This rating system is based on the average fluctuations of the net asset value over the past five years, that is the scale of variation of the whole portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historic data such as those used to calculate the synthetic indicator may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.
This UCI is rated as class 6, in line with the type of securities and geographic regions presented under the heading “Objectives and investment policy” as well as the currency of the share.
€10 billion) directly or indirectly via UCIs, financial contracts, ADRs (American Depositary Receipts), GDRs (Global Depositary Receipts) and P-notes (Participatory Notes). The shares will be selected on the basis of steps to identify the securities that comply with the non-financial criteria. Exposureto French and/or European companies will represent a minimum of 15% of the assets at the creation of the portfolio. 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 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 risks inherent to each issuing company, there are exogenous risks that are specifically inherent to these markets. Investors are reminded that the operating and oversight conditions in these markets may differ from the standards that prevail on major international exchanges. 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. The Sub-fund may be exposed to currency risk. 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 Sub-fund may also invest up to 10% of its 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). 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. All these stocks will be selected using the steps for identifying securities that comply with the previously mentioned non-financial criteria.
Recommended holding period more than 5 years
Frequency of buying or selling shares: Daily, with the exception of French public holidays and/or days on which the French markets (according to the official calendar of Euronext Paris S.A.) and US markets (according to the official calendar of the NYSE) are closed, for all orders received by the clearing house on each NAV calculation day before 12.30 pm. They are executed at that day's net asset value.
Income allocation: Accumulation
Allocation of net realised gains: Accumulation
Significant risks not taken into account in this indicator:
Credit risk: risk that the issuer of the debt securities or money market securities may not be able to meet its obligations or that its credit rating may be downgraded. It may also be the result of an issuer defaulting on repayment at maturity.
Liquidity risk: risk linked to the low level of liquidity on the underlying markets, which makes them sensitive to significant purchase/sale trends.
Risk linked to derivatives: the use of derivatives may cause a greater drop in the value of net assets than that of the markets it is invested in.
Counterparty risk: this is the risk that a market participant will default, preventing them from honouring their commitments in respect of your portfolio.
The occurrence of any of these risks may negatively impact the net asset value.

Translation (ENFR, 2020-12-14):
Ce système de notation est basé sur les fluctuations moyennes de la valeur liquidative sur les cinq dernières années, c'est-à-dire l'amplitude de variation de l'ensemble du portefeuille à la hausse et à la baisse. Si la valeur liquidative a moins de 5 ans, la notation résulte des autres méthodes de calcul réglementaires. Les données historiques telles que celles utilisées pour calculer l'indicateur synthétique pourraient ne pas constituer une indication fiable du profil de risque futur. La catégorie actuelle n'est ni une garantie ni un objectif. La catégorie 1 ne signifie pas un investissement sans risque.
Cet OPC est noté en catégorie 6, en ligne avec la nature des titres et les zones géographiques présentées dans la rubrique "objectifs et politique d'investissement" ainsi que la devise propre de l'action.
Risques importants non pris en compte dans cet indicateur :
Risque de crédit : risque que l’émetteur de titres obligataires ou monétaires ne puisse pas faire face à ses engagements ou que sa qualité de signature soit dégradée. Il peut aussi résulter d’un défaut de remboursement à l’échéance d’un émetteur.
Risque de liquidité : risque lié à la faible liquidité des marchés sous-jacents, qui les rend sensibles à des mouvements significatifs d’achat/vente.
Risque lié aux dérivés : le recours aux instruments dérivés peut induire une baisse de l’actif net plus significative que celle des marchés investis.
Risque lié aux contreparties : il représente le risque de défaillance d’un intervenant de marché l’empêchant d’honorer ses engagements vis-à-vis de votre portefeuille.
La survenance de l’un de ces risques peut impacter à la baisse la valeur liquidative.