# OBJECTIVES AND INVESTMENT POLICY
The objective of the Fund is to outperform the Euro Stoxx Total Return index (with dividend reinvested) over a minimum recommended five-year investment horizon. through a thematic SRI strategy. The Sub-Fund has sustainable investment as its objective according to Article 9 of the SFDR, by investing in companies valuing their human capital as a core pillar for sustainable development.
Stock-picking draws on an in-depth analysis of fundamentals to identify quality companies which are undervalued, i.e. the stock-market price does not represent the estimated intrinsic value of the company, without any sector or market capitalisation restrictions for the targeted companies. Stocks are selected without sector or market capitalisation restrictions. The portfolio's exposure to European Union equities varies between 60% and 100%, stocks issued in other international markets may represent up to 40% of the portfolio with a sub limit of 10% for stocks issued in countries generally considered as emerging economies.
The ESG (Environment, Social, Governance) analysis, rating and selection process is a fully integrated component in the fundamental analysis of companies in our investment universe and concerns at least 90% of the Fund's net assets at all times (excluding cash). This analysis and rating, conducted according to our proprietary 'SPICE' (Suppliers & Society, People, Investors, Clients, Environment) methodology, aims in particular to understand the distribution of value created by a company among its stakeholders (investors, environment, clients, employees, suppliers and civil society), our conviction being that equitable distribution is an important factor in a company's development. This work has a decisive impact on the risk premium and the price targets thus estimated. The management team also relies on SRI exclusions (no investments in activities with a proven negative impact on society or the environment), a thematic approach (the valuation of the human capital and well-being of the workforce), shareholder engagement (promotion of the company's ESG practices through voting in general meetings), best in universe approaches (selection of the best issuers in the investment universe) and best effort (investment in companies making visible efforts in sustainable development, even though they might not yet be among the best in the ESG investment universe). The eligible investment universe of the Fund is therefore reduced by at least 20% compared to the initial investment universe i.e. equities listed on European markets and covered by our ESG analysis process. More detailed information on this subject is available in the Fund's prospectus and in our Commitment Policy, which is available at www.sycomore-am.com.
In addition to investment in equities that are the Fund's core investment strategy, derivatives listed on regulated markets or traded over-thecounter may be used in the management of assets of the Fund without exceeding portfolio exposure limits. These instruments will be used to supplement direct equity investments to hedge an anticipated drop of the stock markets or to hedge investments in currencies other than the Euro, the exchange risk being subject to discretionary management of Sycomore Asset Management within a 25% exposure limit. The Fund may also be exposed up to 10% of its assets in units or shares of undertakings of UCITS which falls within the scope of European Council Directive 2009 / 65 / EC, and up to 25% to fixed income instruments, including convertible and / or money-market instruments issued by governments or companies that have their registered office in the above mentioned areas. The credit quality of the issuers is assessed by the investment team whose credit analysis takes into account, among other criteria, the ratings issued by the credit rating agencies. A minimum rating of BBB or equivalent is required for an investment to pass the first selection filter and be eligible to the portfolio. The Fund may also hold cash on an ancillary basis.The Fund is eligible to the French PEA Tax wrapper and must therefore invest on a permanent basis at least 75% of its assets in equities of countries of the European Union, Norway and/or Iceland and in equivalent instruments and
/ or in UCITS themselves eligible for the PEA.
Benchmark I Euro Stoxx Total Return index (with dividend reinvested). The Fund is actively managed and references the benchmark by seeking to outperform it and for the purpose of calculating the performance fee. The Management Company has full discretion over the composition of the Fund’s portfolio and there are no restrictions on the extent to which the Fund’s portfolio and performance may deviate from the ones of the benchmark. The weight of each company in the net assets of the Fund is thus completely independent from the weight of the same company in the benchmark. It is possible for the Fund to invest in companies which are not included in the benchmark. Conversely, the Fund might not invest in a company appearing prominently in the benchmark.
Allocation of distributable sums I Accumulation
Deadline for the centralisation of subscription/redemption orders I Investors can subscribe for and redeem shares on a daily basis on each Luxembourg and/or French business day (“Valuation Day”).

Translation (ENFR, 2022-02-10):
# OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du Compartiment est de surperformer l'indice Euro Stoxx Total Return (dividendes réinvestis) sur un horizon minimum de placement recommandé de cinq ans, au travers d'une stratégie thématique ISR. Conformément à l'article 9 du règlement SFDR, le Compartiment a pour objectif l'investissement durable en investissant dans des sociétés qui font de la valorisation de leur capital humain un pilier essentiel du développement durable.
La sélection des actions (« stock-picking») repose sur un processus rigoureux d’analyse fondamentale des entreprises, visant à identifier des sociétés de qualité dont la valorisation boursière n’est pas représentative de la valeur intrinsèque estimée, sans contraintes de secteur ou de taille de capitalisation des sociétés cibles. Les investissements sont par ailleurs réalisés sans contraintes sectorielles ou de capitalisation. L’exposition du portefeuille aux actions des pays de l’Union européenne varie entre 60 et 100 %, les actions des autres marchés internationaux pouvant représenter jusqu’à 40 % du portefeuille avec une sous-limite de 10 % pour les actions des pays généralement considérés comme émergents.
Le processus d’analyse, notation et sélection ESG (Environnement, Social, Gouvernance) est une composante totalement intégrée à l’analyse fondamentale des entreprises de notre univers d’investissement et couvre au moins 90 % de l’actif net du Compartiment en tout temps (liquidités exclues). Cette analyse et notation, menée selon notre méthodologie propriétaire
« SPICE » (), vise notamment à appréhender la répartition de la valeur créée par une entreprise entre ses parties prenantes (investisseurs, environnement, clients, collaborateurs, fournisseurs et société civile), notre conviction étant qu’une répartition équitable est un facteur important de développement d’une entreprise. Ce travail a un impact décisif sur la prime de risque et les objectifs de cours ainsi estimés. L'équipe de gestion s'appuie également sur les exclusions ISR (pas d'investissement dans des activités ayant un impact négatif avéré sur la société ou l'environnement), sur une approche thématique (valorisation du capital humain et du bien-être des salariés), sur l'engagement actionnarial (promotion des pratiques ESG de l'entreprise par le vote aux assemblées générales), sur les approches best in universe (sélection des meilleurs émetteurs dans l'univers d'investissement) et sur les meilleurs efforts (investissement dans des entreprises qui font des efforts visibles dans le développement durable, même si elles ne figurent pas encore parmi les meilleurs de l'univers d'investissement ESG). L'univers d'investissement éligible est ainsi réduit d'au moins 20 % par rapport à l'univers d'investissement initial c'est-à-dire des actions cotées sur les marchés européens et couvertes par notre processus d'analyse ESG. Des informations plus détaillées à ce sujet sont disponibles dans le prospectus du Compartiment et dans notre Politique d’Engagement disponible sur notre site www.sycomore-am.com.