD (H) : | FR0011882281 |
| Action B EUR : | FR0011289966 |
| Action B USD (H) : | FR0012494300 |
| Action CR EUR : | FR0013307691 |
| Action CR GBP (H): | FR0013307683 |
| Action CR USD (H) : | FR0013312378 |
| Action CRD EUR : Action I CHF (H) : | FR0013409067 FR0012749851 |
| Action I EUR : | FR0010584474 |
| Action I USD (H) : | FR0011781210 |
| Action J EUR : | FR0013174695 |
| Action J GBP (H) : | FR0013350824 |
| Action J USD (H) : | FR0013350808 |
| Action K EUR : | FR0013233699 |
| Action N EUR : | FR0011034560 |
| Action NC EUR : | FR0013233707 |
| Action OC EUR : | FR0013292463 |
| Action R EUR : | FR0013287596 |

- Régime fiscal spécifiqueNéant.
- Délégation de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- ClassificationObligations et autres titres de créance internationaux.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment a pour objectif de surperformer, sur la durée de placement recommandée, l’indicateur de référence composé pour 80% de l’indice ICE BofA Euro Financial et pour 20% de l’indice ICE BofA Contingent Capital (hedgé EUR) au travers d’un portefeuille principalement investi dans des titres de nature obligataire émis par des institutions financières internationales.

Le compartiment applique une stratégie ESG dédiée basée sur l’analyse de critères non financiers qui sont pris en compte lors de la sélection des titres du portefeuille. Ces critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceLe compartiment a pour indicateur de référence l’indice composé pour 80% de l’indice ICE BofA Euro Financial et pour 20% de l’indice ICE BofA Contingent Capital (hedgé EUR). Ces deux indices sont publiés par ICE Benchmark Administration Limited.

L’indice ICE BofA Euro Financial est représentatif du marché des obligations du secteur financier émises en euro, que ce soit la dette senior ou la dette subordonnée des émetteurs.
L’indice ICE BofA Contingent Capital (hedgé EUR) est représentatif du marché des obligations contingentes convertibles. Cet indice est couvert contre l’euro.
La gestion du compartiment n’étant pas indicielle, sa performance pourra s’éloigner de celle de son indicateur de référence qui n’est qu’un indicateur de comparaison.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de cet indicateur inclut les coupons. L’administrateur ICE Benchmark Administration Limited (site internet : https://www.theice.com/iba) des indices de référence ICE BofA Euro Financial et ICE BofA Contingent Capital Index (hedgé EUR) n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :Pour atteindre son objectif de gestion, le gérant investira de façon discrétionnaire sur des titres de nature obligataire émis par des institutions financières françaises et/ou internationales (banques, sociétés financières, compagnies d’assurance et sociétés du secteur financier au sens large), publiques ou privées, dans la limite de 100% du portefeuille.

Le gérant applique une inclusion systématique des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les titres du portefeuille.
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
L’analyse ESG couvre 100% des titres de créances et instruments du marché monétaire.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield disposent d’une notation ESG au sein du portefeuille. Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d'investissement.
L'univers d'investissement ESG est composé des valeurs de l’indice de référence du compartiment. La société de gestion peut sélectionner des valeurs en dehors de son indicateur. Pour autant, elle s’assurera que l’indicateur de référence retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Par ailleurs, le processus de sélection des titres comprend un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité. Sont également exclus du portefeuille, les secteurs modèles économiques suivants : l’énergie nucléaire, une grave violation du Pacte mondial des Nations Unies pour les entreprises et une notation inadéquate de l'indice Freedom House pour les émetteurs souverains.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la
stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Le gérant pourra investir sans contrainte sur tout type de titres de nature obligataire de ce secteur, à la fois dans des titres seniors mais également dans des titres subordonnés, datés et non datés, de tout rang de subordination (Additional Tier 1, Restricted Tier 1, Tier 1, Tier 2, Tier 3 d'assurance) Les titres sélectionnés pourront être de qualité Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion) ou appartenir à la catégorie spéculative High Yield (titres spéculatifs présentant une notation long terme Standard and Poor’s ou équivalent inférieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente) ou non notés par les agences de notation, dans la limite de 100% de l’actif net.
On définit généralement les titres seniors comme étant prioritaires par rapport aux titres subordonnés en cas de défaut ou de résolution de l’émetteur. Les titres subordonnés incluent usuellement des rangs de priorité (en cas de défaut ou de résolution) définis contractuellement dans les prospectus d’émissions.
Le compartiment pouvant investir dans des obligations de tout rang de subordination, il existe une possibilité que ces instruments soient convertis en actions sur initiative du régulateur ou dans le cas, par exemple, de la baisse d’un ratio de solvabilité en-deçà d’un seuil généralement défini contractuellement.
En cas de conversion en actions des obligations détenues en portefeuille, le compartiment pourra détenir temporairement des actions dans la limite de 10% de son actif net et procédera au plus tôt à leur vente au mieux de l’intérêt des porteurs.
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, le compartiment pourra avoir recours aux instruments financiers dérivés négociés sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps, total return swaps …), dans la limite de 100% de son actif net. Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d'activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer à certains risques de taux et de crédit. Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protection par le biais de dérivés de crédit de type Credit Default Swap et par le biais de Total Return Swaps (TRS) sur mono-entité de référence ou sur indices (notamment iTraxx ou CDX).
Le nominal des ventes de protection via des dérivés de crédit ne pourra pas excéder 60% de l’actif net du compartiment. Le nominal des achats de protection via des dérivés de crédit ne pourra pas excéder 70% de l’actif net du compartiment.
La stratégie repose à la fois sur une approche Top Down et sur une approche Bottom Up.
L’approche Top Down, fondée sur une analyse de la situation macroéconomique, intervient dans le cadre de l’allocation géographique du portefeuille. Elle intègre aussi, dans le cadre de la gestion du compartiment, l’aspect réglementaire global et local dans lequel évoluent les émetteurs.
L’approche Bottom Up, fondée sur une analyse crédit, vise à identifier, au sein du secteur financier, les émetteurs et/ou émissions présentant une valeur relative supérieure aux autres. Le mode de sélection repose sur une analyse fondamentale de chaque émetteur qui s’articule autour de l’évaluation de critères tels que :
- la lisibilité de la stratégie de l’institution financière ;
- sa solvabilité ;
- les critères ESG de l’institution financière.

Le compartiment pourra investir, dans la limite de 20% de son actif net, en titres émis par des sociétés financières domiciliées dans des pays émergents. Cependant, ces obligations seront libellées dans une devise de pays dits développés (EUR, GBP, CHF, USD, JPY).
L’acquisition de titres ou d’OPC libellés dans une autre devise que celle du compartiment fera l’objet d’une couverture du risque de change quelle que soit le libellé de la devise de l’action souscrite par l'investisseur. Néanmoins, un risque de change résiduel (2% maximum de l’actif net) pourra subsister.
Le gérant mettra également en œuvre une gestion de la sensibilité du compartiment aux taux d’intérêt, celle-ci pouvant varier entre 0 et 10.
Dans les périodes où la stratégie d’investissement conduirait l’équipe de gestion à réduire l’exposition du compartiment aux obligations et/ou autres titres de créance, afin de permettre la réalisation de l’objectif de gestion, le compartiment pourra être investi jusqu’à 100% en titres négociables à court terme et euro commercial papers. Ces instruments financiers pourront également être utilisés à titre accessoire aux fins de placement des liquidités.
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
. Sur les actifs : Actions
Le compartiment n’a pas vocation à détenir des actions. Toutefois, le compartiment pouvant investir dans des obligations de tout rang de subordination ou dans des obligations convertibles, ou dans des obligations convertibles contingentes, il existe une possibilité que ces instruments soient convertis en actions sur initiative du régulateur ou dans le cas, par exemple, de la baisse d’un ratio de solvabilité en-deçà d’un seuil généralement défini contractuellement. En cas de conversion en actions des obligations détenues en portefeuille, le compartiment pourra détenir temporairement des actions dans la limite de 10% de son actif net et procédera au plus tôt à leur vente au mieux de l’intérêt des porteurs.
Titres de créances et instruments du marché monétaire : (jusqu’à 100% du portefeuille)
Caractéristiques générales :
| Sensibilité aux taux d'intérêt | - | [0 ; +10] |
| --- | --- | --- |
| Zone géographique des émetteurs | Toutes zones géographiques | 100% maximum de l’actif net |
| Pays émergents | 20% maximum de l’actif net |
| Devise de libellé des titres | Euro | 100% maximum de l’actif net |
| Devises OCDE (pour les pays émergents : émissions libellées uniquement en : EUR, GBP, CHF, USD, JPY) | 100% maximum de l’actif net |
| Niveau de risque de change | - | Résiduel (2% maximum de l’actif net) |

Répartition dette privée/dette publique :
Le compartiment investira principalement et jusqu’à 100% de l’actif net en dette privée émise par des sociétés appartenant au secteur financier.
Le compartiment pourra aussi être amené à détenir des obligations de sociétés financières garanties par un Etat de l’OCDE. Enfin, le compartiment pourra investir dans des titres d’Etats émis par un pays de l’OCDE, notamment dans la cadre de la gestion des liquidités.
Critères relatifs à la notation et la subordination :
Le compartiment pourra être exposé aux titres de nature obligataire du secteur financier de tous types (dette senior ou dette subordonnée) datée ou non, de toute qualité de signatures, de tout rang de subordination.
Le compartiment pourra être investi jusqu’à 100% de son actif net dans des obligations dites High Yield (titres spéculatifs présentant une notation long terme Standard and Poor’s ou équivalent inférieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente) ou dans des titres de qualité Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion) ou non notés par les agences de notation.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre.
Le compartiment pourra investir dans des titres de créance de toute nature dont notamment les obligations à taux fixe, variable, ou révisable, les titres de créance négociables, les bons de caisse, les bons du Trésor, les EMTN, les Euro commercial papers.
Le compartiment pourra investir, dans la limite de 20% de son actif net, en titres émis par des sociétés financières domiciliées dans des pays émergents. Cependant, ces obligations seront libellées dans une devise de pays dits développés (EUR, GBP, CHF, USD, JPY).
Actions ou parts d'autres placements collectifs de droit français ou d'autres OPCVM, FIA ou fonds d'investissementde droit étranger
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification y compris indiciels côtés, ou de classification monétaire ou obligataire.
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Devises
L’acquisition de titres ou d’OPC libellés dans une autre devise que l’euro (EUR) fera l’objet d’une couverture du risque de change. Néanmoins, un risque de change résiduel (2% maximum de l’actif net) pourra subsister.
Contrats financiers
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, le compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps …), dans la limite de 100% de son actif net. Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d'activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer à certains risques de taux et de crédit.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.

##### Nature des marchés d'intervention :
- Marchés réglementés
- Marchés organisés
- Marchés de gré à gré


##### Risques sur lesquels le gérant désire intervenir, dans le but de couverture et d'exposition du portefeuille :
- Risque taux
- Risque de change (uniquement à des fins de couverture) Risque de crédit ainsi qu’à des composantes de ces risques


##### Nature des interventions, l'ensemble des opérations devant être limitées à la réalisation de l'objectif de gestion :
- Couverture
- Exposition
- Arbitrage


##### Nature des instruments utilisés :
- Options et futures : indices financiers, devises, taux
- Options sur contrats à terme standardisés
- Change à terme et swaps de change
- Swaps : taux (taux fixe/taux variable toutes combinaisons et inflation), devises ainsi que sur des composantes de ces actifs.
- Credit Default Swaps sur single name ou sur indices
- Options sur CDS sur indices
- Total Return SwapsLe compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur obligations, indices obligataires et/ou paniers obligataires jusqu’à 100% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 25%.

Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Titres intégrant des dérivés
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra uniquement investir dans :
- des obligations callable ou puttable,
- des obligations convertibles
- des obligations contingentes convertibles (Coco) jusqu’à 50% de l’actif net.

Emprunts d’espèces
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d’acquisitions et cessions temporaires de titres
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 100% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment. Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
Dépôts
Le compartiment pourra effectuer des dépôts dans la limite de 20% maximum de son actif net auprès du dépositaire.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille. Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque sectoriel :
Le compartiment présente un risque sectoriel du fait de son investissement sur des valeurs d’un même secteur d’activité : le secteur financier. La chute de ce marché entraînera une baisse de la valeur liquidative
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié à la devise des actions libellées dans une devise autre que celle du compartiment :
Le porteur, souscripteur en devise autres que la devise de référence du compartiment (Euro) peut être exposé au risque de change si celui-ci n'est pas couvert. La valeur des actifs du compartiment peut baisser si les taux de change varient, ce qui peut entraîner une baisse de la valeur liquidative du compartiment.
Risques liés aux opérations d'acquisitions et cessions temporaires de titres et aux Total Return Swaps :
L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres et aux contrats d’échange sur rendement global.
Risques liés aux contingent convertible bonds (Cocos) :
Les Cocos sont des titres de créance subordonnés émis par les établissements de crédit ou les compagnies d’assurance ou de réassurance, éligibles dans leurs fonds propres réglementaires et qui présentent la spécificité d’être convertibles en actions, ou bien dont le nominal peut être diminué (mécanisme dit de « write down ») en cas de survenance d’un « élément déclencheur » (« Trigger »), préalablement défini dans le prospectus. Une Coco inclut une option de conversion en actions à l’initiative de l’émetteur en cas de dégradation de sa situation financière. En plus du risque de crédit et de taux inhérent aux obligations, l’activation de l’option de conversion peut entrainer une baisse de la valeur du Coco supérieure à celle constatée sur les autres obligations classiques de l’émetteur. Selon les conditions fixées par la Coco concernée, certains événements déclencheurs peuvent entraîner une dépréciation permanente à zéro de l’investissement principal et/ou des intérêts courus ou une conversion de l’obligation en action.
Risque lié au seuil de conversion des Cocos :
Le seuil de conversion d’une Coco dépend du ratio de solvabilité de son émetteur. Il s’agit de l’évènement qui détermine la conversion de l’obligation en action ordinaire. Plus le ratio de solvabilité est faible, plus la probabilité de conversion est forte.
Risque de perte ou suspension de coupon :
En fonction des caractéristiques des Cocos, le paiement des coupons est discrétionnaire et peut être annulé ou suspendu par l’émetteur à tout moment et pour une période indéterminée.
Risque d’intervention d’une autorité de régulation au point de « non-viabilité » :
Une autorité de régulation détermine à tout moment de manière discrétionnaire qu’une institution n’est « pas viable
», c’est-à-dire que la banque émettrice requiert le soutien des autorités publiques pour empêcher l’émetteur de devenir insolvable, de faire faillite, de se retrouver dans l’incapacité de payer la majeure partie de ses dettes à leur échéance ou de poursuivre autrement ses activités et impose ou demande la conversion des Obligations Convertibles Conditionnelles en actions dans des circonstances indépendantes de la volonté de l’émetteur.
Risque d’inversion de la structure de capital :
Contrairement à la hiérarchie conventionnelle du capital, les investisseurs en Cocos peuvent subir une perte de capital qui n’affecte pas les détenteurs d’actions. Dans certains scénarios, les détenteurs de Cocos subiront des pertes avant les détenteurs d'actions.
Risque de report du remboursement :
La plupart des Cocos sont émises sous la forme d'instruments à durée perpétuelle, qui ne sont remboursables à des niveaux prédéterminés qu'avec l'approbation de l'autorité compétente. On ne peut pas supposer que des Cocos perpétuelles seront remboursées à la date de remboursement. Les Cocos sont une forme de capital permanent. Il est possible que l'investisseur ne reçoive pas le retour du principal tel qu'attendu à la date de remboursement ou à quelque date que ce soit.
Risque de liquidité :
Dans certaines circonstances, il peut être difficile de trouver un acheteur de Cocos et le vendeur peut être contraint d'accepter une décote substantielle sur la valeur attendue de l'obligation pour pouvoir la vendre.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, A CHF (H), A USD (H), B EUR et B USD (H) : Tous souscripteurs.

Actions CR EUR, CR GBP (H), CR USD (H) et CRD EUR : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion. En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.

Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
Actions I EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers ainsi que l’ensemble des actionnaires ayant souscrit dans le compartiment avant le 20/07/2018.
Actions I CHF (H), J EUR, I USD (H), N EUR, NC EUR et OC EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 19/10/2018.
Actions K EUR, J USD (H), J GBP (H) : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 12/02/2019.
Actions R EUR : Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent optimiser leurs placements obligataires par le biais d’une gestion active d’instruments de crédit par des entreprises ou des institutions du secteur financier tout en étant conscients des risques auxquels ils s’exposent ; l’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 3 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A USD (H)», , «A EUR», «A CHF (H)», «CR EUR», «CR GBP (H)», «CR USD (H)», «R EUR», «I EUR», «I CHF (H)», «I USD (H)», «K EUR», «N EUR» et «NC EUR» | Actions «B USD (H)», «B EUR», «CRD EUR», «J EUR», «J GBP (H)» et «J USD (H)» | Actions «OC EUR» |
| --- | --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution | Mixte (capitalisation et/ou distribution et/ou report sur décision de la société de gestion) |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou report (total ou partiel) sur décision de la société de gestion | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution et les actions mixtes, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution et actions mixtes : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 20 catégories d’actions : Actions « A CHF (H)», «A EUR», «A USD (H)», «B EUR»,«B USD (H)», «CR GBP (H)», «CR EUR», «CR USD (H)», «CRD EUR», «I CHF (H)», «I EUR», «I USD (H)», «JGBP (H)», «J EUR», «J USD (H)», «K EUR», «N EUR», «NC EUR», «OC EUR» et « R EUR».

L’action A CHF (H) est libellée en Franc suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action B USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR GBP (H) est libellée en Livre sterling et exprimée en action ou millièmes d’action. L’action CR USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I CHF (H) est libellée en Franc suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J GBP (H) est libellée en Livre sterling et exprimée en action ou millièmes d’action. L’action J USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action NC EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action OC EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.)Valeur liquidative d’origine :

| Action A CHF (H) : 106,34 CHF |
| --- |
| Action A EUR : 136,77 € Action A USD (H) : 116,32 USD Action B EUR : 127,78 € Action B USD (H) : 100 USD |
| Action CR EUR : 95,91 € |
| Action CR GBP (H) : 97,25 GBP Action CR USD (H) : 100 USD |
| Action CRD EUR : 100 € Action I CHF (H) : 108,15 CHF |
| Action I EUR : 176,72 €. |
| Action I USD (H) : 122,96 USD |
| Action J EUR : 101,14 € Action J GBP (H) : 100 GBP |
| Action J USD (H) : 100 USD |
| Action K EUR : 98,83 € |
| Action N EUR : 1143,31 € |
| Action NC EUR : 101,28 € |
| Action OC EUR : 93,08 € |

Action R EUR : 98,67 €
Montant minimum de souscription initiale :
| Action A CHF (H) : 1 Action Action A EUR : 1 Action. Action A USD (H) : 1 Action. |
| --- |
| Action B EUR : 1 Action. Action B USD (H) : 1 Action. |
| Action CR EUR : 1 Action. Action CR GBP (H) : 1 Action. Action CR USD (H) : 1 Action. |
| Action CRD EUR : 1 Action. Action I CHF (H) : 500 000 Francs suisses. |

| Action I EUR : 500 000 €. |
| --- |
| Action I USD (H) : 500 000 USD. |
| Action J EUR : 500 000 €. Action J GBP (H) : 500 000 Livre sterling. |
| Action J USD (H) : 500 000 USD. |
| Action K EUR : 500 000 €. |
| Action N EUR : 10 000 000 €. |
| Action NC EUR : 10 000 000 €. |
| Action OC EUR : 10 000 000 €. Action R EUR : 1 Action. |

| Action A CHF (H) : 1 millième d’action. Action A EUR : 1 millième d’action. Action A USD (H) : 1 millième d’action. |
| --- |
| Action B EUR : 1 millième d’action. Action B USD (H) : 1 millième d’action. |
| Action CR EUR : 1 millième d’action. Action CR GBP (H) : 1 millième d’action. Action CR USD (H) : 1 millième d’action. |
| Action CRD EUR : 1 millième d’action. Action I CHF (H) : 1 millième d’action. |
| Action I EUR : 1 millième d’action. |
| Action I USD (H) : 1 millième d’action. Action J EUR : 1 millième d’action. Action J GBP (H) : 1 millième d’action. |
| Action J USD (H) : 1 millième d’action. |
| Action K EUR : 1 millième d’action. |
| Action N EUR : 1 millième d’action. |
| Action NC EUR : 1 millième d’action. |
| Action OC EUR : 1 millième d’action. |

Montant minimum des souscriptions ultérieures :
Action R EUR : 1 millième d’action. Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 5 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 5% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 10% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 5% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 8% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 50% si elle appliquait strictement le plafonnement à 5%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions « A CHF (H)», «A EUR», «A USD (H)», «B EUR», «B USD (H)», «CR GBP (H)», «CR EUR», «CR USD (H)», «CRD EUR», «I CHF (H)», «I EUR», «I USD (H)», «J GBP (H)», «J EUR», «J
USD (H)», «K EUR», «N EUR», «NC EUR», «OC EUR» et « R EUR» sont exécutés en montant ou en action ou en millièmes d’actions.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative 
:
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV - Financial Bonds | Valeur Liquidative x Nbre d’actions | Action A CHF (H) : 1% maximum |
| Action A EUR : 1% maximum |
| Action A USD (H) : 1% maximum |
| Action B EUR : 1% maximum |
| Action B USD (H) : 1% maximum |
| Action CR EUR : 1% maximum |
| Action CR GBP (H) : 1% maximum |
| Action CR USD (H) : 1% maximum |
| Action CRD EUR : 1% maximum |
| Action I CHF (H) : Néant |
| Action I EUR : Néant |
| Action I USD (H) : Néant |
| Action J EUR : Néant |
| Action J GBP (H) : Néant |
| Action J USD (H) : Néant |
| Action K EUR : Néant |
| Action N EUR : Néant |
| Action NC EUR : Néant |
| Action OC EUR : Néant |
| Action R EUR : 1% maximum |
| Commission de souscription acquise au compartiment EdR SICAV - Financial Bonds | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Financial Bonds | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au compartiment EdR SICAV - Financial Bonds | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF (H) : 1.15% TTC* maximum |
| Action A EUR : 1.15% TTC* maximum |
| Action A USD (H) : 1.15% TTC* maximum |
| Action B EUR : 1.15% TTC* maximum |
| Action B USD (H) : 1.15% TTC* maximum |
| Action CR EUR : 0.80% TTC* maximum |
| Action CR GBP (H) : 0.80% TTC* maximum |
| Action CR USD (H): 0.80% TTC* maximum |
| Action CRD EUR : 0.80% TTC* maximum |
| Action I CHF (H) : 0.55% TTC* maximum |
| Action I EUR : 0.55% TTC* maximum |
| Action I USD (H) : 0.55% TTC* maximum |
| Action J EUR : 0.55% TTC* maximum |
| Action J GBP (H) : 0.55% TTC* maximum |
| Action J USD (H) : 0.55% TTC* maximum |
| Action K EUR : 0.75% TTC* maximum |
| Action N EUR : 0.40% TTC* maximum |
| Action NC EUR : 0.55% TTC* maximum |
| Action OC EUR : 0.55% TTC* maximum |
| Action R EUR : 1.40% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF (H) : 0.10% TTC* maximum |
| Action A EUR : 0.10% TTC* maximum |
| Action A USD (H) : 0.10% TTC* maximum |
| Action B EUR : 0.10% TTC* maximum |
| Action B USD (H) : 0.10% TTC* maximum |
| Action CR EUR : 0.10% TTC* maximum |
| Action CR GBP (H) : 0.10% TTC* maximum |
| Action CR USD (H) : 0.10% TTC* maximum |
| Action CRD EUR : 0.10% TTC* maximum |
| Action I CHF (H) : 0.10% TTC* maximum |
| Action I EUR : 0.10% TTC* maximum |
| Action I USD (H) : 0.10% TTC* maximum |
| Action J EUR : 0.10% TTC* maximum |
| Action J GBP (H) : 0.10% TTC* maximum |
| Action J USD (H) : 0.10% TTC* maximum |
| Action K EUR : 0.10% TTC* maximum |
| Action N EUR : 0.10% TTC* maximum |
| Action NC EUR : 0.10% TTC* maximum |
| Action OC EUR : 0.10% TTC* maximum |
| Action R EUR : 0.10% TTC* maximum |
| Prestataires percevant des commissions de mouvements : Le dépositaire : entre 0% et 50% La société de gestion : entre 50% et 100% | Prélèvement sur chaque transaction | Sur les transactions : 0,24% TTC* maximum pour les transactions hors actions et 0,60% TTC* maximum pour les transactions sur actions et instruments financiers assimilés Sur les encaissements de coupons : 1,20% TTC* maximum |
| Commission de surperformance  (1) | Actif net du compartiment | Action A CHF (H) : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial |

|  |  | (hedgé CHF) + 20% ICE BofA Contingent Capital (hedgé CHF) , coupons réinvestis. |
| --- | --- | --- |
| Action A EUR : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR) , coupons réinvestis. |
| Action A USD (H) : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial (hedgé USD) + 20% ICE BofA Contingent Capital (hedgé USD), coupons réinvestis. |
| Action B EUR : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR) , coupons réinvestis. |
| Action B USD (H) : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial (hedgé USD) + 20% ICE BofA Contingent Capital (hedgé USD), coupons réinvestis. |
| Action CR EUR : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR) , coupons réinvestis. |
| Action CR GBP (H) : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial (hedgé GBP) + 20% ICE BofAL Contingent Capital (hedgé GBP), coupons réinvestis. |
| Action CR USD (H) : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial (hedgé USD) + 20% ICE BofA Contingent Capital (hedgé USD), coupons réinvestis. |
| Action CRD EUR : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR), coupons réinvestis. |
| Action I CHF (H) : 20% par an de la surperformance par rapport à l’ indicateur de référence 80% ICE BofA Euro Financial (hedgé CHF) + 20% ICE BofA Contingent Capital (hedgé CHF) , coupons réinvestis. |
| Action I EUR : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR) , coupons réinvestis. |
| Action I USD (H) : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial (hedgé USD) + 20% ICE BofA Contingent Capital (hedgé USD, coupons réinvestis. |
| Action J EUR : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR) , coupons réinvestis. |

|  |  | Action J GBP (H) : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial (hedgé GBP) + 20% ICE BofA Contingent Capital, coupons réinvestis |
| --- | --- | --- |
| Action J USD (H) : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial (hedgé USD) + 20% ICE BofA Contingent Capital (hedgé USD) , coupons réinvestis. |
| Action K EUR : Néant |
| Action N EUR : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR) , coupons réinvestis. |
| Action NC EUR : Néant |
| Action OC EUR : Néant |
| Action R EUR : 20% par an de la surperformance par rapport à l’indicateur de référence 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR), coupons réinvestis. |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence : 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (hedgé EUR).
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 20% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
La période de référence pour le calcul de la commission de surperformance s'achève à la date de la dernière valeur liquidative du mois de septembre
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum. La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, la commission ne sera pas mise en paiement et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises.
A la fin d’une période de référence portant sur cinq ans ou plus, si la performance de l’action est inférieure à celle de son indicateur de référence, la période de référence n’est pas prolongée. Une nouvelle période de référence est alors établie et débute à la fin de la période de référence qui s’achève.
A la fin d’une période de référence :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence ;
-Si la différence entre l’AN de l’action et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans, celle-ci s’achève et l’AN de cette fin de période de référence devient son nouvel AN de Référence.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible) (t) x taux de Commission de surperformance AN (t): actif net à la date t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible(t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | Prolongement |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | Renouvellement |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | Prolongement |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | Prolongement |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | Prolongement |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | Prolongement |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | Renouvellement |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance, période de référence renouvelée, la période de référence ayant déjà été prolongée 4 fois. Un nouvel AN de référence est établi à 107.
Exemple 3 :
| PÉRIODE | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN CIBLE | 100 | 104 | 98 |
| AN | 100 | 102 | 106 |
| ASSIETTE DE CALCUL : AN-AN CIBLE |  | -2 | 8 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | Prolongement |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | Renouvellement |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Des frais liés à la recherche au sens de l’article 314-21 du Règlement Général de l’AMF peuvent être facturés à la SICAV dans la limite de 0,01% de son actif net.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV - Financial Bonds sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV.
Procédure de choix des intermédiaires :
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger :
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV 
– 
Tricolore Rendement
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 07 décembre 2018. Le compartiment a été créé le 08 mars 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Tricolore Rendement constitué le 04 décembre 1998.
- Code ISIN

| Action A EUR : | FR0010588343 |
| --- | --- |
| Action A USD : | FR0010998179 |
| Action B EUR : | FR0010588350 |
| Action I EUR : | FR0010594325 |
| Action K EUR : | FR0010705145 |
| Action R EUR : | FR0010594333 |

- Régime fiscal spécifiqueEligible au PEA.
- ClassificationActions des pays de la zone euro.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionL’objectif du compartiment est de rechercher, sur un horizon de placement recommandé supérieur à 5 ans, une performance supérieure à celle de son indicateur de référence, le SBF 120 (NR), par des placements dans des sociétés majoritairement françaises dont les caractéristiques de valorisation laissent penser qu’elles sont susceptibles d’afficher une bonne performance.

Ces sociétés seront sélectionnées sur la base d’une analyse alliant rentabilité financière et respect de critères extra-financiers.
Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. L’univers d’investissement du compartiment est constitué de l’ensemble des valeurs françaises dont la capitalisation boursière est supérieure à 300 M€ et qui ont fait l’objet d’une analyse extra- financière.
- Indicateur de référenceL’objectif de gestion n’est pas exprimé en fonction d’un indicateur de référence. Toutefois, à titre d’information, la performance du compartiment pourra être comparée à l’indice SBF 120, dividendes nets réinvestis exprimé en Euro pour les actions émises en Euro, en US Dollar pour les actions émises en US Dollar. Il s’agit de l’indice représentatif des cent-vingt plus grandes capitalisations de la bourse de Paris.

L’administrateur EURONEXT (site internet : www.euronext.com/fr) de l’indice de référence SBF 120 est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :Le compartiment opère une gestion active de « stock-picking » d’actions cotées sur un univers de valeurs majoritairement françaises.

Les actions européennes représenteront au moins 75% de l’actif, dont au minimum 65% d’actions de la zone Euro. L’ensemble des actions en dehors de la France ne dépassera pas 25% de l’actif net. L’exposition du compartiment aux actions en dehors de la zone Euro ne dépassera pas 10% de l’actif net. Les actions seront sélectionnées sur la base des étapes d’identification des valeurs respectant les critères extra-financiers.
L’univers d’investissement du portefeuille (univers de départ) est constitué de l’ensemble des valeurs françaises dont la capitalisation boursière est supérieure à 300 millions d’euros. Le Compartiment investira par ailleurs au moins 10% de son actif net en actions de TPE, PME ou ETI françaises cotées. Il s’agit d’entreprises dont l’effectif est inférieur à 5 000 personnes d’une part et qui, d’autre part, ont un chiffre d’affaires annuel n’excédant pas 1,5 milliard d'euros ou un total de bilan n'excédant pas 2 milliards d'euros, et dont la capitalisation boursière est inférieure à deux milliards d’euros ou l’a été à la clôture d'au moins un des quatre exercices comptables précédant. Toutes les valeurs composant l’univers d’investissement du portefeuille (univers de départ) font l’objet d’une analyse extra-financière détaillée ci-après.
L’univers d’investissement sera réduit par l’élimination de 20% des moins bons émetteurs.
La philosophie de gestion du compartiment vise à investir dans des entreprises qui orientent leurs choix stratégiques et opérationnels à la recherche de performance globale - à la fois économique et financière, sociale- sociétale, de gouvernance et environnementale - dans le respect et la confiance de leurs parties prenantes internes et externes.
La sélection des titres repose sur l’utilisation combinée de critères financiers permettant de sélectionner des valeurs qui présentent soit d’importantes perspectives de croissance, un rendement satisfaisant, ou une sous-valorisation notable selon l’équipe de gestion; et de critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable.
Analyse des critères financiers:
L’univers des titres dans lequel le compartiment est investi porte sur des actions de sociétés dont la capitalisation est essentiellement supérieure à 300 millions d’euros.
L’utilisation de rapports d’analystes externes a pour but d’aider le gérant à orienter sa propre recherche sur un nombre réduit de titres inclus dans l’univers d’investissement. Le choix des analystes externes fait également l’objet d’un processus de sélection défini par la société de gestion.
Les titres ainsi sélectionnés font alors l’objet d’une analyse qualitative et quantitative. Le gérant sélectionnera alors plus particulièrement les valeurs suivantes :
- Valeur aux rendements nets élevés (Dividende net par action / Cours du titre).
- Des valeurs de croissance présentant une croissance du chiffre d’affaires et des résultats.
- Des valeurs décotées par rapport à l’univers de référence sur les ratios suivants : Cours du titre / Actif Net Réévalué par action, Cours du titre / Cash-Flow par action, Cours du titre / bénéfice net par action (PER).

Analyse des critères extra-financiers
Cette analyse, permet de sélectionner des valeurs selon une grille de notation ESG propre à la société de gestion, qui classe les titres selon les critères de nature Environnementale, Sociale-sociétale et de Gouvernance d’entreprise listés ci-dessous :
Environnement : consommation d’énergie, émissions de gaz à effet de serre, eau, déchets, pollution, stratégie de management environnemental, impact vert ;
Social : qualité de l’emploi, management des ressources humaines, impact social, santé et sécurité ; Gouvernance : structure des organes de gouvernance, politique de rémunération, audit et contrôle interne, intérêt des actionnaires.
Le modèle de notation ISR a été construit :
- selon une approche Best-in Universe, c’est-à-dire de façon à favoriser les entreprises les plus performantes sans considération de rating financier, de taille ou de secteur.
- avec des pondérations différenciées des 3 piliers ESG par secteur d’activités en fonction de leurs enjeux spécifiques : en effet, les 3 piliers extra-financiers se voient attribuer une pondération plus ou moins importante en fonction du secteur considéré, ce qui résulte en un poids différent de chacun des trois piliers. Par exemple, une entreprise chimique sera plus concernée par la problématique environnementale alors qu’une société du secteur des services aux entreprises verra un poids plus important accordé aux facteurs sociaux.

Afin de déterminer si l’entreprise analysée incarne les caractéristiques de l’entreprise à caractère responsable et durable définies par la société de gestion, cette dernière réalise une étude qui aboutit à une note ESG interne sur une échelle de 7 gradations allant d’AAA à CCC. La note est l’agrégation des résultats obtenus sur les différents critères E, S, G de la grille de notation déterminée par les analystes.
En l’absence de notation en interne, le gérant s’appuie sur une notation ESG fournie par « Sustainalytics », une agence de notation extra-financière.
La méthodologie de notations Sustainalytics pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. Le gérant sélectionne majoritairement dans le portefeuille des valeurs ayant une notation propriétaire. D’une manière générale, le gérant est responsable de sélectionner les titres respectant les critères extra-financiers les plus adaptés à la démarche de la société de gestion.
Après l’application de ce processus, l’univers d’investissement sera réduit de 20% via l’élimination des moins bonnes notations extra-financières.
Par ailleurs, le gestionnaire s’engage à exclure du portefeuille, les sociétés dont l’activité est directement liée au charbon thermique et métallurgique et, lorsque la donnée est disponible, à exclure les sociétés de distribution, transport et production d’équipements et de services, dans la mesure où 33% de leur chiffre d’affaires est réalisé auprès de clients dont l’activité est directement liée au charbon thermique et métallurgique.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Le gérant identifie les problématiques financières et extra-financières des sociétés en portefeuille qui peuvent faire l’objet d’actions d’engagement et de dialogue traçables. Ces actions permettent de maximiser le potentiel d’appréciation en bourse additionnel lié à cet engagement. en accompagnant la dynamique financière ou extra- financière des sociétés.
En fonction des anticipations du gérant sur l’évolution des marchés actions, dans le but de dynamisation ou de protection de la performance, le compartiment pourra :
- investir sur des obligations convertibles françaises libellées en Euro négociées sur un marché réglementé européen dans la limite de 0% à 25% de l'actif net, et dans cette même limite en obligations convertibles étrangères à hauteur de 10% maximum. Ces obligations convertibles (sans restriction de notation ou de duration) sont sélectionnées en fonction de leur rendement attendu et de leur corrélation avec les actions sous-jacentes.
- avoir recours à des contrats de futurs ou options, négociés sur des marchés organisés ou réglementés dans la limite d'une fois l'actif net.
- des contrats d’options sur actions négociés sur des marchés organisés ou réglementés, dans la limite de 25% de l'actif net pour diminuer la volatilité des actions.

L’ensemble de ces titres seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
. Sur les actifs : Actions :
Le portefeuille est en permanence exposé à hauteur de 75% au moins en actions émises par des sociétés dont la capitalisation est essentiellement supérieure à 300 millions d’euros, et autres titres assimilés négociés sur un marché Européen. En plus des actions et autres titres assimilés négociés sur un marché réglementé Européen, le compartiment pourra également investir jusqu’à 25% de son actif net en-dehors de la France. L’exposition du compartiment aux actions en dehors de la zone Euro ne dépassera pas 10% de l’actif net.
Les actions seront sélectionnées sur la base des étapes d’identification des valeurs respectant les critères extra- financiers précédemment citées.
Titres de créance et instruments du marché monétaire :
L’exposition globale du portefeuille aux titres de créances et instruments du marché monétaire pourra représenter 25% maximum du portefeuille à des fins de gestion de la trésorerie.
Les instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra- financiers précédemment citées.
L’actif du compartiment dans le cadre de la gestion de trésorerie pourra comprendre des titres de créances ou obligations libellés en Euro. Ces instruments, d’une durée résiduelle inférieure à trois mois, seront émis sans restriction de répartition dette publique/dette privée par des états souverains, des institutions assimilées ou bien par des entités ayant une notation court terme égale ou supérieure à A2, décernée par Standard & Poor’s ou toute autre notation équivalente attribuée par une autre agence indépendante, ou bénéficiant d’une notation interne de la société de gestion équivalente.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un titre dans la catégorie « High Yield », c’est-à-dire des titres spéculatifs pour lesquels le risque de défaut de paiement de l’émetteur est plus important (titres de notation inférieure à BBB- ou dont la notation court terme est inférieure ou égale à A-3 selon Standard & Poor’s ou une agence équivalente ou bénéficiant d’une notation interne de la Société de Gestion équivalente), la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Actions ou parts d’autres placements collectifs de droit français ou d’autres OPCVM, FIA ou fonds d’investissementde droit étrangers :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs, y compris indiciels côtés, ou de classification monétaire ou obligataire notamment afin de placer la trésorerie.
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée. Les parts ou actions des OPC sélectionnés ne feront pas l’objet d’une analyse extra-financière.
Instruments dérivés :
Dans un but de couverture et/ou d’exposition, sans recherche de surexposition, et dans la limite de 100% de son actif, le compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés français organisés, réglementés (futures, options listées) ou de gré à gré (options, swaps, change à terme…). A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (actions, change).
Les contrats d’options et contrats de futures seront sélectionnées sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
Le compartiment n’utilisera pas de Total Return Swaps.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Titres intégrant des dérivés:
Le compartiment pourra en conformité avec sa stratégie d’investissement investir dans des obligations convertibles françaises libellées en Euro négociées sur un marché réglementé européen dans la limite de 25% de l'actif net, et dans cette même limite de 0% à 25% de l’actif net en obligations convertibles étrangères à hauteur de 10% maximum.
Le compartiment pourra détenir à titre temporaire des bons de souscription issus d’une opération sur titre.
Les instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra- financiers précédemment citées.
Dépôts :
Néant
Emprunts d’espèces :
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d’acquisitions et cessions temporaires de titres :
Néant.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
L
e 
compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que l
e 
compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose l
e 
compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
L
e 
compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels l
e 
compartiment est investi.
Risque lié à la devise des actions libellées dans une devise autre que celle du compartiment :
Le porteur, souscripteur en devise autres que la devise de référence du compartiment (Euro) peut être exposé au risque de change si celui-ci n'est pas couvert. La valeur des actifs du compartiment peut baisser si les taux de change varient, ce qui peut entraîner une baisse de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, A USD et B EUR: Tous souscripteursActions I EUR et K EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.

Actions R EUR : Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent dynamiser leur épargne par le biais des marchés actions essentiellement français. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 5 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A USD», «A EUR», «R EUR», «I EUR» et «K EUR» | Actions «B EUR» |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 6 catégories d’actions : Actions « A EUR », « A USD », «B EUR», «I EUR», «K EUR» et «R EUR».

L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.).

Valeur liquidative d’origine :
| Action A EUR : 330,56 €. Action A USD : 108,00 USD |
| --- |
| Action B EUR : 204,28 €. |
| Action I EUR : 147,42 €. |
| Action K EUR : 181,05 € Action R EUR : 172,23 €. |

Montant minimum de souscription initiale :
| Action A EUR : 1 Action. Action A USD : 1 Action. |
| --- |
| Action B EUR : 1 Action. |
| Action I EUR : 500 000 €. |
| Action K EUR : 500 000 €. Action R EUR : 1 Action. |

Montant minimum des souscriptions ultérieures :
| Action A EUR : 1 millième d’action. Action A USD : 1 millième d’action. |
| --- |
| Action B EUR : 1 millième d’action. |
| Action I EUR : 1 millième d’action. |
| Action K EUR : 1 millième d’action. Action R EUR : 1 millième d’action. |

Conditions
de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement du compartiment. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |
| --- | --- | --- |
| Commission de souscription non acquise au Compartiment Tricolore Rendement | Valeur Liquidative x Nombre d’actions | Action A EUR : 3% maximum |
| Action A USD : 3% maximum |
| Action B EUR : 3% maximum |
| Action I EUR : Néant |
| Action K EUR : Néant |
| Action R EUR : 3% maximum |
| Commission de souscription acquise au Compartiment Tricolore Rendement | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au Compartiment Tricolore Rendement | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au Compartiment Tricolore Rendement | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 1.95% TTC* maximum |
| Action A USD : 1.95% TTC* maximum |
| Action B EUR : 1.95 % TTC* maximum |
| Action I EUR : 0.95% TTC* maximum |
| Action K EUR : 1.10% TTC* maximum |
| Action R EUR : 2.35% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.10% TTC* maximum |
| Action A USD : 0.10% TTC* maximum |
| Action B EUR : 0.10% TTC* maximum |
| Action I EUR : 0.10% TTC* maximum |
| Action K EUR : 0.10% TTC* maximum |
| Action R EUR : 0.10% TTC* maximum |
| Prestataires percevant des commissions de mouvements : Le dépositaire : entre 0% et 50% La société de gestion : entre 50% et 100% | Prélèvement sur chaque transaction | Variable en fonction des instruments. En % HT - Actions, ETF : 0,25% maximum.
- OPCVM France : 0%
- OPCVM étrangers : 0.50%- O.S.T. : 0%
- Coupons étrangers : 5 %(minimum de 0€ à 200€ en fonction de la place boursière de l’instrument)
 |
| Commission de surperformance  (1) | Actif net du compartiment | Action A EUR : 15% par an de la surperformance par rapport à la valeur de référence SBF 120 dividendes nets réinvestis |
| Action A USD : 15% par an de la surperformance par rapport à la valeur de référence SBF 120 dividendes nets réinvestis |
| Action B EUR : 15% par an de la surperformance par rapport à la valeur de référence SBF 120 dividendes nets réinvestis |
| Action I EUR : 15% par an de la surperformance par rapport à la valeur de référence SBF 120 dividendes nets réinvestis |
| Action K EUR : Néant |
| Action R EUR : 15% par an de la surperformance par rapport à la valeur de référence SBF 120 dividendes nets réinvestis |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence : SBF 120 dividendes nets réinvestis
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’ action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans : la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t)) x taux de Commission de surperformance AN (t): actif net en fin d’annéet
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

|  |  |  |  |  |  | dernière année |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieure à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN- AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année 
sur la
période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |  |  |  |  |
| AN |  | 100 | 102 | 106 |  |  |  |  |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |  |  |  |  |
| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de
référence
** de surperformance
*** arrondi
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Oui | R | Oui |

Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence
. Aucune commission de 
surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV - Tricolore Rendement sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
EdR SICAV 
– 
Equity Euro Solve
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 07 décembre 2018. Le compartiment a été créé le 08 mars 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Equity Europe Solve constitué le 07 décembre 2015.
- Code ISIN

| Action A EUR : | FR0013219243 |
| --- | --- |
| Action B EUR : | FR0013219276 |
| Action CR EUR : | FR0013307725 |
| Action I EUR : | FR0013331568 |
| Action K EUR : | FR0013062668 |
| Action KD EUR : | FR0013131885 |
| Action N EUR : | FR0013222874 |
| Action NC EUR : | FR0013219300 |
| Action O EUR : | FR0013222882 |
| Action PC EUR : | FR0013062650 |
| Action R EUR : | FR0013331550 |
| Action SC EUR : | FR0013219284 |

- Régime fiscal spécifiqueEligible au PEA.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment a pour objectif, sur son horizon de placement recommandé, de participer partiellement à l'évolution des marchés actions de la zone euro, tout en mettant en place sur les marchés à terme et optionnels une couverture permanente totale ou partielle contre le risque actions en fonction des anticipations du gérant.

