# PROSPECTUS UCITS governed by Directive 2009/65/EC
Within the limit of 10% of the portfolio, the selection of UCIs takes place in a large investment universe of several thousands of funds. In the first quantitative stage, Fund managers compute risk-adjusted performance ratios over a period in accordance with the recommended investment horizon for the funds. By "risk", managers mean the maximum volatility and decline both in absolute and relative terms compared with the Fund benchmark index.
In terms of this first analysis, a qualitative in-depth study is conducted on the UCIs offering, on a recurring basis, the best risk-adjusted performance ratios over homogenous periods. The managers of the UCIs studied are visited and audited on their management process, resources implemented and results obtained. The managers are selected at the end of this qualitative stage.
Finally, the Fund may invest in forward financial instruments traded on French and foreign regulated markets, and in instruments with embedded derivatives to hedge and/or expose the portfolio to equity, interest rate, credit and currency risks, without seeking overexposure.
The balance of the portfolio may be invested in money-market instruments. In the case of significant risk on capital markets, the monetary weighting may represent up to 100% of the assets.
- Description of assets used:The asset classes included in the composition of the Fund's assets are the following:
- Shares or equity securities and similar securities:Between 0 and 30% of the Fund’s assets may be exposed to equity markets.

The Fund's objective is to offer a freedom of choice of the different geographical areas, with an opportunistic approach to the choices made.
Secondly, the Fund will also seek diversification in terms of management style and market capitalisation without limit in terms of exposure. Against this background, the manager may invest in:
- Management styles based on "growth" and "value" (discounted securities);
- Small and mid caps without any restriction on the limit of exposure to equity markets;
- Emerging equity markets.
- Characteristics of the shares or equity securities held:
	- Securities traded on regulated markets;
	- Equities issued by international companies in all geographical regions;
	- Equities from all economic sectors;
	- Equities of small, medium or large caps.


Equities purchased by the Fund that are not specifically part of the benchmark index.
Any warrants or rights held as a result of transactions affecting the securities in the portfolio are allowed, as the Fund does not intend to acquire such assets directly.
- Debt securities and money-market instruments:Between 0% and 100% of the Fund’s assets may be invested in interest rate markets.

o Characteristics of interest rate products held:
- Negotiable debt securities or bonds;
- Securities issued by states or public institutions without rating restrictions;
- Securities issued by companies, including high-yield securities.

The overall sensitivity of the portfolio of products and interest rate instruments may vary significantly. Sensitivity is defined as the change in capital of the portfolio (in %) for a 1% change in interest rates.
Interest rate risk is managed within a sensitivity range of between -5 and +8.
Given the options to invest in derivatives, the Fund's exposure to the interest rate markets is between 0% and 200%.
| UCITS under French law* | X |
| --- | --- |
| UCITS under European law* | X |
| Retail investment funds under French law* | X |
| Professional investment funds under French law in compliance with the common law governing cash borrowings (not over 10%), counterparty risk, overall risk (not over 100%) and limiting the reuse of collateral to 100%* |  |
| AIFs under European law or investment funds under foreign law that are the subject of a bilateral agreement between the AMF and the fund’s oversight authority and if information exchange arrangements have been set up reporting the management of assets on behalf of third parties* |  |
| Collective investments under French law or AIFs under European law or investment funds under foreign law satisfying the conditions in Article R 214-13 of the French Monetary and Financial Code* |  |
| Investment funds under European or foreign law satisfying the criteria in the General Regulations of the French financial markets authority (article 412-2-2 of the AMF General Regulations) |  |
| Feeder UCITS or AIFs |  |
| Funds of funds (UCITS or AIF) under French or European law holding more than 10% in UCIs |  |
| Professional investment funds not satisfying the common law criteria above |  |
| Professional specialised investment funds |  |
| Capital investment funds (including risk funds, managed futures funds, private investment funds) and professional capital investment funds |  |
| Real estate funds (OPCI, OPPCI) and similar structures under equivalent foreign law |  |
| Alternative funds of funds |  |

* These UCITS/AIFs/Funds may not themselves hold more than 10% of their assets in UCITS/AIFs/Funds.
The UCIs and funds held by the Fund may be managed by Dorval Asset Management or one of the management companies of the BPCE group; in the latter case, diverging ESG/SRI approaches may be adopted.
- Financial derivative instruments:Depending on the Manager's expectations regarding equity, interest rate, credit and currency markets, to protect or boost performance, the Fund may use futures or options contracts traded on organised or regulated markets.

