# Prospectus
08/12/2022
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 15 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  |
| B EUR shares | FR0010789313 | Net income: Distribution 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  |
| B EUR shares | FR0013400074 | Net income: Distribution 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 |  |
| --- | --- | --- | --- | --- | --- | --- |
| CRD EUR shares | FR0013417516 | 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 | 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 |
| J EUR shares | FR0013444031 | 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 | 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 |
| O EUR shares | FR0013444049 | Net income: 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 |
| B USD (H) shares | FR001400DLX2 | 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 | 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 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 | 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 |

| B USD (H) shares | FR001400DLU8 | 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 | 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.

##### EdR SICAV – European Sustainable Smaller Companies
| Type of shares | ISIN code | Allocation of distributable income | Currency | Minimum initial subscription* | Target subscribers | Risk systematically hedged |
| --- | --- | --- | --- | --- | --- | --- |
| A CHF (H) shares | FR0014009ZB0 | Net income: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | EUR/CHF |
| A EUR shares | FR0014009Z77 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD shares | FR001400DLM5 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | None |
| A USD (H) shares | FR0014009Z51 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| B EUR shares | FR0014009Z69 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | 1 Share | All subscribers | None |

| B USD shares | FR0014009ZI5 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers | None |
| --- | --- | --- | --- | --- | --- | --- |
| CR EUR shares | FR0014009ZH7 | 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 | FR0014009ZG9 | 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 | FR0014009Z93 | 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 CHF (H) shares | FR0014009ZA2 | 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 | EUR/CHF |
| I EUR shares | FR0014009ZC8 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | EUR 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

| I USD shares | FR001400DLN3 | 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 |
| --- | --- | --- | --- | --- | --- | --- |
| I USD (H) shares | FR0014009ZD6 | 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 | FR0014009ZE4 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | EUR 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| K EUR shares | FR0014009ZF1 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | EUR 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| N EUR shares | FR0014009Z85 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | EUR 10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| O EUR shares | FR0014009ZJ3 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution and/or Carried forward | Euro | EUR 10,000,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

| S EUR shares | FR001400DLO1 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | EUR 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.
	- 
###### 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).
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###### 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.
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###### 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.
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###### 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.
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###### 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)
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### OPERATING AND MANAGEMENT PROCEDURES
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##### 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.
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###### 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.
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###### 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.
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##### 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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 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 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% investeddirectly 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 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 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 |

*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
| 110 108 107 106	106 105 104 102 101	101 100 0	1	2	3	4	5 |
| --- |
|  | Target NAV	NAV |  |

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).
CALCUL NAV-TA NAV
ATION: RGET
-2
8
Example 3:
| PERIOD |  | 0 | 1 | 2 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TARGET NAV | 100 | 104 | 98 |  |  |  |  |  |
| NAV |  | 100 | 102 | 106 |  |  |  |  |  |
| BASIS	OF Combined |  |  |  |  |  |  |  | Renewed period	“R”	/ Extended period “E” or Deferred period “D” |
| ce* | 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 |
| Period | share performan |
| 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: N Target NAV
AV-
-4
-
5	-
1	-12
-4
3
|  | Renewed | Change |
| --- | --- | --- |
| Combined | Combined | Combined | Share | Index | Relative |  | period “R” / | in |
| share | index | relative | performance | performance | performance | Application | Extended | reference |
| performance | performance | performance | in previous | in previous | in previous | of a fee | period “E” or | NAV |
| * | * | * | year | year | year |  | Deferred |  |
|  |  |  |  |  |  |  | period “D” |  |

Period
| 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. In the absence of an internal rating, the Manager uses an ESG rating provided by the external rating provider used by the Management Company.
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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 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.
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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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. Regarding thermal coal, the Sub-fund excludes any company developing new projects that involve the use of thermal coal, any mining company involved in coal exploration and extraction, any electricity producer using coal as part of its energy mix (i.e. the proportion used in production and/or in its non-zero turnover). 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 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 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of
the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 performan ce* | Combined index performan ce* | Combined relative performanc e* | Share performan ce in previous year | Index performan ce in previous year | Relative performan ce in previous year | Charge d 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 |

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.
| 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 |

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 uses an ESG rating provided by the external rating provider used by the Management Company. The external rating agency used by the Management Company may not use the same rating method as 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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 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 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, listed options), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/or exposure, without overexposure, up to a limit of 100% of its assets. In this respect, the Sub-fund may take a position with 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 mentioned non-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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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.
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 uses an ESG rating provided by the external rating provider used by the Management Company.
The external rating agency used by the Management Company may not use the same rating method as 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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 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.
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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 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 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 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 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 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 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)”, “I USD”, “K EUR (H)” and “K USD” shares | “B CHF (H)”, “B EUR (H)”, “B USD”, “CRD EUR (H)”, “CRD USD”, “J CHF (H)”, “J EUR (H)” and “J 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 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-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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 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 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 reduce interest rate and credit risks and achieve a stable interest rate sensitivity throughout the life of the product, the construction of the portfolio aims to give equal weighting to different maturity components (ladder structure). It also aims to protect the portfolio against interest rate shocks and to follow market movements over time by capturing early repayment premiums and issue premiums on the primary market. A portion of the portfolio will be automatically reinvested each month as debt falls in the portfolio, thus allowing the market to be dynamically followed.
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”) 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, 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 uses an ESG rating provided by the external rating provider used by the Management Company.
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 external rating agency used by the Management Company may not use the same rating method as 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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 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.
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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 performanc e* | 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 external rating agency used by the Management Company may not use the same rating method as 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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 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.
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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing
intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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 performanc e* | Combined index performanc e* | Combined relative performan ce* | Share performan ce in previous year | Index performan ce in previous year | Relative performan ce in previous year | Charge d fee** | Renewed/extend ed 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: B USD (H) shares: | FR0014005989 FR001400DLX2 |
| 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 the lowest-rated securities as rated by the external rating provider used by the Management Company.
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), B EUR and B USD (H) 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”, “B USD (H)”, “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”, “B USD (H)”, “CR EUR”, “CRUSD (H)”, “CRD EUR”, “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 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 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: B USD (H) shares: | €100 $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: B USD (H) shares: | 1 Share 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: B USD (H) shares: | 1 thousandth of a share 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% |
| B USD (H) 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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* |
| B USD (H) shares: Maximum 1.15% |
| 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* |
| A USD (H) shares: Maximum 0.15% |
| 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. |
| B 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. |
| 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: B USD (H) shares: | FR0014008W55 FR001400DLU8 |
| 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.
In addition, the Manager will not invest in the lowest-rated securities as rated by the external rating provider used by the Management Company.
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, B EUR and B USD (H) 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”, B USD (H)”, “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”, “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”, “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 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 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: B USD (H) shares: | €100 $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: B USD (H) shares: | 1 Share 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: B USD (H) shares: | 1 thousandth of a share 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% |
| B USD (H) 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.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI equities or forming relationships with other investors. This remuneration is variable, and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated based on the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the customer with any useful information on costs and fees, as well as their remuneration.
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* |
| B USD (H) shares: Maximum 1.10% |
| 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* |
| B USD (H) shares: Maximum 0.10% |
| 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%. |
| B USD (H) 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.
EdR SICAV – European Sustainable Smaller Companies
- Date createdThe Sub-fund was approved by the French financial markets authority (Autorité des Marchés Financiers – AMF) on 11 October 2022.

The Sub-fund was created on 8 December 2022.
- ISIN code

| A EUR shares: | FR0014009Z77 |
| --- | --- |
| A CHF (H) shares: | FR0014009ZB0 |
| A USD shares: | FR001400DLM5 |
| A USD (H) shares: | FR0014009Z51 |
| B EUR shares: | FR0014009Z69 |
| B USD shares | FR0014009ZI5 |
| CR EUR shares: | FR0014009ZH7 |
| CR USD shares: | FR0014009ZG9 |
| CRD EUR shares: | FR0014009Z93 |
| I CHF (H) shares: | FR0014009ZA2 |
| I EUR shares: | FR0014009ZC8 |
| I USD shares: | FR001400DLN3 |
| I USD (H) shares: | FR0014009ZD6 |
| J EUR shares: | FR0014009ZE4 |
| K EUR shares: | FR0014009ZF1 |
| N EUR shares: | FR0014009Z85 |
| O EUR shares: | FR0014009ZJ3 |
| S EUR shares: | FR001400DLO1 |

- 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.
- Investment objectiveThe aim of the Sub-fund, over the recommended investment period, is to outperform the benchmark index MSCI EMU Small Cap (NR) through exposure to the European companies market, primarily small- and mid-caps. 

These companies will be selected on the basis of an analysis that combines financial profitability and compliance with environmental, social and governance (ESG) criteria. In this respect and through its investments, the Sub-fund will seek to increase the number of jobs created over three- to five-year cycles, based on the Management Company’s analysis, and therefore it will seek to strengthen small- and mid-caps in Europe.
The Sub-fund is actively managed; the Manager makes investment decisions regarding asset selection with no sectoral or geographical restrictions.
- Benchmark indexThe Sub-fund is actively managed and uses the benchmark index for comparative purposes and for retrospectively calculating the performance fee.

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 with the benchmark index may be total or significant, but sometimes may also be small.
The benchmark index used is the MSCI EMU Small Cap (NR) net dividends reinvested. It is expressed in the currency of the relevant share.
The benchmark index for share classes (H) denominated in CHF and USD is the MSCI EMU Small Cap (NR) net dividends reinvested, hedged and expressed in the currency of the relevant share class.
The MSCI EMU Small Cap Index reflects fluctuations in the small-cap securities of 10 Developed Markets countries of the European Economic and Monetary Union. You can find more information on this index on the website www.msci.com.
The MSCI Limited (website: http://www.msci.com) administrator is not included in the register of administrators and benchmark indices kept by the ESMA, and benefits from the transitional regime stipulated by Article 51 of the Benchmark 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 usedTo achieve its objective, the Manager will select mainly small-cap European companies (market capitalisation of less than EUR 5 billion) and mid-cap European companies (market capitalisation between EUR 5 and EUR 10 billion). Companies with a capitalisation of less than EUR 5 billion at the time of investment will represent at least 51% of the net assets at all times. A minimum of 75% of the Sub-fund’s net assets will be permanently invested in equities and other securities eligible for the PEA (French equity savings plan) issued by companies whose headquarters are located in the European Union or in a Member State of the European Economic Area (EEA), and up to 25% of its net assets will be invested in European equities and other similar securities issued by companies whose headquarters are located in a non-EEA country, specifically Switzerland and the United Kingdom.

This selection will be based on both financial and non-financial ESG criteria to meet socially responsible investment requirements.
The portfolio’s initial ESG investment universe is made up of European small- and mid-caps of between EUR 50 million and EUR 10 billion.
All the stocks that form the portfolio’s initial ESG investment universe are subject to both a non-financial and employment outlook analysis, as detailed below. The investment universe will be reduced by eliminating 20% of the worst issuers based on the non-financial analysis.
Then, from this reduced investment universe, the Manager will eliminate companies with a “negative” employment outlook.

##### Analysis of non-financial criteria:
This analysis is designed to allow stocks to be selected on the basis of the Management Company’s own ESG rating grid, which classifies securities according to the ESG 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 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 analysts.
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.
The external 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.
If an issuer’s external ESG rating deteriorates, affecting the portfolio’s ESG limits, the Management Company must conduct a detailed analysis of that issuer in order to determine whether it can be retained or whether it should be sold as soon as possible, in the interests of the investors.
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 Edmond de Rothschild Asset Management (France) exclusion policy available on its website. This negative screening helps mitigate sustainability risk.

##### Employment outlook
Through these investments, the strategy will particularly seek to invest in companies that will create or are likely to create jobs in the coming years (without predicting the number of jobs created).
The “employment outlook” is based on an internal analysis combining a study of past workforce changes over a rolling three- to five-year period and the issuer’s employment outlook in the coming years. Listed companies are selected against this criterion on the basis of quantitative filters, various research carried out and discussions with companies. Based on this assessment, the Management Company assigns each issuer an “employment outlook” score using a three-tier rating system: “positive”, “neutral” or “negative”. Only companies with a “positive” or “neutral” employment outlook are eligible.
As a result, the portfolio includes companies that have, according to the analysis of Edmond de Rothschild Asset Management (France), the best prospects for job creation over a rolling three- to five-year period, that meet ESG criteria and offer performance potential over at least a five-year period.
Measurable performance indicators are monitored by the Manager. The indicators used include the number of full- time equivalent employees at the end of the financial year as communicated by the companies over a rolling three- to five-year period. This list of indicators is not exhaustive. The Sub-fund’s impact report is available on the Management Company’s website.
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 methodology and to the extent that data is available, Edmond de Rothschild Asset Management (France) takes into account the qualifying share or alignment with the Taxonomy with regard to the share of turnover considered green or the investments aligned with this. We take into consideration the figures published by companies or estimated by providers. The environmental impact is always taken into account, according to the sectoral particularities. An analysis may also be carried out of the carbon footprint (based on the relevant parameters), the company’s climate strategy and greenhouse gas reduction targets, the environmental added value of products and services, eco-design etc. The Sub-fund does not aim to make any investments that contribute to environmental objectives focused on mitigating and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
Methodological limitations
Implementing a non-financial strategy has methodological limitations. Indeed, available ESG information from third- party data providers or from the issuers themselves may be incomplete, inaccurate, fragmented or unavailable, which may have a negative impact on a portfolio that relies on such data to assess whether a security should be included or excluded.
Investment via UCIs will be limited to 10% of net assets.
Up to 100% of the Sub-fund’s net assets may be hedged and exposed to OTC derivatives or financial contracts traded on a regulated market in Europe.
The portfolio’s investment in debt securities and money market instruments may represent up to 25% of the portfolio for cash management purposes. 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.
All these securities will be selected using the steps for identifying stocks that comply with the previously mentioned non-financial criteria.
Assets used
Equities:
The Sub-fund invests mainly in small-cap European companies (market capitalisation of less than EUR 5 billion) and mid-cap European companies (market capitalisation of between EUR 5 and EUR 10 billion). Companies with a capitalisation of less than EUR 5 billion at the time of investment will represent at least 51% of the net assets at all times. 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 their headquarters located in the European Union or in a Member State of the European Economic Area (EEA), and up to 25% of its net assets are invested in European equities and other similar securities issued by companies whose headquarters are located in a non-EEA country, specifically Switzerland and the United Kingdom.
Debt securities and money market instruments:
The portfolio’s investment in debt securities and money market instruments may represent up to 25% of the portfolio for cash management purposes.
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, similar institutions or entities with a short- term rating of A2 or higher at the time of investment, 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 against criteria other than its rating. In the event that a security in the “High Yield” category has its rating downgraded, i.e.
speculative securities for which the risk of default by the issuer is higher (securities with ratings below BBB- or whose short-term rating is less than or equal to A-3 according to Standard & Poor’s or an equivalent agency, or with 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 the subject of a non-financial analysis.
Derivatives:
The Sub-fund may invest up to 100% of the assets in financial contracts traded on European regulated, organised, or over-the-counter markets in order to conclude:
- equity options and equity index 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 currency contracts or currency swaps in order to hedge exposure to specific currencies in the case of equities from outside of 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 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 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.), capped at 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 that 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 and currencies). 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.
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.
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. Unitholders 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 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.
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.
Risk associated with small- and mid-caps:
The 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.
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 its 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. 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. Furthermore, 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 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 ESG objectives and determining whether those 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), A USD, A USD (H), B EUR, B USD shares: All subscribersI EUR, I CHF (H), I USD, I USD (H), J EUR, K EUR, N EUR, O EUR and S EUR shares: Legal entities and institutional investors dealing on their own behalf or on behalf of third parties.

CR USD, CR EUR and CRD EUR shares are intended for all subscribers; they 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 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 UCI.
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 under the FINRA Rules. Investors should seek advice from their legal advisor 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 5 years
- Procedures for determining and allocating income

| Distributable amounts | “A EUR”, “A CHF (H)”, “A USD”, “A USD (H)”, “CR EUR”, “CR USD”, “I EUR”, “I CHF (H)”, “I USD”, “I USD (H)”, “K EUR”, “N EUR” and “S EUR” shares. | «B USD», «B EUR», «CRD EUR», «J EUR» et «O EUR» |
| --- | --- | --- |
| 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 18 share classes: “A EUR”, “A CHF (H)”, “A USD”, “A USD (H)”, “B EUR”, “B USD”, “CR EUR”,“CR USD”, “CRD EUR”, “I EUR”, “I CHF (H)”, “I USD”, “I USD (H)”, “J EUR”, “K EUR”, “N EUR”, “O EUR” and“S 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 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 B USD 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 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 I 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 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 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. |
| 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 markets are closed (according to the official Euronext Paris S.A. calendar).

Initial net asset value:
| A EUR shares: | EUR 100 |
| --- | --- |
| A USD shares: | USD 100 |
| A CHF (H) shares: | CHF 100 |
| A USD (H) shares: | USD 100 |
| B EUR shares: | EUR 100 |
| B USD shares: | USD 100 |
| CR EUR shares: | EUR 100 |
| CR USD shares: | USD 100 |
| CRD EUR shares: | EUR 100 |
| I EUR shares: | EUR 100 |
| I USD shares: | USD 100 |
| I CHF (H) shares | CHF 100 |
| I USD (H) shares: | USD 100 |
| J EUR shares: | EUR 100 |
| K EUR shares: | EUR 100 |
| N EUR shares: | EUR 100 |
| O EUR shares: | EUR 100 |
| S EUR shares: | EUR 100 |

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

Minimum subsequent subscriptions:
| A EUR shares: | 1 thousandth of a share |
| --- | --- |
| A USD shares: | 1 thousandth of a share |
| A CHF (H) shares: | 1 thousandth of a share |
| A USD (H) 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 |
| I EUR shares: | 1 thousandth of a share |
| I USD shares: | 1 thousandth of a share |
| I CHF (H) shares | 1 thousandth of a share |
| I USD (H) shares: | 1 thousandth of a share |
| J EUR shares: | 1 thousandth of a share |
| K EUR shares: | 1 thousandth of a share |
| N EUR shares: | 1 thousandth of a share |
| O 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 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 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 clearing date, between the total value of the redemptions and the total value of the subscriptions; and
- the 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 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 three months. Notifying unitholders:
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 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 regime applicable to each subscriber depends on the tax provisions applicable to the subscriber’s individual situation and/or the investment jurisdiction of the UCITS. If there is any uncertainty, subscribers should contact their advisor for 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 clearing orders that applies 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 subscriptions:
At its sole discretion, the Sub-fund may cease to issue new “S EUR” shares as soon as the amount outstanding reaches EUR 300 million. “S EUR” shares can therefore no longer be subscribed once this decision has been reached.
Place and means of publication of the 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 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 Fund 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 –  European Sustainable Smaller Companies | Net asset value x Number of shares | A EUR shares: maximum 3% |
| A CHF (H) shares: maximum 3% |
| A USD shares: maximum 3% |
| A USD (H) 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% |
| I EUR shares: None |
| I CHF (H) shares: None |
| I USD (H) shares: None |
| I USD shares: None |
| J EUR shares: None |
| K EUR shares: None |
| N EUR shares: None |
| O EUR shares: None S EUR shares: None |
| Subscription fee payable to the Sub-fund EdR SICAV –  European Sustainable Smaller Companies | Net asset value x Number of shares | All classes of shares: None |
| Redemption fee not payable to the Sub-fund EdR SICAV –  European Sustainable Smaller Companies | Net asset value x Number of shares | All classes of shares: None |

| Redemption fee payable to the Sub-fund EdR SICAV –  European Sustainable Smaller Companies | Net asset value x Number of shares | All classes of shares: None |
| --- | --- | --- |

Operating and management fees:
These fees 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 operating and management fees:
- Performance fees.
- Transaction fees charged to the Sub-fund.
- Fees linked to temporary purchases and sales of securities, if applicable.

The Management Company is required to pay a share of the UCI’s financial management fees as remuneration to intermediaries such as investment companies, insurance companies, management companies, marketing intermediaries, distributors or distribution platforms who have signed an agreement on distributing, investing UCI units or forming relationships with other investors. This remuneration is variable and depends on the business relationship with the intermediary and on the improvement in the quality of services provided to the client, which can be justified by the recipient of this remuneration. This remuneration may be fixed or calculated on the basis of the net assets subscribed as a result of the intermediary’s actions. The intermediary may or may not be a member of the Edmond de Rothschild group. In accordance with the applicable regulations, each intermediary will provide the client with any useful information on costs and fees, as well as their remuneration.
For more details regarding fees charged to investors, please refer to the Key Investor Information Documents (KIIDs).
| Fees charged to the UCITS | Basis | Rate and scale |
| --- | --- | --- |
| Financial management fees | Net assets of the Sub-fund | A EUR shares: Maximum 1.90% incl. taxes* |
| A CHF (H) shares: Maximum 1.90% incl. taxes* |
| A USD shares: Maximum 1.90% incl. taxes* |
| A USD (H) shares: Maximum 1.90% incl. taxes* |
| B EUR shares: Maximum 1.90% incl. taxes* |
| B USD shares: Maximum 1.90% 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 0.95% incl. taxes* |
| I CHF (H) shares: Maximum 0.95% incl. taxes* |
| I USD (H) shares: Maximum 0.95% incl. taxes* |
| I USD shares: Maximum 0.95% incl. taxes* |
| J EUR shares: Maximum 0.95% incl. taxes* |
| K EUR shares: Maximum 1.10% incl. taxes* |
| N EUR shares: Maximum 0.75% incl. taxes* |
| O EUR shares: Maximum 0.75% incl. taxes* S EUR shares: Maximum 0.30% 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 CHF (H) shares: Maximum 0.15% incl. taxes* |
| A USD shares: Maximum 0.15% incl. taxes* |
| A USD (H) 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* |
| I EUR shares: Maximum 0.15% incl. taxes* |
| I CHF (H) shares: Maximum 0.15% incl. taxes* |
| I USD shares: Maximum 0.15% incl. taxes* |
| I USD (H) shares: Maximum 0.15% incl. taxes* |
| J EUR 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* S 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: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| A CHF (H) shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap CHF (NR) hedged net dividends reinvested |
| A USD shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| A USD (H) shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap USD (NR) hedged net dividends reinvested |
| B EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| B USD shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| CR USD shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| CRD EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| I EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| I CHF (H) shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap CHF (NR) hedged net dividends reinvested |
| I USD shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| I USD (H) shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap USD (NR) hedged net dividends reinvested |

|  | J EUR shares: 15% per year of the outperformance compared with the benchmark index MSCI EMU Small Cap (NR) net dividends reinvested |
| --- | --- |
| K EUR shares: None |
| N EUR shares: None |
| O EUR shares: None |
| S EUR shares: None |

*Including all taxes.
For this activity, the Management Company has not opted for VAT
** If administrative fees external to the Management Company increase by 0.10% (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 0.10% (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 as follows:Benchmark index:
- MSCI EMU Small Cap (NR) expressed in euros for share classes denominated in euros.
- MSCI EMU Small Cap (NR) hedged and expressed in US dollars for share classes denominated in US dollars.
- MSCI EMU Small Cap (NR) hedged and expressed in Swiss francs for share classes denominated 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—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 underperformance, 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 ends on the last net asset value date in December. 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 31/12/2023. It is at the end of this period that the compensation mechanism for past underperformance may be reset.
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 thus reach five years, or less if the underperformance is recovered more quickly. It must be strictly less than six 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 index, a fee is payable. The reference period will be renewed, and a new reference period will begin at the end of the period that is finishing.
- 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. 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:
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 – European Sustainable Smaller Companies 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 trailer fees collected by the Sub-fund.
In the unusual event that a sub-custodian has to charge 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 SICAV’s management report.
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.
- 
### 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 2028
- EdR SICAV – European Sustainable Smaller CompaniesValue-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, EdR SICAV – Corporate Hybrid Bonds and EdR SICAV – European Sustainable Smaller Companies, 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 differentialrepresenting 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, EdR SICAV - Corporate Hybrid Bonds and EdR SICAV – European Sustainable Smaller Companies, 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, during the marketing period, 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 2028
- EdR SICAV – European Sustainable Smaller CompaniesThe 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.
- Additional information for investors domiciled in EU/EEA countries in which the Fund is registered fordistributionFacilities to investors in accordance with Art. 92(1) a) of the Directive 2009/65/EC (as amended by the Directive (EU) 2019/1160) :
- Process subscriptions, repurchase and redemption orders and make other payments to unitholders relating to the units of the UCITS
- Provide investors with information on how orders can be made and how repurchase and redemption proceeds are paid.
- Facilitate the handling of information and access to procedures and arrangements referred to in Article 15 of Directive 2009/65/EC relating to investors’ exercise of their rights.
- Make the information and documents required pursuant to Chapter IX off Directive 2009/65/EC available to investors.
- Provide investors with information relevant to the tasks that the facilities perform in a durable Medium.

Contact person for task 1.:
Edmond de Rothschild (France)
Address : 47 rue du Faubourg Saint-Honoré 75401 Paris Cedex 08
Contact person for tasks 2. to 5.:
Edmond de Rothschild Asset Management (France)
Address : 47 rue du Faubourg Saint-Honoré 75401 Paris Cedex 08 Email : contact-am-fr@edr.com

##### In addition to the above, this appendix provides additional information for investors in the following jurisdictions:
- Austria
- Germany
- Luxembourg
- United Kingdom
- 
##### Austria

For investors in Austria, the following sub-funds are available :
- EDR SICAV – Euro Sustainable Credit
- EDR SICAV – Euro Sustainable Equity
- EDR SICAV – Financial Bonds
- EDR SICAV – Start
- EDR SICAV – Short Duration Credit
- EDR SICAV – Tech Impact
- EDR SICAV – Green New Deal
- EDR SICAV – Corporate Hybrid Bonds
- EDR SICAV – Millesima World 2028
- 
##### Germany

In addition, investors in the Federal Republic of Germany will get informed by means of a durable medium (§ 167 Investment Code) in the following cases:
- Suspension of the redemption of the units;
- Termination of the management of the fund or its liquidation;
- Any amendments to the articles of incorporation which are inconstant with the previous investment principles, which affect material investor rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool;
- Merger of the fund with one or more other funds;
- The change of the fund into a feeder fund or the modification of a master fund.
- 
##### Luxembourg

Information to shareholders
The SICAV's prospectus, the Key Investor Information Documents and the financial reports are available from the Financial Service in Luxembourg. The net asset value is calculated daily, with the exception of public holidays and closing days of the French markets (official calendar of EURONEXT PARIS S.A.)
Terms of subscription and redemption of shares
Subscription and redemption requests are centralized each day before 12:30 p.m. by EDMOND DE ROTHSCHILD (France) and are executed on the net asset value of the day and calculated the next opening business day.
Fiscal statue
Gains or losses realized on the redemption of the shares of the SICAV (or on the dissolution funds) constitute capital gains or losses subject to the capital gains or capital losses on transferable securities applicable to each holder according to his own situation (country of residence, natural or legal person, place of subscription, etc.). In case of doubt about his tax situation, the holder is invited to contact a tax adviser to know the specific tax treatment that will be applicable to it before the subscription of any share of the SICAV.
- 
##### United Kingdom

The Company has appointed Societe Generale, its principal place of business being One Bank Street Canary Wharf, London E14 4SG, United Kingdom, as its UK Facilities Agent. Investors can obtain information about the most recent prices and redemption facilities from the office of the UK Facilities Agent detailed above. Updated prices are also available under: http://funds.edram.com/.
Concerning the nature of the Share classes, please refer to the Section “Shares” of the latest available Prospectus. For further details regarding the shares, please refer to the section data sheet section of each sub-fund (in the end of the prospectus). UK resident investors should seek their own professional advice as to tax matters and other relevant considerations. Please note that investors making investments in the Company may not receive back their entire investment.
Although the Company is authorised by the Financial Conduct Authority for the purposes of distribution, potential and current investors in the UK are advised that the rules made under Financial Services and Market Act (FSMA) do not in general apply to the Company in relation to its investment business.
The following documents and/or information are available for inspection at the office of the UK Facilities Agent:
- The latest available prospectus and key investor information documents,
- The latest articles of incorporation of the Company,
- The latest available annual and semi-annual financial reports of the Company,
- The issue and redemption prices.

Written complaints about any aspect of the service including the operations of the Company, or requests to obtain a copy of the complaints handling procedure can be addressed to Societe Generale for their further submission to the Company’s head office.
Please note that the investors have no rights of cancellation in respect of their holding.
Potential investors should be aware that Edmond de Rothschild SICAV is not subject to the rules and regulations made under FSMA for the protection of investors. Investors will not have any protection under the United Kingdom Financial Services Compensation Scheme.
The foregoing is based on the Edmond de Rothschild SICAV/ Edmond de Rothschild Asset Management (France) understanding of the law and practice currently in force in the United Kingdom and is subject to changes therein. It should not be taken as constituting legal or tax advice and, Investors should obtain information and, if necessary, should consult their professional advisers on the possible tax or other consequences of buying, holding, transferring or selling the units under the laws of their countries of origin citizenship, residence or domicile. Furthermore the content of this document is for information purposes only, it does not constitute any offer or promotion of sale nor does it make any reference to the suitability of investments referred to herein.

## 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 (ENIT, 2022-12-08):
# Prospetto
08/12/2022
Indice
- Informazioni supplementari per gli investitori con sede nei paesi UE/SEE in cui il Fondo è registrato per il collocamento 325OICVM che rientra nella Direttiva europea 2009/65/CEPROSPETTO
- 
### CARATTERISTICHE GENERALI
- 
###### Denominazione

Edmond de Rothschild SICAV 47 rue du Faubourg Saint-Honoré 75008 PARIGI
- 
###### Forma giuridica e Stato membro nel quale è stata costituita la SICAV

Società d’investimento a capitale variabile (SICAV) multicomparto di diritto francese.
- 
###### Data di creazione e durata prevista

La SICAV è stata autorizzata dall’Autorité des Marchés Financiers il 7 dicembre 2018.
La SICAV è stata creata il 12 febbraio 2019 per una durata di 99 anni, tramite fusione per incorporazione dei seguenti FCI:
- Edmond de Rothschild Euro Sustainable Credit costituito il 10 maggio 2005
- Edmond de Rothschild Euro Sustainable Growth costituito il 10 febbraio 2005
- Edmond de Rothschild Financial Bonds costituito il 10 marzo 2008
- 
###### Sintesi dell’offerta di gestione

La SICAV comprende 15 comparti.
EdR SICAV - Euro Sustainable Credit
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0010172767 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0010789313 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione CR EUR | FR0013305828 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| Azione I EUR | FR0010789321 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | Nessuno |
| Azione K EUR | FR0013400066 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

| Azione N EUR | FR0010908285 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione R EUR | FR0013201001 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
** Insieme a tutti gli azionisti che hanno sottoscritto il Comparto prima del 12/02/2019
EdR SICAV - Euro Sustainable Equity
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0010505578 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0013400074 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione CR EUR | FR0013307717 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| Azione CRD EUR | FR0013417516 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| Azione I EUR | FR0010769729 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J EUR | FR0013444031 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione K EUR | FR0010850198 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione O EUR | FR0013444049 | Risultato netto: Distribuzione | Euro | 15.000.000 euro | Persone giuridiche e investitori istituzionali per | Nessuno |

|  |  | Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto |  |  | proprio conto o per conto terzi |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione R EUR | FR0013287588 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
EdR SICAV - Financial Bonds
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicament e coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR0012749869 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 azione | Tutti i sottoscrittori | EUR/CHF |
| Azione A EUR | FR0011034495 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD (H) | FR0011882281 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 azione | Tutti i sottoscrittori | EUR/USD |
| Azione B EUR | FR0011289966 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione B USD (H) | FR0012494300 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 azione | Tutti i sottoscrittori | EUR/USD |
| Azione CR EUR | FR0013307691 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| Azione CR GBP (H) | FR0013307683 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Sterlina britannica | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | EUR/GBP |
| Azione CR USD (H) | FR0013312378 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo"**** | EUR/USD |

| Azione CRD EUR | FR0013409067 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione I CHF (H) | FR0012749851 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi*** | EUR/CHF |
| Azione I EUR | FR0010584474 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | Nessuno |
| Azione I USD (H) | FR0011781210 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi*** | EUR/USD |
| Azione J EUR | FR0013174695 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi*** | Nessuno |
| Azione J GBP (H) | FR0013350824 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Sterlina britannica | 500.000 sterline | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/GBP |
| Azione J USD (H) | FR0013350808 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione K EUR | FR0013233699 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi**** | Nessuno |
| Azione N EUR | FR0011034560 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi*** | Nessuno |
| Azione NC EUR | FR0013233707 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi*** | Nessuno |
| Azione OC EUR | FR0013292463 | Risultato netto: | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali | Nessuno |

|  |  | Capitalizzazione e/o Distribuzione e/o Riporto Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto |  |  | per proprio conto o per conto terzi*** |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione R EUR | FR0013287596 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
** Insieme a tutti i titolari di azioni che hanno sottoscritto la SICAV prima del 20/07/2018
*** Insieme a tutti i titolari di azioni che hanno sottoscritto la SICAV prima del 19/10/2018
**** Insieme a tutti gli azionisti che hanno sottoscritto il Comparto prima del 12/02/2019
EdR SICAV - Tricolore Rendement
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0010588343 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD | FR0010998179 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0010588350 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 azione | Tutti i sottoscrittori | Nessuno |
| Azione I EUR | FR0010594325 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione K EUR | FR0010705145 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione R EUR | FR0010594333 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
EdR SICAV - Equity Euro Solve
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0013219243 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0013219276 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione CR EUR | FR0013307725 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| Azione I EUR | FR0013331568 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |
| Azione K EUR | FR0013062668 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |
| Azione KD EUR | FR0013131885 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |
| Azione N EUR | FR0013222874 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 5.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |
| Azione NC EUR | FR0013219300 | Risultato netto: Capitalizzazione | Euro | 5.000.000 euro | Persone giuridiche e investitori istituzionali per | Nessuno |

|  |  | Plusvalenze nette realizzate: Capitalizzazione |  |  | proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione O EUR | FR0013222882 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 5.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |
| Azione PC EUR | FR0013062650 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |
| Azione R EUR | FR0013331550 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |
| Azione SC EUR | FR0013219284 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 25.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”** | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
** Insieme a tutti gli azionisti che hanno sottoscritto il Comparto prima del 08/03/2019
EdR SICAV - Start
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR0012538072 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 Azione | Tutti i sottoscrittori | EUR/CHF |
| Azione A EUR | FR0010459693 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD (H) | FR0011050400 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |

|  |  | Capitalizzazione |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione CR EUR | FR0013307642 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CR USD (H) | FR0013312303 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | EUR/USD |
| Azione I CHF (H) | FR0012538064 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | EUR/CHF |
| Azione I EUR | FR0010471136 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | Nessuno |
| Azione I USD (H) | FR0011050418 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | EUR/USD |
| Azione J EUR | FR0013295888 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | Nessuno |
| Azione N EUR | FR0010773614 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi** | Nessuno |
| Azione P EUR | FR0013414851 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 60.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione R EUR | FR0010773598 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
** Insieme a tutti gli azionisti che hanno sottoscritto il Comparto prima del 21/03/2019.
EdR SICAV – Europe Midcaps
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0010177998 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD | FR0010998112 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD (H) | FR0012538056 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |
| Azione CR EUR | FR0013307709 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CR USD | FR0013312386 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione I EUR | FR0010594275 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD (H) | FR0013233673 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione K EUR | FR0010849802 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione R EUR | FR0010614594 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione** | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.
** Insieme a tutti gli azionisti che hanno sottoscritto il Comparto prima del 21/03/2019.
EdR SICAV - Equity US Solve
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR0013404266 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 Azione | Tutti i sottoscrittori | USD/CHF |
| Azione A EUR | FR0014007Q54 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A EUR (H) | FR0013404274 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | USD/EUR |
| Azione A GBP (H) | FR0013404282 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Sterlina britannica | 1 Azione | Tutti i sottoscrittori | USD/GBP |
| Azione A USD | FR0013404308 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B CHF (H) | FR0013404316 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Franco svizzero | 1 Azione | Tutti i sottoscrittori | USD/CHF |
| Azione B EUR (H) | FR0013404324 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | USD/EUR |
| Azione B USD | FR0013404332 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione CR EUR (H) | FR0013404340 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | USD/EUR |
| Azione CR USD | FR0013404357 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CRD EUR (H) | FR0013404365 | Risultato netto: Distribuzione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori | USD/EUR |

|  |  | Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto |  |  | interessati e profilo dell’investitore tipo” |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione CRD USD | FR0013404373 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione I EUR | FR0014007Q62 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | Nessuno |
| Azione I CHF (H) | FR0013404381 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | USD/CHF |
| Azione I EUR (H) | FR0013404399 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | USD/EUR |
| Azione I USD | FR0013404407 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | Nessuno |
| Azione J CHF (H) | FR0013404415 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | USD/CHF |
| Azione J EUR (H) | FR0013404456 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | USD/EUR |
| Azione J USD | FR0013404423 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | Nessuno |

| Azione K EUR (H) | FR0013404431 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | USD/EUR |
| --- | --- | --- | --- | --- | --- | --- |
| Azione K USD | FR0013404449 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi, destinata in particolare alle aziende soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II” | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla società di gestione, dal Depositario o dalle entità appartenenti allo stesso gruppo.

##### EdR SICAV – Global Opportunities
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0013281938 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A CHF (H) | FR0013429230 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 Azione | Tutti i sottoscrittori | EUR/CHF |
| Azione A USD (H) | FR0013429248 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |
| Azione B EUR | FR0013464260 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |

|  | Azione CR EUR | FR0013464211 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Azione CRD EUR | FR0013464237 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione I EUR | FR0013429255 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I CHF (H) | FR0013429263 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |
| Azione I USD (H) | FR0013429271 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione J EUR | FR0013429289 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione K EUR | FR0013464252 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.

##### EdR SICAV – Short Duration Credit
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati* | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR0013460912 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 Azione | Tutti i sottoscrittori | EUR/CHF |
| Azione A EUR | FR0013460920 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD (H) | FR0013460938 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |
| Azione B CHF (H) | FR0013460946 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Franco svizzero | 1 Azione | Tutti i sottoscrittori | EUR/CHF |
| Azione B EUR | FR0013460961 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B USD (H) | FR0013460979 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |
| Azione CR EUR | FR0013460987 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CR USD (H) | FR0013461019 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | EUR/USD |
| Azione CRD EUR | FR0013461027 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CRD USD (H) | FR0013461555 | Risultato netto: Distribuzione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle | EUR/USD |
|   condizioni indicate al  capitolo “Sottoscrittori  |

|  |  | Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto |  |  | interessati e profilo dell’investitore tipo” |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione I CHF (H) | FR0013461563 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |
| Azione I EUR | FR0013461571 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD (H) | FR0013461589 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione J CHF (H) | FR0013461597 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |
| Azione J EUR | FR0013461605 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J USD (H) | FR0013461613 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 500.000 USD | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione K EUR | FR0013461639 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione N EUR | FR0013488194 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione O EUR | FR0013488202 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
|  |  |  |  |  |  |  |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.

##### EdR SICAV – Tech Impact
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati* | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A EUR | FR0013488244 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD | FR0050000720 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0013488251 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione CR EUR | FR0013488269 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CR USD | FR0050000738 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CRD EUR | FR0013488277 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione I EUR | FR0013488285 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD | FR0050000704 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J EUR | FR0013519949 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J USD | FR0050000712 | Risultato netto: Distribuzione Plusvalenze nette realizzate: | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

|  |  | Capitalizzazione e/o Distribuzione e/o Riporto |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione K EUR | FR0013488293 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione N EUR | FR0013488301 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 15.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione S EUR | FR0013532918 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 15.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.
EdR SICAV – Green New Deal
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF | FR0013428919 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A EUR | FR0013428927 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD | FR0013428935 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B CHF | FR0013428950 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Franco svizzero | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0013428968 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B USD | FR0013428976 | Risultato netto: Distribuzione Plusvalenze nette realizzate: | Dollari USA | 1 Azione | Tutti i sottoscrittori | Nessuno |

|  |  | Capitalizzazione e/o Distribuzione e/o Riporto |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Azione CR EUR | FR0013428984 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CR USD | FR0013428992 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CRD EUR | FR0013429008 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CRD USD | FR0013429016 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione I CHF | FR0013429024 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I EUR | FR0013429040 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD | FR0013429057 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J CHF | FR0013429065 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J EUR | FR0013429081 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J USD | FR0013429099 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

| Azione K EUR | FR0013429107 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione KD EUR | FR0013429115 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione R EUR | FR0050000068 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione. | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.

##### EdR SICAV – Corporate Hybrid Bonds
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR00140058Y9 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Franco svizzero | 1 Azione | Tutti i sottoscrittori | EUR/CHF |
| Azione A EUR | FR00140059A7 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione A USD (H) |  | FR0014005997 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e |  | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |

| Azione B EUR | FR0014005989 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione B USD (H) | FR001400DLX2 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori. | EUR/USD |
| Azione CR EUR | FR0014005971 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CR USD (H) | FR0014005963 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | EUR/USD |
| Azione CRD EUR | FR0014005955 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |

| Azione I CHF (H) | FR0014005948 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |
| --- | --- | --- | --- | --- | --- | --- |
| Azione I EUR | FR0014005930 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD (H) | FR0014005922 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione J EUR | FR0014005914 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J USD (H) | FR00140079Y5 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |

| Azione K EUR | FR0014005906 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione NC EUR | FR00140058Z6 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione OC EUR | FR00140058X1 | Risultato netto: Capitalizzazion e e/o Distribuzione e/o Riporto Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.