Les sociétés susmentionnées sont sélectionnées sur la base d’une analyse à la fois de rentabilité financière et de respect de critères extra-financiers.
Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs et le niveau global d'exposition au marché. L’univers d’investissement
« actions » du compartiment est comparable à celui de l’indice MSCI EMU NR.
- Indicateur de référenceL’objectif de gestion du compartiment n’est pas exprimé en fonction d’un indicateur de référence, dans la mesure où le compartiment mettra en œuvre des stratégies de couverture du risque actions.

Néanmoins la performance du compartiment pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour 56% de l’indice MSCI EMU, calculé dividendes nets réinvestis, et pour 44% de l’€STR capitalisé.
L’indice MSCI EMU (ticker Bloomberg : NDDUEMU Index) est un indice composé de 300 valeurs appartenant aux pays membres de la zone euro sélectionnées selon la capitalisation boursière, le volume de transaction et le secteur d’activité. L’indice s’efforce de respecter la pondération par pays et par secteurs d’activité reflétant au maximum la structure économique de la zone euro. L’indice est calculé et publié par MSCI Barra et les données sont accessibles sur www.mscibarra.com.
L’administrateur MSCI Limited (site internet : http://www.msci.com) de l’indice de référence MSCI EMU n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
L'€STR (Euro Short Term Rate) est un taux d’intérêt calculé et administré par la Banque Centrale Européenne et qui reflète le prix en euro des emprunts au jour le jour d’un échantillon de banques de la zone euro.
Toutes les informations sur l’indice €STR (Euro Short Term Rate) sont disponibles sur le site internet de la Banque Centrale Européenne (BCE) : https//www.ecb.europa.eu/.
L’administrateur, Banque Centrale Européenne de l’indice de référence €STR bénéficie de l’exemption prévue à l’article 2.2 du règlement BMR. L’administrateur Banque Centrale Européenne n’est donc pas tenu d’obtenir un agrément et de s’inscrire sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utiliséesLe compartiment a recours à une stratégie de sélection active, en investissant, en direct ou via des OPC, dans des actions de la zone euro, à hauteur de 75% minimum, sans distinction en matière de capitalisation boursière (y compris petites et moyennes capitalisations), tout en pilotant l’exposition au risque actions entre 0% et 90% de l’actif net en mettant en place des stratégies de couverture ou d’exposition par le biais d’intervention sur les marchés à terme et optionnels.

L'univers d'investissement ESG comprend des sociétés cotées des pays développés de la zone euro dont la capitalisation boursière est supérieure à un milliard d’euros. La société de gestion peut sélectionner des valeurs en dehors de cet Univers ESG. Pour autant, elle s’assurera que l’univers ESG retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
La sélection des titres repose sur l’utilisation combinée de critères financiers et de critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable.
Les actions seront sélectionnées selon la stratégie décrite ci-après :
- A partir de l’univers d’investissement, différents filtres sont appliqués afin de définir les valeurs qui sont considérées comme admissibles et font l’objet d’analyses complémentaires.
- Une première catégorie de filtres, basés sur l’analyse extra-financière réduira l’univers d’investissement en fonction des notations ESG individuelles des titres.
- Une seconde catégorie de filtres permet de sélectionner les titres sur la base de ratios financiers en s’attachant notamment au biais de style (valeurs décotées, valeur de qualité, valeurs de croissance, …).
- Le compartiment ne sera pas exposé aux actions des pays émergents.

L’analyse des critères extra-financiers permet de noter des valeurs selon une grille de notation ESG propre à la société de gestion, qui évalue les titres selon les critères de nature Environnementale, Sociale-sociétale et de Gouvernance d’entreprise listés ci-dessous :
Environnement : consommation d’énergie, émissions de gaz à effet de serre, eau, déchets, pollution, stratégie de management environnemental, impact vert
Social : qualité de l’emploi, management des ressources humaines, impact social, santé et sécurité
Gouvernance : structure des organes de gouvernance, politique de rémunération, audit et contrôle interne, prise en compte des intérêts des actionnaires
Notre modèle de notation ISR favorise :
- Une approche Best-in Universe, c’est-à-dire de façon à favoriser les entreprises les plus performantes sans considération de rating financier, de taille ou de secteur.
- Avec des pondérations différenciées des 3 piliers ESG par secteur d’activités en fonction de leurs enjeux spécifiques : en effet, les 3 piliers extra-financiers se voient attribuer une pondération plus ou moins importante en fonction du secteur considéré, ce qui résulte en un poids différent de chacun des trois piliers. Par exemple, une entreprise chimique sera plus concernée par la problématique environnementale alors qu’une société du secteur des services aux entreprises verra un poids plus important accordé aux facteurs sociaux.

Afin de déterminer si l’entreprise analysée incarne les caractéristiques de l’entreprise à caractère responsable et durable définies par la société de gestion, cette dernière réalise une étude qui aboutit à une note ESG interne sur
une échelle de 7 gradations allant d’AAA à CCC. La note est l’agrégation des résultats obtenus sur les différents critères E, S, G de la grille de notation déterminée par les analystes.
En l’absence de notation en interne, le gérant s’appuie sur une notation ESG fournie par « Sustainalytics », une agence de notation extra-financière.
La méthodologie de notations Sustainalytics pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. D’une manière générale, le gérant est responsable de sélectionner les titres respectant les critères extra-financiers les plus adaptés à la démarche de la société de gestion.
Au minimum 90% des sociétés en portefeuille bénéficient d’une notation ESG interne ou fournie par une agence de notation externe
Après l’application de ce processus, l’univers d’investissement sera réduit d’au minimum 20% via l’élimination des moins bonnes notations extra-financières.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Le compartiment répondra en permanence aux règles d’éligibilité du plan d’épargne en actions français (« PEA »). Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Pour des besoins de gestion de trésorerie, le compartiment peut investir jusqu’à 25% de ses actifs nets en titres de créance et Instruments du Marché Monétaire libellés en euros. Le compartiment ciblera des émissions d’émetteurs publics ou privés européens d’une durée résiduelle de 397 jours maximum et de notation investment grade (c.-à-d. assorties d’une notation supérieure ou égale à BBB- selon Standard & Poor’s, ou toute autre notation équivalente attribuée par une autre agence indépendante, ou une notation interne estimée équivalente attribuée par le Gestionnaire d’investissement).
En cas de dégradation de la notation d’un émetteur (notation Standard and Poor's ou bénéficiant d’une notation interne de la société de gestion équivalente), la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
En outre, à concurrence maximale de 10% des actifs nets, le compartiment peut investir en parts ou actions d’OPC ou d’autres Fonds d’Investissement éligibles, indépendamment de leur classification, afin tout particulièrement :
- d’augmenter l’exposition aux marchés actions ou de diversifier l’exposition à d’autres classes d’actifs (par exemple des fonds investis en titres de sociétés du secteur des matières premières ou de l’immobilier) ;
- ou à des fins de gestion des liquidités (OPCVM du marché monétaire, OPCVM diversifié ou obligataire).

À des fins de gestion efficace de portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment peut conclure des contrats de prise en pension couvrant des Valeurs Mobilières ou des Instruments du Marché Monétaire éligibles, sous réserve d’une limite de 25% de ses actifs nets. Les garanties reçues en vertu de ces contrats de prise en pension seront soumises à une décote en fonction du type de titres. Elles peuvent revêtir la forme d’espèces et d’emprunts d’État de premier ordre.
Le compartiment pourra être exposé au risque de change de manière accessoire.
Dans la limite de 100% de son actif net, le compartiment pourra avoir recours, à des fins de couverture et/ou d’exposition, aux instruments dérivés de gré à gré ou à des contrats financiers négociés sur un marché réglementé de la zone euro afin de conclure :
- des contrats à terme standardisés sur indices d’actions, ou sur indice de volatilité,
- des options sur actions, sur futures, indices actions ou sur indice de volatilité.

Le compartiment cherchera à se couvrir, de manière permanente, totalement ou partiellement du risque actions, dans la limite d’une fois son actif net.
L'implémentation de la couverture est déterminée de façon discrétionnaire par l’équipe de gestion en fonction de ses anticipations et des conditions de marché. L’objectif de la mise en œuvre de ces stratégies optionnelles est d’atténuer les chocs importants des marchés actions et implique de moins profiter des périodes de hausses. Elles permettent également à l’équipe de gestion, de façon tactique et opportuniste, de rechercher à optimiser le coût de la couverture du portefeuille.
Le compartiment pourra également choisir de s’exposer aux marchés actions via des futures de manière discrétionnaire et temporaire afin de suivre sa stratégie d’investissement.
L’attention des investisseurs est attirée sur le fait que les phases haussières et baissières sont déterminées de façon discrétionnaire par les équipes de gestion selon leurs anticipations sur l’évolution des marchés et pourront ainsi ne pas refléter les tendances réelles des marchés.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
. Actifs utilisésActions :
Le portefeuille est investi en permanence à hauteur de 75% au moins en titres éligibles au PEA.
Les actions seront sélectionnées sur la base d’étapes d’identification des valeurs respectant les critères extra- financiers.
Titres de créance et instruments du marché monétaire :
Les titres de créance et instruments du marché monétaire seront utilisés pour la gestion de la trésorerie dans la limite de 25% de l’actif net. Le compartiment recherchera des émissions d’émetteurs publics ou privés européens notés Investment Grade (c’est-à-dire assorties d’une notation supérieure ou égale à BBB- selon Standard & Poor’s, ou toute autre notation équivalente attribuée par une autre agence indépendante, ou une notation interne estimée équivalente attribuée par le Gestionnaire d’investissement) avec une échéance résiduelle de 397 jours maximum.
En cas de dégradation de la notation d’un émetteur (notation Standard and Poor's ou bénéficiant d’une notation interne de la société de gestion équivalente), la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Les instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra- financiers précédemment cités.
Actions ou parts d'autres OPCVM, FIA ou fonds d’investissements de droit étranger :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs, y compris indiciels côtés pour augmenter l’exposition aux marchés actions ou diversifier l'exposition à d'autres classes d'actifs (par exemple : matières premières ou immobilier).
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée. Les parts ou actions des OPC sélectionnés ne feront pas l’objet d’une analyse extra-financière.
Instruments dérivés :
Dans la limite de 100% de son actif net, le compartiment pourra avoir recours, à des fins de couverture et/ou d’exposition, aux contrats financiers négociés sur des marchés de la zone euro, réglementés, organisés ou de gré à gré afin de conclure :
- des contrats d’options sur actions, futures, indices actions et / ou à certains de leurs paramètres ou composantes (volatilité, cours, secteurs…) pour gérer l'exposition aux marchés actions européens ;
- des contrats de futures sur indices actions et / ou à certains de leurs paramètres ou composantes (volatilité, cours, secteurs …) à des fins de couverture ou d’exposition.

Par ailleurs, le Compartiment pourra recourir à des contrats d’échange à terme négocié de gré à gré sous la forme de Total Return Swaps (TRS) sur actions, indices actions et/ou panier d’actions jusqu’à 50% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 15%.
Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
L’implémentation de la couverture, totale ou partielle, du risque action sera déterminée de façon discrétionnaire par l’équipe de gestion en fonction de ses anticipations et des conditions de marché.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Parmi les stratégies de couverture mises en place, le compartiment pourra notamment mettre en œuvre les opérations de couverture ci-dessous :
- achats d’options de vente ainsi que ventes d’options d’achat ;
- les opérations simultanées de vente et d’achat d’options similaires portant sur le même sous-jacent mais sur un prix d’exercice différent.

Titres intégrant des dérivés (jusqu’à 25% de l’actif net) :
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra uniquement investir dans des obligations callable ou puttable jusqu’à 25% de l’actif net.
Dépôts :
Néant.
Emprunts d'espèces :
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d'acquisitions et cessions temporaires de titres :
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 25% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions, de produits de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risques liés aux opérations d'acquisitions et cessions temporaires de titres et aux Total Return Swaps (TRS) : L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres et aux Total Return Swaps (TRS).
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protection :Néant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR et B EUR : Tous souscripteursActions CR EUR : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
Actions I EUR, K EUR, KD EUR, SC EUR, N EUR, O EUR, PC EUR et NC EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 08/03/2019. Ces actions sont plus particulièrement destiné aux entreprises d’assurance soumises aux exigences de la Directive dite « Solvabilité II ». En effet, les stratégies de couvertures seront mises en place et gérées dans les conditions leur permettant d’être considérées comme des « techniques d’atténuation du risque » au sens de la Directive 2009/138/CE du 25 novembre 2009 (dite « Solvabilité II ») et ainsi de permettre la diminution du niveau de SCR (« Solvency Capital Requirement ») requis, pour les investisseurs concernés.
Action R EUR : Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 3 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A EUR», «CR EUR», «R EUR», «I EUR», «K EUR», «SC EUR», «N EUR», «NC EUR» et «PC EUR» | Actions «B EUR», «KD EUR» et «O EUR» |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 13 catégories d’actions : Actions « A EUR », «B EUR», «CR EUR», «I EUR», «K EUR», «KD EUR», «N EUR», «NC EUR», «O EUR», «PC EUR», «R EUR» et «SC EUR».

| L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| --- |
| L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action KD EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action NC EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action O EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action PC EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action SC EUR est libellée en Euro et exprimée en action ou millièmes d’action. |

- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés actions français (calendrier officiel d’Euronext Paris S.A.) et des jours de fermeture des marchés dérivés européens (calendrier officiel de l’EUREX).

Valeur liquidative d’origine :
| Action A EUR : 99,09 € |
| --- |
| Action B EUR : 103,63 € Action CR EUR : 93,07 € |
| Action I EUR : 93,71 € |
| Action K EUR : 102,75 € |
| Action KD EUR : 92,18 € |
| Action N EUR : 93,81 € |
| Action NC EUR : 101,22 € |
| Action O EUR : 91,10 € |
| Action PC EUR : 102,76 € |
| Action R EUR : 100,00 € Action SC EUR : 91,51 € |

Montant minimum de souscription initiale :
| Action A EUR : 1 Action. |
| --- |
| Action B EUR : 1 Action. |
| Action CR EUR : 1 Action. |
| Action I EUR: 500 000 €. |
| Action K EUR : 500 000 €. |
| Action KD EUR : 500 000 €. |
| Action N EUR : 5 000 000 €. |
| Action NC EUR : 5 000 000 €. |
| Action O EUR : 5 000 000 €. |
| Action PC EUR : 10 000 000 €. |
| Action R EUR : 1 Action. Action SC EUR : 25 000 000 €. |

Montant minimum des souscriptions ultérieures :
| Action A EUR : 1 millième d’action. |
| --- |
| Action B EUR : 1 millième d’action. |
| Action CR EUR: 1 millième d’action. |
| Action I EUR : 1 millième d’action. |
| Action K EUR : 1 millième d’action. |
| Action KD EUR : 1 millième d’action. |

| Action N EUR : 1 millième d’action. |
| --- |
| Action NC EUR : 1 millième d’action. |
| Action O EUR : 1 millième d’action. |
| Action PC EUR : 1 millième d’action. |
| Action R EUR : 1 millième d’action. Action SC EUR : 1 millième d’action. |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions « A EUR », «B EUR», «CR EUR», «I EUR», «K EUR», «KD EUR», , «N EUR», «NC EUR», «O EUR», «PC EUR», «R EUR» et «SC EUR» sont exécutés en montant ou en action ou en millièmes d’actions.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement du compartiment. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Possibilité prévue de limiter ou d’arrêter les souscriptions :
La SICAV cessera d’émettre de nouvelles actions PC EUR à compter du 30 juin 2017 à 12h30. Les actions PC EUR ne pourront donc plus être souscrites à compter de cette date.
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV - Equity Euro Solve | Valeur Liquidative x Nbre d’actions | Action A EUR : 3% maximum |
| Action B EUR : 3% maximum |
| Action CR EUR : 3% maximum |
| Action I EUR : Néant |
| Action K EUR : Néant |
| Action KD EUR : Néant |
| Action N EUR : Néant |

|  |  | Action NC EUR : Néant |
| --- | --- | --- |
| Action O EUR : Néant |
| Action PC EUR : Néant |
| Action R EUR : 3% maximum |
| Action SC EUR : Néant |
| Commission de souscription acquise au compartiment EdR SICAV - Equity Euro Solve | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Equity Euro Solve | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au compartiment EdR SICAV - Equity Euro Solve | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 1.45% TTC* maximum |
| Action B EUR : 1.45% TTC* maximum |
| Action CR EUR: 0.95% TTC* maximum |
| Action I EUR : 0.75% TTC* maximum |
| Action K EUR : 0.95% TTC* maximum |
| Action KD EUR : 0.95% TTC* maximum |
| Action N EUR: 0.60% TTC* maximum |
| Action NC EUR: 0.75% TTC* maximum |
| Action O EUR : 0.60% TTC* maximum |
| Action PC EUR : 0.60% TTC* maximum |
| Action R EUR : 1.80% TTC* maximum |
| Action SC EUR : 0.60% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.10% TTC* maximum |
| Action B EUR : 0.10% TTC* maximum |
| Action CR EUR: 0.10% TTC* maximum |
| Action I EUR : 0.10% TTC* maximum |
| Action K EUR : 0.10% TTC* maximum |
| Action KD EUR : 0.10% TTC* maximum |
| Action N EUR: 0.10% TTC* maximum |
| Action NC EUR: 0.10% TTC* maximum |
| Action O EUR : 0.10% TTC* maximum |
| Action PC EUR : 0.10% TTC* maximum |
| Action R EUR : 0.10% TTC* maximum |
| Action SC EUR : 0.10% TTC* maximum |
| Commissions de mouvement | Sur le montant de la transaction | Néant |
| Commission de surperformance  (1) | Actif net du compartiment | Action A EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| Action B EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| Action CR EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| Action I EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| Action K EUR : Néant |
| Action KD EUR : Néant |

|  |  | Action N EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| --- | --- | --- |
| Action NC EUR : Néant |
| Action O EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| Action PC EUR : Néant |
| Action R EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice MSCI EMU et pour 44% de l’€STR capitalisé dividendes nets réinvestis |
| Action SC EUR : Néant |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence : composé pour 56% de l’indice MSCI EMU, et pour 44% de l’€STR capitalisé.
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans : la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t)) x taux de Commission de surperformance AN (t): actif net en fin d’année t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieure à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |
| AN | 100 | 102 | 106 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | Pt |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de
référence
** de surperformance
*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Oui | R | Oui |

Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV - Equity Euro Solve sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV 
– 
Start
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 4 janvier 2019. Le compartiment a été créé le 21 mars 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Start constitué le 14 mai 2007.
- Code ISIN

| Action A CHF (H): | FR0012538072 |
| --- | --- |
| Action A EUR : | FR0010459693 |
| Action A USD (H) : | FR0011050400 |
| Action CR EUR : | FR0013307642 |
| Action CR USD (H) : | FR0013312303 |
| Action I CHF (H) : | FR0012538064 |
| Action I EUR : | FR0010471136 |
| Action I USD (H) : | FR0011050418 |
| Action J EUR : | FR0013295888 |
| Action N EUR : | FR0010773614 |
| Action P EUR : | FR0013414851 |
| Action R EUR : | FR0010773598 |

- Régime fiscal spécifiqueNéant.
- Délégation 
- de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment est géré de manière discrétionnaire et opportuniste. Il prend des positions sur les marchés obligataires, actions et sur les devises. L’objectif du compartiment est la recherche d’une performance absolue, décorrélée sur la durée de placement recommandée des principaux marchés internationaux actions et obligataires. Dans le cadre de sa gestion, la volatilité cible du compartiment sera de 2% et pourra atteindre jusqu’à 3% maximum.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceL’indicateur de référence auquel peut être comparée la performance des actions A EUR, CR EUR, R EUR, I EUR, J EUR, N EUR et P EUR est l’€STR capitalisé.

L'€STR (Euro Short Term Rate) est un taux d’intérêt calculé et administré par la Banque Centrale Européenne et qui reflète le prix en euro des emprunts au jour le jour d’un échantillon de banques de la zone euro.
Toutes les informations sur l’indice €STR (Euro Short Term Rate) sont disponibles sur le site internet de la Banque Centrale Européenne (BCE) : https//www.ecb.europa.eu/. L’administrateur, Banque Centrale Européenne de l’indice de référence €STR bénéficie de l’exemption prévue à l’article 2.2 du règlement BMR. L’administrateur Banque Centrale Européenne n’est donc pas tenu d’obtenir un agrément et de s’inscrire sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
L’indicateur de référence auquel peut être comparée la performance des actions CR USD (H), A USD (H) et I USD
(H) est le taux Federal Funds Effective Rate capitalisé. Le taux Federal Funds Effective Rate correspond à la
moyenne des taux au jour le jour de la zone dollar. Il est calculé par le New York Federal Reserve et représente le taux sans risque de la zone dollar. A la date de la dernière mise à jour du présent prospectus, l’indice de référence Federal Funds Effective Rate, administré par la Réserve Fédérale (site internet : https://www.federalreserve.gov/), bénéficie de l’exemption prévue à l’article 2.2 du règlement Benchmark, en tant que banque centrale, et, à ce titre, n’a pas à être inscrit sur le registre de l’ESMA.
L’indicateur de référence auquel peut être comparée la performance des actions A CHF (H) et I CHF (H) est le SARON capitalisé.
L’administrateur Six Financial Information AG (site internet : https://www.six-group.com/financial- information/en/home.html#country=se) de l’indice de référence SARON est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement des indicateurs de référence qui ne sont que des indicateurs de comparaison.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de ces indicateurs inclut les coupons. Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utiliséesLe compartiment est géré de manière discrétionnaire et opportuniste. Il prend des positions sur les marchés obligataires, actions et sur les devises. L’objectif du compartiment est la recherche d’une performance absolue, décorrélée sur la durée de placement recommandée des principaux marchés internationaux actions et obligataires.

L'univers d'investissement ESG est composé de titres de créance publics et privés de notation « Investment Grade
» et « High Yield », émis par des pays développés et par des pays émergents, ainsi que des actions internationales. La société de gestion peut sélectionner des valeurs en dehors de cet Univers ESG. Pour autant, elle s’assurera que l’univers ESG retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Le gérant applique une inclusion systématique des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les titres du portefeuille.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield ou émis par des pays « émergents », disposent d’une notation ESG au sein du portefeuille. Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d'investissement
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Dans le cadre de sa gestion, la volatilité cible du compartiment sera de 2% et pourra atteindre jusqu’à 3% maximum. Pour atteindre son objectif de gestion le compartiment sera investi:
- jusqu’à 100% de son actif net, sur des titres de créance publics émis par des Etats membres de l’OCDE ou de l’Union Européenne, sans contrainte de maturité et de notation « Investment Grade » ou appartenant à la catégorie « High Yield » (titres spéculatifs, notation Long Terme inférieure à BBB-, notation Court Terme inférieure à A3, selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente).
- jusqu’à 100% de son actif net, sur des titres de créance publics émis par des pays émergents hors OCDE et Union Européenne, sans contrainte de maturité et de notation « Investment Grade » (notation supérieure ou égale à BBB- selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente) sans contrainte de maturité.
- jusqu’à 100% de son actif net sur des titres de créances privés (notamment des obligations d’entreprises) de notation « Investment Grade » sans contrainte de maturité.
- au maximum 25% de son actif net dans des titres de créance appartenant à la catégorie « High Yield » émis par des sociétés du secteur privé sans contrainte de maturité ni de zone géographique.
- au maximum 25% de son actif net dans titres de créance publics appartenant à la catégorie « HighYield »émis par des pays émergents hors OCDE et Union Européenne sans contrainte de maturité.

Au total, l’investissement dans la dette de catégorie « High Yield » émise par des entreprises du secteur privé et par des Etats émergents hors OCDE et Union Européenne ne pourra pas dépasser 30% de l'actif net.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation.
- jusqu’à 40% de son actif net, dans des titres émis en devises autres que l’euro.

Le compartiment pourra également être exposé :
- entre -10% et +15% de son actif net, sur les marchés actions de toutes capitalisations et de tous secteurs géographiques ou économiques.
- Jusqu’à 40% de son actif net, au risque de change.

La sensibilité du compartiment aux taux d’intérêt pourra fluctuer entre -2 et +4.
. Actifs utilisés
Titres de créance et instruments du marché monétaire :
| Sensibilité aux taux d’intérêt | - | [-2 ; 4] |
| --- | --- | --- |
| Zone géographique des émetteurs | OCDE, Union Européenne | 100% maximum de l’actif net |

|  | Autres zones géographiques y compris pays émergents | 100% maximum de l’actif net |
| --- | --- | --- |
| Devise de libellé des titres | Euro | 100% maximum de l’actif net |
| Autres devises | 40% maximum de l’actif net |
| Niveau de risque de change | - | 40% maximum de l’actif net |

Le compartiment pourra investir, dans la limite de
100% de l’actif, sur des titres de créances et des instruments du marché monétaire afin de s’exposer aux marchés monétaires ou obligataires. En outre, le compartiment pourra s’exposer indirectement aux marchés monétaires ou obligataires par le biais d’instruments dérivés, ou d’OPC.
Le compartiment pourra investir, dans la limite de 100% de son actif net, sur des titres de créance publics émis par des Etats membres de l’OCDE ou de L’union Européenne sans contrainte de maturité ni de notation et jusqu’à 100% de son actif net, sur des titres de créance publics émis par des pays émergents hors OCDE et Union Européenne sans contrainte de maturité et de notation « Investment Grade » (notation supérieure ou égale à BBB- selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente).
L’investissement aux titres de créances privés de notation « Investment Grade » pourra représenter jusqu’à 100% de l’actif net du compartiment sans contrainte de maturité ni de zone géographique
Le compartiment pourra également investir au maximum 25% de son actif net dans des titres appartenant à la catégorie « High Yield » (titres spéculatifs, notation Long Terme inférieure à BBB-, notation Court Terme inférieure à A3, selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente) émis par des sociétés du secteur privé sans contrainte de maturité ni de zone géographique. Au maximum 25% de son actif net dans des titres de créance publics appartenant à la catégorie « High Yield » émis par des pays émergents hors OCDE et Union Européenne. Au total, l’investissement dans la dette de catégorie « High Yield » émise dans des entreprises du secteur privé et par des Etats émergents hors OCDE et Union Européenne ne pourra pas dépasser 30% de l'actif net.
La sensibilité du compartiment aux taux d’intérêt pourra fluctuer entre -2 et + 4.
Actions :
Le compartiment pourra investir sur tous les marchés actions, dans des actions assorties ou non de droit de vote, de toutes capitalisations et de tous secteurs géographiques ou économiques. La fourchette d'exposition du compartiment au marché action évoluera entre -10% et +15% de son actif net. En outre, le compartiment pourra s’exposer de manière indirecte aux actions par le biais d’instruments financiers à terme, d’OPC, y compris indiciels côtés.
Devises :
Le compartiment pourra investir jusqu’à 40% de son actif net dans des titres émis en devises autres que l’euro. Le compartiment pourra être exposé jusqu’à 40% de son actif net au risque de change.
OPC :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, notamment de type actions, obligations "Investment Grade", obligations « High Yield » (c'est-à-dire à caractère spéculatif), monétaires ou dynamiques. Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Contrats financiers :
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, le compartiment pourra avoir recours aux contrats financiers négociés, sur des marchés réglementés (futures, options listées) ou de gré à
gré (options, swaps…). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d’activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (actions, taux, crédit, change, matières premières) ou de s’exposer aux risques de taux, crédit, actions, devises et futures sur matières premières... Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou visant à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protections par le biais de dérivés de crédit de type Credit Default Swap, sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Par ailleurs, le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur obligations, indices obligataires et/ou paniers obligataires jusqu’à 25% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 10%.
Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.

###### Risques sur lesquels le gérant désire intervenir :
- Risque taux ;
- Risque actions ;
- Risque de change (notamment sur des devises non convertibles) ;
- Risque crédit ;
- Risque matières premières (dans la limite de 10% de l’actif) ;et des composantes / paramètres de ces risques (volatilité notamment).


###### Nature des interventions :
- Couverture ;
- Exposition ;
- Arbitrages.

Le compartiment pourra intervenir sur tout type de contrats financiers, négociés sur des marchés internationaux réglementés, organisés ou de gré à gré.

###### Stratégie d'utilisation des dérivés :
- Couvrir le portefeuille contre certains risques ou l’exposer à certains risques / certaines classes d’actifs ;
- Constituer une exposition synthétique à des actifs, à des risques et/ou à des paramètres / composantes de ces classes d’actifs et risques ;
- Augmenter l’exposition au marché.

L’engagement maximum résultant de ces opérations respecte les limites fixées en terme de VAR absolue selon la méthode de calcul de la valeur en risque, plafonnée par la réglementation à 20% de l’actif, avec un seuil de 99% sur 20 jours ouvrables.
Titres intégrant des dérivés :
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra uniquement investir dans :
- des obligations callable ou puttable jusqu’à 100% de l’actif net,
- des obligations convertibles jusqu’à 25% de l’actif net.

Emprunts d'espèces :
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…), dans la limite de 10% de son actif net.
Opérations d'acquisitions et cessions temporaires de titres :
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions et de cessions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 100% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises et de mises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
Dépôts :
Le compartiment pourra effectuer des dépôts auprès du dépositaire, dans la limite de 20% de son actif net.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield »
(titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille. Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié aux stratégies d’arbitrage :
Le compartiment pourra investir dans des OPC pouvant prendre des positions sur les marchés à terme. Cependant, les évolutions des marchés financiers peuvent se révéler contraires à celles anticipées par les outils utilisés par les OPC sous-jacents, ce qui peut entraîner une baisse de la valeur liquidative.
Risques liés aux opérations d’acquisition et cession temporaires de titres et aux Total Return Swaps : L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres et aux contrats d’échange sur rendement global.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur
un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protection :Néant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, A CHF (H) et A USD (H) : Tous souscripteurs.

Actions R EUR : Tous souscripteurs, plus particulièrement commercialisées par des distributeurs sélectionnés par la Société de Gestion.
Actions I EUR, I CHF (H), J EUR, N EUR et I USD (H) : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 21/03/2019.
Actions P EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers. Actions CR EUR et CR USD (H) : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Ce compartiment s'adresse plus particulièrement à des investisseurs qui recherchent un placement diversifié et décorrélé sur la durée de placement recommandée des principaux marchés actions et obligataires.
Pour une personne physique, il est recommandé que l’investissement dans ce compartiment s’inscrive dans une logique de construction d’un portefeuille diversifié, exposé par ailleurs aux marchés actions et obligations. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique
« profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA
(Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : 18 mois
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A CHF (H)», «A EUR», «A USD (H)», «CR EUR», «CR USD (H)», «I CHF (H)», «I EUR», «I USD (H)», «N EUR», « P EUR » et «R EUR» | Action «J EUR» |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 12 catégories d’actions : Actions « A CHF (H) », «A EUR», «A USD (H)», «CR EUR»,«CR USD (H)», «I CHF (H)», «I EUR», «I USD (H)», «J EUR», «N EUR», « P EUR » et «R EUR».

| L’action A CHF (H) est libellée en Franc suisse et exprimée en action ou millièmes d’action. |
| --- |
| L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action A USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action CR USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action I CHF (H) est libellée en Franc suisse et exprimée en action ou millièmes d’action. |
| L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action I USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action P EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action. |

- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.)Valeur liquidative d’origine :

| Action A CHF (H) : | 98,01 CHF |
| --- | --- |
| Action A EUR : | 547,00 € |
| Action A USD (H) : | 104,94 USD |
| Action CR EUR : | 99,31 € |
| Action CR USD (H) : | 100 USD |
| Action I CHF (H) : | 98,86 CHF |
| Action I EUR : | 5 864,81 € |
| Action I USD (H) : | 1 119,28 USD |
| Action J EUR : | 100 € |
| Action N EUR : | 1 080,97 € |
| Action P EUR : | 100 € |
| Action R EUR : | 100,61 € |

Montant minimum de souscription initiale :
| Action A CHF (H) : | 1 Action |
| --- | --- |
| Action A EUR : | 1 Action |
| Action A USD (H) : | 1 Action |
| Action CR EUR : | 1 Action |
| Action CR USD (H) : | 1 Action |
| Action I CHF (H) : | 500 000 Francs suisses |
| Action I EUR : | 500 000 € |
| Action I USD (H) : | 500 000 USD |
| Action J EUR : | 500 000 € |
| Action N EUR : | 10 000 000 € |
| Action P EUR : | 60 000 000 € |
| Action R EUR : | 1 Action |

Montant minimum des souscriptions ultérieures :
| Action A CHF (H) : | 1 millième d’action |
| --- | --- |
| Action A EUR : | 1 millième d’action |
| Action A USD (H) : | 1 millième d’action |
| Action CR EUR : | 1 millième d’action |
| Action CR USD (H) : | 1 millième d’action |
| Action I CHF (H) : | 1 millième d’action |
| Action I EUR : | 1 millième d’action |
| Action I USD (H) : | 1 millième d’action |
| Action J EUR : | 1 millième d’action |
| Action N EUR : | 1 millième d’action |
| Action P EUR : | 1 millième d’action |
| Action R EUR : | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions « A CHF (H) », «A EUR», «A USD (H)», «CR EUR», «CR USD (H)», «I CHF (H)», «I EUR», «I USD (H)», «J EUR», «N EUR», « P EUR » et «R EUR» sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement du compartiment. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV - Start | Valeur Liquidative x Nombre d’actions | Action A CHF (H) : 1% maximum |
| Action A EUR : 1% maximum |
| Action A USD (H) : 1% maximum |
| Action CR EUR : 1% maximum |
| Action CR USD (H) : 1% maximum |
| Action I CHF (H) : Néant |
| Action I EUR : Néant |
| Action I USD (H) : Néant |
| Action J EUR : Néant |
| Action N EUR : Néant |
| Action P EUR : 4% maximum |
| Action R EUR : 1% maximum |
| Commission de souscription acquise au compartiment EdR SICAV - Start | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Start | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au compartiment EdR SICAV - Start | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF (H) : 0,65 % TTC* maximum |
| Action A EUR : 0,65 % TTC* maximum |
| Action A USD (H) : 0,70 % TTC* maximum |
| Action CR EUR : 0,45 % TTC* maximum |
| Action CR USD (H) : 0,45 % TTC* maximum |
| Action I CHF (H) : 0,30 % TTC* maximum |
| Action I EUR : 0,30 % TTC* maximum |
| Action I USD (H) : 0,25% TTC* maximum |
| Action J EUR : 0,30 % TTC* maximum |
| Action N EUR : 0,20 % TTC* maximum |
| Action P EUR : 0,15% TTC* maximum |
| Action R EUR : 0,95 % TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF (H) : 0,10 % TTC* maximum |
| Action A EUR : 0,10 % TTC* maximum |
| Action A USD (H) : 0,10 % TTC* maximum |
| Action CR EUR : 0,10 % TTC* maximum |
| Action CR USD (H) : 0,10 % TTC* maximum |
| Action I CHF (H) : 0,10 % TTC* maximum |
| Action I EUR : 0,10 % TTC* maximum |
| Action I USD (H) : 0,10 % TTC* maximum |
| Action J EUR : 0,10 % TTC* maximum |
| Action N EUR : 0,10 % TTC* maximum |
| Action P EUR : 0,10 % TTC* maximum |
| Action R EUR : 0,10 % TTC* maximum |
| Prestataires	percevant	des commissions de mouvement : Le dépositaire : entre 0% et 50% La société de gestion : entre 50% et 100% | Prélèvement sur chaque transaction | Sur les transactions : 0,35% TTC maximum Sur les encaissements de coupons: 1,20% TTC maximum |

| Commission de surperformance  (1) | Actif net du compartiment | Action A CHF (H) : 15 % par an de la surperformance par rapport à la valeur de référence SARON index |
| --- | --- | --- |
| Action A EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR Capitalisé |
| Action A USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Federal Funds Effective Rate Capitalisé |
| Action CR EUR : 15% par an de la surperformance par rapport à la valeur de référence €STR Capitalisé |
| Action CR USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Federal Funds Effective Rate Capitalisé |
| Action I CHF (H) : 15 % par an de la surperformance par rapport à la valeur de référence SARON index |
| Action I EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR Capitalisé. |
| Action I USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Federal Funds Effective Rate Capitalisé |
| Action J EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR Capitalisé |
| Action N EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR Capitalisé |
| Action P EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR Capitalisé |
| Action R EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR Capitalisé |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes :
Indicateur de référence : l’€STR capitalisé pour les actions en euros, le taux Federal Funds Effective Rate capitalisé pour les actions en dollars US, et le SARON capitalisé pour les actions en francs suisses.
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et si la performance du compartiment est positive, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence ou dans le cas où la performance est négative, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence et est positive, une commission est constatée.
La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si les différences entre l’AN de l’action et son AN Cible et entre l’AN de l’action et son AN de Référence sont positives une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence.
-Si la différence entre l’AN de l’action et son AN Cible ou la différence entre l’AN de l’action et son AN de Référence est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans : La surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t))) x taux de Commission de surperformance AN (t): actif net en fin d’année t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN de Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |

| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Non | P |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Aucune commission de surperformance n’est donc perçue et la période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |
| AN | 100 | 102 | 106 |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de référence
** de surperformance
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Non | P | Oui |

*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) et est supérieure à celle de l’indicateur de référence (-5). Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (117).
Des frais liés à la recherche au sens de l’article 314-21 du Règlement Général de l’AMF peuvent être facturés au compartiment dans la limite de 0,01% de son actif net.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV - Start sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger :
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV – Europe Midcaps
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 4 janvier 2019. Le compartiment a été créé le 21 mars 2019, par fusion-absorption du FCP suivant :-	Edmond de Rothschild Europe Midcaps constitué le 10 mai 2005.
- Code ISIN

| Action A EUR : | FR0010177998 |
| --- | --- |
| Action A USD : | FR0010998112 |
| Action A USD (H) : | FR0012538056 |
| Action CR EUR : | FR0013307709 |
| Action CR USD : | FR0013312386 |
| Action I EUR : | FR0010594275 |
| Action I USD (H) : | FR0013233673 |
| Action K EUR : | FR0010849802 |
| Action R EUR : | FR0010614594 |

- Régime fiscal spécifiqueEligible au PEA
- Délégation 
- de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLa gestion du compartiment, sur un horizon de placement recommandé supérieur à 5 ans tend à procurer une progression de la valeur liquidative grâce à des placements dans des sociétés de moyenne capitalisation en Europe.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceLe compartiment n’a pas d’indicateur de référence. Son univers d’investissement n’est pas totalement comparable aux indices existants.

L’objectif de gestion n’est pas réalisé en fonction d’un indicateur de référence. A titre d’information à posteriori et sur la durée de placement de 5 ans, la performance du compartiment pourra être comparée à l’indice Stoxx Europe ex UK Small (NR) (ticker Bloomberg SCXG), exprimé en Euro pour les actions émises en Euro, en US Dollar pour les actions émises en US Dollar dividendes nets réinvestis. Il s’agit d’un indice représentatif des valeurs moyennes européennes.
L’administrateur Stoxx Limited (site internet : www.stoxx.com) de l’indice de référence Stoxx Europe ex UK Small (NR) est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utiliséesLe compartiment opère une gestion active de sélection d’actions (« stock-picking ») cotées sur un univers de valeurs majoritairement européennes. C’est-à-dire que le choix des actions est guidé par le potentiel de performance de chacune et non par des considérations géographiques ou sectorielles. Les actions de l’Espace Economique Européen représenteront de 75 % à 100 % de l’actif net et seront sélectionnées selon la stratégie décrite ci-après :
- l’univers des titres dans lequel le compartiment est investi porte principalement sur des actions européennes de sociétés de petite et moyenne capitalisation,
- l’utilisation de rapports d’analystes externes a pour but d’aider le gérant à orienter sa propre recherche sur un nombre réduit de titres inclus dans l’univers d’investissement. Le choix des analystes externes fait également l’objet d’un processus de sélection défini par la société de gestion,
- les titres ainsi sélectionnés sont ensuite analysés sur la base de critères quantitatifs et qualitatifs. L’analyse financière de ces titres utilisera plus particulièrement et de manière non exhaustive les ratios traditionnels suivants : Valeur d’entreprise/Chiffre d’Affaires, Valeur d’entreprise/Résultat d'exploitation, Prix/Actif Net Réévalué, Cours du titre/bénéfice net par actions (PER), PER/croissance des résultats. Le gérant sélectionnera alors les titres ayant le meilleur potentiel de performance.

Le compartiment pouvant détenir des titres libellés dans une devise autre que l’Euro, pourra être exposé au risque de change, jusqu’à une fois l’actif net. En fonction des anticipations du gérant sur l’évolution baissière des variations de change, et dans le but d’une protection de la performance (couverture du risque de change), le compartiment pourra avoir recours à des contrats de change à terme ou swaps de change.
L'univers d'investissement ESG est composé des valeurs de l’indice de référence utilisé à titre de comparaison de la performance. La société de gestion peut sélectionner des valeurs en dehors de son indicateur. Pour autant, elle s’assurera que l’indicateur de référence retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Le gérant applique une inclusion systématique des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les sociétés les mieux notées.
Au moins 90% des sociétés du portefeuille disposent d’une notation ESG. Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d'investissement.
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet.
Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
. Actifs utilisés
Actions : Le compartiment est investi en permanence à hauteur de 75 % au moins de son actif net en actions et autres titres assimilés, de petite et moyenne capitalisation (émis par des sociétés dont la capitalisation boursière est inférieure à 10 milliards d’euros)
Le compartiment est investi en permanence à hauteur de 75 % au moins de son actif net en titres éligibles au PEA. Les sociétés émettrices de ces titres doivent avoir leur siège dans l’Union Européenne ou dans un Etat de l’Espace Economique Européen (EEE).
Le portefeuille est exposé au minimum à 60% aux actions de l'Union Européenne. Titres de créance et instruments du marché monétaire :
Les titres de créance négociables et instruments du marché monétaire seront utilisés pour la gestion de la trésorerie. L’investissement du portefeuille en titres de créances et instruments du marché monétaire pourra représenter 25 % maximum du portefeuille. Ces instruments libellés en Euro, d’une durée résiduelle généralement inférieure à trois mois, seront émis sans restriction de répartition dette publique/dette privée par des états souverains, des institutions assimilées ou bien par des entités ayant une notation égale ou supérieure à A2, décernée par Standard & Poor’s ou toute autre notation équivalente attribuée par une autre agence indépendante, ou bénéficiant d’une notation interne de la société de gestion équivalente.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Actions ou parts d’autres OPCVM, FIA ou fonds d'investissement de droit étranger :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, de classification actions afin de diversifier l'exposition à d'autres classes d'actifs ou intervenir sur des secteurs plus spécifiques (par exemple : technologie, santé), de classification obligataire ou monétaire pour la gestion des liquidités, y compris indiciels côtés, ou de classification monétaire ou obligataire notamment afin de placer la trésorerie.
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Instruments dérivés :
Dans la limite d’une fois l’actif, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés européens, réglementés, organisés de gré à gré, afin de conclure des contrats de change à terme, de swaps de change à des fins de couverture.
Par ailleurs, le Compartiment pourra recourir à des contrats d’échange à terme négocié de gré à gré sous la forme de Total Return Swaps (TRS) sur actions jusqu’à 50% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 20%.
Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Titres intégrant des dérivés :
Néant.
Dépôts :
Néant.
Emprunts d'espèces :
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d'acquisitions et cessions temporaires de titres :
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 20% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la
défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié à la devise des parts libellées dans une devise autre que celle du compartiment :
L’actionnaire, souscripteur en devise autres que la devise de référence du compartiment (Euro) peut-être exposé au risque de change si celui-ci n'est pas couvert. La valeur des actifs du compartiment peut baisser si les taux de change varient, ce qui peut entraîner une baisse de la valeur liquidative du compartiment.
Risques liés aux opérations d'acquisitions et cessions temporaires de titres et aux Total Return Swaps (TRS) : L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres et aux Total Return Swaps.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également
qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protection :Néant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, A USD et A USD (H) : Tous souscripteursAction R EUR : Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion ainsi que l’ensemble des actionnaires ayant souscrit dans le Compartiment avant le 21/03/2019.