The commitment for derivatives is limited to 100% of the net assets of the Fund, thus increasing its overall exposure to 200% of the net assets.
The Fund will not use total return swaps.
| Type of instruments used | MARKET TYPE | RISK TYPE | OPERATION TYPE |
| --- | --- | --- | --- |
| Admission to regulated markets | Organised markets | Over-the-counter markets | Equities | Interest rate | Foreign exchange | Credit | Other risk(s) | Hedging | Exposure | Transfer | Other strategy(-ies) |
| Futures on |
| Equities | X | X |  | X |  | X |  |  | X | X | X |  |
| Interest rate | X | X |  |  | X | X | X |  | X | X | X |  |
| Foreign exchange | X | X |  |  |  | X |  |  | X | X | X |  |
| Indexes | X | X |  | X |  | X |  |  | X | X | X |  |
| Options on |
| Equities | X | X |  | X |  | X |  |  | X | X | X |  |
| Interest rate | X | X |  |  | X | X | X |  | X | X | X |  |
| Foreign exchange | X | X |  |  |  | X |  |  | X | X | X |  |
| Indexes | X | X |  |  |  | X |  |  | X | X | X |  |
| Swaps |
| Equities |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest rate |  |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange |  |  |  |  |  |  |  |  |  |  |  |  |
| Indexes |  |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange forwards |
| Currency(-ies) | X | X |  | X |  | X |  |  | X | X |  |  |
| Credit derivatives |
| Credit default swaps (CDS) |  |  |  |  |  |  |  |  |  |  |  |  |
| First-to-default |  |  |  |  |  |  |  |  |  |  |  |  |
| First-loss credit default swaps |  |  |  |  |  |  |  |  |  |  |  |  |

| Type of instruments used |  | RISK TYPE |  | OPERATION TYPE |
| --- | --- | --- | --- | --- |
| Equities | Interest rate | Foreign exchange | Credit | Other risk(s) | Hedging | Exposure | Transfer | Other strategy(-ies) |
| Warrants on |
| Equities | X |  |  |  |  | X | X |  |  |
| Interest rate |  |  |  |  |  |  |  |  |  |
| Foreign exchange |  |  |  |  |  |  |  |  |  |
| Indexes | X |  |  |  |  | X | X |  |  |
| Subscription warrants |
| Equities | X |  |  |  |  |  | X |  |  |
| Interest rate |  |  |  |  |  |  |  |  |  |
| Equity link |  |  |  |  |  |  |  |  |  |
| Convertible bonds |
| Exchangeable bonds | X | X | X | X |  |  | X |  |  |
| Convertible bonds | X | X | X | X |  |  | X |  |  |
| Contingent convertible bonds | X | X | X | X |  |  | X |  |  |
| Callable interest rate products |  | X | X | X |  |  | X |  |  |
| Puttable interest rate products |  | X | X | X |  |  | X |  |  |
| Structured EMTNs/MTNs |
| Structured MTNs | X | X | X | X |  | X | X |  |  |
| Structured EMTNs | X | X | X | X |  | X | X |  |  |
| Credit-linked notes (CLN) |  | X | X | X |  | X | X |  |  |
| Other (to be specified) |  |  |  |  |  |  |  |  |  |

None.
- Contracts constituting collateral: None.
- Leverage:The Mutual Fund may have a leverage of up to 2.

Your money will be mainly invested in financial instruments selected by the Management Company. The Fund's risk profile is compatible with an investment horizon of more than three years. These instruments will be subject to trends and fluctuations in eurozone and/or international equity markets.
The risks to which unitholders are exposed through the Fund are primarily as follows:
- Discretionary management risk:Discretionary management is based on anticipating trends in the financial markets. The Fund's performance will depend on the companies selected and the asset allocation defined by the Management Company. There is a risk that the Management Company may not select the best- performing companies.
- Capital risk:The Fund is managed on a discretionary basis, and does not benefit from any guarantee or protection for the capital invested. A capital loss occurs when a unit is sold at a price that is lower than its purchase price.
- Equity risk:The Fund's net asset value may vary upwards or downwards, given that a large proportion of the portfolio is invested in equity markets. Due to its management strategy, the Fund is exposed in particular to small- and mid-cap companies which, as a result of their specific characteristics, may have a liquidity risk due to the potentially illiquid nature of their market and fall further than large caps in periods of stress.