##### EdR SICAV – Millésima World 2028
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR0014008W14 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Franco svizzero | 1 Azione | Tutti i sottoscrittori | EUR/CHF |

| Azione A EUR | FR0014008W22 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1 Azione | Tutti i sottoscrittori |  | Nessuno |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Azione A USD (H) | FR0014008W30 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Dollari USA | 1 Azione | Tutti i sottoscrittori | EUR/USD |
| Azione AC EUR | FR0014008W48 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B EUR | FR0014008W55 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori | Nessuno |
| Azione B USD (H) | FR001400DLU8 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori. | EUR/USD |

| Azione CR EUR | FR0014008W63 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione CR USD (H) | FR0014008W71 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | EUR/USD |
| Azione CRD EUR | FR0014008W89 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | Nessuno |
| Azione CRD USD (H) |  | FR0014008W97 |  | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo “Sottoscrittori interessati e profilo dell’investitore tipo” | EUR/USD |
| Azione I CHF (H) |  | FR0014008WA1 |  | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Franco svizzero | 1.000.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |

| Azione I EUR | FR0014008WB9 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione I USD (H) | FR0014008WC7 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Dollari USA | 1.000.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione J EUR | FR0014008WD5 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 1.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione J CHF (H) | FR0014008WE3 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazio ne e/o Distribuzione e/o Riporto | Franco svizzero | 1.000.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |
| Azione J USD (H) | FR0014008WF0 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Dollari USA | 1.000.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |

| Azione K EUR | FR0014008WG 8 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1.000.000 euro | Investitori istituzionali | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione R EUR | FR0014008WH6 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1 Azione | Tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione | Nessuno |
| Azione PWM EUR | FR0014008WI4 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Euro | 1.000 euro | Dedicata a Banque Privée EdR | Nessuno |
| Azione PWM USD (H) | FR0014008WJ2 | Risultato netto: Capitalizzazion e Plusvalenze nette realizzate: Capitalizzazion e | Dollari USA | 1.000 dollari USA | Dedicata a Banque Privée EdR | EUR/USD |
| Azione PWMD EUR | FR0014008WK0 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Euro | 1.000 euro | Dedicata a Banque Privée EdR | Nessuno |

| Azione PWMD USD (H) | FR0014008WL8 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazion e e/o Distribuzione e/o Riporto | Dollari USA | 1.000 dollari USA | Dedicata a Banque Privée EdR | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |

* L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.

##### EdR SICAV – European Sustainable Smaller Companies
| Tipo di azioni | Codice ISIN | Destinazione delle somme distribuibili | Valuta | Importo minimo della sottoscrizione iniziale* | Sottoscrittori interessati | Rischio sistematicamente coperto |
| --- | --- | --- | --- | --- | --- | --- |
| Azione A CHF (H) | FR0014009ZB0 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 1 Azione | Tutti i sottoscrittori. | EUR/CHF |
| Azione A EUR | FR0014009Z77 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori. | Nessuno |
| Azione A USD | FR001400DLM5 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori. | Nessuno |

| Azione A USD (H) | FR0014009Z51 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori. | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| Azione B EUR | FR0014009Z69 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori. | Nessuno |
| Azione B USD | FR0014009ZI5 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Dollari USA | 1 Azione | Tutti i sottoscrittori. | Nessuno |
| Azione CR EUR: | FR0014009ZH7 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| Azione CR USD: | FR0014009ZG9 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |

| Azione CRD EUR: | FR0014009Z93 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 1 Azione | Tutti i sottoscrittori, alle condizioni indicate al capitolo "Sottoscrittori interessati e profilo dell’investitore tipo" | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione I CHF (H) | FR0014009ZA2 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Franco svizzero | 500.000 franchi svizzeri | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/CHF |
| Azione I EUR | FR0014009ZC8 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD | FR001400DLN3 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione I USD (H) | FR0014009ZD6 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Dollari USA | 500.000 dollari USA | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | EUR/USD |
| Azione J EUR | FR0014009ZE4 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 500,000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

| Azione K EUR | FR0014009ZF1 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 500,000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| --- | --- | --- | --- | --- | --- | --- |
| Azione N EUR | FR0014009Z85 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione O EUR | FR0014009ZJ3 | Risultato netto: Distribuzione Plusvalenze nette realizzate: Capitalizzazione e/o Distribuzione e/o Riporto | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |
| Azione S EUR | FR001400DLO1 | Risultato netto: Capitalizzazione Plusvalenze nette realizzate: Capitalizzazione | Euro | 10.000.000 euro | Persone giuridiche e investitori istituzionali per proprio conto o per conto terzi | Nessuno |

- L'importo minimo della sottoscrizione iniziale non si applica alle sottoscrizioni che potrebbero essere effettuate dalla Società di gestione, dalla Banca depositaria o dalle entità appartenenti allo stesso gruppo.
	- Indicazione del luogo presso cui è possibile ottenere l’ultima relazione annuale e l’ultima relazione periodica Le ultime relazioni annuali e semestrali sono trasmesse entro otto giorni lavorativi su richiesta scritta dell’azionista alla società di gestione Edmond de Rothschild Asset Management (France) - 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08.

- 
### ATTORI
- 
###### Società di gestione delegata

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
Società per azioni (Société anonyme) con Consiglio di Amministrazione e Consiglio di Sorveglianza certificata come società di gestione dall'AMF il 15 aprile 2004 con il numero GP 04000015.
Sede legale: 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- 
###### Depositario

EDMOND DE ROTHSCHILD (France)
Società per azioni (Société Anonyme) con Consiglio di Amministrazione e Consiglio di Sorveglianza, autorizzata dalla Banque de France-CECEI in qualità d’istituto di credito il 28 settembre 1970.
Sede legale: 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08 Descrizione dei compiti del Depositario:
Edmond de Rothschild (France) esercita i compiti definiti dalla Normativa vigente, nella fattispecie:
- custodia del patrimonio della SICAV;
- controllo delle regolarità delle decisioni della società di gestione;
- monitoraggio dei flussi di liquidità della SICAV. Inquadramento e gestione dei conflitti d'interesse:Il depositario EdR (France) e la società di gestione EdRAM (France) appartengono allo stesso gruppo, Edmond de Rothschild. Nel rispetto della Normativa vigente, essi hanno predisposto una politica e una procedura appropriate rispetto alla loro dimensione, alla loro organizzazione e alla natura delle loro attività, al fine di prendere i ragionevoli provvedimenti atti a evitare i conflitti d'interesse che potrebbero scaturire da questo legame.

Delegati:
Il depositario ha delegato il compito di custodia dei titoli finanziari al Conservatore del registro, CACEIS Bank.
La descrizione delle funzioni di custodia delegate, l'elenco dei sub-delegati di CACEIS Bank e le informazioni relative ai conflitti d'interesse che possono derivare da queste deleghe sono disponibili sul sito di CACEIS: www.caceis.com
Entro otto giorni lavorativi gli azionisti possono richiedere al Depositario delle informazioni aggiornate mediante semplice richiesta scritta.
- 
##### Centralizzatore delegato

EDMOND DE ROTHSCHILD (France) assume a mezzo delega le funzioni correlate alla gestione del passivo: la centralizzazione degli ordini di sottoscrizione e di rimborso da una parte, la rendicontazione dell'emissione della SICAV dall’altra.
- 
##### Istituto responsabile della rendicontazione dell’emissione delegato

EDMOND DE ROTHSCHILD (France)
Società per azioni (Société Anonyme) con Consiglio di Amministrazione e Consiglio di Sorveglianza, autorizzata dalla Banque de France-CECEI in qualità d’istituto di credito il 28 settembre 1970.
Sede legale: 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- 
###### Conservatore del registro

CACEIS Bank Società per azioni
Istituto di credito autorizzato dal CECEI
Sede legale: 89-91, rue Gabriel Peri - 92120 Montrouge
Recapito postale: 12, place des États-Unis - CS 40083 - 92549 Montrouge CEDEX.
Il Conservatore del registro ha la responsabilità, per conto del Depositario, di custodire le azioni della SICAV, della loro liquidazione e dell'evasione degli ordini raccolti e trasmessi dal Depositario. Inoltre, assicura il servizio finanziario delle azioni della SICAV (operazioni su titoli, incasso dei proventi).
- 
###### Revisore contabile

PRICEWATERHOUSECOOPERS AUDIT
Sede legale: 63, rue de Villiers – 92200 Neuilly sur Seine
Firmatario: Frédéric SELLAM
- 
###### Collocatore

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Società per azioni (Société anonyme) con Consiglio di Amministrazione e Consiglio di Sorveglianza certificata come società di gestione dall'AMF il 15 aprile 2004 con il numero GP 04000015.
Sede legale: 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
Telefono: 00 33 1 40 17 25 25 e-mail: contact@edram.fr
Fax: 00 33 1 40 17 24 42	Sito internet: www.edram.fr
Edmond de Rothschild Asset Management (France) si occupa della collocazione della SICAV e sarà autorizzata a delegare l’esecuzione effettiva di questa collocazione a un terzo scelto a sua esclusiva discrezione. Inoltre, la Società di gestione non è a conoscenza dell'insieme dei collocatori delle azioni della SICAV, che possono agire al di fuori di qualsiasi mandato.
Qualunque sia il collocatore finale, i team commerciali di Edmond de Rothschild Asset Management (France) sono a disposizione degli azionisti per qualsiasi informazione o richiesta relativa alla SICAV presso la sede legale della società.
- 
###### Gestore amministrativo e contabile delegato

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Società per azioni (Société anonyme) con Consiglio di Amministrazione e Consiglio di Sorveglianza certificata come società di gestione dall'AMF il 15 aprile 2004 con il numero GP 04000015.
Sede legale: 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
La SICAV delega a EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) la relativa gestione amministrativa e contabile.
- 
###### Sub-delega della gestione contabile:

CACEIS FUND ADMINISTRATION
Società per azioni (Société anonyme) con capitale sociale di 5.800.000 euro
Sede legale: 89-91, rue Gabriel Peri - 92120 Montrouge
Recapito postale: 12, place des États-Unis - CS 40083 - 92549 Montrouge CEDEX. La SICAV delega a Caceis Fund Administration la sua gestione contabile.
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) delega a Caceis Fund Administration la gestione contabile della SICAV.
Caceis Fund Administration ha come obiettivo sociale, in particolare, la valorizzazione e la gestione amministrativa e contabile dei portafogli finanziari. A tal fine, procede principalmente all'elaborazione delle informazioni finanziarie relative ai portafogli, ai calcoli del valore patrimoniale netto, alla rendicontazione dei portafogli, alla stesura delle relazioni e delle informazioni contabili e finanziarie e alla stesura dei diversi documenti di carattere normativo o di natura specifica.
- 
###### Delega della gestione finanziaria

Edmond de Rothschild Asset Management (Francia) delega parzialmente la gestione finanziaria della SICAV a: Edmond de Rothschild (Svizzera) S.A.
Società a responsabilità limitata di diritto svizzero, regolata dalla legge federale sulle banche e le casse di risparmio dell'8 novembre 1934 e iscritta nel registro commerciale svizzero con il n. CHE-105.978.847.
Sede legale: 18, rue de Hesse, CH - 1204 Ginevra, Svizzera
Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte della SICAV.
- 
###### Consulente in investimenti:

Edmond de Rothschild (Svizzera) S.A.
Società a responsabilità limitata di diritto svizzero, regolata dalla legge federale sulle banche e le casse di risparmio dell'8 novembre 1934 e iscritta nel registro commerciale svizzero con il n. CHE-105.978.847.
Sede legale: 18, rue de Hesse, CH - 1204 Ginevra, Svizzera
Il Consulente in investimenti non può esercitare poteri decisionali per conto della SICAV, poiché rientranti nell'ambito di competenza e responsabilità del Gestore degli investimenti delegato.
Suddetto ruolo di consulenza in investimenti concerne i Comparti EdR SICAV – Corporate Hybrid Bonds, EdR SICAV – Short Duration Credit e EdR SICAV – Millesima World 2028.
- 
###### Membri degli organi di amministrazione e di direzione

Identità e funzioni dei membri del Consiglio di Amministrazione della SICAV:
Flavien DUVAL (Amministratore e Presidente del Consiglio di Amministrazione) Bertrand MONTAUZE (Amministratore e Direttore Generale)
Christophe Caspar (Amministratore) Raphaël Bellaïche (Amministratore)
Le modalità di amministrazione della SICAV sono indicate nello statuto.
- 
### MODALITÀ DI FUNZIONAMENTO E DI GESTIONE
- 
##### Caratteristiche generali

Le presenti caratteristiche generali riguardano tutti i comparti della SICAV.
- Natura del diritto attribuito alla categoria di azioni: una Società d’investimento a capitale variabile, detta SICAV, è una società per azioni che ha come scopo la gestione di un portafoglio di strumenti finanziari e di deposito. Fatte salve le disposizioni dell'articolo L. 214-7-4 del Code monétaire et financier, le azioni della SICAV sono emesse e rimborsate in qualsiasi momento dalla società su richiesta degli azionisti, al valore patrimoniale netto a cui vanno dedotte o aggiunte, secondo i casi, le spese e le commissioni. Gli azionisti dispongono di un diritto di proprietà sugli attivi della SICAV proporzionale al numero di azioni detenute.
- Iscrizione al registro: le azioni saranno ammesse in Euroclear France e saranno qualificate come quote nominative prima della loro ammissione e come quote al portatore a partire dalla loro ammissione. I diritti dei titolari delle azioni nominative saranno rappresentati da un'iscrizione all'interno di un registro conservato dal Depositario e i diritti dei titolari delle azioni al portatore saranno rappresentati da un'iscrizione al conto gestito dal depositario centrale (EUROCLEAR FRANCE) aperto in sub-affiliazione a nome del Conservatore del registro.
- Diritti di voto: ciascuna azione conferisce un diritto di voto proporzionale alla frazione del capitale che essa rappresenta. Un'azione corrisponde a un voto. Le decisioni sulla gestione sono prese dal Consiglio di amministrazione su iniziativa della società di gestione.
- Forma delle azioni: al portatore.
- Decimalizzazione(frazionamento): le azioni potranno essere frazionate, su decisione del consiglio d’amministrazione, in decimi, centesimi, millesimi e decimillesimi di azione.
	- 
###### Data di chiusura


Ultimo giorno lavorativo della Borsa del mese di settembre.
La data di chiusura del primo esercizio coincide con l'ultimo giorno lavorativo di settembre 2019.
- 
###### Regime fiscale

La SICAV non è soggetta all’imposta sulle società. Tuttavia, le distribuzioni e le plusvalenze sono imponibili in capo agli azionisti.
Le SICAV vengono dette trasparenti.
Di conseguenza, gli utili o le perdite realizzati al momento del rimborso delle azioni della SICAV (o al momento dello scioglimento di un comparto) rappresentano delle plusvalenze o delle minusvalenze soggette al regime delle plusvalenze o minusvalenze su valori mobiliari applicabili a ciascun azionista in relazione alla sua situazione personale (paese di residenza, persona fisica o giuridica, luogo di sottoscrizione, ecc.). Queste plusvalenze possono essere oggetto di ritenuta alla fonte se l'azionista non ha residenza fiscale in Francia. Inoltre, le plusvalenze latenti possono, in alcuni casi, essere soggette a imposizione fiscale.
In caso di dubbi sulla propria situazione fiscale si invita l’azionista a rivolgersi a un consulente per conoscere il trattamento fiscale specifico che gli sarà applicato, prima della sottoscrizione di qualsiasi azione della SICAV.
- 
##### Disposizioni particolari

EdR SICAV - Euro Sustainable Credit
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 7 dicembre 2018.

Il comparto è stato creato in data 12 febbraio 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Euro Sustainable Credit costituito il 10 maggio 2005.
- Codice ISINAzione A EUR: FR0010172767 Azione B EUR: FR0010789313 Azione CR EUR: FR0013305828 Azione I EUR: FR0010789321 Azione K EUR: FR0013400066 Azione N EUR: FR0010908285 Azione R EUR: FR0013201001
- Regime fiscale specificoNessuno
- ClassificazioneObbligazioni e altri titoli di credito denominati in euro
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto mira a offrire un rendimento superiore a quello dell'indice di riferimento, l’indice Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, nell'orizzonte temporale d'investimento consigliato, tramite investimenti sui mercati obbligazionari societari, tentando di coniugare redditività finanziaria e attuazione di una politica che miri a rispettare dei criteri extra-finanziari, a fronte di un rischio di perdita del capitale.

Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoL’indice Bloomberg Barclays Capital Euro Aggregate Corporate Total Return (codice Bloomberg LECPTREU) è calcolato e pubblicato da Bloomberg. È rappresentativo dei prestiti obbligazionari a tasso fisso, denominati in euro, emessi da emittenti dei settori dell'industria, bancario e dei servizi alle collettività pubbliche classificati perlomeno BBB- e aventi una scadenza residua superiore a 1 anno.

Bloomberg Index Services Limited (sito Internet: https://www.bloomberg.com), amministratore dell’indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return non è iscritto nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e beneficia del regime transitorio di cui all'articolo 51 del Regolamento Benchmark.
I tassi e gli indici utilizzati sono annualizzati. Il calcolo dei risultati di questo parametro include le cedole.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzate:La strategia di gestione consiste nel costruire un portafoglio sui mercati delle obbligazioni societarie, selezionando i titoli in base a un'analisi che coniuga criteri finanziari volti a identificare titoli con elevate prospettive di crescita e criteri extra-finanziari volti a soddisfare esigenze d'Investimento socialmente responsabile.

Per conseguire l'obiettivo di gestione, la strategia dovrà combinare un approccio settoriale implementato tramite un processo Top Down (discendente) a un'analisi del credito destinata a selezionare gli emittenti più interessanti tramite un processo Bottom Up (ascendente).
L'incrocio di tale analisi finanziaria con un'analisi parallela degli emittenti effettuata secondo criteri extra-finanziari consentirà di definire la ponderazione dei titoli che compongono il portafoglio.
- Analisi dei criteri finanziariApproccio Top DownL’approccio Top Down si basa innanzitutto su un’analisi macroeconomica dei vari settori o paesi presi in esamenell'ambito dell'allocazione del portafoglio e sfocia nella determinazione di scenari di mercato definiti sulla base di quanto anticipato dal team di gestione.

Tale analisi consente nella fattispecie di stabilire:
- il livello di esposizione ai vari settori economici,
- la ripartizione tra le categorie Investment Grade e High Yield (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è più consistente, il cui rating sia inferiore a BBB- secondo Standard & Poor's o equivalente ovvero che beneficiano di un rating interno equivalente della società di gestione) e tra i vari rating all'interno di dette categorie.

L’analisi Top Down consente di avere una visione globale del portafoglio. Questa viene completata da un processo di selezione di titoli (approccio Bottom Up).
Approccio Bottom Up
Tale processo mira a individuare, nell'ambito di uno stesso settore, gli emittenti che presentano un valore relativo superiore agli altri e che risultano pertanto essere più interessanti.
La modalità di selezione degli emittenti si basa su un’analisi fondamentale delle singole società. L’analisi fondamentale si snoda attorno alla valutazione di specifici criteri, quali:
- la leggibilità della strategia aziendale,
- la sua salute finanziaria (regolarità dei Cash Flow nei diversi cicli economici, capacità di onorare i debiti contratti, ecc.),
- il carattere "strategico" dell'impresa che lascia anticipare un intervento dello Stato in caso di fallimento o di sensibile degrado della sua posizione finanziaria.

Nell’universo degli emittenti selezionati la scelta delle esposizioni sarà fatta in funzione di caratteristiche come il rating dell’emittente, la liquidità dei titoli o la loro scadenza.
Il modello dell’analisi fondamentale, destinata a individuare i titoli che presentano il maggior potenziale di apprezzamento, si basa su una struttura di analisti gestori specializzati nei mercati del credito. In seguito all'approfondita analisi delle varie società, il processo Bottom up viene ulteriormente affinato. Questo approccio consente di giungere alla scelta dei veicoli d'investimento da privilegiare (titoli vivi, Credit Default Swap, Itraxx…) per esporsi ai titoli selezionati.
- Analisi dei criteri extra-finanziariSi tratta di un'analisi qualitativa volta a selezionare i titoli secondo un rating ESG definito dalla società di gestione, che ordina i titoli secondo i seguenti criteri di natura Ambientale, Sociale-societaria e di Governance d’impresa: Ambiente: consumo energetico, emissioni di GES, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale;Sociale: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza;Governance: struttura degli organi di governance, politica dei compensi, audit e controllo interno, azionisti. L'universo d'investimento ESG è costituito da obbligazioni societarie (finanziarie e non finanziarie) denominate in euro con un rating di credito di tipo Investment Grade (da AAA a BBB-) e da obbligazioni societarie non finanziarie denominate in euro con un rating di credito di tipo High Yield (superiore a CCC). La società di gestione può selezionare titoli al di fuori di questo Universo ESG. Essa si assicurerà tuttavia che l'universo ESG selezionato sia un elemento di confronto rilevante del rating ESG del comparto.

Il modello di rating ISR è stato definito:
- secondo un approccio Best-in Universe, ossia in modo da favorire le imprese con le migliori prestazioni, a prescindere da rating finanziario, dimensione o settore,
- con ponderazioni diverse per i 3 pilastri ESG per settore economico, in base ai fattori specifici di ogni settore: infatti, i 3 pilastri extra-finanziari hanno ponderazioni più o meno elevate in funzione del settore considerato, per cui ogni pilastro ha un peso diverso. Ad esempio, un'impresa chimica sarà più interessata alla questione ambientale, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per determinare se l'impresa analizzata ha le caratteristiche dell'impresa responsabile e sostenibile, come definite dalla società di gestione, quest'ultima realizza uno studio che porta a un rating ESG interno.
In assenza di un rating interno, il gestore si basa su un rating ESG fornito da un'agenzia di rating extra-finanziaria. Almeno il 90% delle società incluse nel portafogli vantano un rating ESG interno o fornito da un'agenzia di rating esterna.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
A scopo di copertura dei propri attivi e/o di realizzazione del proprio obiettivo di gestione, senza ricerca di sovraesposizione, il comparto potrà ricorrere a contratti finanziari derivati, negoziati, su mercati regolamentati (future, opzioni quotate) o consensuali (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un’esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e credito. In tale contesto, il gestore potrà adottare strategie volte principalmente a prevedere o a tutelare il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti. Tali strategie saranno implementate nella fattispecie tramite l'acquisto o la vendita di protezioni tramite i derivati di credito di tipo "Credit Default Swap", su mono-enti di riferimento o su indici (iTraxx o CDX).
Potrà altresì implementare strategie volte a ridurre i rischi di cambio e/o a gestire il rischio di tasso tramite l'impiego di contratti finanziari, nella fattispecie future, opzioni, contratti a termine o swap.
Il gestore implementerà altresì una gestione attiva della sensibilità del comparto ai tassi d’interesse, che sarà compresa tra 0 e 8. Essa sarà ridotta al fine di tutelare il portafoglio dagli effetti negativi legati a un movimento al rialzo dei tassi e aumentata per cogliere in maniera più ampia i vantaggi legati a una riduzione dei tassi. Sarà possibile ottenere un'integrazione di retribuzione tramite una gestione attiva del rischio di tasso.
Esposizione al mercato azionario
Nel limite del 10% del suo patrimonio netto, il comparto potrà essere esposto ai mercati azionari attraverso acquisti di obbligazioni convertibili.
Valute
Il comparto potrà detenere, a titolo accessorio, fino al 10% di titoli denominati in valuta estera; in tal caso, il rischio di cambio sarà oggetto di copertura. Ci potrà tuttavia essere un'esposizione al rischio di cambio limitata al 10% del patrimonio netto del portafoglio.
. Sugli attivi:
Titoli di credito e strumenti del mercato monetario (sino al 100% del patrimonio netto, di cui al massimo il 100% intitoli diretti)
Caratteristiche generali
| Sensibilità ai tassi d’interesse | - | [0; 8] |
| --- | --- | --- |
| Area geografica degli emittenti | OCSE, Unione europea, Spazio economico europeo, G20 | max il 100% in debito privato |

Ripartizione debito privato/debito pubblico
Fino al 100% del portafoglio "Titoli di credito" in debito privato di emittenti situati in uno Stato membro dell'OCSE, dell’Unione Europea, dello Spazio Economico Europeo o del G20.
Il portafoglio non investirà in debito pubblico di uno Stato o di un ente di uno Stato membro dell'OCSE, dell’Unione Europea, dello Spazio Economico Europeo o del G20.
Criteri di rating
I titoli selezionati presenteranno un rating a lungo termine (Standard and Poor’s o equivalente o con un rating interno della società di gestione equivalente) pari ad almeno BBB- o a breve termine pari ad almeno A3 per minimo il 70% del patrimonio netto del comparto. I titoli selezionati potranno non essere classificati da un'agenzia di rating, ma beneficeranno di un rating interno della società di gestione equivalente.
Nel limite del 30% del patrimonio netto, i titoli potranno avere un rating inferiore, corrispondente alla categoria High Yield (titoli speculativi il cui rating è inferiore a BBB- secondo Standard & Poor’s o equivalente, oppure con un rating interno equivalente attribuito dalla società di gestione).
Complessivamente, il rating medio del portafoglio sarà almeno pari a BBB- secondo Standard & Poor’s o equivalente ovvero godrà di un rating interno equivalente da parte della società di gestione.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Natura giuridica degli strumenti utilizzati
Titoli di credito di qualsivoglia natura, tra cui, nello specifico:
- obbligazioni a tasso fisso, variabile o rivedibile
- obbligazioni indicizzate all'inflazione
- obbligazioni verdi, dette Green Bonds (obbligazioni che hanno lo scopo di finanziare progetti con un impatto ambientale positivo)
- titoli di credito negoziabili
- buoni fruttiferi
- Euro Commercial Papers (titoli negoziabili a breve scadenza emessi in euro da un ente straniero)Il portafoglio può investire in PIK notes (le payment in kind notes sono obbligazioni il cui pagamento degli interessi non avviene sistematicamente in contanti).

Azioni
- Esposizione attraverso azioni detenute direttamente: nessuna
- esposizione attraverso obbligazioni convertibili: fino al 10% del patrimonio nettoL'esposizione massima del portafoglio ai mercati azionari misurata tramite il delta delle obbligazioni convertibili sarà limitata al 10% del patrimonio netto del comparto.

Azioni o quote di altri organismi d’investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero
Il comparto potrà detenere fino al 10% dell'attivo in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, a prescindere dalla loro classificazione al fine di diversificare l'esposizione ad altre classi di attivi, ivi compresi gli indici quotati, o di classificazione monetaria od obbligazionaria in particolare al fine di collocare la liquidità.
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Contratti finanziari
A scopo di copertura dei propri attivi e/o di realizzazione del proprio obiettivo di gestione, senza ricercare la sovraesposizione ed entro il limite del 100% del proprio patrimonio netto, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (future, opzioni quotate) o consensuali (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un’esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e credito.

##### Natura dei mercati d'intervento
- Mercati regolamentati
- Mercati organizzati
- Mercati over-the-counter (OTC)


##### Rischi sui quali il gestore desidera intervenire, a fini di copertura ed esposizione del portafoglio
- Rischio azionario esclusivamente risultante dalla possibile esposizione a obbligazioni convertibili
- Rischio di tasso
- Rischio di cambio
- Rischio di credito


##### Natura degli interventi, ossia l'insieme delle operazioni che devono essere limitate alla realizzazione dell'obiettivo di gestione
- Copertura
- Esposizione
- Arbitraggio


##### Natura degli strumenti utilizzati
- Opzioni su tassi
- Contratti a termine su tassi
- Future di tasso
- Swap di tasso (tasso fisso/tasso variabile in tutte le combinazioni e inflazione)
- Derivati di credito (Credit Default Swaps)
- Opzioni di credito
- Opzioni di cambio
- Swap in valuta
- Cambio a termine
- Warrants
- Opzioni su Swap di tasso
- Opzioni su CDSIl comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su obbligazioni, indici obbligazionari e/o panieri di obbligazioni fino al 50% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 25%. Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).

Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.

##### Strategie di utilizzo dei derivati per raggiungere l'obiettivo di gestione
- Copertura generale di determinati rischi (tasso, cambio, credito)
- Esposizione ai rischi di tasso, di credito e azionario
- Ricostituzione di un’esposizione sintetica ad attivi e rischi (tasso, credito)L'esposizione a tali strumenti finanziari, mercati, tassi e/o a determinati loro parametri o componenti derivanti dall'utilizzo di contratti finanziari non potrà essere superiore al 100% del patrimonio netto.

Il gestore potrà adottare strategie volte principalmente a prevedere o a coprire il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti. Tali strategie saranno implementate nella fattispecie tramite l'acquisto o la vendita di protezioni tramite i derivati di credito di tipo "Credit Default Swap", su mono-enti di riferimento o su indici (iTraxx o CDX).
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati (fino al 100% del patrimonio netto)
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. I
l 
comparto potrà investire esclusivamente in:
- obbligazioni callable o puttable fino al 100% del patrimonio netto,
- obbligazioni convertibili fino al 10% del patrimonio netto,
- obbligazioni convertibili contingenti (CoCo bond) fino al 20% del patrimonio netto.

Prestiti in contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli Nessuna
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l’attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto. Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla selezione ISR (Investimento Socialmente Responsabile):
La selezione di titoli ISR può portare il comparto ad allontanarsi dall’indice di riferimento. Rischio legato ai prodotti ibridi (obbligazioni convertibili):
Tenuto conto della loro possibile conversione in azioni, le obbligazioni convertibili introducono un rischio azionario in un portafoglio obbligazionario. Esse espongono altresì il portafoglio alla volatilità dei mercati azionari, superiore a quella dei mercati obbligazionari. Il possesso di tali strumenti porta quindi a un aumento del rischio di portafoglio, sebbene quest’ultimo possa essere attenuato, a seconda delle configurazioni di mercato, dalla componente obbligazionaria dei titoli ibridi.
Rischi legati ai Total Return Swap:
Il ricorso a contratti di scambio del rendimento totale e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a questi contratti può comportare effetti negativi sul valore patrimoniale netto della SICAV.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti dei contratti di scambio del rendimento totale.
Rischi relativi ai contingent convertible bonds (CoCo):
I CoCo sono titoli di credito subordinati emessi da istituti di credito o compagnie assicurative o di riassicurazione, idonei in termini di capitale regolamentare e con la particolarità di essere convertibili in azioni, oppure di subire una riduzione del nominale (meccanismo detto di "write down"), in caso si determini un "elemento di attivazione" ("Trigger"), prestabilito nel prospetto informativo. I CoCo integrano un'opzione di conversione in azioni per iniziativa dell'emittente in caso di peggioramento della sua situazione finanziaria. Oltre al rischio di credito e quello di tasso relativi alle obbligazioni, l’attivazione dell'opzione di conversione può determinare un calo del valore del CoCo superiore a quello osservato sulle altre obbligazioni classiche dell'emittente. In base alle condizioni previste per ogni CoCo, alcuni eventi di attivazione possono determinare un azzeramento definitivo del capitale investito e/o degli interessi maturati, oppure la conversione dell'obbligazione in azioni.
Rischio relativo alla soglia di conversione dei CoCo:
La soglia di conversione dei CoCo dipende dal coefficiente di solvibilità del relativo emittente. Si tratta dell'evento che determina la conversione dell'obbligazione in azione ordinaria. Minore è il coefficiente di solvibilità, maggiore è la probabilità di conversione.
Rischio di perdita o sospensione della cedola:
In base alle caratteristiche dei CoCo, il versamento delle cedole è discrezionale e può essere revocato o sospeso dall'emittente in qualsiasi momento e per un periodo indeterminato.
Rischio d'intervento di un'autorità regolamentare al livello di "non sostenibilità":
L'autorità regolamentare può stabilire in qualsiasi momento e discrezionalmente che un istituto sia "non sostenibile", nel qual caso la banca emittente sollecita il sostegno delle pubbliche autorità per scongiurare l'insolvenza, il fallimento, l'incapacità di pagare la maggior parte del suo debito alla scadenza o comunque di perseguire la propria attività e impone o richiede la conversione dei CoCo in azioni in circostanze indipendenti dalla
volontà dell'emittente.
Rischio d'inversione della struttura del capitale:
Diversamente dalla gerarchia convenzionale del capitale, gli investitori in CoCo possono subire una perdita di capitale che non tocca i detentori di azioni. In alcuni scenari, i detentori di CoCo subiranno delle perdite prima dei detentori di azioni.
Rischio di posticipo del rimborso:
Gran parte dei CoCo è emessa sotto forma di strumenti di durata indefinita, rimborsabili a livelli predefiniti solo con l'approvazione dell'autorità competente. Non è possibile ipotizzare che i CoCo irredimibili siano rimborsati alla data di rimborso. I CoCo sono una forma di capitale permanente. C'è la possibilità che l'investitore non riceva il rimborso del capitale come previsto alla data di rimborso o in qualsiasi altra data.
Rischio di liquidità:
In alcuni casi, può essere difficile trovare acquirenti per i CoCo e il venditore può essere costretto ad accettare una svalutazione importante del valore atteso dell'obbligazione per poterla vendere.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, B EUR: tutti i sottoscrittoriAzioni CR EUR: tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Azioni I EUR, K EUR e N EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il Comparto prima del 12/02/2019.
Azioni R EUR: tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione.
Il presente comparto si rivolge in particolar modo a investitori che desiderano ottimizzare i propri investimenti obbligazionari grazie a una gestione attiva di strumenti di credito denominati in euro con un'analisi che combina criteri finanziari ed extra-finanziari.
Si richiama l’attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione “profilo di rischio”.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell’investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 2 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "A EUR", "CR EUR", "R EUR", "I EUR", "K EUR" e "N EUR" | Azioni "B EUR" |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Assegnazione delle plusvalenze o delle minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 7 categorie di azioni: Azioni "A EUR", "B EUR", "CR EUR", "I EUR", "K EUR", "N EUR" e "R EUR".

L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.)Valore patrimoniale netto iniziale:

| Azione A EUR: 358,72 euro |
| --- |
| Azione B EUR: 106,10 euro |
| Azione CR EUR: 98,16 euro |
| Azione I EUR: 13.972,51 euro Azione K EUR: 100 euro |
| Azione N EUR: 13.474,97 euro Azione R EUR: 101,88 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A EUR: 1 Azione1 Azione |
| --- |
| Azione B EUR: 1 Azione1 Azione |
| Azione CR EUR: 1 Azione1 Azione |
| Azione I EUR: 500.000 euro Azione K EUR: 500.000 euro |
| Azione R EUR: 1 Azione1 Azione |
| Azione N EUR: 10.000.000 euro |

Tale importo non si applica alle sottoscrizioni effettuate dal collocatore, dal gestore finanziario, dal depositario o dai loro collaboratori.
Importo minimo di sottoscrizione successiva:
| Azione A EUR: 1 millesimo di azione |
| --- |
| Azione B EUR: 1 millesimo di azione |
| Azione CR EUR: 1 millesimo di azione |
| Azione I EUR: 1 millesimo di azione Azione K EUR: 1 millesimo di azione |
| Azione N EUR: 1 millesimo di azione |
| Azione R EUR: 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto EdR SICAV - Euro Sustainable Credit | Valore patrimoniale netto x numero di azioni | Azione A EUR: max 1% |
| Azione B EUR: max 1% |
| Azione CR EUR: max 1% |
| Azione I EUR: nessuna |
| Azione K EUR: nessuna |
| Azione N EUR: nessuna |
| Azione R EUR: max 1% |
| Commissione di sottoscrizione corrisposta al Comparto EdR SICAV - Euro Sustainable Credit | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al Comparto EdR SICAV - Euro Sustainable Credit | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al Comparto EdR SICAV - Euro Sustainable Credit | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 0,95% (tasse incluse)* |
| Azione B EUR: max 0,95% (tasse incluse)* |
| Azione CR EUR: max 0,50% (tasse incluse)* |
| Azione I EUR: max 0,45% (tasse incluse)* |
| Azione K EUR: max 0,60% (tasse incluse)* |
| Azione N EUR: max 0,25% (tasse incluse)* |
| Azione R EUR: max 1,15% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,15% (tasse incluse)* |
| Azione B EUR: max 0,15% (tasse incluse)* |
| Azione CR EUR: max 0,15% (tasse incluse)* |
| Azione I EUR: max 0,15% (tasse incluse)* |
| Azione K EUR: max 0,15% (tasse incluse)* |
| Azione N EUR: max 0,15% (tasse incluse)* |
| Azione R EUR: max 0,15% (tasse incluse)* |
| Commissioni di movimentazione | Prelievo su ogni transazione | nessuna |
| Commissione di sovraperformance  (1) | Patrimonio netto del comparto | Azione A EUR: max 15% annuo della sovraperformance rispetto all'indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Azione B EUR: max 15% annuo della sovraperformance rispetto all'indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Azione CR EUR: max 15% annuo della sovraperformance rispetto all'indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Azione I EUR: max 15% annuo della sovraperformance rispetto all'indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Azione K EUR: nessuna |
| Azione N EUR: max 15% annuo della sovraperformance rispetto all'indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |
| Azione R EUR: max 15% annuo della sovraperformance rispetto all'indice di riferimento Bloomberg Barclays Capital Euro Aggregate Corporate Total Return |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return.
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del fondo/comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più, qualora l’azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento;
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni, viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo
(t)) 
x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base	di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| PERIODO | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN OBIETTIVO | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| BASE	DI CALCOLO:	PN- PN OBIETTIVO |  | -2 | 8 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
*** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111):
3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Le spese di ricerca ai sensi dell'articolo 314-21 del Regolamento generale dell’AMF possono essere fatturate al comparto fino allo 0,01% del suo patrimonio netto.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV - Euro Sustainable Credit saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV - Euro Sustainable Equity
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 7 dicembre 2018.

Il comparto è stato creato in data 12 febbraio 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Euro Sustainable Growth costituito il 10 febbraio 2005.
- Codice ISINAzione A EUR: FR0010505578 Azione B EUR: FR0013400074 Azione CR EUR: FR0013307717 Azione CRD EUR: FR0013417516 Azione I EUR: FR0010769729 Azione J EUR: FR0013444031 Azione K EUR: FR0010850198 Azione O EUR: FR0013444049 Azione R EUR:   FR0013287588
- Regime fiscale specificoIdoneo al PEA.
- ClassificazioneAzioni dei paesi della zona euro
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneL’obiettivo di gestione del comparto, sulla durata d’investimento raccomandata, mira a sovraperformare il suo indice di riferimento, l’MSCI EMU, tramite degli investimenti in società della zona euro, unendo redditività finanziaria e applicazione di una politica che miri a rispettare criteri extra-finanziari.

La strategia d'investimento del comparto tiene conto anche delle problematiche legate al clima e cerca di allineare la traiettoria climatica del portafoglio all'Accordo di Parigi.
Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoLa performance del comparto potrà essere confrontata con l’indice MSCI EMU, con il reinvestimento dei dividendi netti, espressa in euro per le azioni emesse in euro. L’indice MSCI EMU (ticker Bloomberg: NDDUEMU Index) è un indice composto da 300 titoli appartenenti ai paesi membri della zona euro selezionati in funzione della capitalizzazione borsistica, volume di transazioni e settore di attività. L’indice si sforza di rispettare una ponderazione per paese e per settore d’attività suscettibile di riflettere al massimo la struttura economica della zona euro. L’indice è calcolato e pubblicato da MSCI Barra e i dati sono accessibili su www.mscibarra.com.

MSCI Limited (sito internet: http://www.msci.com), amministratore dell’indice di riferimento MSCI EMU, non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e beneficia del regime transitorio di cui all'articolo 51 del Regolamento Benchmark.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati, che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice. Dal momento che la gestione del comparto non è basata sull’indice, la performance del comparto potrebbe allontanarsi significativamente dall'indice di riferimento, che è solo un indicatore di confronto.
- Strategia d’investimento. Strategie utilizzate:Il comparto opera una gestione attiva di selezione di titoli ("stock-picking") quotati su un universo di titoli principalmente della zona euro. Il comparto verrà investito continuamente per almeno il 75% in azioni e altri titoli idonei al PEA e verrà esposto per almeno il 60% in azioni emesse in uno o diversi paesi della zona euro. L’esposizione alle azioni dei paesi esterni alla zona euro non supererà il 10% del patrimonio netto. Il comparto potrà essere esposto al rischio azionario fino al 110% del patrimonio netto.