Actions I EUR, K EUR, et I USD (H) : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.
Les actions CR USD et CR EUR sont destinées à tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent dynamiser leur épargne par le biais des marchés actions européens essentiellement de l’Union Européenne. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 5 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A EUR», « A USD », «A USD (H)», «CR EUR», «CR USD», «I EUR», «I USD (H)», «K EUR» et «R EUR» |
| --- | --- |
| Affectation du résultat net | Capitalisation |
| Affectation des plus ou moins values nettes réalisées | Capitalisation |

- Fréquence de distributionActions de capitalisation : sans objet
- Caractéristiques des actionsLe compartiment dispose de 9 catégories d’actions : Actions « A EUR », « A USD », «A USD (H)», «CR EUR»,«CR USD», «I EUR», «I USD (H)», «K EUR» et «R EUR»

| L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| --- |
| L’action A USD est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action A USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action CR USD est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action I USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. |
| L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action. |
| L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action. |

- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.).

Valeur liquidative d’origine :
| Action A EUR : | 419,58 € |
| --- | --- |
| Action A USD : | 131,11 USD |
| Action A USD (H) : | 106,06 USD |
| Action CR EUR : | 86,84 € |
| Action CR USD : | 100 USD |
| Action I EUR : | 186,25 € |
| Action I USD (H) : | 102,71 USD |
| Action K EUR : | 212,77 € |
| Action R EUR : | 265,38 € |

Montant minimum de souscription initiale :
| Action A EUR : | 1 Action |
| --- | --- |
| Action A USD : | 1 Action |
| Action A USD (H) : | 1 Action |
| Action CR EUR : | 1 Action |
| Action CR USD : | 1 Action |
| Action I EUR : | 500 000 € |
| Action I USD (H) : | 500 000 USD |
| Action K EUR : | 500 000 € |
| Action R EUR : | 1 Action |

Montant minimum des souscriptions ultérieures :
| Action A EUR : | 1 millième d’action |
| --- | --- |
| Action A USD : | 1 millième d’action |
| Action A USD (H) : | 1 millième d’action |
| Action CR EUR : | 1 millième d’action |
| Action CR USD : | 1 millième d’action |
| Action I EUR : | 1 millième d’action |

| Action I USD (H) : | 1 millième d’action |
| --- | --- |
| Action K EUR : | 1 millième d’action |
| Action R EUR : | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions «A EUR», «A USD», «A USD (H)», «CR USD», «CR EUR», «R EUR », «I EUR », «I USD (H)» et «K EUR» sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV - Europe Midcaps | Valeur Liquidative x Nombre d’actions | Action A EUR : 3% maximum |
| Action A USD : 3% maximum |
| Action A USD (H) : 3% maximum |
| Action CR EUR : 3% maximum |
| Action CR USD : 3% maximum |
| Action I EUR : Néant |
| Action I USD (H) : Néant |
| Action K EUR : Néant |
| Action R EUR : 3% maximum |
| Commission de souscription acquise au compartiment EdR SICAV - Europe Midcaps | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Europe Midcaps | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

| Commission de rachat acquise au compartiment EdR SICAV - Europe Midcaps | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| --- | --- | --- |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 1.95% TTC* maximum |
| Action A USD : 1.95% TTC* maximum |
| Action A USD (H) : 1.95% TTC* maximum |
| Action CR EUR : 1.65% TTC* maximum |
| Action CR USD : 1.65% TTC* maximum |
| Action I EUR : 0.95% TTC* maximum |
| Action I USD (H) : 0.95% TTC* maximum |
| Action K EUR : 1.10% TTC* maximum |
| Action R EUR : 2.35% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.15% TTC* maximum |
| Action A USD : 0.15% TTC* maximum |
| Action A USD (H) : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action CR USD : 0.15% TTC* maximum |
| Action I EUR : 0.15% TTC* maximum |
| Action I USD (H) : 0.15% TTC* maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action R EUR : 0.15% TTC* maximum |
| Prestataires	percevant	des commissions de mouvement : Le dépositaire : entre 0% et 50% La société de gestion : entre 50% et 100% | Prélèvement sur chaque transaction | Variable en fonction de l'instrument et plus particulièrement : - Par transaction : de 0 à 0,50% maximum + TVA, (minimum de 0€ à 200€ en fonction de la place boursière de l’instrument)
- Sur encaissement de coupons : de 0 à 5% maximum + TVA
 |

| Commission de surperformance  (1) | Actif net du compartiment | Action A EUR : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| --- | --- | --- |
| Action A USD : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| Action A USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| Action CR EUR : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| Action CR USD : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| Action I EUR : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| Action I USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |
| Action K EUR : Néant |
| Action R EUR : 15 % par an de la surperformance par rapport à la valeur de référence Stoxx Europe ex UK Small dividendes nets réinvestis |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence : Stoxx Europe ex UK Small NR
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t:
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence.
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans, la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t)) x taux de Commission de surperformance AN (t): actif net en fin d’année t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes. Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieure à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |  |  |  |  |
| AN |  | 100 | 102 | 106 |  |  |  |  |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |  |  |  |  |
| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de référence
** de surperformance
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |

| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Oui | R | Oui |

*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Europe Midcaps sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV - Equity US Solve
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 2 avril 2019. Le compartiment a été créé le 24 avril 2019.
- Code ISIN

| Action A CHF (H) : | FR0013404266 |
| --- | --- |
| Action A EUR : | FR0014007Q54 |
| Action A EUR (H) : | FR0013404274 |
| Action A GBP (H) : | FR0013404282 |
| Action A USD : | FR0013404308 |
| Action B CHF (H) : | FR0013404316 |
| Action B EUR (H) : | FR0013404324 |
| Action B USD : | FR0013404332 |
| Action CR EUR (H) : | FR0013404340 |
| Action CR USD : | FR0013404357 |
| Action CRD EUR (H) : | FR0013404365 |
| Action CRD USD : | FR0013404373 |
| Action I CHF (H) : | FR0013404381 |
| Action I EUR : | FR0014007Q62 |
| Action I EUR (H) : | FR0013404399 |
| Action I USD : | FR0013404407 |
| Action J CHF (H) : | FR0013404415 |
| Action J EUR (H) : | FR0013404456 |
| Action J USD : | FR0013404423 |
| Action K EUR (H) : | FR0013404431 |
| Action K USD : | FR0013404449 |

- Régime fiscal spécifiqueNéant
- Délégation 
- de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment a pour objectif, sur son horizon de placement recommandé, de participer partiellement à l'évolution des marchés actions d’Amérique du Nord, tout en mettant en place sur les marchés à terme et optionnels une couverture permanente totale ou partielle contre le risque actions en fonction des anticipations du gérant.Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceL’objectif de gestion du compartiment est sans relation avec un indicateur de marché, dans la mesure où le compartiment mettra en œuvre des stratégies de couverture du risque actions.

Néanmoins la performance des actions A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR (H) et K EUR (H) pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé.
L'€STR (Euro Short Term Rate) est un taux d’intérêt calculé et administré par la Banque Centrale Européenne et qui reflète le prix en euro des emprunts au jour le jour d’un échantillon de banques de la zone euro.
Toutes les informations sur l’indice €STR (Euro Short Term Rate) sont disponibles sur le site internet de la Banque Centrale Européenne (BCE) : https//www.ecb.europa.eu/. L’administrateur, Banque Centrale Européenne de l’indice de référence €STR bénéficie de l’exemption prévue à l’article 2.2 du règlement BMR. L’administrateur Banque Centrale Européenne n’est donc pas tenu d’obtenir un agrément et de s’inscrire sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
L’indice Standard & Poor’s 500 (S&P 500) est représentatif de 500 sociétés de grandes capitalisations américaines. Plus d’informations concernant la composition et les règles de fonctionnement de l’indice sont disponibles sur www.standardandpoors.com.
L’administrateur S&P Dow Jones Indices LLC (site internet : www.standardandpoors.com) de l’indice de référence Standard & Poor’s 500 est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
La performance des actions A CHF (H), B CHF (H), I CHF (H) et J CHF (H) pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé CHF, et pour 44% du SARON capitalisé
L’administrateur Six Financial Information AG (site internet : https://www.six-group.com/financial- information/en/home.html#country=se) de l’indice de référence SARON capitalisé est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement des indicateurs de référence qui ne sont que des indicateurs de comparaison.
La performance des actions A GBP (H) pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé GBP, et pour 44% du SONIA capitalisé.
L’administrateur Bank of England de l’indice de référence SONIA capitalisé bénéficie de l’exemption prévue à l’article 2.2 du règlement BMR. L’administrateur Bank of England n’est donc pas tenu d’obtenir un agrément et de s’inscrire sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement des indicateurs de référence qui ne sont que des indicateurs de comparaison.
La performance des actions A USD, A EUR, B USD, CR USD, CRD USD, I EUR, I USD, J USD et K USD pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% de l’indice Federal Funds Effective Rate capitalisé. Cet indicateur composite sera exprimé dans la devise de l’action. L’indice Federal Funds Effective Rate capitalisé correspond à la moyenne des taux au jour le jour de la zone dollar, il est calculé par la New York Federal Reserve et représente le taux sans risque de la zone dollar.
A la date de la dernière mise à jour du présent prospectus, l’indice de référence Federal Funds Effective Rate, administré par la Réserve Fédérale (site internet : https://www.federalreserve.gov/), bénéficie de l’exemption prévue à l’article 2.2 du règlement Benchmark, en tant que banque centrale, et, à ce titre, n’a pas à être inscrit sur le registre de l’ESMA.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utiliséesLe compartiment aura recours à une gestion discrétionnaire visant à s’exposer aux marchés actions nord- américains en investissant dans des actions nord-américaines ou via des instruments dérivés sur actions ou indices actions nord-américains ou via des OPC. La société de gestion pilotera l’exposition du risque actions entre 0% et 90% de l’actif net en mettant en place des stratégies de couverture par le biais d’intervention sur les marchés à terme et optionnels. L’exposition aux marchés actions sera établie à travers une gestion « cœur », constituée de futures sur indices, d’actions nord-américaines pouvant faire partie de l’indice S&P 500, ou d’ETF, à laquelle s’ajoutera une approche « satellite » gérée de manière active dans un but de diversification. A travers cette poche« satellite », le gérant pourra ainsi accentuer ou atténuer certains biais sectoriels en fonction des anticipations de marché. Ces investissements pourront être réalisés via des titres vifs, des OPC, des futures ou options sur indices.

L'univers d'investissement ESG est composé de titres de créance publics de maturité courte (1 an maximum) émis par les Etats-Unis, et de titres de créances privés de notation « Investment Grade » (AAA à BBB-) et « High Yield
» (BB à CCC). La société de gestion peut sélectionner des valeurs en dehors de cet Univers ESG. Pour autant, elle s’assurera que l’univers ESG retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit Investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield, disposent d’une notation ESG.
Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d'investissement.
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Les actions seront sélectionnées selon la stratégie décrite ci-après :
- La sélection de l’univers d’investissement repose sur l’utilisation de filtres quantitatifs permettant de définir les valeurs nord-américaines qui seront considérées comme admissibles et feront l’objet d’analyses complémentaires. Ces filtres permettent de définir l’univers des valeurs, selon l'analyse de la société de gestion, sans contraintes sectorielles ni géographiques.
- L’utilisation d’analyses externes a pour but d’aider le gérant à orienter sa propre recherche sur un nombre réduit de titres inclus dans l’univers d’investissement. Le choix des analystes externes fait également l’objet d’un processus de sélection défini par la société de gestion.
- Les titres ainsi sélectionnés font alors l’objet d’une analyse quantitative puis qualitative. Le gérant sélectionnera alors les titres ayant le meilleur potentiel de croissance et de performance selon l'analyse de la société de gestion pour constituer un portefeuille concentré.

Bien que l’exposition sera prioritairement recherchée sur les marchés actions, le compartiment pourra investir jusqu’à 100% de ses actifs nets en titres de créance et Instruments du Marché Monétaire libellés en dollar ou autres devises.
Le compartiment ciblera des émissions d’émetteurs publics ou privés d’une durée résiduelle de 397 jours maximum pour les émissions à taux fixe et de deux ans maximum pour les émissions à taux variable.
Ces titres seront principalement « investment grade » c’est-à-dire des titres pour lesquels le risque de défaut de paiement de l’émetteur est le moins élevé (titres de notation supérieure ou égale à BBB- ou dont la notation court terme est supérieure ou égale à A-3 selon Standard & Poor’s ou une agence équivalente ou bénéficiant d'une notation interne de la Société de Gestion équivalente). Il est cependant précisé que les titres non notés par une agence de notation mais bénéficiant d’une notation « Investment Grade » de la société de gestion seront limités à 15% de l’actif net.
Dans la limite de 10% de l’actif net, le compartiment pourra par ailleurs recourir à des titres « High Yield» c’est-à- dire des titres spéculatifs pour lesquels le risque de défaut de paiement de l’émetteur est plus important (titres de notation inférieure à BBB- ou dont la notation court terme est inférieure ou égale à A-3 selon Standard & Poor’s ou une agence équivalente ou bénéficiant d'une notation interne de la Société de Gestion équivalente).
En outre, à concurrence maximale de 10% des actifs nets, le compartiment peut investir en parts ou actions d’OPC ou d’autres Fonds d’Investissement éligibles, indépendamment de leur classification, afin tout particulièrement :
- d’augmenter l’exposition aux marchés actions ou de diversifier l’exposition à d’autres classes d’actifs (par exemple des fonds investis en titres de sociétés du secteur des matières premières ou de l’immobilier) ;
- ou à des fins de gestion des liquidités (OPC du marché monétaire et obligataire).

À des fins de gestion efficace de portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment peut conclure des contrats de prise en pension couvrant des Valeurs Mobilières ou des Instruments du Marché Monétaire éligibles, sous réserve d’une limite de 25% de ses actifs nets. Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Le compartiment pourra détenir des titres libellés dans une devise autre que le dollar. Il pourra notamment investir dans des titres en euro et en dollar canadien. Ces titres seront couverts du risque de change. Néanmoins une exposition résiduelle au risque devise jusqu’à 10% de l’actif net, pourra subsister.
Dans la limite de 100% de son actif net, le compartiment pourra avoir recours aux instruments dérivés de gré à gré ou à des contrats financiers négociés sur un marché réglementé ou organisé afin de conclure notamment :
- des contrats d’options sur actions, sur indices actions ou sur futures d’indices actions
- des contrats à terme de devises
- des contrats d’échange à terme (swaps de change) et de change à terme
- des contrats de futures sur indices actions
- des contrats de futures et/ou options sur indices de volatilitéLe recours aux instruments dérivés sera utilisé à des fins de couverture et d’exposition dans une limite d’exposition du risque actions de 0% à 90%.

Plus spécifiquement, l'implémentation de la couverture visant à maintenir une exposition du risque actions entre 0% et 90%, est déterminée de façon discrétionnaire par l’équipe de gestion en fonction de ses anticipations et des conditions de marché. L’objectif de la mise en œuvre de ces stratégies est d’atténuer les chocs importants des marchés actions, et implique de moins profiter des périodes de hausses, tout en cherchant à optimiser le coût de la couverture du portefeuille, de façon tactique et opportuniste, par l’équipe de gestion.
L’attention des investisseurs est attirée sur le fait que les phases haussières et baissières sont déterminées de façon discrétionnaire par les équipes de gestion selon leurs anticipations sur l’évolution des marchés et pourront ainsi ne pas refléter les tendances réelles des marchés.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
. Actifs utilisésActions :
Parmi les instruments utilisés pour s’exposer au marché actions nord-américaines, le portefeuille pourra investir de 0 à 100% de son actif en actions d’Amérique du Nord.
Titres de créance et instruments du marché monétaire :
Le compartiment pourra être investi jusqu’à 100 % de l’actif net indifféremment sur des titres de créance négociables et des obligations, émis en dollar ou toute autre devise, par des entités privées ou publiques.
Le compartiment ciblera des émissions d’émetteurs publics ou privés d’une durée résiduelle de 397 jours maximum pour les émissions à taux fixe et de deux ans maximum pour les émissions à taux variable.
Ces titres seront principalement « investment grade » c’est-à-dire des titres pour lesquels le risque de défaut de paiement de l’émetteur est le moins élevé (titres de notation supérieure ou égale à BBB- ou dont la notation court terme est supérieure ou égale à A-3 selon Standard & Poor’s ou une agence équivalente ou bénéficiant d'une notation interne de la Société de Gestion équivalente). Il est cependant précisé que les titres non notés par une agence de notation mais bénéficiant d’une notation « Investment Grade » de la société de gestion seront limités à 15% de l’actif net.
Dans la limite de 10% de l’actif net, le compartiment pourra par ailleurs recourir à des titres « High Yield» c’est-à- dire des titres spéculatifs pour lesquels le risque de défaut de paiement de l’émetteur est plus important (titres de notation inférieure à BBB- ou dont la notation court terme est inférieure ou égale à A-3 selon Standard & Poor’s ou une agence équivalente ou bénéficiant d'une notation interne de la Société de Gestion équivalente).
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Elle se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un titre dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Actions ou parts d'autres OPCVM, FIA ou fonds d’investissements de droit étranger :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs, y compris indiciels côtés pour augmenter l’exposition aux marchés actions ou diversifier l'exposition à d'autres classes d'actifs (par exemple : matières premières ou immobilier).
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Instruments dérivés :
Dans la limite de 100% de son actif net le compartiment pourra avoir recours aux contrats financiers négociés sur des marchés réglementés, organisés ou de gré à gré afin de conclure :
- des contrats d’options sur actions, sur indices actions ou sur futures d’indices actions à des fins de couverture et d’exposition aux marchés actions américains ;
- des contrats à terme de devises en vue de limiter les risques de change du portefeuille sous-jacent ;
- des contrats d’échange à terme (swaps de change) et de change à terme ;
- des contrats de futures sur indices actions à des fins de couverture et d’exposition.
- des contrats de futures et/ou options sur indices de volatilitéPar ailleurs, le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur actions, indices actions et/ou paniers actions jusqu’à 80% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 30%.

Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Plus spécifiquement, l’implémentation de la couverture, totale ou partielle, du risque action sera déterminée de façon discrétionnaire par l’équipe de gestion en fonction de ses anticipations et des conditions de marché.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Parmi les stratégies de couverture mises en place, le compartiment pourra notamment mettre en œuvre les opérations de couverture ci-dessous :
- achats d’options de vente ainsi que ventes d’options d’achat ;
- les opérations simultanées de vente et d’achat d’options similaires portant sur le même sous-jacent mais sur un prix d’exercice différent.

Titres intégrant des dérivés (jusqu’à 100% de l’actif net) :
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra uniquement investir dans des obligations callable ou puttable jusqu’à 100% de l’actif net.
Dépôts :
Néant
Emprunts d'espèces :
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d'acquisitions et cessions temporaires de titres :
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 25% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions, de produits de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à
tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risques liés aux opérations d’acquisition et cession temporaires de titres et aux Total Return Swaps : L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres et aux contrats d’échange sur rendement global.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur
la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protection :Néant.
- Souscripteurs concernés et profil de l’investisseur typeActions A CHF (H), A EUR, A EUR (H), A GBP (H), A USD, B CHF (H), B EUR (H), B USD : Tous souscripteursActions CR EUR (H), CR USD, CRD EUR (H) et CRD USD : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
Actions I CHF (H), I EUR, I EUR (H), I USD, J CHF(H), J EUR (H), J USD, K EUR (H) et K USD : Personnes
morales et investisseurs institutionnels pour compte propre ou pour compte de tiers. Ces actions sont plus particulièrement destinées aux entreprises d’assurance soumises aux exigences de la Directive dite « Solvabilité II ». En effet, les stratégies de couvertures seront mises en place et gérées dans les conditions leur permettant d’être considérées comme des « techniques d’atténuation du risque » au sens de la Directive 2009/138/CE du 25 novembre 2009 (dite « Solvabilité II ») et ainsi de permettre la diminution du niveau de SCR (« Solvency Capital Requirement ») requis, pour les investisseurs concernés. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles
5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 3 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions « A CHF (H) », « A EUR », « A EUR (H)», « A GBP (H) », « A USD », « CR EUR (H) », « CR USD », « I CHF (H) », « I EUR », « I EUR (H)», « I USD », « K EUR (H)» et « K USD» | Actions « B CHF (H)», « B EUR (H)», « B USD», « CRD EUR (H)», « CRD USD», « J CHF (H) », « J EUR (H) » et « J USD » |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 21 catégories d’actions : Actions « A CHF (H) », « A EUR », « A EUR (H)», « A GBP(H) », « A USD », « B CHF (H)», « B EUR (H)», « B USD», « CR EUR (H) », « CR USD », « CRD EUR (H)», «CRD USD», « I CHF (H) », « I EUR », « I EUR (H)», « I USD », « J CHF (H) », « J EUR (H) », « J USD » « K EUR (H)» et « K USD».

L’action A CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action. L’action A GBP (H) est libellée en Livre Sterling et exprimée en action ou millièmes d’action. L’action A USD est libellée en Dollar et exprimée en action ou millièmes d’action.
L’action B CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action B EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action.
L’action B USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CR EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CRD EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action. L’action CRD USD est libellée en Dollar et exprimée en action ou millièmes d’action.
L’action I CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action. L’action I USD est libellée en Dollar et exprimée en action ou millièmes d’action.
L’action J CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action J EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action K EUR (H) est libellée en Euro et exprimée en action ou millièmes d’action. L’action K USD est libellée en Dollar et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français et américains (calendrier officiel de Euronext Paris S.A. et du NYSE)Valeur liquidative d’origine :

| Action A CHF (H) : | 100 CHF |
| --- | --- |
| Action A EUR : | 100 € |
| Action A EUR (H) : | 100 € |
| Action A GBP (H) : | 100 £ |
| Action A USD : | 100 $ |
| Action B CHF (H) : | 100 CHF |
| Action B EUR (H) : | 100 € |
| Action B USD : | 100 $ |
| Action CR EUR (H) : | 100 € |
| Action CR USD : | 100 $ |
| Action CRD EUR (H) : | 100 € |
| Action CRD USD : | 100 $ |
| Action I CHF (H) : | 100 CHF |
| Action I EUR : | 100 € |
| Action I EUR (H) : | 100 € |
| Action I USD : | 100 $ |
| Action J CHF(H) : | 100 CHF |
| Action J EUR (H) : | 100 € |
| Action J USD : | 100 $ |
| Action K EUR (H) : | 100 € |
| Action K USD : | 100 $ |

Montant minimum de souscription initiale :
| Action A CHF (H) : | 1 Action |
| --- | --- |
| Action A EUR : | 1 Action |
| Action A EUR (H) : | 1 Action |
| Action A GBP (H) : | 1 Action |
| Action A USD : | 1 Action |
| Action B CHF (H) : | 1 Action |
| Action B EUR (H) : | 1 Action |
| Action B USD : | 1 Action |
| Action CR EUR (H) : | 1 Action |
| Action CR USD : | 1 Action |
| Action CRD EUR (H) : | 1 Action |
| Action CRD USD : | 1 Action |
| Action I CHF (H) : | 500 000 CHF |
| Action I EUR : | 500 000€ |
| Action I EUR (H) : | 500 000 € |
| Action I USD : | 500 000 $ |

| Action J CHF(H) : | 500 000 CHF |
| --- | --- |
| Action J EUR (H) : | 500 000 € |
| Action J USD : | 500 000 $ |
| Action K EUR (H) : | 500 000 € |
| Action K USD : | 500 000 $ |

Montant minimum des souscriptions ultérieures :
| Action A CHF (H) : | 1 millième d’action |
| --- | --- |
| Action A EUR : | 1 millième d’action |
| Action A EUR (H) : | 1 millième d’action |
| Action A GBP (H) : | 1 millième d’action |
| Action A USD : | 1 millième d’action |
| Action B CHF (H) : | 1 millième d’action |
| Action B EUR (H) : | 1 millième d’action |
| Action B USD : | 1 millième d’action |
| Action CR EUR (H) : | 1 millième d’action |
| Action CR USD : | 1 millième d’action |
| Action CRD EUR (H) : | 1 millième d’action |
| Action CRD USD : | 1 millième d’action |
| Action I CHF (H) : | 1 millième d’action |
| Action I EUR : | 1 millième d’action |
| Action I EUR (H) : | 1 millième d’action |
| Action I USD : | 1 millième d’action |
| Action J CHF(H) : | 1 millième d’action |
| Action J EUR (H) : | 1 millième d’action |
| Action J USD : | 1 millième d’action |
| Action K EUR (H) : | 1 millième d’action |
| Action K USD : | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions « A CHF (H) », « A EUR », « A EUR (H)», « A GBP (H) », « A USD », « B CHF (H)», « B EUR (H)», « B USD», « CR EUR (H) », « CR USD », « CRD EUR (H)», « CRD USD», « I EUR », «
I CHF (H) », « I EUR (H)», « I USD », « J CHF (H) », « J EUR (H) », « J USD » « K EUR (H)» et « K USD» sont
exécutés en montant ou en action ou en millièmes d’actions.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement du compartiment. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les fraissupportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV - Equity US Solve | Valeur Liquidative x Nbre d’actions | Action A CHF (H) : 3% maximum |
| Action A EUR : 3% maximum |
| Action A EUR (H) : 3% maximum |
| Action A GBP (H) : 3% maximum |
| Action A USD : 3% maximum |
| Action B CHF (H) : 3% maximum |
| Action B EUR (H) : 3% maximum |
| Action B USD : 3% maximum |
| Action CR EUR (H) : 3% maximum |
| Action CR USD : 3% maximum |
| Action CRD EUR (H) : 3% maximum |
| Action CRD USD : 3% maximum |
| Action I CHF (H) : Néant |
| Action I EUR : Néant |
| Action I EUR (H) : Néant |
| Action I USD : Néant |
| Action J CHF (H) : Néant |
| Action J EUR (H) : Néant |
| Action J USD : Néant |
| Action K EUR (H) : Néant |
| Action K USD : Néant |
| Commission de souscription acquise au compartiment EdR SICAV - Equity US Solve | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Equity US Solve | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au compartiment EdR SICAV - Equity US Solve | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF (H) : 1.20% TTC* maximum |
| Action A EUR : 1,20% TTC* maximum |
| Action A EUR (H) : 1.20% TTC* maximum |
| Action A GBP (H) : 1.20% TTC* maximum |
| Action A USD : 1.20% TTC* maximum |
| Action B CHF (H) : 1.20% TTC* maximum |
| Action B EUR (H) : 1.20% TTC* maximum |
| Action B USD : 1.20% TTC* maximum |
| Action CR EUR (H) : 0.70% TTC* maximum |
| Action CR USD : 0.70% TTC* maximum |
| Action CRD EUR (H) : 0.70% TTC* maximum |
| Action CRD USD : 0.70% TTC* maximum |
| Action I CHF (H) : 0.55% TTC* maximum |
| Action I EUR : 0,55% TTC* maximum |
| Action I EUR (H) : 0.55% TTC* maximum |
| Action I USD : 0.55% TTC* maximum |
| Action J CHF (H) : 0.55% TTC* maximum |
| Action J EUR (H) : 0.55% TTC* maximum |
| Action J USD : 0.55% TTC* maximum |
| Action K EUR (H) : 0.75% TTC* maximum |
| Action K USD : 0.75% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF (H) : 0.10% TTC* maximum |
| Action A EUR : 0.10% TTC* maximum |
| Action A EUR (H) : 0.10% TTC* maximum |
| Action A GBP (H) : 0.10% TTC* maximum |
| Action A USD : 0.10% TTC* maximum |
| Action B CHF (H) : 0.10% TTC* maximum |
| Action B EUR (H) : 0.10% TTC* maximum |
| Action B USD : 0.10% TTC* maximum |
| Action CR EUR (H) : 0.10% TTC* maximum |
| Action CR USD : 0.10% TTC* maximum |
| Action CRD EUR (H) : 0.10% TTC* maximum |
| Action CRD USD : 0.10% TTC* maximum |
| Action I CHF (H) : 0.10% TTC* maximum |
| Action I EUR : 0.10% TTC* maximum |
| Action I EUR (H) : 0.10% TTC* maximum |
| Action I USD : 0.10% TTC* maximum |
| Action J CHF (H) : 0.10% TTC* maximum |
| Action J EUR (H) : 0.10% TTC* maximum |
| Action J USD : 0.10% TTC* maximum |
| Action K EUR (H) : 0.10% TTC* maximum |
| Action K USD : 0.10% TTC* maximum |
| Commissions de mouvement | Sur le montant de la transaction | Néant |

| Commission de surperformance (1) | Actif net du compartiment | Action A CHF (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé CHF, et pour 44% du SARON capitalisé |
| --- | --- | --- |
| Action A EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé. |
| Action A EUR (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé |
| Action A GBP (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé GBP, et pour 44% du SONIA capitalisé |
| Action A USD : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé |
| Action B CHF (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé CHF, et pour 44% du SARON capitalisé |
| Action B EUR (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé |
| Action B USD : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé |
| Action CR EUR (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé |
| Action CR USD : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé |
| Action CRD EUR (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé |
| Action CRD USD : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé |

|  |  | Action I CHF (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé CHF, et pour 44% du SARON capitalisé |
| --- | --- | --- |
| I EUR : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé. |
| I EUR (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé |
| Action I USD : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé |
| Action J CHF (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé CHF, et pour 44% du SARON capitalisé |
| Action J EUR (H) : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé |
| Action J USD : 15% par an de la surperformance par rapport à l’indicateur de référence composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Federal Funds Effective Rate capitalisé |
| Action K EUR (H) : Néant |
| Action K USD : Néant |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence :
- composé pour 56% de l’indice S&P 500 dividendes nets réinvestis, et pour 44% du Fed Funds Effective Rate capitalisé pour les actions en dollars US et pour les actions en euro Non hedgées.
- composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé EUR, et pour 44% de l’€STR capitalisé pour les actions en euros hedgées-composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé CHF, et pour 44% du SARON capitalisé pour les actions en francs suisses-composé pour 56% de l’indice S&P 500 dividendes nets réinvestis hedgé GBP, et pour 44% du SONIA capitalisé pour les actions en GBP.

La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence.
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans : La surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t)) x taux de Commission de surperformance AN (t): actif net en fin d’année t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |

| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieure à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |  |  |  |  |
| AN |  | 100 | 102 | 106 |  |  |  |  |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |  |  |  |  |
| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

Périod e
Performanc e action cumulée*
Performanc e indice cumulée*
Performanc e relative cumulée*
Performanc e action sur dernière année
Performanc e indice sur dernière année
Performanc e relative sur dernière année
Perception d’une commissio n
Période renouvelée
« R » /
Prolongée
« P » ou décalée
« D »
Changemen t de NAV de référence
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Oui | R | Oui |

*depuis début de période de référence
** de surperformance
*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV - Equity US Solve sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV – Global Opportunities
- 
###### Date de création

Le compartiment a été agréé par l’Autorité des marchés financiers le 26 juillet 2019.
Le compartiment a été créé le 12 septembre 2019, par apport de la part C du FCP suivant :
- CA EdRAM Opportunités constitué le 11 janvier 2008
- 
###### Code ISIN

| Action A EUR : | FR0013281938 |
| --- | --- |
| Action A CHF (H) : | FR0013429230 |
| Action A USD (H) : | FR0013429248 |
| Action B EUR : | FR0013464260 |
| Action CR EUR : | FR0013464211 |
| Action CRD EUR : | FR0013464237 |
| Action I EUR : | FR0013429255 |
| Action I CHF (H) : | FR0013429263 |
| Action I USD (H) : | FR0013429271 |
| Action J EUR : | FR0013429289 |
| Action K EUR : | FR0013464252 |

- Régime fiscal spécifique :Néant.
- Délégation de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- 
###### Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étranger :

Jusqu’à 10% de son actif net.
- 
###### Objectif de gestion

Le compartiment vise à offrir une performance supérieure à celle de son indice de référence sur un horizon de placement recommandé supérieur à cinq ans en gérant de manière discrétionnaire et opportuniste un portefeuille diversifié sur de multiples classes d’actifs (dont actions, taux, devises) sans contraintes de secteurs et zone géographique. L’objectif de gestion diffère en tenant compte de la devise de libellé de la classe d’action souscrite :
- Pour les classes A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR, K EUR : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à l’€STR augmenté de 3% sur l’horizon de placement recommandé.
- Pour les classes A CHF (H), I CHF (H) : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure au SARON capitalisé augmenté de 3% sur l’horizon de placement recommandé.
- Pour les classes A USD (H), I USD (H) : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure au Federal Funds Effective Rate capitalisé augmenté de +3% sur l’horizon de placement recommandé.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- 
###### Indicateur de référence

L’indicateur de référence auquel peut être comparée la performance des actions A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR et K EUR est l’€STR capitalisé augmenté de 3%. L'€STR (Euro Short Term Rate) est un taux
d’intérêt calculé et administré par la Banque Centrale Européenne et qui reflète le prix en euro des emprunts au jour le jour d’un échantillon de banques de la zone euro.
Toutes les informations sur l’indice €STR (Euro Short Term Rate) sont disponibles sur le site internet de la Banque Centrale Européenne (BCE) : https//www.ecb.europa.eu/. L’administrateur, Banque Centrale Européenne de l’indice de référence €STR bénéficie de l’exemption prévue à l’article 2.2 du règlement BMR. L’administrateur Banque Centrale Européenne n’est donc pas tenu d’obtenir un agrément et de s’inscrire sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
L’indicateur de référence auquel peut être comparée la performance des actions A USD (H) et I USD (H) est le taux Federal Funds Effective Rate capitalisé augmenté de +3%. Le taux Federal Funds Effective Rate correspond à la moyenne des taux au jour le jour de la zone dollar. Il est calculé par le Federal Reserve et représente le taux sans risque de la zone dollar. A la date de la dernière mise à jour du présent prospectus l’indice de référence Federal Funds Effective Rate, administré par la Réserve Fédérale (site internet : https://www.federalreserve.gov/), bénéficie de l’exemption prévue à l’article 2.2 du règlement Benchmark, en tant que banque centrale, et, à ce titre, n’a pas à être inscrit sur le registre de l’ESMA. L’indicateur de référence auquel peut être comparée la performance des actions A CHF (H) et I CHF (H) est le SARON capitalisé augmenté de 3%.
L’administrateur Six Financial Information AG (site internet : https://www.six-group.com/financial- information/en/home.html#country=se) de l’indice de référence SARON capitalisé est inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA.
La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement des indicateurs de référence qui ne sont que des indicateurs de comparaison.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de ces indicateurs inclut les coupons.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- 
###### Stratégie d’investissement

. Stratégies utilisées
La société de gestion met en œuvre une gestion discrétionnaire et opportuniste. L’actif du compartiment sera investi en actions et titres de créance en direct ou de manière accessoire, via la détention de parts ou actions d’OPCVM de droit français ou européen et de FIA de droit français y compris indiciels, sans contrainte d’allocation entre les différentes classes d’actifs, ni contrainte tant sectorielle que géographique. Les convictions pourront également être reflétées par une utilisation d’instruments dérivés à des fins d’exposition, de couverture ou d’arbitrage. (Les stratégies d’arbitrage visent à bénéficier de différences de valorisation et/ou de divergence de fondamentaux et de positionnement entre différents segments de marché tant sur les marchés d’action que de taux, de crédit et de change. Ces stratégies permettant de réduire la corrélation du fonds aux différentes classes d’actifs induisant une moindre dépendance aux stratégies purement directionnelles). L'exposition globale du portefeuille aux différentes classes d’actifs incluant l’utilisation des instruments financiers dérivés s’effectuera dans les limites fixées en termes de VAR absolue selon la méthode de calcul de la valeur en risque.
L’allocation d’actifs sera déterminée en fonction :
D’une approche Top-Down : l’approche Top Down repose avant tout sur une analyse macroéconomique des différentes classes d’actifs, segments de marchés, secteurs ou pays explorés dans le cadre de l’allocation du portefeuille. Elle aboutit à la détermination de scénarios de marché définis à partir des anticipations de l’équipe de gestion. Aucune contrainte ne sera préétablie laissant ainsi à l’équipe de gestion la possibilité de mettre en place des stratégies reflétant ses convictions.
Celle-ci est complétée par un processus de sélection de titres (approche Bottom-Up).
Approche Bottom-up : Ce processus vise à identifier, au sein d’une même classe d’actifs, segment de marché, secteur ou pays les instruments et/ou émetteurs présentant une valeur relative supérieure aux autres et apparaissant ainsi comme les plus attractifs selon les critères internes à la société de gestion. Le mode de sélection des instruments et/ou émissions repose sur une analyse fondamentale et de valorisation de chaque émetteur adapté aux spécificités de son univers.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment n’intègre pas d’autres caractéristiques environnementales ou sociales dans le processus de sélection des investissements et n’a pas pour objectif l’investissement durable (tels que prévu par les articles 8 ou 9 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou 
« 
SFDR ».
Le Gestionnaire ne prend pas en compte les incidences négatives des décisions d’investissement sur les facteurs de durabilité de ce produit.
Les investissements sous-jacents à ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
. Actifs utilisésActions :
Le compartiment pourra être investi jusqu’à 100% dans des actions en direct dans le cadre de son objectif de gestion sans contrainte géographique ni de capitalisation. La sélection des titres privilégiera des politiques d’investissement axées sur la recherche d’actions dont les estimations de progression de cours sont supérieures à la moyenne du marché. L’allocation géographique se fera entre les différentes places boursières mondiales, dont les marchés émergents. Par ailleurs, certains thèmes spécifiques liés aux conclusions économiques et à l’analyse des sociétés seront choisis, aboutissant à des sur ou sous expositions sectorielles et à une répartition entre les tailles des entreprises.
Ainsi l’exposition aux actions sera comprise entre 0% et 100%. Titres de créance et instruments du marché monétaire :
Le compartiment pourra être investi jusqu’à 100% de son actif dans des titres de créances et instruments du marché monétaire en direct dans le cadre de son objectif de gestion. Les titres seront sélectionnés sans contrainte de notation ; ils peuvent appartenir à la catégorie « Investment Grade » (c'est-à-dire pour lesquels le risque de défaillance des émetteurs est le moins élevé) ou « High Yield » (« haut rendement » : titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important), dont les titres non notés.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
La sensibilité du compartiment aux taux d’intérêt pourra fluctuer entre -10 et +10.
Le compartiment pourra acheter des parts d’EMTN (Euro Medium Term Note) ou d’obligations indexées. Actions ou parts d’OPCVM, FIA ou fonds d’investissement de droit étranger :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger
ou FIA de droit français, notamment de type actions, obligations "Investment Grade", obligations « High Yield » (c'est-à-dire à caractère spéculatif), monétaires ou dynamiques. Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée. Devises :
Le compartiment pourra investir, jusqu’à 100% de son actif net dans des devises autres que l’Euro.
Instruments dérivés :
L’utilisation de contrats financiers est prévue dans une stratégie de couverture, d’exposition et/ou de surexposition, sur les marchés actions, taux, change et indices, et / ou à certains de leurs paramètres ou composantes (volatilité, cours, secteurs…).
Ainsi la stratégie d'utilisation des dérivés aura pour but de :
- Couvrir le portefeuille contre certains risques ou l’exposer à certains risques / certaines classes d’actifs ;
- Constituer une exposition synthétique à des actifs, à des risques et/ou à des paramètres / composantes de ces classes d’actifs et risques ;
- Augmenter l’exposition à un marché donné ;
- Mettre en place des stratégies d’arbitrage visant à exploiter les différences de valorisations entre instruments, classes d’actifs, segments de marché, secteurs, pays.

En particulier, le gestionnaire négociera :
- des contrats à terme ou de change à terme sur devises, ou des swaps de change afin de couvrir l’exposition au risque de change ou dans un but d’exposition ou d’arbitrage.
- des contrats de futures ou options, swaps d’actions, négociés sur des marchés organisés ou réglementés pour augmenter ou diminuer l’exposition aux marchés actions et de taux ;-des swaps de taux et options sur Swaps de taux pour augmenter ou diminuer l’exposition au risque de taux ;-des Credit Default Swaps sur mono-entité de référence ou sur indices (iTraxx ou CDX), et des options sur CDS sur indices pour augmenter ou diminuer l'exposition au risque de crédit.

Par ailleurs, le Compartiment pourra recourir à des contrats d’échange à terme négocié de gré à gré sous la forme de Total Return Swaps (TRS) sur actions, obligations, indices obligataires et/ou paniers obligataires jusqu’à 50% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 15%.
Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Le compartiment pourra atteindre un levier net maximum de 10.
L’engagement maximum résultant de ces opérations respecte les limites fixées en terme de VAR absolue selon la méthode de calcul de la valeur en risque, plafonnée par la réglementation à 20% de l’actif, avec un seuil de 99% sur 20 jours ouvrables.
Le compartiment pourra intervenir sur tout type de contrats financiers, négociés sur des marchés internationaux réglementés, organisés ou de gré à gré.
Instruments dérivés intégrés :
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra investir:
-dans des obligations callable ou puttable jusqu'à 100% de son actif net;
-des warrants jusqu'à 100% de son actif net;
-des bons de souscriptions jusqu'à 100% de son actif net;
Dépôts :
Néant
Emprunts d’espèces :
Dans le cadre de sa gestion de trésorerie, le compartiment pourra avoir recours à des emprunts d'espèces dans la limite de 10% de l'actif net de façon ponctuelle.
Opérations d’acquisition et cession temporaire de titres :
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 10% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment. Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
- 
###### Investissements entre compartiments

Le compartiment peut investir à hauteur de 10% maximum de son actif net dans un compartiment de la SICAV Edmond de Rothschild SICAV.
L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- 
###### Profil de risque :

Votre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.
Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de se forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique et à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la Société de Gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative de du compartiment en cas de variation de la courbe des taux.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille. Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l’euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risques liés aux opérations d’acquisition et cession temporaires de titres et aux Total Return Swaps (TRS) : L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisition et de cession temporaires de titres et aux Total Return Swaps.
Risque de durabilité : Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement.
- 
###### Garantie ou protection :

Néant
- 
###### Souscripteurs concernés et profil de l’investisseur type :

Action A EUR, A CHF (H), A USD (H), B EUR : Tous souscripteurs.
Actions CR EUR, CRD EUR : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion. En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.

Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
Action J EUR, I EUR, I CHF (H), I USD (H), K EUR : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.
Ce compartiment s’adresse à des investisseurs souhaitant dynamiser leurs portefeuilles à partir d’un support diversifié permettant d’évoluer tant sur les marchés actions que sur les marchés de taux internationaux.
Les actions du compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié ("Securities Act 1933") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces parts ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en
Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé au porteur de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précités, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout porteur de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement minimum recommandée: Supérieure à 5 ans.
- 
###### Modalités de détermination et d'affectation des sommes distribuable:

| Sommes Distribuables | Actions «A EUR», «A CHF (H)», «A USD (H)», « CR EUR » «I EUR», «I CHF (H)», «I USD (H)», « K EUR », | Actions « B EUR », « CRD EUR », « J EUR » |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins- values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- 
###### Fréquence de distribution :

Actions de capitalisation : sans objet
Actions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- 
###### Caractéristiques des actions :

Le compartiment dispose de 11 catégories d’actions : Actions « A EUR », « A CHF (H) », « A USD (H) », « B EUR », « CR EUR », « CRD EUR », « I EUR », « I CHF (H) », « I USD (H) » et « J EUR » et « K EUR ».
L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action A USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action I USD (H) est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- 
###### Modalités de souscription et de rachat :

Date et périodicité de la valeur liquidative :
Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.).
Valeur liquidative d’origine:
| Action A EUR: | 97,55 € |
| --- | --- |
| Action A CHF (H) : | 100 CHF |
| Action A USD (H) : | 100 USD |
| Action B EUR: | 100 € |
| Action CR EUR: | 100 € |
| Action CRD EUR: | 100 € |
| Action I EUR : | 100 € |
| Action I CHF (H) : | 100 CHF |
| Action I USD (H) : | 100 USD |
| Action J EUR : Action K EUR : | 100 € 100€ |

Montant minimum de souscription initiale :
| Action A EUR: | 1 Action |
| --- | --- |
| Action A CHF (H) : | 1 action |
| Action A USD (H) : | 1 action |
| Action B EUR : | 1 Action |
| Action CR EUR : | 1 Action |
| Action CRD EUR : | 1 Action |
| Action I EUR : | 500 000 euros |
| Action I CHF (H) : | 500 000 CHF |
| Action I USD (H) : | 500 000 USD |
| Action J EUR : | 500 000 euros |
| Action K EUR : | 500 000 euros |

Montant minimum de souscription ultérieure :
| Action A EUR: | 1 millième d’action |
| --- | --- |
| Action A CHF (H) : | 1 millième d’action |
| Action A USD (H) : | 1 millième d’action |
| Action B EUR : | 1 millième d’action |
| Action CR EUR : | 1 millième d’action |
| Action CRD EUR : | 1 millième d’action |
| Action I EUR : | 1 millième d’action |
| Action I CHF (H) : | 1 millième d’action |
| Action I USD (H) : | 1 millième d’action |
| Action J EUR : | 1 millième d’action |
| Action K EUR : | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions « A EUR », A CHF (H), A USD (H), B EUR, CR EUR, CRD EUR, I CHF (H), I USD (H), et « J EUR » et K (EUR) sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion :
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) 47 rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08
- 
###### Frais et commissions :

Commissions de souscription et de rachat:
Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.
| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV – Global Opportunities | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : 4,50% maximum |
| Commission de souscription acquise au compartiment EdR SICAV - Global Opportunities | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Global Opportunities | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au compartiment EdR SICAV - Global Opportunities | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance
- Des commissions de mouvement facturées au compartiment
- Des frais liés aux opérations d’acquisition et de cession temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 1,45% TTC* maximum |
| Action A CHF (H) : 1,45 % TTC* maximum |
| Action A USD (H) : 1,45 % TTC* maximum |
| Action B EUR : 1,45% TTC* maximum |
| Action CR EUR : 0.80% TTC* maximum |
| Action CRD EUR : 0.80% TTC* maximum |
| Action I EUR : 0,70 % TTC* maximum |
| Action I CHF (H) : 0,70 % TTC* maximum |
| Action I USD (H) : 0,70 % TTC* maximum |
| Action J EUR : 0.70% TTC * maximum |
| Action K EUR : 0,80 % TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.10 % TTC* maximum |
| Action A CHF (H) : 0,10 % TTC* maximum |
| Action A USD (H) : 0,10 % TTC* maximum |
| Action B EUR : 0.10% TTC* maximum |
| Action CR EUR : 0.10% TTC* maximum |
| Action CRD EUR : 0.10% TTC* maximum |
| Action I EUR : 0,10 % TTC* maximum |
| Action I CHF (H) : 0,10 % TTC* maximum |
| Action I USD (H) : 0,10 % TTC* maximum |
| Action J EUR : 0.10 % TTC* maximum |
| Action K EUR : 0.10 % TTC* maximum |
| Commissions de mouvement | Sur le montant de la transaction | Néant |
| Commission de surperformance Actif net du compartiment (1) | Action A EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR capitalisé +3% |
| Action A CHF (H) : 15 % par an de la surperformance par rapport à la valeur de référence SARON +3% |
| Action A USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Federal Funds Effective Rate Capitalisé +3% |
| Action B EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR capitalisé +3% |
| Action CR EUR : 15% par an de la surperformance par rapport à la valeur de référence €STR Capitalisé +3% |
| Action CRD EUR : 15% par an de la surperformance par rapport à la valeur de référence €STR Capitalisé +3% |
| Action I EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR capitalisé +3% |
| Action I CHF (H) : 15 % par an de la surperformance par rapport à la valeur de référence SARON index +3% |
| Action I USD (H) : 15 % par an de la surperformance par rapport à la valeur de référence Federal Funds Effective Rate Capitalisé +3% |

|  | Action J EUR : 15 % par an de la surperformance par rapport à la valeur de référence €STR capitalisé +3% |
| --- | --- |
| Action K EUR : Néant |

*  TTC = toutes taxes comprises.
Dans cette activité, la Société de Gestion n’a pas opté pour la TVA.
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
***hors éventuelles commissions de surperformance
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Indicateur de référence :
- Le taux €STR capitalisé +3% pour les actions en euros
- Le taux Federal Funds Effective Rate capitalisé +3% pour les actions en dollars US
- Le taux SARON capitalisé+3% pour les actions en francs suissesLa commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.

Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence et une nouvelle période de référence débute à l’issue de cette période de référence.
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans : la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t)) x taux de Commission de surperformance AN (t): actif net en fin d’année t
AN de Référence : dernier actif net de la précédente période de référence
Date de Référence : date de l’AN de Référence
AN Cible (t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes. Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieure à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |

| Assiette de calcul: AN-AN Cible | -1 | -3 | -1 | -2 | -3 |
| --- | --- | --- | --- | --- | --- |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |  |  |  |  |
| AN |  | 100 | 102 | 106 |  |  |  |  |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |  |  |  |  |
| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de référence
** de surperformance
*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Global Opportunities sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV.
Procédure de choix des intermédiaires:
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Oui | R | Oui |

Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger :
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
EdR SICAV – Short Duration Credit
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 27 décembre 2019. Le compartiment a été créé le 20 janvier 2020.
- Code ISIN

| Action A CHF (H) : | FR0013460912 |
| --- | --- |
| Action A EUR : | FR0013460920 |
| Action A USD (H) : | FR0013460938 |
| Action B CHF (H) : | FR0013460946 |
| Action B EUR : | FR0013460961 |
| Action B USD (H) : | FR0013460979 |
| Action CR EUR : | FR0013460987 |
| Action CR USD (H) : | FR0013461019 |
| Action CRD EUR : | FR0013461027 |
| Action CRD USD (H) : | FR0013461555 |
| Action I CHF (H) : | FR0013461563 |
| Action I EUR : | FR0013461571 |
| Action I USD (H) : | FR0013461589 |
| Action J CHF (H) : | FR0013461597 |
| Action J EUR : | FR0013461605 |
| Action J USD (H) : | FR0013461613 |
| Action K EUR : | FR0013461639 |
| Action N EUR : | FR0013488194 |
| Action O EUR : | FR0013488202 |

- Régime fiscal spécifiqueNéant
- Délégation de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- ClassificationObligations et autres titres de créance libellés en euro
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment vise à offrir une performance supérieure à celle de son indice de référence, composé à 50% de l’indice ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et à 50% de l’indice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index coupons réinvestis, sur la durée de placement recommandée, par des placements sur les marchés obligataires d'entreprises. Afin d’atteindre cet objectif, un rendement additionnel sera recherché pour le portefeuille d’obligations par une gestion active du risque de taux et du risque de crédit.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceLe compartiment a pour indicateur de référence l’indice composé à 50% de l’indice ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et à 50% de l’indice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis. Ces deux indices sont calculés et publiés par ICE Benchmark Administration Limited. Ils représentent respectivement la performance des emprunts obligataires à taux fixe, libellés en euro, émis par les émetteurs notés au minimum BBB- et ayant une durée résiduelle supérieure à 1 an et inférieure à 5 ans et des emprunts obligataires à taux fixe, libellés en euro, émis par les émetteurs notés au minimum CCC et ayant une durée supérieure à 1 an et inférieure à 3 ans.

La gestion du compartiment n’étant pas indicielle, sa performance pourra s’éloigner de celle de son indicateur de référence qui n’est qu’un indicateur de comparaison.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de ces deux indicateurs inclut les coupons.
L’administrateur ICE Benchmark Administration Limited (site internet : https://www.theice.com/iba) des indices de références ICE BofA 1-5 Year A-BBB Euro Corporate Index et ICE BofA 1-3 Year Euro Developped Markets High Yield Constrained index n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
La performance des actions A CHF (H), B CHF (H), I CHF (H) et J CHF (H) pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour référence composé pour 50% de ICE BofA 1-5 Year A- BBB Euro Corporate Index hedgé CHF coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé CHF coupons réinvestis. La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement des indicateurs de référence qui ne sont que des indicateurs de comparaison.
La performance des actions A USD (H), B USD (H), CR USD (H), CRD USD (H), I USD (H) et J USD (H) pourra être comparée à posteriori à la progression d’un indicateur de référence composé pour référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis. La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement des indicateurs de référence qui ne sont que des indicateurs de comparaison.
- Stratégie d’investissement. Stratégies utilisées :Pour atteindre son objectif de gestion, le gérant investira de façon discrétionnaire sur des titres de nature obligataire émis par des sociétés publiques ou privées, dans la limite de 100% du portefeuille.

L'univers d'investissement ESG est composé des valeurs de l’indice de référence du compartiment. La société de gestion peut sélectionner des valeurs en dehors de son indicateur. Pour autant, elle s’assurera que l’indicateur de référence retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Le gérant applique une inclusion systématique des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les titres du portefeuille.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield, disposent d’une notation ESG au sein du portefeuille. Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d'investissement
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Le compartiment a vocation à investir :
- à hauteur de 30% de son actif net minimum dans des obligations, présentant une notation supérieure ou égale à BBB- (Standard and Poor’s ou équivalent, ou bénéficiant d'une notation interne de la Société de Gestion équivalente) et émises par des sociétés publiques ou privées.
- à hauteur de 30% de son actif net minimum sur des obligations High Yield (notation inférieure à BBB- selon Standard and Poor’s équivalent, ou bénéficiant d'une notation interne de la Société de Gestion équivalente, titres spéculatifs présentant un risque de défaut supérieur aux obligations Investment Grade)
- au maximum 10% de ses actifs nets sur des obligations non notées
- au maximum 10% de ses actifs en obligations émises par des sociétés publiques ou privées situées dans des pays non-OCDE
- au maximum 10% de ses actifs en obligations dont l’échéance résiduelle est supérieure à 5 ans.

Le gérant s’attache à sélectionner les émissions, qui d’après ses convictions, lui semblent être les plus attrayantes afin de chercher à maximiser le couple rendement/risque du portefeuille.
Pour la réalisation de l’objectif de gestion, la stratégie combinera une approche sectorielle déclinée à travers un processus Top Down (descendant) et une analyse crédit destinée à sélectionner les émetteurs les plus attractifs au travers d’un processus Bottom Up (ascendant).
Approche Top Down
L’approche Top Down repose avant tout sur une analyse macroéconomique des différents secteurs ou pays explorés dans le cadre de l’allocation du portefeuille. Elle aboutit à la détermination de scénarios de marché définis à partir des anticipations de l’équipe de gestion.
Cette analyse permet notamment de définir :
- le degré d’exposition aux différents secteurs économiques,
- la répartition entre les catégories Investment Grade et High Yield (titres spéculatifs pour lesquels le risque de défaillance de l'émetteur est plus important dont la notation est inférieure à BBB- selon Standard & Poor’s ou équivalent, ou bénéficiant d’une notation interne équivalente de la société de gestion) et entre les différentes notations au sein de ces catégories.

L’analyse Top Down permet d’avoir une vision globale du portefeuille. Celle-ci est complétée par un processus de sélection de titres (approche Bottom Up).
Approche Bottom Up
Ce processus vise à identifier, au sein d’un même secteur, les émetteurs présentant une valeur relative supérieure aux autres et apparaissant ainsi comme les plus attractifs.
Le mode de sélection des émetteurs repose sur une analyse fondamentale de chaque société. L’analyse fondamentale s’articule autour de l’évaluation de critères tels que :
- la lisibilité de la stratégie de l’entreprise,
- sa santé financière (régularité des Cash Flows à travers différents cycles économiques, capacité à honorer ses dettes…),
- le caractère « stratégique » de l’entreprise laissant anticiper une intervention de l’Etat en cas de défaillance ou de dégradation importante de sa situation financière.

Au sein de l’univers des émetteurs sélectionnés, le choix des expositions se fera en fonction de caractéristiques telles que la notation de l’émetteur, la liquidité des titres ou leur maturité.
Le modèle d’analyse fondamentale, destiné à identifier les titres présentant le plus fort potentiel d’appréciation, repose sur une structure d’analystes gérants spécialisés sur les marchés du crédit. A la suite de l’analyse approfondie des différentes sociétés, le processus Bottom Up est à nouveau affiné. Il aboutit au choix des véhicules d’investissement à privilégier (titres vifs, Crédit Default Swaps, Itraxx...) pour s’exposer aux signatures sélectionnées.
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, sans recherche de surexposition, le compartiment pourra avoir recours aux instruments financiers dérivés, négociés, sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps…). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d’activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et de crédit. Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou visant à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs jusqu’à 10% en exposition. Ces stratégies seront mises en place notamment par l’achat ou la vente de protections par le biais de dérivés de crédit de type « Credit Default Swap », sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Il pourra également mettre en place des stratégies visant à diminuer les risques de change et/ou à gérer le risque de taux par l’utilisation de contrats financiers et notamment futures, options, contrats à terme ou swap.
Le gérant mettra également en œuvre une gestion active de la sensibilité du compartiment aux taux d’intérêt, celle- ci pouvant varier entre 0 et 4.
Exposition aux marchés actions
Dans la limite de 10% de son actif net, l
e 
compartiment pourra être exposé aux marchés actions au travers d’achats éventuels d’obligations convertibles.
Devises
Le compartiment pourra détenir, à titre accessoire, jusqu’à 10% de titres émis en devises étrangères, le risque de change sera couvert. Néanmoins, il pourra subsister un risque de change résiduel d’un seuil maximum de 2% de l’actif net..
. Sur les actifs :
Titres de créance et instruments du marché monétaire (jusqu’à 100% de l’actif net dont 100% maximum en titresdirects)

##### Caractéristiques générales
| Sensibilité aux taux d’intérêt | - | [0 ; 4] |
| --- | --- | --- |
| Zone géographique des émetteurs | OCDE, Union Européenne, Espace Economique Européen, G20 | 100% maximum de l’actif net |
| Toutes autres zones géographiques | 10% maximum de l’actif net |

Répartition dette privée / dette publique
Jusqu'à 100% du portefeuille "Titres de créances" en dette privée d’émetteurs situés dans un Etat membre de l’OCDE, de l’Union Européenne, de l’Espace Economique Européen ou du G20.
Le portefeuille ne sera pas investi en dette publique d’un Etat.

##### Critères relatifs à la notation
Les titres sélectionnés présenteront une notation (Standard and Poor's ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente) long terme minimum de BBB- ou une notation court terme de A3 pour 30% minimum de l'actif net du compartiment. Les titres sélectionnés pourront ne pas être notés pas une agence de notation, mais bénéficieront alors d’une notation interne de la société de gestion équivalente.
Le compartiment à vocation à investir pour minimum 30% de son actif net, les titres pourront présenter une notation inférieure, correspondant à la catégorie High Yield (titres spéculatifs dont la notation est inférieure à BBB- selon Standard & Poor’s ou équivalent, ou bénéficiant d’une notation interne équivalente de la société de gestion).
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.

##### Nature juridique des instruments utilisés
Titres de créances de toute nature dont notamment :
- Obligations à taux fixe, variable ou révisable
- Obligations indexées sur l'inflation
- Titres de créances négociables
- Bons de caisse
- Euro Commercial Papers (titres négociables à court terme émis en Euro par une entité étrangère)Le portefeuille pourra investir dans des PIK notes (les payment in kind notes sont des obligations pour lesquelles le paiement des intérêts ne se fait pas systématiquement en espèces).

Actions
- Exposition au travers d’actions détenues en direct : Néant
- Exposition via des obligations convertibles : jusqu’à 10% de l’actif netL’exposition maximale du portefeuille aux marchés actions mesurée à travers le delta des obligations convertibles ne pourra pas dépasser 10% de l’actif net du compartiment.

Actions ou parts d'autres placements collectifs de droit français ou d'autres OPCVM, FIA ou fondsd'investissement de droit étranger
L
e 
compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs, y compris indiciels côtés, ou de classification monétaire ou obligataire notamment afin de placer la trésorerie.
Dans cette limite de 10%, l
e 
compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Contrats financiers
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, sans recherche de surexposition, et dans la limite de 100% de son actif, l
e 
compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps,…). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d’activité ou des zones géographiques. A ce titre, l
e 
compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et crédit.

##### Nature des marchés d'intervention
- Marchés réglementés
- Marchés organisés
- Marchés de gré à gré


##### Risques sur lesquels le gérant désire intervenir, dans le but de couverture et d'exposition du portefeuille
- Risque actions exclusivement issu de la possible exposition à des obligations convertibles
- Risque taux
- Risque de change
- Risque crédit


##### Nature des interventions, l'ensemble des opérations devant être limitées à la réalisation de l'objectif de gestion
- Couverture
- Exposition
- Arbitrage


##### Nature des instruments utilisés
- Options de taux
- Contrats de taux à terme
- Futures de taux
- Dérivés de crédit (Credit Default Swaps)
- Options de crédit
- Options de change
- Swaps de change
- Swaps de taux (taux fixe/taux variable toutes combinaisons et inflation)
- Change à terme
- Warrants
- Options sur Swaps de taux
- Options sur CDS
- Options sur contrats à terme standardisésPar ailleurs, la SICAV pourra recourir à des contrats d’échange à terme négocié de gré à gré sous la forme de Total Return Swaps (TRS) sur taux, jusqu’à 10% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 3%.

Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille de la SICAV.

##### Stratégie d'utilisation des dérivés pour atteindre l'objectif de gestion
- Couverture générale de certains risques (taux, crédit, change)
- Exposition aux risques de taux crédit et actions
- Reconstitution d’une exposition synthétique à des actifs et des risques (taux, crédit)L’exposition sur ces instruments financiers, marchés, taux et/ou à certains de leurs paramètres ou composantes résultant de l’utilisation des contrats financiers ne pourra excéder 100% de l’actif net.

Le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou visant à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs jusqu’à 10% en exposition. Ces stratégies seront mises en place notamment par l’achat ou la vente de protections par le biais de dérivés de crédit de type Credit Default Swap, sur mono-entité de référence ou sur indices (iTraxx ou CDX) .
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Titres intégrant des dérivés (jusqu’à 100% de l’actif net)
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. L
e 
compartiment pourra uniquement investir dans :
- des obligations callable ou puttable jusqu’à 100% de l’actif net,
- des obligations convertibles jusqu’à 10% de l’actif net,
- des obligations contingentes convertibles (Coco) jusqu’à 10% de l’actif net.

Emprunts d’espèces
L
e 
compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de son actif net.
Dépôts :
Néant
Opérations d’acquisitions et cessions temporaires de titres
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, l
e 
compartiment pourra conclure des opérations d’acquisitions et de cessions temporaires de titres portant sur des titres financiers
éligibles ou des instruments du marché monétaire, jusqu’à 25% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises et de mises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose l
e 
compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié aux produits hybrides (obligations convertibles) :
Compte tenu de leur possible conversion en actions, les obligations convertibles introduisent un risque actions dans un portefeuille obligataire. Elles exposent également le portefeuille à la volatilité des marchés actions, supérieure à celles des marchés obligataires. La détention de tels instruments conduit donc à une augmentation du risque du portefeuille, celui-ci pouvant être atténué, selon les configurations de marché, par la composante obligataire des titres hybrides.
Risques liés aux opérations d'acquisitions et cessions temporaires de titres et aux Total Return Swaps : L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres.
Risques liés aux contingent convertible bonds (Cocos) :
Les Cocos sont des titres de créance subordonnés émis par les établissements de crédit ou les compagnies d’assurance ou de réassurance, éligibles dans leurs fonds propres réglementaires et qui présentent la spécificité d’être convertibles en actions, ou bien dont le nominal peut être diminué (mécanisme dit de « write down ») en cas de survenance d’un « élément déclencheur » (« Trigger »), préalablement défini dans le prospectus. Une Coco inclut une option de conversion en actions à l’initiative de l’émetteur en cas de dégradation de sa situation financière. En plus du risque de crédit et de taux inhérent aux obligations, l’activation de l’option de conversion peut entrainer une baisse de la valeur du Coco supérieure à celle constatée sur les autres obligations classiques de l’émetteur. Selon les conditions fixées par la Coco concernée, certains événements déclencheurs peuvent entraîner une dépréciation permanente à zéro de l’investissement principal et/ou des intérêts courus ou une conversion de l’obligation en action.
Risque lié au seuil de conversion des Cocos :
Le seuil de conversion d’une Coco dépend du ratio de solvabilité de son émetteur. Il s’agit de l’évènement qui détermine la conversion de l’obligation en action ordinaire. Plus le ratio de solvabilité est faible, plus la probabilité de conversion est forte.
Risque de perte ou suspension de coupon :
En fonction des caractéristiques des Cocos, le paiement des coupons est discrétionnaire et peut être annulé ou suspendu par l’émetteur à tout moment et pour une période indéterminée.
Risque d’intervention d’une autorité de régulation au point de « non-viabilité » :
Une autorité de régulation détermine à tout moment de manière discrétionnaire qu’une institution n’est « pas viable
», c’est-à-dire que la banque émettrice requiert le soutien des autorités publiques pour empêcher l’émetteur de devenir insolvable, de faire faillite, de se retrouver dans l’incapacité de payer la majeure partie de ses dettes à leur échéance ou de poursuivre autrement ses activités et impose ou demande la conversion des Obligations Convertibles Conditionnelles en actions dans des circonstances indépendantes de la volonté de l’émetteur.
Risque d’inversion de la structure de capital :
Contrairement à la hiérarchie conventionnelle du capital, les investisseurs en Cocos peuvent subir une perte de capital qui n’affecte pas les détenteurs d’actions. Dans certains scénarios, les détenteurs de Cocos subiront des pertes avant les détenteurs d'actions.
Risque de report du remboursement :
La plupart des Cocos sont émises sous la forme d'instruments à durée perpétuelle, qui ne sont remboursables à des niveaux prédéterminés qu'avec l'approbation de l'autorité compétente. On ne peut pas supposer que des Cocos perpétuelles seront remboursées à la date de remboursement. Les Cocos sont une forme de capital permanent. Il est possible que l'investisseur ne reçoive pas le retour du principal tel qu'attendu à la date de remboursement ou à quelque date que ce soit.
Risque de liquidité :
Dans certaines circonstances, il peut être difficile de trouver un acheteur de Cocos et le vendeur peut être contraint d'accepter une décote substantielle sur la valeur attendue de l'obligation pour pouvoir la vendre.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, A CHF (H), A USD (H), B EUR, B CHF (H), B USD (H): Tous souscripteursActions CR EUR, CR USD (H), CRD EUR, CRD USD (H): Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
Actions I CHF (H), I EUR, I USD (H), J CHF (H), J EUR, J USD (H), N EUR, O EUR et K EUR : Personnes morales
et investisseurs institutionnels pour compte propre ou pour compte de tiers.
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent optimiser leurs placements obligataires par le biais d’une gestion active d’instruments de crédit libellés en euro.
L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique
« profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires
et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 2 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions « A CHF (H)», « A EUR», « A USD (H) », « CR EUR», « CR USD (H)», « I CHF, (H)», « I EUR», « I USD (H)», « K EUR» et « N EUR », | Actions « B CHF (H)», « B EUR», « B USD (H)», « CRD EUR», CRD USD (H), « J CHF (H)», « J EUR », « J USD (H)» et « O EUR » |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 19 catégories d’actions : Actions « A CHF (H) », « A EUR », «A USD (H)», «B CHF (H)», «B EUR», «B USD (H)», «CR EUR», «CR USD (H)», «CRD EUR», «CRD USD (H)», «I CHF (H)», «I EUR»,«I USD (H)», «J CHF (H)», «J EUR», «J USD (H), «K EUR», « N EUR » et « O EUR ».

L’action A CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action B CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action B USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action.
L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CRD USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action I CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action J CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action O EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.).

Valeur liquidative d’origine :
| Action A CHF (H) : | 100 CHF |
| --- | --- |
| Action A EUR : | 100 € |
| Action A USD (H) : | 102,02 $ |
| Action B CHF (H) : | 100 CHF |
| Action B EUR : | 86,69 € |
| Action B USD (H) : | 100 $ |
| Action CR EUR : | 100 € |
| Action CR USD (H) : | 100 $ |
| Action CRD EUR : | 100 € |
| Action CRD USD (H) : | 100 $ |
| Action I CHF (H) : | 95,07 CHF |
| Action I EUR : | 11 072,59 € |
| Action I USD (H) : | 100 $ |
| Action J CHF (H) : | 100 CHF |
| Action J EUR : | 100 € |
| Action J USD (H) : | 100 $ |
| Action K EUR : | 100 € |
| Action N EUR : | 11 088,87 € |
| Action O EUR : | 8 879,45 € |

Montant minimum de souscription initiale :
| Action A CHF (H) : | 1 Action |
| --- | --- |
| Action A EUR : | 1 Action |
| Action A USD (H): | 1 Action |
| Action B CHF (H): | 1 Action |
| Action B EUR : | 1 Action |
| Action B USD (H): | 1 Action |
| Action CR EUR : | 1 Action |
| Action CR USD (H) : | 1 Action |
| Action CRD EUR : | 1 Action |
| Action CRD USD (H) : | 1 Action |
| Action I CHF (H): | 500 000 CHF |
| Action I EUR : | 500 000 € |
| Action I USD (H): | 500 000 $ |
| Action J CHF (H): | 500 000 CHF |
| Action J EUR : | 500 000 € |
| Action J USD (H): | 500 000 $ |
| Action K EUR : | 500 000 € |
| Action N EUR : | 10 000 000 € |
| Action O EUR : | 10 000 000 € |

Montant minimum des souscriptions ultérieures :
| Action A CHF (H): | 1 millième d’action |
| --- | --- |
| Action A EUR: | 1 millième d’action |

| Action A USD (H): | 1 millième d’action |
| --- | --- |
| Action B CHF (H): | 1 millième d’action |
| Action B EUR: | 1 millième d’action |
| Action B USD (H): | 1 millième d’action |
| Action CR EUR: | 1 millième d’action |
| Action CR USD (H): | 1 millième d’action |
| Action CRD EUR: | 1 millième d’action |
| Action CRD USD (H): | 1 millième d’action |
| Action I CHF (H): | 1 millième d’action |
| Action I EUR : | 1 millième d’action |
| Action I USD (H): | 1 millième d’action |
| Action J CHF (H): | 1 millième d’action |
| Action J EUR : | 1 millième d’action |
| Action J USD (H): | 1 millième d’action |
| Action K EUR : | 1 millième d’action |
| Action N EUR : | 1 millième d’action |
| Action O EUR : | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30** | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés
** La période de souscription des actions A USD (H), B EUR, I CHF (H), I EUR, N EUR et O EUR ouvrira le 30/10/2020.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |
| --- | --- | --- |
| Commission de souscription non acquise au Compartiment EdR SICAV – Short Duration Credit | Valeur Liquidative x Nombre d’actions | Action A CHF (H) : 1% maximum |
| Action A EUR : 1% maximum |
| Action A USD (H) : 1% maximum |
| Action B CHF (H) : 1% maximum |
| Action B EUR : 1% maximum |
| Action B USD (H) : 1% maximum |
| Action CR EUR : 1% maximum |
| Action CR USD (H) : 1% maximum |
| Action CRD EUR : 1% maximum |
| Action CRD USD (H) : 1% maximum |
| Action I CHF (H) : Néant |
| Action I EUR : Néant |
| Action I USD(H) : Néant |
| Action J CHF (H) : Néant |
| Action J EUR : Néant |
| Action J USD (H) : Néant |
| Action K EUR : Néant |
| Action N EUR : Néant |
| Action O EUR : Néant |
| Commission de souscription acquise au Compartiment EdR SICAV – Short Duration Credit | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au Compartiment EdR SICAV – Short Duration Credit | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au Compartiment EdR SICAV – Short Duration Credit | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF (H) : 0.70% TTC* maximum |
| Action A EUR : 0.70% TTC* maximum |
| Action A USD (H) : 0.70% TTC* maximum |
| Action B CHF (H) : 0.70% TTC* maximum |
| Action B EUR : 0.70% TTC* maximum |
| Action B USD (H) : 0.70% TTC* maximum |
| Action CR EUR : 0.45% TTC* maximum |
| Action CR USD (H) : 0.45% TTC* maximum |
| Action CRD EUR : 0.45% TTC* maximum |

|  |  | Action CRD USD (H) : 0.45% TTC* maximum |
| --- | --- | --- |
| Action I CHF (H) : 0.35% TTC* maximum |
| Action I EUR : 0.35% TTC* maximum |
| Action I USD(H) : 0.35% TTC* maximum |
| Action J CHF (H) : 0.35% TTC* maximum |
| Action J EUR : 0.35% TTC* maximum |
| Action J USD (H) : 0.35% TTC* maximum |
| Action K EUR : 0.45% TTC* maximum |
| Action N EUR : 0.20% TTC* maximum |
| Action O EUR : 0.20% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF (H) : 0.15% TTC* maximum |
| Action A EUR : 0.15% TTC* maximum |
| Action A USD (H) : 0.15% TTC* maximum |
| Action B CHF (H) : 0.15% TTC* maximum |
| Action B EUR : 0.15% TTC* maximum |
| Action B USD (H) : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action CR USD (H) : 0.15% TTC* maximum |
| Action CRD EUR : 0.15% TTC* maximum |
| Action CRD USD (H) : 0.15% TTC* maximum |
| Action I CHF (H) : 0.15% TTC* maximum |
| Action I EUR : 0.15% TTC* maximum |
| Action I USD(H) : 0.15% TTC* maximum |
| Action J CHF (H) : 0.15% TTC* maximum |
| Action J EUR : 0.15% TTC* maximum |
| Action J USD (H) : 0.15% TTC* maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action N EUR : 0.15% TTC* maximum |
| Action O EUR : 0.15% TTC* maximum |
| Commissions de mouvement | Prélèvement sur chaque transaction | Néant |
| Commission de surperformance  (1) | Actif net du compartiment | Action A CHF (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé CHF coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé CHF coupons réinvestis |
| Action A EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis |
| Action A USD (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index |

|  |  | hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis |
| --- | --- | --- |
| Action B CHF (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé CHF coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé CHF coupons réinvestis |
| Action B EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis |
| Action B USD (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis |
| Action CR EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofABB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis |
| Action CR USD (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis |
| Action CRD EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis |
| Action CRD USD (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis |

|  |  | Action I CHF (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé CHF coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé CHF coupons réinvestis |
| --- | --- | --- |
| Action I EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis |
| Action I USD (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis |
| Action J CHF (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé CHF coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé CHF coupons réinvestis |
| Action J EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis |
| Action J USD (H) : 15% maximum par an de la surperformance par rapport à l’indicateur de référence composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis |
| Action K EUR : Néant |
| Action N EUR : Néant |
| Action O EUR : Néant |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
*** hors éventuelles commissions de surperformance
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes :
Indicateur de référence :
- composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coupons réinvestis pour les actions en Euro
- composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé CHF coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé CHF coupons réinvestis pour les actipns en CHF
- composé pour 50% de ICE BofA 1-5 Year A-BBB Euro Corporate Index hedgé USD coupons réinvestis et 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index hedgé USD coupons réinvestis pour les actions en dollarLa commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.

Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée supérieure ou égale à 5 ans mais strictement inférieure à 6 ans.
A la fin d’une période de référence portant sur cinq ans ou plus,
dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie et débute à la fin de l’issue de la sous-période de la période de référence à l’issue de laquelle est constatée la plus grande performance relative (la plus grande surperformance ou moins grande sous-performance). Il est entendu par « sous-périodes », les sous- périodes débutant au début de la période de référence et s’achevant à la fin de chaque date de cristallisation contenue dans la période de référence.
dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
A la fin d’une période de référence t :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de
référence et une nouvelle période de référence débute à l’issue de cette période de référence.
-Si la différence entre l’AN du compartiment et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans : la surperformance cumulée à la fin de chaque sous-période de la période de référence est constatée. Les sous périodes constitutives de la période de référence sont les suivantes : [t-5 ;t-4], [t-5 ;t-3], [t-5 ;t-2], [t-5 ;t-1] , [t-5 ;t]. Une nouvelle période de référence est établie et débute à l’issue de la sous période ayant donné lieu à la performance relative la plus grande. L’AN de Référence devient égal à l’AN de l’action à la fin de cette sous période.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible (t)) x taux de Commission de surperformance AN (t): actif net en fin d’année t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible (t)= AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes.
Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette de calcul :AN- AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | R |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieure à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | P |

| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | P |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | D |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance n’est perçue. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (105 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Exemple 3 :
| Période | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |  |  |  |  |
| AN |  | 100 | 102 | 106 |  |  |  |  |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |  |  |  |  |
| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée « R » / Prolongée « P » ou décalée « D » |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | R |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Exemple 4 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| AN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| AN de référence | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Assiette de Calcul : AN-AN Cible |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

*depuis début de période de référence
** de surperformance
| Périod e | Performanc e action cumulée* | Performanc e indice cumulée* | Performanc e relative cumulée* | Performanc e action sur dernière année | Performanc e indice sur dernière année | Performanc e relative sur dernière année | Perception d’une commissio n | Période renouvelée « R » / Prolongée « P » ou décalée « D » | Changemen t de NAV de référence |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Non | P | Non |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Non | P | Non |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Non | P | Non |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Non | P | Non |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Non | D | Oui |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Oui | R | Oui |

*** arrondi
Période 0-1 : La performance de l’action est positive (4) mais est inférieure à celle de l’indicateur de référence (8) sur la période de référence. Aucune commission de surperformance n’est constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-2 : La performance de l’action est positive (5) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100).
Période 0-3 : La performance de l’action est positive (17) mais est inférieure à celle de l’indicateur de référence (18) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-4 : La performance de l’action est positive (3) mais est inférieure à celle de l’indicateur de référence (15) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence est prolongée d’une année. L’AN de référence reste inchangée (100)
Période 0-5 : La performance de l’action est positive (6) mais est inférieure à celle de l’indicateur de référence (10) sur la période de référence. Aucune commission de surperformance n’est donc constatée. La période de référence a atteint sa durée maximale de cinq ans et ne peut donc pas être prolongée. Une nouvelle période de référence est établie et débute à l’issue de l’année 3 avec pour AN de référence l’AN de fin d’année 3 (117 : AN de fin d’année sur la période de référence en cours ayant la performance relative cumulée la plus grande, ici de -1).
Période 3-6 : La performance de l’action est négative (-3) mais est supérieure à celle de l’indicateur de référence (-5). Une commission de surperformance est donc prélevée avec pour assiette de calcul la performance relative cumulée depuis le début de la période soit AN (114)-AN Cible (111) : 3. L’AN de référence devient l’AN de cette fin de période (114). La période de référence est renouvelée.
Des frais liés à la recherche au sens de l’article 314-21 du Règlement Général de l’AMF peuvent être facturés au compartiment dans la limite de 0,01% de son actif net.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Short Duration Credit sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment
EdR SICAV – Tech Impact
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 5 juin 2020 Le compartiment a été créé le 29 juin 2020.
- Code ISINAction A EUR : FR0013488244 Action A USD : FR0050000720 Action B EUR : FR0013488251 Action CR EUR : FR0013488269 Action CR USD : FR0050000738 Action CRD EUR : FR0013488277

| Action I EUR : | FR0013488285 |
| --- | --- |
| Action I USD : | FR0050000704 |
| Action J EUR : | FR0013519949 |
| Action J USD : | FR0050000712 |
| Action K EUR : | FR0013488293 |
| Action N EUR : | FR0013488301 |
| Action S EUR : | FR0013532918 |

- Régime fiscal spécifiqueNéant
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment a pour objectif d’obtenir, sur un horizon de placement recommandé supérieur à 5 ans, une performance nette de frais de gestion supérieure à celle de son indicateur de référence en investissant dans des sociétés des marchés actions internationaux dont l’innovation technologique est au cœur de l’activité et qui cherchent à allier rentabilité financière et bonnes pratiques ESG. Ces sociétés seront sélectionnées sur la base d’une analyse alliant rentabilité financière et respect de critères extra-financiers. Le compartiment visera par le biais de ses investissements à développer l’écosystème technologique global et plus particulièrement l’écosystème technologique européen.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceA titre indicatif, la performance du compartiment peut être comparée à l’indice MSCI ACWI Information Technology NR Index exprimé en Euro, en US Dollars pour les parts libellées dans cette même Devise.

L’indice MSCI ACWI Information Technology NR Index reflète les variations des valeurs technologiques des marchés internationaux, développés comme émergents. Cet indice est calculé dividendes nets réinvestis. Vous trouverez des informations supplémentaires sur cet indice sur le site Web www.msci.com.
L’administrateur MSCI Limited (site internet : http://www.msci.com) de l’indice de référence MSCI ACWI Information Technology Index n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
La gestion du compartiment n’étant pas indicielle, la performance pourra s’éloigner sensiblement de celle de l’indicateur de référence qui n’est qu’un indicateur de comparaison.
- Stratégie d’investissement. Stratégies utilisées :Pour atteindre son objectif, le gérant mettra en œuvre une gestion discrétionnaire au travers d’une sélection sur la base d’une analyse de sociétés dont l’innovation technologique est au cœur de l’activité.

Cette sélection sera effectuée à la fois sur la base de critères financiers et de critères extra-financiers permettant de répondre à des exigences d’Investissement Socialement Responsable.
A travers ces investissements, la stratégie cherchera en particulier à accompagner la création et le développement d’un écosystème technologique français et européen avec un impact notamment en termes de création d’emplois directs et indirects, d’investissement en recherche & développement et de nouvelles expertises technologiques.
A ce titre, des indicateurs de performance mesurables sont suivis par le gérant : le nombre de création d’emplois des entreprises européennes en portefeuille et la dynamique de création d’emplois sur cette même zone, les dépenses en recherche & développement (R&D) sur le chiffre d’affaires et d’autres indicateurs d’impact social, environnemental et de gouvernance. Cette liste d’indicateurs n’est pas exhaustive. Le reporting d’impact du compartiment est disponible sur le site internet de la Société de gestion.
La philosophie de gestion du compartiment vise à investir dans des entreprises qui orientent leurs choix stratégiques et opérationnels à la recherche de performance globale - à la fois économique et financière, sociale- sociétale, de gouvernance et environnementale - dans le respect et la confiance de leurs parties prenantes internes et externes.
Le portefeuille sera géré de manière dynamique : il sera ajusté régulièrement en vue de s’adapter aux évolutions du marché et aux convictions de l’équipe de gestion.
L’univers d’investissement ESG du compartiment est composé de des sociétés internationales dont la capitalisation est supérieure à 100M€, spécialisées dans la technologie de l'information et qui ont fait l’objet d’une analyse extra- financière.
La société de gestion peut sélectionner des valeurs en dehors de cet Univers ESG. Pour autant, elle s’assurera que l’univers ESG retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Le processus d’investissement commence par l’identification de thèmes d’innovation technologique qui permettent de nouveaux produits, activités ou services, et qui ont un impact sur l’écosystème technologique. Ces thèmes sont notamment (mais de façon non-exhaustive) l’informatique en nuage (« cloud »), l’intelligence artificielle et l’analyse des données, l’automatisation et la robotique, ou l’internet des objets.
Ces thèmes dépassent largement le secteur traditionnel de la technologie tel qu’il existe dans les grands indices de marché. Le compartiment pourra également investir (mais de façon non-exhaustive) dans les secteurs de l’industrie (par exemple la robotique), des services de communication (par exemple les réseaux sociaux), la santé (par exemple l’analyse du génome), la finance (par exemple les techniques de paiement), la consommation (par exemple le commerce en ligne) ou l’énergie (par exemple les énergies alternatives). L’étude de chaque thème permet ensuite d’identifier les principaux leaders ou bénéficiaires de l’innovation. Les sociétés constituant l’univers d’investissement seront sélectionnées sur la base d’une analyse respectant des critères extra-financiers détaillés ci-après.
Analyse des critères extra-financiers :
Cette analyse, permet de sélectionner des valeurs selon une grille de notation ESG propre à la société de gestion, qui classe les titres selon les critères de nature Environnementale, Sociale-sociétale et de Gouvernance d’entreprise listés ci-dessous :
Environnement : consommation d’énergie, émissions de gaz à effet de serre, eau, déchets, pollution, stratégie de management environnemental, impact vert ;
Social : qualité de l’emploi, management des ressources humaines, impact social, santé et sécurité ; Gouvernance : structure des organes de gouvernance, politique de rémunération, audit et contrôle interne, intérêt des actionnaires.
Le modèle de notation ISR a été construit :
- selon une approche Best-in Universe, c’est-à-dire de façon à favoriser les entreprises les plus performantes sans considération de rating financier, de taille ou de secteur.
- avec des pondérations différenciées des 3 piliers ESG par secteur d’activités en fonction de leurs enjeux spécifiques : en effet, les 3 piliers extra-financiers se voient attribuer une pondération plus ou moins importante en fonction du secteur considéré, ce qui résulte en un poids différent de chacun des trois piliers. Par exemple, une entreprise chimique sera plus concernée par la problématique environnementale alors qu’une société du secteur impact des services aux entreprises verra un poids plus important accordé aux facteurs sociaux.