Translation (ENFR, 2022-12-30):
# PROSPECTUS OPCVM relevant de la Directive 2009/65/CE
Codes ISIN :
Part R : FR0013333838 Part I : FR0013333846 Part N : FR0013333820 Part Q :   FR0013391174
Chaque porteur de part dispose d’un droit de copropriété sur les actifs du fonds commun de placement proportionnel au nombre de parts détenues.
La tenue du passif est assurée par le dépositaire CACEIS Bank. Il est précisé que l’administration
des parts est effectuée chez Euroclear France.
S’agissant d’un FCP, aucun droit de vote n’est attaché aux parts, les décisions étant prises par la
Société de Gestion.
Les parts sont émises aux porteurs.
Les souscriptions et les rachats sont possibles dès le premier millième de part.
L’exercice comptable est clos le jour de la dernière valeur liquidative du mois de septembre.
Le Fonds en tant que tel n’est pas assujetti à l’imposition. Toutefois, les porteurs peuvent supporter des impositions du fait des revenus distribués par le Fonds, le cas échéant, ou lorsqu’ils cèderont les titres de celui-ci. Le régime fiscal applicable aux sommes distribuées par le Fonds ou aux plus ou moins-values latentes ou réalisées par le Fonds dépend des dispositions fiscales
Part R : FR0013333838 Part I : FR0013333846 Part N : FR0013333820 Part Q :   FR0013391174
Le Fonds a pour objectif d’offrir un rendement net de frais supérieur à celui de l’indicateur de référence constitué pour 80% de l’indice Bloomberg EU Govt 0 5 Year TR (Code Bloomberg : BCEE2T Index) et pour 20% de l’indice MSCI World Equal Weighted Local Index (Code Bloomberg : M4WOEW Index), dividendes nets réinvestis, et de s’exposer aux marchés de taux et d’actions internationaux en bénéficiant d’une approche des opportunités et des risques environnementaux, sociaux et de gouvernance (ESG) des sociétés sur une période d’investissement de 3 ans.
80% de l’indice Bloomberg EU Govt 0 5 Year TR (Code Bloomberg BCEE2T Index) et 20% de l’indice MSCI World Equal Weighted Net Total Return Local Index dividendes nets réinvestis (Code Bloomberg M4WOEW Index).
Cet indicateur de référence permet à l’investisseur de qualifier la performance et le profil de risque qu’il peut attendre lorsqu’il investit dans le Fonds. Pour autant, l’univers d’investissement initial du Fonds n’est pas limité aux titres contenus dans l’indicateur de référence.
L'attention du souscripteur est attirée sur le fait que la composition du portefeuille pourra
s’éloigner de celle de son indicateur de référence.
- Rappel concernant ces références :
- L’indice Bloomberg EU Govt 0-5 Year TR (code Bloomberg BCEE2T Index) est représentatif des obligations souveraines des pays membres de l’Union Monétaire Européenne dont la maturité est inférieure à 5 ans. L’indice est calculé par Bloomberg et est disponible sur le site 
- www.bloomberg.com
- Le MSCI World Equal Weighted Net Total Return Local Index dividendes net réinvestis est unindice représentant une pondération alternative à l’indice MSCI World, pondéré en fonction
- A la date du prospectus, MSCI limited et Bloomberg ne sont pas inscrit sur le registred’administrateurs et d’indices de référence tenu par l’ESMAConformément 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 modification substantielle apportée à un indice ou de la cessation de fourniture de cet indice.

L’indice de référence tel que défini par le Règlement (UE) 2019/2088 (article 2 (22)) sur la publication d’informations en matière de durabilité dans le secteur des services financiers (dit
« Règlement SFDR ») n'a pas vocation à être aligné aux ambitions environnementales ou sociales telles que promues par le Fonds
- Stratégies utiliséesLe Fonds s’appuie sur une gestion active, encadrée par la politique d’investissement socialement responsable (ISR) de la Société de Gestion et recherchant une surperformance par rapport à l’indicateur de référence par le biais d’une allocation par classe d’actif, zone géographique et thématique d’investissement. Le Fonds bénéficie du label ISR.

L’univers d’investissement initial est constitué d’actions et d’obligations des marchés de la zone euro et/ou internationaux, notées sur des critères extra-financiers selon l’approche propriétaire de Dorval Asset Asset Management. Le périmètre concerné est constitué des émetteurs présents dans la base MSCI retraités des titres présentant des absences de données (secteur IVA, code ISIN, capitalisation) et hors titres supranationaux, compagnies privées et coopérative. Il est décliné en périmètre d’investissement (9886 émetteurs) puis périmètre investissable (7201 émetteurs) après application de nos politiques de gestion des exclusions, de gestion des controverses et élimination des émetteurs dont la note environnementale et/ou sociale et/ou de gouvernance et/ou la note synthétique ESG est sous les minimum fixés. Les données chiffrées sont au 30/12/2022.
La construction et la gestion du Fonds combinent approche financière et extra-financière et reposent sur :