L'universo d'investimento ESG è costituito da tutte le società dell’indice di riferimento del comparto, ossia l’MSCI EMU, da società a piccola e media capitalizzazione di borsa attive nella zona euro, che non superino i 5 miliardi di euro e non appartenenti a questo indice, nonché da società a grande capitalizzazione di borsa attive al di fuori della zona euro, che superino i 5 miliardi di euro e non appartenenti a questo indice. La società di gestione può selezionare titoli al di fuori di questo Universo ESG. Essa si assicurerà tuttavia che l'universo ESG selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
La filosofia di gestione del comparto mira a investire nelle aziende che orientano le loro scelte strategiche e operative nell’ottica di uno sviluppo sostenibile. Nello svolgimento della loro attività, esse mireranno pertanto alla ricerca di una performance complessiva, al contempo economica e finanziaria, sociale e ambientale, nel rispetto e nella fiducia delle relative parti interessate sia interne che esterne.
La selezione dei titoli si basa sull’uso combinato di criteri finanziari volti a identificare titoli con elevate prospettive di crescita e criteri extra-finanziari volti a soddisfare esigenze d'Investimento socialmente responsabile.
Tale analisi permette di selezionare i titoli secondo un rating ESG definito dalla società di gestione, che ordina i titoli secondo i seguenti criteri di natura Ambientale, Sociale-societaria e di Governance d’impresa:
Ambiente: consumo energetico, emissioni di GES, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale;
Sociale: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza;
Governance: struttura degli organi di governance, politica dei compensi, audit e controllo interno, azionisti.
Il modello di rating ISR è stato definito:
- secondo un approccio Best-in Universe, ossia in modo da favorire le imprese con le migliori prestazioni, a prescindere da rating finanziario, dimensione o settore,
- con ponderazioni diverse per i 3 pilastri ESG per settore economico, in base ai fattori specifici di ogni settore: infatti, i 3 pilastri extra-finanziari hanno ponderazioni più o meno elevate in funzione del settore considerato, per cui ogni pilastro ha un peso diverso. Ad esempio, un'impresa chimica sarà più interessata alla questione ambientale, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per determinare se l'impresa analizzata ha le caratteristiche dell'impresa responsabile e sostenibile, come definite dalla società di gestione, quest'ultima realizza uno studio che porta a un rating ESG interno su una scala di 7 livelli, da AAA a CCC. Il rating è l'aggregazione dell'esito dei vari criteri E, S, G della scala di rating definita dagli analisti. I titoli selezionati in portafoglio avranno un rating almeno pari ad A secondo la scala di rating interna alla società di gestione. Viene inoltre eseguita un'analisi del profilo climatico della società. In assenza di un rating interno, il gestore si basa sul rating ESG fornito dal fornitore di rating esterno di cui si avvale la Società di gestione.
Nell'ambito del suo obiettivo climatico, per questo comparto puntiamo a una traiettoria climatica inferiore a 2°C definita negli Accordi di Parigi del 2015 (Source Carbon4 Finance). Questa misurazione della temperatura sarà pubblicata periodicamente nella relazione d'impatto.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 9 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
In linea con l'obiettivo di avere una traiettoria climatica allineata con gli accordi di Parigi, il comparto privilegia le aziende il cui modello di business sia un vettore di soluzioni sulla transizione energetica ed ecologica. Il gestore analizza quindi se l'attività, in particolare gli investimenti di capitale, sia allineata con la tassonomia, senza che questo sia un vincolo di gestione.
Questo approccio non garantisce tuttavia il benché minimo allineamento con la tassonomia. Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
In funzione delle anticipazioni del gestore sull’evoluzione dei mercati azionari, il comparto potrà investire in titoli di credito e strumenti del mercato monetario negoziati sui mercati della zona euro entro il limite del 25% del patrimonio netto o europee al di fuori della zona euro entro un limite del 10%. Questi titoli, in possesso di un rating minimo “investment grade” (ovvero per i quali il rischio d’insolvenza degli emittenti è il meno elevato), ma senza limite di durata, vengono selezionati in funzione del loro rendimento previsto.
Nel limite di una volta l’attivo, il comparto potrà investire su dei contratti finanziari negoziati su dei mercati internazionali regolamentati, organizzati o consensuali.
. Sugli attivi:
Azioni
Il comparto verrà investito continuamente per almeno il 75% in azioni e altri titoli idonei al PEA e verrà esposto per almeno il 60% in azioni emesse in uno o diversi paesi della zona euro. L’esposizione alle azioni dei paesi esterni alla zona euro non supererà il 10% del patrimonio netto. I titoli selezionati saranno o meno abbinati a un diritto di voto.
Titoli di credito e strumenti del mercato monetario
Il comparto potrà essere investito fino al 25% del patrimonio netto in titoli di credito e strumenti del mercato monetario di emittenti pubblici o assimilati nonché privati, a tassi fissi e/o variabili, su mercati della zona euro o europei (diversi dalla zona euro) fino al 10% senza alcuna limitazione in termini di scadenza. Tali strumenti saranno emessi nella categoria “investment grade” (ovvero per i quali il rischio d’insolvenza degli emittenti è il meno elevato), definita dalle agenzie di rating indipendenti, o beneficeranno di un rating interno equivalente assegnato dalla società di gestione.
Il patrimonio del comparto nel quadro della gestione della tesoreria potrà comprendere dei titoli di credito o obbligazioni. Questi strumenti, di una durata residua generalmente inferiore a tre mesi, saranno emessi senza limitazione di ripartizione debito pubblico/debito privato da Stati sovrani, da istituti assimilati o da entità con rating a breve termine pari o superiore ad A2, assegnato da Standard & Poor's o qualsiasi altro rating equivalente attribuito da un'altra agenzia di rating indipendente oppure con una classificazione interna equivalente da parte della società di gestione.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Azioni o quote di altri OICVM, FIA o fondi d'investimento di diritto estero
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l'esposizione ad altre classi di attivi o intervenire su settori più specifici (ad esempio, tecnologia, salute, ambiente), ivi compresi gli indici quotati, per aumentare l'esposizione ai mercati azionari o diversificare l'esposizione ad altre classi di attivi (ad esempio: materie prime o settore immobiliare).
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata. Strumenti derivati
Nel limite di una volta l’attivo, il comparto potrà investire su contratti finanziari negoziati su mercati regolamentati, organizzati o consensuali, al fine di siglare:
- contratti di opzione su azioni sia per diminuire la volatilità delle azioni che per aumentare l’esposizione del comparto a un numero limitato di azioni,
- dei contratti futures per guidare l'esposizione azionaria,
- contratti a termine su valute o degli swap in valuta al fine di coprire l’esposizione ad alcune valute nel quadro delle azioni fuori zona Euro.

L’esposizione al rischio azionario sarà limitata al 110% del patrimonio netto (essenzialmente in caso di variazione consistente di sottoscrizioni/rimborsi) e l’esposizione al rischio di tasso a un massimo del 25% del patrimonio netto. Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Il comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su azioni, indici azionari e/o panieri di azioni fino al 10% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 3%.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Strumenti derivati integrati
Il comparto potrà utilizzare dei titoli che integrano dei derivati nel limite di una volta il valore del patrimonio netto. La strategia di utilizzo dei derivati integrati è la medesima di quella descritta per i derivati.
Si tratta di warrant, buoni di sottoscrizione od obbligazioni callable o puttable.
Depositi Nessuno.
Prestiti in contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli Nessuna
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata di investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui
mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l’attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla selezione ISR (Investimento Socialmente Responsabile):
La selezione di titoli ISR può portare il comparto ad allontanarsi dall’indice di riferimento. Rischi legati ai Total Return Swap:
Il ricorso a contratti di scambio del rendimento totale e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a questi contratti può comportare effetti negativi sul valore patrimoniale netto della SICAV.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti dei contratti di scambio del rendimento totale.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di
conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoQuesto comparto si rivolge a investitori che desiderano dinamizzare il loro risparmio per mezzo di società della zona euro che conducono una politica attiva a favore dello sviluppo sostenibile.

Azioni A EUR, B EUR: tutti i sottoscrittori
Azioni CR EUR e CRD EUR: tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Azioni I EUR, J UER, K EUR e O EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Azioni R EUR: tutti i sottoscrittori di azioni destinate in particolare ad essere collocate da Distributori appositamente selezionati dalla società di gestione.
Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del
"Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell’investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 5 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "A EUR", "CR EUR", "R EUR", "I EUR" e "K EUR" | Azioni “B EUR”, “CRD EUR”, “J EUR” e “O EUR” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 9 categorie di azioni: Azioni "A EUR", "B EUR", "CR EUR", “CRD EUR", "I EUR", "J EUR", "K EUR", "O EUR" e "R EUR".

L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione O EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.)Valore patrimoniale netto iniziale: Azione A EUR: 375,93 euro Azione B EUR: 100 euroAzione CR EUR: 91,80 euro Azione CRD EUR: 100 euro Azione I EUR: 213,60 euro Azione J EUR: 100 euro Azione K EUR: 185,05 euro Azione O EUR: 100 euro Azione R EUR: 100 euroImporto minimo della sottoscrizione iniziale:

| Azione A EUR: 1 Azione Azione B EUR: 1 Azione |
| --- |
| Azione CR EUR: 1 Azione |

Azione CRD EUR: 1 Azione Azione I EUR: 500.000 euro Azione J EUR: 500.000 euro Azione K EUR: 500.000 euro Azione O EUR: 15.000.000 euro Azione R EUR: 1 Azione
Tale importo non si applica alle sottoscrizioni effettuate dal collocatore, dal gestore finanziario, dal depositario o dai loro collaboratori.
Importo minimo di sottoscrizione successiva:
Azione A EUR: 1 millesimo di azione Azione B EUR: 1 millesimo di azione Azione CR EUR: 1 millesimo di azione Azione CRD EUR: 1 millesimo di azione Azione I EUR: 1 millesimo di azione Azione J EUR: 1 millesimo di azione Azione K EUR: 1 millesimo di azione Azione O EUR: 1 millesimo di azione Azione R EUR: 1 millesimo di azione Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazio ne degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle
richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV.
In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto EdR SICAV - Euro Sustainable Equity | Valore patrimoniale netto x numero di azioni | Azione A EUR: max 3% |
| Azione B EUR: max 3% |
| Azione CR EUR: max 3% |
| Azione CRD EUR: max 3% |
| Azione I EUR: nessuna |
| Azione J EUR: nessuna |
| Azione K EUR: nessuna |
| Azione O EUR: nessuna |
| Azione R EUR: max 3% |
| Commissione di sottoscrizione corrisposta al Comparto EdR SICAV - Euro Sustainable Equity | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al Comparto EdR SICAV - Euro Sustainable Equity | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al Comparto EdR SICAV - Euro Sustainable Equity | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 1,95% (tasse incluse)* |
| Azione B EUR: max 1,95% (tasse incluse)* |
| Azione CR EUR: max 1,65% (tasse incluse)* |
| Azione CRD EUR: max 1,65% (tasse incluse)* |
| Azione I EUR: max 0,95% (tasse incluse)* |
| Azione J EUR: max 0,95% (tasse incluse)* |
| Azione K EUR: max 1,10% (tasse incluse)* |
| Azione O EUR: max 0,75% (tasse incluse)* |
| Azione R EUR: max 2,35% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,15% (tasse incluse)* |
| Azione B EUR: max 0,15% (tasse incluse)* |
| Azione CR EUR: max 0,15% (tasse incluse)* |
| Azione CRD EUR: max 0,15% (tasse incluse)* |
| Azione I EUR: max 0,15% (tasse incluse)* |
| Azione J EUR: max 0,15% (tasse incluse)* |
| Azione K EUR: max 0,15% (tasse incluse)* |
| Azione O EUR: max 0,15% (tasse incluse)* |
| Azione R EUR: max 0,15% (tasse incluse)* |
| I fornitori di servizi percepiscono delle commissioni di movimentazione: Il depositario tra lo 0% e il 50% La società di gestione tra il 50% e il 100% | Prelievo su ogni transazione | Variabile in funzione degli strumenti. In particolare in % (tasse incluse) massimo - Azioni, ETF: 0,50%
- OICR Francia: 0%
- OICR stranieri: 0,50%- O.S.T.: 0%
- Coupon esteri: 5%(minimo da € 0 a € 200 in funzione della piazza su cui è scambiato lo strumento)
 |
| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| Azione B EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| Azione CR EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| Azione CRD EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| Azione I EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| Azione J EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| Azione K EUR: nessuna |
| Azione O EUR: nessuna |

|  |  | Azione R EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI EMU (NR), con dividendi netti reinvestiti. |
| --- | --- | --- |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento: MSCI EMU
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più, qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento.
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni, viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo 
(t)) 
x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performan ce cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento (4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN- PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| PERIODO | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN OBIETTIVO | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| BASE DI CALCOLO: PN- PN OBIETTIVO |  | -2 | 8 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Period o | Performanc e cumulativa dell'azione* | Performanc e cumulativa dell'indice* | Performanc e relativa cumulativa* | Performanc e dell'azione nell'ultimo anno | Performanc e dell'indice nell'ultimo anno | Performanc e relativa nell'ultimo anno | Addebito di una commission e | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferiment o |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111):
3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV - Euro Sustainable Equity saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV - Financial Bonds
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 7 dicembre 2018.

Il comparto è stato creato in data 12 febbraio 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Financial Bonds costituito il 10 marzo 2008.
- Codice ISIN

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

- Regime fiscale specificoNessuno.
- Delega della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- ClassificazioneObbligazioni e altri titoli di credito internazionali.
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto mira a conseguire una performance superiore a quella dell'indice di riferimento, composto per l'80% dall'indice ICE BofA Euro Financial e per il 20% dall'indice ICE BofA Contingent Capital (coperto in EUR), sulla durata d'investimento raccomandata, tramite un portafoglio che investe prevalentemente in titoli del settore obbligazionario emessi da istituti finanziari internazionali.

Il comparto applica una strategia ESG dedicata, basata sull’analisi di criteri non finanziari utilizzati nella selezione dei titoli in portafoglio. Tali criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoL’indice di riferimento del comparto è l’indice composto per l'80% dall'indice ICE BofA Euro Financial e per il 20% dall'indice ICE BofA Contingent Capital (coperto in EUR), entrambi pubblicati da ICE Benchmark Administration Limited.

L’indice ICE BofA Euro Financial rappresenta il mercato delle obbligazioni del settore finanziario denominate in euro, che si tratti del debito senior o del debito subordinato degli emittenti.
L’indice ICE BofA Contingent Capital (coperto in EUR) è rappresentativo del mercato delle obbligazioni convertibili. L’indice è coperto contro l’euro.
Dal momento che la gestione del comparto non è basata sull’indice, la sua performance potrebbe allontanarsi significativamente dall'indice di riferimento, che è solo un indicatore di confronto.
I tassi e gli indici utilizzati sono annualizzati. Il calcolo dei risultati di questo parametro include le cedole.
ICE Benchmark Administration Limited (sito internet: https://www.theice.com/iba), amministratore degli indici di riferimento ICE BofA Euro Financial e ICE BofA Contingent Capital (coperto in EUR), non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e gode del regime transitorio ai sensi dell'articolo 51 del regolamento Benchmark.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati, che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzate:Per raggiungere il proprio obiettivo di gestione, il gestore investirà in maniera discrezionale su titoli obbligazionari emessi da istituti finanziari francesi e/o internazionali (banche, società finanziarie, compagnie assicurative e società appartenenti al settore finanziario, nel senso più ampio del termine), pubblici o privati, nel limite del 100% del portafoglio.

Per selezionare i titoli del portafoglio, il gestore include sistematicamente nell'analisi finanziaria dei fattori ambientali, sociali e di governance (ESG).
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
L'analisi ESG copre il 100% dei titoli di debito e degli strumenti del mercato monetario.
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield all'interno del portafoglio hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento.
L’universo d’investimento ESG è costituito dai titoli dell'indice di riferimento del comparto. La società di gestione può selezionare titoli al di fuori del suo indice. Essa si assicurerà tuttavia che l'indice di riferimento selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
D'altronde, il processo di selezione dei titoli comprende uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Per quanto riguarda il carbone termico, il comparto esclude qualsiasi impresa che sviluppi nuovi progetti che comportino l'uso del carbone termico, qualsiasi impresa mineraria che si occupi dell'esplorazione e dell'estrazione del carbone, qualsiasi produttore di energia elettrica che utilizzi il carbone nel suo mix energetico (ossia con una percentuale della produzione e/o del fatturato diversa da zero). Tale screening negativo contribuisce a mitigare il rischio di sostenibilità. Sono inoltre esclusi dal portafoglio i settori e i modelli economici seguenti: energia nucleare, gravi violazioni del Global Compact delle Nazioni Unite per le società e rating inadeguato dell'Indice Freedom House per gli emittenti sovrani.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Il gestore potrà investire senza limiti su qualsiasi tipo di titoli obbligazionari di tale settore, in titoli senior e in titoli subordinati, datati o meno, a qualsiasi livello di subordinazione (Additional Tier 1, Restricted Tier 1, Tier 1, Tier 2, Tier 3 assicurativo). I titoli selezionati potranno appartenere alla categoria Investment Grade (rating almeno pari a BBB- per Standard and Poor’s o equivalente, oppure rating ritenuto equivalente dalla società di gestione) o alla categoria speculativa High Yield (titoli speculativi con un rating a lungo termine inferiore a BBB- per Standard and Poor’s o equivalente, oppure rating ritenuto equivalente dalla società di gestione) o essere privi di rating di agenzia, nel limite del 100% del patrimonio netto.
In linea generale i titoli senior vengono definiti come prioritari rispetto ai titoli subordinati in caso di mancato pagamento o risoluzione da parte dell'emittente. I titoli subordinati prevedono solitamente livelli di priorità (in caso di mancato pagamento o risoluzione) contrattualmente definiti nei prospetti delle emissioni.
Dal momento che il comparto può investire in obbligazioni di qualsiasi livello di subordinazione, esiste la possibilità che tali strumenti vengano convertiti in azioni su iniziativa del regolatore o ad esempio in caso di flessione di una percentuale di solvibilità entro una soglia generalmente stabilita a livello contrattuale.
In caso di conversione in azioni delle obbligazioni detenute in portafoglio, il comparto potrà detenere temporaneamente delle azioni nel limite del 10% del suo patrimonio netto e procederà il prima possibile alla loro vendita nell’interesse degli azionisti.
A scopo di copertura dei propri attivi e/o di realizzazione del proprio obiettivo di gestione, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (future, opzioni quotate) o consensuali (opzioni, swap, total return swap, ecc.), entro il limite del 100% del suo patrimonio netto. In tale contesto, il gestore potrà costituire un’esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e di credito. In tale contesto, il gestore potrà adottare strategie volte principalmente a prevedere o a tutelare il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti. Tali strategie saranno implementate nella fattispecie tramite l'acquisto o la vendita di protezione tramite i derivati di credito di tipo Credit Default Swap e tramite Total Return Swap (TRS) su mono-enti di riferimento o su indici (in particolare iTraxx o CDX).
Il valore nominale delle vendite a fini di protezione tramite derivati di credito non potrà superare il 60% del patrimonio netto del comparto. Il valore nominale degli acquisti a fini di protezione tramite derivati di credito non potrà superare il 70% del patrimonio netto del comparto.
La strategia si basa al contempo su un approccio Top Down e su un approccio Bottom Up.
L’approccio Top Down si basa su un'analisi della situazione macroeconomica e interviene nell'ambito dell'allocazione geografica del portafoglio. Inserisce altresì, nell'ambito della gestione del comparto, l'aspetto normativo globale e locale nell'ambito del quale si evolvono gli emittenti.
L’approccio Bottom Up si basa su un'analisi di credito e mira a individuare, nell'ambito del settore finanziario, gli emittenti e/o le emissioni che presentano un valore relativo superiore rispetto agli altri. La modalità di selezione si basa su un'analisi fondamentale di ciascun emittente, che si snoda attorno alla valutazione di criteri quali:
- la leggibilità della strategia dell'istituto finanziario;
- la sua solvibilità;
- i criteri ESG dell'istituto finanziario.

Il comparto potrà investire, nel limite del 20% del suo patrimonio netto, in titoli emessi da società finanziarie aventi sede in paesi emergenti. Tali obbligazioni saranno tuttavia denominate in una valuta dei paesi cosiddetti sviluppati (EUR, GBP, CHF, USD, JPY).
L'acquisizione di titoli od OICR denominati in una valuta diversa da quella del comparto sarà soggetta a una copertura del rischio di cambio a prescindere dalla valuta dell'azione sottoscritta dall'investitore. Potrà tuttavia sussistere un rischio di cambio residuo (massimo il 2% del patrimonio netto).
Il gestore implementerà altresì una gestione della sensibilità del comparto ai tassi di interesse, che sarà compresa tra 0 e 10.
Nei periodi in cui la strategia d'investimento porta il team di gestione a ridurre l'esposizione del comparto alle obbligazioni e/o ad altri titoli di credito al fine di raggiungere l'obiettivo di gestione, il comparto potrà investire fino al 100% a titoli negoziabili a breve termine ed euro commercial paper. Tali strumenti finanziari potranno altresì essere utilizzati a titolo accessorio a fini d’investimento di capitale.
Il comparto non ha come obiettivo l'assunzione a prestito di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
. Sugli attivi:
Azioni
Il comparto non ha come obiettivo la detenzione di azioni. Tuttavia, dal momento che il comparto può investire in obbligazioni di qualsiasi livello di subordinazione, in obbligazioni convertibili o in obbligazioni convertibili contingenti, esiste la possibilità che tali strumenti vengano convertiti in azioni su iniziativa del regolatore o ad esempio in caso di flessione di una percentuale di solvibilità entro una soglia generalmente stabilita a livello contrattuale. In caso di conversione in azioni delle obbligazioni detenute in portafoglio, il comparto potrà detenere temporaneamente delle azioni nel limite del 10% del suo patrimonio netto e procederà il prima possibile alla loro vendita nell’ interesse degli azionisti.
Titoli di credito e strumenti del mercato monetario: (fino al 100% del portafoglio)
Caratteristiche generali:
| Sensibilità ai tassi d’interesse | - | [0; +10] |
| --- | --- | --- |
| Area geografica degli emittenti | Tutte le aree geografiche | max 100% del patrimonio netto |
| Paesi emergenti | max 20% del patrimonio netto |
| Valuta di denominazione dei titoli | Euro | max 100% del patrimonio netto |
| Valute OCSE (per i paesi emergenti: emissioni denominate esclusivamente in: EUR, GBP, CHF, USD, JPY) | max 100% del patrimonio netto |
| Livello di rischio di cambio | - | Residuo (massimo il 2% del patrimonio netto) |

Ripartizione debito privato/debito pubblico:
Il comparto investirà prevalentemente e fino al 100% del patrimonio netto in debiti privati emessi da società appartenenti al settore finanziario.
Il comparto potrà altresì essere portato a detenere obbligazioni di società finanziarie garantite da uno Stato appartenente all'OCSE. Il comparto potrà infine investire in titoli di Stato emessi da un paese appartenente all’OCSE, in particolare nell'ambito della gestione della liquidità.
Criteri di rating e subordinazione:
Il comparto potrà essere esposto a titoli obbligazionari di qualsivoglia tipologia appartenenti al settore finanziario (debito senior o debito subordinato) datati o meno, di qualsivoglia tipo di valutazione e di qualsiasi livello di subordinazione.
Il comparto può investire fino al 100% del patrimonio netto in obbligazioni dette High Yield (titoli speculativi con un rating a lungo termine inferiore a BBB- per Standard and Poor’s o equivalente, oppure rating ritenuto equivalente dalla società di gestione) o in titoli di categoria Investment Grade (rating almeno pari a BBB- per Standard and Poor’s o equivalente, oppure rating ritenuto equivalente dalla società di gestione) o privi di un rating di agenzia.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo.
Il comparto potrà investire in titoli di credito di qualsivoglia natura tra cui, nella fattispecie, le obbligazioni a tasso fisso, variabile o rivedibile, i titoli di credito negoziabili, i buoni fruttiferi, i buoni del Tesoro, gli EMTN, gli Euro commercial paper.
Il comparto potrà investire, nel limite del 20% del suo patrimonio netto, in titoli emessi da società finanziarie aventi sede in paesi emergenti. Tali obbligazioni saranno tuttavia denominate in una valuta dei paesi cosiddetti sviluppati (EUR, GBP, CHF, USD, JPY).
Azioni o quote di altri organismi d'investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, a prescindere dalla loro classificazione, ivi compresi gli indici quotati, o di classificazione monetaria od obbligazionaria.
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Valute
L'acquisizione di titoli o di OICR denominati in una valuta diversa dall'euro (EUR) sarà oggetto di una copertura del rischio di cambio. Potrà tuttavia sussistere un rischio di cambio residuo (massimo il 2% del patrimonio netto).
Contratti finanziari
A scopo di copertura dei propri attivi e/o di realizzazione del proprio obiettivo di gestione, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (future, opzioni quotate) o consensuali (opzioni, swap, ecc.), entro il limite del 100% del suo patrimonio netto. In tale contesto, il gestore potrà costituire un'esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e di credito.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.

##### Natura dei mercati d'intervento:
- Mercati regolamentati
- Mercati organizzati
- Mercati over-the-counter


##### Rischi sui quali il gestore desidera intervenire a fini di copertura e di esposizione del portafoglio:
- Rischio di tasso
- Rischio di cambio (unicamente a fini di copertura)
- Rischio di creditononché a componenti di tali rischi


##### Natura degli interventi, l'insieme delle operazioni che devono essere limitate alla realizzazione dell'obiettivo di gestione:
- Copertura
- Esposizione
- Arbitraggio


##### Natura degli strumenti utilizzati:
- Opzioni e future: indici finanziari, valute, tassi
- Opzioni su contratti a termine standardizzati
- Cambio a termine e swap in valuta
- Swap: tassi (tasso fisso/tasso variabile in tutte le combinazioni e inflazione), valute nonché su componenti di tali attivi.
- Credit Default Swap su single name o su indici
- Opzioni su CDS su indici
- Total Return SwapIl comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su obbligazioni, indici obbligazionari e/o panieri di obbligazioni fino al 100% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 25%.

Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Titoli che integrano derivati
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire esclusivamente in:
- obbligazioni callable o puttable,
- obbligazioni convertibili,
- obbligazioni convertibili contingenti (CoCo bond) fino al 50% del patrimonio netto.

Prestiti in contanti
Il comparto non ha come obiettivo l'assunzione a prestito di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 100% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto. Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
Depositi
Il comparto potrà effettuare depositi presso il depositario nel limite massimo del 20% del proprio patrimonio netto.
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio. I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio settoriale:
Il comparto presenta un rischio settoriale in ragione del suo investimento su titoli appartenenti a un medesimo settore d'attività: il settore finanziario. La caduta di questo mercato comporterà un ribasso del valore patrimoniale netto
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla valuta delle azioni denominate in una valuta diversa da quella del comparto:
L’azionista sottoscrittore di azioni in valute diverse dalla valuta di riferimento del comparto (euro) è esposto al rischio di cambio. Il valore degli attivi del comparto può diminuire in forza della variazione dei tassi di cambio e ciò può comportare una riduzione del valore patrimoniale netto del comparto.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap:
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei contratti di total return swap.
Rischi relativi ai contingent convertible bonds (CoCo):
I CoCo sono titoli di credito subordinati emessi da istituti di credito o compagnie assicurative o di riassicurazione, idonei per rientrare nel capitale regolamentare e con la particolarità di essere convertibili in azioni, oppure di subire una riduzione del nominale (meccanismo detto di "write down"), in caso si determini un "elemento di attivazione" ("Trigger"), prestabilito nel prospetto informativo. I CoCo integrano un'opzione di conversione in azioni per iniziativa dell'emittente in caso di peggioramento della sua situazione finanziaria. Oltre al rischio di credito e quello di tasso relativi alle obbligazioni, l’attivazione dell'opzione di conversione può determinare un calo del valore del CoCo superiore a quello osservato sulle altre obbligazioni classiche dell'emittente. In base alle condizioni previste per ogni CoCo, alcuni eventi di attivazione possono determinare un azzeramento definitivo del capitale investito e/o degli interessi maturati, oppure la conversione dell'obbligazione in azioni.
Rischio relativo alla soglia di conversione dei CoCo:
La soglia di conversione dei CoCo dipende dal coefficiente di solvibilità del relativo emittente. Si tratta dell'evento che determina la conversione dell'obbligazione in azione ordinaria. Minore è il coefficiente di solvibilità, maggiore è la probabilità di conversione.
Rischio di perdita o sospensione della cedola:
In base alle caratteristiche dei CoCo, il versamento delle cedole è discrezionale e può essere revocato o sospeso dall'emittente in qualsiasi momento e per un periodo indeterminato.
Rischio d'intervento di un'autorità regolamentare al livello di "non sostenibilità":
L'autorità regolamentare può stabilire in qualsiasi momento e discrezionalmente che un istituto sia "non sostenibile", nel qual caso la banca emittente sollecita il sostegno delle pubbliche autorità per scongiurare l'insolvenza, il fallimento, l'incapacità di pagare la maggior parte del suo debito alla scadenza o comunque di perseguire la propria attività e impone o richiede la conversione delle Obbligazioni convertibili condizionali in azioni in circostanze indipendenti dalla volontà dell'emittente.
Rischio d'inversione della struttura del capitale:
Diversamente dalla gerarchia convenzionale del capitale, gli investitori di CoCo possono subire una perdita di capitale che non tocca i detentori di azioni. In alcuni scenari, i detentori di CoCo subiranno delle perdite prima dei detentori di azioni.
Rischio di posticipo del rimborso:
Gran parte dei CoCo è emessa sotto forma di strumenti di durata indefinita, rimborsabili a livelli predefiniti solo con l'approvazione dell'autorità competente. Non è possibile ipotizzare che i CoCo irredimibili siano rimborsati alla data di rimborso. I CoCo sono una forma di capitale permanente. C'è la possibilità che l'investitore non riceva il rimborso del capitale come previsto alla data di rimborso o in qualsiasi altra data.
In alcuni casi, può essere difficile trovare acquirenti per i CoCo e il venditore può essere costretto ad accettare una svalutazione importante del valore atteso dell'obbligazione per poterla vendere.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A CHF (H), A USD (H), B EUR e B USD (H): tutti i sottoscrittori.

Azioni CR EUR, CR GBP (H), CR USD (H) e CRD EUR: tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione. Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.

Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Azioni I EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il comparto prima del 20/07/2018.
Azioni I CHF (H), J EUR, I USD (H), N EUR, NC EUR e OC EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il Comparto prima del 19/10/2018.
Azioni K EUR, J USD (H), J GBP (H): persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il Comparto prima del 12/02/2019.
Azioni R EUR: tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione.
Il presente comparto si rivolge in particolar modo a investitori che desiderano ottimizzare i propri investimenti obbligazionari grazie a una gestione attiva di strumenti di credito da parte di imprese o istituzioni del settore finanziario rimanendo consapevoli dei rischi ai quali si espongono; si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati
Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi posizionamenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata del posizionamento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 3 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "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" e "NC EUR" | Azioni “B USD (H)”, “B EUR”, “CRD EUR”, “J EUR”, “J GBP (H)” e “J USD (H)” | Azioni "OC EUR" |
| --- | --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione | Misto (capitalizzazione e/o distribuzione e/o riporto su decisione della società di gestione) |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione e le azioni miste, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione e azioni miste: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 20 categorie di azioni: Azioni “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” e “ R EUR”.

L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione A USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione B USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione CR GBP (H) è denominata in sterline ed è espressa in azioni o millesimi di azioni. L’azione CR USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J GBP (H) è denominata in sterline ed è espressa in azioni o millesimi di azioni. L'azione J USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione NC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione OC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.)Valore patrimoniale netto iniziale:

| Azione A CHF (H): 106,34 franchi svizzeri |
| --- |
| Azione A EUR: 136,77 euro Azione A USD (H): 116,32 dollari USA Azione B EUR: 127,78 euro Azione B USD (H): 100 dollari USA |
| Azione CR EUR: 95,91 euro |
| Azione CR GBP (H): 97,25 sterline Azione CR USD (H): 100 dollari USA |
| Azione CRD EUR: 100 euro Azione I CHF (H): 108,15 franchi svizzeri |
| Azione I EUR: 176,72 euro |
| Azione I USD (H): 122,96 dollari USA |
| Azione J EUR: 101,14 euro Azione J GBP (H): 100 sterline |
| Azione J USD (H): 100 dollari USA |
| Azione K EUR: 98,83 euro |
| Azione N EUR: 1.143,31 euro |
| Azione NC EUR: 101,28 euro |
| Azione OC EUR: 93,08 euro |

Azione R EUR: 98,67 euro
Importo minimo della sottoscrizione iniziale:
| Azione A CHF (H): 1 Azione Azione A EUR: 1 Azione1 Azione Azione A USD (H): 1 Azione1 Azione |
| --- |
| Azione B EUR: 1 Azione Azione B USD (H): 1 Azione |
| Azione CR EUR: 1 Azione Azione CR GBP (H): 1 Azione Azione CR USD (H): 1 Azione |
| Azione CRD EUR: 1 Azione Azione I CHF (H): 500.000 franchi svizzeri |
| Azione I EUR: 500.000 euro |
| Azione I USD (H): 500.000 dollari USA |
| Azione J EUR: 500.000 euro Azione J GBP (H): 500.000 sterline |

| Azione J USD (H): 500.000 dollari USA |
| --- |
| Azione K EUR: 500.000 euro |
| Azione N EUR: 10.000.000 euro |
| Azione NC EUR: 10.000.000 euro |
| Azione OC EUR: 10.000.000 euro Azione R EUR: 1 Azione |

| Azione A CHF (H): 1 millesimo di azione Azione A EUR: 1 millesimo di azione Azione A USD (H): 1 millesimo di azione |
| --- |
| Azione B EUR: 1 millesimo di azione Azione B USD (H): 1 millesimo di azione |
| Azione CR EUR: 1 millesimo di azione Azione CR GBP (H): 1 millesimo di azione Azione CR USD (H): 1 millesimo di azione |
| Azione CRD EUR: 1 millesimo di azione Azione I CHF (H): 1 millesimo di azione |
| Azione I EUR: 1 millesimo di azione |
| Azione I USD (H): 1 millesimo di azione Azione J EUR: 1 millesimo di azione Azione J GBP (H): 1 millesimo di azione |
| Azione J USD (H): 1 millesimo di azione |
| Azione K EUR: 1 millesimo di azione |
| Azione N EUR: 1 millesimo di azione |
| Azione NC EUR: 1 millesimo di azione |
| Azione OC EUR: 1 millesimo di azione |

Importo minimo di sottoscrizione successiva:
Azione R EUR: 1 millesimo di azione Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 5% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la
stessa per tutte le classi di azioni del comparto. Questa soglia del 5% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 10% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 5% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino all'8% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 50%, ove fosse applicato rigorosamente il limite massimo del 5%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo di “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei Gate:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni “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” e “R EUR” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV - Financial Bonds | Valore patrimoniale netto x Numero di azioni | Azione A CHF (H): max 1% |
| Azione A EUR: max 1% |
| Azione A USD (H): max 1% |
| Azione B EUR: max 1% |
| Azione B USD (H): max 1% |
| Azione CR EUR: max 1% |
| Azione CR GBP (H): max 1% |
| Azione CR USD (H): max 1% |
| Azione CRD EUR: max 1% |
| Azione I CHF (H): nessuna |
| Azione I EUR: nessuna |
| Azione I USD (H): nessuna |
| Azione J EUR: nessuna |
| Azione J GBP (H): nessuna |
| Azione J USD (H): nessuna |
| Azione K EUR: nessuna |
| Azione N EUR: nessuna |
| Azione NC EUR: nessuna |
| Azione OC EUR: nessuna |
| Azione R EUR: max 1% |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Financial Bonds | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - Financial Bonds | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Financial Bonds | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF (H): max 1,15% (tasse incluse)* |
| Azione A EUR: max 1,15% (tasse incluse)* |
| Azione A USD (H): max 1,15% (tasse incluse)* |
| Azione B EUR: max 1,15% (tasse incluse)* |
| Azione B USD (H): max 1,15% (tasse incluse)* |
| Azione CR EUR: max 0,80% (tasse incluse)* |
| Azione CR GBP (H): max 0,80% (tasse incluse)* |
| Azione CR USD (H): max 0,80% (tasse incluse)* |
| Azione CRD EUR: max 0,80% (tasse incluse)* |
| Azione I CHF (H): max 0,55% (tasse incluse)* |
| Azione I EUR: max 0,55% (tasse incluse)* |
| Azione I USD (H): max 0,55% (tasse incluse)* |
| Azione J EUR: max 0,55% (tasse incluse)* |
| Azione J GBP (H): max 0,55% (tasse incluse)* |
| Azione J USD (H): max 0,55% (tasse incluse)* |
| Azione K EUR: max 0,75% (tasse incluse)* |
| Azione N EUR: max 0,40% (tasse incluse)* |
| Azione NC EUR: max 0,55% (tasse incluse)* |
| Azione OC EUR: max 0,55% (tasse incluse)* |
| Azione R EUR: max 1,40% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF (H): max 0,10% (tasse incluse)* |
| Azione A EUR: max 0,10% (tasse incluse)* |
| Azione A USD (H): max 0,10% (tasse incluse)* |
| Azione B EUR: max 0,10% (tasse incluse)* |
| Azione B USD (H): max 0,10% (tasse incluse)* |
| Azione CR EUR: max 0,10% (tasse incluse)* |
| Azione CR GBP (H): max 0,10% (tasse incluse)* |
| Azione CR USD (H): max 0,10% (tasse incluse)* |
| Azione CRD EUR: max 0,10% (tasse incluse)* |
| Azione I CHF (H): max 0,10% (tasse incluse)* |
| Azione I EUR: max 0,10% (tasse incluse)* |
| Azione I USD (H): max 0,10% (tasse incluse)* |
| Azione J EUR: max 0,10% (tasse incluse)* |
| Azione J GBP (H): max 0,10% (tasse incluse)* |
| Azione J USD (H): max 0,10% (tasse incluse)* |
| Azione K EUR: max 0,10% (tasse incluse)* |
| Azione N EUR: max 0,10% (tasse incluse)* |
| Azione NC EUR: max 0,10% (tasse incluse)* |
| Azione OC EUR: max 0,10% (tasse incluse)* |
| Azione R EUR: max 0,10% (tasse incluse)* |
| I fornitori di servizi percepiscono delle commissioni di movimentazione: Il depositario tra lo 0% e il 50% La società di gestione tra il 50% e il 100% | Prelievo su ogni transazione | Sulle transazioni: max 0,24% (tasse incluse)* per le transazioni non azionarie e max 0,60% (tasse incluse)* per le transazioni su azioni e strumenti finanziari assimilati Sugli incassi di cedole: max 1,20% (tasse incluse)* |

| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A CHF (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in CHF) + 20% ICE BofA Contingent Capital (coperto in CHF), con cedole reinvestite. |
| --- | --- | --- |
| Azione A EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |
| Azione A USD (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in USD) + 20% ICE BofA Contingent Capital (coperto in USD), con cedole reinvestite. |
| Azione B EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |
| Azione B USD (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in USD) + 20% ICE BofA Contingent Capital (coperto in USD), con cedole reinvestite. |
| Azione CR EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |
| Azione CR GBP (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in GBP) + 20% ICE BofA Contingent Capital (coperto in GBP), con cedole reinvestite. |
| Azione CR USD (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in USD) + 20% ICE BofA Contingent Capital (coperto in USD), con cedole reinvestite. |
| Azione CRD EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |
| Azione I CHF (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in CHF) + 20% ICE BofA Contingent Capital (coperto in CHF), con cedole reinvestite. |
| Azione I EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |

|  |  | Azione I USD (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in USD) + 20% ICE BofA Contingent Capital (coperto in USD), con cedole reinvestite. |
| --- | --- | --- |
| Azione J EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |
| Azione J GBP (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in GBP) + 20% ICE BofA Contingent Capital, con cedole reinvestite. |
| Azione J USD (H): 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial (coperto in USD) + 20% ICE BofA Contingent Capital (coperto in USD), con cedole reinvestite. |
| Azione K EUR: nessuna |
| Azione N EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |
| Azione NC EUR: nessuna |
| Azione OC EUR: nessuna |
| Azione R EUR: 20% annuo della sovraperformance rispetto all'indice di riferimento, 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR), con cedole reinvestite. |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento: 80% ICE BofA Euro Financial + 20% ICE BofA Contingent Capital (coperto in EUR).
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 20% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
Il periodo di riferimento per il calcolo della commissione di sovraperformance si conclude alla data dell'ultimo valore patrimoniale netto di settembre. Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell’ultimo valore patrimoniale netto del periodo di riferimento. Il periodo di riferimento è di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, la commissione non verrà prelevata e il periodo di riferimento sarà esteso di un anno. Il periodo di riferimento può essere esteso fino a quattro volte.
Al termine di un periodo di riferimento di cinque anni o più, se il rendimento dell'azione è inferiore a quello del suo indice di riferimento, il periodo di riferimento non viene esteso.
Viene invece stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso. Al termine di un periodo di riferimento:
- Se la differenza tra il PN dell’azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento;
- Se la differenza tra il PN dell’azione e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
- quando il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
- quando il periodo di riferimento è superiore o uguale a 5 anni, questo si conclude e il PN della fine del periodo di riferimento diventa il suo nuovo PN di riferimento.

Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo)(t) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla data t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo(t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performan ce cumulativa dell'azione * | Performan ce cumulativa dell'indice * | Performan ce relativa cumulativa * | Performan ce dell'azione nell'ultimo anno | Performan ce dell'indice nell'ultimo anno | Performan ce relativa nell'ultimo anno | Addebito della commission e** | Periodo rinnovato / esteso |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Estensione |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | Rinnovo |

*dall'inizio del periodo di riferimento
** di sovraperformance
Periodo 0-1: Il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione * | Performance cumulativa dell'indice * | Performance relativa cumulativa * | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato / esteso |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Estensione |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Estensione |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Estensione |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Estensione |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Rinnovo |

*dall'inizio del periodo di riferimento
** di sovraperformance
| Periodo | Performance cumulativa dell'azione * | Performance cumulativa dell'indice * | Performance relativa cumulativa * | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato / esteso |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Estensione |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | No | Estensione |

Periodi 0-1 e 0-2: La performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene esteso di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: La performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell’anno è positiva (4), ma la performance relativa cumulativa dall’inizio del periodo di riferimento (0-3) è negativa (-1). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: Performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Performance relativa del periodo negativa, nessuna commissione di sovraperformance, periodo di riferimento rinnovato, dato che il periodo di riferimento è già stato prorogato 4 volte. Il nuovo PN di riferimento è fissato a 107.
Esempio 3:
| PERIODO | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN OBIETTIVO | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| BASE DI CALCOLO: PN-PN OBIETTIVO |  | -2 | 8 |

Periodo 0-1: Performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è esteso di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Performance assoluta positiva e sovraperformance di 8 (106-98). Viene applica pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Le spese di ricerca ai sensi dell'articolo 314-21 del Regolamento generale dell’AMF possono essere fatturate alla SICAV fino allo 0,01% del suo patrimonio netto.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d'investimento sottostanti acquisiti dal comparto EdR SICAV - Financial Bonds saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV - Tricolore Rendement
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 7 dicembre 2018.

Il comparto è stato creato in data 8 marzo 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Tricolore Rendement costituito il 4 dicembre 1998.
- Codice ISIN

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

- Regime fiscale specificoIdoneo al PEA.
- ClassificazioneAzioni dei paesi della zona euro.
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.

L’obiettivo del comparto consiste nel ricercare, su un orizzonte temporale raccomandato superiore a 5 anni, un rendimento superiore a quello dell'indice di riferimento, SBF 120 (NR), mediante investimenti in società prevalentemente francesi, le cui caratteristiche di valutazione lascino presagire che possano realizzare un buon rendimento.
Tali società saranno selezionate sulla base di un’analisi che combini redditività finanziaria e rispetto di criteri extra- finanziari.
Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. L’universo d’investimento del comparto è costituito da tutti i titoli francesi la cui capitalizzazione di borsa sia superiore a 300 milioni di euro e che sono stati oggetto di un’analisi extra-finanziaria.
- Indice di riferimentoL'obiettivo di gestione non è espresso in funzione di un indice di riferimento. Tuttavia, a titolo informativo, il rendimento del comparto potrà essere confrontato con l’indice SBF 120, con il reinvestimento dei dividendi netti, espresso in euro per le azioni emesse in euro e in dollari USA per le azioni emesse in dollari USA. Si tratta dell'indice rappresentativo delle centoventi maggiori capitalizzazioni della borsa di Parigi.

EURONEXT (sito Internet: www.euronext.com/fr), amministratore dell’indice di riferimento SBF 120, è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzate:Il comparto adotta una gestione attiva di selezione dei titoli (“stock-picking”) quotati su un universo di titoli prevalentemente francesi.

Le azioni europee rappresenteranno almeno il 75% del patrimonio, di cui almeno il 65% di azioni della zona euro. L’insieme delle azioni al di fuori della Francia non supererà il 25% del patrimonio netto. L’esposizione del comparto ad azioni al di fuori della zona euro non supererà il 10% del patrimonio netto. Le azioni saranno selezionate sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari.
L’universo d’investimento del portafoglio (universo di partenza) è costituito da tutti i titoli la cui capitalizzazione di borsa sia superiore a 300 milioni di euro. Il comparto investirà inoltre almeno il 10% del patrimonio netto in azioni di TPE, PME o ETI francesi quotate. Si tratta di società da un lato con un organico inferiore a 5.000 unità e dall’altro con un fatturato annuo non superiore a 1,5 miliardi di euro o con un totale di bilancio non superiore a 2 miliardi di euro, e la cui capitalizzazione di mercato è inferiore a due miliardi di euro o lo è stata alla chiusura di almeno uno dei quattro esercizi contabili precedenti.
Tutti i titoli che compongono l’universo d’investimento del portafoglio (universo di partenza) sono oggetto di un’analisi extra-finanziaria dettagliata più avanti.
L’universo d’investimento sarà ridotto eliminando il 20% delle emissioni meno efficienti.
La filosofia di gestione del comparto mira a investire nelle aziende che orientano le loro scelte strategiche e operative alla ricerca di un rendimento globale, al contempo economico e finanziario, sociale, di governance e ambientale, nel rispetto e nella fiducia delle relative parti interessate sia interne che esterne.
La selezione dei titoli si basa sull’uso combinato di criteri finanziari che permettano di selezionare titoli con elevate prospettive di crescita, un rendimento soddisfacente o una discreta sottovalutazione a parere della società di gestione, nonché di criteri extra-finanziari volti a soddisfare esigenze d'Investimento socialmente responsabile.
Analisi dei criteri finanziari:
L’universo dei titoli nel quale il comparto viene investito verte su azioni di società la cui capitalizzazione è essenzialmente superiore a 300 milioni di euro.
L'utilizzo dei rapporti degli analisti esterni ha per obiettivo di aiutare il gestore a orientare la propria ricerca verso un numero ridotto di titoli incluso nell’universo d’investimento. La scelta di analisti esterni è altresì soggetta a un processo di selezione definito dalla Società di gestione;
I titoli così selezionati vengono sottoposti a un'analisi quantitativa e successivamente qualitativa. Il gestore selezionerà pertanto in particolare i seguenti titoli:
- Titolo dai rendimenti netti elevati (Dividendo netto per azione/Corso del titolo).
- Titoli “growth” che presentano una crescita del fatturato e dei risultati.
- Titoli oggetto di sconto rispetto all'universo di riferimento sui seguenti rapporti: corso del titolo/patrimonio netto rivalutato per azione, corso del titolo/cash-flow per azione, corso del titolo/utile netto per azione (PER).

Analisi dei criteri extra-finanziari
Tale analisi permette di selezionare i titoli secondo un rating ESG definito dalla società di gestione, che ordina i titoli secondo i seguenti criteri di natura Ambientale, Sociale e di Governance d’impresa:
Ambientali: consumo energetico, emissioni di gas a effetto serra, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale;
Sociale: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza;
Governance: struttura degli organi di governance/amministrativi, politica retributiva, audit e controllo interno, interesse degli azionisti.
Il modello di rating ISR è stato definito:
- secondo un approccio Best-in-Universe, cioè volto a favorire le imprese più performanti, a prescindere dal rating finanziario, dalla dimensione o dal settore;
- con ponderazioni diverse tra i 3 pilastri ESG, per settore economico, in funzione di fattori specifici di ogni settore: infatti, ai 3 pilastri extra-finanziari sono attribuite ponderazioni più o meno elevate in funzione del settore considerato, per cui ogni singolo pilastro ha un peso diverso. Ad esempio, un'impresa chimica sarà più interessata alla questione ambientale, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per stabilire se l'impresa analizzata possiede le caratteristiche di un'impresa responsabile e sostenibile definite dalla società di gestione, quest'ultima realizza uno studio che termina con l'attribuzione di un rating ESG interno secondo una scala di 7 valori compresi tra AAA e CCC. Il rating è l'aggregazione dell'esito dei vari criteri E, S, G della scala di rating definita dagli analisti.
In assenza di un rating interno, il gestore si basa sul rating ESG fornito dal fornitore di rating esterno di cui si avvale la Società di gestione
.
La metodologia di rating utilizzata dall'agenzia di rating esterna utilizzata dalla Società di Gestione potrebbe non essere identica all'approccio metodologico per il calcolo dei rating proprietari. Il gestore seleziona nel portafoglio prevalentemente titoli dotati di rating proprietario. In generale, il gestore è responsabile della selezione dei titoli che soddisfano i criteri extra-finanziari più adatti all’approccio della società di gestione.
Dopo aver applicato questo processo, l’universo d’investimento sarà ridotto del 20% eliminando i rating extra- finanziari meno efficienti.
Il gestore si impegna inoltre a escludere dal portafoglio le società la cui attività sia direttamente correlata al carbone termico e metallurgico e, ove siano disponibili dati, a escludere le società di distribuzione, trasporto e produzione di attrezzature e servizi, nella misura in cui il 33% del loro fatturato viene realizzato con clienti la cui attività è direttamente correlata al carbone termico e metallurgico.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Il gestore individua le problematiche finanziarie ed extra-finanziarie delle società del portafoglio che possono essere oggetto di azioni di impegno e di dialogo tracciabili. Queste azioni permettono di massimizzare il potenziale di ulteriore apprezzamento in borsa connesso a tale impegno, accompagnando la dinamica finanziaria o extra- finanziaria delle società.
In funzione delle previsioni del gestore in merito all’andamento dei mercati azionari e allo scopo di rendere più dinamico o salvaguardare il rendimento, il comparto potrà:
- investire in obbligazioni convertibili francesi denominate in euro negoziate su un mercato regolamentato europeo entro un limite compreso tra lo 0% e il 25% del patrimonio netto e in questo stesso limite in obbligazioni convertibili estere fino a un livello del 10% massimo. Queste obbligazioni convertibili (senza limitazione di rating o di durata) vengono selezionate in funzione del loro rendimento previsto e della loro correlazione con le azioni sottostanti;
- ricorrere a contratti future o opzioni, negoziati su mercati organizzati o regolamentati nel limite di una volta il valore del patrimonio netto;
- contratti di opzione su azioni negoziati su mercati organizzati o regolamentati, nel limite del 25% del patrimonio netto, per diminuire la volatilità delle azioni.

Tutti questi titoli saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
. Sugli attivi: Azioni:
Il portafoglio è esposto in via permanente fino a un livello minimo del 75% in azioni emesse da società la cui capitalizzazione è essenzialmente superiore a 300 milioni di euro e in altri titoli assimilati negoziati su un mercato europeo. Oltre alle azioni e ad altri titoli assimilabili negoziati su un mercato regolamentato europeo, il comparto potrà inoltre investire fino al 25% del proprio patrimonio netto all’esterno della Francia. L’esposizione del comparto ad azioni al di fuori della zona euro non supererà il 10% del patrimonio netto.
Le azioni saranno selezionate sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Titoli di credito e strumenti del mercato monetario
L’esposizione globale del portafoglio ai titoli di credito e strumenti del mercato monetario potrà rappresentare al massimo il 25% del portafoglio a fini di gestione della liquidità.
Gli strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
L’attivo del comparto nell’ambito della gestione della liquidità potrà comprendere titoli di credito oppure obbligazioni denominati in Euro. Questi strumenti, di durata residua inferiore a tre mesi, saranno emessi senza limitazione di ripartizione debito pubblico/debito privato da stati sovrani, da istituti assimilati o da entità con rating a breve termine uguale o superiore ad A2, assegnato da Standard & Poor’s o qualsiasi altro rating equivalente attribuito da un’altra agenzia di rating indipendente oppure con una classificazione interna equivalente da parte della società di gestione. La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un titolo della categoria “High Yield”, ossia titoli speculativi che presentano un rischio d’insolvenza dell’emittente più elevato (titoli con rating inferiore a BBB- o il cui rating a breve termine è inferiore o uguale ad A-3 secondo Standard & Poor’s o un’agenzia equivalente o con una classificazione interna equivalente da parte della società di gestione), la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Azioni o quote di altri organismi d’investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero:
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l'esposizione ad altre classi di attivi, ivi compresi gli indici quotati, o di classificazione monetaria od obbligazionaria, in particolare al fine di collocare la liquidità.
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata. Le quote o azioni degli OICR selezionati non saranno oggetto di un’analisi extra-finanziaria.
Strumenti derivati
A scopo di copertura e/o esposizione, senza cercare di sovraesporsi ed entro il limite del 100% del patrimonio netto, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati francesi organizzati, regolamentati (futures, opzioni quotate) o OTC (opzioni, swap, cambi a termine, ecc.). A questo titolo, il comparto potrà assumere posizioni per coprire il portafoglio da determinati rischi (azioni, cambio).
I contratti di opzione e i contratti future saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Il comparto non utilizzerà Total Return Swap.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati
In conformità alla propria strategia di investimento, il comparto potrà investire in obbligazioni convertibili francesi denominate in euro negoziate su un mercato regolamentato europeo, entro il limite del 25% del patrimonio netto e, entro questo stesso limite, dallo 0% al 25% del patrimonio netto in obbligazioni convertibili estere fino a un livello massimo del 10%.
Il comparto potrà tuttavia detenere in via temporanea buoni di sottoscrizione emessi in seguito a una operazione su titoli.
Gli strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Depositi Nessuno
Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli Nessuna
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata di investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating
interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla valuta delle azioni denominate in una valuta diversa da quella del comparto:
L’azionista sottoscrittore di azioni in valute diverse dalla valuta di riferimento del comparto (euro) è esposto al rischio di cambio. Il valore degli attivi del comparto può diminuire in forza della variazione dei tassi di cambio e ciò può comportare una riduzione del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò
significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A USD e B EUR: tutti i sottoscrittoriAzioni I EUR e K EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.

Azioni R EUR: tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione.
Questo comparto si rivolge in particolar modo a investitori che stanno cercando di dinamizzare il loro risparmio per mezzo di mercati azionari essenzialmente francesi. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 5 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "A USD", “A EUR", "R EUR", "I EUR" e "K EUR" | Azioni "B EUR" |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 6 categorie di azioni: Azioni "A EUR”, "A USD", "B EUR", "I EUR", "K EUR" e "R EUR". L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.

L'azione A USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.)Valore patrimoniale netto iniziale:

| Azione A EUR: 330,56 euro Azione A USD: 108,00 dollari USA |
| --- |
| Azione B EUR: 204,28 euro |
| Azione I EUR: 147,42 euro |
| Azione K EUR: 181,05 euro Azione R EUR: 172,23 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A EUR: 1 Azione1 Azione Azione A USD: 1 Azione1 Azione |
| --- |
| Azione B EUR: 1 Azione1 Azione |
| Azione I EUR: 500.000 euro |
| Azione K EUR: 500.000 euro Azione R EUR: 1 Azione1 Azione |

Importo minimo di sottoscrizione successiva:
| Azione A EUR: 1 millesimo di azione Azione A USD: 1 millesimo di azione |
| --- |
| Azione B EUR: 1 millesimo di azione |
| Azione I EUR: 1 millesimo di azione |
| Azione K EUR: 1 millesimo di azione Azione R EUR: 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rim borso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento del comparto. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al
centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite tornano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto Tricolore Rendement | Valore patrimoniale netto x numero di azioni | Azione A EUR: max 3% |
| Azione A USD: max 3% |
| Azione B EUR: max 3% |
| Azione I EUR: nessuna |
| Azione K EUR: nessuna |
| Azione R EUR: max 3% |
| Commissione di sottoscrizione corrisposta al Comparto Tricolore Rendement | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al Comparto Tricolore Rendement | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al Comparto Tricolore Rendement | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 1,95% (tasse incluse)* |
| Azione A USD: max 1,95% (tasse incluse)* |
| Azione B EUR: max 1,95% (tasse incluse)* |
| Azione I EUR: max 0,95% (tasse incluse)* |
| Azione K EUR: max 1,10% (tasse incluse)* |
| Azione R EUR: max 2,35% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,10% (tasse incluse)* |
| Azione A USD: max 0,10% (tasse incluse)* |
| Azione B EUR: max 0,10% (tasse incluse)* |
| Azione I EUR: max 0,10% (tasse incluse)* |
| Azione K EUR: max 0,10% (tasse incluse)* |
| Azione R EUR: max 0,10% (tasse incluse)* |
| I fornitori di servizi percepiscono delle commissioni di movimentazione: Il depositario tra lo 0% e il 50% La società di gestione tra il 50% e il 100% | Prelievo su ogni transazione | Variabile in funzione degli strumenti. In % esentasse - Azioni, ETF: max 0,25%
- OICVM Francia: 0%
- OICVM stranieri: 0,50%- O.S.T.: 0%
- Coupon esteri: 5%(minimo da € 0 a € 200 in funzione della piazza su cui è scambiato lo strumento)
 |
| Commissione di sovraperformance  (1) | Patrimonio netto del comparto | Azione A EUR: 15% annuo della sovraperformance rispetto al valore di riferimento SBF 120, con il reinvestimento dei dividendi netti |
| Azione A USD: 15% annuo della sovraperformance rispetto al valore di riferimento SBF 120, con il reinvestimento dei dividendi netti |
| Azione B EUR: 15% annuo della sovraperformance rispetto al valore di riferimento SBF 120, con il reinvestimento dei dividendi netti |
| Azione I EUR: 15% annuo della sovraperformance rispetto al valore di riferimento SBF 120, con il reinvestimento dei dividendi netti |
| Azione K EUR: nessuna |
| Azione R EUR: 15% annuo della sovraperformance rispetto al valore di riferimento SBF 120, con il reinvestimento dei dividendi netti |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento: SBF 120, dividendi netti reinvestiti
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più, qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni: viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo (t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |  |  |  |  |  |
| PN | 100 | 101 | 99 |  |  |  |  |  |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |  |  |  |  |  |
| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN- PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111): 3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV - Tricolore Rendement saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV.
Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
EdR SICAV - Equity Euro Solve
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 7 dicembre 2018.

Il comparto è stato creato in data 8 marzo 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Equity Europe Solve costituito il 7 dicembre 2015.
- Codice ISIN

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

- Regime fiscale specificoIdoneo al PEA.
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto ha l’obiettivo, sul suo orizzonte d’investimento raccomandato, di partecipare parzialmente all’andamento dei mercati azionari della zona euro, implementando al contempo una copertura permanente, totale o parziale, dal rischio azionario sui mercati a termine e delle opzioni, in funzione delle previsioni del gestore.

Le suddette società vengono selezionate sulla base di un’analisi al contempo di redditività finanziaria e di rispetto di criteri extra-finanziari.
Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi e al livello complessivo di esposizione al mercato. L’universo d’investimento “azionario” del comparto è paragonabile a quello dell’indice MSCI EMU NR.
- Indice di riferimentoL’obiettivo di gestione del comparto non è espresso in funzione di un indice di riferimento, nella misura in cui il comparto implementi strategie di copertura del rischio azionario.

Tuttavia, il rendimento del comparto potrà essere confrontato a posteriori con l’aumento di un indice di riferimento composto per il 56% dall’indice MSCI EMU, calcolato con il reinvestimento dei dividendi netti, e per il 44% dall’
€STR capitalizzato.
L’indice MSCI EMU (ticker Bloomberg: NDDUEMU Index) è un indice composto da 300 titoli appartenenti ai paesi membri della zona euro selezionati in funzione della capitalizzazione borsistica, volume di transazioni e settore di attività. L’indice si sforza di rispettare una ponderazione per paese e per settore d’attività suscettibile di riflettere al massimo la struttura economica della zona euro. L’indice è calcolato e pubblicato da MSCI Barra e i dati sono accessibili su www.mscibarra.com.
MSCI Limited (sito Internet: http://www.msci.com), amministratore dell’indice di riferimento MSCI EMU, non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e beneficia del regime transitorio di cui all'articolo 51 del Regolamento Benchmark.
L’€STR (Euro Short Term Rate) è un tasso d’interesse calcolato e gestito dalla Banca centrale europea che riflette il prezzo in euro dei prestiti overnight di un campione di banche della zona euro.
Tutte le informazioni sull’indice €STR (Euro Short Term Rate) sono disponibili sul sito internet della Banca centrale europea (BCE) all’indirizzo: https://www.ecb.europa.eu/.
L'amministratore dell'indice di riferimento €STR, la Banca centrale europea, gode dell’esenzione prevista dall'articolo 2.2 del regolamento BMR. L'amministratore, ossia la Banca centrale europea, non è pertanto tenuto a ottenere un’approvazione o a iscriversi nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati, che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzateIl comparto fa ricorso a una strategia di selezione attiva investendo, direttamente o tramite OICR, in azioni della zona euro, per almeno il 75%, senza distinzione di capitalizzazioni di borsa (incluse le piccole e medie capitalizzazioni), guidando al contempo l’esposizione al rischio azionario tra lo 0% e il 90% del patrimonio netto grazie all’attuazione di strategie di copertura o esposizione implementate attraverso l’intervento sui mercati a termine e delle opzioni.

L'universo d'investimento ESG comprende società quotate di Paesi sviluppati della zona euro con una capitalizzazione di borsa superiore a 1 miliardo di euro. La società di gestione può selezionare titoli al di fuori di questo Universo ESG. Essa si assicurerà tuttavia che l'universo ESG selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
La selezione dei titoli si basa sull’uso combinato di criteri finanziari e di criteri extra-finanziari per soddisfare le esigenze d’investimento socialmente responsabile.
Le azioni saranno selezionate in base alla strategia descritta di seguito:
- A partire dall’universo d’investimento vengono applicati diversi filtri con lo scopo di definire i titoli ritenuti ammissibili e che sono oggetto di analisi complementari.
- Una prima categoria di filtri basati sull’analisi extra-finanziaria ridurrà l’universo d’investimento in funzione dei rating ESG individuali dei titoli.
- Una seconda categoria di filtri consentirà di selezionare i titoli sulla base di coefficienti finanziari che puntano in particolare all’orientamento di stile (titoli quotati, titoli qualitativi, titoli di credito ecc.).
- Il comparto non verrà esposto alle azioni dei paesi emergenti.

L’analisi dei criteri extra-finanziari permette di classificare i titoli secondo un rating ESG definito dalla società di gestione, che valuta i titoli secondo i seguenti criteri di natura Ambientale, Sociale e di Governance d’impresa:
Ambientali: consumo energetico, emissioni di gas a effetto serra, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale
Sociale: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza
Governance: struttura degli organi di governance/amministrativi, politica retributiva, audit e controllo interno, inclusione degli interessi degli azionisti.
Il nostro modello di rating ISR favorisce:
- un approccio Best-in-Universe, cioè volto a favorire le imprese più performanti, a prescindere dal rating finanziario, dalla dimensione o dal settore;
- ponderazioni diverse tra i 3 pilastri ESG, per settore economico, in funzione di fattori specifici di ogni settore: infatti, ai 3 pilastri extra-finanziari sono attribuite ponderazioni più o meno elevate in funzione del settore considerato, per cui ogni singolo pilastro ha un peso diverso. Ad esempio, un’impresa chimica sarà più interessata alla questione ambientale, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per stabilire se l’impresa analizzata possiede le caratteristiche di un’impresa responsabile e sostenibile definite dalla società di gestione, quest’ultima realizza uno studio che termina con l’attribuzione di un rating ESG interno
secondo una scala di 7 valori compresi tra AAA e CCC. Il rating è l’aggregazione dell’esito dei vari criteri E, S, G della scala di rating definita dagli analisti.
In assenza di un rating interno, il gestore si basa sul rating ESG fornito dal fornitore di rating esterno di cui si avvale la Società di gestione.
La metodologia di rating utilizzata dall'agenzia di rating esterna utilizzata dalla Società di Gestione potrebbe non essere identica all'approccio metodologico per il calcolo dei rating proprietari. In generale, il gestore è responsabile della selezione dei titoli che soddisfano i criteri extra-finanziari più adatti all’approccio della società di gestione.
Almeno il 90% delle società incluse nel portafoglio vantano un rating ESG interno o fornito da un’agenzia di rating esterna.
Dopo aver applicato questo processo, l’universo d’investimento sarà ridotto almeno del 20% eliminando i rating extra-finanziari meno efficienti.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Il comparto rispetterà sempre le regole di idoneità del piano di risparmio in azioni francese (“PEA”). Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
A fini di gestione della liquidità, il comparto può investire fino al 25% del patrimonio netto in titoli di credito e Strumenti del mercato monetario denominati in euro. Il comparto avrà come obiettivo emissioni di emittenti pubblici o privati europei con durata residua massima di 397 giorni e rating investment grade (cioè, munite di un rating superiore o uguale a BBB- di Standard & Poor’s o altro rating equivalente attribuito da un’altra agenzia indipendente o un rating interno ritenuto equivalente attribuito dal Gestore degli investimenti).
In caso di declassamento del rating di un emittente (rating Standard and Poor's o rating interno della società di gestione equivalente), la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Inoltre, nella misura massima del 10% del patrimonio netto, il comparto può investire in quote o azioni di OICR o altri Fondi d’investimento idonei, indipendentemente dalla loro classificazione, in particolare:
- per aumentare l’esposizione verso i mercati azionari o diversificare l’esposizione verso altre classi di attivi (per esempio, fondi investiti in titoli di società dei settori delle materie prime o immobiliare);
- per finalità di gestione della liquidità (OICVM del mercato monetario, OICVM diversificato obbligazionario).

Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere contratti di pronti contro termine passivi a copertura dei Valori mobiliari o degli Strumenti del mercato monetario idonei, nel rispetto di un limite pari al 25% del patrimonio netto. Le garanzie ricevute in virtù di tali contratti di pronti contro termine passivi saranno soggette a uno sconto (haircut) in funzione del tipo di titoli. Possono assumere la forma di contanti e titoli di Stato di prim’ordine.
Il comparto potrà essere esposto al rischio di cambio a titolo accessorio.
Nel limite del 100% del patrimonio netto, il comparto potrà ricorrere, a fini di copertura e/o esposizione, agli strumenti derivati OTC o a contratti finanziari negoziati su un mercato regolamentato della zona euro, allo scopo di concludere:
- contratti a termine su indici azionari o su indice di volatilità,
- opzioni su azioni, future, indici azionari o su indice di volatilità.

Il comparto cercherà di coprirsi, in misura permanente e in modo totale o parziale, dal rischio azionario, nel limite di una volta il valore del patrimonio netto.
L’implementazione della copertura è stabilita discrezionalmente dal team di gestione, in funzione delle sue previsioni e delle condizioni di mercato. L'attuazione di tali strategie opzionali ha come obiettivo quello di attenuare gli shock di consistente entità dei mercati azionari, ma comporta il fatto di trarre meno vantaggio dai periodi di rialzo. Inoltre, permettono al team di gestione di cercare, in modo tattico e opportunistico, di ottimizzare il costo della copertura del portafoglio.
Il comparto può anche scegliere di esporsi ai mercati azionari attraverso futures su base discrezionale e temporanea, al fine di seguire la sua strategia d’investimento.
Si richiama l'attenzione degli investitori sul fatto che le fasi rialziste e ribassiste sono determinate discrezionalmente dai team di gestione in base alle relative previsioni dell’andamento dei mercati, e potranno pertanto non riflettere i trend reali dei mercati.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
. Attivi utilizzatiAzioni:
Il portafoglio investe costantemente almeno il 75% in titoli idonei al PEA. Le azioni saranno selezionate sulla base di un’individuazione per fasi dei titoli che rispettano i criteri extra-finanziari.
Titoli di credito e strumenti del mercato monetario
I titoli di credito negoziabili e gli strumenti del mercato monetario saranno utilizzati per la gestione della liquidità entro il limite del 25% del patrimonio netto. Il comparto cercherà emissioni di emittenti pubblici o privati europei con rating investment grade (cioè, munite di un rating superiore o uguale a BBB- di Standard & Poor’s o altro rating equivalente attribuito da un’altra agenzia indipendente o un rating interno ritenuto equivalente attribuito dal Gestore degli investimenti) e una scadenza residua massima di 397 giorni.
In caso di declassamento del rating di un emittente (rating Standard and Poor's o rating interno della società di gestione equivalente), la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Gli strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Azioni o quote di altri OICVM, FIA o fondi d’investimento di diritto estero
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l’esposizione ad altre classi di attivi, ivi compresi gli indici quotati, per aumentare l’esposizione verso i mercati azionari o diversificare l’esposizione verso altre classi di attivi (ad esempio: materie prime o settore immobiliare).
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata. Le quote o azioni degli OICR selezionati non saranno oggetto di un’analisi extra-finanziaria.
Strumenti derivati
Nel limite del 100% del patrimonio netto, il comparto potrà ricorrere, a fini di copertura e/o esposizione, a contratti finanziari negoziati su mercati della zona euro regolamentati, organizzati o OTC, allo scopo di concludere:
- contratti di opzioni su azioni, future, indici azionari e/o a taluni dei loro parametri o componenti (volatilità, prezzi, settori ecc.), per gestire l’esposizione verso i mercati azionari europei;
- contratti future su indici azionari e/o a taluni dei loro parametri o componenti (volatilità, prezzi, settori ecc.) a fini di copertura o esposizione.

Il Comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su azioni, indici azionari e/o panieri di azioni fino al 50% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 15%.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
L’implementazione della copertura, totale o parziale, del rischio azionario sarà stabilita discrezionalmente dal team di gestione in funzione delle sue previsioni e delle condizioni di mercato.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Tra le strategie di copertura adottate, il comparto potrà utilizzare in particolare le operazioni di copertura sottoelencate:
- acquisti di opzioni di vendita e vendite di opzioni di acquisto;
- operazioni contestuali di vendita e acquisto di opzioni simili relative allo stesso sottostante ma con prezzo di esercizio diverso.

Titoli che integrano derivati (fino al 25% del patrimonio netto):
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire solo in obbligazioni callable o puttable fino al 25% del patrimonio netto.
Depositi Nessuno
Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 25% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine passive di prodotti di tasso o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione della liquidità e/o dell'ottimizzazione dei redditi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap (TRS):
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei Total Return Swap (TRS).
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezione:Nessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR e B EUR: tutti i sottoscrittoriAzioni CR EUR: tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Azioni I EUR, K EUR, KD EUR, SC EUR, N EUR, O EUR, PC EUR e NC EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il Comparto prima del 08/03/2019. Queste azioni sono destinate in particolare alle aziende assicurative soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”. Infatti, le strategie di copertura saranno implementate e gestite a condizioni che gli consentano di essere considerate “tecniche di attenuazione del rischio”, di cui alla Direttiva 2009/138/CE del 25
novembre 2009 (c.d. “Solvibilità II”) e, pertanto, di permettere la diminuzione del livello di SCR (“Solvency Capital Requirement”) richiesto, per gli investitori interessati.
Azione R EUR: tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 3 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "A EUR", "CR EUR", "R EUR", "I EUR", "K EUR", "SC EUR", "N EUR", "NC EUR" e "PC EUR" | Azioni "B EUR", "KD EUR" e "O EUR" |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 13 categorie di azioni: Azioni "A EUR", "B EUR", "CR EUR", "I EUR", "K EUR", "KD EUR", "N EUR", "NC EUR", "O EUR", "PC EUR", "R EUR" e "SC EUR".

| L’azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| --- |
| L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione KD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione NC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione O EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione PC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione SC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |

- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi, dei giorni di chiusura dei mercati azionari francesi (calendario ufficiale di Euronext Paris S.A.) e giorni di chiusura dei mercati dei derivati europei (calendario ufficiale dell'EUREX).

Valore patrimoniale netto iniziale:
| Azione A EUR: 99,09 euro |
| --- |
| Azione B EUR: 103,63 euro Azione CR EUR: 93,07 euro |
| Azione I EUR: 93,71 euro |
| Azione K EUR: 102,75 euro |
| Azione KD EUR: 92,18 euro |
| Azione N EUR: 93,81 euro |
| Azione NC EUR: 101,22 euro |
| Azione O EUR: 91,10 euro |
| Azione PC EUR: 102,76 euro |
| Azione R EUR: 100,00 euro Azione SC EUR: 91,51 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A EUR: 1 Azione1 Azione |
| --- |
| Azione B EUR: 1 Azione1 Azione |
| Azione CR EUR: 1 Azione1 Azione |
| Azione I EUR: 500.000 euro |
| Azione K EUR: 500.000 euro |
| Azione KD EUR: 500.000 euro |
| Azione N EUR: 5.000.000 euro |
| Azione NC EUR: 5.000.000 euro |
| Azione O EUR: 5.000.000 euro |
| Azione PC EUR: 10.000.000 euro |
| Azione R EUR: 1 Azione Azione SC EUR: 25.000.000 euro |

Importo minimo di sottoscrizione successiva:
| Azione A EUR: 1 millesimo di azione |
| --- |
| Azione B EUR: 1 millesimo di azione |
| Azione CR EUR: 1 millesimo di azione |
| Azione I EUR: 1 millesimo di azione |
| Azione K EUR: 1 millesimo di azione |
| Azione KD EUR: 1 millesimo di azione |
| Azione N EUR: 1 millesimo di azione |
| Azione NC EUR: 1 millesimo di azione |
| Azione O EUR: 1 millesimo di azione |
| Azione PC EUR: 1 millesimo di azione |
| Azione R EUR: 1 millesimo di azione Azione SC EUR: 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni "A EUR", "B EUR", "CR EUR", "I EUR", "K EUR", "KD EUR", "N EUR", "NC EUR", "O EUR", "PC EUR", "R EUR" e "SC EUR” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento del comparto. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Possibilità prevista di limitare o di interrompere le sottoscrizioni:
La SICAV cesserà di emettere nuove azioni PC EUR a decorrere dalle ore 12:30 del giorno 30 giugno 2017. Le azioni PC EUR non potranno quindi più essere sottoscritte a decorrere da tale data.
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite tornano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV - Equity Euro Solve | Valore patrimoniale netto x Numero di azioni | Azione A EUR: max 3% |
| Azione B EUR: max 3% |
| Azione CR EUR: max 3% |
| Azione I EUR: nessuna |
| Azione K EUR: nessuna |
| Azione KD EUR: nessuna |
| Azione N EUR: nessuna |
| Azione NC EUR: nessuna |
| Azione O EUR: nessuna |

|  |  | Azione PC EUR: nessuna |
| --- | --- | --- |
|  |
| Azione R EUR: max 3% |
| Azione SC EUR: nessuna |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Equity Euro Solve | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - Equity Euro Solve | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Equity Euro Solve | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 1,45% (tasse incluse)* |
| Azione B EUR: max 1,45% (tasse incluse)* |
| Azione CR EUR: max 0,95% (tasse incluse)* |
| Azione I EUR: max 0,75% (tasse incluse)* |
| Azione K EUR: max 0,95% (tasse incluse)* |
| Azione KD EUR: max 0,95% (tasse incluse)* |
| Azione N EUR: max 0,60% (tasse incluse)* |
| Azione NC EUR: max 0,75% (tasse incluse)* |
| Azione O EUR: max 0,60% (tasse incluse)* |
| Azione PC EUR: max 0,60% (tasse incluse)* |
| Azione R EUR: max 1,80% (tasse incluse)* |
| Azione SC EUR: max 0,60% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,10% (tasse incluse)* |
| Azione B EUR: max 0,10% (tasse incluse)* |
| Azione CR EUR: max 0,10% (tasse incluse)* |
| Azione I EUR: max 0,10% (tasse incluse)* |
| Azione K EUR: max 0,10% (tasse incluse)* |
| Azione KD EUR: max 0,10% (tasse incluse)* |
| Azione N EUR: max 0,10% (tasse incluse)* |
| Azione NC EUR: max 0,10% (tasse incluse)* |
| Azione O EUR: max 0,10% (tasse incluse)* |
| Azione PC EUR: max 0,10% (tasse incluse)* |
| Azione R EUR: max 0,10% (tasse incluse)* |
| Azione SC EUR: max 0,10% (tasse incluse)* |
| Commissioni di movimentazione | Sull'importo della transazione | Nessuna |
| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione B EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione CR EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione I EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione K EUR: nessuna |

|  |  | Azione KD EUR: nessuna |
| --- | --- | --- |
| Azione N EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione NC EUR: nessuna |
| Azione O EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione PC EUR: nessuna |
| Azione R EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice MSCI EMU e per il 44% dall’€STR capitalizzato, calcolato con il reinvestimento dei dividendi netti |
| Azione SC EUR: nessuna |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indicatore di riferimento: composto per il 56% dall'indice MSCI EMU e per il 44% da €STR capitalizzato.
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più, qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni: viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |  |  |  |  |
| PN |  | 100 | 102 | 106 |  |  |  |  |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |  |  |  |  |
| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Pt |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111): 3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV - Equity Euro Solve saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV - Start
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 4 gennaio 2019.

Il comparto è stato creato in data 21 marzo 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Start costituito il 14 maggio 2007.
- Codice ISIN

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

- Regime fiscale specificoNessuno.
- Delega della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto è gestito in modo discrezionale e opportunistico. Esso assume delle posizioni sui mercati obbligazionari, azionari e valutari. L’obiettivo del comparto è la ricerca di un rendimento assoluto, non correlato alla durata dell’investimento consigliato, nei principali mercati azionari e obbligazionari internazionali. Nell’ambito della relativa gestione, l’obiettivo di volatilità del comparto sarà pari al 2% e non potrà superare il 3%.

Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoL’Indice di riferimento rispetto al quale confrontare il rendimento delle Azioni A EUR, CR EUR, R EUR, I EUR, J EUR, N EUR e P EUR è l’€STR capitalizzato.

L’€STR (Euro Short Term Rate) è un tasso d’interesse calcolato e gestito dalla Banca centrale europea che riflette il prezzo in euro dei prestiti overnight di un campione di banche della zona euro. Tutte le informazioni sull’indice
€STR (Euro Short Term Rate) sono disponibili sul sito internet della Banca centrale europea (BCE) all’indirizzo: https://www.ecb.europa.eu/. L'amministratore dell'indice di riferimento €STR, la Banca centrale europea, gode dell’esenzione prevista dall'articolo 2.2 del regolamento BMR. L'amministratore, ossia la Banca centrale europea, non è pertanto tenuto a ottenere un’approvazione o a iscriversi nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA.
L’indice di riferimento rispetto al quale confrontare il rendimento delle Azioni CR USD (H), A USD (H) e I USD (H) è il tasso Federal Funds Effective Rate capitalizzato. Il tasso Federal Funds Effective Rate corrisponde alla media
dei tassi overnight dell’area del dollaro. Viene calcolato dalla Federal Reserve di New York e rappresenta il tasso privo di rischio dell’area del dollaro. Alla data dell'ultimo aggiornamento del presente prospetto, l'Indice di riferimento Federal Funds Effective Rate, amministrato dalla Federal Reserve (sito web: https://www.federalreserve.gov/), beneficia dell'esenzione prevista dall'articolo 2.2 del regolamento sugli Indici di riferimento, in qualità di banca centrale, e pertanto non deve essere iscritto nel registro ESMA.
L’indice di riferimento rispetto al quale confrontare il rendimento delle Azioni A CHF (H) e I CHF (H) è il SARON capitalizzato.
Six Financial Information AG (sito internet: https://www.six-group.com/financial- information/en/home.html#country=se), amministratore dell’indice di riferimento SARON, è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA.
Dal momento che la gestione del comparto non è basata sull’indice, la performance del comparto potrebbe allontanarsi significativamente dagli indici di riferimento, che sono solo un indice di confronto.
I tassi e gli indici utilizzati sono annualizzati. Il calcolo del rendimento di questi indici include le cedole.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzateIl comparto è gestito in modo discrezionale e opportunistico. Esso assume delle posizioni sui mercati obbligazionari, azionari e valutari. L’obiettivo del comparto è la ricerca di un rendimento assoluto, non correlato alla durata dell’investimento consigliato, nei principali mercati azionari e obbligazionari internazionali.

L’universo d'investimento ESG è costituito da titoli di debito pubblici e privati con rating di tipo Investment Grade e High Yield, emessi da Paesi sviluppati ed emergenti, nonché da azioni internazionali. La società di gestione può selezionare titoli al di fuori di questo Universo ESG. Essa si assicurerà tuttavia che l'universo ESG selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Per selezionare i titoli del portafoglio, il gestore include sistematicamente nell'analisi finanziaria dei fattori ambientali, sociali e di governance (ESG).
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield o emessi da paesi "emergenti" all'interno del portafoglio hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio
sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Nell’ambito della relativa gestione, l’obiettivo di volatilità del comparto sarà pari al 2% e non potrà superare il 3%. Per raggiungere il proprio obiettivo di gestione il comparto investirà:
- fino al 100% del patrimonio netto in titoli di credito pubblici emessi da Stati membri dell’OCSE o dell’Unione Europea, senza limitazione di scadenza e con rating “Investment Grade” o appartenenti alla categoria “High Yield” (titoli speculativi, con rating a lungo termine inferiore a BBB-, rating a breve termine inferiore ad A3 di Standard and Poor’s o equivalente oppure che presentino un rating interno equivalente della società di gestione);
- fino al 100% del patrimonio netto in titoli di credito pubblici emessi da paesi emergenti esterni all’OCSE o all’Unione Europea, senza limitazioni di scadenza e con rating “Investment Grade” (rating superiore o pari a BBB- di Standard and Poor’s o equivalente, o che presentino un rating interno equivalente della società di gestione) senza limitazione di scadenza;
- fino al 100% del patrimonio netto in titoli di credito privati (in particolare obbligazioni societarie) con rating “Investment Grade” al momento dell'acquisto senza limitazione di scadenza.
- max 25% del patrimonio netto in titoli di credito appartenenti alla categoria “High Yield”, emessi da società del settore privato senza limitazione di scadenza;
- max 25% del patrimonio netto in titoli di credito pubblici appartenenti alla categoria “High Yield”, emessi da paesi emergenti esterni all’OCSE e all’Unione Europea senza limitazione di scadenza o area geografica.

