# Management company: Edmond de Rothschild Asset Management (Luxembourg)
OBJECTIVES AND INVESTMENT POLICY
Investment objective: The Sub-Fund’s investment objective is to outperform its benchmark through exposure to the international equity markets and through the active management of a portfolio of stocks issued by companies of the luxury goods sector or having a strong international brand image.The sub-fund is actively managed.
Benchmark index: MSCI AC World, net dividends reinvested
The Sub-Fund is actively managed and is not designed to track the Index. Therefore, the composition of the portfolio holdings is not constrained by the composition of the Index and the deviation of portfolio holdings from the Index may be significant.
Investment policy: The selection of the investment scope is based on the use of qualitative and quantitative filters that allows the Investment Manager to identify stocks that will be considered eligible and which shall be subject to further analyses. The investment scope of the Sub-Fund includes equities of all capitalisations.
Between 75% and 110% of the Sub-Fund’s net assets will be invested in and/or exposed to those equities without restriction as to capitalisation or geographical area.
For cash management purposes, the Sub-Fund may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Sub-Fund will seek issues from public or private issuers that are rated Investment Grade at the time of purchase (i.e. which rating are higher than or equal to BBB- according to Standard & Poor’s, or an equivalent rating attributed by another independent agency, or a deemed equivalent rating attributed by the Investment Manager for non-rated securities), with a short-term maturity of less than three months.
Up to the limit of 10% of its net assets, the Sub-Fund may invest in units or shares of UCITS or other Investment Funds.
The Sub-Fund may use financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purpose of hedging. These instruments may include, but are not limited to:
- equity options in order to reduce equity volatility and to increase the Sub-Fund’s exposure to a limited number of equities;
- futures contracts in order to manage exposure to equities without seeking overexposure;
- forward foreign exchange contracts or currency swaps in order to hedge exposure to specific currencies in the case of equities outside the Euro zone.

The Sub-Fund will not use TRS or SFT. 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 described for financial contracts. This includes, without limitation, warrants and other instruments which may be considered as equities containing embedded derivatives.
Recommended holding period of more than 5 years
Frequency of share buying or selling: Every Luxembourg and France bank business day except for Good Friday, 24 December (Christmas Eve) and the days on which the French markets are closed (official calendar of Euronext Paris S.A.) for orders received by the transfer agent on each NAV calculation day before 12:30 p.m. and processed on the basis of that day’s net asset value.
Income allocation: Distribution

Translation (ENFR, 2020-02-07):
# Société de gestion : Edmond de Rothschild Asset Management (Luxembourg)
OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
Objectif d’investissement : L’objectif d’investissement du Compartiment consiste à surperformer son indice de référence en s’exposant aux marchés d’actions internationaux et en gérant activement un portefeuille d’actions émises par des sociétés du secteur du luxe ou ayant une forte image de marque internationale. Le Compartiment est activement géré.
Indice de référence : MSCI AC World, dividendes nets réinvestis
Le Compartiment est activement géré et n’est pas conçu pour suivre l’Indice. Par conséquent, la composition des participations du portefeuille n’est pas limitée par la composition de l’Indice, et l’écart entre les participations du portefeuille et l’Indice peut être significatif.
Politique d’investissement : La sélection de l’univers d’investissement repose sur l’utilisation de filtres qualitatifs et quantitatifs permettant au Gestionnaire d’investissement d’identifier les titres qui seront jugés éligibles et qui feront l’objet d’analyses complémentaires. L’univers d’investissement du Compartiment comprend des actions de toutes capitalisations.
Entre 75 % et 110 % des actifs nets du Compartiment seront investis et/ou exposés à ces actions sans restriction de capitalisation ou de zone géographique.
À des fins de gestion de trésorerie, le Compartiment peut investir jusqu’à 25 % de ses actifs nets dans des titres de créance transférables, des Instruments du marché monétaire et des Fonds monétaires. Le Compartiment recherchera des émissions d’émetteurs publics ou privés notées Investment Grade au moment de l’achat (c’est-à-dire ayant une notation supérieure ou égale à BBB- selon Standard & Poor’s, ou toute autre notation équivalente attribuée par une autre agence indépendante, ou, s’agissant de titres non notés, d’une notation interne jugée équivalente attribuée par le Gestionnaire d’investissement) et ayant une échéance à court terme inférieure à trois mois.
Dans la limite de 10 % de ses actifs nets, le Compartiment peut investir dans des parts ou des actions d’OPCVM ou d’autres Fonds d’investissement.