Afin de déterminer si l’entreprise analysée incarne les caractéristiques de l’entreprise à caractère responsable et durable définies par la société de gestion, cette dernière réalise une étude qui aboutit à une note ESG interne sur une échelle de 7 gradations allant d’AAA à CCC. La note est l’agrégation des résultats obtenus sur les différents critères E, S, G de la grille de notation déterminée par les analystes.
En l’absence de notation en interne, le gérant s’appuie sur une notation ESG fournie par « Sustainalytics », une agence de notation extra-financière.
Au minimum 90% de l’actif net du portefeuille bénéficient d’une notation ESG interne ou fournie par une agence de notation externe.
La méthodologie de notations Sustainalytics pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires.. D’une manière générale, le gérant est responsable de sélectionner les titres respectant les critères extra-financiers les plus adaptés à la démarche de la société de gestion.
Après l’application de ce processus, l’univers d’investissement sera réduit de 20% via l’élimination des moins bonnes notations extra-financières.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment sera exposé aux marchés actions internationaux entre 60% et 100% de son actif net directement ou indirectement via des OPC, des contrats financiers, des ADR (American Depositary Receipts), des GDR (Global Depositary Receipts) et des P-notes (Participatory Notes). Les ADR/GDR sont des certificats négociables émis par des banques dépositaires et représentatifs d’un nombre d’actions donné d’une société. Les P Notes sont des instruments financiers émis par des investisseurs autorisés sur le marché Indien et donnant droit à la performance de l’action d’une société donnée.
Les actions seront sélectionnées sur la base d’étapes d’identification des valeurs respectant les critères extra- financiers.
L’exposition aux sociétés françaises et/ou européennes représentera un minimum de 15% de l’actif net à la création du portefeuille. Celle-ci atteindra un minimum de 30% à partir de la troisième année de vie du portefeuille (le premier jour suivant deux années glissantes post date de constitution du portefeuille) et s’établira à un minimum de 50% à compter de la cinquième année (premier jour suivant quatre années glissantes post date de constitution du portefeuille). La stratégie a en effet pour objectif final d’accompagner l’innovation technologique des entreprises françaises et/ou européennes dans le temps et en fonction de la profondeur du marché mentionné.
Le compartiment pourra investir jusqu’à 20% de ses actifs sur des titres cotés à Shanghai et à Shenzhen via l'utilisation des programmes Shanghai-Hong Kong Stock Connect et Shenzhen-Hong Kong Stock Connect. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales.
Eu égard à sa stratégie d’investissement, le compartiment pourra être exposé aux marchés actions des pays émergents jusqu’à 85% de son actif net lors des deux premières années de vie du portefeuille, jusqu’à 70% de son actif net lors des deux années suivantes et jusqu’à 50% de son actif net à partir de la cinquième année de vie du portefeuille.
L’investissement via des OPC sera limité à 10% de l’actif net.
Le compartiment pourra être investi en titres de créances et instruments du marché monétaire jusqu’à 40% de l’actif net, d’émetteurs publics ou assimilé ainsi que privés, à taux fixes et/ou variables, sans contrainte
géographique ni de maturité. Ces instruments seront émis dans la catégorie « investment grade » (c’est-à-dire pour lesquels le risque de défaillance des émetteurs est le moins élevé) définie par les agences de notation indépendantes, ou bénéficiant d’une notation interne de la société de gestion équivalente.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Dans la limite de 10% de l’actif net le compartiment pourra par ailleurs recourir à des titres non notés, mais bénéficiant d’une notation interne à la société de gestion, ou notés « haut rendement » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important, notation Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente, inférieure à BBB-).
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Elle se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Dans la limite d’une fois l’actif net, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés internationaux réglementés, organisés ou de gré à gré.
Le compartiment pourra également détenir des dérivés intégrés, à titre accessoire, jusqu’à 10% de son actif net. L’utilisation d’instruments avec des dérivés intégrés n’aura pas pour effet d’augmenter l’exposition globale du fonds au risque actions à plus de 100% de ses actifs nets.
Le compartiment, ayant pour objet l’investissement dans des valeurs sans distinction de zone géographique, pourra détenir des titres non libellés en Euro, et pourra donc être exposé au risque de change jusqu’à 85% de son actif net lors des deux premières années de vie du portefeuille, jusqu’à 70% de son actif net lors des deux années suivantes et jusqu’à 50% de son actif net à partir de la cinquième année de vie du portefeuille. . En fonction des anticipations du gérant sur l’évolution baissière des variations de change, et dans un but de couverture, le compartiment pourra avoir recours à des contrats à terme sur devises ou swaps de change.
L’ensemble de ces titres seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 9 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
En cohérence avec l’objectif d’avoir une trajectoire climatique alignée avec les accords de Paris, le compartiment privilégie les entreprises dont le business model est vecteur de solutions sur la transition énergétique et écologique. Le gérant analyse ainsi si l’activité, notamment les investissements en capital, est aligné avec la taxonomie, sans que cela ne soit une contrainte de gestion.
Cette approche ne garantit cependant pas un minimum d’alignement avec la taxonomie. Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
. Sur les actifs :
Actions
Le portefeuille est exposé entre 60% et 100% de son actif net en actions internationales et titres assimilés (ADR, GDR, P-notes) de toutes capitalisations dont l’innovation technologique est au cœur de l’activité. La sélection des
titres privilégiera des politiques d’investissement axées sur la recherche d’actions dont les estimations de progression de cours sont supérieures à la moyenne du marché. L’allocation géographique se fera entre les différentes places boursières mondiales, dont les marchés émergents. Les actions seront sélectionnées sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
Titres de créance et instruments du marché monétaire
Le compartiment pourra être investi en titres de créances et instruments du marché monétaire jusqu’à 40% de l’actif net, d’émetteurs publics ou assimilé ainsi que privés, à taux fixes et/ou variables, sans contrainte géographique ni de maturité. Ces instruments seront émis dans la catégorie « investment grade » (c’est-à-dire pour lesquels le risque de défaillance des émetteurs est le moins élevé) définie par les agences de notation indépendantes, ou bénéficiant d’une notation interne de la société de gestion équivalente, mais également, à hauteur de 10% maximum, ils pourront être non notés, mais bénéficiant d’une notation interne à la société de gestion, ou notés « haut rendement » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important, notation Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente, inférieure à BBB-).
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « Haut rendement », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating. Les instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
Actions ou parts d'autres OPCVM, FIA ou fonds d’investissements de droit étranger
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs ou intervenir sur des secteurs plus spécifiques (par exemple : technologie, santé, environnement), y compris indiciels côtés pour augmenter l’exposition aux marchés actions ou diversifier l'exposition à d'autres classes d'actifs (par exemple : matières premières ou immobilier).
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée. Les parts ou actions des OPC sélectionnés ne feront pas l’objet d’une analyse extra-financière.
Instruments dérivés
Dans la limite d’une fois l’actif, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés internationaux réglementés, organisés ou de gré à gré afin de conclure :
- des contrats d’options sur actions tant pour diminuer la volatilité des actions que pour augmenter l’exposition du compartiment,
- des contrats de futures pour piloter l’exposition actions, et contrats d’indices,
- des contrats à terme sur devises ou des swaps de change afin de couvrir l’exposition à certaines devises dans le cadre des actions hors zone Euro.

L'utilisation de contrats financiers n'aura pas pour effet d'augmenter l'exposition globale du compartiment au risque actions au-delà de 100%. Les contrats d’options et contrats de futures seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
Le compartiment n’utilisera pas de Total Return Swaps.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Titres intégrants des dérivés
Le compartiment pourra utiliser des titres intégrant des dérivés dans la limite de 10% de l’actif net. La stratégie d’utilisation des dérivés intégrés est la même que celle décrite pour les dérivés.
Il s’agit de warrants, de bons de souscriptions ou d’obligations callable ou puttable.
Ces instruments seront sélectionnés sur la base des étapes d’identification des valeurs respectant les critères extra-financiers précédemment citées.
Dépôts
Le compartiment pourra effectuer des dépôts dans la limite de 10% maximum de son actif net auprès du dépositaire.
Emprunts d’espèces
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat, etc., dans la limite de 10% de l’actif net.
Opérations d’acquisitions et cessions temporaires de titres Néant.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
L
e 
compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que l
e 
compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose l
e 
compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la Société de Gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des
investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille.
Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels l
e 
compartiment est investi. Le risque de contrepartie résulte du recours par l
e 
compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels l
e 
compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
L
e 
compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels l
e 
compartiment est investi.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains
investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeCe compartiment s’adresse à des investisseurs qui souhaitent dynamiser leur épargne par le biais de sociétés de la zone Euro dont l’innovation technologique est au cœur de l’activité et menant une politique active en faveur du développement durable.

Actions A EUR, A USD et B EUR : Tous souscripteurs
Actions CR EUR, CR USD et CRD EUR : Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreurs ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
Actions I EUR, I USD, J EUR, J USD, K EUR, N EUR et S EUR: Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être, offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 5 ans
- Modalités de détermination et d'affectation des revenus

| Sommes distribuables | Actions «A EUR», « A USD », «CR EUR», «I EUR», « I USD », « K EUR »,«N EUR» et « S EUR » | Action «B EUR», « CRD EUR »,« J EUR » et « J USD » |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins- values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 13 catégories d’actions : Actions « A EUR », « A USD », « B EUR », «CR EUR», « CR USD », « CRD EUR », «I EUR», « I USD », « J EUR », « J USD », «K EUR»,« N EUR » et « S EUR ».

L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR USD est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J USD est libellée en US Dollars et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action N EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action S EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français et américains (calendrier officiel de Euronext Paris S.A. et du NYSE).

Valeur liquidative d’origine :
Action A EUR : 100 € Action A USD : 100 USD
Action B EUR : 100 € Action CR EUR : 100 € Action CR USD : 100 USD
Action CRD EUR : 100 € Action I EUR : 100 € Action I USD : 100 USD
Action J EUR : 100 € Action J USD : 100 USD
Action K EUR : 100 € Action N EUR : 100 € Action S EUR : 100€
Montant minimum de souscription initiale : Action A EUR : 1 Action
| Action A USD : 1 Action Action B EUR : 1 Action |
| --- |
| Action CR EUR : 1 Action Action CR USD : 1 Action |
| Action CRD EUR : 1 Action Action I EUR : 500 000 € Action I USD : 500 000 USD Action J EUR : 500 000 € Action J USD : 500 000 USD Action K EUR : 500 000 € Action N EUR : 15 000 000 € Action S EUR : 15 000 000 € |

Ce montant ne s’applique pas aux souscriptions réalisées par le commercialisateur, le gestionnaire financier, le dépositaire ou des collaborateurs de ces derniers.
Montant minimum des souscriptions ultérieures :
Action A EUR : 1 millième d’action Action A USD : 1 millième d’action Action B EUR : 1 millième d’action Action CR EUR : 1 millième d’action Action CR USD : 1 millième d’action Action CRD EUR : 1 millième d’action Action I EUR : 1 millième d’action Action I USD : 1 millième d’action Action J EUR : 1 millième d’action Action J USD : 1 millième d’action Action K EUR : 1 millième d’action Action N EUR : 1 millième d’action Action S EUR : 1 millième d’action
Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement
sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement la SICAV.
En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Possibilité prévue de limiter ou d’arrêter les souscriptions :
La SICAV cessera d’émettre de nouvelles actions S EUR dès que l’encours de celles-ci aura atteint les 200 millions d’euros. Les actions S EUR ne pourront donc plus être souscrites à partir de ce montant.
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |
| --- | --- | --- |
| Commission de souscription non acquise au Compartiment EdR SICAV - Tech Impact | Valeur Liquidative x Nombre d’actions | Action A EUR : 3% maximum |
| Action A USD : 3% maximum |
| Action B EUR : 3% maximum |
| Action CR EUR : 3% maximum |
| Action CR USD : 3% maximum |
| Action CRD EUR : 3% maximum |
| Action I EUR : Néant |
| Action I USD : Néant |
| Action J EUR : Néant |
| Action J USD : Néant |
| Action K EUR : Néant |
| Action N EUR : Néant |
| Action S EUR : Néant |
| Commission de souscription acquise au Compartiment EdR SICAV - Tech Impact | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au Compartiment EdR SICAV - Tech Impact | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission	de	rachat	acquise	au Compartiment EdR SICAV - Tech Impact | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A EUR : 1.80% TTC* maximum |
| Action A USD : 1.80% TTC* maximum |
| Action B EUR : 1.80% TTC* maximum |
| Action CR EUR : 1.05% TTC* maximum |
| Action CR USD : 1.05% TTC* maximum |
| Action CRD EUR : 1.05% TTC* maximum |
| Action I EUR : 0.90% TTC* maximum |
| Action I USD : 0.90% TTC* maximum |
| Action J EUR : 0.90% TTC* maximum |
| Action J USD : 0.90% TTC* maximum |
| Action K EUR : 1.00% TTC* maximum |
| Action N EUR : 0.70% TTC* maximum |
| Action S EUR : 0.25% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A EUR : 0.15% TTC* maximum |
| Action A USD : 0.15% TTC * maximum |
| Action B EUR : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action CR USD : 0.15% TTC * maximum |
| Action CRD EUR : 0.15% TTC* maximum |
| Action I EUR: 0.15% TTC* maximum |
| Action I USD : 0.15% TTC * maximum |
| Action J EUR : 0.15% TTC* maximum |
| Action J USD : 0.15% TTC * maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action N EUR : 0.15% TTC* maximum |
| Action S EUR : 0.15% TTC * maximum |
| Commissions de mouvement | Sur le montant de la transaction | Néant |
| Commission de surperformance (1) | Actif net du compartiment | Action A EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action A USD : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action B EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action CR EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action CR USD : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |

|  |  | Action CRD EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| --- | --- | --- |
| Action I EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action I USD : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action J EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action J USD : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |
| Action K EUR : Néant |
| Action N EUR : Néant |
| Action S EUR : 15% maximum par an de la surperformance par rapport à l’indicateur de référence MSCI ACWI Information Technology Index dividendes nets réinvestis. |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1)  Commission de surperformance :
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes :
Indicateur de référence : MSCI ACWI Information Technology Index exprimé en Euro ou et US Dollars pour les actions libellées dans cette même devise.
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
La période de référence pour le calcul de la commission de surperformance s'achève à la date de la dernière valeur liquidative du mois de septembre
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, la commission ne sera pas mise en paiement et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises.
A la fin d’une période de référence portant sur cinq ans ou plus, si la performance de l’action est inférieure à celle de son indicateur de référence, la période de référence n’est pas prolongée. Une nouvelle période de référence est alors établie et débute à la fin de la période de référence qui s’achève.
A la fin d’une période de référence :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence ;
-Si la différence entre l’AN de l’action et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans, celle-ci s’achève et l’AN de cette fin de période de référence devient son nouvel AN de Référence.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible) (t)) x taux de Commission de surperformance AN (t): actif net à la date t
AN de Référence : dernier actif net de la précédente période de référence
Date de Référence : date de l’AN de Référence
AN Cible(t) = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes. Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette	de calcul :AN-AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | Prolongement |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | Renouvellement |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | Prolongement |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | Prolongement |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | Prolongement |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | Prolongement |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | Renouvellement |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance, période de référence renouvelée, la période de référence ayant déjà été prolongée 4 fois. Un nouvel AN de référence est établi à 107.
Exemple 3 :
| PÉRIODE | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN CIBLE | 100 | 104 | 98 |
| AN | 100 | 102 | 106 |
| ASSIETTE DE CALCUL : AN-AN CIBLE |  | -2 | 8 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | Prolongement |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | Renouvellement |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Tech Impact sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
EdR SICAV – Green New Deal
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 19 mai 2020. Le compartiment a été créé le 24 août 2020.
- Code ISIN

| Action A CHF : | FR0013428919 |
| --- | --- |
| Action A EUR : | FR0013428927 |
| Action A USD : | FR0013428935 |
| Action B CHF: | FR0013428950 |
| Action B EUR : | FR0013428968 |
| Action B USD : | FR0013428976 |
| Action CR EUR: | FR0013428984 |
| Action CR USD : | FR0013428992 |
| Action CRD EUR | FR0013429008 |
| Action CRD USD : | FR0013429016 |
| Action I CHF : | FR0013429024 |
| Action I EUR | FR0013429040 |
| Action I USD : | FR0013429057 |
| Action J CHF: | FR0013429065 |
| Action J EUR : | FR0013429081 |
| Action J USD : | FR0013429099 |
| Action K EUR : | FR0013429107 |
| Action KD EUR : | FR0013429115 |
| Action R EUR | FR0050000068 |

- Régime fiscal spécifiqueNéant
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionL’objectif du compartiment est de rechercher, sur un horizon de placement recommandé supérieur à 5 ans, une performance supérieure à celle de son indicateur de référence, le MSCI World (NR) EUR, en investissant sur les marchés actions internationaux par la sélection de sociétés liées à la thématique du changement climatique. Ces sociétés seront sélectionnées sur la base d’une analyse propriétaire alliant rentabilité financière, analyse thématique et respect de critères extra-financiers.

Le Compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché. Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence. L'écart par rapport à l'indice de référence peut être significatif, mais peut aussi parfois être limité.
- Indicateur de référenceA titre indicatif, la performance du compartiment peut être comparée à l’indice MSCI World (NR) dividendes nets réinvestis exprimé en Euro pour les parts libellées en Euro, en US Dollar pour les parts libellées dans cette même devise et en Francs Suisse pour les parts libellées dans cette même devise. L’indice MSCI World reflète les variations des principaux marchés internationaux. Vous trouverez des informations supplémentaires sur cet indice sur le site Web www.msci.com.

L’administrateur MSCI Limited (site internet : http://www.msci.com) de l’indice de référence MSCI World n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
La gestion du compartiment n’étant pas indicielle, la performance du compartiment pourra s’éloigner sensiblement de celle de l’indicateur de référence qui n’est qu’un indicateur de comparaison.
- Stratégie d’investissement. Stratégies utiliséesPour atteindre son objectif, le gérant mettra en œuvre une gestion discrétionnaire au travers d’une sélection de sociétés et/ou d’OPC investissant sur la thématique du changement climatique sur la base d’une analyse financière fondamentale ainsi que l’application cumulative des approches extra-financières suivantes : (i) un investissement thématique sur la poche action du compartiment, qui représentera en permanence à minima 75% de l’actif net et(ii) un filtre extra-financier et thématique sur les émetteurs des titres (appliqués aux actions et titres de créances/obligations). Le compartiment sera investi en permanence à hauteur de 75% au moins en actions. Pour chaque société du portefeuille, une estimation de la part de l’activité concourant directement ou indirectement à la transition énergétique et écologique (part verte) sera réalisée. Les données utilisées sont issues d’une analyse propriétaire et complétées par des prestataires externes.

Cette mesure sera déterminée à partir d’une estimation de l’activité de la société liée à onze éco-activités :
Air pur, Bâtiments verts, Chimie verte, Économie circulaire, Efficacité énergétique, Énergie propre, Financement de la transition, Mobilité durable, Nutrition durable, Santé et analyse et Technologies de l’information et de la communication (TIC) vertes.
Une activité concourant indirectement peut par exemple consister en des financements, des prises de participation dans des entreprises impliquées, la fabrication de composants et logiciels utilisés dans le cadre d’éco-activités, des consommations de produits issus d’éco-activités.
La part verte est définie en lien avec les éco-activités décrites précédemment. Elle correspond à un pourcentage de chiffre d’affaires, ebitda ou une métrique spécifique au secteur (à titre d’exemple les capacités installées pour une société de génération d’électricité).
Chaque société en portefeuille fera l’objet d’une classification thématique. Le fonds investira au minimum 30% et au maximum 100% de la poche action dans des sociétés qui, selon une analyse propriétaire de la société de gestion, sont liées directement à cette thématique (Core). Les sociétés Core sont actives dans l’atténuation du changement climatique, l’adaptation au changement climatique, l’utilisation durable et la protection de l’eau et des ressources marines, la transition vers une économie circulaire, la prévention des déchets et le recyclage, le contrôle et la prévention de la pollution et la protection des écosystèmes sains. Les sociétés Core ont une part verte supérieure ou égale à 50%. Le compartiment pourra également être investi à hauteur de 30% maximum de la poche action dans les sociétés facilitant la mise en place de ces activités au travers de financement, de produits d’assurance ou de services informatiques (Enablers) et dont la part verte est plus difficilement mesurable. Le compartiment pourra investir également à hauteur de 40% maximum de la poche action dans des entreprises ayant un axe de développement important avec la thématique sans pour autant que cet axe représente leur activité principale (Leaders of tomorrow) avec une part verte de 10% à 50%.
Le portefeuille sera géré de manière dynamique : il sera ajusté régulièrement en vue de s’adapter aux évolutions du marché et aux convictions de l’équipe de gestion. Les étapes d’identification des valeurs s’inscrivant dans la thématique et respectant les critères extra-financiers peuvent être résumées comme suit :
L’univers d’investissement du portefeuille (univers de départ) est constitué des valeurs composant le MSCI World. En Outre, le compartiment pourra intégrer des sociétés ne figurant pas dans le MSCI World, par exemple des sociétés des pays émergents. Ces sociétés respecteront une capitalisation supérieure à 100 millions d'euros au moment de l'achat. Ces sociétés devront toutefois respecter le même processus d’analyse extra-financière que les composantes du MSCI World. Par ailleurs, le pourcentage de détention d’une valeur dans le portefeuille est indépendant du poids de cette valeur dans cet indicateur et des valeurs présentes dans l’indicateur de référence peuvent ne pas être détenues dans le portefeuille.
Toutes les valeurs composant l’univers d’investissement du portefeuille (univers de départ) font l’objet d’une analyse extra-financière détaillée ci-après. L’univers d’investissement sera réduit par l’élimination de 20% des moins bons émetteurs.
- Un premier filtre est établi afin d’exclure les sociétés dont l’activité va à l’encontre de la transition énergétique et écologique. Cela comprend les sociétés appartenant aux secteurs MSCI GICS des pétrolières intégrées, exploration et production, ciments et agrégats, extraction de charbon, compagnies aériennes et services de transport aérien.

La philosophie de gestion du compartiment vise à investir dans des entreprises qui orientent leurs choix stratégiques et opérationnels dans l’optique d’un développement durable. Elles viseront ainsi dans la conduite de leur activité la recherche de performance globale - à la fois économique et financière, sociale-sociétale et environnementale - dans le respect et la confiance de leurs parties prenantes internes et externes et sous contrainte des limites méthodologiques liées à l’accessibilité des données, la transparence des entreprises et l’incertitude sur les impacts à long terme du changement climatique.
- Les valeurs filtrées font l’objet d’une analyse des critères extra-financiersIl s’agit ici d’une analyse qualitative qui permet de sélectionner des valeurs selon une grille de notation ESG propre à la société de gestion, qui classe les titres selon les critères de nature Environnementale, Sociale-sociétale et de Gouvernance d’entreprise, notamment les critères listés ci-dessous :Environnement : consommation de l’énergie, émissions de GES, eau, déchets, pollution, stratégie de management environnemental, impact vert ;Social : qualité de l’emploi, management des ressources humaines, impact social, santé et sécurité ;Gouvernance : structure des organes de gouvernance, politique de rémunération, audit et contrôle interne, actionnaires.

Le modèle de notation ISR a été construit :
- selon une approche Best-in Universe, c’est-à-dire de façon à favoriser les entreprises les plus performantes sans considération de rating financier, de taille ou de secteur.
- avec des pondérations différenciées des 3 piliers ESG par secteur d’activités en fonction de leurs enjeux spécifiques : en effet, les 3 piliers extra-financiers se voient attribuer une pondération plus ou moins importante en fonction du secteur considéré, ce qui résulte en un poids différent de chacun des trois piliers. Par exemple, une entreprise chimique sera plus concernée par la problématique environnementale alors qu’une société du secteur des services aux entreprises verra un poids plus important accordé aux facteurs sociaux.

Afin de déterminer si l’entreprise analysée incarne les caractéristiques de l’entreprise à caractère responsable et durable définies par la société de gestion, cette dernière réalise une étude qui aboutit à une note ESG interne sur une échelle de 7 gradations allant d’AAA à CCC. La note est l’agrégation des résultats obtenus sur les différents critères E, S, G de la grille de notation déterminée par les analystes.
En l’absence de notation en interne, le gérant s’appuie sur une notation ESG fournie par une agence de notation extra-financière. La méthodologie de notations Sustainalytics pourrait ne pas être identique à l’approche méthodologique de calcul des notations propriétaires. D’une manière générale, le gérant est responsable de sélectionner les titres respectant les critères extra-financiers les plus adaptés à la démarche de la société de gestion.
- Après l’application de ce processus, l’univers d’investissement sera réduit par l’élimination de 20% des moins bons émetteurs de l’indicateur de référence du fonds le MSCI World (NR).
- Ensuite le gérant détermine la composition du portefeuille en sélectionnant des titres au travers d’une utilisation combinée de critères financiers permettant de définir des valeurs qui présentent d’importantes perspectives de croissance et de critères extra-financiers afin de répondre à des exigences d’Investissement Socialement Responsable.

Le compartiment sera exposé aux marchés actions internationaux directement ou indirectement via des OPC et/ou des contrats financiers, entre 75% et 110% de son actif net. L’exposition via des OPC sera limitée à 10% de l’actif net.
Les sociétés représentées dans le portefeuille seront notamment impliquées dans les secteurs de l’énergie, des produits de base, des services aux collectivités, des technologies de l’information, de l’industrie et de la consommation, notamment dans les transports.
Eu égard à sa stratégie d’investissement, le compartiment pourra être exposé aux marchés actions des pays émergents jusqu’à 100% de son actif net. Le compartiment pourra investir jusqu’à 20% de ses actifs sur des titres cotés à Shanghai et à Shenzhen via l'utilisation des programmes Shanghai-Hong Kong Stock Connect et
Shenzhen-Hong Kong Stock Connect. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales.
A des fins de gestion de trésorerie, le compartiment pourra être investi jusqu’à 25% de l’actif net en titres de créance et instruments du marché monétaire négociés sur les marchés internationaux, y compris sur les marchés émergents, en direct et/ou via des OPC dans la limite de 10% de l’actif net. Ces titres principalement « investment grade » (c'est-à-dire pour lesquels le risque de défaillance des émetteurs est le moins élevé, notation supérieure ou égale à BBB- selon Standard & Poor’s ou une agence équivalente et bénéficiant d'une notation interne de la Société de Gestion équivalente) mais sans limite de duration, sont sélectionnés en fonction de leur rendement attendu.
Dans la limite de 10% de l’actif net (hors titres court terme), le compartiment pourra par ailleurs recourir à des titres
« haut rendement » (titres spéculatifs, notation inférieure à BBB- selon Standard & Poor’s ou une agence équivalente et bénéficiant d'une notation interne de la Société de Gestion équivalente, titres dont la probabilité de défaut est supérieure à celle des obligations « investment grade ») ou investir sur des OPC spécialisés sur les obligations « haut rendement » (titres spéculatifs).
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Elle se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Dans la limite d’une fois l’actif net, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés internationaux réglementés, organisés ou de gré à gré.
Le compartiment pourra également détenir des dérivés intégrés (warrants ou certificats), à titre accessoire, jusqu’à 10% de ses actifs. L’utilisation d’instruments avec des dérivés intégrés n’aura pas pour effet d’augmenter l’exposition globale du fonds au risque sur actions à plus de 110% de ses actifs nets.
Le compartiment, ayant pour objet l’investissement dans des valeurs sans distinction de zone géographique, pourra détenir des titres non libellés en Euro, et pourra donc être exposé au risque de change dans la limite d’une fois l’actif net. En fonction des anticipations du gérant sur l’évolution baissière des variations de change, et dans un but de couverture, le compartiment pourra avoir recours à des contrats à terme sur devises ou swaps de change.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 9 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité dans les décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
En cohérence avec l’objectif d’avoir une trajectoire climatique alignée avec les accords de Paris, le compartiment privilégie les entreprises dont le business model est vecteur de solutions sur la transition énergétique et écologique. Le gérant analyse ainsi si l’activité, notamment les investissements en capital, est aligné avec la taxonomie, sans que cela ne soit une contrainte de gestion.
Cette approche ne garantit cependant pas un minimum d’alignement avec la taxonomie. Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
. Actifs utilisésActions :
Le portefeuille est exposé entre 75% et 110% de son actif net en actions de sociétés de tous les secteurs qui œuvrent directement ou indirectement au changement climatique et, sans contrainte géographique. Il sera investi dans des titres de sociétés dont la capitalisation boursière lors de l’achat sera au moins équivalente à 100 millions d'euros. Les titres sélectionnés seront ou non assortis d’un droit de vote.
Titres de créance et instruments du marché monétaire :
Le compartiment pourra être investi jusqu’à 25% de l’actif net indifféremment sur des titres de créance négociables et des obligations, émis en dollar ou toute autre devise, par des entités privées ou publiques en direct et/ou via des OPC dans la limite de 10% de l’actif net.
Les émetteurs seront sélectionnés sur la base des étapes d’identification des valeurs s’inscrivant dans la thématique et respectant les critères extra-financiers précédemment citées.
Les instruments éligibles auront principalement une notation « Investment Grade » (titres dont la notation long terme est supérieure ou égale à BBB- ou dont la notation court terme est supérieure ou égale à A-3 selon Standard & Poor’s ou une agence équivalente ou jugée équivalente par la société de gestion), cependant dans la limite de 10% de l’actif net le compartiment pourra recourir à des titres « haut rendement » (titres spéculatifs, notation long terme inférieure à BBB- ou dont la notation court terme est inférieure à A-3 selon Standard & Poor’s ou une agence équivalente ou bénéficiant d'une notation interne de la Société de Gestion équivalente, titres dont la probabilité de défaut est supérieure à celle des obligations « investment grade »). Le compartiment pourra également être investi à hauteur de 10 % maximum dans des titres ne faisant pas l’objet d’une notation publique diffusée par une agence de notation financière, mais bénéficiant d’une notation interne de la Société de Gestion.
Actions ou parts d'autres OPCVM, FIA ou fonds d’investissements de droit étranger :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, quelle que soit leur classification afin de diversifier l'exposition à d'autres classes d'actifs, y compris indiciels côtés pour augmenter l’exposition aux marchés actions ou diversifier l'exposition à d'autres classes d'actifs (par exemple : matières premières ou immobilier).
Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Instruments dérivés :
Dans la limite d’une fois l’actif, le compartiment pourra intervenir sur des contrats financiers négociés sur des marchés internationaux réglementés, organisés ou de gré à gré afin de conclure :
- des contrats d’options sur actions tant pour diminuer la volatilité des actions que pour augmenter l’exposition du compartiment ;
- des contrats de futures pour piloter l’exposition actions, et contrats d’indices ;
- des contrats à terme sur devises ou des swaps de change afin de couvrir l’exposition à certaines devises dans le cadre des actions hors zone Euro.

Les contrats d’options et contrats de futures seront sélectionnées sur la base des étapes d’identification des valeurs s’inscrivant dans la thématique et respectant les critères extra-financiers précédemment citées.
L'utilisation de contrats financiers n'aura pas pour effet d'augmenter l'exposition globale du compartiment au risque actions au-delà de 110%.
Le compartiment n’utilisera pas de Total Return Swaps.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Titres intégrant des dérivés :
Le compartiment pourra investir sur des instruments financiers contenant des dérivés intégrés (warrants ou certificats) à titre accessoire, jusqu’à 10% de ses actifs. L’utilisation d’instruments à dérivés intégrés n’aura pas pour effet d’augmenter l’exposition globale du compartiment au risque actions au-delà de 110% de son actif net.
Dépôts :
Le compartiment pourra effectuer des dépôts dans la limite de 20% maximum de son actif net auprès du dépositaire.
Emprunts d'espèces :
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d'acquisitions et cessions temporaires de titres :
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 25% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions, de produits de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la Société de Gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille. Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié aux petites et moyennes capitalisations :
Les titres de sociétés de petites ou moyennes capitalisations boursières peuvent être significativement moins liquides et plus volatils que ceux de sociétés ayant une capitalisation boursière importante. La valeur liquidative du compartiment est donc susceptible d’évoluer plus rapidement et avec de grandes amplitudes.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié à la devise des parts libellées dans une devise autre que celle du compartiment :
L’actionnaire, souscripteur en devise autres que la devise de référence du compartiment (Euro) peut-être exposé au risque de change si celui-ci n'est pas couvert. La valeur des actifs du compartiment peut baisser si les taux de change varient, ce qui peut entraîner une baisse de la valeur liquidative du compartiment.
Risques liés aux opérations d'acquisitions et cessions temporaires de titres :
L’utilisation de ces opérations et la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protection 
- :Néant.
- Souscripteurs concernés et profil de l’investisseur typeActions A CHF, A EUR, A USD, B CHF, B EUR et B USD : Tous souscripteursActions I CHF, I EUR, I USD, J CHF, J EUR, J USD, K EUR et KD EUR: Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.

Les actions CR EUR, CR USD, CRD EUR et CRD USD sont destinées à tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique
« profil de risque ».
Actions R EUR : Tous souscripteurs, plus particulièrement destinée à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent dynamiser leur épargne par le biais des marchés actions européens essentiellement de l’Union Européenne.
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats-
Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 5 ans
- Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions « A CHF», « A EUR», « A USD », « CR EUR», « CR USD », « I CHF», « I EUR», « I USD »,« K EUR» et « R EUR » | Actions « B CHF», « B EUR», « B USD», « CRD EUR», « CRD USD», « J CHF», « J EUR », « J USD » et « KD EUR » |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 18 catégories d’actions : Actions «A CHF», « A EUR», « A USD », « B CHF», « B EUR», « B USD», « CR EUR», « CR USD », « CRD EUR», « CRD USD», « I CHF», « I EUR», « I USD », « J CHF», « J EUR», « J USD » « K EUR», « KD EUR» et « R EUR ».

L’action A CHF est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action B CHF est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action B USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CR USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CRD USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action I CHF est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action J CHF est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J USD est libellée en Dollar et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action KD EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français et américains (calendrier officiel de Euronext Paris S.A. et du NYSE).

Valeur liquidative d’origine :
| Action A CHF : | 100 CHF |
| --- | --- |
| Action A EUR : | 100 € |
| Action A USD : | 100 $ |
| Action B CHF : | 100 CHF |
| Action B EUR : | 100 € |
| Action B USD : | 100 $ |
| Action CR EUR : | 100 € |
| Action CR USD : | 100 $ |
| Action CRD EUR : | 100 € |
| Action CRD USD : | 100 $ |
| Action I CHF : | 100 CHF |
| Action I EUR : | 100 € |
| Action I USD : | 100 $ |
| Action J CHF : | 100 CHF |
| Action J EUR : | 100 € |
| Action J USD : | 100 $ |
| Action K EUR : | 100 € |
| Action KD EUR : | 100 € |
| Action R EUR | 100€ |

Montant minimum de souscription initiale :
| Action A CHF : | 1 Action |
| --- | --- |
| Action A EUR : | 1 Action |
| Action A USD : | 1 Action |
| Action B CHF : | 1 Action |
| Action B EUR : | 1 Action |
| Action B USD : | 1 Action |
| Action CR EUR : | 1 Action |
| Action CR USD : | 1 Action |
| Action CRD EUR : | 1 Action |
| Action CRD USD : | 1 Action |
| Action I CHF : | 500 000 CHF |
| Action I EUR : | 500 000 € |
| Action I USD : | 500 000 $ |
| Action J CHF : | 500 000 CHF |
| Action J EUR : | 500 000 € |
| Action J USD : | 500 000 $ |

| Action K EUR : | 500 000 € |
| --- | --- |
| Action KD EUR : | 500 000 € |
| Action R EUR : | 1 Action |

Montant minimum des souscriptions ultérieures :
| Action A CHF : | 1 millième d’action |
| --- | --- |
| Action A EUR : | 1 millième d’action |
| Action A USD : | 1 millième d’action |
| Action B CHF : | 1 millième d’action |
| Action B EUR: | 1 millième d’action |
| Action B USD : | 1 millième d’action |
| Action CR EUR: | 1 millième d’action |
| Action CR USD : | 1 millième d’action |
| Action CRD EUR : | 1 millième d’action |
| Action CRD USD : | 1 millième d’action |
| Action I CHF : | 1 millième d’action |
| Action I EUR : | 1 millième d’action |
| Action I USD : | 1 millième d’action |
| Action J CHF : | 1 millième d’action |
| Action J EUR : | 1 millième d’action |
| Action J USD : | 1 millième d’action |
| Action K EUR : | 1 millième d’action |
| Action KD EUR: | 1 millième d’action |
| Action R EUR | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d'exécution de l'ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions « A CHF », « A EUR», « A USD », « B CHF», « B EUR», « B USD», « CR EUR», « CR USD », « CRD EUR», « CRD USD», « I CHF», « I EUR», « I USD », « J CHF», « J EUR», « J USD »
« K EUR»,« KD EUR» et « R EUR » sont exécutés en montant ou en action ou en millièmes d’actions.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement du compartiment. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les fraissupportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux Barème |
| --- | --- | --- |
| Commission de souscription non acquise au compartiment EdR SICAV - Green New Deal | Valeur Liquidative x Nbre d’actions | Action A CHF : 3% maximum |
| Action A EUR : 3% maximum |
| Action A USD : 3% maximum |
| Action B CHF : 3% maximum |
| Action B EUR : 3% maximum |
| Action B USD : 3% maximum |
| Action CR EUR : 3% maximum |
| Action CR USD : 3% maximum |
| Action CRD EUR : 3% maximum |
| Action CRD USD : 3% maximum |
| Action I CHF : Néant |
| Action I EUR : Néant |
| Action I USD : Néant |
| Action J CHF : Néant |
| Action J EUR : Néant |
| Action J USD : Néant |
| Action K EUR : Néant |
| Action KD EUR : Néant |
| Action R EUR : 3% |
| Commission de souscription acquise au compartiment EdR SICAV - Green New Deal | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au compartiment EdR SICAV - Green New Deal | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au compartiment EdR SICAV - Green New Deal | Valeur Liquidative x Nbre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés au compartiment | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF : 1.70% TTC* maximum |
| Action A EUR : 1.70% TTC* maximum |
| Action A USD : 1.70% TTC* maximum |
| Action B CHF : 1.70% TTC* maximum |
| Action B EUR : 1.70% TTC* maximum |
| Action B USD : 1.70% TTC* maximum |
| Action CR EUR : 0.95% TTC* maximum |
| Action CR USD : 0.95% TTC* maximum |
| Action CRD EUR : 0.95% TTC* maximum |
| Action CRD USD : 0.95% TTC* maximum |
| Action I CHF : 0.85% TTC* maximum |
| Action I EUR : 0.85% TTC* maximum |
| Action I USD : 0.85% TTC* maximum |
| Action J CHF : 0.85% TTC* maximum |
| Action J EUR : 0.85% TTC* maximum |
| Action J USD : 0.85% TTC* maximum |
| Action K EUR : 1.00% TTC* maximum |
| Action KD EUR : 1.00% TTC* maximum |
| Action R EUR : 2,05% TTC * maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF : 0.15% TTC* maximum |
| Action A EUR : 0.15% TTC* maximum |
| Action A USD : 0.15% TTC* maximum |
| Action B CHF : 0.15% TTC* maximum |
| Action B EUR : 0.15% TTC* maximum |
| Action B USD : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action CR USD : 0.15% TTC* maximum |
| Action CRD EUR : 0.15% TTC* maximum |
| Action CRD USD : 0.15% TTC* maximum |
| Action I CHF : 0.15% TTC* maximum |
| Action I EUR : 0.15% TTC* maximum |
| Action I USD : 0.15% TTC* maximum |
| Action J CHF : 0.15% TTC* maximum |
| Action J EUR : 0.15% TTC* maximum |
| Action J USD : 0.15% TTC* maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action KD EUR : 0.15% TTC* maximum |
| Action R EUR : 0.15% TTC* maximum |
| Commission de surperformance (1) | Actif net du compartiment | Action A CHF : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action A EUR : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |

|  |  | Action A USD : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| --- | --- | --- |
| Action B CHF : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action B EUR : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action B USD : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action CR EUR : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action CR USD : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action CRD EUR: 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action CRD USD : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action I CHF: 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action I EUR: 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action I USD : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action J CHF : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action J EUR : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action J USD : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets réinvestis. |
| Action K EUR : Néant |
| Action KD EUR : Néant |
| Action R EUR : 15% par an de la surperformance par rapport à l’indicateur de référence MSCI World dividendes nets |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.10% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.10% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes. Indicateur de référence : MSCI World dividendes net réinvestis.
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de références s'achèvent sur la dernière valeur liquidative du mois de septembre.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, la commission ne sera pas mise en paiement et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises.
A la fin d’une période de référence portant sur cinq ans ou plus, si la performance de l’action est inférieure à celle de son indicateur de référence, la période de référence n’est pas prolongée. Une nouvelle période de référence est alors établie et débute à la fin de la période de référence qui s’achève.
A la fin d’une période de référence :
-Si la différence entre l’AN de l’action et son AN Cible est positive, une commission de performance est observée et perçue. Cet AN devient le nouvel AN de référence ;
-Si la différence entre l’AN de l’action et son AN Cible est négative, aucune commission de performance n’est observée et perçue et :
-quand la période de référence de l’action est inférieure à 5 ans, celle-ci est prolongée d’un an. L’AN de Référence reste alors inchangé.
-quand la période de référence est supérieure ou égale à 5 ans, celle-ci s’achève et l’AN de cette fin de période de référence devient son nouvel AN de Référence.
Méthode de Calcul
Montant de la provision = MAX (0 ; AN(t) – AN Cible) x taux de Commission de surperformance AN (t): actif net à la date t
AN de Référence : dernier actif net de la précédente période de référence Date de Référence : date de l’AN de Référence
AN Cible = AN Référence x (valeur indice de référence en date t/valeur indice de référence en Date de Référence) ajusté des souscriptions, des rachats et des dividendes.
Exemples :
Il est considéré dans les exemples suivants qu’il n’y pas de souscriptions, rachats et de dividendes. Exemple 1 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 105 | 95 |
| AN | 100 | 101 | 99 |
| Assiette	de calcul :AN-AN Cible |  | -4 | 4 |

| Période | Performa nce action cumulée* | Performa nce indice cumulée* | Performa nce relative cumulée* | Performa nce action sur dernière année | Performa nce indice sur dernière année | Performa nce relative sur dernière année | Perception commission ** | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Non | Prolongement |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Oui | Renouvellement |

*depuis début de période de référence
** de surperformance
Période 0-1 : L’AN de fin de période de référence est en dessous de l’AN Cible (101 contre 105, différentiel/performance relative depuis début de période de référence de -4). Aucune commission de surperformance n’est donc perçue et la période de référence initialement d’une année est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-2 : L’AN de fin de période de référence est supérieur à l’AN Cible (99 contre 95, différentiel/performance relative depuis début de période de référence de 4). La performance absolue depuis le début de la période de référence est négative (AN de fin de période de référence : 99<AN début de période de référence :100). Une commission de surperformance est perçue, son assiette de calcul est égale à la performance relative cumulée depuis le début de la période de référence (4). Son montant est égal à cette assiette de calcul multipliée par le taux de commission de surperformance. La période de référence est renouvelée et un nouvel AN de référence est établi à 99.
Exemple 2 :
| Période | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| AN Cible | 100 | 102 | 104 | 106 | 108 | 110 |
| AN | 100 | 101 | 101 | 105 | 106 | 107 |
| Assiette de calcul: AN-AN Cible |  | -1 | -3 | -1 | -2 | -3 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Non | Prolongement |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Non | Prolongement |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Non | Prolongement |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Non | Prolongement |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Non | Renouvellement |

*depuis début de période de référence
** de surperformance
Périodes 0-1 et 0-2 : La performance absolue générée sur la période est positive (AN>AN de référence) mais la performance relative est négative (AN<AN Cible). Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année en fin de première année et d’une année supplémentaire en fin de seconde année. L’AN de référence est inchangé.
Période 0-3 : La performance absolue générée sur la période est positive (5) et la performance relative générée sur l’année est positive (4) mais la performance relative cumulée depuis le début de la période de référence (0-3) est négative (-1). Aucune commission de surperformance n’est donc perçue. La période de référence est prolongée d’une année supplémentaire. L’AN de référence est inchangé.
Période 0-4 : Performance relative sur période de référence négative, aucune commission de surperformance, la période de référence est à nouveau prolongée d’une année supplémentaire pour la quatrième et dernière fois. L’AN de référence est inchangé.
Période 0-5 : Performance relative sur période négative, aucune commission de surperformance, période de référence renouvelée, la période de référence ayant déjà été prolongée 4 fois. Un nouvel AN de référence est établi à 107.
Exemple 3 :
| Période | 0 | 1 | 2 |
| --- | --- | --- | --- |
| AN Cible | 100 | 104 | 98 |
| AN | 100 | 102 | 106 |
| Assiette de Calcul : AN-AN Cible |  | -2 | 8 |

| Période | Performance action cumulée* | Performance indice cumulée* | Performance relative cumulée* | Performance action sur dernière année | Performance indice sur dernière année | Performance relative sur dernière année | Perception d’une commission | Période renouvelée / Prolongée |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Non | Prolongement |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Oui | Renouvellement |

Période 0-1 : Performance absolue positive mais sous performance de -2 (102-104) sur la période de référence. Aucune commission de surperformance n’est perçue. La période de référence est prolongée d’une année. L’AN de référence est inchangé.
Période 0-2 : Performance absolue positive et surperformance de 8 (106-98). Une commission de surperformance est donc prélevée avec pour assiette de calcul 8. La période de référence est renouvelée, un nouvel AN de référence est établi à 106.
Des frais liés à la recherche sur les actions au sens de l'article 314-21 du Règlement Général AMF sont facturés au compartiment.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Green New Deal sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
EdR SICAV – Corporate Hybrid Bonds
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 5 novembre 2021. Le compartiment a été créé le 9 décembre 2021.
- Code ISIN

| Action A CHF (H) : | FR00140058Y9 |
| --- | --- |
| Action A EUR : | FR00140059A7 |
| Action A USD (H) : | FR0014005997 |
| Action B EUR : | FR0014005989 |
| Action CR EUR : | FR0014005971 |
| Action CR USD (H) : | FR0014005963 |
| Action CRD EUR : | FR0014005955 |
| Action I CHF (H) : | FR0014005948 |
| Action I EUR : | FR0014005930 |
| Action I USD (H) : | FR0014005922 |
| Action J EUR : | FR0014005914 |
| Action J USD (H) : | FR00140079Y5 |
| Action K EUR : | FR0014005906 |
| Action NC EUR : | FR00140058Z6 |
| Action OC EUR : | FR00140058X1 |

- Régime fiscal spécifiqueNéant
- Délégation 
- de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- ClassificationObligations et autres titres de créance internationaux.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionLe compartiment a pour objectif de surperformer, sur la durée de placement recommandée, l’indice ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index au travers d’un portefeuille investi majoritairement dans des titres de dette hybride d’entreprises de toute zone géographique. Ces titres de nature obligataire sont émis par des sociétés non financières ayant les caractéristiques suivantes : Rang de paiement subordonné et, émis avec une maturité « perpétuelle » ou supérieure à 50 ans lors de l’émission.