In totale, l’investimento in titoli di debito di categoria “High Yield” emessi da società del settore privato e da Stati emergenti esterni all’OCSE e all’Unione Europea non potrà superare il 30% del patrimonio netto.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating.
- fino al 40% del patrimonio netto in titoli emessi in valute diverse dall’euro.

Il comparto può essere esposto inoltre:
- tra -10% e +15% del patrimonio netto, ai mercati azionari di qualsivoglia capitalizzazione e di qualsivoglia settore geografico o economico;
- fino al 40% del patrimonio netto, al rischio di cambio.

La sensibilità del comparto ai tassi d’interesse potrà fluttuare tra -2 e +4.
. Attivi utilizzati
Titoli di credito e strumenti del mercato monetario
| Sensibilità ai tassi d’interesse | - | [-2; 4] |
| --- | --- | --- |
| Area geografica degli emittenti | OCSE, Unione Europea | max 100% del patrimonio netto |
|  | Altre zone geografiche, compresi i paesi emergenti | max 100% del patrimonio netto |

| Valuta di denominazione dei titoli | Euro | max 100% del patrimonio netto |
| --- | --- | --- |
| Altre valute | max 40% del patrimonio netto |
| Livello di rischio di cambio | - | max 40% del patrimonio netto |

Il comparto potrà investire in titoli di credito e in strumenti del mercato monetario nel limite del 100% del patrimonio netto, al fine di esporsi ai mercati monetari o obbligazionari. Inoltre, il comparto potrà esporsi indirettamente ai mercati monetari o obbligazionari per mezzo di strumenti derivati o di OICR.
Il comparto potrà investire, nel limite del 100% del patrimonio netto, in titoli di credito pubblici emessi da Stati membri dell’OCSE o dell’Unione Europea senza limitazione di scadenza né di rating e fino al 100% del patrimonio netto in titoli di credito pubblici emessi da paesi emergenti esterni all’OCSE o all’Unione Europea senza limitazione di scadenza e con rating “Investment Grade” (rating superiore o pari a BBB- di Standard and Poor’s o equivalente, o che presentino un rating interno equivalente della società di gestione).
L’investimento in titoli di credito di emittenti privati con rating “Investment Grade” al momento dell’acquisto potrà rappresentare fino al 100% del patrimonio netto del comparto senza vincoli di scadenza o area geografica.
Il comparto potrà inoltre investire un massimo del 25% del patrimonio netto in titoli appartenenti alla categoria “High Yield” (titoli speculativi, con rating a lungo termine inferiore a BBB-, rating a breve termine inferiore ad A3 di Standard and Poor’s o equivalenti oppure che presentino un rating interno equivalente della società di gestione) emessi da società del settore privato senza vincoli di scadenza o area geografica. Un massimo del 25% del patrimonio netto in titoli di credito pubblici alla categoria “High Yield” emessi da paesi emergenti esterni all’OCSE e all’Unione Europea. In totale, l’investimento in titoli di debito di categoria “High Yield” emessi da società del settore privato e da Stati emergenti esterni all’OCSE e all’Unione Europea non potrà superare il 30% del patrimonio netto.
La sensibilità del comparto ai tassi d’interesse potrà fluttuare tra -2 e +4.
Azioni:
Il comparto potrà investire in azioni con o senza diritto di voto, di qualsiasi capitalizzazione e di ogni settore geografico o economico, su tutti i mercati azionari. Il range di esposizione del comparto rispetto al mercato azionario oscillerà tra -10% e +15% del patrimonio netto. Inoltre, il comparto potrà esporsi in modo indiretto ad azioni per mezzo di strumenti finanziari a termine e OICR, ivi compresi indici quotati.
Valute:
Il comparto potrà investire fino al 40% del patrimonio netto in titoli emessi in valute diverse dall’euro. Il comparto può essere esposto al rischio di cambio fino al 40% del patrimonio netto.
OICR:
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, specialmente azionario, obbligazionari “Investment Grade”, obbligazionari “High Yield” (ossia a carattere speculativo), monetari o dinamici. Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Contratti finanziari:
A fini di copertura del patrimonio e/o di realizzazione del proprio obiettivo di gestione, il comparto potrà ricorrere a contratti finanziari negoziati, su mercati regolamentati (futures, opzioni quotate) oppure OTC, cioè a trattativa privata (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un’esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (azioni, tassi, credito, cambio, materie prime) o di esporsi ai rischi di tasso, credito, azionario, valutario e di futures su materie prime. In tale contesto, il gestore potrà adottare strategie volte principalmente a prevedere o a tutelare il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti. Tali strategie saranno implementate nella fattispecie tramite l’acquisto o la vendita di protezioni tramite derivati di credito di tipo Credit Default Swap, su mono-enti di riferimento o su indici (iTraxx o CDX).
Il comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su obbligazioni, indici obbligazionari e/o panieri di obbligazioni fino al 25% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 10%.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.

###### Rischi sui quali il gestore desidera intervenire:
- Rischio di tasso
- Rischio azionario
- Rischio di cambio (specie su valute non convertibili)
- Rischio di credito
- Rischio delle materie prime (nel limite del 10% del patrimonio) e componenti/parametri di questi rischi (specie la volatilità).


###### Natura degli interventi:
- Copertura
- Esposizione
- Arbitraggi.

Il comparto potrà intervenire su qualsivoglia tipologia di contratti finanziari, negoziati su mercati internazionali regolamentati, organizzati o OTC.

###### Strategie di utilizzo dei derivati:
- Coprire il portafoglio da alcuni rischi oppure esporlo a determinati rischi/classi di attivi
- Costituire un’esposizione sintetica verso attivi, rischi e/o parametri/componenti di queste classi di attivi e rischi
- Aumentare l’esposizione al mercato.

L'impegno massimo risultante da tali operazioni rispetta i limiti fissati in termini di VaR assoluto secondo la metodologia del calcolo del valore a rischio, limitato dalla normativa al 20% del patrimonio, con una soglia del 99% su 20 giorni lavorativi.
Titoli che integrano derivati
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire esclusivamente in:
- obbligazioni callable o puttable fino al 100% del patrimonio netto,
- obbligazioni convertibili fino al 25% del patrimonio netto.

Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione e cessione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, entro un limite del 100% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
Depositi:
Il comparto potrà effettuare depositi presso il depositario, nel limite del 20% del proprio patrimonio netto.
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto. Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio. I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alle strategie di arbitraggio:
Il comparto potrà investire in OICR che possono assumere posizioni sui mercati a termine. Tuttavia, l’andamento dei mercati finanziari può rivelarsi contrario rispetto a quello previsto dagli strumenti usati dagli OICR sottostanti, il che può comportare un calo del valore patrimoniale netto.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap:
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei contratti di total return swap.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezione:Nessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A CHF (H) e A USD (H): tutti i sottoscrittori.

Azioni R EUR: tutti i sottoscrittori, in particolare destinate ad essere collocate dai Distributori selezionati dalla Società di gestione.
Azioni I EUR, I CHF (H), J EUR, N EUR e I USD (H): persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il Comparto prima del 21/03/2019.
Azioni P EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Azioni CR EUR e CR USD (H): tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV.
Questo comparto è rivolto in particolar modo a investitori che cercano un investimento diversificato e non correlato alla durata dell’investimento consigliato dei principali mercati azionari e obbligazionari.
Per le persone fisiche, si consiglia l’investimento in questo comparto in una logica di costruzione di un portafoglio diversificato, esposto tra l’altro ai mercati azionari e obbligazionari. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata raccomandata dell’investimento: 18 mesi.
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “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” e “R EUR” | Azione “J EUR” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 12 categorie di azioni: Azioni “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” e “R EUR”.

| L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. |
| --- |
| L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione A USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L’azione CR USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. |
| L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione P EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |

- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.)Valore patrimoniale netto iniziale:

| Azione A CHF (H): | 98,01 franchi svizzeri |
| --- | --- |
| Azione A EUR: | 547,00 euro |
| Azione A USD (H): | 104,94 dollari USA |
| Azione CR EUR: | 99,31 euro |
| Azione CR USD (H): | 100 dollari USA |
| Azione I CHF (H): | 98,86 franchi svizzeri |
| Azione I EUR: | 5.864,81 euro |
| Azione I USD (H): | 1.119,28 dollari USA |
| Azione J EUR: | 100 euro |
| Azione N EUR: | 1.080,97 euro |
| Azione P EUR: | 100 euro |
| Azione R EUR: | 100,61 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A CHF (H): | 1 Azione |
| --- | --- |
| Azione A EUR: | 1 Azione |
| Azione A USD (H): | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD (H): | 1 Azione |
| Azione I CHF (H): | 500.000 franchi svizzeri |
| Azione I EUR: | 500.000 euro |
| Azione I USD (H): | 500.000 dollari USA |
| Azione J EUR: | 500.000 euro |
| Azione N EUR: | 10.000.000 euro |
| Azione P EUR: | 60.000.000 euro |
| Azione R EUR: | 1 Azione |

Importo minimo di sottoscrizione successiva:
| Azione A CHF (H): | 1 millesimo di azione |
| --- | --- |
| Azione A EUR: | 1 millesimo di azione |
| Azione A USD (H): | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD (H): | 1 millesimo di azione |
| Azione I CHF (H): | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I USD (H): | 1 millesimo di azione |
| Azione J EUR: | 1 millesimo di azione |
| Azione N EUR: | 1 millesimo di azione |
| Azione P EUR: | 1 millesimo di azione |
| Azione R EUR: | 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni “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” e “R EUR” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento del comparto. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spesesostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite tornano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV - Start | Valore patrimoniale netto x Numero di azioni | Azione A CHF (H): max 1% |
| Azione A EUR: max 1% |
| Azione A USD (H): max 1% |
| Azione CR EUR: max 1% |
| Azione CR USD (H): max 1% |
| Azione I CHF (H): nessuna |
| Azione I EUR: nessuna |
| Azione I USD (H): nessuna |
| Azione J EUR: nessuna |
| Azione N EUR: nessuna |
| Azione P EUR: max 4% |
| Azione R EUR: max 1% |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Start | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - Start | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Start | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF (H): max 0,65% (tasse incluse)* |
| Azione A EUR: max 0,65% (tasse incluse)* |
| Azione A USD (H): max 0,70% (tasse incluse)* |
| Azione CR EUR: max 0,45% (tasse incluse)* |
| Azione CR USD (H): max 0,45% (tasse incluse)* |
| Azione I CHF (H): max 0,30% (tasse incluse)* |
| Azione I EUR: max 0,30% (tasse incluse)* |
| Azione I USD (H): max 0,25% (tasse incluse)* |
| Azione J EUR: max 0,30% (tasse incluse)* |
| Azione N EUR: max 0,20% (tasse incluse)* |
| Azione P EUR: max 0,15% (tasse incluse)* |
| Azione R EUR: max 0,95% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF (H): max 0,10% (tasse incluse)* |
| Azione A EUR: max 0,10% (tasse incluse)* |
| Azione A USD (H): max 0,10% (tasse incluse)* |
| Azione CR EUR: max 0,10% (tasse incluse)* |
| Azione CR USD (H): max 0,10% (tasse incluse)* |
| Azione I CHF (H): max 0,10% (tasse incluse)* |
| Azione I EUR: max 0,10% (tasse incluse)* |
| Azione I USD (H): max 0,10% (tasse incluse)* |
| Azione J EUR: max 0,10% (tasse incluse)* |
| Azione N EUR: max 0,10% (tasse incluse)* |
| Azione P EUR: max 0,10% (tasse incluse)* |
| Azione R EUR: max 0,10% (tasse incluse)* |
| I fornitori di servizi percepiscono delle commissioni di trasferimento: Il depositario tra lo 0% e il 50% La società di gestione tra il 50% e il 100% | Prelievo su ogni transazione | Sulle transazioni: max 0,35% (tasse incluse) Sugli incassi di cedole: max 1,20% (tasse incluse) |

| Commissione di sovraperformance  (1) | Patrimonio netto del comparto | Azione A CHF (H): 15% annuo della sovraperformance rispetto al valore di riferimento, l’indice SARON |
| --- | --- | --- |
| Azione A EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |
| Azione A USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Federal Funds Effective Rate Capitalizzato |
| Azione CR EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |
| Azione CR USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Federal Funds Effective Rate Capitalizzato |
| Azione I CHF (H): 15% annuo della sovraperformance rispetto al valore di riferimento, l’indice SARON |
| Azione I EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |
| Azione I USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Federal Funds Effective Rate Capitalizzato |
| Azione J EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |
| Azione N EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |
| Azione P EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |
| Azione R EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, €STR Capitalizzato |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità:
Indicatore di riferimento: l'€STR capitalizzato per le azioni in euro, il Federal Funds Effective Rate capitalizzato per le azioni in dollari USA e il SARON capitalizzato per le azioni in franchi svizzeri.
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento e se la performance del comparto è positiva, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più, qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento od ove la performance sia negativa, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento e positivo, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo e la differenza tra il PN dell’azione e il suo PN di riferimento sono positive, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento.
- Se la differenza tra il PN dell’azione e il PN obiettivo o la differenza tra il PN dell’azione e il suo PN di riferimento sono negative, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è uguale o superiore a 5 anni: Viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | No | P |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Non viene applicata alcuna commissione di sovraperformance e il periodo è prolungato di un altro anno. Il PN di riferimento non cambia.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |  |  |  |  |
| PN |  | 100 | 102 | 106 |  |  |  |  |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |  |  |  |  |
| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | No | P | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3) ed è superiore a quello dell'indice di riferimento (-5). Pertanto, non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (117).
Le spese di ricerca ai sensi dell'articolo 314-21 del Regolamento generale dell’AMF possono essere fatturate al comparto fino allo 0,01% del suo patrimonio netto.
Eventuali retrocessioni delle spese di gestione di OICR e fondi d’investimento sottostanti corrisposti dal comparto EdR SICAV - Start saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV.
Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV – Europe Midcaps
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 4 gennaio 2019.

Il comparto è stato creato in data 21 marzo 2019 tramite fusione per incorporazione del seguente FCI:
-	Edmond de Rothschild Europe Midcaps costituito il 10 maggio 2005.
- Codice ISIN

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

- Regime fiscale specificoIdoneo al PEA.
- Delega della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneLa gestione del comparto mira a fornire, su un orizzonte temporale raccomandato superiore a 5 anni, un aumento del valore patrimoniale netto, grazie all’investimento in società europee a media capitalizzazione.

Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoIl comparto non ha indici di riferimento. In questo caso, l’universo d’investimento non può essere completamente raffrontato agli indici esistenti.

L’obiettivo di gestione non viene realizzato in funzione di un indice di riferimento. A titolo informativo a posteriori e sulla durata d’investimento di 5 anni, la performance del comparto potrà essere confrontata all’indice Stoxx Europe ex UK Small (NR) (ticker Bloomberg SCXG), espresso in euro per le azioni emesse in euro e in dollari USA per le azioni emesse in dollari USA con il reinvestimento dei dividendi netti. Si tratta di un indice rappresentativo dei valori medi europei.
Stoxx Limited (sito Internet: www.stoxx.com), amministratore dell’indice di riferimento Stoxx Europe ex UK Small (NR), è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzateIl comparto esegue attivamente una selezione di azioni (“stock-picking”) quotate su un universo di titoli soprattutto europei. Ciò significa che la scelta delle azioni si basa sul potenziale di performance di ciascuna azione e non su considerazioni geografiche o settoriali. Le azioni dello Spazio economico europeo rappresenteranno dal 75% al 100% del patrimonio netto e saranno selezionate in base alla strategia qui di seguito descritta:
- l’universo dei titoli nei quali è investito il comparto comprende azioni europee di società a piccola e media capitalizzazione,
- l’utilizzo di rapporti di analisti esterni ha lo scopo di aiutare il gestore a orientare la propria ricerca verso un numero ridotto di titoli incluso nell’universo d’investimento. La scelta degli analisti esterni è inoltre soggetta a un processo di selezione definito dalla società di gestione,
- i titoli così selezionati vengono successivamente analizzati sulla base di criteri quantitativi e qualificativi. L’analisi finanziaria di questi titoli utilizzerà principalmente, e in modo non esaustivo, i rapporti tradizionalmente applicati di seguito specificati: valore d’impresa/fatturato, valore d’impresa/risultato di esercizio, prezzo/patrimonio netto rivalutato, corso del titolo/utile netto per azione (PER), PER/crescita dei risultati. Il gestore selezionerà quindi i titoli caratterizzati dal migliore potenziale di performance.

Poiché il comparto può detenere titoli denominati in una valuta diversa dall’euro, potrà essere esposto al rischio di cambio, fino a una volta il valore del patrimonio netto. In funzione delle previsioni del gestore sull’andamento al ribasso delle variazioni di cambio e allo scopo di salvaguardare il rendimento (copertura del rischio di cambio), il comparto potrà ricorrere a contratti di cambio a termine o swap in valuta.
L’universo d’investimento ESG è costituito dai titoli dell'indice di riferimento utilizzato a scopo di confronto della performance. La società di gestione può selezionare titoli al di fuori del suo indice. Essa si assicurerà tuttavia che l'indice di riferimento selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Per selezionare le società con il rating più alto, il gestore include sistematicamente nell'analisi finanziaria dei fattori ambientali, sociali e di governance (ESG).
Almeno il 90% delle società in portafoglio ha un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento.
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d’investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale
di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
. Attivi utilizzati
Azioni: il comparto investe costantemente almeno il 75% del patrimonio netto in azioni e altri titoli analoghi a bassa e media capitalizzazione (emessi da società con capitalizzazione di mercato inferiore a 10 miliardi di euro).
Il comparto investe costantemente almeno il 75% del suo patrimonio netto in titoli idonei al PEA. Le società emittenti di questi titoli devono avere sede nell'Unione europea o in uno Stato dello Spazio economico europeo (SEE).
Il portafoglio si espone almeno per il 60% alle azioni dell'Unione europea. Titoli di credito e strumenti del mercato monetario
I titoli di credito negoziabili e gli strumenti del mercato monetario saranno utilizzati per la gestione del capitale. L’investimento del portafoglio in titoli di credito e strumenti del mercato monetario potrà rappresentare al massimo il 25% del portafoglio. Questi strumenti, denominati in euro e di durata residua generalmente inferiore a tre mesi, saranno emessi, senza limitazione di ripartizione debito pubblico/debito privato, da stati sovrani, istituti assimilati o entità con rating uguale o superiore ad A2, assegnato da Standard Poor's o qualsiasi altro rating equivalente attribuito da un’altra agenzia di rating indipendente oppure che presentino un rating interno equivalente della società di gestione.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Azioni o quote di altri OICVM, FIA o fondi d’investimento di diritto estero:
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, di classificazione azionaria, al fine di diversificare l’esposizione ad altre classi di attivi o intervenire in settori molto specifici (per esempio, tecnologia, salute) o di classificazione monetaria o obbligazionaria per la gestione della liquidità, ivi compresi gli indici quotati, in particolare al fine di collocare la liquidità.
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Strumenti derivati:
Nel limite di una volta il valore del patrimonio, il comparto potrà investire in contratti finanziari negoziati nei mercati europei, regolamentati, organizzati od OTC, al fine di concludere contratti di cambio a termine o swap in valuta a fini di copertura.
Il Comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su azioni fino al 50% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 20%.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati Nessuno.
Depositi:
Nessuno.
Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 20% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla valuta delle quote denominate in una valuta diversa da quella del comparto:
L’azionista sottoscrittore di azioni in valute diverse dalla valuta di riferimento del comparto (euro) può essere esposto al rischio di cambio, laddove quest’ultimo non fosse coperto. Il valore degli attivi del comparto può diminuire in forza della variazione dei tassi di cambio e ciò può comportare una riduzione del valore patrimoniale netto del comparto.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap (TRS):
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei Total Return Swap.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di
sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezione:Nessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A USD e A USD (H): tutti i sottoscrittoriAzione R EUR: tutti i sottoscrittori, in particolare destinate ad essere collocate da Distributori appositamente selezionati dalla società di gestione, nonché tutti gli azionisti che hanno sottoscritto il Comparto prima del 21/03/2019.

Azioni I EUR, K EUR, e I USD (H): persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Le azioni CR USD e CR EUR sono destinate a tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV.
Questo comparto si rivolge in particolar modo a investitori che cercano di dinamizzare il loro risparmio per mezzo dei mercati azionari europei, soprattutto all’interno dell'Unione europea. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 5 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “A EUR”, “A USD”, “A USD (H)”, “CR EUR”, “CR USD”, “I EUR”, “I USD (H)”, “K EUR” e “R EUR” |
| --- | --- |
| Destinazione del risultato netto | Capitalizzazione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione |

- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabile
- Caratteristiche delle azioniIl comparto comprende 9 categorie di azioni: Azioni “A EUR”, “A USD”, “A USD (H)”, “CR EUR”, “CR USD”, “I EUR”, “I USD (H)”, “K EUR” e “R EUR”

| L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| --- |
| L'azione A USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione A USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L’azione CR USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione I USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |

- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.).

Valore patrimoniale netto iniziale:
| Azione A EUR: | 419,58 euro |
| --- | --- |
| Azione A USD: | 131,11 dollari USA |
| Azione A USD (H): | 106,06 dollari USA |
| Azione CR EUR: | 86,84 euro |
| Azione CR USD: | 100 dollari USA |
| Azione I EUR: | 186,25 euro |
| Azione I USD (H): | 102,71 dollari USA |
| Azione K EUR: | 212,77 euro |
| Azione R EUR: | 265,38 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A EUR: | 1 Azione |
| --- | --- |
| Azione A USD: | 1 Azione |
| Azione A USD (H): | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD: | 1 Azione |
| Azione I EUR: | 500.000 euro |
| Azione I USD (H): | 500.000 dollari USA |
| Azione K EUR: | 500.000 euro |
| Azione R EUR: | 1 Azione |

Importo minimo di sottoscrizione successiva:
| Azione A EUR: | 1 millesimo di azione |
| --- | --- |
| Azione A USD: | 1 millesimo di azione |
| Azione A USD (H): | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD: | 1 millesimo di azione |

| Azione I EUR: | 1 millesimo di azione |
| --- | --- |
| Azione I USD (H): | 1 millesimo di azione |
| Azione K EUR: | 1 millesimo di azione |
| Azione R EUR: | 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni “A EUR”, “A USD”, “A USD (H)”, “CR USD”, “CR EUR”, “R EUR”, “I EUR”, “I USD (H)” e “K EUR” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite tornano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV - Europe Midcaps | Valore patrimoniale netto x Numero di azioni | Azione A EUR: max 3% |
| Azione A USD: max 3% |
| Azione A USD (H): max 3% |
| Azione CR EUR: max 3% |
| Azione CR USD: max 3% |
| Azione I EUR: nessuna |
| Azione I USD (H): nessuna |
| Azione K EUR: nessuna |
| Azione R EUR: max 3% |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Europe Midcaps | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

| Commissione di rimborso non corrisposta al comparto EdR SICAV - Europe Midcaps | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| --- | --- | --- |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Europe Midcaps | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 1,95% (tasse incluse)* |
| Azione A USD: max 1,95% (tasse incluse)* |
| Azione A USD (H): max 1,95% (tasse incluse)* |
| Azione CR EUR: max 1,65% (tasse incluse)* |
| Azione CR USD: max 1,65% (tasse incluse)* |
| Azione I EUR: max 0,95% (tasse incluse)* |
| Azione I USD (H): max 0,95% (tasse incluse)* |
| Azione K EUR: max 1,10% (tasse incluse)* |
| Azione R EUR: max 2,35% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,15% (tasse incluse)* |
| Azione A USD: max 0,15% (tasse incluse)* |
| Azione A USD (H): max 0,15% (tasse incluse)* |
| Azione CR EUR: max 0,15% (tasse incluse)* |
| Azione CR USD: max 0,15% (tasse incluse)* |
| Azione I EUR: max 0,15% (tasse incluse)* |
| Azione I USD (H): max 0,15% (tasse incluse)* |
| Azione K EUR: max 0,15% (tasse incluse)* |
| Azione R EUR: max 0,15% (tasse incluse)* |
| I fornitori di servizi percepiscono delle commissioni di trasferimento: Il depositario tra lo 0% e il 50% | Prelievo su ogni transazione | Variabile in funzione dello strumento e più precisamente: |

| La società di gestione tra il 50% e il 100% |  | - per operazione: da 0 a max 0,50% + IVA (min da 0 euro a 200 euro in funzione della piazza borsistica dello strumento)
- sull’incasso delle cedole: da 0 a max 5% + IVA
 |
| --- | --- | --- |
| Commissione di sovraperformance  (1) | Patrimonio netto del comparto | Azione A EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione A USD: 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione A USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione CR EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione CR USD: 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione I EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione I USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |
| Azione K EUR: nessuna |
| Azione R EUR: 15% annuo della sovraperformance rispetto al valore di riferimento, Stoxx Europe ex UK Small con il reinvestimento dei dividendi netti. |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento: Stoxx Europe ex UK Small NR
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più, qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento.
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni, viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi. Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |  |  |  |  |
| PN |  | 100 | 102 | 106 |  |  |  |  |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |  |  |  |  |
| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

|  | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Periodo |  |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111): 3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF
Eventuali retrocessioni delle spese di gestione di OICR e fondi d’investimento sottostanti corrisposti dal comparto EdR SICAV – Europe Midcaps saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV.
Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV - Equity US Solve
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 2 aprile 2019. Il comparto è stato creato il 24 aprile 2019.
- Codice ISIN

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

- Regime fiscale specificoNessuno
- Delega della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto ha l’obiettivo, sul suo orizzonte d’investimento raccomandato, di partecipare parzialmente all’andamento dei mercati azionari nordamericani, implementando al contempo una copertura permanente, totale o parziale, dal rischio azionario sui mercati a termine e delle opzioni, in funzione delle previsioni del gestore. Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoL’obiettivo di gestione del comparto non è correlato a un indice di mercato, nella misura in cui il comparto implementi strategie di copertura del rischio azionario.

Il rendimento delle azioni A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR (H) e K EUR (H)
potrà tuttavia essere confrontato a posteriori con l’andamento di un indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato.
L’€STR (Euro Short Term Rate) è un tasso d’interesse calcolato e gestito dalla Banca centrale europea che riflette il prezzo in euro dei prestiti overnight di un campione di banche della zona euro.
Tutte le informazioni sull’indice €STR (Euro Short Term Rate) sono disponibili sul sito internet della Banca centrale europea (BCE) all’indirizzo: https://www.ecb.europa.eu/. L'amministratore dell'indice di riferimento €STR, la Banca centrale europea, gode dell’esenzione prevista dall'articolo 2.2 del regolamento BMR. L'amministratore, ossia la Banca centrale europea, non è pertanto tenuto a ottenere un’approvazione o a iscriversi nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA.
L’indice Standard & Poor’s 500 (S&P 500) è rappresentativo di 500 società americane a grande capitalizzazione. Maggiori informazioni in merito alla composizione e alle regole di funzionamento dell'indice sono disponibili su www.standardandpoors.com.
S&P Dow Jones Indices LLC (sito Internet: www.standardandpoors.com), amministratore dell’indice di riferimento Standard & Poor’s 500, è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA.
Il rendimento delle azioni A CHF (H), B CHF (H), I CHF (H) e J CHF (H) potrà essere confrontato a posteriori con l’andamento di un indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in CHF, e per il 44% dall’indice SARON capitalizzato.
Six Financial Information AG (sito internet: https://www.six-group.com/financial- information/en/home.html#country=se), amministratore dell’indice di riferimento SARON capitalizzato, è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA.
Dal momento che la gestione del comparto non è indicizzata, la performance del comparto potrebbe allontanarsi significativamente dagli indici di riferimento, che sono solo indicatori di confronto.
Il rendimento delle azioni A GBP (H) potrà essere confrontato a posteriori con l’andamento di un indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in GBP, e per il 44% dall’indice SONIA capitalizzato.
Bank of England, amministratore dell’indice di riferimento SONIA capitalizzato, gode dell’esenzione prevista dall'articolo 2.2 del regolamento BMR. L'amministratore Bank of England non è pertanto tenuta a ottenere un’approvazione e a iscriversi nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA.
Dal momento che la gestione del comparto non è indicizzata, la performance del comparto potrebbe allontanarsi significativamente dagli indici di riferimento, che sono solo indicatori di confronto.
Il rendimento delle azioni A USD, A EUR, B USD, CR USD, CRD USD, I EUR, I USD, J USD e K USD potrà essere confrontato a posteriori con l’andamento di un indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dall’indice Federal Funds Effective Rate capitalizzato. Questo indicatore composito sarà espresso nella valuta dell'azione. L’indice Federal Funds Effective Rate capitalizzato corrisponde alla media dei tassi overnight della zona dollaro, viene calcolato dalla Federal Reserve di New York e rappresenta il tasso senza rischio della zona dollaro.
Alla data dell'ultimo aggiornamento del presente prospetto, l'Indice di riferimento Federal Funds Effective Rate, amministrato dalla Federal Reserve (sito web: https://www.federalreserve.gov/), beneficia dell'esenzione prevista dall'articolo 2.2 del regolamento sugli Indici di riferimento, in qualità di banca centrale, e pertanto non deve essere iscritto nel registro ESMA.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzateIl comparto ricorrerà a una gestione discrezionale volta a ottenere esposizione ai mercati azionari nordamericani attraverso l’investimento in azioni nordamericane, degli strumenti derivati su azioni o indici azionari nordamericani o attraverso degli OICR. La società di gestione farà sì che il rischio azionario sia compreso tra lo 0% e il 90% del patrimonio netto attuando delle strategie di copertura attraverso l’intervento sui mercati a termine e delle opzioni. L’esposizione ai mercati azionari sarà ottenuta attraverso una gestione “core”, costituita da future su indici, azioni nordamericane che possano rientrare nell’indice S&P 500 o ETF; a tale gestione verrà affiancato un approccio “satellite” gestito attivamente a fini di diversificazione. Attraverso tale componente “satellite” il gestore potrà pertanto incrementare o ridurre taluni orientamenti settoriali in funzione delle previsioni di mercato. Tali investimenti potranno essere realizzati attraverso dei titoli vivi, degli OICR, dei future o delle opzioni su indici.

L'universo d'investimento ESG è costituito da titoli di debito pubblico a breve scadenza (fino a 1 anno) emessi dagli Stati Uniti, e da titoli di debito privati con rating di tipo Investment Grade (da AAA a BBB-) e High Yield (da BB a CCC). La società di gestione può selezionare titoli al di fuori di questo Universo ESG. Essa si assicurerà tuttavia che l'universo ESG selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di tipo Investment Grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di tipo High Yield hanno un rating ESG.
Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento.
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d’investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Le azioni saranno selezionate in base alla strategia descritta di seguito:
- la selezione dell’universo d’investimento si fonda sull’utilizzo di filtri quantitativi che consentono di definire i titoli nordamericani ritenuti ammissibili e che saranno oggetto di analisi complementari. Questi filtri permettono di definire l’universo dei titoli, in base all’analisi della società di gestione, senza vincoli settoriali né geografici;
- l'utilizzo di analisi esterne ha per obiettivo di aiutare il gestore a orientare la propria ricerca verso un numero ridotto di titoli incluso nell’universo d’investimento. La scelta di analisti esterni è altresì soggetta a un processo di selezione definito dalla Società di gestione;
- i titoli così selezionati vengono sottoposti a un'analisi quantitativa e successivamente qualitativa. Il gestore selezionerà quindi i titoli caratterizzati dal migliore potenziale di crescita e di rendimento, in base all’analisi della società di gestione, per costituire un portafoglio concentrato.

Sebbene l’esposizione sarà principalmente ricercata sui mercati azionari, il comparto potrà investire fino al 100% del proprio patrimonio netto in titoli di credito e Strumenti del mercato monetario denominati in dollari o altre valute.
Il comparto selezionerà emissioni di emittenti pubblici o privati con vita residua non superiore a 397 giorni per le emissioni a tasso fisso e di massimo due anni per le emissioni a tasso variabile.
Tali titoli saranno principalmente di tipo “investment grade”, ovvero titoli per i quali il rischio di insolvenza dell’emittente è il meno elevato (titoli con rating pari o superiore a BBB- o con un rating a breve termine pari o superiore ad A-3 secondo Standard & Poor’s o un’agenzia di rating equivalente, o che vantino un rating equivalente interno alla Società di gestione). Si sottolinea tuttavia che i titoli che non dispongano di un rating emesso da
un'agenzia di rating ma a cui la società di gestione abbia assegnato un rating “Investment Grade” saranno limitati al 15% del patrimonio netto.
Entro un limite del 10% del patrimonio netto, il comparto potrà inoltre fare ricorso a titoli “high yield”, ovvero titoli speculativi che presentano un rischio di insolvenza dell’emittente più elevato (titoli con rating inferiore a BBB- o con un rating a breve termine pari o inferiore ad A-3 secondo Standard & Poor’s o un’agenzia di rating equivalente, o che vantino un rating equivalente interno alla Società di gestione).
Inoltre, nella misura massima del 10% del patrimonio netto, il comparto può investire in quote o azioni di OICR o altri Fondi d’investimento idonei, indipendentemente dalla loro classificazione, in particolare:
- per aumentare l’esposizione verso i mercati azionari o diversificare l’esposizione verso altre classi di attivi (per esempio, fondi investiti in titoli di società dei settori delle materie prime o immobiliare);
- per finalità di gestione della liquidità (OICR del mercato monetario e obbligazionario).

Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere contratti di pronti contro termine passivi a copertura dei Valori mobiliari o degli Strumenti del mercato monetario idonei, nel rispetto di un limite pari al 25% del patrimonio netto. Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Il comparto potrà detenere titoli denominati in una valuta diversa dal dollaro. Potrà inoltre investire in titoli denominati in euro e in dollari canadesi. Tali titoli saranno coperti rispetto al rischio di cambio. Potrà tuttavia sussistere un’esposizione residua al rischio valutario pari a un massimo del 10% del patrimonio netto.
Nel limite del 100% del patrimonio netto, il comparto potrà ricorrere agli strumenti derivati OTC o a contratti finanziari negoziati su un mercato regolamentato o organizzato allo scopo di concludere, segnatamente:
- dei contratti di opzioni su azioni, indici azionari o contratti future su indici azionari
- dei contratti a termine su valute
- dei contratti di scambio a termine (swap in valuta) e di cambio a termine
- dei contratti future su indici azionari
- dei contratti future e/o opzioni su indici di volatilitàIl ricorso agli strumenti derivati sarà utilizzato a fini di copertura e di esposizione entro un limite di esposizione al rischio azionario compreso tra lo 0% e il 90%.

Nello specifico, l’implementazione della copertura volta a mantenere un’esposizione al rischio azionario compresa tra lo 0% e il 90% sarà stabilita discrezionalmente dal team di gestione, in funzione delle sue previsioni e delle condizioni di mercato. L’attuazione di tali strategie ha come obiettivo quello di attenuare gli shock di consistente entità dei mercati azionari, ma comporta il fatto di trarre meno vantaggio dai periodi di rialzo; il team di gestione tenterà al contempo di ottimizzare il costo della copertura del portafoglio in modo tattico e opportunistico.
Si richiama l'attenzione degli investitori sul fatto che le fasi rialziste e ribassiste sono determinate discrezionalmente dai team di gestione in base alle relative previsioni dell’andamento dei mercati, e potranno pertanto non riflettere i trend reali dei mercati.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
. Attivi utilizzatiAzioni:
Tra gli strumenti utilizzati ai fini dell'esposizione al mercato azionario nordamericano, il portafoglio potrà investire tra lo 0 e il 100% del relativo patrimonio in azioni dell’America del Nord.
Titoli di credito e strumenti del mercato monetario
Il comparto potrà investire fino al 100% del patrimonio netto indifferentemente in titoli di credito negoziabili e obbligazioni, emessi in dollari o in altra valuta da entità pubbliche o private.
Il comparto selezionerà emissioni di emittenti pubblici o privati con vita residua non superiore a 397 giorni per le emissioni a tasso fisso e di massimo due anni per le emissioni a tasso variabile.
Tali titoli saranno principalmente di tipo “investment grade”, ovvero titoli per i quali il rischio di insolvenza dell’emittente è il meno elevato (titoli con rating pari o superiore a BBB- o con un rating a breve termine pari o superiore ad A-3 secondo Standard & Poor’s o un’agenzia di rating equivalente, o che vantino un rating equivalente interno alla Società di gestione). Si sottolinea tuttavia che i titoli che non dispongano di un rating emesso da un'agenzia di rating ma a cui la società di gestione abbia assegnato un rating “Investment Grade” saranno limitati al 15% del patrimonio netto.
Entro un limite del 10% del patrimonio netto, il comparto potrà inoltre fare ricorso a titoli “high yield”, ovvero titoli speculativi che presentano un rischio di insolvenza dell’emittente più elevato (titoli con rating inferiore a BBB- o con un rating a breve termine pari o inferiore ad A-3 secondo Standard & Poor’s o un’agenzia di rating equivalente, o che vantino un rating equivalente interno alla Società di gestione).
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un’analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un titolo nella categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Azioni o quote di altri OICVM, FIA o fondi d’investimento di diritto estero
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l’esposizione ad altre classi di attivi, ivi compresi gli indici quotati, per aumentare l’esposizione verso i mercati azionari o diversificare l’esposizione verso altre classi di attivi (ad esempio: materie prime o settore immobiliare).
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Strumenti derivati
Nel limite di una volta il patrimonio netto, il comparto potrà investire in contratti finanziari negoziati su mercati regolamentati, organizzati o OTC, allo scopo di concludere:
- contratti di opzioni su azioni, indici azionari e contratti future su indici azionari a fini di copertura e di esposizione ai mercati azionari americani;
- contratti a termine su valute per limitare i rischi di cambio del portafoglio sottostante;
- contratti di scambio a termine (swap in valuta) e di cambio a termine;
- contratti future su indici azionari a fini di copertura e di esposizione;
- dei contratti future e/o opzioni su indici di volatilitàIl comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su azioni, indici azionari e/o panieri di azioni fino al 80% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 30%.

Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Nello specifico, l’implementazione della copertura, totale o parziale, del rischio azionario sarà stabilita discrezionalmente dal team di gestione in funzione delle sue previsioni e delle condizioni di mercato.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Tra le strategie di copertura adottate, il comparto potrà utilizzare in particolare le operazioni di copertura sottoelencate:
- acquisti di opzioni di vendita e vendite di opzioni di acquisto;
- operazioni contestuali di vendita e acquisto di opzioni simili relative allo stesso sottostante ma con prezzo di esercizio diverso.

Titoli che integrano derivati (fino al 100% del patrimonio netto):
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire solo in obbligazioni callable o puttable fino al 100% del patrimonio netto.
Depositi Nessuno
Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 25% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine passive di prodotti di tasso o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione della liquidità e/o dell'ottimizzazione dei redditi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La
presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari possono implicare variazioni significative del patrimonio netto che potrebbero avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto. Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap: Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei contratti di total return swap.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di
esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezione:Nessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A CHF (H), A EUR, A EUR (H), A GBP (H), A USD, B CHF (H), B EUR (H), B USD: tutti i sottoscrittori Azioni CR EUR (H), CR USD, CRD EUR (H) e CRD USD: tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Azioni I CHF (H), I EUR, I EUR (H), I USD, J CHF(H), J EUR (H), J USD, K EUR (H) e K USD: persone giuridiche
e investitori istituzionali per proprio conto o per conto terzi. Queste azioni sono destinate in particolare alle aziende assicurative soggette agli adempimenti previsti dalla Direttiva c.d. “Solvibilità II”. Infatti, le strategie di copertura saranno implementate e gestite a condizioni che gli consentano di essere considerate “tecniche di attenuazione del rischio”, di cui alla Direttiva 2009/138/CE del 25 novembre 2009 (c.d. “Solvibilità II”) e, pertanto, di permettere la diminuzione del livello di SCR (“Solvency Capital Requirement”) richiesto, per gli investitori interessati. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo
comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 3 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “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)” e “K USD” | Azioni “B CHF (H)”, “B EUR (H)”, “B USD”, “CRD EUR (H)”, “CRD USD”, “J CHF (H)”, “J EUR (H)” e “J USD” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 21 categorie di azioni: Azioni “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)" e “K USD”.