Le compartiment est géré activement, ce qui signifie que le Gestionnaire prend des décisions d'investissement dans le but d'atteindre l'objectif et la politique de placement du Compartiment. Cette gestion active inclut de prendre des décisions concernant la sélection d'actifs, l'allocation régionale, les vues sectorielles et le niveau global d'exposition au marché.
Le Gestionnaire n’est en aucun cas limité par les composants de l'indice de référence dans le positionnement de son portefeuille, et le Compartiment peut ne pas détenir tous les composants de l'indice de référence, voir aucun des composants en question. L'écart par rapport à l'indice de référence peut être total ou significatif, mais peut aussi parfois être limité.
- Indicateur de référenceLe compartiment a pour indicateur de référence l’indice ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index hedgé EUR, publié par ICE Benchmark Administration Limited. Il est représentatif du marché de la dette hybride d’entreprises non financières. L’indice de référence est exprimé dans la devise de l’action concernéeL’indice de référence des Sous-catégories (H) libellées en CHF est l’indice ICE BofA Global Hybrid Non-Financial Corporate Constrained Index hedgé et exprimé en CHF et l’indice de référence des Sous-catégories (H) libellées en USD est l’indice ICE BofA Global Hybrid Non-Financial Corporate Constrained Index hedgé et exprimé en USD.

La gestion du compartiment n’étant pas indicielle, sa performance pourra s’éloigner de celle de son indicateur de référence qui n’est qu’un indicateur de comparaison.
Les taux et indicateurs utilisés sont annualisés. Le calcul de la performance de cet indicateur inclut les coupons.
L’administrateur ICE Benchmark Administration Limited (site internet : https://www.theice.com/iba) de l’indice de référence ICE BofA Global Hybrid Non-Financial Corporate Constrained Index n’est pas inscrit sur le registre d’administrateurs et d’indices de référence tenu par l’ESMA et bénéficie du régime transitoire prévu à l’article 51 du règlement Benchmark.
Conformément au règlement (UE) 2016/1011 du Parlement européen et du Conseil du 8 juin 2016, la société de gestion dispose d’une procédure de suivi des indices de référence utilisés décrivant les mesures à mettre en œuvre en cas de modifications substantielles apportées à un indice ou de cessation de fourniture de cet indice.
- Stratégie d’investissement. Stratégies utilisées :Pour atteindre son objectif de gestion, le gérant investira de façon discrétionnaire sur des titres de nature obligataire, dont 50% à 100% de l’actif net dans des obligations hybrides, émis par des sociétés non financières, internationales, publiques ou privées et dans la limite de 15% de l’actif net dans des obligations d’institutions financières.

L'univers d'investissement ESG est composé des valeurs de l’indice de référence du compartiment.
La société de gestion peut sélectionner des valeurs en dehors de son indicateur. Pour autant, elle s’assurera que l’indicateur de référence retenu soit un élément de comparaison pertinent de la notation ESG du compartiment.
Le compartiment pourra également investir dans la limite de 10% de son actif net dans des obligations, dont des obligations hybrides, appartenant à la catégorie spéculative High Yield (émissions spéculatives présentant une notation long terme Standard and Poor’s ou équivalent inférieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente), ou non notées par les agences de notation. Pour les obligations hybrides High Yield, la notation de la dette la plus senior de l’émetteur est retenue.
Le compartiment pourra investir, dans la limite de 20% de son actif net, en titres de nature obligataire émis par des sociétés financières et non financières, domiciliées dans des pays émergents. Cependant, ces obligations seront libellées dans une devise de pays dits développés (EUR, GBP, CHF, USD, JPY).
Le gérant pourra également investir jusqu’à 15% de l’actif net, sur tout type de titre de nature obligataire du secteur financier, à la fois dans des titres seniors mais également dans des titres subordonnés, datés et non datés, de tout rang de subordination (Tier 1, Upper Tier 2 ou Lower Tier 2) dont les titres hybrides (comme les AT1). Les titres sélectionnés pourront être de qualité Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion) ou appartenir à la catégorie spéculative High Yield (titres spéculatifs présentant une notation long terme Standard and Poor’s ou équivalent inférieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente) ou non noté par les agences de notation.
On définit généralement les titres seniors comme étant prioritaires par rapport aux titres subordonnés en cas de défaut de l’émetteur. Les titres subordonnés incluent usuellement des rangs de priorité (en cas de défaut) définis contractuellement dans les prospectus d’émissions.
Le compartiment pouvant investir dans des obligations de tout rang de subordination, il existe une possibilité que ces instruments soient convertis en actions sur initiative du régulateur ou dans le cas, par exemple, de la baisse d’un ratio de solvabilité en-deçà d’un seuil généralement défini contractuellement.
En cas de conversion en actions des obligations détenues en portefeuille, le compartiment pourra détenir temporairement des actions dans la limite de 10% de son actif net et procédera au plus tôt à leur vente au mieux de l’intérêt des porteurs.
Dans un but de couverture de ses actifs, d’exposition et/ou de réalisation de son objectif de gestion, sans recherche de surexposition et dans la limite de 100% de son actif net, le compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, futures de taux, futures de change, options listées), organisés ou de gré à gré (options, swaps …). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d'activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et de crédit. Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à protéger le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protection par le biais de dérivés de crédit de type Credit Default Swap, sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Le compartiment pourra utiliser des titres intégrant des dérivés selon les mêmes modalités et avec les mêmes objectifs que visés ci-dessus pour les instruments dérivés.
Le nominal des ventes de protection via des dérivés de crédit ne pourra pas excéder 60% de l’actif net du compartiment. Le nominal des achats de protection via des dérivés de crédit ne pourra pas excéder 70% de l’actif net du compartiment.
Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield disposent d’une notation ESG au sein du portefeuille. Celle-ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financière externe. Ces deux ratios sont exprimés en capitalisation de l’actif net du placement collectif.
A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d’investissement. Par ailleurs, le gérant n’investira pas dans des valeurs les moins bien notées par Sustainalytics ou équivalent.
Par ailleurs, le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité et prend en compte les principales incidences négatives dans ses décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effet de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc,…
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le fonds/compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan
environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
La stratégie repose à la fois sur une approche Bottom Up et sur une approche Top Down.
L’approche Bottom Up, fondée sur la combinaison de l’analyse crédit et l’étude des valorisations aux niveaux
« émetteurs » et « émissions », vise à identifier, les émetteurs et/ou émissions présentant une valeur relative supérieure aux autres. Le mode de sélection repose sur une analyse fondamentale et quantitative de chaque émetteur et émission, qui s’articule autour de l’évaluation de critères tels que :
- la lisibilité de la stratégie de l’entreprise ;
- sa solvabilité ;
- le caractère « stratégique » de l’entreprise.

Enfin, au sein de l’univers des émetteurs sélectionnés par une combinaison de l’analyse quantitative et fondamentale, le choix des expositions se fera en fonction de caractéristiques telles que la notation de l’émetteur, la liquidité des titres ou leur maturité.
L’approche Top-Down, fondée sur une analyse de la situation macroéconomique, intervient dans le cadre de la détermination des risques et opportunités d’un point de vue macro/top down, et à son tour le niveau de risque global souhaité et l'exposition du portefeuille aux principaux thèmes, y compris, mais sans s'y limiter : la sensibilité crédit, la géographie, l’exposition sectoriel et la sensibilité du compartiment aux taux d'intérêt. L’approche macro cherche à combiner des vues thématiques discrétionnaires avec des approches basées sur les valorisations, pour contribuer au processus de construction du portefeuille afin d'atteindre l'objectif d'investissement. Elle intègre aussi, dans le cadre de la gestion du compartiment, l’aspect réglementaire global et local dans lequel évoluent les émetteurs.
L’acquisition de titres ou d’OPC libellés dans une autre devise que celle du compartiment fera l’objet d’une couverture du risque de change, effectuée aussitôt que possible sur le plan opérationnel, quelle que soit le libellé de la devise de l’action souscrite par l'investisseur. Néanmoins, un risque de change résiduel pourra subsister et ne devrait pas dépasser 2 %.
Le gérant mettra également en œuvre une gestion de la sensibilité du compartiment aux taux d’intérêt pouvant varier entre 0 et 10.
Dans les périodes où la stratégie d’investissement conduirait l’équipe de gestion à réduire l’exposition du compartiment aux obligations et/ou autres titres de créance, afin de permettre la réalisation de l’objectif de gestion, le compartiment pourra être investi jusqu’à 100% en titres négociables à court terme et euro commercial papers. Ces instruments financiers pourront également être utilisés à titre accessoire aux fins de placement des liquidités.
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
. Sur les actifs :
Actions
Le compartiment n’a pas vocation à détenir des actions.
Toutefois, le compartiment pouvant investir dans des obligations de tout rang de subordination ou dans des obligations convertibles contingentes, il existe une possibilité que ces instruments soient convertis en actions sur initiative du régulateur ou dans le cas, par exemple, de la baisse d’un ratio de solvabilité en deçà d’un seuil généralement défini contractuellement. En cas de conversion en actions des obligations détenues en portefeuille, le compartiment pourra détenir temporairement des actions dans la limite de 10% de son actif net et procèdera au plus tôt à leur vente au mieux de l’intérêt des actionnaires.
Titres de créances et instruments du marché monétaire: (jusqu’à 100% du portefeuille).
Caractéristiques générales :
| Sensibilité aux taux d'intérêt | - | [0 ; +10] |
| --- | --- | --- |
| Zone géographique des émetteurs | Toutes zones géographiques | 100% maximum de l’actif net |
| Pays émergents | 20% maximum de l’actif net |
| Devises OCDE (pour les pays émergents : émissions libellées uniquement en : EUR, GBP, CHF, USD, JPY) | 100% maximum de l’actif net |
| Niveau de risque de change | - | Résiduel (2% maximum de l’actif net) |

Répartition dette privée/dette publique :
Le compartiment pourra investir jusqu’à 100% de l’actif net en dette privée.
Le compartiment pourra, par ailleurs, investir dans des titres d’Etats émis par un pays de l’OCDE, notamment dans la cadre de la gestion des liquidités.
Critères relatifs à la notation et la subordination :
Le compartiment pourra être exposé jusqu’à 100% de l’actif net aux titres de nature obligataire du secteur non- financier et financier de tous types (dette senior ou dette subordonnée) datée ou non, de toute qualité de signature, de tout rang de subordination.
Le compartiment pourra être investi jusqu’à 10% de son actif net dans des obligations, dont des obligations hybrides, notées High Yield (émissions spéculatives présentant une notation long terme Standard and Poor’s ou équivalent inférieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente) ou non notées par les agences de notation. Pour les obligations hybrides High Yield, la notation de la dette la plus senior de l’émetteur est retenue.
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne qualitative, quantitative et fondamentale. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur dans la catégorie « High Yield », la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Le compartiment pourra investir dans des titres de créance de toute nature dont notamment les obligations à taux fixe, variable, ou révisable, les titres de créance négociables, les bons de caisse, les bons du Trésor, les EMTN, les Euro commercial papers.
Le compartiment pourra investir, dans la limite de 20% de son actif net, en titres de nature obligataire émis par des sociétés financières et non financières, domiciliées dans des pays émergents, ou émis par des états de pays émergents.
. Cependant, ces obligations seront libellées dans une devise de pays dits développés (EUR, GBP, CHF, USD, JPY).
Actions ou parts d'autres placements collectifs de droit français ou d'autres OPCVM, FIA ou fonds d'investissementde droit étranger
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français. Ces OPC pourront être gérés par la société de gestion ou par une société liée.
Devises
L’acquisition de titres ou d’OPC libellés dans une autre devise que l’euro (EUR) fera l’objet d’une couverture du risque de change. Néanmoins, un risque de change résiduel (2% maximum de l’actif net) pourra subsister.
Contrats financiers
Dans un but de couverture de ses actifs, d’exposition et/ou de réalisation de son objectif de gestion, sans recherche de surexposition, le compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, futures de taux, futures de change, options listées), organisés ou de gré à gré (options, swaps
…) dans la limite de 100% de son actif net. Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d'activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et de crédit. Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.

##### Nature des marchés d'intervention :
- Marchés réglementés
- Marchés organisés
- Marchés de gré à gré


##### Risques sur lesquels le gérant désire intervenir, dans le but de couverture et d'exposition du portefeuille :
- Risque taux
- Risque de change (uniquement à des fins de couverture)
- Risque de crédit
- ainsi qu’à des composantes de ces risques


##### Nature des interventions, l'ensemble des opérations devant être limitées à la réalisation de l'objectif de gestion :
- Couverture
- Exposition
- Arbitrage


##### Nature des instruments utilisés :
- Options et futures : indices financiers, devises, taux, options sur futures taux et crédit
- Change à terme et swaps de change
- Swaps : taux (taux fixe/taux variable toutes combinaisons et inflation), devises ainsi que sur des composantes de ces actifs.
- Credit Default Swaps sur single name ou sur indices
- Options sur CDS sur indicesPar ailleurs, le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur obligations, indices obligataires et/ou paniers obligataires jusqu’à 100% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 25%.

Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Titres intégrant des dérivés
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra uniquement investir dans :
- des obligations callable ou puttable,
- des obligations convertibles,
- des obligations contingentes convertibles (Coco).

Emprunts d’espèces
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d’acquisitions et cessions temporaires de titres
Aux fins d’une gestion efficace du portefeuille et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 100% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet d’une telle opération sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment. Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
Dépôts
Le compartiment pourra effectuer des dépôts dans la limite de 20% maximum de son actif net auprès du dépositaire.
- Investissements entre compartimentsLe compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.

L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- Profil de risqueVotre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.

Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les actions pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention du porteur est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose l
e 
compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la société de gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Ce compartiment doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille. Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque de change :
Le capital peut être exposé aux risques de change dans le cas où les titres ou investissements le composant sont libellés dans une autre devise que celle du compartiment. Le risque de change correspond au risque de baisse du cours de change de la devise de cotation des instruments financiers en portefeuille, par rapport à la devise de référence du compartiment, l'euro, ce qui peut entraîner une baisse de la valeur liquidative.
Risque actions :
La valeur d’une action peut évoluer en fonction de facteurs propres à la société émettrice mais aussi en fonction de facteurs exogènes, politiques ou économiques. Les variations des marchés actions ainsi que les variations des marchés des obligations convertibles dont l’évolution est en partie corrélée à celle des actions sous-jacentes, peuvent entraîner des variations importantes de l’actif net pouvant avoir un impact négatif sur la performance de la valeur liquidative du compartiment.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le du compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risque lié à la devise des actions libellées dans une devise autre que celle du compartiment :
Le porteur, souscripteur en devise autres que la devise de référence du compartiment (Euro) peut être exposé au risque de change si celui-ci n'est pas couvert. La valeur des actifs du compartiment peut baisser si les taux de change varient, ce qui peut entraîner une baisse de la valeur liquidative du compartiment.
Risque lié à l’investissement sur titres hybrides ou subordonnées
:
Le Compartiment peut être exposé à des titres hybrides ou subordonnées. Les dettes hybrides ou subordonnées sont soumises à des risques spécifiques de non-paiement des coupons et de perte en capital selon certaines circonstances. Pour les obligations non financières, les dettes hybrides étant des dettes « deeply subordinated », cela implique un taux de recouvrement faible en cas de défaut de l’émetteur.
Risques liés aux opérations d'acquisitions et cessions temporaires de titres et aux Total Return Swaps :
L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisitions et de cessions temporaires de titres.
Risques liés aux contingent convertible bonds (Cocos) :
Les Cocos sont des titres de créance subordonnés émis par les établissements de crédit ou les compagnies d’assurance ou de réassurance, éligibles dans leurs fonds propres réglementaires et qui présentent la spécificité
d’être convertibles en actions, ou bien dont le nominal peut être diminué (mécanisme dit de « write down ») en cas de survenance d’un « élément déclencheur » (« Trigger »), préalablement défini dans le prospectus. Une Coco inclut une option de conversion en actions à l’initiative de l’émetteur en cas de dégradation de sa situation financière. En plus du risque de crédit et de taux inhérent aux obligations, l’activation de l’option de conversion peut entrainer une baisse de la valeur du Coco supérieure à celle constatée sur les autres obligations classiques de l’émetteur. Selon les conditions fixées par la Coco concernée, certains événements déclencheurs peuvent entraîner une dépréciation permanente à zéro de l’investissement principal et/ou des intérêts courus ou une conversion de l’obligation en action.
Risque lié au seuil de conversion des Cocos :
Le seuil de conversion d’une Coco dépend du ratio de solvabilité de son émetteur. Il s’agit de l’évènement qui détermine la conversion de l’obligation en action ordinaire. Plus le ratio de solvabilité est faible, plus la probabilité de conversion est forte.
Risque de perte ou suspension de coupon :
En fonction des caractéristiques des Cocos, le paiement des coupons est discrétionnaire et peut être annulé ou suspendu par l’émetteur à tout moment et pour une période indéterminée.
Risque d’intervention d’une autorité de régulation au point de « non-viabilité » :
Une autorité de régulation détermine à tout moment de manière discrétionnaire qu’une institution n’est « pas viable
», c’est-à-dire que la banque émettrice requiert le soutien des autorités publiques pour empêcher l’émetteur de devenir insolvable, de faire faillite, de se retrouver dans l’incapacité de payer la majeure partie de ses dettes à leur échéance ou de poursuivre autrement ses activités et impose ou demande la conversion des Obligations Convertibles Conditionnelles en actions dans des circonstances indépendantes de la volonté de l’émetteur.
Risque d’inversion de la structure de capital :
Contrairement à la hiérarchie conventionnelle du capital, les investisseurs en Cocos peuvent subir une perte de capital qui n’affecte pas les détenteurs d’actions. Dans certains scénarios, les détenteurs de Cocos subiront des pertes avant les détenteurs d'actions.
Risque de report du remboursement :
La plupart des Cocos sont émises sous la forme d'instruments à durée perpétuelle, qui ne sont remboursables à des niveaux prédéterminés qu'avec l'approbation de l'autorité compétente. On ne peut pas supposer que des Cocos perpétuelles seront remboursées à la date de remboursement. Les Cocos sont une forme de capital permanent. Il est possible que l'investisseur ne reçoive pas le retour du principal tel qu'attendu à la date de remboursement ou à quelque date que ce soit.
Risque de liquidité :
Dans certaines circonstances, il peut être difficile de trouver un acheteur de Cocos et le vendeur peut être contraint d'accepter une décote substantielle sur la valeur attendue de l'obligation pour pouvoir la vendre.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Les investissements du fonds sont exposés à un risque de durabilité qui pourrait avoir un impact négatif important sur la valeur du fonds. Par conséquent, le gérant identifie et analyse les risques de durabilité dans le cadre de sa politique d’investissement et ses décisions d’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- Garantie ou protectionNéant.
- Souscripteurs concernés et profil de l’investisseur typeActions A EUR, A CHF (H), A USD (H) et B EUR : Tous souscripteursActions I EUR, I CHF (H), I USD (H), J EUR, J USD (H), K EUR, NC (EUR) et OC (EUR) : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.

Les actions CR EUR, CR USD (H) et CRD EUR sont destinées à tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
La personne en charge de s'assurer que les critères relatifs à la capacité des souscripteurs ou acquéreur ont été respectés et que ces derniers ont reçu l'information requise est la personne à qui la réalisation effective de la commercialisation de la SICAV a été confiée.
L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique
« profil de risque ».
Ce compartiment s’adresse plus particulièrement à des investisseurs qui souhaitent optimiser leurs placements obligataires par le biais d’une gestion active d’instruments de crédit par des entreprises ou des institutions du secteur financier tout en étant conscients des risques auxquels ils s’exposent ; l’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions de fonds cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire de fonds) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : supérieure à 3 ans
- Modalités de détermination et d'affectation des revenusSommes DistribuablesActions «OC EUR»

| Affectation du résultat net | Capitalisation | Distribution | Mixte (capitalisation et/ou distribution et/ou report sur décision de la société de gestion) |
| --- | --- | --- | --- |
| Affectation des plus ou moins values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou report (total ou partiel) sur décision de la société de gestion | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou Report (total ou partiel) sur décision de la société de gestion |

Actions, «A CHF (H)»,«A
EUR», «A USD (H)», «CR
EUR», « CR USD (H) », «I
CHF (H)», «I EUR», «I USD
(H)», «K EUR», et «NC
Actions «B EUR», «CRD EUR», «J EUR», « J USD
(H) »
EUR»
Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- Fréquence de distributionActions de capitalisation : sans objetActions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- Caractéristiques des actionsLe compartiment dispose de 15 catégories d’actions : Actions « A CHF (H)», «A EUR», «A USD (H)», «B EUR»,«CR EUR», « CR USD (H) », «CRD EUR», «I CHF (H)», «I EUR», «I USD (H)», «J EUR», « J USD (H) », «K EUR», «NC EUR», et «OC EUR».

L’action A CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CR USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action NC EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action OC EUR est libellée en Euro et exprimée en action ou millièmes d’action.
- Modalités de souscription et de rachatDate et périodicité de la valeur liquidative :Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.).

Valeur liquidative d’origine :
| Action A CHF (H) : | 100 CHF |
| --- | --- |
| Action A EUR : | 100 € |
| Action A USD (H) : | 100 $ |
| Action B EUR : | 100 € |
| Action CR EUR : | 100 € |
| Action CR USD (H) | 100 $ |
| Action CRD EUR : | 100 € |
| Action I CHF (H) : | 100 CHF |
| Action I EUR : | 100 € |
| Action I USD (H) : | 100 $ |
| Action J EUR : | 100 € |
| Action J USD (H) : | 100$ |

| Action K EUR : | 100 € |
| --- | --- |
| Action NC EUR : | 100 € |
| Action OC EUR : | 100 € |

Montant minimum de souscription initiale :
| Action A CHF (H) : | 1 Action |
| --- | --- |
| Action A EUR : | 1 Action |
| Action A USD (H): | 1 Action |
| Action B EUR : | 1 Action |
| Action CR EUR : | 1 Action |
| Action CR USD (H) : | 1 Action |
| Action CRD EUR : | 1 Action |
| Action I CHF (H): | 500 000 CHF |
| Action I EUR : | 500 000 € |
| Action I USD (H): | 500 000 $ |
| Action J EUR : | 500 000 € |
| Action J USD (H): | 500 000 $ |
| Action K EUR : | 500 000 € |
| Action NC EUR : | 10 000 000 € |
| Action OC EUR : | 10 000 000 € |

Montant minimum des souscriptions ultérieures :
| Action A CHF (H): | 1 millième d’action |
| --- | --- |
| Action A EUR: | 1 millième d’action |
| Action A USD (H): | 1 millième d’action |
| Action B EUR: | 1 millième d’action |
| Action CR EUR: | 1 millième d’action |
| Action CR USD (H) : | 1 millième d’action |
| Action CRD EUR: | 1 millième d’action |
| Action I CHF (H): | 1 millième d’action |
| Action I EUR : | 1 millième d’action |
| Action I USD (H): | 1 millième d’action |
| Action J EUR : | 1 millième d’action |
| Action J USD (H) : | 1 millième d’action |
| Action K EUR : | 1 millième d’action |
| Action NC EUR : | 1 millième d’action |
| Action OC EUR : | 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 10 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 10% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le montant total des rachats, et le montant total des souscriptions; et
- l’actif net du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 15% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 10% de l’actif net, la SICAV peut décider d’honorer les demandes de rachats jusqu’à 12% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 67% si elle appliquait strictement le plafonnement à 10%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des porteurs :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordres de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |  |
| --- | --- | --- | --- |
|  | Commission de souscription non acquise au Compartiment EdR SICAV – Corporate Hybrid Bonds | Valeur Liquidative x Nombre d’actions | Action A CHF (H) : 1% maximum |
| Action A EUR : 1% maximum |
| Action A USD (H) : 1% maximum |
| Action B EUR : 1% maximum |
| Action CR EUR : 1% maximum |
| Action CR USD (H) : 1% maximum |
| Action CRD EUR : 1% maximum |
| Action I CHF (H) : Néant |
| Action I EUR : Néant |
| Action I USD(H) : Néant |
| Action J EUR : Néant |
| Action J USD (H) : Néant |
| Action K EUR : Néant |
| Action NC EUR : Néant |
| Action OC EUR : Néant |
|  | Commission de souscription acquise au Compartiment EdR SICAV – Corporate Hybrid Bonds | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
|  | Commission de rachat non acquise au Compartiment EdR SICAV – Corporate Hybrid Bonds | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
|  | Commission de rachat acquise au Compartiment EdR SICAV – Corporate Hybrid Bonds | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF (H) : 1.15% TTC* maximum |
| Action A EUR : 1.15% TTC* maximum |
| Action A USD (H) : 1.15% TTC* maximum |
| Action B EUR : 1.15% TTC* maximum |
| Action CR EUR : 0.80% TTC* maximum |
| Action CR USD (H) : 0.80% TTC* maximum |
| Action CRD EUR : 0.80% TTC* maximum |
| Action I CHF (H) : 0.55% TTC* maximum |
| Action I EUR : 0.55% TTC* maximum |
| Action I USD(H) : 0.55% TTC* maximum |
| Action J EUR : 0.55% TTC* maximum |
| Action J USD (H) : 0.55% TTC* maximum |
| Action K EUR : 0.70% TTC* maximum |
| Action NC EUR : 0.55% TTC* maximum |
| Action OC EUR : 0.55% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF (H) : 0.15% TTC* maximum |
| Action A EUR : 0.15% TTC* maximum |
| Action A USD (H) : 0.15% TTC* maximum |
| Action B EUR : 0.15% TTC* maximum |
| Action CR EUR : 0.15% TTC* maximum |
| Action CR USD (H) : 0.15% TTC* maximum |
| Action CRD EUR : 0.15% TTC* maximum |
| Action I CHF (H) : 0.15% TTC* maximum |
| Action I EUR : 0.15% TTC* maximum |
| Action I USD (H) : 0.15% TTC* maximum |
| Action J EUR : 0.15% TTC* maximum |
| Action J USD (H) : 0.15% TTC* maximum |
| Action K EUR : 0.15% TTC* maximum |
| Action NC EUR : 0.15% TTC* maximum |
| Action OC EUR : 0.15% TTC* maximum |
| Commissions de mouvement | Prélèvement sur chaque transaction | Néant |

| Commission de surperformance (1) | Actif net du compartiment | Action A CHF (H) : 15% par an de la surperformance par rapport à l’ indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé CHF) , coupons réinvestis. |
| --- | --- | --- |
| Action A EUR : 15% par an de la surperformance par rapport à l’indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé EUR), coupons réinvestis. |
| Action A USD (H) : 15% par an de la surperformance par rapport à l’ indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé USD), coupons réinvestis. |
| Action B EUR : 15% par an de la surperformance par rapport à l’ indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé EUR), coupons réinvestis. |
| Action CR EUR : 15% par an de la surperformance par rapport à l’ indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé EUR),, coupons réinvestis. |
| Action CR USD (H) : 15% par an de la surperformance par rapport à l’ indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé USD), coupons réinvestis. |
| Action CRD EUR : 15% par an de la surperformance par rapport à l’indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé EUR), coupons réinvestis. |
| Action I CHF (H) : 15% par an de la surperformance par rapport à l’ indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé CHF), coupons réinvestis. |
| Action I EUR : 15% par an de la surperformance par rapport à l’indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé EUR), coupons réinvestis. |
| Action I USD (H) : 15% par an de la surperformance par rapport à l’indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé USD), coupons réinvestis. |
| Action J EUR : 15% par an de la surperformance par rapport à l’indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé EUR), coupons réinvestis. |
| Action J USD (H) : 15% par an de la surperformance par rapport à l’indicateur de référence ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (hedgé USD), coupons réinvestis. |
| Action K EUR : Néant |

|  |  | Action NC EUR : Néant |
| --- | --- | --- |
| Action OC EUR : Néant |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.15% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.15% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
(1) Commission de surperformance
Des commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes :
Indicateur de référence :
-ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index coupons réinvestis, hedgé et exprimé en euros pour les catégories d’actions libellés en euros.
-ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index coupons réinvestis, hedgé et exprimé en Dollars US pour les catégories d’actions libellés en dollars US
-ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index coupons réinvestis, hedgé et exprimé en Francs suisses pour les catégories d’actions libellés en francs Suisses.
La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance de l’indicateur de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son indicateur de référence, une provision de 15% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son indicateur de référence et, même si sa performance est négative, une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion. Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations. La période de référence pour le calcul de la commission de surperformance s'achève à la date de la dernière valeur liquidative du mois de janvier.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum. La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an, soit au plus tôt le 31/01/2023. C’est à l’issue de cette période qu’on peut éventuellement réinitialiser le mécanisme de compensation de la sous-performance passée.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre 5 ans ou moins si la sous-performance est rattrapée plus vite.
A la fin d’une période de référence prolongée à quatre reprises et portant sur cinq ans :
- dans le cas où la performance de l’action est supérieure à celle de son indicateur de référence, une commission est constatée. La période de référence est renouvelée, une nouvelle période de référence débute à l’issue de celle qui s’achève.
- dans le cas où la performance de l’action est inférieure à celle de son indicateur de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie en définissant une nouvelle année de référence qui dépend de la compensation des périodes en sous-performance par les éventuelles périodes en sur-performance au sein de ces 5 premières années. Si en plus de la première année en sous-performance, une autre année de sous-performance a eu lieu à l’intérieur de cette première période de 5 ans et qu’elle n’a pas été compensée à la fin de cette première période, une nouvelle période de 5 ans maximum s’ouvre à partir du début de cette nouvelle année en sous-performance.

Exemples :
Des frais liés à la recherche au sens de l’article 314-21 du Règlement Général de l’AMF peuvent être facturés au compartiment dans la limite de 0,01% de son actif net.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Corporate Hybrid Bonds sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment
EdR SICAV – Millesima World 2028
- Date de créationLe compartiment a été agréé par l’Autorité des marchés financiers le 06/05/2022. Le compartiment a été créé le 31/05/2022.
- Code ISIN

| Action A EUR : | FR0014008W22 |
| --- | --- |
| Action A CHF (H) : | FR0014008W14 |
| Action A USD (H) : Action AC EUR | FR0014008W30 FR0014008W48 |
| Action B EUR : | FR0014008W55 |
| Action CR EUR : | FR0014008W63 |
| Action CR USD (H) : | FR0014008W71 |
| Action CRD EUR : | FR0014008W89 |
| Action CRD USD (H) : | FR0014008W97 |
| Action I EUR : | FR0014008WB9 |
| Action I CHF (H) : | FR0014008WA1 |
| Action I USD (H) : | FR0014008WC7 |
| Action J EUR : | FR0014008WD5 |
| Action J CHF (H) : | FR0014008WE3 |
| Action J USD (H) : | FR0014008WF0 |
| Action K EUR : | FR0014008WG8 |
| Action R EUR : | FR0014008WH6 |
| Action PWM EUR : | FR0014008WI4 |
| Action PWM USD (H) | FR0014008WJ2 |
| Action PWMD EUR : | FR0014008WK0 |
| Action PWMD USD (H) | FR0014008WL8 |

- Régime fiscal spécifiqueNéant
- Délégation de la gestion financièreEdmond de Rothschild Asset Management (France) délègue partiellement la gestion financière de la SICAV à : Edmond de Rothschild (Suisse) S.A.

Cette délégation de gestion financière porte sur la couverture de change des actions couvertes.
- Niveau d’exposition dans d’autres OPCVM, FIA et fonds d’investissement de droit étrangerJusqu’à 10% de son actif net.
- Objectif de gestionMillesima World 2028 a pour objectif sur sa durée de placement recommandée d'obtenir une performance liée à l'évolution des marchés obligataires internationaux notamment par une exposition sur des titres à haut rendement de maturité maximale décembre 2028.

L’objectif de gestion diffère en tenant compte des frais de gestion et administratifs selon la catégorie d’actions souscrite :
- Pour les catégories d’actions A et B : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 3.30% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.
- Pour la catégorie d’actions AC: l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 3.15% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.
- Pour les catégories d’actions CR et CRD : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 4% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.
- Pour les catégories d’actions I et J : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 4.05% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.
- Pour la catégorie d’actions K : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 3,90% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.
- Pour la catégorie d’actions R: l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 2.90% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.
- Pour les catégories d’actions PWM et PWMD : l’objectif de gestion est d’obtenir une performance nette annualisée supérieure à 3.80% sur un horizon d’investissement débutant au lancement du compartiment jusqu’au 31 décembre 2028.

Cet objectif est fondé sur la réalisation d’hypothèses de marché arrêtées par la société de gestion. Il ne constitue en aucun cas une promesse de rendement ou de performance du compartiment.
Il tient compte de l’estimation du risque de défaut, du coût de la couverture et des frais de gestion.
- Indicateur de référenceLe compartiment n'a pas d'indice de référence. Sa stratégie d’investissement n’est pas représentée par des indices existants.
- Stratégie d’investissement. Stratégies utilisées :Pour atteindre son objectif de gestion, le gérant investira de façon discrétionnaire, notamment à travers une stratégie de portage, sur des titres de nature obligataire d'échéance ne pouvant dépasser le 31 décembre 2028.

Ces titres seront représentatifs des anticipations de l’équipe obligataire de la Société de Gestion sur les marchés de crédit Investment Grade et High Yield (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) émis par des sociétés de toutes zone géographiques.
Le compartiment pourra investir, dans la limite de 50% de son actif net, en titres de nature obligataire émis par des sociétés domiciliées dans des pays émergents. Cependant, ces obligations seront libellées dans une devise de pays dits développés (EUR, GBP, CHF, USD, JPY).
Le compartiment pourra par ailleurs investir, jusqu’à 100% de son actif net, dans des obligations souveraines émis par des Etats développés et jusqu’à 10% de son actif net dans des obligations souveraines émises par des Etats émergents sous réserve, d’une part, que ces dernières émissions soient libellées dans une devise de pays dits développés (EUR, GBP, CHF, USD, JPY) et, d’autre part, que l’investissement global du compartiment dans les pays émergents n’excède pas 50% de son actif net.
La stratégie ne se limite pas à du portage d'obligations, la société de gestion pourra procéder à des arbitrages dans l’intérêt du porteur, en cas de nouvelles opportunités de marché ou en cas d’identification d’une augmentation du risque de défaut à terme d’un des émetteurs en portefeuille.
Le gérant s’attachera à sélectionner les émissions qui, d’après ses convictions, lui semblent être les plus attrayantes afin de maximiser le couple rendement/risque du compartiment.
A l'approche de l'échéance du compartiment, il sera géré en monétaire et en référence au taux moyen du marché monétaire Euro (€STR capitalisé). Le compartiment optera alors, après agrément de l’AMF, soit pour une nouvelle stratégie d’investissement, soit pour la dissolution, soit fera l’objet d’une fusion avec un autre OPCVM.
Pour la réalisation de l’objectif de gestion, la stratégie combinera avant tout une approche sectorielle et une analyse crédit.
Le gérant applique par ailleurs une inclusion systématique des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les titres du portefeuille.
L’univers d’investissement ESG est composé des valeurs suivantes:
- des obligations d’entreprises non-financières, libellées en EUR et ayant un rating de catégorie BB ou B selon une moyenne effectuée par les trois agences de notation financière Moody’s, S&P et Fitch qui sont intégrées dans l’indice ICE BofAML BB-B Euro Non-Financial H-Y Constrained Index (HEC5).
- des obligations d’entreprises émises par des sociétés localisées ou ayant l’intégralité de leurs actifs dans les pays dits émergents qui sont intégrées dans l’indice J.P. Morgan CEMBI Broad Diversified (JBCDCOMP).

La Société de gestion :
- poursuit un objectif de notation moyenne ESG du portefeuille supérieure à celle de cet univers d’investissement ESG ;
- s’est assurée que ces 2 indicateurs et leur combinaison étaient pertinents pour les sujets ESG et n’introduisaient pas de biais permettant de faciliter le respect des contraintes de notation ESG appliquées au portefeuille ;
- peut sélectionner des valeurs en dehors de ces indices. Pour autant, elle s’assurera que les indices retenus soient un élément de comparaison pertinent de la notation ESG du compartiment.

Les critères environnementaux, sociaux et de gouvernance (ESG) sont une des composantes de la gestion, leur poids dans la décision finale n’étant pas défini en amont.
Au moins 90% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit investment grade et 75% des titres de créances et instruments du marché monétaire bénéficiant d’une évaluation de crédit high yield ou émis par des pays émergents, disposent d’une notation ESG au sein du compartiment. Celle- ci est soit une notation ESG propriétaire, soit une notation fournie par une agence de données extra-financières externe. Ces deux ratios sont exprimés en capitalisation de l’actif net du placement collectif.
A l'issue de ce processus, le compartiment bénéficie d'une notation ESG supérieure à celle de son univers d’investissement.
Par ailleurs, le gérant n’investira pas dans les valeurs les moins bien notées par Sustainalytics ou une agence de données extra-financières équivalente.
Le processus de sélection des titres comprend également un filtrage négatif consistant à exclure les sociétés qui contribuent à la production d’armes controversées dans le respect des conventions internationales en la matière ainsi que les sociétés exposées aux activités liées au charbon thermique et au tabac conformément à la politique d’exclusion d’Edmond de Rothschild Asset Management (France) disponible sur son site Internet. Ce filtrage négatif participe à l’atténuation du risque de durabilité.
Le compartiment promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement (UE) 2019/2088 dit Règlement « Disclosure » ou « SFDR » et est soumis à un risque en matière de durabilité tel que défini dans le profil de risque du prospectus.
Le compartiment intègre le risque de durabilité et prend en compte les principales incidences négatives dans ses décisions d'investissement.
Dans le cadre de sa méthodologie d’analyse ESG propriétaire, Edmond de Rothschild Asset Management (France) prend en compte, dans la mesure de la disponibilité des données, la part d’éligibilité ou alignement à la taxonomie au regard de la part de chiffre d’affaires considéré comme vert ou les investissements allant dans ce sens. Nous considérons les chiffres publiés par les entreprises ou estimés par des prestataires. L’impact environnemental est toujours pris en compte, selon les spécificités sectorielles. L’empreinte carbone sur les périmètres pertinents, la stratégie climat de l’entreprise et les objectifs de réduction de gaz à effets de serre peuvent également être analysés ainsi que la valeur ajoutée environnementale des produits et services, l’écoconception, etc.
Le principe consistant à “ne pas causer de préjudice important” s’applique uniquement aux investissements sous- jacents au produit financier qui prennent en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. Les investissements sous-jacents à la portion restante de ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental.
Ne pouvant, actuellement, garantir des données fiables pour l’évaluation de la part d’éligibilité ou d’alignement des investissements par rapport au Règlement Taxonomie, le compartiment n’est pas en mesure, à ce stade, de calculer pleinement et précisément les investissements sous-jacents qualifiés de durables sur le plan environnemental, sous forme de pourcentage d'alignement minimum et ce, conformément à l’interprétation stricte de l'Article 3 du Règlement Taxonomie de l'UE.
Actuellement, le compartiment ne vise pas à réaliser des investissements qui contribuent aux objectifs environnementaux d’atténuation du changement climatique et/ou à l’adaptation au changement climatique.
Ainsi le % d’alignement des investissements à la Taxonomie est actuellement de 0%.
Approche Top Down
L’approche Top Down fondée sur une analyse de la situation macroéconomique, intervient dans le cadre de l’allocation géographique du portefeuille. Elle intègre aussi, dans le cadre de la gestion du compartiment, l’aspect réglementaire global et local dans lequel évoluent les émetteurs.
Elle aboutit à la déterminationf de scénarios de marché définis à partir des anticipations de l’équipe de gestion.
Cette analyse permet notamment de définir :
- le degré d’exposition aux différents secteurs économiques au sein de la poche émetteurs privés. Celui-ci sera déterminé de manière à conserver une certaine diversification.
- la répartition entre les différentes notations au sein de la catégorie Investment Grade et High Yield (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important, dont la notation est inférieure à BBB- selon Standard & Poor’s ou équivalent, ou bénéficiant d’une notation interne équivalente de la société de gestion) et entre les différentes notations au sein de ces catégories) .

L'équipe de gestion cherchera à constituer un portefeuille diversifié tant en termes d'émetteurs que de secteurs.
L’analyse Top Down permet d’avoir une vision globale du compartiment. Celle-ci est complétée par un processus de sélection de titres robustes (approche Bottom Up).
Approche Bottom Up
Ce processus vise à identifier, au sein d’un même secteur, les émetteurs présentant une valeur relative supérieure aux autres et apparaissant ainsi comme les plus attractifs.
Le mode de sélection des émetteurs repose sur une analyse fondamentale de chaque société.
L’analyse fondamentale s’articule autour de l’évaluation de critères précis tels que :
- la lisibilité de la stratégie de l’entreprise
- sa santé financière (régularité des Cash Flows à travers différents cycles économiques, capacité à honorer ses dettes, résistance à des stress-tests …)
- les critères extra financiersAu sein de l’univers des émetteurs sélectionnés, le choix des expositions se fera en fonction de caractéristiques telles que la notation de l’émetteur, la liquidité des titres ou leur maturité.

Dans un but de couverture de ses actifs, d’exposition et/ou de réalisation de son objectif de gestion, sans recherche de surexposition et dans la limite de 100% de son actif net, le compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, options listées), organisés ou de gré à gré (options, swaps …). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d'activité ou des zones géographiques. A ce titre, Le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change) ou de s’exposer aux risques de taux et de crédit. Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à protéger le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protection par le biais de dérivés de crédit de type Credit Default Swap, sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Le compartiment pourra utiliser des titres intégrant des dérivés selon les mêmes modalités et avec les mêmes objectifs que visés ci-dessus pour les instruments dérivés.
En cas de conversion en actions
Le compartiment pourra détenir des actions jusqu’à 5% de son actif net résultant de conversion d’obligations convertibles détenues en portefeuille et/ou, dans des cas exceptionnels, de restructurations de titres détenus en portefeuille..
La sensibilité du compartiment aux taux d’intérêt sera comprise entre 0 et 7.
Devises
Le risque de change contre euro sera couvert. Néanmoins, il pourra subsister un risque de change résiduel d’un seuil maximum de 2% de l’actif net.
-  Sur les actifs :
Actions :
Le compartiment peut détenir des actions, jusqu’à 5% de son actif net, résultant de conversion d’obligations convertibles détenues en portefeuille et/ou, dans des cas exceptionnels, de restructurations de titres détenus en portefeuille.
Titres de créances et instruments du marché monétaire: (jusqu’à 100% de l’actif net dont 100% maximum en titresdirects) :

##### Caractéristiques générales
| Sensibilité aux taux d’intérêt | - | [0 ; 7] |
| --- | --- | --- |
| Zone géographique des émetteurs | Pays développés | 100% maximum de l’actif net |
| Pays émergents | 50% maximum de l’actif net |
| Devises OCDE (pour les pays émergents : émissions libellées uniquement en : EUR, GBP, CHF, USD, JPY) | 100%maximum de l’actif net |
| Niveau de risque de change | - | Résiduel (2% maximum de l’actif net) |


###### Répartition dette privée/dette publique
Pour la réalisation de l’objectif de gestion, le portefeuille pourra être investi jusqu'à 100% en dette privée ou publique.