L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione A EUR è denominata in euri ed è espressa in azioni o millesimi di azioni.
L’azione A EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione A GBP (H) è denominata in sterline ed è espressa in azioni o millesimi di azioni. L'azione A USD è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione B CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione B EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione B USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione CR EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CR USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione CRD EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CRD USD è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I USD è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione J CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione J EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J USD è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione K EUR (H) è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione K USD è denominata in dollari ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi e americani (calendario ufficiale di Euronext Paris S.A. e NYSE)Valore patrimoniale netto iniziale:

| Azione A CHF (H): | 100 franchi svizzeri |
| --- | --- |
| Azione A EUR: | 100 euro |
| Azione A EUR (H): | 100 euro |
| Azione A GBP (H): | 100 sterline |
| Azione A USD: | 100 dollari USA |
| Azione B CHF (H): | 100 franchi svizzeri |
| Azione B EUR (H): | 100 euro |
| Azione B USD: | 100 dollari USA |
| Azione CR EUR (H): | 100 euro |
| Azione CR USD: | 100 dollari USA |
| Azione CRD EUR (H): | 100 euro |
| Azione CRD USD: | 100 dollari USA |
| Azione I CHF (H): | 100 franchi svizzeri |
| Azione I EUR: | 100 euro |
| Azione I EUR (H): | 100 euro |
| Azione I USD: | 100 dollari USA |
| Azione J CHF (H): | 100 franchi svizzeri |
| Azione J EUR (H): | 100 euro |
| Azione J USD: | 100 dollari USA |
| Azione K EUR (H): | 100 euro |
| Azione K USD: | 100 dollari USA |

Importo minimo della sottoscrizione iniziale:
| Azione A CHF (H): | 1 Azione |
| --- | --- |
| Azione A EUR: | 1 Azione |
| Azione A EUR (H): | 1 Azione |
| Azione A GBP (H): | 1 Azione |
| Azione A USD: | 1 Azione |
| Azione B CHF (H): | 1 Azione |
| Azione B EUR (H): | 1 Azione |
| Azione B USD: | 1 Azione |
| Azione CR EUR (H): | 1 Azione |
| Azione CR USD: | 1 Azione |
| Azione CRD EUR (H): | 1 Azione |
| Azione CRD USD: | 1 Azione |
| Azione I CHF (H): | 500.000 franchi svizzeri |
| Azione I EUR: | 500.000 euro |
| Azione I EUR (H): | 500.000 euro |
| Azione I USD: | 500.000 dollari USA |
| Azione J CHF (H): | 500.000 franchi svizzeri |
| Azione J EUR (H): | 500.000 euro |
| Azione J USD: | 500.000 dollari USA |
| Azione K EUR (H): | 500.000 euro |
| Azione K USD: | 500.000 dollari USA |

Importo minimo di sottoscrizione successiva:
| Azione A CHF (H): | 1 millesimo di azione |
| --- | --- |
| Azione A EUR: | 1 millesimo di azione |
| Azione A EUR (H): | 1 millesimo di azione |
| Azione A GBP (H): | 1 millesimo di azione |
| Azione A USD: | 1 millesimo di azione |
| Azione B CHF (H): | 1 millesimo di azione |
| Azione B EUR (H): | 1 millesimo di azione |
| Azione B USD: | 1 millesimo di azione |
| Azione CR EUR (H): | 1 millesimo di azione |

| Azione CR USD: | 1 millesimo di azione |
| --- | --- |
| Azione CRD EUR (H): | 1 millesimo di azione |
| Azione CRD USD: | 1 millesimo di azione |
| Azione I CHF (H): | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I EUR (H): | 1 millesimo di azione |
| Azione I USD: | 1 millesimo di azione |
| Azione J CHF (H): | 1 millesimo di azione |
| Azione J EUR (H): | 1 millesimo di azione |
| Azione J USD: | 1 millesimo di azione |
| Azione K EUR (H): | 1 millesimo di azione |
| Azione K USD: | 1 millesimo di azione |

Modalità di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni “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)" e “K USD” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento del comparto. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| < | Valore patrimoniale netto x Numero di azioni | Azione A CHF (H): max 3% |
| Azione A EUR: max 3% |
| Azione A EUR (H): max 3% |
| Azione A GBP (H): max 3% |
| Azione A USD: max 3% |
| Azione B CHF (H): max 3% |
| Azione B EUR (H): max 3% |

|  |  | Azione B USD: max 3% |
| --- | --- | --- |
| Azione CR EUR (H): max 3% |
| Azione CR USD: max 3% |
| Azione CRD EUR (H): max 3% |
| Azione CRD USD: max 3% |
| Azione I CHF (H): nessuna |
| Azione I EUR: nessuna |
| Azione I EUR (H): nessuna |
| Azione I USD: nessuna |
| Azione J CHF (H): nessuna |
| Azione J EUR (H): nessuna |
| Azione J USD: nessuna |
| Azione K EUR (H): nessuna |
| Azione K USD: nessuna |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Equity US Solve | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - Equity US Solve | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Equity US Solve | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF (H): max 1,20% (tasse incluse)* |
| Azione A EUR: max 1,20% (tasse incluse)* |
| Azione A EUR (H): max 1,20% (tasse incluse)* |
| Azione A GBP (H): max 1,20% (tasse incluse)* |
| Azione A USD: max 1,20% (tasse incluse)* |
| Azione B CHF (H): max 1,20% (tasse incluse)* |
| Azione B EUR (H): max 1,20% (tasse incluse)* |
| Azione B USD: max 1,20% (tasse incluse)* |
| Azione CR EUR (H): max 0,70% (tasse incluse)* |
| Azione CR USD: max 0,70% (tasse incluse)* |
| Azione CRD EUR (H): max 0,70% (tasse incluse)* |
| Azione CRD USD: max 0,70% (tasse incluse)* |
| Azione I CHF (H): max 0,55% (tasse incluse)* |
| Azione I EUR: max 0,55% (tasse incluse)* |
| Azione I EUR (H): max 0,55% (tasse incluse)* |
| Azione I USD: max 0,55% (tasse incluse)* |
| Azione J CHF (H): max 0,55% (tasse incluse)* |
| Azione J EUR (H): max 0,55% (tasse incluse)* |
| Azione J USD: max 0,55% (tasse incluse)* |
| Azione K EUR (H): max 0,75% (tasse incluse)* |
| Azione K USD: max 0,75% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF (H): max 0,10% (tasse incluse)* |
| Azione A EUR: max 0,10% (tasse incluse)* |
| Azione A EUR (H): max 0,10% (tasse incluse)* |
| Azione A GBP (H): max 0,10% (tasse incluse)* |
| Azione A USD: max 0,10% (tasse incluse)* |
| Azione B CHF (H): max 0,10% (tasse incluse)* |
| Azione B EUR (H): max 0,10% (tasse incluse)* |
| Azione B USD: max 0,10% (tasse incluse)* |
| Azione CR EUR (H): max 0,10% (tasse incluse)* |
| Azione CR USD: max 0,10% (tasse incluse)* |
| Azione CRD EUR (H): max 0,10% (tasse incluse)* |
| Azione CRD USD: max 0,10% (tasse incluse)* |
| Azione I CHF (H): max 0,10% (tasse incluse)* |
| Azione I EUR. max 0,10% (tasse incluse)* |
| Azione I EUR (H): max 0,10% (tasse incluse)* |
| Azione I USD: max 0,10% (tasse incluse)* |
| Azione J CHF (H): max 0,10% (tasse incluse)* |
| Azione J EUR (H): max 0,10% (tasse incluse)* |
| Azione J USD: max 0,10% (tasse incluse)* |
| Azione K EUR (H): max 0,10% (tasse incluse)* |
| Azione K USD: max 0,10% (tasse incluse)* |
| Commissioni di movimentazione | Sull'importo della transazione | Nessuna |

| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A CHF (H): 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in CHF, e per il 44% dall’indice SARON capitalizzato |
| --- | --- | --- |
| Azione A EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall'indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato. |
| Azione A EUR (H): 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato |
| Azione A GBP (H): 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in GBP, e per il 44% dall’indice SONIA capitalizzato |
| Azione A USD: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato |
| Azione B CHF (H): 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in CHF, e per il 44% dall’indice SARON capitalizzato |
| Azione B EUR (H): 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato |
| Azione B USD: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato |
| Azione CR EUR (H): 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato |
| Azione CR USD: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato |

|  |  | Azione CRD EUR (H): 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato |
| --- | --- | --- |
| Azione CRD USD: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato |
| Azione I CHF (H): 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in CHF, e per il 44% dall’indice SARON capitalizzato |
| I EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall'indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato. |
| I EUR (H): 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato |
| Azione I USD: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato |
| Azione J CHF (H): 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in CHF, e per il 44% dall’indice SARON capitalizzato |
| Azione J EUR (H): 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR, e per il 44% dall’€STR capitalizzato |
| Azione J USD: 15% annuo della sovraperformance rispetto all'indice di riferimento composto per il 56% dall’indice S&P 500, calcolato con il reinvestimento dei dividendi netti, e per il 44% dal Federal Funds Effective Rate capitalizzato |
| Azione K EUR (H): nessuna |
| Azione K USD: nessuna |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indicatore di riferimento:
- composto per il 56% dall'indice S&P 500 con dividendi netti reinvestiti e per il 44% dal tasso effettivo del Fed Funds Effective Rate capitalizzato per le azioni in dollari USA e per le azioni in euro, prive di copertura
- composto per il 56% dall'indice S&P 500, calcolato con il reinvestimento dei dividendi netti e coperto in EUR e per il 44% da €STR capitalizzato per le azioni in euro, con copertura
- composto per il 56% dall'indice S&P 500 con dividendi netti reinvestiti coperto in CHF e per il 44% dal SARON capitalizzato per le azioni in franchi svizzeri
- composto per il 56% dall'indice S&P 500 con dividendi netti reinvestiti coperto in GBP e per il 44% dal SONIA capitalizzato per le azioni in sterline britanniche.

La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più,
qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento.
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è uguale o superiore a 5 anni: Viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

|  | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Periodo |  |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere
prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111): 3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV - Equity US Solve saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV – Global Opportunities
- 
###### Data di creazione

Il comparto è stato autorizzato dall’Autorité des Marchés Financiers il 26 luglio 2019.
Il comparto è stato creato in data 12 settembre 2019 tramite conferimento della quota C del seguente FCI:
- CA EdRAM Opportunités costituito in data 11 gennaio 2008
- 
###### Codice ISIN

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

- 
###### Regime fiscale specifico:

Nessuno.
- 
###### Delega della gestione finanziaria

Edmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.
Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- 
###### Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto estero:

Fino al 10% del patrimonio netto.
- 
###### Obiettivo di gestione

L’obiettivo del comparto è di offrire una performance superiore a quella del suo indice di riferimento sull’orizzonte d’investimento consigliato, superiore a cinque anni, gestendo in modo discrezionale e opportunistico un portafoglio diversificato tra molteplici classi di attivi (tra cui azioni, tassi, valute), senza limiti settoriali o geografici. L’obiettivo di gestione varia in base alla valuta di denominazione della classe di azioni sottoscritta:
- Per le classi A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR, K EUR: l’obiettivo di gestione è ottenere, sull’orizzonte d’investimento consigliato, un rendimento netto annualizzato superiore all’€STR maggiorato del 3%.
- Per le classi A CHF (H), I CHF (H): l’obiettivo di gestione è ottenere, sull’orizzonte d’investimento consigliato, un rendimento netto annualizzato superiore al SARON capitalizzato, maggiorato del 3%.
- Per le classi A USD (H), I USD (H): l’obiettivo di gestione è ottenere, sull’orizzonte d’investimento consigliato, un rendimento netto annualizzato superiore al Federal Funds Effective Rate capitalizzato, maggiorato del+3%.

Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
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###### Indice di riferimento

L’indice di riferimento rispetto al quale confrontare il rendimento delle azioni A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR e K EUR è l’€STR capitalizzato, maggiorato del 3%. L’€STR (Euro Short Term Rate) è un tasso d’interesse calcolato e gestito dalla Banca centrale europea che riflette il prezzo in euro dei prestiti overnight di un campione di banche della zona euro.
Tutte le informazioni sull’indice €STR (Euro Short Term Rate) sono disponibili sul sito Internet della Banca centrale europea (BCE) all’indirizzo: https://www.ecb.europa.eu/. L'amministratore dell'indice di riferimento €STR, la Banca centrale europea, gode dell’esenzione prevista dall'articolo 2.2 del regolamento BMR. L'amministratore, ossia la Banca centrale europea, non è pertanto tenuto a ottenere un’approvazione o a iscriversi nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA.
L’indice di riferimento rispetto al quale confrontare il rendimento delle azioni A USD (H) e I USD (H) è il tasso Federal Funds Effective Rate capitalizzato, maggiorato del 3%. Il tasso Federal Funds Effective Rate corrisponde alla media dei tassi overnight dell’area del dollaro. Viene calcolato dalla Federal Reserve e rappresenta il tasso privo di rischio dell’area del dollaro. Alla data dell'ultimo aggiornamento del presente prospetto, l'Indice di riferimento Federal Funds Effective Rate, amministrato dalla Federal Reserve (sito web: https://www.federalreserve.gov/), beneficia dell'esenzione prevista dall'articolo 2.2 del regolamento sugli Indici di riferimento, in qualità di banca centrale, e pertanto non deve essere iscritto nel registro ESMA. L’indice di riferimento rispetto al quale confrontare il rendimento delle azioni A CHF (H) e I CHF (H) è il SARON capitalizzato, maggiorato del 3%.
Six Financial Information AG (sito internet: https://www.six-group.com/financial- information/en/home.html#country=se), amministratore dell’indice di riferimento SARON capitalizzato, è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA.
Dal momento che la gestione del comparto non è indicizzata, la performance del comparto potrebbe allontanarsi significativamente dagli indici di riferimento, che sono solo indicatori di confronto.
I tassi e gli indici utilizzati sono annualizzati. Il calcolo del rendimento di questi indici include le cedole.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
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###### Strategia d’investimento

. Strategie utilizzate
La società di gestione mette in atto una modalità di gestione discrezionale e opportunistica. L'attivo del comparto verrà investito in azioni e titoli di credito sia direttamente che a titolo accessorio, attraverso la detenzione di quote o azioni di OICVM di diritto francese o europeo e di FIA di diritto francese, anche indicizzati, senza alcun limite di allocazione tra le diverse classi di attivi, né alcun vincolo a livello settoriale o geografico. Le convinzioni potranno inoltre essere rispecchiate nell’utilizzo di strumenti derivati a fini di esposizione, copertura o arbitraggio. (Le strategie di arbitraggio intendono trarre beneficio dalle differenze di valutazione e/o dalla divergenza tra fondamentali e dal posizionamento tra diversi segmenti di mercato, sia sui mercati azionari che di tasso, di credito e di cambio. Tali strategie consentono di ridurre la correlazione del fondo alle diverse classi di attivi, il che comporta una minima dipendenza dalle strategie puramente discrezionali). L'esposizione complessiva del portafogli alle diverse classi di attivi che prevedono l’utilizzo di strumenti finanziari derivati avrà luogo entro i limiti previsti in termini di VAR assoluto secondo il metodo di calcolo del valore a rischio.
L’allocazione degli attivi verrà stabilita in funzione:
di un approccio di tipo Top Down: l’approccio Top Down si basa innanzitutto su un’analisi macroeconomica delle varie classi di attivi, segmenti di mercato, settori o paesi presi in esame nell'ambito dell'allocazione del portafoglio e sfocia nella determinazione di scenari di mercato definiti sulla base di quanto anticipato dal team di gestione. Non si prevederà alcun limite, lasciando al team la possibilità di implementare strategie che ne rispecchino le convinzioni.
Questa viene completata da un processo di selezione di titoli (approccio Bottom-Up).
Approccio Bottom-Up: tale processo mira a individuare, nell’ambito di una stessa classe di attivi, di uno stesso segmento di mercato, settore o paese gli strumenti e/o gli emittenti che presentano un valore relativo superiore agli altri e che risultano pertanto essere più interessanti, secondo i criteri interni utilizzati dalla società di gestione. La modalità di selezione degli strumenti e/o delle emissioni si basa su un'analisi fondamentale e di valutazione di ciascun emittente adatto alle specificità del relativo universo.
Inoltre, il processo di selezione dei titoli prevede anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco in conformità alla politica di esclusione di Edmond de Rothschild Asset Management (France) disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto non incorpora altre caratteristiche ambientali o sociali nel processo di selezione degli investimenti e non ha come obiettivo l'investimento sostenibile (ai sensi degli articoli 8 o 9 del Regolamento (UE) 2019/2088 detto Regolamento "Disclosure" o 
"
SFDR".
Il Gestore non tiene conto dell'impatto negativo delle decisioni d'investimento sui fattori di sostenibilità di questo prodotto.
Gli investimenti alla base del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione Europea in relazione alle attività economiche ecosostenibili.
. Attivi utilizzatiAzioni:
Il comparto potrà investire fino al 100% in azioni che rientrino direttamente nel relativo obiettivo di gestione senza alcuna limitazione geografica o di capitalizzazione. 
La selezione dei titoli privilegerà delle politiche d’investimento basate sulla ricerca di azioni le cui stime di miglioramento della quotazione siano superiori rispetto alla media del mercato. L’allocazione geografica avrà luogo tra le diverse piazze borsistiche mondiali, tra cui i mercati emergenti. Verranno inoltre selezionate talune tematiche specifiche legate alle conclusioni economiche e all'analisi delle società, le quali comporteranno delle sovra o delle sottoesposizioni settoriali e una ripartizione tra le dimensioni delle varie aziende.
L’esposizione alle azioni sarà pertanto compresa tra lo 0% e il 100%. Titoli di credito e strumenti del mercato monetario
Il comparto potrà investire fino al 100% del relativo patrimonio in titoli di credito e strumenti del mercato monetario che rientrino direttamente nell’ambito del relativo obiettivo di gestione. I titoli verranno selezionati senza alcuna limitazione in termini di rating; potranno appartenere alla categoria "Investment Grade” (vale a dire che il rischio d’insolvenza dei relativi emittenti sarà più basso) o “High Yield” (“alto rendimento”: titoli speculativi con un maggiore rischio d’insolvenza dei relativi emittenti) o potranno essere privi di rating.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
La sensibilità del comparto ai tassi di interesse potrà oscillare tra -10 e +10.
Il comparto potrà acquistare quote di EMTN (Euro Medium Term Note) o obbligazioni indicizzate. Azioni o quote di OICVM, FIA o fondi d’investimento di diritto estero:
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, specialmente azionario, obbligazionari “Investment Grade”, obbligazionari “High Yield” (ossia a carattere speculativo), monetari o dinamici. Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata. Valute:
Il comparto potrà investire fino al 100% del patrimonio netto in valute diverse dall’euro.
Strumenti derivati
L'utilizzo di contratti finanziari potrà essere previsto nell’ambito di una strategia di copertura, esposizione e/o sovraesposizione, sui mercati azionari, dei tassi, dei cambi e degli indici e/o relativi ad alcuni dei loro parametri o componenti (volatilità, quotazioni, settori...).
La strategia di utilizzo dei derivati avrà pertanto lo scopo di:
- Coprire il portafoglio da alcuni rischi oppure esporlo a determinati rischi/classi di attivi
- Costituire un’esposizione sintetica verso attivi, rischi e/o parametri/componenti di queste classi di attivi e rischi
- Aumentare l’esposizione a uno specifico mercato;
- Attuare delle strategie di arbitraggio volte a fare leva sulle differenze di valutazione tra strumenti, classi di attivi, segmenti di mercato, settori, paesi.

In particolare, il gestore negozierà:
- dei contratti a termine o di cambio a termine su valute, o degli swap in valuta al fine di coprire l'esposizione al rischio di cambio o a fini di esposizione o di arbitraggio;
- dei contratti future o delle opzioni, swap su azioni, negoziati su dei mercati organizzati o regolamentati al fine di incrementare o ridurre l’esposizione ai mercati azionario e dei tassi;
- swap di tasso e opzioni su Swap di tasso per aumentare o ridurre l’esposizione verso il rischio di tasso;
- Credit Default Swap su singole entità di riferimento o su indici (iTraxx o CDX) e opzioni su CDS su indici per aumentare o ridurre l'esposizione verso il rischio di credito.

Il Comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su azioni, obbligazioni, indici obbligazionari e/o panieri di obbligazioni, fino al 50% del patrimonio netto, a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 15%.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Il comparto potrà raggiungere una leva netta massima pari a 10.
L'impegno massimo risultante da tali operazioni rispetta i limiti fissati in termini di VaR assoluto secondo la metodologia del calcolo del valore a rischio, limitato dalla normativa al 20% del patrimonio, con una soglia del 99% su 20 giorni lavorativi.
Il comparto potrà intervenire su qualsivoglia tipologia di contratti finanziari, negoziati su mercati internazionali regolamentati, organizzati o OTC.
Strumenti derivati integrati:
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire:
-in obbligazioni callable o puttable fino al 100% del patrimonio netto;
-warrant fino al 100% del patrimonio netto;
-buoni di sottoscrizione fino al 100% del patrimonio netto;
Depositi:
Nessuno
Prestiti di contanti
Nell’ambito della gestione della relativa liquidità, il comparto potrà opportunamente ricorrere a prestiti di contanti entro un limite del 10% del patrimonio netto.
Operazioni temporanee di acquisto e cessione di titoli:
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 10% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto. Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
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###### Investimento tra comparti

Il comparto può investire fino al 10% del patrimonio netto in un comparto della SICAV Edmond de Rothschild SICAV.
L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
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###### Profilo di rischio:

Il capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.
I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell'adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte di investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla Società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto. Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio. I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni
importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap (TRS):
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei Total Return Swap.
Rischio di sostenibilità: Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento.
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###### Garanzia o protezione:

Nessuna
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###### Sottoscrittori interessati e profilo dell’investitore tipo:

Azioni A EUR, A CHF (H), A USD (H), B EUR: tutti i sottoscrittori.
Azioni CR EUR, CRD EUR: tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione. Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.

Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Azioni J EUR, I EUR, I CHF (H), I USD (H), K EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Il presente comparto si rivolge a investitori che cercano di dinamizzare i propri portafogli a partire da un supporto diversificato che consenta di evolvere sia sui mercati azionari che sui mercati dei tassi internazionali.
Le azioni del comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste quote non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial
Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda al potenziale investitore di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun investitore diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata minima raccomandata dell'investimento: superiore a 5 anni.
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###### Modalità di determinazione e di destinazione delle somme distribuibili:

| Somme distribuibili | Azioni “A EUR”, “A CHF (H)”, “A USD (H)”, “CR EUR”, “I EUR”, “I CHF (H)”, “I USD (H)”, “K EUR”, | Azioni “B EUR”, “CRD EUR”, “J EUR” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- 
###### Frequenza di distribuzione:

Azioni di capitalizzazione: non applicabile
Azioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- 
###### Caratteristiche delle azioni:

Il comparto comprende 11 categorie di azioni: Azioni “A EUR”, “A CHF (H)”, “A USD (H)”, “B EUR”, “CR EUR”, “CRD EUR”, “I EUR”, “I CHF (H)”, “I USD (H)”, “J EUR” e “K EUR”.
L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione A USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni.
L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni.
L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- 
###### Modalità di sottoscrizione e di rimborso:

Data e periodicità del valore patrimoniale netto:
Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.).
Valore patrimoniale netto iniziale
| Azione A EUR: | 97,55 euro |
| --- | --- |
| Azione A CHF (H): | 100 franchi svizzeri |
| Azione A USD (H): | 100 dollari USA |
| Azione B EUR: | 100 euro |
| Azione CR EUR: | 100 euro |
| Azione CRD EUR: | 100 euro |
| Azione I EUR: | 100 euro |
| Azione I CHF (H): | 100 franchi svizzeri |
| Azione I USD (H): | 100 dollari USA |
| Azione J EUR: Azione K EUR: | 100 euro 100 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A EUR: | 1 Azione |
| --- | --- |
| Azione A CHF (H): | 1 azione |
| Azione A USD (H): | 1 azione |
| Azione B EUR: | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CRD EUR: | 1 Azione |
| Azione I EUR: | 500.000 euro |
| Azione I CHF (H): | 500.000 franchi svizzeri |
| Azione I USD (H): | 500.000 dollari USA |
| Azione J EUR: | 500.000 euro |
| Azione K EUR: | 500.000 euro |

Importo minimo della sottoscrizione successiva:
| Azione A EUR: | 1 millesimo di azione |
| --- | --- |
| Azione A CHF (H): | 1 millesimo di azione |
| Azione A USD (H): | 1 millesimo di azione |
| Azione B EUR: | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CRD EUR: | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I CHF (H): | 1 millesimo di azione |
| Azione I USD (H): | 1 millesimo di azione |
| Azione J EUR: | 1 millesimo di azione |
| Azione K EUR: | 1 millesimo di azione |

Modalità di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12.30 | G entro le ore 12.30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni “A EUR”, “A CHF (H)”, “A USD (H)”, “B EUR”, “CR EUR”, “CRD EUR”, “I CHF (H)”, “I USD (H)”, “J EUR” e “K EUR” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- 
###### Spese e commissioni:

Commissioni di sottoscrizione e di rimborso:
Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.
| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV – Global Opportunities | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: max 4,50% |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Global Opportunities | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - Global Opportunities | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Global Opportunities | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Modalità di funzionamento e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- una commissione di sovraperformance
- commissioni di transazione fatturate al comparto
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Aliquota |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 1,45% (tasse incluse)* |
| Azione A CHF (H): max 1,45% (tasse incluse)* |
| Azione A USD (H): max 1,45% (tasse incluse)* |
| Azione B EUR: max 1,45% (tasse incluse)* |

|  |  | Azione CR EUR: max 0,80% (tasse incluse)* |
| --- | --- | --- |
| Azione CRD EUR: max 0,80% (tasse incluse)* |
| Azione I EUR: max 0,70% (tasse incluse)* |
| Azione I CHF (H): max 0,70% (tasse incluse)* |
| Azione I USD (H): max 0,70% (tasse incluse)* |
| Azione J EUR: max 0,70% (tasse incluse)* |
| Azione K EUR: max 0,80% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,10% (tasse incluse)* |
| Azione A CHF (H): max 0,10% (tasse incluse)* |
| Azione A USD (H): max 0,10% (tasse incluse)* |
| Azione B EUR: max 0,10% (tasse incluse)* |
| Azione CR EUR: max 0,10% (tasse incluse)* |
| Azione CRD EUR: max 0,10% (tasse incluse)* |
| Azione I EUR: max 0,10% (tasse incluse)* |
| Azione I CHF (H): max 0,10% (tasse incluse)* |
| Azione I USD (H): max 0,10% (tasse incluse)* |
| Azione J EUR: max 0,10% (tasse incluse)* |
| Azione K EUR: max 0,10% (tasse incluse)* |
| Commissioni di movimentazione | Sull’importo della transazione | nessuna |
| Commissione di sovraperformance Patrimonio netto del comparto (1) | Azione A EUR: 15% annuo della sovraperformance rispetto al valore di riferimento €STR capitalizzato +3% |
| Azione A CHF (H): 15% annuo della sovraperformance rispetto al valore di riferimento, l’indice SARON +3% |
| Azione A USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Federal Funds Effective Rate Capitalizzato +3% |
| Azione B EUR: 15% annuo della sovraperformance rispetto al valore di riferimento €STR capitalizzato +3% |
| Azione CR EUR: 15% annuo della sovraperformance rispetto al valore di riferimento €STR Capitalizzato +3% |
| Azione CRD EUR: 15% annuo della sovraperformance rispetto al valore di riferimento €STR Capitalizzato +3% |
| Azione I EUR: 15% annuo della sovraperformance rispetto al valore di riferimento €STR capitalizzato +3% |
| Azione I CHF (H): 15% annuo della sovraperformance rispetto al valore di riferimento, l’indice SARON +3% |
| Azione I USD (H): 15% annuo della sovraperformance rispetto al valore di riferimento, Federal Funds Effective Rate Capitalizzato +3% |
| Azione J EUR: 15% annuo della sovraperformance rispetto al valore di riferimento €STR capitalizzato +3% |
| Azione K EUR: nessuna |

*  tasse incluse.
In questa attività la Società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
*** al netto delle eventuali commissioni di sovraperformance
(1) Commissione di sovraperformance
- Il tasso €STR capitalizzato +3% per le azioni in euro
- Il Federal Funds Effective Rate capitalizzato +3% per le azioni in dollari USA
- Il tasso SARON capitalizzato +3% per le azioni in franchi svizzeriLa commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.

A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più,
qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento.
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni: viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi. Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |  |  |  |  |
| PN |  | 100 | 102 | 106 |  |  |  |  |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |  |  |  |  |
| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

|  | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Periodo |  |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111): 3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF
Eventuali retrocessioni delle spese di gestione di OICR e fondi d’investimento sottostanti corrisposti dal comparto EdR SICAV – Global Opportunities saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV.
Procedura di scelta degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione della remunerazione sulle operazioni di acquisto e cessione temporanee di titoli,nonché su qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV – Short Duration Credit
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 27 dicembre 2019. Il comparto è stato creato il 20 gennaio 2020.
- Codice ISIN

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

- Regime fiscale specificoNessuno
- Delega della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- ClassificazioneObbligazioni e altri titoli di credito denominati in euro
- Livello di esposizione in altri OICVM, FIA o fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneL’obiettivo del comparto è di offrire una performance superiore a quella del relativo indice di riferimento, composto al 50% dall’indice ICE BofA 1-5 Year A-BBB Euro Corporate con cedole reinvestite e al 50% dall’indice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained con cedole reinvestite, per la durata raccomandata dell’investimento attraverso degli investimenti sui mercati obbligazionari societari. Per conseguire tale obiettivo, sarà ricercato sul portafoglio obbligazionario un rendimento addizionale attraverso una gestione attiva del rischio di tasso e del rischio di credito.

Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoL’indice di riferimento del comparto è l’indice composto al 50% dall’indice ICE BofA 1-5 Year A-BBB Euro Corporate con cedole reinvestite e al 50% dall’indice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained con cedole reinvestite. Questi due indici vengono calcolati e pubblicati da ICE Benchmark Administration Limited. Essi rappresentano rispettivamente il rendimento dei prestiti obbligazionari a tasso fisso, denominati in euro, emessi da emittenti con rating almeno pari a BBB- e con vita residua superiore a 1 e inferiore a 5 anni, nonché dei prestiti obbligazionari a tasso fisso, denominati in euro, emessi da emittenti con rating almeno pari a CCC e con vita residua superiore a 1 anno e inferiore a 3 anni.

Dal momento che la gestione del comparto non è indicizzata, la sua performance potrebbe allontanarsi significativamente dall'indice di riferimento, che è solo un indicatore di confronto.
I tassi e gli indici utilizzati sono annualizzati. Il calcolo dei risultati di questi due parametri include le cedole.
ICE Benchmark Administration Limited (sito Internet: https://www.theice.com/iba), amministratore degli indici di riferimento ICE BofA 1-5 Year A-BBB Euro Corporate e ICE BofA 1-3 Year Euro Developed Markets High Yield Constrained non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e gode del regime transitorio previsto dall’articolo 51 del regolamento Benchmark.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
Il rendimento delle azioni A CHF (H), B CHF (H), I CHF (H) e J CHF (H) potrà essere confrontato a posteriori con l’aumento di un indice di riferimento composto per il 50% da ICE BofA 1-5 Year A-BBB Euro Corporate Index coperto in CHF con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in CHF con cedole reinvestite. Dal momento che la gestione del comparto non è indicizzata, la performance del comparto potrebbe allontanarsi significativamente dagli indici di riferimento, che sono solo indicatori di confronto.
Il rendimento delle azioni A USD (H), B USD (H), CR USD (H), CRD USD (H), I USD (H) e J USD (H) potrà essere confrontato a posteriori con l’aumento di un indice di riferimento composto per il 50% da ICE BofA 1-5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite. Dal momento che la gestione del comparto non è indicizzata, la performance del comparto potrebbe allontanarsi significativamente dagli indici di riferimento, che sono solo indicatori di confronto.
- Strategia d’investimento. Strategie utilizzate:Per raggiungere il proprio obiettivo di gestione, il gestore investirà in maniera discrezionale su titoli obbligazionari emessi da società pubbliche o private, nel limite del 100% del portafoglio.

L’universo d’investimento ESG è costituito dai titoli dell'indice di riferimento del comparto. La società di gestione può selezionare titoli al di fuori del suo indice. Essa si assicurerà tuttavia che l'indice di riferimento selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Per selezionare i titoli del portafoglio, il gestore include sistematicamente nell'analisi finanziaria dei fattori ambientali, sociali e di governance (ESG).
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield all'interno del portafoglio hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d’investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Il comparto intende investire:
- almeno il 30% del patrimonio netto in obbligazioni con rating superiore o pari a BBB- (Standard and Poor’s o equivalente, o che vantino un rating equivalente interno alla Società di gestione) ed emesse da società pubbliche o private;
- almeno il 30% del patrimonio netto in obbligazioni High Yield (rating inferiore a BBB- secondo Standard and Poor’s o equivalente, o che vantino un rating equivalente interno alla Società di gestione, titoli speculativi con un rischio di insolvenza superiore rispetto alle obbligazioni Investment Grade);
- non oltre il 10% del patrimonio netto in obbligazioni prive di rating;
- non oltre il 10% del patrimonio in obbligazioni emesse da società pubbliche o private che abbiano sede in paesi non-OCSE
- non oltre il 10% del patrimonio in obbligazioni aventi scadenza residua superiore a 5 anni.

Il gestore si dedica a selezionare le emissioni che ritiene essere le più interessanti al fine di tentare di ottimizzare la coppia rendimento/rischio del portafoglio.
Al fine di ridurre i rischi di tasso e di credito e di determinare una sensibilità ai tassi stabile durante la vita del prodotto, la costruzione del portafoglio mira a mettere in pari le diverse fasce di scadenza (struttura a scala, detta "Ladder"). Ciò mira inoltre a prevenire gli shock dei tassi e ad accompagnare i movimenti del mercato nel tempo, catturando i premi di rimborso anticipato e i premi di emissione sul mercato primario. Una parte del portafoglio sarà reinvestita meccanicamente ogni mese secondo l'arrivo a scadenza del debito in portafoglio, consentendo così di seguire dinamicamente il mercato.
Per conseguire l'obiettivo di gestione, la strategia dovrà combinare un approccio settoriale implementato tramite un processo Top Down (discendente) a un'analisi del credito destinata a selezionare gli emittenti più interessanti tramite un processo Bottom Up (ascendente).
Approccio Top Down
L’approccio Top Down si basa innanzitutto su un’analisi macroeconomica dei vari settori o paesi presi in esame nell'ambito dell'allocazione del portafoglio e sfocia nella determinazione di scenari di mercato definiti sulla base di quanto anticipato dal team di gestione.
Tale analisi consente nella fattispecie di stabilire:
- il livello di esposizione ai vari settori economici,
- la ripartizione tra le categorie Investment Grade e High Yield (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è più consistente, il cui rating sia inferiore a BBB- secondo Standard & Poor's o equivalente ovvero che beneficiano di un rating interno equivalente della società di gestione) e tra i vari rating all'interno di dette categorie.

L’analisi Top Down consente di avere una visione globale del portafoglio. Questa viene completata da un processo di selezione di titoli (approccio Bottom Up).
Approccio Bottom Up
Tale processo mira a individuare, nell'ambito di uno stesso settore, gli emittenti che presentano un valore relativo superiore agli altri e che risultano pertanto essere più interessanti.
La modalità di selezione degli emittenti si basa su un’analisi fondamentale delle singole società. L’analisi fondamentale si snoda attorno alla valutazione di specifici criteri, quali:
- la leggibilità della strategia aziendale,
- la sua salute finanziaria (regolarità dei Cash Flow nei diversi cicli economici, capacità di onorare i debiti contratti, ecc.),
- il carattere "strategico" dell'impresa che lascia anticipare un intervento dello Stato in caso di fallimento o di sensibile degrado della sua posizione finanziaria.

Nell’universo degli emittenti selezionati la scelta delle esposizioni sarà fatta in funzione di caratteristiche come il rating dell’emittente, la liquidità dei titoli o la loro scadenza.
Il modello dell’analisi fondamentale, destinata a individuare i titoli che presentano il maggior potenziale di apprezzamento, si basa su una struttura di analisti gestori specializzati nei mercati del credito. In seguito all'approfondita analisi delle varie società, il processo Bottom up viene ulteriormente affinato. Questo approccio consente di giungere alla scelta dei veicoli d'investimento da privilegiare (titoli vivi, Credit Default Swap, Itraxx…) per esporsi ai titoli selezionati.
A scopo di copertura dei propri attivi e/o di realizzazione del proprio obiettivo di gestione, senza ricerca di sovraesposizione, il comparto potrà ricorrere a contratti finanziari derivati, negoziati, su mercati regolamentati (future, opzioni quotate) o consensuali (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un’esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e credito. In tale contesto, il gestore potrà adottare strategie volte principalmente a prevedere o a tutelare il comparto dai rischi d’insolvenza di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti fino a un’esposizione massima del 10%. Tali strategie saranno implementate nella fattispecie tramite l'acquisto o la vendita di protezioni tramite i derivati di credito di tipo "Credit Default Swap", su mono-enti di riferimento o su indici (iTraxx o CDX).
Potrà altresì implementare strategie volte a ridurre i rischi di cambio e/o a gestire il rischio di tasso tramite l'impiego di contratti finanziari, nella fattispecie future, opzioni, contratti a termine o swap.
Il gestore implementerà altresì una gestione attiva della sensibilità del comparto ai tassi d’interesse, che sarà compresa tra 0 e 4.
Esposizione al mercato azionario
Nel limite del 10% del suo patrimonio netto, il comparto potrà essere esposto ai mercati azionari attraverso acquisti di obbligazioni convertibili.
Valute
Il comparto potrà detenere, a titolo accessorio, fino al 10% di titoli denominati in valuta estera; in tal caso, il rischio di cambio sarà oggetto di copertura. Potrà tuttavia sussistere un rischio di cambio residuo, non superiore al 2% del patrimonio netto.
. Sugli attivi:
Titoli di credito e strumenti del mercato monetario (sino al 100% del patrimonio netto, di cui al massimo il 100% intitoli diretti)

##### Caratteristiche generali
| Sensibilità ai tassi d’interesse | - | [0; 4] |
| --- | --- | --- |
| Area geografica degli emittenti | OCSE, Unione europea, Spazio economico europeo, G20 | max 100% del patrimonio netto |
| Tutte le altre aree geografiche | max 10% del patrimonio netto |

Ripartizione debito privato/debito pubblico
Fino al 100% del portafoglio "Titoli di credito" in debito privato di emittenti situati in uno Stato membro dell'OCSE, dell’Unione Europea, dello Spazio Economico Europeo o del G20.
Il portafoglio non verrà investito nel debito pubblico di qualsivoglia Stato.

##### Criteri di rating
I titoli selezionati presenteranno un rating a lungo termine (Standard and Poor’s o equivalente o con un rating interno della società di gestione equivalente) pari ad almeno BBB- o a breve termine pari ad almeno A3 per minimo il 30% del patrimonio netto del comparto. I titoli selezionati potranno non essere classificati da un'agenzia di rating, ma beneficeranno di un rating interno della società di gestione equivalente.
Il comparto intende investire almeno il 30% del relativo patrimonio netto, i titoli potranno avere un rating inferiore, corrispondente alla categoria High Yield (titoli speculativi il cui rating è inferiore a BBB- secondo Standard & Poor’s o equivalente, oppure con un rating interno equivalente attribuito dalla società di gestione).
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.

##### Natura giuridica degli strumenti utilizzati
Titoli di credito di qualsivoglia natura, tra cui, nello specifico:
- obbligazioni a tasso fisso, variabile o rivedibile
- obbligazioni indicizzate all'inflazione
- titoli di credito negoziabili
- buoni fruttiferi
- Euro Commercial Papers (titoli negoziabili a breve scadenza emessi in euro da un ente straniero)Il portafoglio può investire in PIK notes (le payment in kind notes sono obbligazioni il cui pagamento degli interessi non avviene sistematicamente in contanti).

Azioni
- Esposizione attraverso azioni detenute direttamente: nessuna
- Esposizione attraverso obbligazioni convertibili: fino al 10% del patrimonio nettoL'esposizione massima del portafoglio ai mercati azionari misurata tramite il delta delle obbligazioni convertibili sarà limitata al 10% del patrimonio netto del comparto.

Azioni o quote di altri organismi d’investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero
Il comparto potrà detenere fino al 10% dell'attivo in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, a prescindere dalla loro classificazione al fine di diversificare l'esposizione ad altre classi di attivi, ivi compresi gli indici quotati, o di classificazione monetaria od obbligazionaria in particolare al fine di collocare la liquidità.
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Contratti finanziari
A scopo di copertura dei propri attivi e/o di realizzazione del proprio obiettivo di gestione, senza ricercare la sovresposizione ed entro il limite del 100% del proprio patrimonio, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (future, opzioni quotate) o consensuali (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un’esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e credito.

##### Natura dei mercati d'intervento
- Mercati regolamentati
- Mercati organizzati
- Mercati over-the-counter (OTC)


##### Rischi sui quali il gestore desidera intervenire, a fini di copertura ed esposizione del portafoglio
- Rischio azionario esclusivamente risultante dalla possibile esposizione a obbligazioni convertibili
- Rischio di tasso
- Rischio di cambio
- Rischio di credito


##### Natura degli interventi, ossia l'insieme delle operazioni che devono essere limitate alla realizzazione dell'obiettivo di gestione
- Copertura
- Esposizione
- Arbitraggio


##### Natura degli strumenti utilizzati
- Opzioni su tassi
- Contratti a termine su tassi
- Future su tassi
- Derivati di credito (Credit Default Swaps)
- Opzioni di credito
- Opzioni di cambio
- Swap in valuta
- Swap di tasso (tasso fisso/tasso variabile in tutte le combinazioni e inflazione)
- Cambio a termine
- Warrant
- Opzioni su Swap di tasso
- Opzioni su CDS
- Opzioni su contratti a termine standardizzateLa SICAV potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su tassi fino al 10% del patrimonio netto a fini di copertura o esposizione. La quota prevista del patrimonio gestito oggetto di tali operazioni è pari al 3%.

Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio della SICAV.

##### Strategie di utilizzo dei derivati per raggiungere l'obiettivo di gestione
- Copertura generale di determinati rischi (tasso, cambio, credito)
- Esposizione ai rischi di tasso, di credito e azionario
- Ricostituzione di un’esposizione sintetica ad attivi e rischi (tasso, credito)L'esposizione a tali strumenti finanziari, mercati, tassi e/o a determinati loro parametri o componenti derivanti dall'utilizzo di contratti finanziari non potrà essere superiore al 100% del patrimonio netto.

Il gestore potrà adottare strategie volte principalmente a prevedere o a coprire il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti fino a un’esposizione massima del 10%. Tali strategie saranno implementate nella fattispecie tramite l'acquisto o la vendita di protezioni tramite i derivati di credito di tipo "Credit Default Swap", su mono-enti di riferimento o su indici (iTraxx o CDX).
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati (fino al 100% del patrimonio netto)
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. I
l 
comparto potrà investire esclusivamente in:
- obbligazioni callable o puttable fino al 100% del patrimonio netto,
- obbligazioni convertibili fino al 10% del patrimonio netto,
- obbligazioni convertibili contingenti (CoCo bond) fino al 10% del patrimonio netto.

Prestiti in contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Depositi:
Nessuno
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione e cessione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, entro un limite del 25% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli.
In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto. Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato ai prodotti ibridi (obbligazioni convertibili):
Tenuto conto della loro possibile conversione in azioni, le obbligazioni convertibili introducono un rischio azioni in un portafoglio obbligazionario. Esse espongono altresì il portafoglio alla volatilità dei mercati azionari, superiore a quelle dei mercati obbligazionari. Il possesso di tali strumenti porta quindi a un aumento del rischio di portafoglio, quest’ultimo potendo essere attenuato, a seconda delle configurazioni di mercato, dalla componente obbligazionaria dei titoli ibridi.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap:
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli.
Rischi relativi ai contingent convertible bonds (CoCo):
I CoCo sono titoli di credito subordinati emessi da istituti di credito o compagnie assicurative o di riassicurazione, idonei per rientrare nel capitale regolamentare e con la particolarità di essere convertibili in azioni, oppure di subire una riduzione del nominale (meccanismo detto di "write down"), in caso si determini un "elemento di attivazione" ("Trigger"), prestabilito nel prospetto informativo. I CoCo integrano un'opzione di conversione in azioni per iniziativa dell'emittente in caso di peggioramento della sua situazione finanziaria. Oltre al rischio di credito e quello di tasso relativi alle obbligazioni, l’attivazione dell'opzione di conversione può determinare un calo del valore del CoCo superiore a quello osservato sulle altre obbligazioni classiche dell'emittente. In base alle condizioni previste per ogni CoCo, alcuni eventi di attivazione possono determinare un azzeramento definitivo del capitale investito e/o degli interessi maturati, oppure la conversione dell'obbligazione in azioni.
Rischio relativo alla soglia di conversione dei CoCo:
La soglia di conversione dei CoCo dipende dal coefficiente di solvibilità del relativo emittente. Si tratta dell'evento che determina la conversione dell'obbligazione in azione ordinaria. Minore è il coefficiente di solvibilità, maggiore è la probabilità di conversione.
Rischio di perdita o sospensione della cedola:
In base alle caratteristiche dei CoCo, il versamento delle cedole è discrezionale e può essere revocato o sospeso dall'emittente in qualsiasi momento e per un periodo indeterminato.
Rischio d'intervento di un'autorità regolamentare al livello di "non sostenibilità":
L'autorità regolamentare può stabilire in qualsiasi momento e discrezionalmente che un istituto sia "non sostenibile", nel qual caso la banca emittente sollecita il sostegno delle pubbliche autorità per scongiurare l'insolvenza, il fallimento, l'incapacità di pagare la maggior parte del suo debito alla scadenza o comunque di perseguire la propria attività e impone o richiede la conversione dei CoCo in azioni in circostanze indipendenti dalla volontà dell'emittente.
Rischio d'inversione della struttura del capitale:
Diversamente dalla gerarchia convenzionale del capitale, gli investitori in CoCo possono subire una perdita di capitale che non tocca i detentori di azioni. In alcuni scenari, i detentori di CoCo subiranno delle perdite prima dei detentori di azioni.
Rischio di posticipo del rimborso:
Gran parte dei CoCo è emessa come strumenti di durata indefinita, rimborsabili a livelli predefiniti solo con
l'approvazione dell'autorità competente. Non è possibile ipotizzare che i CoCo irredimibili siano rimborsati alla data di rimborso. I CoCo sono una forma di capitale permanente. C'è la possibilità che l'investitore non riceva il rimborso del capitale come previsto alla data di rimborso o a qualsiasi altra data.
Rischio di liquidità:
In alcuni casi, può essere difficile trovare acquirenti per i CoCo e il venditore può essere costretto ad accettare una svalutazione importante del valore atteso dell'obbligazione per poterla vendere.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A CHF (H), A USD (H), B EUR, B CHF (H), B USD (H): tutti i sottoscrittoriAzioni CR EUR, CR USD (H), CRD EUR, CRD USD (H): tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Azioni I CHF (H), I EUR, I USD (H), J CHF (H), J EUR, J USD (H), N EUR, O EUR e K EUR: persone giuridiche e
investitori istituzionali per proprio conto o per conto terzi.
Il presente comparto si rivolge in particolar modo a investitori che desiderano ottimizzare i propri investimenti obbligazionari grazie a una gestione attiva di strumenti di credito denominati in euro.
Si richiama l’attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione “profilo di rischio”.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e
possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 2 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “K EUR” e “N EUR” | Azioni “B CHF (H)”, “B EUR”, “B USD (H)”, “CRD EUR”, “CRD USD (H)”, “J CHF (H)”, “J EUR”, “J USD (H)” e “O EUR” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 19 categorie di azioni: Azioni “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” e “O EUR”.

L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione A USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione B CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione B USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione CR USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione CRD USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione J CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione O EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.).

Valore patrimoniale netto iniziale:
| Azione A CHF (H): | 100 franchi svizzeri |
| --- | --- |
| Azione A EUR: | 100 euro |
| Azione A USD (H): | 102,02 USA |
| Azione B CHF (H): | 100 franchi svizzeri |
| Azione B EUR: | 86,69 euro |
| Azione B USD (H): | 100 dollari USA |
| Azione CR EUR: | 100 euro |
| Azione CR USD (H): | 100 dollari USA |
| Azione CRD EUR: | 100 euro |
| Azione CRD USD (H): | 100 dollari USA |
| Azione I CHF (H): | 95,07 franchi svizzeri |
| Azione I EUR: | 11 072,59 euro |
| Azione I USD (H): | 100 dollari USA |
| Azione J CHF (H): | 100 franchi svizzeri |
| Azione J EUR: | 100 euro |
| Azione J USD (H): | 100 dollari USA |
| Azione K EUR: | 100 euro |
| Azione N EUR: | 11 088,87 euro |
| Azione O EUR: | 8 879,45 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A CHF (H): | 1 Azione |
| --- | --- |
| Azione A EUR: | 1 Azione |
| Azione A USD (H): | 1 Azione |
| Azione B CHF (H): | 1 Azione |
| Azione B EUR: | 1 Azione |
| Azione B USD (H): | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD (H): | 1 Azione |
| Azione CRD EUR: | 1 Azione |
| Azione CRD USD (H): | 1 Azione |
| Azione I CHF (H): | 500.000 franchi svizzeri |
| Azione I EUR: | 500.000 euro |
| Azione I USD (H): | 500.000 dollari USA |
| Azione J CHF (H): | 500.000 franchi svizzeri |
| Azione J EUR: | 500.000 euro |
| Azione J USD (H): | 500.000 dollari USA |
| Azione K EUR: | 500.000 euro |
| Azione N EUR: | 10.000.000 euro |
| Azione O EUR: | 10.000.000 euro |

Importo minimo di sottoscrizione successiva:
| Azione A CHF (H): | 1 millesimo di azione |
| --- | --- |
| Azione A EUR: | 1 millesimo di azione |
| Azione A USD (H): | 1 millesimo di azione |

| Azione B CHF (H): | 1 millesimo di azione |
| --- | --- |
| Azione B EUR: | 1 millesimo di azione |
| Azione B USD (H): | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD (H): | 1 millesimo di azione |
| Azione CRD EUR: | 1 millesimo di azione |
| Azione CRD USD (H): | 1 millesimo di azione |
| Azione I CHF (H): | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I USD (H): | 1 millesimo di azione |
| Azione J CHF (H): | 1 millesimo di azione |
| Azione J EUR: | 1 millesimo di azione |
| Azione J USD (H): | 1 millesimo di azione |
| Azione K EUR: | 1 millesimo di azione |
| Azione N EUR: | 1 millesimo di azione |
| Azione O EUR: | 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30** | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi
** Il periodo di sottoscrizione delle azioni A USD (H), B EUR, I CHF (H), I EUR, N EUR e O EUR inizierà il 30/10/2020.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: 
“
Regole di valutazione degli attivi
”
.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto
:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite tornano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto EdR SICAV – Short Duration Credit | Valore patrimoniale netto x numero di azioni | Azione A CHF (H): max 1% |
| Azione A EUR: max 1% |
| Azione A USD (H): max 1% |
| Azione B CHF (H): max 1% |
| Azione B EUR: max 1% |
| Azione B USD (H): max 1% |
| Azione CR EUR: max 1% |
| Azione CR USD (H): max 1% |
| Azione CRD EUR: max 1% |
| Azione CRD USD (H): max 1% |
| Azione I CHF (H): nessuna |
| Azione I EUR: nessuna |
| Azione I USD (H): nessuna |
| Azione J CHF (H): nessuna |
| Azione J EUR: nessuna |
| Azione J USD (H): nessuna |
| Azione K EUR: nessuna |
| Azione N EUR: nessuna |
| Azione O EUR: nessuna |
| Commissione di sottoscrizione corrisposta al Comparto EdR SICAV – Short Duration Credit | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al Comparto EdR SICAV – Short Duration Credit | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al Comparto EdR SICAV – Short Duration Credit | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF (H): max 0,70% (tasse incluse)* |
| Azione A EUR: max 0,70% (tasse incluse)* |
| Azione A USD (H): max 0,70% (tasse incluse)* |
| Azione B CHF (H): max 0,70% (tasse incluse)* |
| Azione B EUR: max 0,70% (tasse incluse)* |
| Azione B USD (H): max 0,70% (tasse incluse)* |
| Azione CR EUR: max 0,45% (tasse incluse)* |
| Azione CR USD (H): max 0,45% (tasse incluse)* |
| Azione CRD EUR: max 0,45% (tasse incluse)* |
| Azione CRD USD (H): max 0,45% (tasse incluse)* |
| Azione I CHF (H): max 0,35% (tasse incluse)* |
| Azione I EUR: max 0,35% (tasse incluse)* |
| Azione I USD (H): max 0,35% (tasse incluse)* |
| Azione J CHF (H): max 0,35% (tasse incluse)* |
| Azione J EUR: max 0,35% (tasse incluse)* |
| Azione J USD (H): max 0,35% (tasse incluse)* |
| Azione K EUR: max 0,45% (tasse incluse)* |
| Azione N EUR: max 0,20% (tasse incluse)* |
| Azione O EUR: max 0,20% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF (H): max 0,15% (tasse incluse)* |
| Azione A EUR: max 0,15% (tasse incluse)* |
| Azione A USD (H): max 0,15% (tasse incluse)* |
| Azione B CHF (H): max 0,15% (tasse incluse)* |
| Azione B EUR: max 0,15% (tasse incluse)* |
| Azione B USD (H): max 0,15% (tasse incluse)* |
| Azione CR EUR: max 0,15% (tasse incluse)* |
| Azione CR USD (H): max 0,15% (tasse incluse)* |
| Azione CRD EUR: max 0,15% (tasse incluse)* |
| Azione CRD USD (H): max 0,15% (tasse incluse)* |
| Azione I CHF (H): max 0,15% (tasse incluse)* |
| Azione I EUR: max 0,15% (tasse incluse)* |
| Azione I USD (H): max 0,15% (tasse incluse)* |
| Azione J CHF (H): max 0,15% (tasse incluse)* |
| Azione J EUR: max 0,15% (tasse incluse)* |
| Azione J USD (H): max 0,15% (tasse incluse)* |
| Azione K EUR: max 0,15% (tasse incluse)* |
| Azione N EUR: max 0,15% (tasse incluse)* |
| Azione O EUR: max 0,15% (tasse incluse)* |
| Commissioni di movimentazione | Prelievo su ogni transazione | Nessuna |
| Commissione di sovraperformance  (1) | Patrimonio netto del comparto | Azione A CHF (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in CHF con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1-3 Year Euro Developed |

|  |  | Markets High Yield Constrained index coperto in CHF con cedole reinvestite |
| --- | --- | --- |
| Azione A EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index con cedole reinvestite |
| Azione A USD (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il da 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite |
| Azione B CHF (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in CHF con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in CHF con cedole reinvestite |
| Azione B EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index con cedole reinvestite |
| Azione B USD (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il da 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite |
| Azione CR EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index con cedole reinvestite |
| Azione CR USD (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il da 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite |
| Azione CRD EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index con cedole |

|  |  | reinvestite e per il 50% da ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index con cedole reinvestite |
| --- | --- | --- |
| Azione CRD USD (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il da 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite |
| Azione I CHF (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in CHF con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in CHF con cedole reinvestite |
| Azione I EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index con cedole reinvestite |
| Azione I USD (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il da 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite |
| Azione J CHF (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in CHF con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in CHF con cedole reinvestite |
| Azione J EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index con cedole reinvestite e per il 50% da ICE BofA BB-CCC 1- 3 Year Euro Developed Markets High Yield Constrained index con cedole reinvestite |
| Azione J USD (H): max 15% annuo della sovraperformance rispetto all’indice di riferimento composto per il 50% da ICE BofA 1- 5 Year A-BBB Euro Corporate Index coperto in USD con cedole reinvestite e per il da 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index coperto in USD con cedole reinvestite. |
| Azione K EUR: nessuna |
| Azione N EUR: nessuna |
| Azione O EUR: nessuna |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
*** al netto delle eventuali commissioni di sovraperformance
-  Commissione di sovraperformanceSaranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento:
- composto per il 50% dall'indice ICE BofA 1-5 Year A-BBB Euro Corporate con cedole reinvestite e per il 50% dall'indice ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained con cedole reinvestite per le azioni emesse in euro
- composto per il 50% dall'indice ICE BofA 1-5 Year A-BBB Euro Corporate, coperto in CHF, con cedole reinvestite e per il 50% dall'indice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained, coperto in CHF, con cedole reinvestite per le azioni emesse in CHF
- composto per il 50% dall'indice ICE BofA 1-5 Year A-BBB Euro Corporate, coperto in USD, con cedole reinvestite e per il 50% dall'indice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained, coperto in USD, con cedole reinvestite per le azioni emesse in USDLa commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.

A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata pari o superiore a 5 anni, ma rigorosamente inferiore a 6 anni.
Alla fine di un periodo di riferimento di cinque anni o più,
qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene istituito un nuovo periodo di riferimento, a partire dal termine del sottoperiodo del periodo di riferimento al termine del quale si registra la prestazione relativa più elevata (la sovraperformance più significativa o la sottoperformance meno significativa). Per "sottoperiodi" si intendono i sottoperiodi che iniziano all'inizio del periodo di riferimento e si concludono alla fine di ciascuna data di cristallizzazione all'interno del periodo di riferimento.
Qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento t:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento e un nuovo periodo di riferimento inizia al termine di tale periodo di riferimento.
- Se la differenza tra il PN del comparto e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- se il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- se il periodo di riferimento è superiore o uguale a 5 anni: viene riconosciuta la sovraperformance cumulativa alla fine di ogni sottoperiodo del periodo di riferimento. I sottoperiodi costituenti il periodo di riferimento sono i seguenti: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Viene stabilito un nuovo periodo di riferimento, a partire dalla fine del sottoperiodo con la prestazione relativa più elevata. Il PN di riferimento diventa il PN dell’azione alla fine di tale sottoperiodo.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla fine dell'anno
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo (t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base di calcolo: PN- PN obiettivo |  | -4 | 4 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito della commissione ** | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | R |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento
(4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | P |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | P |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | P |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | P |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | S |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene prorogato di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Rendimento relativo su periodi negativi, non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (105: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Esempio 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| Base di calcolo: PN-PN obiettivo |  | -2 | 8 |

| Periodo | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | R |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Esempio 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| PN | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| PN di riferimento | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base di calcolo: PN-PN obiettivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

|  | Performance cumulativa dell'azione* | Performance cumulativa dell'indice* | Performance relativa cumulativa* | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato "R" / prorogato "P" o scaglionato "S" | Modifica del NAV di riferimento |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Periodo |  |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | No | P | No |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | No | P | No |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | No | P | No |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | No | P | No |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | No | S | Sì |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sì | R | Sì |

*dall'inizio del periodo di riferimento
**di sovraperformance
** arrotondato
Periodo 0-1: Il rendimento dell'azione è positivo (4), ma inferiore a quello dell'indice di riferimento (8) per il periodo di riferimento. Non viene riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-2: Il rendimento dell'azione è positivo (5), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-3: Il rendimento dell'azione è positivo (17), ma inferiore a quello dell'indice di riferimento (18) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-4: Il rendimento dell'azione è positivo (3), ma inferiore a quello dell'indice di riferimento (15) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un anno. Il PN di riferimento rimane invariato (100).
Periodo 0-5: Il rendimento dell'azione è positivo (6), ma inferiore a quello dell'indice di riferimento (10) per il periodo di riferimento. Non viene, quindi, riconosciuta alcuna commissione di sovraperformance. Il periodo di riferimento ha raggiunto la sua durata massima di cinque anni e quindi non può essere
prorogato. Viene stabilito un nuovo periodo di riferimento che inizia alla fine dell'anno 3 avente come PN di riferimento il PN alla fine dell'anno 3 (117: PN di fine anno nel periodo di riferimento corrente con la prestazione relativa cumulativa più elevata, qui pari a -1).
Periodo 3-6: Il rendimento dell'azione è negativo (-3), ma superiore a quello dell'indice di riferimento (-5). Viene pertanto addebitata una commissione di sovraperformance basata sulla performance relativa cumulativa dall'inizio del periodo, ossia PN (114)-PN obiettivo (111): 3. Il PN di riferimento diventa il PN della fine del periodo (114). Il periodo di riferimento viene rinnovato.
Le spese di ricerca ai sensi dell'articolo 314-21 del Regolamento generale dell’AMF possono essere fatturate al comparto fino allo 0,01% del suo patrimonio netto.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV – Short Duration Credit saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV – Tech Impact
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 5 giugno 2020. Il comparto è stato creato il 29 giugno 2020.
- Codice ISINAzione A EUR: FR0013488244 Azione A USD: FR0050000720 Azione B EUR: FR0013488251 Azione CR EUR: FR0013488269 Azione CR USD: FR0050000738 Azione CRD EUR: FR0013488277

| Azione I EUR: | FR0013488285 |
| --- | --- |
| Azione I USD: | FR0050000704 |
| Azione J EUR: | FR0013519949 |
| Azione J USD: | FR0050000712 |
| Azione K EUR: | FR0013488293 |
| Azione N EUR: | FR0013488301 |
| Azione S EUR: | FR0013532918 |

- Regime fiscale specificoNessuno
- Livello di esposizione in altri OICVM, FIA e fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto ha l’obiettivo, su un orizzonte d’investimento raccomandato superiore a 5 anni, di ottenere un rendimento annualizzato, al netto delle spese di gestione, superiore a quello del suo indice di riferimento, investendo in società dei mercati azionari internazionali al centro della cui attività si collochi l’innovazione tecnologica e che cercano di coniugare redditività finanziaria e buone prassi ESG. Tali società saranno selezionate sulla base di un’analisi che combini redditività finanziaria e rispetto di criteri extra-finanziari. Attraverso i suoi investimenti, il comparto punterà a sviluppare l’ecosistema tecnologico globale e in particolare l’ecosistema tecnologico europeo.

Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoA titolo indicativo, il rendimento del comparto può essere confrontato con l’indice MSCI ACWI Information Technology NR espresso in euro, in dollari USA per le quote denominate nella stessa valuta.

L’indice MSCI ACWI Information Technology NR riflette le variazioni dei titoli tecnologici dei mercati internazionali, sia sviluppati che emergenti. Questo indice è calcolato con dividendi netti reinvestiti. Per maggiori informazioni su questo indice, consultare www.msci.com.
MSCI Limited (sito Internet: http://www.msci.com), amministratore dell’indice di riferimento MSCI ACWI Information Technology, non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e beneficia del regime transitorio di cui all'articolo 51 del Regolamento Benchmark.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
Dal momento che la gestione del comparto non è indicizzata, la sua performance potrebbe allontanarsi significativamente dall'indice di riferimento, che è solo un indicatore di confronto.
- Strategia d’investimento. Strategie utilizzate:Per raggiungere il proprio obiettivo, il gestore implementerà una gestione discrezionale mediante una selezione basata su un’analisi delle società al centro della cui attività si collochi l’innovazione tecnologica.

Tale selezione sarà effettuata sulla base sia di criteri finanziari che di criteri extra-finanziari in modo da soddisfare le esigenze d’investimento socialmente responsabile.
Tramite questi investimenti, la strategia mira ad accompagnare la creazione e lo sviluppo di un ecosistema tecnologico francese ed europeo con un impatto soprattutto in termini di creazione di posti di lavoro diretti e indiretti, di investimenti in ricerca e sviluppo e di nuove competenze tecnologiche.
In tal senso, saranno monitorati dal gestore alcuni indicatori di performance misurabili: il numero di posti di lavoro creati dalle società europee in portafoglio e l'andamento della creazione di posti di lavoro nella stessa area, la spesa per ricerca e sviluppo (R&D) sul fatturato e altri indicatori d'impatto sociale, ambientale e di governance. Questo elenco di indicatori non è esaustivo. La relazione d'impatto del comparto è disponibile sul sito web della Società di gestione.
La filosofia di gestione del comparto mira a investire nelle aziende che orientano le loro scelte strategiche e operative alla ricerca di un rendimento globale, al contempo economico e finanziario, sociale, di governance e ambientale, nel rispetto e nella fiducia delle relative parti interessate sia interne che esterne.
Il portafoglio sarà gestito in maniera dinamica: sarà costantemente rettificato affinché possa adattarsi all’andamento del mercato e alle convinzioni del team di gestione.
L’universo d’investimento ESG del comparto è costituito da società internazionali la cui capitalizzazione sia superiore a 100 milioni di euro, specializzate in tecnologie dell’informazione e che siano state oggetto di un’analisi extra-finanziaria.
La società di gestione può selezionare titoli al di fuori di questo Universo ESG. Essa si assicurerà tuttavia che l'universo ESG selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Il processo d’investimento inizia con l’individuazione di temi d’innovazione tecnologica che consentono nuovi prodotti, attività o servizi e che influiscono sull’ecosistema tecnologico. In particolare, tali temi comprendono (ma non in maniera esaustiva) il cloud computing (“cloud”), l’intelligenza artificiale e l’analisi dei dati, l’automazione e la robotica o l’ Internet degli oggetti.
Questi temi vanno ben al di là del settore tradizionale della tecnologia, quale esistente nei grandi indici di mercato. Il comparto potrà anche investire (ma non in maniera esaustiva) nei seguenti settori: industria (ad esempio la robotica), servizi di comunicazione (ad esempio i social network), sanità (ad esempio l’analisi del genoma), finanza (ad esempio le tecniche di pagamento), consumo (ad esempio il commercio elettronico) o energia (ad esempio le energie alternative). Lo studio di ciascun tema permette poi di individuare i principali leader o beneficiari dell’innovazione. Le società che costituiscono l’universo d’investimento saranno selezionate sulla base di un’analisi che integra i criteri extra-finanziari descritti di seguito.
Analisi dei criteri extra-finanziari:
Tale analisi permette di selezionare i titoli secondo un rating ESG definito dalla società di gestione, che ordina i titoli secondo i seguenti criteri di natura Ambientale, Sociale e di Governance di imprese quotate:
Ambientali: consumo energetico, emissioni di gas a effetto serra, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale;
Sociale: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza;
Governance: struttura degli organi di governance, politica dei compensi, audit e controllo interno, interessi degli azionisti.
Il modello di rating ISR è stato definito:
- secondo un approccio Best-in-Universe, cioè volto a favorire le imprese più performanti a prescindere dal rating finanziario, dalla dimensione o dal settore.
- con ponderazioni differenziate dei 3 pilastri ESG par settore di attività in funzione dei loro fattori specifici: infatti, ai 3 pilastri extra-finanziari viene attribuita una ponderazione più o meno elevata a seconda del settore considerato, il che comporta un peso diverso per ciascuno dei tre pilastri. Per esempio, un’impresa chimica sarà più interessata alla questione ambientale, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per determinare se l’impresa analizzata ha le caratteristiche dell’impresa responsabile e sostenibile definite dalla società di gestione, quest’ultima realizza uno studio che termina con l’attribuzione di un rating ESG interno secondo una scala di 7 valori compresi tra AAA e CCC. Il rating è l’aggregazione dell’esito dei vari criteri E, S, G della scala di rating definita dagli analisti.
In assenza di un rating interno, il gestore si basa sul rating ESG fornito dal fornitore di rating esterno di cui si avvale la Società di gestione.
Almeno il 90% del patrimonio netto del portafoglio vanta un rating ESG interno o fornito da un’agenzia di rating esterna.
La metodologia di rating utilizzata dall'agenzia di rating esterna utilizzata dalla Società di Gestione potrebbe non essere identica all'approccio metodologico per il calcolo di rating proprietari. In generale, il gestore è responsabile della selezione dei titoli che soddisfano i criteri extra-finanziari più adatti all’approccio della società di gestione.
Dopo aver applicato questo processo, l’universo d’investimento sarà ridotto del 20% eliminando i rating extra- finanziari meno efficienti.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto sarà esposto ai mercati azionari internazionali tra il 60% e il 100% del patrimonio netto direttamente o, indirettamente, tramite OICR, contratti finanziari, ADR (American Depositary Receipt), GDR (Global Depositary Receipt) e P-Note (Participatory Note). Gli ADR/GDR sono certificati negoziabili emessi da banche depositarie e rappresentativi di un determinato numero di azioni di una società. Le P-Note sono strumenti finanziari emessi da investitori autorizzati sul mercato indiano che danno diritto al rendimento dell’azione di una determinata società.
Le azioni saranno selezionate sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
L’esposizione alle società francesi e/o europee alla creazione del portafoglio rappresenterà un minimo del 15% del patrimonio netto. Quest’ultima raggiungerà un minimo del 30% a partire dal terzo anno di vita del portafoglio (il primo giorno successivo a due anni consecutivi successivi alla data di costituzione del portafoglio) e sarà pari a un minimo del 50% a partire dal quinto anno (primo giorno successivo a quattro anni consecutivi successivi alla data di costituzione del portafoglio). La strategia ha infatti come obiettivo finale quello di accompagnare l’innovazione tecnologica delle imprese francesi e/o europee nel tempo e in funzione della profondità del mercato citato.
Il comparto potrà investire fino al 20% del patrimonio in titoli quotati a Shanghai e Shenzhen, utilizzando i programmi Shanghai-Hong Kong Stock Connect e Shenzhen-Hong Kong Stock Connect. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali.
In considerazione della sua strategia d’investimento, il comparto potrà essere esposto ai mercati azionari dei paesi emergenti fino all’85% del patrimonio netto nei primi due anni di vita del portafoglio, fino al 70% del patrimonio netto nei due anni successivi e fino al 50% del patrimonio netto a partire dal quinto anno di vita del portafoglio.
L’investimento tramite OICR sarà limitato al 10% del patrimonio netto.
Il comparto potrà essere, fino al 40% del patrimonio netto, investito in e/o esposto a titoli di credito e strumenti del mercato monetario di emittenti pubblici o assimilati nonché privati, a tasso fisso e/o variabile, senza vincoli geografici né di scadenza. Tali strumenti saranno emessi nella categoria “investment grade” (ovvero per i quali il rischio d’insolvenza degli emittenti è il meno elevato), definita dalle agenzie di rating indipendenti, o beneficeranno di un rating interno equivalente assegnato dalla società di gestione.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Entro il limite del 10% del patrimonio netto, il comparto potrà inoltre fare ricorso a titoli privi di rating, ma che presentano una classificazione interna da parte della Società di gestione, oppure classificati all'acquisto come “high yield” (titoli speculativi che presentano un rischio d’insolvenza dell'emittente più elevato, con rating inferiore a BBB-
, dell'agenzia Standard & Poor’s o equivalente o interno della società di gestione).
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Nel limite di una volta il patrimonio netto, il comparto potrà intervenire in contratti finanziari negoziati su mercati internazionali regolamentati, organizzati o OTC.
Il comparto potrà anche detenere derivati integrati, a titolo accessorio, fino al 10% del patrimonio netto. L'utilizzo di strumenti che incorporano derivati non avrà l'effetto di aumentare l'esposizione globale del fondo al rischio azionario oltre il 100% del patrimonio netto.
Il comparto, avendo per oggetto l’investimento in titoli senza distinzione di area geografica, potrà detenere titoli non denominati in euro e quindi essere esposto al rischio di cambio fino all’85% del patrimonio netto nei primi due anni di vita del portafoglio, fino al 70% del patrimonio netto nei due anni successivi e fino al 50% del patrimonio netto a partire dal quinto anno di vita del portafoglio. In funzione delle previsioni del gestore sull’andamento al ribasso delle variazioni di cambio e a fini di copertura, il comparto potrà ricorrere a contratti di cambio a termine o swap di cambi.
Tutti questi titoli saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra- finanziari summenzionati.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 9 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d’investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
In linea con l'obiettivo di avere una traiettoria climatica allineata con gli accordi di Parigi, il comparto privilegia le aziende il cui modello di business sia un vettore di soluzioni sulla transizione energetica ed ecologica. Il gestore analizza quindi se l'attività, in particolare gli investimenti di capitale, sia allineata con la tassonomia, senza che questo sia un vincolo di gestione.
Questo approccio non garantisce tuttavia il benché minimo allineamento con la tassonomia. Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Sugli attivi:
Azioni
Il portafoglio è esposto tra il 60% e il 100% del patrimonio netto ad azioni internazionali e titoli assimilati (ADR, GDR, P-Note) di qualsiasi capitalizzazione, al centro della cui attività si collochi l’innovazione tecnologica. La selezione dei titoli privilegerà delle politiche d’investimento basate sulla ricerca di azioni le cui stime di miglioramento della quotazione siano superiori rispetto alla media del mercato. L’allocazione geografica avrà luogo tra le diverse piazze borsistiche mondiali, tra cui i mercati emergenti. Le azioni saranno selezionate sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Titoli di credito e strumenti del mercato monetario
Il comparto potrà essere, fino al 40% del patrimonio netto, investito in e/o esposto a titoli di credito e strumenti del mercato monetario di emittenti pubblici o assimilati nonché privati, a tasso fisso e/o variabile, senza vincoli geografici né di scadenza. Tali strumenti saranno emessi nella categoria “investment grade” (ovvero per i quali il rischio d’insolvenza degli emittenti è il meno elevato), definita dalle agenzie di rating indipendenti, o beneficeranno di un rating interno equivalente assegnato dalla società di gestione ma, per un massimo del 10%, potranno anche essere privi di rating, purché con un rating interno della società di gestione, o rating “high yield” (titoli speculativi per i quali il rischio d’insolvenza degli emittenti è più elevato, con rating inferiore a BBB-, dell'agenzia Standard & Poor’s o equivalente o interno della società di gestione).
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “ad alto rendimento”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating. Gli strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Azioni o quote di altri OICVM, FIA o fondi d'investimento di diritto estero
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l'esposizione ad altre classi di attivi o intervenire su settori più specifici (ad esempio, tecnologia, salute, ambiente), ivi compresi gli indici quotati, per aumentare l'esposizione ai mercati azionari o diversificare l'esposizione ad altre classi di attivi (ad esempio: materie prime o settore immobiliare).
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata. Le quote o azioni degli OICR selezionati non saranno oggetto di un’analisi extra-finanziaria.
Strumenti derivati
Nel limite di una volta il patrimonio netto, il comparto potrà intervenire in contratti finanziari negoziati su mercati internazionali regolamentati, organizzati o OTC, al fine di concludere:
- contratti di opzioni su azioni sia per diminuire la volatilità delle azioni sia per aumentare l'esposizione del comparto,
- contratti future, per guidare l'esposizione azionaria e contratti di indici,
- contratti a termine su valute o degli swap in valuta al fine di coprire l’esposizione ad alcune valute nel quadro delle azioni fuori zona Euro.

L'utilizzo di contratti finanziari non avrà l'effetto di aumentare l'esposizione globale del comparto al rischio azionario oltre il 100% del patrimonio netto. I contratti di opzione e i contratti future saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
Il comparto non utilizzerà Total Return Swap.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati
Il comparto potrà utilizzare titoli che integrano derivati nel limite del 10% del patrimonio netto. La strategia di utilizzo dei derivati integrati è la medesima di quella descritta per i derivati.
Si tratta di warrant, buoni di sottoscrizione od obbligazioni callable o puttable.
Tali strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra- finanziari summenzionati.
Depositi
Il comparto potrà effettuare depositi presso il depositario nel limite massimo del 10% del patrimonio netto.
Prestiti in contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
- Investimento tra compartiIl comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione dei detentori sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade” di un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con rating interno equivalente attribuito dalla Società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio.
I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di
sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoQuesto comparto si rivolge a investitori che desiderano dinamizzare il loro risparmio per mezzo di società della zona euro al centro della cui attività si collochi l’innovazione tecnologica e guidare una politica attiva a favore dello sviluppo sostenibile.

Azioni A EUR, A USD e B EUR: tutti i sottoscrittori
Azioni CR EUR, CR USD e CRD EUR: tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che questi ultimi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Azioni I EUR, I USD, J EUR, J USD, K EUR, N EUR ed S EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per conoscerlo, si raccomanda all'azionista di avvalersi della consulenza di professionisti, al fine di diversificare i suoi investimenti e determinare la proporzione del portafoglio finanziario o del patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun
azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 5 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "A EUR","A USD","CR EUR", "I EUR", "I USD", "K EUR", "N EUR" ed "S EUR" | Azioni “B EUR”, "CRD EUR", "J EUR" e "J USD" |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 13 categorie di azioni: Azioni "A EUR", "A USD", "B EUR", "CR EUR", "CR USD", “CRD EUR", "I EUR", "I USD", "J EUR", "J USD", "K EUR”, "N EUR" ed "S EUR".

L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione A USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L’azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione CR USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione S EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi e americani (calendario ufficiale di Euronext Paris S.A. e NYSE).

Valore patrimoniale netto iniziale: Azione A EUR: 100 euro
Azione A USD: 100 dollari USA Azione B EUR: 100 euro Azione CR EUR: 100 euro
Azione CR USD: 100 dollari USA Azione CRD EUR: 100 euro
Azione I EUR: 100 euro Azione I USD: 100 dollari USA Azione J EUR: 100 euro Azione J USD: 100 dollari USA Azione K EUR: 100 euro Azione N EUR: 100 euro Azione S EUR: 100 euro
Importo minimo della sottoscrizione iniziale:
| Azione A EUR: 1 Azione Azione A USD: 1 Azione Azione B EUR: 1 Azione |
| --- |
| Azione CR EUR: 1 Azione Azione CR USD: 1 Azione |
| Azione CRD EUR: 1 Azione Azione I EUR: 500.000 euro Azione I USD: 500.000 dollari USA Azione J EUR: 500.000 euro Azione J USD: 500.000 dollari USA Azione K EUR: 500.000 euro Azione N EUR: 15.000.000 euro Azione S EUR: 15.000.000 euro |

Tale importo non si applica alle sottoscrizioni effettuate dal collocatore, dal gestore finanziario, dal depositario o dai loro collaboratori.
Importo minimo di sottoscrizione successiva:
Azione A EUR: 1 millesimo di azione Azione A USD: 1 millesimo di azione Azione B EUR: 1 millesimo di azione Azione CR EUR: 1 millesimo di azione Azione CR USD: 1 millesimo di azione Azione CRD EUR: 1 millesimo di azione Azione I EUR: 1 millesimo di azione Azione I USD: 1 millesimo di azione Azione J EUR: 1 millesimo di azione Azione J USD: 1 millesimo di azione Azione K EUR: 1 millesimo di azione Azione N EUR: 1 millesimo di azione Azione S EUR: 1 millesimo di azione
Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: "Regole di valutazione degli attivi".