##### Critères relatifs à la notation
Le portefeuille pourra être investi jusqu’à 100% de son actif net dans des titres de catégorie High Yield (titres spéculatifs présentant une notation long terme Standard and Poor’s ou équivalent inférieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente). Le portefeuille pourra être investi jusqu’à 15% maximum sur des titres de notation comprise entre CCC+ et CCC-. Le compartiment pourra également être investi dans des titres en détresse (instruments de créance qui sont officiellement en restructuration ou en défaut de paiement et qui sont assortis d’une notation inférieure à CCC- selon Standard & Poor’s ou une notation équivalente d’une autre agence indépendante, ou jugée équivalente par le Gestionnaire) dans la limite maximale de 5% de son actif net.
Compte tenu de l’existence d’une échéance maximale pour le compartiment, le portefeuille pourra être investi jusqu’à 100% de son actif en titres de qualité « Investment Grade » (présentant une notation long terme Standard and Poor’s ou équivalent supérieure à BBB-, ou bénéficiant d’une notation interne de la société de gestion équivalente) sous forme d’obligations, de titres de créances ou d’instruments du marché monétaire.
Ainsi, à l’approche de la fin de vie du compartiment et en raison de l’arrivée à échéance des titres en portefeuille, les réinvestissements seront privilégiés dans des instruments du marché monétaire (en direct ou par l’intermédiaire d’OPC).
La sélection des titres ne se fonde pas mécaniquement et exclusivement sur le critère de notation. Il se base notamment sur une analyse interne. La société de gestion analyse préalablement à chaque décision d’investissement chaque titre sur d’autres critères que la notation. En cas de dégradation de la notation d’un émetteur, la société de gestion effectue nécessairement une analyse détaillée afin de décider de l’opportunité de vendre ou de conserver le titre dans le cadre du respect de l’objectif de rating.
Le compartiment pourra être investi en totalité en titres courts de maturité inférieure à 3 mois, notamment pendant sa phase de lancement et à l’approche de son échéance.

##### Nature juridique des instruments utilisés
Titres de créances de toutes natures dont notamment :
- Obligations à taux fixe, variable ou révisable
- Obligations Convertibles
- EMTN (Euro Medium Term Notes)
- Obligations indexées sur l'inflation
- Titres de créances négociables
- Bons de caisse
- BTF (Bons du Trésor à taux fixe et à intérêt précompté)
- Bons du trésor
- Titres négociables à moyen terme
- Euro Commercial Paper (titre négociable à court terme émis en Euro par une entité étrangère)Actions ou parts d'autres placements collectifs de droit français ou d'autres OPCVM, FIA ou fonds d'investissementde droit étranger :Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, de type monétaire ou obligataire. Ces OPC pourront être gérés par la société de gestion ou par une société liée.

Contrats financiers (dans la limite globale hors bilan de 100% de l’actif net) :
Dans un but de couverture de ses actifs, d’exposition et/ou de réalisation de son objectif de gestion, sans recherche de surexposition, le compartiment pourra avoir recours aux contrats financiers, négociés sur des marchés réglementés (futures, options listées), organisés ou de gré à gré (options, swaps …). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d'activité ou des zones géographiques. A ce titre, Le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (taux, crédit, change, actions) ou de s’exposer aux risques de taux et de crédit.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.

##### Nature des marchés d'intervention :
- Marchés réglementés
- Marchés organisés
- Marchés de gré à gré


##### Risques sur lesquels le gérant désire intervenir :
- Risque taux
- Risque de change
- Risque de crédit
- Risque actions


##### Nature des interventions, l'ensemble des opérations devant être limitées à la réalisation de l'objectif de gestion :
- Couverture
- Exposition


##### Nature des instruments utilisés :
- Options de taux
- Contrats de taux à terme
- Futures de taux-Options sur futures de taux
- Swaps de taux (taux fixe/taux variable toutes combinaisons et inflation)
- Options de change
- Futures de change-Options sur futures de change
- Swaps de change
- Change à terme
- Dérivés de crédit (Credit Default Swaps)
- Options sur CDS
- Options (PUT) sur indices actions (à des fins de couverture uniquement)Par ailleurs, Le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur taux et crédit jusqu’à 50% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 25%. Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor’s ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille de ce compartiment.

L’échéance des contrats financiers sera cohérente avec l’horizon d’investissement du compartiment.
L’exposition sur ces instruments financiers, marchés, taux et/ou à certains de leurs paramètres ou composantes résultant de l’utilisation des contrats financiers ne pourra excéder 100% de l’actif net.
Titres intégrant des dérivés (jusqu’à 100% de l’actif net)
Pour réaliser son objectif de gestion, le compartiment pourra également investir sur des instruments financiers contenant des dérivés intégrés. Le compartiment pourra uniquement investir dans des obligations callable, puttable, indexées et/ou Convertibles ou dans des warrants jusqu’à 100% de l’actif net.
Emprunts d’espèces
Le compartiment n’a pas vocation à être emprunteur d’espèces. Néanmoins, une position débitrice ponctuelle peut exister en raison des opérations liées aux flux du compartiment (investissements et désinvestissements en cours, opérations de souscription/rachat…) dans la limite de 10% de l’actif net.
Opérations d’acquisitions et cessions temporaires de titres
Aux fins d’une gestion efficace du compartiment et sans s’écarter de ses objectifs d’investissement, le compartiment pourra conclure des opérations d’acquisitions et de cessions temporaires de titres portant sur des titres financiers éligibles ou des instruments du marché monétaire, jusqu’à 100% de son actif net. Plus précisément, ces opérations consisteront en des opérations de prises et de mises en pensions livrées sur des titres de taux ou crédit de pays de la zone euro, et seront réalisées dans le cadre de la gestion de la trésorerie et/ou de l’optimisation des revenus du compartiment.
La proportion attendue d’actif sous gestion qui fera l’objet de telles opérations sera de 10% de l’actif net.
Les contreparties de ces opérations sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion).
Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment. Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement.
Des informations complémentaires figurent à la rubrique frais et commissions sur les rémunérations des cessions et acquisitions temporaires.
Dépôts
Le compartiment pourra effectuer des dépôts dans la limite de 20% maximum de son actif net auprès du dépositaire.
- 
###### Investissements entre compartiments

Le compartiment peut investir à hauteur de 10% maximum de son actif net dans un autre compartiment de la SICAV Edmond de Rothschild SICAV.
L’investissement global dans d’autres compartiments de la SICAV est limité à 10% de l’actif net.
- 
###### Profil de risque

Votre argent sera principalement investi dans des instruments financiers sélectionnés par la société de gestion. Ces instruments connaîtront les évolutions et les aléas du marché.
Les facteurs de risque exposés ci-dessous ne sont pas limitatifs. Il appartient à chaque investisseur d'analyser le risque inhérent à un tel investissement et de forger sa propre opinion indépendamment du Groupe Edmond de Rothschild, en s'entourant, au besoin, de l'avis de tous les conseils spécialisés dans ces questions afin de s'assurer notamment de l'adéquation de cet investissement à sa situation financière, juridique ainsi qu’à son horizon d’investissement.
Risque de perte en capital :
Le compartiment ne bénéficie d’aucune garantie ni protection, il se peut donc que le capital initialement investi ne soit pas intégralement restitué même si les souscripteurs conservent les parts pendant la durée de placement recommandée.
Risque lié à la gestion discrétionnaire :
Le style de gestion discrétionnaire repose sur l’anticipation de l’évolution des différents marchés (actions, obligations, monétaires, matières premières, devises). Il existe un risque que le compartiment ne soit pas investi à tout moment sur les marchés les plus performants. La performance du compartiment peut donc être inférieure à l'objectif de gestion et la baisse de sa valeur liquidative peut conduire à une performance négative.
Risque de crédit :
Le risque principal, lié aux titres de créances et/ou aux instruments du marché monétaire tels que des bons du Trésor (BTF et BTAN) ou des titres négociables à court terme est celui du défaut de l’émetteur, soit au non- paiement des intérêts et/ou du non remboursement du capital. Le risque de crédit est également lié à la dégradation d’un émetteur. L’attention de l’actionnaire est attirée sur le fait que la valeur liquidative du compartiment est susceptible de varier à la baisse dans le cas où une perte totale serait enregistrée sur un instrument financier suite à la défaillance d’un émetteur. La présence de titres de créances en direct ou par l’intermédiaire d’OPC dans le portefeuille expose le compartiment aux effets de la variation de la qualité du crédit.
Risque de crédit lié à l'investissement dans des titres spéculatifs :
Le compartiment peut investir dans des émissions de sociétés notées dans la catégorie non « investment grade » selon une agence de notation (présentant une notation inférieure à BBB- selon Standards & Poor’s ou équivalent) ou bénéficiant d'une notation interne de la Société de Gestion équivalente. Ces émissions sont des titres dits spéculatifs pour lesquels le risque de défaillance des émetteurs est plus élevé. Cet OPCVM doit donc être considéré comme en partie spéculatif et s’adressant plus particulièrement à des investisseurs conscients des risques inhérents aux investissements dans ces titres. Ainsi, l’utilisation de titres « haut rendement / High Yield » (titres spéculatifs pour lesquels le risque de défaillance de l’émetteur est plus important) pourra entraîner un risque de baisse de la valeur liquidative plus important.
Risque de taux :
L’exposition à des produits de taux (titres de créances et instruments du marché monétaire) rend le compartiment sensible aux fluctuations des taux d’intérêt. Le risque de taux se traduit par une baisse éventuelle de la valeur du titre et donc de la valeur liquidative du compartiment en cas de variation de la courbe des taux.
Risque lié à l’investissement sur les marchés émergents :
Le compartiment pourra être exposé aux marchés émergents. Outre les risques propres à chacune des sociétés émettrices, des risques exogènes existent, plus particulièrement sur ces marchés. Par ailleurs, l’attention des investisseurs est attirée sur le fait que les conditions de fonctionnement et de surveillance de ces marchés peuvent s’écarter des standards prévalant sur les grandes places internationales. En conséquence, la détention éventuelle de ces titres peut augmenter le niveau de risque de portefeuille. Les mouvements de baisse de marché pouvant être plus marqués et plus rapides que dans les pays développés, la valeur liquidative pourra baisser plus fortement et plus rapidement enfin, les sociétés détenues en portefeuille peuvent avoir comme actionnaire un Etat.
Risque lié à l’engagement sur les contrats financiers et de contrepartie :
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi. Le risque de contrepartie résulte du recours par le compartiment aux contrats financiers qui sont négociés de gré à gré et/ou à des opérations d’acquisitions et cessions temporaires de titres. Ces opérations exposent potentiellement le compartiment à un risque de défaillance de l’une de ses contreparties et le cas échéant à une baisse de sa valeur liquidative.
Risque de liquidité :
Les marchés sur lesquels le compartiment intervient peuvent être occasionnellement affectés par un manque de liquidité. Ces conditions de marché peuvent impacter les conditions de prix auxquelles le compartiment peut être amené à liquider, initier ou modifier des positions.
Risque lié aux produits dérivés :
Le compartiment peut avoir recours à des instruments financiers à terme (dérivés).
Le recours aux contrats financiers pourra induire un risque de baisse de la valeur liquidative plus significative et rapide que celle des marchés sur lesquels le compartiment est investi.
Risques liés aux opérations d’acquisition et cession temporaires de titres et aux Total Return Swaps :
L’utilisation des opérations de financement sur titres et des contrats d’échange sur rendement global, ainsi que la gestion de leurs garanties peuvent comporter certains risques spécifiques tels que des risques opérationnels ou le risque de conservation. Ainsi, le recours à ces opérations peut entrainer un effet négatif sur la valeur liquidative du compartiment.
Risque juridique :
Il s’agit du risque de rédaction inadéquate des contrats conclus avec les contreparties aux opérations d’acquisition et de cession temporaires de titres et aux contrats d’échange sur rendement global.
Risque de durabilité :
Est un événement ou une situation dans le domaine environnemental, social ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement.
Risques liés aux critères ESG :
L’intégration de critères ESG et de durabilité au processus d’investissement peut exclure des titres de certains émetteurs pour des raisons autres que d’investissement et, par conséquent, certaines opportunités de marché disponibles pour les fonds qui n’utilisent pas les critères ESG ou de durabilité peuvent être indisponibles pour le Compartiment, et la performance du Compartiment peut parfois être meilleure ou plus mauvaise que celle de fonds comparables qui n’utilisent pas les critères ESG ou de durabilité. La sélection des actifs peut en partie reposer sur un processus de notation ESG propriétaire ou sur des listes d’exclusion (« ban list ») qui reposent en partie sur des données de tiers. L’absence de définitions et de labels communs ou harmonisés intégrant les critères ESG et de durabilité au niveau de l’UE peut conduire les gérants à adopter des approches différentes lorsqu’ils définissent les objectifs ESG et déterminent que ces objectifs ont été atteints par les fonds qu’ils gèrent. Cela signifie également qu’il peut être difficile de comparer des stratégies intégrant des critères ESG et de durabilité étant donné que la sélection et les pondérations appliquées aux investissements sélectionnés peuvent, dans une certaine mesure, être subjectives ou basées sur des indicateurs qui peuvent partager le même nom, mais dont les significations sous-jacentes sont différentes. Les investisseurs sont priés de noter que la valeur subjective qu’ils peuvent ou non attribuer à certains types de critères ESG peut différer substantiellement de la méthodologie du Gestionnaire Financier. L’absence de définitions harmonisées peut également avoir pour conséquence que certains investissements ne bénéficient pas de régimes fiscaux préférentiels ou de crédits car les critères ESG sont évalués différemment qu’initialement envisagé.
- 
###### Garantie ou protection

Néant.
- 
###### Souscripteurs concernés et profil de l’investisseur type

Actions A EUR, A CHF (H), A USD (H), AC EUR, B EUR: Tous souscripteurs
Actions I EUR, I CHF (H), I USD (H), J EUR, J CHF (H) et J USD (H) : Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de tiers.
Actions K EUR : Investisseurs institutionnels.
Actions R EUR : Tous souscripteurs, destinée plus particulièrement à être commercialisée par des Distributeurs sélectionnés à cet effet par la société de gestion.
Actions CR EUR, CR USD (H), CRD EUR et CRD USD (H): Tous souscripteurs, ces actions peuvent être commercialisées aux investisseurs de détail (non professionnels ou professionnels sur option) exclusivement dans les cas suivants :
- Souscription dans le cadre d’un conseil indépendant fourni par un conseiller financier ou une entité financière régulée,
- Souscription dans le cadre d’un conseil non-indépendant, disposant d’un accord spécifique ne les autorisant pas à recevoir ni à conserver des rétrocessions,
- Souscription par une entité financière régulée pour le compte de son client dans le cadre d’un mandat de gestion.

Actions PWM EUR, PWMD EUR, PWM USD et PWMD USD : Dédié à la Banque Privée EdR dans le cadre des services financiers rendus à ses clients.
En plus des frais de gestion prélevés par la société de gestion, chaque conseiller financier ou entité financière régulée est susceptible de faire payer des frais de gestion ou de conseil à chaque investisseur concerné. La société de gestion n’est pas partie prenante de ces accords.
Les actions ne sont pas enregistrées à la commercialisation dans tous les pays. Elles ne sont donc pas ouvertes à la souscription pour les investisseurs de détails dans toutes les juridictions.
Ce compartiment s’adresse à des investisseurs qui souhaitent optimiser leurs placements obligataires par le biais d’un portefeuille ayant pour objectif d'obtenir une performance liée à l'évolution des marchés de taux internationaux notamment par une exposition sur des titres à haut rendement de maturité maximale décembre 2028. L’attention des investisseurs est attirée sur les risques inhérents à ce type de titres, tels que décrits dans la rubrique « profil de risque ».
Les actions de ce compartiment ne sont pas et ne seront pas enregistrées aux Etats-Unis en application du U.S. Securities Act de 1933 tel que modifié (" Securities Act 1933 ") ou admises en vertu d'une quelconque loi des Etats- Unis. Ces actions ne doivent ni être offertes, vendues ou transférées aux Etats-Unis (y compris dans ses territoires et possessions) ni bénéficier, directement ou indirectement, à une US Person (au sens du règlement S du Securities Act 1933).
Le compartiment peut soit souscrire à des parts ou des actions d’OPC cibles susceptibles de participer à des offres de nouvelles émissions de titres américains (« US IPO ») soit participer directement à des Introductions en Bourse américaines (« US IPO »). La Financial Industry Regulatory Authority (FINRA), conformément aux règles 5130 et 5131 de la FINRA (les Règles), a édicté des interdictions concernant l’éligibilité de certaines personnes à participer à l’attribution d’US IPO lorsque le(s) bénéficiaire(s) effectif(s) de tels comptes sont des professionnels du secteur des services financiers (incluant, entre autres, propriétaire ou employé d’une entreprise membre de la FINRA ou un gestionnaire d’OPC) (Personnes Restreintes) ou un cadre dirigeant ou administrateur d’une société américaine ou non américaine pouvant être en relation d’affaires avec une entreprise membre de la FINRA (Personnes Concernées). Le compartiment ne peut pas être proposé ou vendu au bénéfice ou pour le compte d'une "U.S. Person" comme défini par la "Regulation S" et aux investisseurs considérés comme des Personnes Restreintes ou des Personnes Concernées au regard des Règles FINRA. En cas de doute quant à son statut, l’investisseur doit requérir l’avis de son conseiller juridique.
Le montant qu’il est raisonnable d’investir dans ce compartiment dépend de votre situation personnelle. Pour le déterminer, il est recommandé à l’actionnaire de s’enquérir des conseils d’un professionnel, afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce compartiment au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précitée, de son patrimoine personnel, de ses besoins, de ses objectifs propres. En tout état de cause, il est impératif pour tout actionnaire de diversifier suffisamment son portefeuille pour ne pas être exposé uniquement aux risques de ce compartiment.
Durée de placement recommandée : jusqu’au 31 décembre 2028
- 
###### Modalités de détermination et d'affectation des revenus

| Sommes Distribuables | Actions «A EUR», «A CHF (H)», «A USD (H)»,AC EUR «CR EUR», «CR USD (H)», «I EUR», «I CHF (H)», «I USD (H)», «K EUR», «PWM EUR», «PWM USD (H) »et «R EUR» | Actions «B EUR», «CRD EUR»,«CRD USD (H)» «J CHF (H)», «J EUR», « J USD (H) », « PWMD EUR » et « PWMD USD (H)» |
| --- | --- | --- |
| Affectation du résultat net | Capitalisation | Distribution |
| Affectation des plus ou moins-values nettes réalisées | Capitalisation | Capitalisation (totale ou partielle) ou Distribution (totale ou partielle) ou report (total ou partiel) sur décision de la société de gestion |

Concernant les actions de distribution, la société de gestion du compartiment peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
- 
###### Fréquence de distribution

Actions de capitalisation : sans objet
Actions de distribution : annuelle avec possibilité d’acomptes. La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l’exercice et dans un délai d’un mois pour les acomptes suivant la date de la situation attestée par le commissaire aux comptes.
- 
###### Caractéristiques des actions

Le compartiment dispose de 21 catégories d’actions : Actions « A CHF (H)», «A EUR», «A USD (H)», AC EUR «B EUR», «CR EUR», « CR USD (H), «CRD EUR», « CRD USD (H), « I CHF (H)», « I EUR», « I USD (H)», « J CHF
(H) », « J EUR», « J USD (H) », « K EUR», « R EUR», « PWM EUR», « PWM USD (H), « PWMD EUR » et « PWMD USD (H) ».
L’action A CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action A EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action A USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action AC EUR est libellée en Euro et exprimée en action ou millièmes d’action L’action B EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CR EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action CR USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action CRD EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action CRD USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action L’action I CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action. L’action I EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action I USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action J CHF (H) est libellée en Franc Suisse et exprimée en action ou millièmes d’action L’action J EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action J USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action K EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action R EUR est libellée en Euro et exprimée en action ou millièmes d’action. L’action PWM EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action PWM USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action. L’action PWMD EUR est libellée en Euro et exprimée en action ou millièmes d’action.
L’action PWMD USD (H) est libellée en Dollar et exprimée en action ou millièmes d’action.
- 
###### Modalités de souscription et de rachat

Date et périodicité de la valeur liquidative :
Chaque jour, à l'exception des jours fériés et des jours de fermeture des marchés français (calendrier officiel de Euronext Paris S.A.).
Valeur liquidative d’origine :
| Action A CHF (H) : | 100 CHF |
| --- | --- |
| Action A EUR : | 100 € |
| Action A USD (H) : Action AC EUR | 100 $ 100 € |
| Action B EUR : | 100 € |
| Action CR EUR : | 100 € |
| Action CR USD (H) : | 100 $ |
| Action CRD EUR : Action CRD USD (H) : | 100 € 100 $ |
| Action I CHF (H) : | 100 CHF |
| Action I EUR : | 100 € |
| Action I USD (H) : | 100 $ |
| Action J EUR : Action J CHF (H) : | 100 € 100 CHF |
| Action J USD (H) : | 100 $ |
| Action K EUR : | 100 € |
| Action R EUR : Action PWM EUR : Action PWM USD (H) : Action PWMD EUR : Action PWMD USD (H) : | 100 € 1 000 € 1 000 $ 1 000 € 1 000 $ |

Montant minimum de souscription initiale :
| Action A CHF (H) : | 1 Action |
| --- | --- |
| Action A EUR : | 1 Action |
| Action A USD (H): Action AC EUR | 1 Action 1 Action |
| Action B EUR : | 1 Action |
| Action CR EUR : | 1 Action |
| Action CR USD (H) : | 1 Action |
| Action CRD EUR : Action CRD USD (H): | 1 Action 1 Action |
| Action I CHF (H): | 1 000 000 CHF |
| Action I EUR : | 1 000 000 € |
| Action I USD (H): | 1 000 000 $ |
| Action J EUR : Action J CHF (H) : | 1 000 000 € 1 000 000 CHF |
| Action J USD (H): Action K EUR : Action R EUR : Action PWM EUR : Action PWM USD (H) : Action PWMD EUR : Action PWMD USD (H): | 1 000 000 $ 1 000 000 € 1 Action 1 000 € 1 000 $ 1 000 € 1 000 $ |

Montant minimum des souscriptions ultérieures :
| Action A CHF (H): | 1 millième d’action |
| --- | --- |
| Action A EUR: | 1 millième d’action |
| Action A USD (H): Action AC EUR | 1 millième d’action 1 millième d’action |
| Action B EUR: | 1 millième d’action |
| Action CR EUR: | 1 millième d’action |
| Action CR USD (H) : | 1 millième d’action |
| Action CRD EUR: Action CRD USD (H): | 1 millième d’action 1 millième d’action |

| Action I CHF (H): | 1 millième d’action |
| --- | --- |
| Action I EUR : | 1 millième d’action |
| Action I USD (H): | 1 millième d’action |
| Action J EUR : Action J CHF (H) : | 1 millième d’action 1 millième d’action |
| Action J USD (H) : | 1 millième d’action |
| Action K EUR : Action R EUR : | 1 millième d’action 1 millième d’action |
| Action PWM EUR : Action PWM USD (H) : Action PWMD EUR : Action PWMD USD (H) : | 1 millième d’action 1 millième d’action 1 millième d’action 1 millième d’action |

Conditions de souscription et de rachat :
Les ordres sont exécutés conformément au tableau ci-dessous.
Les modalités de souscription et de rachat sont exprimées en jours ouvrés. On note J le jour d’établissement de la valeur liquidative :
| Centralisation des ordres de souscription | Centralisation des ordres de rachat | Date d’exécution de l’ordre | Publication de la valeur liquidative | Règlement des souscriptions | Règlement des rachats |
| --- | --- | --- | --- | --- | --- |
| J avant 12h30 | J avant 12h30 | J | J+1 | J+3 | J+3* |

* En cas de dissolution du compartiment, les rachats seront réglés dans un délai maximum de cinq jours ouvrés.
La société de gestion a mis en place une méthode d'ajustement de la valeur liquidative du compartiment dite de Swing Pricing durant la période de commercialisation du compartiment. Ce mécanisme est détaillé dans la partie VII du prospectus : « Règles d'évaluation de l'actif ».

##### Dispositif de plafonnement des rachats (« Gates ») :
La société de gestion pourra mettre en œuvre le dispositif dit de « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un seuil déterminé, cela lorsque des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
Description de la méthode :
La société de gestion peut décider de ne pas exécuter tous les rachats sur une même valeur liquidative, lorsque le seuil retenu objectivement préétabli est atteint sur une valeur liquidative. Pour déterminer le niveau de ce seuil, la société de gestion prend en compte la périodicité de calcul de la valeur liquidative du compartiment, l’orientation de gestion du compartiment et la liquidité des actifs dans le portefeuille.
Pour le compartiment, le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de 5 % de l’actif net est atteint. Le compartiment disposant de plusieurs catégories d’actions, le seuil de déclenchement sera identique pour toutes les catégories d’actions du compartiment. Ce seuil de 5% s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Le seuil de déclenchement des Gates correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le nombre d’actions du compartiment dont le rachat est demandé ou le montant total de ces rachats, et le nombre d’actions du compartiment dont la souscription est demandée ou le montant total de ces souscriptions ; et
- l’actif net ou le nombre total d’actions du compartiment.

Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », le compartiment peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
A titre d’exemple, si les demandes totales de rachat des actions représentent 10% de l’actif net du compartiment alors que le seuil de déclenchement est fixé à 5% de l’actif net, la SICAV peut décider d’honorer les demandes de
rachats jusqu’à 8% de l’actif net (et donc exécuter 80% des demandes de rachats au lieu de 50% si elle appliquait strictement le plafonnement à 5%).
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois.
Modalités d’information des actionnaires :
En cas d’activation du mécanisme de Gates, les actionnaires du compartiment seront informés par tout moyen à partir du site internet https://funds.edram.com.
Les actionnaires du compartiment dont les ordres de rachat n’auraient pas été exécutés seront informés, de manière particulière, dans les plus brefs délais.
Traitement des ordres non exécutés :
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative.
Les ordres de rachat ainsi reportés n’auront pas rang de priorité sur des demandes de rachat ultérieures. Les ordres de rachat non exécutés et automatiquement reportés ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
Cas d’exonération du mécanisme de « Gates » :
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Les souscriptions et rachats d’actions sont exécutés en montant ou en action ou en millièmes d’action.
Le passage d'une catégorie d’actions à une autre catégorie d’actions de ce compartiment ou d’un autre compartiment de la SICAV est considéré fiscalement comme une opération de rachat suivie d'une nouvelle souscription. En conséquence, le régime fiscal applicable à chaque souscripteur dépend des dispositions fiscales applicables à la situation particulière du souscripteur et/ou de la juridiction d'investissement de la SICAV. En cas de doute, il est recommandé à tout souscripteur de s'adresser à son conseiller afin de connaître le régime fiscal lui étant applicable.
L’attention des porteurs est attirée sur le fait que les ordres transmis aux établissements en charge de la réception des ordres de souscription et rachat doivent tenir compte du fait que l’heure limite de centralisation des ordres s’applique au centralisateur Edmond de Rothschild (France). En conséquence, les autres établissements désignés peuvent appliquer leur propre heure limite, antérieure à celle mentionnée ci-dessus, afin de tenir compte de leurs délais de transmission à Edmond de Rothschild (France).
Possibilité prévue de limiter ou d’arrêter les souscriptions :
La période de commercialisation est ouverte sur une période de 12 mois à compter de la date de lancement du compartiment. Néanmoins, la période de commercialisation pourra être clôturée par anticipation si les encours du compartiment dépassent les 150 millions d’euros. A l’issue de cette période, le compartiment sera fermé à toute souscription (sauf dans le cadre d’une souscription concomitante à un rachat provenant d’un même investisseur portant sur un même montant et exécutée sur une même date de valeur liquidative).
Lieu et mode de publication de la valeur liquidative :
La valeur liquidative du compartiment est disponible auprès de la société de gestion : EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Frais et commissionsCommissions de souscription et de rachat :Les commissions de souscription et de rachat viennent augmenter le prix de souscription payé par l’investisseur ou diminuer le prix de remboursement. Les commissions acquises au compartiment servent à compenser les frais supportés par le compartiment pour investir ou désinvestir les avoirs confiés. Les commissions non acquises reviennent à la société de gestion, au commercialisateur, etc.

| Frais à la charge de l’investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux et barème |
| --- | --- | --- |
| Commission de souscription non acquise au Compartiment EdR SICAV – Millesima World 2028 | Valeur Liquidative x Nombre d’actions | Action A CHF (H) : 4% maximum |
| Action A EUR : 4% maximum |
| Action A USD (H) : 4% maximum |
| Action AC EUR : 4% maximum |
| Action B EUR : 4% maximum |
| Action CR EUR : 4% maximum |
| Action CR USD (H) : 4% maximum |
| Action CRD EUR : 4% maximum |
| Action CRD USD (H) : 4% maximum |
| Action I CHF (H) : Néant |
| Action I EUR : Néant |
| Action I USD (H) : Néant |
| Action J EUR : Néant |
| Action J CHF (H) : Néant |
| Action J USD (H) : Néant |
| Action K EUR : Néant |
| Action R EUR :4% maximum |
| Action PWM EUR : Néant |
| Action PWM USD (H) : Néant |
| Action PWMD EUR : Néant |
| Action PWMD USD (H) : Néant |
| Commission de souscription acquise au Compartiment EdR SICAV – Millesima World 2028 | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat non acquise au Compartiment EdR SICAV – Millesima World 2028 | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |
| Commission de rachat acquise au Compartiment EdR SICAV – Millesima World 2028 | Valeur Liquidative x Nombre d’actions | Toutes catégories d’actions : Néant |

Frais de fonctionnement et de gestion :
Ces frais recouvrent tous les frais facturés directement au compartiment, à l’exception des frais de transaction.
Les frais de transaction incluent les frais d’intermédiation (courtage, taxes locales, etc…) et la commission de mouvement, le cas échéant, qui peut être perçue notamment par le dépositaire et la société de gestion.
Aux frais de fonctionnement et de gestion peuvent s’ajouter :
- Une commission de surperformance.
- Des commissions de mouvement facturées au compartiment.
- Des frais liés aux opérations d’acquisitions et cessions temporaires de titres, le cas échéant.

Pour plus de précisions sur les frais effectivement facturés à l’investisseur, se reporter aux Documents d’Information Clés pour l’Investisseur (DICI).
| Frais facturés à la SICAV | Assiette | Taux et barème |
| --- | --- | --- |
| Frais de gestion financière | Actif net du compartiment | Action A CHF (H) : 1.10% TTC* maximum |
| Action A EUR : 1.10% TTC* maximum |
| Action A USD (H) : 1.10% TTC* maximum |
| Action AC EUR : 1.25% TTC* maximum |
| Action B EUR : 1.10% TTC* maximum |
| Action CR EUR : 0.40% TTC* maximum |
| Action CR USD (H) : 0.40% TTC* maximum |
| Action CRD EUR : 0.40% TTC* maximum |
| Action CRD USD (H) : 0.40% TTC* maximum |
| Action I CHF (H) : 0.35% TTC* maximum |
| Action I EUR : 0.35% TTC* maximum |
| Action I USD (H) : 0.35% TTC* maximum |
| Action J EUR : 0.35% TTC* maximum |
| Action J CHF (H) : 0.35% TTC* maximum |
| Action J USD (H) : 0.35% TTC* maximum |
| Action K EUR : 0.50% TTC* maximum |
| Action R EUR : 1.50% TTC* maximum |
| Action PWM EUR : 0.60% TTC* maximum |
| Action PWM USD (H) : 0.60% TTC* maximum |
| Action PWMD EUR : 0.60% TTC* maximum |
| Action PWMD USD (H) : 0.60% TTC* maximum |
| Frais administratifs externes à la société de gestion**, notamment frais dépositaire, valorisateur et commissaire aux comptes, etc. | Actif net du compartiment | Action A CHF (H) : 0.10% TTC* maximum |
| Action A EUR : 0.10% TTC* maximum |
| Action A USD (H) : 0.10% TTC* maximum |
| Action AC EUR : 0.10% TTC* maximum |
| Action B EUR : 0.10% TTC* maximum |
| Action CR EUR 0.10% TTC* maximum |
| Action CR USD (H) : 0.10% TTC* maximum |
| Action CRD EUR : 0.10% TTC* maximum |
| Action CRD USD (H) : 0.10% TTC* maximum |
| Action I CHF (H) : 0.10% TTC* maximum |
| Action I EUR : 0.10% TTC* maximum |
| Action I USD (H) 0.10% TTC* maximum |
| Action J EUR : 0.10% TTC* maximum |
| Action J CHF (H) : 0.10% TTC* maximum |
| Action J USD (H) : 0.10% TTC* maximum |
| Action K EUR 0.10% TTC* maximum |
| Action R EUR : 0.10% TTC* maximum |
| Action PWM EUR : 0.10% TTC* maximum |
| Action PWM USD (H) : 0.10% TTC* maximum |
| Action PWMD EUR : 0.10% TTC* maximum |
| Action PWMD USD (H) : 0.10% TTC* maximum |

| Commissions de mouvement | Prélèvement sur chaque transaction | Néant |
| --- | --- | --- |
| Commission de surperformance (1) | Actif net du compartiment | Action A EUR : 10% par an de la surperformance par rapport au taux fixe de 3.30%. |
| Action A CHF (H) : 10% par an de la surperformance par rapport au taux fixe de 3.30%. |
| Action A USD (H) : 10% par an de la surperformance par rapport au taux fixe de 3.30%. |
| Action AC EUR : Néant |
| Action B EUR : 10% par an de la surperformance par rapport au taux fixe de 3.30%. |
| Action CR EUR : 10% par an de la surperformance par rapport au taux fixe de 4%. |
| Action CR USD (H): 10% par an de la surperformance par rapport au taux fixe de 4%. |
| Action CRD EUR : 10% par an de la surperformance par rapport au taux fixe de 4%. |
| Action CRD USD (H) : 10% par an de la surperformance par rapport au taux fixe de 4%. |
| Action I EUR: 10% par an de la surperformance par rapport au taux fixe de 4.05%. |
| Action I CHF (H) : 10% par an de la surperformance par rapport au taux fixe de 4.05%. |
| Action I USD (H) : 10% par an de la surperformance par rapport au taux fixe de 4.05%. |
| Action J EUR :  10% par an de la surperformance par rapport au taux fixe de 4.05%. |
| Action J CHF (H) :  10% par an de la surperformance par rapport au taux fixe de 4.05%. |
| Action J USD (H) :  10% par an de la surperformance par rapport au taux fixe de 4.05%. |
| Action K EUR  : Néant |
| Action R EUR :  10% par an de la surperformance par rapport au taux fixe de 2.90%. |
| Action PWM EUR :  10% par an de la surperformance par rapport au taux fixe de 3.80%. |
| Action PWM USD (H) :  10% par an de la surperformance par rapport au taux fixe de 3.80%. |
| Action PWMD EUR :  10% par an de la surperformance par rapport au taux fixe de 3.80%. |
| Action PWMD USD (H) :  10% par an de la surperformance par rapport au taux fixe de 3.80%. |

* TTC = toutes taxes comprises.
Dans cette activité, la société de gestion n’a pas opté pour la TVA
** En cas de majoration des frais administratifs externes à la société de gestion égale ou inférieure à 0.15% TTC par an, la société de gestion informera les actionnaires du compartiment par tout moyen. En cas de majoration supérieure à 0.15% TTC par an, les actionnaires en seront informés de manière particulière avec possibilité de racheter leurs actions sans frais.
-  Commission de surperformanceDes commissions de surperformance seront prélevées au profit de la société de gestion selon les modalités suivantes : Seuil de référence :Le seuil de référence est fixé à :
- un taux fixe annuel de 3.30% pour les catégories d’actions A et B ;
- un taux fixe annuel de 4% pour les catégories d’actions CR et CRD ;
- un taux fixe annuel de 4.05% pour les catégories d’actions I et J.
- un taux fixe annuel de 2.90% pour la catégorie d’action R.
- un taux fixe annuel de 3.80% pour les catégories d’actions PWM et PWMD.

La commission de surperformance est calculée en comparant la performance de l’action du compartiment à celle d’un actif de référence indicé. L’actif de référence indicé reproduit la performance du seuil de référence ajusté des souscriptions, des rachats et, le cas échéant, des dividendes.
Dès lors que l’action superforme son seuil de référence prorata temporis, une provision de 10% sera appliquée sur sa surperformance.
En cas de surperformance de l’action du compartiment par rapport à son seuil de référence une commission de surperformance pourra être prélevée sur la période de référence.
Les commissions de surperformance feront l'objet d'un provisionnement à chaque calcul de la valeur liquidative.
En cas de rachat d’actions, la quote-part de la commission de surperformance correspondant aux actions rachetées est définitivement acquise à la société de gestion.
Dans le cas de sous-performance, la provision pour commission de surperformance est réajustée par le biais de reprises sur provision plafonnées à hauteur des dotations.
Les périodes de référence s'achèvent sur la dernière valeur liquidative du mois de juin.
Cette commission de surperformance est mise en paiement annuellement après le calcul de la dernière valeur liquidative de la période de référence.
La période de référence est d’un an minimum. La première période de référence s’étend entre la date de constitution de l’action et la première date de fin de période de référence permettant de respecter le critère de durée minimale d’un an, soit au plus tôt le 30 juin 2023.
A la fin de la période de référence, dans le cas où la performance de l’action est inférieure à celle de son seuil de référence sur la période de référence, aucune commission ne sera constatée et la période de référence sera prolongée d'un an. La période de référence pourra être prolongée à quatre reprises et pourra donc atteindre une durée maximale de 5 ans
A la fin d’une période de référence prolongée à quatre reprises et portant sur cinq ans :
- dans le cas où la performance de l’action est supérieure à celle de son seuil de référence, une commission de surperformance est constatée et perçue. Une nouvelle période de référence débute.
- dans le cas où la performance de l’action est inférieure à celle de son seuil de référence, aucune commission ne sera constatée. Une nouvelle période de référence est établie en définissant une nouvelle année de référence qui dépend de la compensation des périodes en sous- performance par les éventuelles périodes en surperformance au sein de ces 5 premières années. Si en plus de la première année en sous- performance, une autre année de sous-performance a eu lieu à l’intérieur de cette première période de 5 ans et qu’elle n’a pas été compensée à la fin de cette première période, une nouvelle période de 5 ans maximum s’ouvre à partir du début de cette nouvelle année en sous- performance.

Exemples :
Des frais liés à la recherche au sens de l’article 314-21 du Règlement Général de l’AMF peuvent être facturés au compartiment dans la limite de 0,01% de son actif net 
jusqu’à la fermeture des souscriptions et de 0,001% de son actif net à l’issue de cette fermeture.
Toute rétrocession de frais de gestion des OPC et fonds d’investissement sous-jacents acquis par le compartiment EdR SICAV – Millesima World 2028 sera reversée au compartiment. Le taux de frais de gestion des OPC et fonds d’investissement sous-jacents sera apprécié en tenant compte des éventuelles rétrocessions perçues par le compartiment.
Dans la mesure où de façon exceptionnelle un sous-conservateur, pour une opération particulière, serait amené à prélever une commission de mouvement non prévue dans les modalités ci-dessus, la description de l’opération et des commissions de mouvement facturées sera renseignée dans le rapport de gestion de la SICAV.
Pour toute information complémentaire, les actionnaires peuvent se reporter au rapport annuel de la SICAV. Procédure de choix des intermédiaires
Conformément au Règlement Général de l'AMF, la société de gestion a mis en place une "Politique de Meilleure Sélection / Meilleure exécution" des intermédiaires et contreparties.
L'objectif de cette politique est de sélectionner, selon différents critères prédéfinis, les négociateurs et les intermédiaires dont la politique d'exécution permettra d'assurer le meilleur résultat possible lors de l'exécution des ordres. La Politique de Edmond de Rothschild Asset Management (France) est disponible sur son site Internet : www.edram.fr.
Modalités de calcul et de partage de la rémunération sur les opérations d’acquisitions et cessions temporaires detitres ainsi que sur toute opération équivalente en droit étranger
Les opérations de pensions livrées sont réalisées par l'intermédiaire de Edmond de Rothschild (France) dans les conditions de marché applicables au moment de leur conclusion.
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par l’opération sont au bénéfice intégral du compartiment.
Modalités de calcul et de partage de la rémunération sur les opérations de Total Return Swaps (TRS) ainsi que surtoute opération équivalente en droit étranger :
Les coûts et frais opérationnels liés à ces opérations sont supportés par le compartiment. Les revenus générés par ces opérations sont au bénéfice intégral du compartiment.
- 
### INFORMATIONS D’ORDRE COMMERCIAL
	- 
###### Informations destinées aux investisseurs


Les ordres de rachat et de souscription des actions sont centralisés par :
Edmond de Rothschild (France) (centralisateur par délégation)
Société Anonyme, à Directoire et Conseil de Surveillance, agréée par la Banque de France-CECEI en tant qu'établissement de crédit le 28 septembre 1970.
Siège social : 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
Téléphone : 33 (0) 1 40 17 25 25
Toute demande d'information relative à la SICAV peut être adressée au commercialisateur.
La société de gestion peut transmettre la composition du portefeuille de l’OPC à certains porteurs ou à leurs prestataires de services avec engagement de confidentialité pour les besoins de calcul des exigences réglementaires liées à la directive 2009/138/CE (Solvabilité 2) conformément à la doctrine de l’AMF dans un délai de plus de 48 heures après la publication de la valeur liquidative.
L’information relative à la prise en compte des critères relatifs au respect d’objectifs sociaux, environnementaux et de qualité de gouvernance dans la gestion de cette SICAV figure sur le site internet : www.edram.fr et est inscrite, dans le rapport annuel de la SICAV de l’exercice en cours.
- 
### REGLES D’INVESTISSEMENT

La SICAV respecte les règles légales d’investissement de la Directive européenne 2009/65/CE. La SICAV pourra utiliser la dérogation aux ratios de 5-10-40 en investissant plus de 35% de son actif net dans des titres financiers éligibles et instruments du marché monétaire émis ou garantis par tous Etats ou organismes publics ou parapublics autorisés.
- 
### RISQUE GLOBAL

Méthode de l’engagement :
Les compartiments listés ci-dessous utilisent la méthode de l’engagement pour calculer le ratio de risque global lié aux contrats financiers :
- EdR SICAV - Financial Bonds
- EdR SICAV - Euro Sustainable Credit
- EdR SICAV - Euro Sustainable Equity
- EdR SICAV - Tricolore Rendement
- EdR SICAV - Equity Euro Solve
- EdR SICAV - Europe Midcaps
- EdR SICAV - Equity US Solve
- EdR SICAV - Short Duration Credit
- EdR SICAV – Tech Impact
- EdR SICAV – Green New Deal
- EdR SICAV - Corporate Hybrid Bonds
- EdR SICAV - Millesima World 2028Méthode de la valeur en risque (VaR absolue) :Les compartiments ci-dessous utilisent la méthode de calcul de la valeur en risque (VaR absolue) pour calculer le risque global du compartiment sur les contrats financiers :
- EdR SICAV – Start
- EdR SICAV – Global OpportunitiesL’engagement maximum résultant de ces opérations respecte les limites fixées en termes de VaR absolue selon la méthode de calcul de la valeur en risque, plafonnée par la réglementation à 20% de l’actif, avec un seuil de 99% sur jours ouvrables.

Niveau indicatif de l’effet de levier :
Le niveau indicatif d’effet de levier du compartiment EdR SICAV - Start, calculé comme la somme en valeur absolue des nominaux des positions sur contrats financiers, est de 328,98%. Le compartiment pourra atteindre un niveau de levier plus élevé. A noter que cette méthodologie consistant à additionner en valeur absolue des montants nominaux extériorise en réalité une exposition brute.
Le niveau indicatif d’effet de levier du compartiment EdR SICAV – Global Opportunities, calculé comme la somme en valeur absolue des nominaux des positions sur contrats financiers, est de 1 031,68%. Le compartiment pourra atteindre un niveau de levier plus élevé. A noter que cette méthodologie consistant à additionner en valeur absolue des montants nominaux extériorise en réalité une exposition brute.
- 
### REGLES D'EVALUATION DE L’ACTIF
	- 
###### Règles d'évaluation de l’actif


Pour les compartiments EdR SICAV – Euro Sustainable Credit, EdR SICAV – Euro Sustainable Equity, EdR SICAV – Financial Bonds, EdR SICAV – Tricolore Rendement, EdR SICAV – Europe Midcaps, EdR SICAV – Start, EdR SICAV – Equity Euro Solve, EdR SICAV – Equity US Solve, EdR SICAV Tech Impact, EdR SICAV - Short Duration Credit ,EdR SICAV – Green New Deal, EdR SICAV – Global Opportunities et EdR SICAV - Corporate Hybrid Bonds, le calcul de la valeur liquidative de l’action est effectué en tenant compte des règles d'évaluation précisées ci-dessous, les modalités d'application étant précisées dans l'annexe aux comptes annuels. La valorisation est effectuée sur les cours de clôture.
- les valeurs mobilières négociées sur un marché réglementé français ou étranger sont évaluées au prix du marché. L’évaluation au prix du marché de référence est effectuée selon les modalités arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- les titres de créances et assimilés négociables qui ne font pas l'objet de transactions significatives sont évalués par l'application d'une méthode actuarielle, le taux retenu étant celui des émissions de titres équivalents affecté, le cas échéant, d'un écart représentatif des caractéristiques intrinsèques de l'émetteur du titre. Toutefois, les titres de créances négociables d'une durée de vie résiduelle inférieure ou égale à trois mois et en l'absence de sensibilité particulière pourront être évalués selon la méthode linéaire. Les modalités d'application de ces règles sont arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- pour les valeurs mobilières dont le cours n'a pas été coté le jour de l'évaluation ainsi que pour les autres éléments du bilan, la société de gestion corrige leur évaluation en fonction des variations que les événements en cours rendent probables. La décision est communiquée au Commissaire aux Comptes ;
- les opérations portant sur des contrats financiers fermes ou conditionnels négociées sur des marchés organisés français ou étrangers sont valorisées à la valeur de marché selon les modalités arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- les opérations portant sur des contrats financiers fermes ou conditionnels ou les opérations d'échange conclues sur les marchés de gré à gré autorisés par la réglementation applicable aux OPCVM sont valorisées à leur valeur de marché ou à une valeur estimée selon les modalités arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- les actions ou parts de SICAV, Fonds Communs de Placement ou OPC sont évaluées soit sur la base de la dernière valeur liquidative connue, soit sur le dernier cours coté connu au jour de l'évaluation, soit sur la valeur liquidative estimée à partir d’informations données par l’administrateur ou le gérant de la SICAV ou du fonds d’investissement.

Pour le compartiment EdR SICAV – Millesima World 2028 le calcul de la valeur liquidative de l’action est effectué en tenant compte des règles d'évaluation précisées ci-dessous, les modalités d'application étant précisées dans l'annexe aux comptes annuels. La valorisation est effectuée sur les cours de clôture.
- les valeurs mobilières négociées sur un marché réglementé français ou étranger sont évaluées au prix d’achat (Ask) durant la période de commercialisation du compartiment puis au prix de vente (Bid) à compter de la fermeture à la commercialisation du compartiment;
- les titres de créances et assimilés négociables qui ne font pas l'objet de transactions significatives sont évalués par l'application d'une méthode actuarielle, le taux retenu étant celui des émissions de titres équivalents affecté, le cas échéant, d'un écart représentatif des caractéristiques intrinsèques de l'émetteur du titre. Toutefois, les titres de créances négociables d'une durée de vie résiduelle inférieure ou égale à trois mois et en l'absence de sensibilité particulière pourront être évalués selon la méthode linéaire. Les modalités d'application de ces règles sont arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- pour les valeurs mobilières dont le cours n'a pas été coté le jour de l'évaluation ainsi que pour les autres éléments du bilan, la société de gestion corrige leur évaluation en fonction des variations que les événements en cours rendent probables. La décision est communiquée au Commissaire aux Comptes ;
- les opérations portant sur des contrats financiers fermes ou conditionnels négociées sur des marchés organisés français ou étrangers sont valorisées à la valeur de marché selon les modalités arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- les opérations portant sur des contrats financiers fermes ou conditionnels ou les opérations d'échange conclues sur les marchés de gré à gré autorisés par la réglementation applicable aux OPCVM sont valorisées à leur valeur de marché ou à une valeur estimée selon les modalités arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;les actions ou parts de SICAV, Fonds Communs de Placement ou OPC sont évaluées soit sur la base de la dernière valeur liquidative connue, soit sur le dernier cours coté connu au jour de l'évaluation, soit sur la valeur liquidative estimée à partir d’informations données par l’administrateur ou le gérant de la SICAV ou du fonds d’investissement.
- 
###### Méthode d’ajustement de la valeur liquidative liée au swing pricing avec seuil de déclenchement

Pour les compartiments EdR SICAV – Euro Sustainable Credit, EdR SICAV – Euro Sustainable Equity, EdR SICAV – Financial Bonds, EdR SICAV – Tricolore Rendement, EdR SICAV – Europe Midcaps, EdR SICAV – Start, EdR SICAV – Equity Euro Solve, EdR SICAV – Equity US Solve, EdR SICAV Tech Impact, EdR SICAV - Short Duration Credit,EdR SICAV – Green New Deal, EdR SICAV – Global Opportunities et EdR SICAV - Corporate Hybrid Bonds la société de gestion a mis en place une méthode d'ajustement de la valeur liquidative dite de Swing Pricing avec un seuil de déclenchement, aux fins de préserver l’intérêt des actionnaires de ces compartiments. En cas de mouvement significatif du passif d’un compartiment, ce mécanisme consiste à faire supporter le coût des opérations générées par ces souscriptions/rachats par l’ensemble des actionnaires du compartiment (entrants ou sortants). Si, un jour de calcul de la valeur liquidative, le montant net des ordres de souscription et de rachat des investisseurs sur l’ensemble des catégories d’actions d’un compartiment est supérieur à un seuil prédéterminé par la société de gestion, exprimé en pourcentage de l’actif net du compartiment (appelé seuil de déclenchement), la valeur liquidative peut être ajustée à la hausse ou à la baisse, pour prendre en compte les coûts de réajustement imputables aux ordres de souscription et de rachat nets. La valeur liquidative de chaque catégorie d’actions est calculée séparément mais tout ajustement a, en pourcentage, un impact identique sur l’ensemble des valeurs liquidatives de chaque catégorie d’actions du compartiment.
Les paramètres de coûts et de seuil de déclenchement sont déterminés par la société de gestion et sont revus périodiquement. Ces coûts sont estimés par la société de gestion sur la base des frais de transactions, des fourchettes d’achat-vente ainsi que des impôts et taxes éventuelles applicables au compartiment.
Dans la mesure où cet ajustement est lié au montant net des ordres de souscription et rachat du compartiment, il n’est pas possible de prédire avec exactitude s’il sera fait application du swing pricing à un moment donné dans le futur, ni la fréquence à laquelle la société de gestion effectuera de tels ajustements. Dans tous les cas, de tels ajustements ne pourront pas dépasser 2% de la valeur liquidative.
Les investisseurs sont informés que la volatilité de la valeur liquidative du compartiment peut ne pas refléter uniquement celle des titres détenus en portefeuille en raison de l’application du swing pricing.
La valeur liquidative ajustée, dite « swinguée » est la seule valeur liquidative communiquée aux actionnaires du compartiment. Toutefois, en cas d’existence d’une commission de surperformance, celle-ci est calculée sur la valeur liquidative avant application du mécanisme d’ajustement.
Conformément aux dispositions réglementaires, la société de gestion ne communique pas sur les niveaux de seuil de déclenchement et veille à ce que les circuits d’information internes soient restreints afin de préserver le caractère confidentiel de l’information.
Pour le compartiment EdR SICAV – Millesima World 2028, durant la période de commercialisation, la société de gestion a mis en place une méthode d'ajustement de la valeur liquidative dite de Swing Pricing avec un seuil de déclenchement, aux fins de préserver l’intérêt des actionnaires de ce compartiment.
Au jour de calcul de la valeur liquidative, si le montant des ordres de rachat est supérieur à celui des ordres de souscription des investisseurs sur l’ensemble des catégories d’actions du compartiment et que ce montant est supérieur en valeur absolue à un seuil prédéterminé par la société de gestion, exprimé en pourcentage de l’actif net du compartiment (appelé seuil de déclenchement), la valeur liquidative peut être ajustée à la baisse, pour prendre en compte les coûts de réajustement imputables aux ordres de rachat nets. La valeur liquidative de chaque catégorie d’actions est calculée séparément mais tout ajustement a, en pourcentage, un impact identique sur l’ensemble des valeurs liquidatives de chaque catégorie d’actions du compartiment. Ce mécanisme consiste à faire supporter le coût des opérations générées par ces rachats par les actionnaires sortants des actions du compartiment.
Les paramètres de coûts et de seuil de déclenchement sont déterminés par la société de gestion et sont revus périodiquement. Ces coûts sont estimés par la société de gestion sur la base des frais de transactions, des fourchettes d’achat-vente ainsi que des impôts et taxes éventuelles applicables au compartiment.
Dans la mesure où cet ajustement est lié au montant net des ordres de souscription et rachat du compartiment, il n’est pas possible de prédire avec exactitude s’il sera fait application du swing pricing à un moment donné dans le futur, ni la fréquence à laquelle la société de gestion effectuera de tels ajustements. Dans tous les cas, de tels ajustements ne pourront pas dépasser 2% de la valeur liquidative.
Les investisseurs sont informés que la volatilité de la valeur liquidative du compartiment peut ne pas refléter uniquement celle des titres détenus en portefeuille en raison de l’application du swing pricing.
La valeur liquidative ajustée, dite « swinguée » est la seule valeur liquidative communiquée aux actionnaires du compartiment. Toutefois, en cas d’existence d’une commission de surperformance, celle-ci est calculée sur la valeur liquidative avant application du mécanisme d’ajustement.
Conformément aux dispositions réglementaires, la société de gestion ne communique pas sur les niveaux de seuil de déclenchement et veille à ce que les circuits d’information internes soient restreints afin de préserver le caractère confidentiel de l’information.
- 
###### Méthode de comptabilisation

La SICAV Edmond de Rothschild SICAV se conforme aux règles comptables prescrites par la réglementation en vigueur, et notamment au plan comptable applicable.
La SICAV Edmond de Rothschild SICAV a opté pour l’Euro comme devise de référence de la comptabilité. Les intérêts sont comptabilisés selon la méthode des intérêts encaissés.
La valeur de tous les titres libellés dans une devise autre que l’Euro sera convertie en Euro à la date de l’évaluation. L’ensemble des opérations est comptabilisé en frais exclus.
Les instruments financiers dont le cours n’a pas été constaté le jour de l’évaluation ou dont le cours a été corrigé sont évalués à leur valeur probable de négociation sous la responsabilité de la société la société de gestion. Ces évaluations et leur justification sont communiquées au Commissaire aux Comptes à l’occasion de ses contrôles.
Les compartiments ci-dessous ont opté pour l’Euro comme devise de référence de la comptabilité :
- EdR SICAV - Euro Sustainable Credit
- EdR SICAV - Euro Sustainable Equity
- EdR SICAV - Financial Bonds
- EdR SICAV - Tricolore Rendement
- EdR SICAV - Equity Euro Solve
- EdR SICAV - Start
- EdR SICAV - Europe Midcaps
- EdR SICAV - Global Opportunities
- EdR SICAV - Short Duration Credit
- EdR SICAV - Tech Impact
- EdR SICAV - Green New Deal
- EdR SICAV - Corporate Hybrid Bonds
- EdR SICAV - Millesima World 2028Le compartiment ci-dessous a opté pour le Dollar comme devise de référence de la comptabilité :
- EdR SICAV - Equity US Solve
- 
### REMUNERATION

Edmond de Rothschild Asset Management (France) dispose d’une politique de rémunération conforme aux dispositions de la directive européenne 2009/65/CE (« Directive UCITS V ») et de l’article 321-125 du Règlement Général AMF qui s’appliquent aux OPCVM. La politique de rémunération favorise une gestion des risques saine et efficace et n’encourage pas une prise de risque qui serait incompatible avec les profils de risque des OPCVM qu’elle gère. La société de gestion a mis en place les mesures adéquates permettant de prévenir tout conflit d’intérêts.
La politique de rémunération consiste, pour l’ensemble des collaborateurs de la société de gestion considérés comme ayant un impact matériel sur le profil de risque des OPCVM, et identifiés chaque année comme tels au moyen d’un processus associant les équipes des Ressources Humaines, de Risque et de Conformité, à voir une partie de leur rémunération variable (qui doit rester dans des proportions raisonnables par rapport à la rémunération fixe) différée sur 3 ans.
La société de gestion a décidé de ne pas constituer un comité de rémunération au niveau de la société de gestion mais de le déléguer à sa société mère Edmond de Rothschild (France). Il est organisé conformément aux principes mentionnés dans la Directive 2009/65/CE.
Le détail de la politique de rémunération de la société de gestion est disponible sur le site internet de la société : http://www.edmond-de-rothschild.com/site/France/fr/asset-management. Une copie écrite de la politique est disponible gratuitement sur simple demande adressée à la société de gestion.

## STATUTS
Edmond de Rothschild SICAV

## SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE (SICAV) À COMPARTIMENTS
Siège social : 47 rue du Faubourg Saint-Honoré 75008 PARIS
RCS PARIS 850 407 297

#### TITRE I - FORME - OBJET - DÉNOMINATION - SIÈGE SOCIAL - DURÉE DE LA SOCIÉTÉ ARTICLE 1 - FORME
Il est formé entre les détenteurs d’actions ci-après créées et de celles qui le seront ultérieurement une Société d’Investissement à Capital Variable (SICAV) régie notamment par les dispositions du Code de commerce relatives aux sociétés anonymes (Livre II - Titre II - Chapitre V), du code monétaire et financier (Livre II – Titre I – Chapitre IV- section I – sous-section I) ; leurs textes d’application, les textes subséquents et par les présents statuts.
La SICAV comporte plusieurs compartiments. Chaque compartiment émet des catégories d'actions en représentation des actifs de la SICAV qui lui sont attribués. Dans ce cas, les dispositions des présents statuts applicables aux actions de la SICAV sont applicables aux catégories d'actions émises en représentation des actifs de chaque compartiment.

#### ARTICLE 2 - OBJET
Cette société a pour objet la constitution et la gestion d’un portefeuille d’instruments financiers et de dépôts.

#### ARTICLE 3 - DÉNOMINATION
La société a pour dénomination : Edmond de Rothschild SICAV
suivie de la mention "Société d’Investissement à Capital Variable" accompagnée ou non du terme "SICAV".

#### ARTICLE 4 - SIEGE SOCIAL
Le siège social est fixé à PARIS (75008), 47 rue du Faubourg Saint-Honoré.

#### ARTICLE 5 - DURÉE
La durée de la société est de quatre-vingt-dix-neuf ans à compter de son immatriculation au registre du commerce et des sociétés, sauf dans les cas de dissolution anticipée ou de prorogation prévus aux présents statuts.

#### TITRE II - CAPITAL - VARIATIONS DU CAPITAL - CARACTÉRISTIQUES DES ACTIONS ARTICLE 6 - CAPITAL SOCIAL
Le capital initial de la SICAV s’élève à la somme de 2 251 555 571,65 euros divisé en 10 524 926,11 actions entièrement libérées.
Il a été constitué par apports en nature.
Pour le compartiment EdR SICAV - Euro Sustainable Credit :
Le capital initial du compartiment s'élève à la somme de 126 085 387,20 euros divisé en 354 369,97 actions entièrement libérées.
Il a été constitué le 12/02/2019, par absorption de la totalité des actifs du FCP Edmond de Rothschild Euro Sustainable Credit.
Pour le compartiment EdR SICAV - Euro Sustainable Growth :
Le capital initial du compartiment s'élève à la somme de 158 002 616,77 euros divisé en 864 362,19 actions entièrement libérées.
Il a été constitué le 12/02/2019, par absorption de la totalité des actifs du FCP Edmond de Rothschild Euro Sustainable Growth.
Pour le compartiment EdR SICAV – Financial Bonds :
Le capital initial du compartiment s'élève à la somme de 1 967 467 567,68 euros divisé en 9 306 193,95 actions entièrement libérées.
Il a été constitué le 12/02/2019, par absorption de la totalité des actifs du FCP Edmond de Rothschild Financial Bonds.
La SICAV est une SICAV à compartiment, chaque compartiment émet des catégories d’actions en représentation des actifs de la SICAV qui lui sont attribués. Dans ce cas, les dispositions des présents statuts, applicables aux actions de la SICAV sont applicables aux catégories d’actions émises en représentation des actifs du compartiment.
Les caractéristiques des différentes catégories d’actions et leurs conditions d’accès sont précisées dans le prospectus de la SICAV.
Les différentes catégories d’actions pourront notamment :
- Bénéficier de régimes différents de distribution des revenus (distribution ou capitalisation) ;
- Être libellées en devises différentes ;
- Supporter des frais de gestion différents ;
- Supporter des commissions de souscription et de rachat différentes ;
- Avoir une valeur nominale différente ;
- Etre assorties d’une couverture systématique de risque, partielle ou totale, définie dans le prospectus. Cette couverture est assurée au moyen d’instruments financiers réduisant au minimum l’impact des opérations de couverture sur les autres catégories d’actions de l’OPCVM ;
- Etre réservées à un ou plusieurs réseaux de commercialisationLes actions peuvent être regroupées ou divisées sur proposition du Conseil d’administration et approbation de l'Assemblée générale extraordinaire.

Les actions pourront être fractionnées, sur décision du conseil d’administration en dixièmes, centièmes, millièmes, dix-millièmes dénommées fractions d’action.
Les dispositions des statuts réglant l’émission et le rachat d’actions sont applicables aux fractions d’action dont la valeur sera toujours proportionnelle à celle de l’action qu’elles représentent. Toutes les autres dispositions des statuts relatives aux actions s’appliquent aux fractions d’action sans qu’il soit nécessaire de le spécifier, sauf lorsqu’il en est disposé autrement.

#### ARTICLE 7 - VARIATIONS DU CAPITAL
Le montant du capital est susceptible de modification, résultant de l’émission par la société de nouvelles actions et de diminution consécutives au rachat d’actions par la société aux actionnaires qui en font la demande.

#### ARTICLE 8 - EMISSIONS ET RACHATS DES ACTIONS
Les actions sont émises à tout moment à la demande des actionnaires sur la base de leur valeur liquidative augmentée, le cas échéant, des commissions de souscription.
Les rachats et les souscriptions sont effectués dans les conditions et selon les modalités définies dans le prospectus.
Les rachats peuvent être effectués en numéraire.
Les rachats peuvent également être effectués en nature. Si le rachat en nature correspond à une quote-part représentative des actifs du portefeuille, alors seul l’accord écrit signé de l’actionnaire sortant doit être obtenu par l’OPCVM ou la société de gestion. Lorsque le rachat en nature ne correspond pas à une quote-part représentative des actifs du portefeuille, l’ensemble des actionnaires doivent signifier leur accord écrit autorisant l’actionnaire sortant à obtenir le rachat de ses actions contre certains actifs particuliers, tels que définis explicitement dans l’accord.
Par dérogation à ce qui précède, lorsque le fonds est un ETF, les rachats sur le marché primaire peuvent, avec l’accord de la société de gestion de portefeuille et dans le respect de l’intérêt des porteurs de parts, s’effectuer en nature dans les conditions définies dans le prospectus ou le règlement du fonds. Les actifs sont alors livrés par le teneur de compte émetteur dans les conditions définies dans le prospectus du fonds.
De manière générale, les actifs rachetés sont évalués selon les règles fixées à l’article 9 et le rachat en nature est réalisé sur la base de la première valeur liquidative suivant l’acceptation des valeurs concernées.
Toute souscription d’actions nouvelles doit, à peine de nullité, être entièrement libérée et les actions émises portent même jouissance que les actions existant le jour de l’émission.
En application de l’article L. 214-7-4 du code monétaire et financier, le rachat par la société de ses actions, comme l’émission d’actions nouvelles, peuvent être suspendus, à titre provisoire, par le conseil d’administration, quand des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires le commande.
Lorsque l’actif net de la SICAV (ou le cas échéant, d’un compartiment) est inférieur au montant fixé par la réglementation, aucun rachat des actions ne peut être effectué (sur le compartiment concerné, le cas échéant).
En application des articles L. 214-7-4 du code monétaire et financier et 411-20-1 du règlement général de l’AMF, la société de gestion peut décider de plafonner les rachats quand des circonstances exceptionnelles l’exigent et si l’intérêt des actionnaires ou du public le commande.
La société de gestion pourra mettre en œuvre le mécanisme dit « Gates » permettant d’étaler les demandes de rachats des actionnaires du compartiment concerné sur plusieurs valeurs liquidatives dès lors qu’elles excèdent un certain niveau, déterminé de façon objective. Le seuil au-delà duquel les « Gates » peuvent être déclenchées doit être justifié au regard de la périodicité de calcul de la valeur liquidative du compartiment, de son orientation de gestion et de la liquidité des actifs dans le portefeuille. Le plafonnement des rachats peut être appliqué par la société de gestion lorsque le seuil de déclenchement est atteint. Ce seuil est indiqué dans la partie « Dispositif de plafonnement des rachats (« Gates ») » du prospectus de chaque compartiment de la SICAV. Lorsque le compartiment concerné dispose de plusieurs catégories d’actions, le seuil de déclenchement de la procédure est identique pour toutes les catégories d’actions du compartiment.
Ce seuil de déclenchement correspond au rapport entre :
- la différence constatée, à une même date de centralisation, entre le nombre d’actions du compartiment dont le rachat est demandé ou le montant total de ces rachats, et le nombre d’actions du compartiment dont la souscription est demandée ou le montant total de ces souscriptions ; et
- l’actif net ou le nombre total des actions du compartiment.

Le seuil s’applique sur les rachats centralisés pour l’ensemble de l’actif du compartiment et non de façon spécifique selon les catégories d’actions du compartiment.
Lorsque les demandes de rachat excèdent le seuil de déclenchement des « Gates », la société de gestion peut toutefois décider d’honorer les demandes de rachat au-delà du plafonnement prévu, et exécuter ainsi partiellement ou totalement les ordres qui pourraient être bloqués.
Pendant la période d’application du mécanisme de « Gates », les ordres de rachat seront exécutés dans les mêmes proportions pour les actionnaires du compartiment ayant demandé un rachat sur une même valeur liquidative. La fraction non exécutée de l’ordre de rachat ainsi reportée n’aura pas rang de priorité sur des demandes de rachat ultérieures. Les fractions d’ordre de rachat non exécutées et automatiquement reportées ne pourront faire l’objet d’une révocation de la part des actionnaires du compartiment.
La durée maximale d’application du dispositif de plafonnement des rachats est fixée à 20 valeurs liquidatives sur 3 mois. La durée maximale de plafonnement des rachats ne pourra excéder 1 mois.
Les opérations de souscription et de rachat, pour un même nombre d’actions, sur la base de la même valeur liquidative et pour un même actionnaire ou ayant droit économique (dites opérations d’aller-retour) ne sont pas soumises aux « Gates ». Cette exclusion s’applique également au passage d’une catégorie d’actions à une autre catégorie d’actions, sur la même valeur liquidative, pour un même montant et pour un même actionnaire ou ayant droit économique.
Possibilité de conditions de souscription minimale, selon les modalités prévues dans le prospectus.
L’OPCVM peut cesser d’émettre des actions en application du troisième alinéa de l’article L. 214-7-4 du code monétaire et financier, de manière provisoire ou définitive, partiellement ou totalement, dans les situations objectives entraînant la fermeture des souscriptions telles qu’un nombre maximum d’actions émises, un montant maximum d’actif atteint ou l’expiration d’une période de souscription déterminée. Le déclenchement de cet outil fera l’objet d’une information par tout moyen des actionnaires existants relative à son activation, ainsi qu’au seuil et à la situation objective ayant conduit à la décision de fermeture partielle ou totale. Dans le cas d’une fermeture partielle, cette information par tout moyen précisera explicitement les modalités selon lesquelles les actionnaires existants peuvent continuer de souscrire pendant la durée de cette fermeture partielle. Les actionnaires sont également informés par tout moyen de la décision de l’OPCVM ou de la société de gestion soit de mettre fin à la fermeture totale ou partielle des souscriptions (lors du passage sous le seuil de déclenchement), soit de ne pas y mettre fin (en cas de changement de seuil ou de modification de la situation objective ayant conduit à la mise en œuvre de cet outil). Une modification de la situation objective invoquée ou du seuil de déclenchement de l’outil doit toujours être effectuée dans l’intérêt des actionnaires. L’information par tous moyens précise les raisons exactes de ces modifications.

#### ARTICLE 9 - CALCUL DE LA VALEUR LIQUIDATIVE DE L'ACTION
Le calcul de la valeur liquidative de l'action est effectué en tenant compte des règles d'évaluation précisées dans le prospectus.
En outre, une valeur liquidative instantanée indicative sera calculée par l’entreprise de marché en cas d’admission à la négociation.

#### ARTICLE 10 - FORME DES ACTIONS
Les actions pourront revêtir la forme au porteur.
En application de l’article L. 211-4 du code monétaire et financier, les titres seront obligatoirement inscrits en comptes, tenus selon le cas par l’émetteur ou un intermédiaire habilité.
Les droits des titulaires seront représentés par une inscription en compte à leur nom : chez l’intermédiaire de leur choix pour les titres au porteur.
La société peut demander contre rémunération à sa charge le nom, la nationalité et l’adresse des actionnaires de la SICAV, ainsi que la quantité de titres détenus par chacun d’eux conformément à l’article L.211-5 du code monétaire et financier.

#### ARTICLE 11 - ADMISSION A LA NEGOCIATION SUR UN MARCHE REGLEMENTE
Les actions peuvent faire l’objet d’une admission à la négociation sur un marché réglementé et/ou un système multilatéral de négociation selon la réglementation en vigueur. Dans le cas où la SICAV dont les actions sont admises aux négociations sur un marché réglementé a un objectif de gestion fondé sur un indice elle devra avoir mis en place un dispositif permettant de s’assurer que le cours de son action ne s’écarte pas sensiblement de sa valeur liquidative.

#### ARTICLE 12 - DROITS ET OBLIGATIONS ATTACHÉS AUX ACTIONS
Chaque action donne droit, dans la propriété de l’actif social et dans le partage des bénéfices, à une part proportionnelle à la fraction du capital qu’elle représente.
Les droits et obligations attachés à l’action suivent le titre, dans quelque main qu’il passe.
La propriété d’une action emporte, de plein droit, adhésion aux statuts de la société, aux décisions de l’Assemblée Générale.
Chaque fois qu’il est nécessaire de posséder plusieurs actions pour exercer un droit quelconque et notamment, en cas d’échange ou de regroupement, les propriétaires d’actions isolées, ou en nombre inférieur à celui requis, ne
peuvent exercer ces droits qu’à la condition de faire leur affaire personnelle du groupement, et éventuellement de l’achat ou de la vente d’actions nécessaires.

#### ARTICLE 13 - INDIVISIBILITE DES ACTIONS
Tous les détenteurs indivis d’une action ou les ayants droit sont tenus de se faire représenter auprès de la société par une seule et même personne nommée d’accord entre eux, ou à défaut par le président du tribunal de commerce du lieu du siège social.
Les propriétaires de fractions d’actions peuvent se regrouper. Ils doivent, en ce cas, se faire représenter dans les conditions prévues à l’alinéa précédent, par une seule et même personne qui exercera, pour chaque groupe, les droits attachés à la propriété d’une action entière.
Le droit de vote attaché à l'action appartient à l'usufruitier dans les Assemblées Générales Ordinaires et au nu- propriétaire dans les Assemblées Générales Extraordinaires.

#### TITRE III - ADMINISTRATION ET DIRECTION DE LA SOCIÉTÉ ARTICLE 14 - ADMINISTRATION
La société est administrée par un conseil d’administration de (trois membres au moins et de dix-huit au plus) nommés par l’assemblée générale.
En cours de vie sociale, les administrateurs sont nommés ou renouvelés dans leurs fonctions par l’assemblée générale ordinaire des actionnaires.
Les administrateurs peuvent être des personnes physiques ou des personnes morales. Ces dernières doivent, lors de leur nomination, désigner un représentant permanent qui est soumis aux mêmes conditions et obligations et qui encourt les mêmes responsabilités civile et pénale que s’il était membre du conseil d’administration en son nom propre, sans préjudice de la responsabilité de la personne morale qu’il représente.
Ce mandat de représentant permanent lui est donné pour la durée de celui de la personne morale qu’il représente. Si la personne morale révoque le mandat de son représentant, elle est tenue de notifier à la SICAV, sans délai, par lettre recommandée, cette révocation ainsi que l’identité de son nouveau représentant permanent. Il en est de même en cas de décès, démission ou empêchement prolongé du représentant permanent.

#### ARTICLE 15 - DURÉE DES FONCTIONS DES ADMINISTRATEURS - RENOUVELLEMENT DU CONSEIL
Sous réserve des dispositions du dernier alinéa du présent article, la durée des fonctions des administrateurs est de trois années pour les premiers administrateurs et six années au plus pour les suivants, chaque année s’entendant de l’intervalle entre deux assemblées générales annuelles consécutives.
Si un ou plusieurs sièges d’administrateurs deviennent vacants entre deux assemblées générales, par suite de décès ou de démission, le conseil d’administration peut procéder à des nominations à titre provisoire.
L’administrateur nommé par le conseil à titre provisoire en remplacement d’un autre ne demeure en fonction que pendant le temps restant à courir du mandat de son prédécesseur. Sa nomination est soumise à ratification de la plus prochaine assemblée générale.
Tout administrateur sortant est rééligible. Ils peuvent être révoqués à tout moment par l’assemblée générale ordinaire.
Les fonctions de chaque membre du conseil d’administration prennent fin à l’issue de la réunion de l’assemblée générale ordinaire des actionnaires ayant statué sur les comptes de l’exercice écoulé et tenue dans l’année au cours de laquelle expire son mandat, étant entendu que, si l’assemblée n’est pas réunie au cours de cette année, lesdites fonctions du membre intéressé prennent fin le 31 décembre de la même année, le tout sous réserve des exceptions ci-après.
Tout administrateur peut être nommé pour une durée inférieure à six années lorsque cela sera nécessaire pour que le renouvellement du conseil reste aussi régulier que possible et complet dans chaque période de six ans. Il en sera notamment ainsi si le nombre des administrateurs est augmenté ou diminué et que la régularité du renouvellement s’en trouve affectée.
Lorsque le nombre des membres du conseil d’administration devient inférieur au minimum légal, le ou les membres restants doivent convoquer immédiatement l’assemblée générale ordinaire des actionnaires en vue de compléter l’effectif du conseil.
Conformément à la réglementation, le nombre d’administrateurs ayant dépassé l’âge de 70 ans ne peut être supérieur au tiers des administrateurs en question.
Le conseil d’administration peut être renouvelé par fraction.
En cas de démission ou de décès d’un administrateur et lorsque le nombre des administrateurs restant en fonction est supérieur ou égal au minimum statutaire, le conseil peut, à titre provisoire et pour la durée du mandat restant à courir, pourvoir à son remplacement.

#### ARTICLE 16 - BUREAU DU CONSEIL
Le conseil élit parmi ses membres, pour la durée qu’il détermine, mais sans que cette durée puisse excéder celle de son mandat d’administrateur, un président qui doit être obligatoirement une personne physique.
Le président du conseil d’administration organise et dirige les travaux de celui-ci, dont il rend compte à l’assemblée générale. Il veille au bon fonctionnement des organes de la société et s’assure, en particulier, que les administrateurs sont en mesure de remplir leur mission.
S’il le juge utile, le conseil d’administration nomme également un vice-président et peut aussi choisir un secrétaire, même en dehors de son sein.
En cas d'absence ou d'empêchement du président, la séance du Conseil est présidée par le vice-Président. A défaut, le Conseil désigne parmi ses membres le président de séance.

#### ARTICLE 17 - RÉUNIONS ET DÉLIBÉRATIONS DU CONSEIL
Le conseil d’administration se réunit sur la convocation du président aussi souvent que l’intérêt de la société l’exige, soit au siège social, soit en tout autre lieu indiqué dans l’avis de convocation.
Lorsqu’il ne s’est pas réuni depuis plus de deux mois, le tiers au moins de ses membres peut demander au président de convoquer celui-ci sur un ordre du jour déterminé. Le directeur général peut également demander au président de convoquer le conseil d’administration sur un ordre du jour déterminé. Le président est lié par ces demandes.
Un règlement intérieur peut déterminer, conformément aux dispositions légales et réglementaires, les conditions d’organisation des réunions du conseil d’administration qui peuvent intervenir par des moyens de visioconférence à l’exclusion de l’adoption des décisions expressément écartées par le code de commerce.
Les convocations sont faites par simple lettre ou tout autre moyen et même verbalement en cas d'urgence.
La présence de la moitié au moins des membres est nécessaire pour la validité des délibérations. Les décisions sont prises à la majorité des voix des membres présents ou représentés.
Chaque administrateur dispose d’une voix. En cas de partage, la voix du président de séance est prépondérante.

#### ARTICLE 18 - PROCÈS VERBAUX
Les procès-verbaux sont dressés et les copies ou extraits des délibérations sont délivrés et certifiés conformément à la loi.

#### ARTICLE 19 - POUVOIRS DU CONSEIL D’ADMINISTRATION
Le conseil d’administration détermine les orientations de l’activité de la société et veille à leur mise en œuvre. Dans la limite de l’objet social et sous réserve des pouvoirs expressément attribués par la loi aux assemblées d’actionnaires, il se saisit de toute question intéressant la bonne marche de la société et règle par ses délibérations les affaires qui la concernent. Le conseil d’administration procède aux contrôles et vérifications qu’il juge opportuns. Le président ou le directeur général de la société est tenu de communiquer à chaque administrateur tous les documents et informations nécessaires à l'accomplissement de sa mission.
Un administrateur peut donner, par écrit, mandat à un autre administrateur pour le représenter à une séance du conseil d’administration. Chaque administrateur ne peut toutefois disposer, au cours d’une même séance, que d’une seule procuration.

#### ARTICLE 20 - DIRECTION GÉNÉRALE – CENSEURS
La direction générale de la société est assumée sous sa responsabilité, soit par le président du conseil d’administration, soit par une autre personne physique nommée par le conseil d’administration et portant le titre de directeur général.
Le choix entre les deux modalités d’exercice de la direction générale est effectué dans les conditions fixées par les présents statuts par le conseil d’administration pour une durée prenant fin à l’expiration des fonctions de président du conseil d’administration en exercice. Les actionnaires et les tiers sont informés de ce choix dans les conditions définies par les dispositions législatives et réglementaires en vigueur.
En fonction du choix effectué par le conseil d’administration conformément aux dispositions définies ci-dessus, la direction générale est assurée, soit par le président, soit par un directeur général.
Lorsque le conseil d’administration choisit la dissociation des fonctions de président et de directeur général, il procède à la nomination du directeur général et fixe la durée de son mandat.
Lorsque la direction générale de la société est assumée par le président du conseil d’administration, les dispositions qui suivent relatives au directeur général lui sont applicables.
Sous réserve des pouvoirs que la loi attribue expressément aux assemblées d’actionnaires ainsi que des pouvoirs qu’elle réserve de façon spéciale au conseil d’administration, et dans la limite de l’objet social, le directeur général est investi des pouvoirs les plus étendus pour agir en toute circonstance au nom de la société. Il exerce ces pouvoirs dans la limite de l’objet social et sous réserve de ceux que la loi attribue expressément aux assemblées d’actionnaires et au conseil d’administration. Il représente la société dans ses rapports avec les tiers.
Le directeur général peut consentir toutes délégations partielles de ses pouvoirs à toute personne de son choix. Le directeur général est révocable à tout moment par le conseil d’administration.
Sur proposition du directeur général, le conseil d’administration peut nommer jusqu’à cinq personnes physiques chargées d’assister le directeur général avec le titre de directeur général délégué.
Les directeurs généraux délégués sont révocables à tout moment par le conseil sur la proposition du directeur général.
En accord avec le directeur général, le conseil d’administration détermine l’étendue et la durée des pouvoirs conférés aux directeurs généraux délégués.
Ces pouvoirs peuvent comporter faculté de délégation partielle. En cas de cessation de fonctions ou d’empêchement du directeur général, ils conservent, sauf décision contraire du conseil, leurs fonctions et leurs attributions jusqu’à la nomination du nouveau directeur général.
Les directeurs généraux délégués disposent, à l’égard des tiers, des mêmes pouvoirs que le directeur général.
L'Assemblée Générale peut nommer auprès de la société un ou plusieurs Censeurs, choisis ou non parmi les actionnaires.
Le Conseil d'Administration peut procéder à la nomination de Censeurs sous réserve de ratification par la plus proche Assemblée Générale.
L'Assemblée Générale peut allouer aux Censeurs une rémunération dont elle fixe le montant.
Les Censeurs sont nommés pour une période de trois ans expirant à l'issue de la réunion de l'Assemblée Générale statuant sur les comptes du troisième exercice clos depuis leur nomination.
Les Censeurs, chargés de veiller à la stricte application des statuts, sont convoqués aux séances du Conseil d'Administration ; ils prennent part aux délibérations avec voix consultative.
Le conseil d’administration peut décider de créer des comités qui assistent le conseil dans la préparation de ses travaux.

#### ARTICLE 21 – ALLOCATIONS ET REMUNERATIONS DU CONSEIL (OU DES CENSEURS)
L'assemblée générale peut allouer aux administrateurs en rémunération de leur activité une somme fixe annuelle au titre de jetons de présence dont le montant est porté aux frais généraux de la société et qui est réparti à la discrétion du conseil entre ses membres.
Les rémunérations du président du conseil d'administration et celles du ou des directeurs généraux sont déterminées par le conseil ainsi que les honoraires des censeurs.

#### ARTICLE 22 – DEPOSITAIRE
Le dépositaire est désigné par le conseil d’administration.
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement confiées par la SICAV ou la société de gestion. Il doit notamment s'assurer de la régularité des décisions de la société de gestion de portefeuille. Il doit, le cas échéant, prendre toutes mesures
conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorité des marchés financiers.

#### ARTICLE 23 - LE PROSPECTUS
Le conseil d’administration ou la société de gestion lorsque la SICAV a déléguée globalement sa gestion a tous pouvoirs pour y apporter, éventuellement, toutes modifications propres à assurer la bonne gestion de la société, le tout dans le cadre des dispositions législatives et réglementaires propres aux SICAV.

#### TITRE IV - COMMISSAIRE AUX COMPTES
ARTICLE 24 - NOMINATION - POUVOIRS - REMUNERATION
Le commissaire aux comptes est désigné pour six exercices par le conseil d’administration après accord de l’Autorité des marchés financiers, parmi les personnes habilitées à exercer ces fonctions dans les sociétés commerciales.
Il certifie la régularité et la sincérité des comptes. Il peut être renouvelé dans ses fonctions.
Le commissaire aux comptes est tenu de signaler dans les meilleurs délais à l'Autorité des marchés financiers tout fait ou toute décision concernant l'organisme de placement collectif en valeurs mobilières dont il a eu connaissance dans l'exercice de sa mission, de nature :
1° A constituer une violation des dispositions législatives ou réglementaires applicables à cet organisme et susceptible d'avoir des effets significatifs sur la situation financière, le résultat ou le patrimoine ;
2° A porter atteinte aux conditions ou à la continuité de son exploitation ;
3° A entraîner l'émission de réserves ou le refus de la certification des comptes.
Les évaluations des actifs et la détermination des parités d’échange dans les opérations de transformation, fusion ou scission sont effectuées sous le contrôle du commissaire aux comptes.
Il apprécie tout apport ou rachat en nature sous sa responsabilité, hormis dans le cadre de rachats en nature pour un ETF sur le marché primaire.
Il contrôle la composition de l’actif et les autres éléments avant publication.
Les honoraires du commissaire aux comptes sont fixés d’un commun accord entre celui-ci et le conseil d’administration de la SICAV au vu d’un programme de travail précisant les diligences estimées nécessaires.
Le commissaire aux comptes atteste les situations qui servent de base à la distribution d’acomptes.
Un commissaire aux comptes suppléant peut être nommé ; il est appelé à remplacer le commissaire aux comptes titulaire en cas d'empêchement, de refus, de démission ou de décès.

#### TITRE V - ASSEMBLÉES GÉNÉRALES ARTICLE 25 - ASSEMBLÉES GÉNÉRALES
Les assemblées générales sont convoquées et délibèrent dans les conditions prévues par la loi.
L’assemblée générale annuelle, qui doit approuver les comptes de la société, est réunie obligatoirement dans les quatre mois de la clôture d’exercice.
Les réunions ont lieu, soit au siège social, soit dans un autre lieu précisé dans l’avis de convocation.
Tout actionnaire peut participer, personnellement ou par mandataire, aux assemblées sur justification de son identité et de la propriété de ses titres, sous la forme d’une inscription dans les comptes de titres au porteur, aux lieux mentionnés dans l’avis de convocation ; le délai au cours duquel ces formalités doivent être accomplies expire deux jours avant la date de réunion de l’assemblée.
Un actionnaire peut se faire représenter conformément aux dispositions de l’article L. 225-106 du code du commerce.
Les assemblées sont présidées par le président du conseil d’administration, ou en son absence, par un vice- président ou par un administrateur délégué à cet effet par le conseil. À défaut, l’assemblée élit elle-même son président.
Les procès-verbaux d’assemblée sont dressés et leurs copies sont certifiées et délivrées conformément à la loi.

#### TITRE VI - COMPTES ANNUELS
ARTICLE 26 - EXERCICE SOCIAL
L'exercice social commence le lendemain du jour de la dernière valeur liquidative du mois de septembre et se termine le jour de la dernière valeur liquidative du même mois de l'année suivante.
Toutefois, par exception le premier exercice comprendra toutes les opérations effectuées depuis la date de création jusqu'au dernier jour de bourse du mois de septembre 2019.

#### ARTICLE 27 – MODALITES D’AFFECTATION DES SOMMES DISTRIBUABLES
Le résultat net de l’exercice est égal au montant des intérêts, arrérages, dividendes, primes et lots, jetons de présence ainsi que tous produits relatifs aux titres constituant le portefeuille du fonds majoré du produit des sommes momentanément disponibles et diminué des frais de gestion et de la charge des emprunts et des dotations éventuelles aux amortissement.
Les sommes distribuables sont constituées par :
1° Le résultat net augmenté du report à nouveau et majoré ou diminué du solde du compte de régularisation des revenus;
2° Les plus-values réalisées, nettes de frais, diminuées des moins-values réalisées, nettes de frais, constatées au cours de l'exercice, augmentées des plus-values nettes de même nature constatées au cours d'exercices antérieurs n'ayant pas fait l'objet d'une distribution ou d'une capitalisation et diminuées ou augmentées du solde du compte de régularisation des plus-values.
Les sommes mentionnées aux 1° et 2° peuvent être distribuées, en tout ou partie, indépendamment l'une de l'autre.
La mise en paiement des sommes distribuables est effectuée dans un délai maximal de cinq mois suivant la clôture de l'exercice.
La société de gestion décide de la répartition des résultats. Les modalités d’affectation du résultat et des sommes distribuables sont précisées dans le prospectus.
Concernant les actions de distribution, la société de gestion de la SICAV peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.

#### TITRE VII - PROROGATION - DISSOLUTION - LIQUIDATION ARTICLE 28 - PROROGATION OU DISSOLUTION ANTICIPÉE
Le conseil d’administration peut, à toute époque et pour quelque cause que ce soit, proposer à une assemblée extraordinaire la prorogation ou la dissolution anticipée ou la liquidation de la SICAV.
L’émission d’actions nouvelles et le rachat par la SICAV d’actions aux actionnaires qui en font la demande cessent le jour de la publication de l’avis de convocation de l’assemblée générale à laquelle sont proposées la dissolution anticipée et la liquidation de la société, ou à l’expiration de la durée de la société.

#### ARTICLE 29 - LIQUIDATION
Les modalités de liquidation sont établies selon les dispositions de l’article L. 214-12 du code monétaire et financier.
Le produit net de la liquidation, après le règlement du passif, est réparti en espèces, ou en titres, entre les actionnaires respectifs des compartiments.
L'Assemblée Générale, régulièrement constituée, conserve pendant la liquidation les mêmes attributions que durant le cours de la société ; elle a notamment le pouvoir d'approuver les comptes de la liquidation et de donner quitus au liquidateur.

#### TITRE VIII - CONTESTATIONS ARTICLE 30 - COMPÉTENCE - ELECTION DE DOMICILE
Toutes contestations qui peuvent s’élever pendant le cours de la société ou de sa liquidation, soit entre les actionnaires et la société, soit entre les actionnaires eux-mêmes au sujet des affaires sociales, sont jugées conformément à la loi et soumises à la juridiction des tribunaux compétents.