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV.
In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Possibilità prevista di limitare o di interrompere le sottoscrizioni:
La SICAV cesserà di emettere nuove azioni S EUR quando l’importo circolante delle stesse sarà pari a 200 milioni di EUR. Le azioni S EUR non potranno quindi più essere sottoscritte a partire da tale importo.
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto EdR SICAV - Tech Impact | Valore patrimoniale netto x numero di azioni | Azione A EUR: max 3% |
| Azione A USD: max 3% |
| Azione B EUR: max 3% |
| Azione CR EUR: max 3% |
| Azione CR USD: max 3% |
| Azione CRD EUR: max 3% |
| Azione I EUR: nessuna |
| Azione I USD: nessuna |
| Azione J EUR: nessuna |
| Azione J USD: nessuna |
| Azione K EUR: nessuna |
| Azione N EUR: nessuna |
|  | Azione S EUR: nessuna |
|  | Valore |  |
| Commissione di sottoscrizione corrisposta al Comparto EdR SICAV - Tech Impact | patrimoniale netto x numero | Per tutte le categorie di azioni: nessuno |
|  | di azioni |  |
|  | Valore |  |
| Commissione di rimborso non corrisposta al Comparto EdR SICAV - Impact | patrimoniale netto x numero | Per tutte le categorie di azioni: nessuno |
|  | di azioni |  |
|  | Valore |  |
| Commissione  di  rimborso  corrisposta  al Comparto EdR SICAV - Tech Impact | patrimoniale netto x numero | Per tutte le categorie di azioni: nessuno |
|  | di azioni |  |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: max 1,80% (tasse incluse)* |
| Azione A USD: max 1,80% (tasse incluse)* |
| Azione B EUR: max 1,80% (tasse incluse)* |
| Azione CR EUR: max 1,05% (tasse incluse)* |
| Azione CR USD: max 1,05% (tasse incluse)* |
| Azione CRD EUR: max 1,05% (tasse incluse)* |
| Azione I EUR: max 0,90% (tasse incluse)* |
| Azione I USD: max 0,90% (tasse incluse)* |
| Azione J EUR: max 0,90% (tasse incluse)* |
| Azione J USD: max 0,90% (tasse incluse)* |
| Azione K EUR: max 1,00% (tasse incluse)* |
| Azione N EUR: max 0,70% (tasse incluse)* |
|  |  | Azione S EUR: max 0,25% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: max 0,15% (tasse incluse)* |
| Azione A USD: max 0,15% (tasse incluse)* |
| Azione B EUR: max 0,15% (tasse incluse)* |
| Azione CR EUR: max 0,15% (tasse incluse)* |
| Azione CR USD: max 0,15% (tasse incluse)* |
| Azione CRD EUR: max 0,15% (tasse incluse)* |
| Azione I EUR: max 0,15% (tasse incluse)* |
| Azione I USD: max 0,15% (tasse incluse)* |
| Azione J EUR: max 0,15% (tasse incluse)* |
| Azione J USD: max 0,15% (tasse incluse)* |
| Azione K EUR: max 0,15% (tasse incluse)* |
| Azione N EUR: max 0,15% (tasse incluse)* |
| Azione S EUR: max 0,15% (tasse incluse)* |
| Commissioni di movimentazione | Sull’importo della transazione | Nessuno |
| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento, MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione A USD: max 15% annuo della sovraperformance rispetto all’indice di riferimento, MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione B EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione CR EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione CR USD: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |

|  |  | Azione CRD EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| --- | --- | --- |
| Azione I EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione I USD: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione J EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione J USD: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |
| Azione K EUR: nessuno |
| Azione N EUR: nessuno |
|  |  | Azione S EUR: max 15% annuo della sovraperformance rispetto all’indice di riferimento MSCI ACWI Information Technology, con dividendi netti reinvestiti. |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1)  Commissione di sovraperformance:
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità:
Indice di riferimento: MCI ACWI Information Technology Index espresso in EUR e/o USD per le azioni denominate nella stessa valuta.
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
Il periodo di riferimento per il calcolo della commissione di sovraperformance si conclude alla data dell'ultimo valore patrimoniale netto di settembre. Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell’ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, la commissione non verrà prelevata e il periodo di riferimento sarà esteso di un anno. Il periodo di riferimento può essere esteso fino a quattro volte.
Al termine di un periodo di riferimento di cinque anni o più, se il rendimento dell'azione è inferiore a quello del suo indice di riferimento, il periodo di riferimento non viene esteso. Viene invece stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento:
- Se la differenza tra il PN dell’azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento;
- Se la differenza tra il PN dell’azione e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- quando il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- quando il periodo di riferimento è superiore o uguale a 5 anni, questo si conclude e il PN della fine del periodo di riferimento diventa il suo nuovo PN di riferimento.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo(t)) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla data t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo(t) = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi. Esempio 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN obiettivo | 100 | 105 | 95 |
| PN | 100 | 101 | 99 |
| Base	di calcolo: PN-PN obiettivo |  | -4 | 4 |

| Periodo | Performa nce cumulativ a dell'azion e * | Performa nce cumulativ a dell'indice * | Performa nce relativa cumulati va * | Performa nce dell'azion e nell'ultim o anno | Performa nce dell'indice nell'ultimo anno | Performa nce relativa nell'ultimo anno | Addebito della commission e** | Periodo rinnovato / esteso |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Estensione |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | Rinnovo |

*dall'inizio del periodo di riferimento
** di sovraperformance
Periodo 0-1: Il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento (4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| PN obiettivo | 100 | 102 | 104 | 106 | 108 | 110 |
| PN | 100 | 101 | 101 | 105 | 106 | 107 |
| Base di calcolo: PN-PN obiettivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Performance cumulativa dell'azione * | Performance cumulativa dell'indice * | Performance relativa cumulativa * | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato / esteso |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Estensione |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Estensione |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Estensione |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Estensione |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Rinnovo |

*dall'inizio del periodo di riferimento
** di sovraperformance
Periodi 0-1 e 0-2: La performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene esteso di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: La performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell’anno è positiva (4), ma la performance relativa cumulativa dall’inizio del periodo di riferimento (0-3) è negativa (-1). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: Performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: Performance relativa del periodo negativa, nessuna commissione di sovraperformance, periodo di riferimento rinnovato, dato che il periodo di riferimento è già stato prorogato 4 volte. Il nuovo PN di riferimento è fissato a 107.
Esempio 3:
| PERIODO | 0 | 1 | 2 |
| --- | --- | --- | --- |
| PN OBIETTIVO | 100 | 104 | 98 |
| PN | 100 | 102 | 106 |
| BASE DI CALCOLO: PN- PN OBIETTIVO |  | -2 | 8 |

| Periodo | Performance cumulativa dell'azione * | Performance cumulativa dell'indice * | Performance relativa cumulativa * | Performance dell'azione nell'ultimo anno | Performance dell'indice nell'ultimo anno | Performance relativa nell'ultimo anno | Addebito di una commissione | Periodo rinnovato / esteso |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Estensione |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | Rinnovo |

Periodo 0-1: Performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è esteso di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: Performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF
Eventuali retrocessioni delle spese di gestione di OICR e fondi d’investimento sottostanti corrisposti dal comparto EdR SICAV – Tech Impact saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
EdR SICAV – Green New Deal
- 
###### Data di creazione

Il comparto è stato autorizzato dall’Autorité des Marchés Financiers il 19 maggio 2020. Il comparto è stato creato il 24 maggio 2020.
- 
###### Codice ISIN

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

- Regime fiscale specificoNessuno
- 
###### Livello di esposizione in altri OICVM, FIA e fondi d’investimento di diritto estero

Fino al 10% del patrimonio netto.
- 
###### Obiettivo di gestione

L’obiettivo del comparto consiste nel conseguire, su un orizzonte d’investimento raccomandato superiore a 5 anni, un rendimento superiore a quello dell’indice di riferimento, l’MSCI World (NR) EUR, investendo sui mercati azionari internazionali attraverso la selezione di società legate al tema del cambiamento climatico. Queste società saranno selezionate sulla base di un'analisi proprietaria che combini redditività finanziaria, analisi tematica e rispetto di criteri extra-finanziari.
Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento. La differenza rispetto all’indice di riferimento può essere significativa, ma anche limitata.
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###### Indice di riferimento

A titolo indicativo, il rendimento del comparto può essere confrontato con l’indice MSCI World (NR) calcolato con il reinvestimento dei dividendi ed espresso in euro per le quote denominate in euro, in dollari USA per le quote denominate in questa valuta e in franchi svizzeri per le quote denominate in questa valuta. L’indice MSCI World riflette le variazioni dei principali mercati internazionali. Per maggiori informazioni su questo indice, consultare www.msci.com.
MSCI Limited (sito Internet: http://www.msci.com), amministratore dell’indice di riferimento MSCI World, non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e beneficia del regime transitorio di cui all'articolo 51 del Regolamento Benchmark.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
Dal momento che la gestione del comparto non è basata sull’indice, la performance del comparto potrebbe allontanarsi significativamente da quella dell'indice di riferimento, che è solo un indicatore di confronto.
- 
###### Strategia d’investimento

. Strategie utilizzate
Per raggiungere il proprio obiettivo, il gestore attuerà una gestione discrezionale mediante una selezione di società e/o di OICR che investano sul tema del cambiamento climatico sulla base di un’analisi finanziaria fondamentale nonché dell’applicazione cumulativa dei seguenti approcci extra-finanziari: (i) un investimento tematico sul segmento azionario del comparto, il quale rappresenterà costantemente almeno il 75% del patrimonio netto e (ii) un filtro extra-finanziario e tematico sugli emittenti dei titoli (applicato alle azioni e ai titoli di credito/obbligazioni). Il comparto investirà costantemente almeno il 75% in azioni. Per ciascuna società del portafoglio sarà effettuata una stima della quota dell'attività che contribuisce direttamente o indirettamente alla transizione energetica ed ecologica (quota verde). I dati utilizzati sono il risultato di un’analisi proprietaria e sono integrati da fornitori esterni.
Tale misura sarà determinata sulla base di una stima dell’attività della società legata a 11 eco-attività:
Aria pulita, Edifici sostenibili, Chimica sostenibile, Economia circolare, Efficienza energetica, Energia pulita, Finanziamento della transizione, Mobilità sostenibile, Alimentazione sostenibile, Salute e analisi e Tecnologie dell'informazione e della comunicazione (TIC) sostenibili.
Un’attività che contribuisce indirettamente può consistere, ad esempio, in finanziamenti, partecipazioni in imprese coinvolte, fabbricazione di componenti e software utilizzati nell’ambito di eco-attività e nel consumo di prodotti derivanti da eco-attività.
La quota verde viene definita in relazione alle eco-attività sopra descritte. Corrisponde a una percentuale del fatturato, dell’EBITDA o a una metrica specifica del settore (ad esempio, la capacità installata per una società che si occupa di produzione di energia elettrica).
Ogni società presente nel portafoglio sarà oggetto di una classificazione tematica. Il fondo investirà almeno il 30% e al massimo il 100% del segmento azionario in società che, secondo un’analisi proprietaria della società di gestione, siano direttamente collegate a questa tematica (Core). Le società Core sono attive nell’attenuazione del cambiamento climatico, nell’adattamento al cambiamento climatico, nell’uso sostenibile e nella protezione delle risorse idriche e marine, nella transizione verso un’economia circolare, nella prevenzione dei rifiuti e nel riciclaggio, nel controllo e nella prevenzione dell’inquinamento e nella protezione degli ecosistemi sani. Le società Core vantano una quota verde pari o superiore al 50%. Il comparto potrà inoltre investire fino a un massimo del 30% del segmento azionario in società che agevolino lo svolgimento di tali attività attraverso finanziamenti, prodotti assicurativi o servizi informatici (Enablers), la cui quota verde è più difficile da valutare. Il comparto potrà inoltre investire fino a un massimo del 40% del segmento azionario in imprese con un importante asse di sviluppo relativo alla tematica in questione, senza che questo rappresenti la loro attività principale (Leaders of tomorrow) con una quota verde compresa tra il 10% e il 50%.
Il portafoglio sarà gestito in maniera dinamica: sarà costantemente rettificato affinché possa adattarsi all’andamento del mercato e alle convinzioni del team di gestione. Le fasi di identificazione dei titoli che rispettino la tematica e i criteri extra-finanziari possono essere riassunte come segue:
L’universo d’investimento del portafoglio (universo di partenza) è composto dai titoli che compongono l’MSCI World. Inoltre, il comparto potrà integrare società che non siano incluse nell’MSCI World, ad esempio società dei paesi emergenti. Tali società rispetteranno una capitalizzazione di borsa superiore a 100 milioni di euro al momento dell’acquisto. Tali società dovranno tuttavia rispettare lo stesso processo di analisi extra-finanziaria delle componenti dell’MSCI World. Inoltre, la percentuale di detenzione di un titolo nel portafoglio è indipendente dalla ponderazione di tale titolo nell’indice; i titoli presenti nell’indice di riferimento potrebbero non essere detenuti nel portafoglio.
Tutti i titoli che compongono l’universo d’investimento del portafoglio (universo di partenza) sono oggetto di un’analisi extra-finanziaria dettagliata più avanti. L’universo d’investimento sarà ridotto eliminando il 20% delle emissioni meno efficienti.
- Viene predisposto un primo filtro volto a escludere le società la cui attività sia contraria alla transizione energetica ed ecologica. Sono incluse le società che rientrino nei settori MSCI GICS delle compagnie petrolifere integrate, dell’esplorazione e della produzione, del cemento e degli inerti, dell’estrazione di carbone, delle compagnie aeree e dei servizi di trasporto aereo.

La filosofia di gestione del comparto mira a investire nelle aziende che orientano le loro scelte strategiche e operative nell’ottica di uno sviluppo sostenibile. Nello svolgimento della loro attività, esse mireranno pertanto alla ricerca di una performance complessiva, al contempo economica e finanziaria, sociale e ambientale, nel rispetto e nella fiducia delle relative parti interessate sia interne che esterne, e nel rispetto dei limiti metodologici legati all’accessibilità dei dati, alla trasparenza delle imprese e all’incertezza sugli effetti a lungo termine del cambiamento climatico.
-  I titoli filtrati sono sottoposti a un’analisi dei criteri extra-finanziariSi tratta di un’analisi qualitativa volta a selezionare i titoli secondo un rating ESG definito dalla società di gestione, che ordina i titoli secondo gli specifici criteri di natura Ambientale, Sociale-societaria e di Governance d’impresa indicati di seguito:Ambiente: consumo energetico, emissioni di GES, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale;Sociale: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza;Governance: struttura degli organi di governance, politica dei compensi, audit e controllo interno, azionisti.

Il modello di rating ISR è stato definito:
- secondo un approccio Best-in Universe, ossia in modo da favorire le imprese con le migliori prestazioni, a prescindere da rating finanziario, dimensione o settore,
- con ponderazioni diverse per i 3 pilastri ESG per settore economico, in base ai fattori specifici di ogni settore: infatti, i 3 pilastri extra-finanziari hanno ponderazioni più o meno elevate in funzione del settore considerato, per cui ogni pilastro ha un peso diverso. Ad esempio, un'impresa chimica sarà più interessata alla questione ambientale, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per determinare se l'impresa analizzata ha le caratteristiche dell'impresa responsabile e sostenibile, come definite dalla società di gestione, quest'ultima realizza uno studio che porta a un rating ESG interno su una scala di 7 livelli, da AAA a CCC. Il rating è l'aggregazione dell'esito dei vari criteri E, S, G della scala di rating definita dagli analisti.
In assenza di un rating interno, il gestore si basa su un rating ESG fornito da un'agenzia di rating extra-finanziaria.
La metodologia di rating utilizzata dall'agenzia di rating esterna utilizzata dalla Società di Gestione potrebbe non essere identica all'approccio metodologico per il calcolo dei rating proprietari. In generale, il gestore è responsabile della selezione dei titoli che soddisfano i criteri extra-finanziari più adatti all’approccio della società di gestione.
- A seguito dell’applicazione di tale processo, l’universo d’investimento sarà ridotto eliminando il 20% degli emittenti di qualità inferiore inclusi nell’indice di riferimento del fondo, l’MSCI World (NR).
- Successivamente il gestore determina la composizione del portafoglio selezionando dei titoli attraverso l’uso combinato di criteri finanziari volti a identificare titoli con elevate prospettive di crescita e criteri extra-finanziari volti a soddisfare esigenze d’Investimento socialmente responsabile.

Il comparto sarà esposto ai mercati azionari internazionali direttamente o indirettamente attraverso OICR e/o contratti finanziari, tra il 75% e il 110% del patrimonio netto. L’esposizione tramite OICR sarà limitata al 10% del patrimonio netto.
Le società incluse nel portafoglio saranno coinvolte in particolare nei settori dell’energia, dei prodotti di base, dei servizi alle collettività, delle tecnologie dell’informazione, dell’industria e del consumo, segnatamente nell’ambito dei trasporti.
Considerata la strategia d’investimento, il comparto potrà essere esposto ai mercati azionari dei paesi emergenti fino al 100% del patrimonio netto.
Il comparto potrà investire fino al 20% del patrimonio in titoli quotati a Shanghai e Shenzhen, utilizzando i programmi Shanghai-Hong Kong Stock Connect e Shenzhen-Hong Kong Stock Connect. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali.
A fini di gestione della tesoreria, il comparto potrà investire fino al 25% del patrimonio netto in titoli di credito e strumenti del mercato monetario negoziati sui mercati internazionali, ivi compresi quelli emergenti, direttamente e/o tramite OICR entro un limite massimo del 10% del patrimonio netto. Tali titoli, principalmente “investment grade” (ovvero per i quali il rischio d’inadempienza degli emittenti è il meno elevato, con rating non inferiore a BBB- in base alla classificazione di Standard & Poor’s o di un’agenzia di rating equivalente e che presentano una classificazione
interna equivalente da parte della Società di gestione), ma senza limite di durata, sono selezionati in funzione del loro rendimento atteso.
Entro un limite del 10% del patrimonio netto (titoli a breve termine esclusi), il comparto potrà inoltre fare ricorso a titoli “high yield” (titoli speculativi, con rating inferiore a BBB- secondo Standard & Poor’s o un’agenzia di rating equivalente e che presentano una classificazione interna equivalente da parte della Società di gestione, titoli per cui la probabilità d’inadempienza è superiore a quella delle obbligazioni di tipo investment grade) oppure potrà investire in OICR specializzati in obbligazioni high yield.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente della categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Nel limite di una volta il patrimonio netto, il comparto potrà intervenire in contratti finanziari negoziati su mercati internazionali regolamentati, organizzati o OTC.
Il comparto potrà anche detenere derivati integrati (warrant o certificati), a titolo accessorio, fino al 10% del patrimonio. L'utilizzo di strumenti che incorporano derivati non avrà l'effetto di aumentare l'esposizione globale del fondo al rischio azionario oltre il 110% del patrimonio netto.
Il comparto, avente per oggetto l'investimento in titoli senza alcuna limitazione geografica, potrà detenere dei titoli non denominati in euro e potrà quindi essere esposto al rischio di cambio nel limite di una volta il patrimonio netto. In funzione delle previsioni del gestore sull’andamento al ribasso delle variazioni di cambio e a fini di copertura, il comparto potrà ricorrere a contratti di cambio a termine o swap di cambio.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 9 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d’investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
In linea con l'obiettivo di avere una traiettoria climatica allineata con gli accordi di Parigi, il comparto privilegia le aziende il cui modello di business sia un vettore di soluzioni sulla transizione energetica ed ecologica. Il gestore analizza quindi se l'attività, in particolare gli investimenti di capitale, sia allineata con la tassonomia, senza che questo sia un vincolo di gestione.
Questo approccio non garantisce tuttavia il benché minimo allineamento con la tassonomia. Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
. Attivi utilizzatiAzioni:
Il portafoglio è esposto tra il 75% e il 110% del patrimonio netto, senza alcun vincolo geografico, ad azioni di società di qualsivoglia settore che, direttamente o indirettamente, si occupino di cambiamento climatico. Investirà in titoli societari la cui capitalizzazione di borsa al momento dell’acquisto sarà almeno pari a 100 milioni di euro. I titoli selezionati saranno o meno abbinati a un diritto di voto.
Titoli di credito e strumenti del mercato monetario
Il comparto potrà investire fino al 25% del patrimonio netto indifferentemente in titoli di credito negoziabili e obbligazioni, emessi in dollari o in altra valuta da entità pubbliche o private, direttamente e/o attraverso degli OICR entro un limite del 10% del patrimonio netto.
Gli emittenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano la tematica e i criteri extra-finanziari summenzionati.
Gli strumenti idonei presenteranno principalmente un rating “Investment Grade” (titoli con un rating a lungo termine pari o superiore a BBB- o con un rating a breve termine pari o superiore ad A-3 secondo Standard & Poor’s o agenzia equivalente o giudicato equivalente dalla società di gestione), tuttavia, entro il limite del 10% del patrimonio netto, il comparto potrà fare ricorso a titoli “high yield” (titoli speculativi, rating a lungo termine inferiore a BBB- o con un rating a breve termine inferiore ad A-3 secondo Standard & Poor’s o agenzia equivalente o con un rating interno equivalente della Società di gestione, titoli con probabilità d’inadempienza superiore a quella delle obbligazioni “investment grade”). Il comparto può inoltre investire fino a un massimo del 10% in titoli che non siano oggetto di un rating pubblico emesso da un’agenzia di rating, ma che vantino un rating interno della Società di gestione.
Azioni o quote di altri OICVM, FIA o fondi d’investimento di diritto estero
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l’esposizione ad altre classi di attivi, ivi compresi gli indici quotati, per aumentare l’esposizione verso i mercati azionari o diversificare l’esposizione verso altre classi di attivi (ad esempio: materie prime o settore immobiliare).
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata.
Strumenti derivati
Nel limite di una volta il patrimonio netto, il comparto potrà intervenire in contratti finanziari negoziati su mercati internazionali regolamentati, organizzati o OTC, al fine di concludere:
- contratti di opzione su azioni sia per diminuire la volatilità delle azioni sia per aumentare l'esposizione del comparto;
- contratti future, per guidare l'esposizione azionaria e contratti di indici;
- contratti a termine su valute o degli swap in valuta al fine di coprire l’esposizione ad alcune valute nel quadro delle azioni fuori zona euro.

I contratti di opzione e i contratti future saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i la tematica e i criteri extra-finanziari summenzionati.
L'utilizzo di contratti finanziari non avrà l'effetto di aumentare l'esposizione globale del comparto al rischio azionario oltre il 110% del patrimonio netto.
Il comparto non utilizzerà Total Return Swap.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati
Il comparto potrà investire in strumenti finanziari che integrino derivati (warrant o certificati), a titolo accessorio, fino al 10% del patrimonio. L'utilizzo di strumenti derivati integrati non avrà l'effetto di aumentare l'esposizione globale del comparto al rischio azionario a oltre il 110% del patrimonio netto.
Depositi
Il comparto potrà effettuare depositi presso il depositario nel limite massimo del 20% del patrimonio netto.
Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/riscatto, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 25% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine passive di prodotti di tasso o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione della liquidità e/o dell'ottimizzazione dei redditi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni complementari sono presenti nella sezione relativa a spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
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###### Investimento tra comparti

Il comparto può investire fino al 10% del patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.
L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
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###### Profilo di rischio

Il capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.
I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione dei detentori sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating
interno equivalente attribuito dalla Società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio. I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla valuta delle quote denominate in una valuta diversa da quella del comparto:
L’azionista sottoscrittore di azioni in valute diverse dalla valuta di riferimento del comparto (euro) può essere esposto al rischio di cambio, laddove quest’ultimo non fosse coperto. Il valore degli attivi del comparto può diminuire in forza della variazione dei tassi di cambio e ciò può comportare una riduzione del valore patrimoniale netto del comparto.
Rischi connessi alle operazioni di acquisizione e vendita temporanee di titoli:
Il ricorso a questo tipo di operazioni e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
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###### Garanzia o protezione:

Nessuna.
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###### Sottoscrittori interessati e profilo dell’investitore tipo

Azioni A CHF, A EUR, A USD, B CHF, B EUR e B USD: tutti i sottoscrittori
Azioni I CHF, I EUR, I USD, J CHF, J EUR, J USD, K EUR e KD EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Le azioni CR EUR, CR USD, CRD EUR e CRD USD sono destinate a tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Azioni R EUR: tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione.
Questo comparto si rivolge in particolar modo a investitori che cercano di dinamizzare il loro risparmio per mezzo dei mercati azionari europei, soprattutto all’interno dell'Unione europea.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e
possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per conoscerlo, si raccomanda all'azionista di avvalersi della consulenza di professionisti, al fine di diversificare i suoi investimenti e determinare la proporzione del portafoglio finanziario o del patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 5 anni
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###### Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “A CHF”, “A EUR”, “A USD”, “CR EUR”, “CR USD”, “I CHF”, “I EUR”, “I USD”, "K EUR" e “R EUR” | Azioni “B CHF”, “B EUR”, “B USD”, “CRD EUR”, “CRD USD”, “J CHF”, “J EUR”, “J USD” e “KD EUR” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
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###### Frequenza di distribuzione

Azioni di capitalizzazione: non applicabile
Azioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
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###### Caratteristiche delle azioni

Il comparto comprende 18 categorie di azioni: Azioni “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” e "R EUR".
L'azione A CHF è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L’azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione A USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione B CHF è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione B USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CR USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione CRD USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione I CHF è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I USD è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione J CHF è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J USD è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione KD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
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###### Modalità di sottoscrizione e rimborso

Data e periodicità del valore patrimoniale netto:
Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi e americani (calendario ufficiale di Euronext Paris S.A. e NYSE).
Valore patrimoniale netto iniziale:
| Azione A CHF: | 100 franchi svizzeri |
| --- | --- |
| Azione A EUR: | 100 euro |
| Azione A USD: | 100 dollari USA |
| Azione B CHF: | 100 franchi svizzeri |
| Azione B EUR: | 100 euro |
| Azione B USD: | 100 dollari USA |
| Azione CR EUR: | 100 euro |
| Azione CR USD: | 100 dollari USA |
| Azione CRD EUR: | 100 euro |
| Azione CRD USD: | 100 dollari USA |
| Azione I CHF: | 100 franchi svizzeri |
| Azione I EUR: | 100 euro |
| Azione I USD: | 100 dollari USA |
| Azione J CHF: | 100 franchi svizzeri |
| Azione J EUR: | 100 euro |
| Azione J USD: | 100 dollari USA |
| Azione K EUR: | 100 euro |
| Azione KD EUR: | 100 euro |
| Azione R EUR: | 100 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A CHF: | 1 Azione |
| --- | --- |
| Azione A EUR: | 1 Azione |
| Azione A USD: | 1 Azione |
| Azione B CHF: | 1 Azione |
| Azione B EUR: | 1 Azione |
| Azione B USD: | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD: | 1 Azione |
| Azione CRD EUR: | 1 Azione |
| Azione CRD USD: | 1 Azione |
| Azione I CHF: | 500.000	franchi svizzeri |
| Azione I EUR: | 500.000 euro |
| Azione I USD: | 500.000 dollari USA |
| Azione J CHF: | 500.000	franchi svizzeri |

| Azione J EUR: | 500.000 euro |
| --- | --- |
| Azione J USD: | 500.000 dollari USA |
| Azione K EUR: | 500.000 euro |
| Azione KD EUR: | 500.000 euro |
| Azione R EUR: | 1 Azione |

Importo minimo di sottoscrizione successiva:
| Azione A CHF: | 1 millesimo di azione |
| --- | --- |
| Azione A EUR: | 1 millesimo di azione |
| Azione A USD: | 1 millesimo di azione |
| Azione B CHF: | 1 millesimo di azione |
| Azione B EUR: | 1 millesimo di azione |
| Azione B USD: | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD: | 1 millesimo di azione |
| Azione CRD EUR: | 1 millesimo di azione |
| Azione CRD USD: | 1 millesimo di azione |
| Azione I CHF: | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I USD: | 1 millesimo di azione |
| Azione J CHF: | 1 millesimo di azione |
| Azione J EUR: | 1 millesimo di azione |
| Azione J USD: | 1 millesimo di azione |
| Azione K EUR: | 1 millesimo di azione |
| Azione KD EUR: | 1 millesimo di azione |
| Azione R EUR: | 1 millesimo di azione |

Modalità di sottoscrizione e di riscatto:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazione degli ordini di sottoscrizione | Centralizzazione degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: “Regole di valutazione degli attivi”.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni “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” e “R
EUR” sono eseguiti in importi interi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento del comparto. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- 
###### Spese e commissioni

Commissioni di sottoscrizione e di riscatto:
Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.
| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV - Green New Deal | Valore patrimoniale netto x Numero di azioni | Azione A CHF: max 3% |
| Azione A EUR: max 3% |
| Azione A USD: max 3% |
| Azione B CHF: max 3% |
| Azione B EUR: max 3% |
| Azione B USD: max 3% |
| Azione CR EUR: max 3% |
| Azione CR USD: max 3% |
| Azione CRD EUR: max 3% |
| Azione CRD USD: max 3% |
| Azione I CHF: nessuna |
| Azione I EUR: nessuna |
| Azione I USD: nessuna |
| Azione J CHF: nessuna |
| Azione J EUR: nessuna |
| Azione J USD: nessuna |
| Azione K EUR: nessuna |
| Azione KD EUR: nessuna |
| Azione R EUR: 3% |
| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - Green New Deal | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - Green New Deal | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al comparto EdR SICAV - Green New Deal | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate al comparto | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF: max 1,70% (tasse incluse)* |
| Azione A EUR: max 1,70% (tasse incluse)* |
| Azione A USD: max 1,70% (tasse incluse)* |
| Azione B CHF: max 1,70% (tasse incluse)* |
| Azione B EUR: max 1,70% (tasse incluse)* |
| Azione B USD: max 1,70% (tasse incluse)* |
| Azione CR EUR: max 0,95% (tasse incluse)* |
| Azione CR USD: max 0,95% (tasse incluse)* |
| Azione CRD EUR: max 0,95% (tasse incluse)* |
| Azione CRD USD: max 0,95% (tasse incluse)* |
| Azione I CHF: max 0,85% (tasse incluse)* |
| Azione I EUR: max 0,85% (tasse incluse)* |
| Azione I USD: max 0,85% (tasse incluse)* |
| Azione J CHF: max 0,85% (tasse incluse)* |
| Azione J EUR: max 0,85% (tasse incluse)* |
| Azione J USD: max 0,85% (tasse incluse)* |
| Azione K EUR: max 1,00% (tasse incluse)* |
| Azione KD EUR: max 1,00% (tasse incluse)* |
| Azione R EUR: max 2,05% (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF: max 0,15% (tasse incluse)* |
| Azione A EUR: max 0,15% (tasse incluse)* |
| Azione A USD: max 0,15% (tasse incluse)* |
| Azione B CHF: max 0,15% (tasse incluse)* |
| Azione B EUR: max 0,15% (tasse incluse)* |
| Azione B USD: max 0,15% (tasse incluse)* |
| Azione CR EUR: max 0,15% (tasse incluse)* |
| Azione CR USD: max 0,15% (tasse incluse)* |
| Azione CRD EUR: max 0,15% (tasse incluse)* |
| Azione CRD USD: max 0,15% (tasse incluse)* |
| Azione I CHF: max 0,15% (tasse incluse)* |
| Azione I EUR: max 0,15% (tasse incluse)* |
| Azione I USD: max 0,15% (tasse incluse)* |
| Azione J CHF: max 0,15% (tasse incluse)* |
| Azione J EUR: max 0,15% (tasse incluse)* |
| Azione J USD: max 0,15% (tasse incluse)* |
| Azione K EUR: max 0,15% (tasse incluse)* |
| Azione KD EUR: max 0,15% (tasse incluse)* |
| Azione R EUR: max 0,15% (tasse incluse)* |
| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A CHF: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione A EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |

|  |  | Azione A USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| --- | --- | --- |
| Azione B CHF: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione B EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione B USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione CR EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione CR USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione CRD EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione CRD USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione I CHF: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione I EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione I USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione J CHF: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione J EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione J USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti reinvestiti. |
| Azione K EUR: nessuno |

|  |  | Azione KD EUR: nessuno |
| --- | --- | --- |
| Azione R EUR: 15% annuo della sovraperformance rispetto all’indice di riferimento, MSCI World, con dividendi netti |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento: MSCI World, dividendi netti reinvestiti
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente corrisposta alla società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di settembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento deve essere di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, la commissione non verrà prelevata e il periodo di riferimento sarà esteso di un anno. Il periodo di riferimento può essere esteso fino a quattro volte.
Al termine di un periodo di riferimento di cinque anni o più, se il rendimento dell'azione è inferiore a quello del suo indice di riferimento, il periodo di riferimento non viene esteso. Viene invece stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
Al termine di un periodo di riferimento:
- Se la differenza tra il PN dell'azione e il PN obiettivo è positiva, viene calcolata e addebitata una commissione di performance. Questo PN diventa il nuovo PN di riferimento;
- Se la differenza tra il PN dell'azione e il PN obiettivo è negativa, non viene calcolata e addebitata alcuna commissione di performance e:
	- quando il periodo di riferimento dell'azione è inferiore a 5 anni, quest'ultimo è prorogato di un anno. Il PN di riferimento rimane quindi invariato.
	- quando il periodo di riferimento è superiore o uguale a 5 anni, questo si conclude e il PN della fine del periodo di riferimento diventa il suo nuovo PN di riferimento.


Metodo di calcolo
Importo dell'accantonamento = MAX (0; PN(t) – PN obiettivo) x tasso di commissione di sovraperformance PN (t): patrimonio netto alla data t
PN di riferimento: ultimo patrimonio netto del periodo di riferimento precedente Data di riferimento: data del PN di riferimento
PN obiettivo = PN di riferimento x (valore dell'indice di riferimento in data t/valore dell'indice di riferimento alla Data di riferimento) corretto per sottoscrizioni, rimborsi e dividendi.
Esempi:
Negli esempi che seguono si considera che non vi siano sottoscrizioni, rimborsi e dividendi.
Esempio 1:
Periodo	0	1	2
|  | 100 | 105 | 95 |
| --- | --- | --- | --- |
| 100 | 101 | 99 |
|  | -4 | 4 |

PN obiettivo
PN
Base di calcolo: PN-PN obiettivo
Periodo
Performanc e cumulativa dell'azione*
Performanc e cumulativa dell'indice*
Performanc e relativa cumulativa
*
Performanc e dell'azione nell'ultimo anno
Performanc e dell'indice nell'ultimo anno
Performanc e relativa nell'ultimo anno
Addebito della commissione**
Periodo rinnova esteso
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Estensione |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sì | Rinnovo |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodo 0-1: il PN di fine periodo di riferimento è inferiore al PN obiettivo (101 contro 105, scarto/rendimento relativo dall'inizio del periodo di riferimento di -4). Non viene quindi addebitata alcuna commissione di sovraperformance e il periodo di riferimento iniziale di un anno è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-2: il PN di fine periodo di riferimento è superiore al PN obiettivo (99 contro 95, scarto/rendimento relativo dall'inizio del periodo di riferimento di 4). La performance assoluta dall'inizio del periodo di riferimento è negativa (PN di fine periodo di riferimento: 99<PN inizio periodo di riferimento: 100). Viene applicata una commissione di sovraperformance, la cui base di calcolo è pari alla performance relativa cumulativa dall'inizio del periodo di riferimento (4). Il suo importo è pari a tale base di calcolo moltiplicata per il tasso di commissione di sovraperformance. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 99.
Esempio 2:
| PN obiettivo | 100 | 102	104	106	108	110 |
| --- | --- | --- |
| PN | 100 | 101	101	105	106	107 |
| Base di calcolo: PN-PN obiettivo | -1	-3	-1	-2	-3 |

Periodo	0	1	2	3	4	5
Periodo
Performance cumulativa dell'azione*
Performance cumulativa dell'indice*
Performanc e relativa cumulativa*
Performance dell'azione nell'ultimo anno
Performance dell'indice nell'ultimo anno
Performance relativa nell'ultimo anno
Addebito di una commission e
Periodo rinnovato / esteso
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Estensione |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Estensione |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Estensione |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Estensione |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Rinnovo |

*dall'inizio del periodo di riferimento
**di sovraperformance
Periodi 0-1 e 0-2: la performance assoluta generata nel periodo è positiva (PN>PN di riferimento) ma la performance relativa è negativa (PN<PN obiettivo). Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento viene esteso di un anno alla fine del primo anno e di un anno supplementare alla fine del secondo anno. Il PN di riferimento rimane invariato.
Periodo 0-3: la performance assoluta generata nel periodo è positiva (5) e la performance relativa generata nel corso dell'anno è positiva (4), ma la performance relativa cumulativa dall'inizio del periodo di riferimento (0-3) è negativa (-1). Non viene, quindi, addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è prorogato di un altro anno. Il PN di riferimento rimane invariato.
Periodo 0-4: performance relativa nel periodo di riferimento negativa, nessuna commissione di sovraperformance, il periodo di riferimento è prorogato di un altro anno per la quarta e ultima volta. Il PN di riferimento rimane invariato.
Periodo 0-5: performance relativa del periodo negativa, nessuna commissione di sovraperformance, periodo di riferimento rinnovato, dato che il periodo di riferimento è già stato prorogato 4 volte. Il nuovo PN di riferimento è fissato a 107.
Esempio 3:
| PN obiettivo | 100 | 104 | 98 |
| --- | --- | --- | --- |
| PN | 100 | 102 | 106 |
| Base di calcolo: PN- PN obiettivo |  | -2 | 8 |

Periodo	0	1	2
Periodo
Performance cumulativa dell'azione*
Performance cumulativa dell'indice*
Performance relativa cumulativa*
Performance dell'azione nell'ultimo anno
Performance dell'indice nell'ultimo anno
Performance relativa nell'ultimo anno
Addebito di una commissione
Periodo rinnovato / esteso
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Estensione |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sì | Rinnovo |

Periodo 0-1: performance assoluta positiva ma sottoperformance di -2 (102-104) nel periodo di riferimento. Non viene addebitata alcuna commissione di sovraperformance. Il periodo di riferimento è esteso di un anno. Il PN di riferimento rimane invariato.
Periodo 0-2: performance assoluta positiva e sovraperformance di 8 (106-98). Viene applicata pertanto una commissione di sovraperformance con base di calcolo 8. Il periodo di riferimento è rinnovato e il nuovo PN di riferimento è fissato a 106.
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF.
Eventuali retrocessioni delle spese di gestione di OICR e fondi d’investimento sottostanti corrisposti dal comparto EdR SICAV – Green New Deal saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best
execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
EdR SICAV – Corporate Hybrid Bonds
- Data di 
- creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 5 novembre 2021. Il comparto è stato creato il 9 dicembre 2021.
- Codice ISIN

| Azione A CHF (H): | FR00140058Y9 |
| --- | --- |
| Azione A EUR: | FR00140059A7 |
| Azione A USD (H): | FR0014005997 |
| Azione B EUR: | FR0014005989 |
| Azione B USD (H) | FR001400DLX2 |
| Azione CR EUR: | FR0014005971 |
| Azione CR USD (H): | FR0014005963 |
| Azione CRD EUR: | FR0014005955 |
| Azione I CHF (H): | FR0014005948 |
| Azione I EUR: | FR0014005930 |
| Azione I USD (H): | FR0014005922 |
| Azione J EUR: Azione J USD (H): | FR0014005914 FR00140079Y5 |
| Azione K EUR: | FR0014005906 |
| Azione NC EUR: | FR00140058Z6 |
| Azione OC EUR: | FR00140058X1 |

- Regime fiscale specificoNessuno
- 
###### Delega della gestione finanziaria

Edmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.
Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- ClassificazioneObbligazioni e altri titoli di credito internazionali.
- Livello di esposizione in altri OICVM, FIA e fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneIl comparto mira a conseguire una performance superiore a quella dell'indice ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index, sulla durata d'investimento raccomandata, tramite un portafoglio investito prevalentemente in titoli ibridi di debito societario di tutte le aree geografiche. Tali titoli di natura obbligazionaria sono emessi da società non finanziarie aventi le seguenti caratteristiche: ordine di pagamento subordinato ed emessi con una scadenza “perpetua” o superiore a 50 anni all'atto dell’emissione.

Il comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva prevede l’assunzione di decisioni che riguardano la selezione degli attivi, l’allocazione regionale, le valutazioni settoriali e il livello complessivo di esposizione al mercato.
Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafoglio, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di
riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoL'indice di riferimento del comparto è l’indice ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index, con copertura in EUR, pubblicato da ICE Benchmark Administration Limited. Rappresenta il mercato del debito ibrido societario non finanziario. L’indice di riferimento è espresso nella valuta della relativa azione.

L’indice di riferimento per le Sottocategorie (H) denominate in CHF è l’indice ICE BofA Global Hybrid Non-Financial Corporate Constrained Index coperto e denominato in CHF e l’indice di riferimento per le Sottocategorie (H) denominate in USD è l'indice ICE BofA Global Hybrid Non-Financial Corporate Constrained Index coperto e denominato in USD.
Dal momento che la gestione del comparto non è indicizzata, la sua performance potrebbe allontanarsi significativamente dall'indice di riferimento, che è solo un indicatore di confronto.
I tassi e gli indici utilizzati sono annualizzati. Il calcolo dei risultati di questo parametro include le cedole.
ICE Benchmark Administration Limited (sito internet: https://www.theice.com/iba), amministratore dell’indice di riferimento ICE BofA Global Hybrid Non-Financial Corporate Constrained Index, non è iscritto nel registro degli amministratori e degli indici di riferimento tenuto dall’ESMA e gode del regime transitorio previsto dall’articolo 51 del regolamento Benchmark.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzate:Per raggiungere il proprio obiettivo di gestione, il gestore investirà in maniera discrezionale su titoli obbligazionari, nella misura compresa tra il 50% e il 100% del patrimonio netto in obbligazioni ibride, emesse da società non finanziarie, internazionali, pubbliche o private, ed entro il limite del 15% del patrimonio netto in obbligazioni di istituzioni finanziarie.

L’universo d’investimento ESG è costituito dai titoli dell'indice di riferimento del comparto.
La società di gestione può selezionare titoli al di fuori del suo indice. Essa si assicurerà tuttavia che l'indice di riferimento selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Il comparto potrà inoltre investire entro il limite del 10% del patrimonio netto in obbligazioni, comprese le obbligazioni ibride, appartenenti alla categoria speculativa High Yield (emissioni speculative con un rating a lungo termine attribuito da Standard and Poor’s o equivalente inferiore a BBB-, o che presentino un rating interno equivalente della società di gestione) o prive di rating da parte delle agenzie di rating. Per le obbligazioni ibride High Yield, si considera il rating del debito più senior dell’emittente.
Il comparto potrà investire, nel limite del 20% del suo patrimonio netto, in titoli obbligazionari emessi da società finanziarie e non finanziarie aventi sede in paesi emergenti. Tali obbligazioni saranno tuttavia denominate in una valuta dei paesi cosiddetti sviluppati (EUR, GBP, CHF, USD, JPY).
Il gestore potrà inoltre investire fino al 15% del patrimonio netto su qualsiasi tipo di titoli obbligazionari del settore finanziario, al contempo in titoli senior, ma anche in titoli subordinati, datati o meno, di qualsiasi livello di subordinazione (Tier 1, Upper Tier 2 o Lower Tier 2) tra cui i titoli ibridi (come gli AT1). I titoli selezionati potranno appartenere alla categoria Investment Grade (rating almeno pari a BBB- per Standard and Poor’s o equivalente, oppure rating ritenuto equivalente dalla società di gestione) o alla categoria speculativa High Yield (titoli speculativi con un rating a lungo termine inferiore a BBB- per Standard and Poor’s o equivalente, oppure rating ritenuto equivalente dalla società di gestione) o privi di rating da parte delle agenzie di rating.
In linea generale i titoli senior vengono definiti come prioritari rispetto ai titoli subordinati in caso di mancato pagamento da parte dell'emittente. I titoli subordinati prevedono solitamente livelli di priorità (in caso di mancato pagamento) contrattualmente definiti nei prospetti delle emissioni.
Dal momento che il comparto può investire in obbligazioni di qualsiasi livello di subordinazione, esiste la possibilità che tali strumenti vengano convertiti in azioni su iniziativa del regolatore o ad esempio in caso di flessione di una percentuale di solvibilità al di sotto di una soglia generalmente stabilita a livello contrattuale.
In caso di conversione in azioni delle obbligazioni detenute in portafoglio, il comparto potrà detenere temporaneamente delle azioni nel limite del 10% del suo patrimonio netto e procederà il prima possibile alla loro vendita nell'interesse degli azionisti.
A scopo di copertura dei propri attivi, di esposizione e/o di realizzazione dell'obiettivo di gestione, senza ricercare la sovresposizione e nel limite del 100% del patrimonio netto, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (futures, futures su tassi, futures su cambi, opzioni quotate), organizzati o over- the-counter (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un'esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e credito. In tale contesto, il gestore potrà adottare strategie volte principalmente a prevedere o a tutelare il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti. Tali strategie saranno implementate nella fattispecie tramite l'acquisto o la vendita di protezione tramite i derivati di credito di tipo "Credit Default Swap", su mono-enti di riferimento o su indici (iTraxx o CDX).
Il comparto potrà utilizzare titoli che integrino derivati, con le medesime modalità e i medesimi obiettivi di cui sopra per gli strumenti derivati.
Il valore nominale delle vendite a fini di protezione tramite derivati di credito non potrà superare il 60% del patrimonio netto del comparto. Il valore nominale degli acquisti a fini di protezione tramite derivati di credito non potrà superare il 70% del patrimonio netto del comparto.
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield all'interno del portafoglio hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Queste due percentuali sono espresse come capitalizzazione del patrimonio netto dell’investimento collettivo.
Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d’investimento. Inoltre, il gestore non investirà nei titoli con i rating più bassi secondo il fornitore di rating esterno utilizzato dalla Società di Gestione.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto integra il rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il fondo/comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%. La strategia si basa al contempo su un approccio Bottom Up e su un approccio Top Down.
L'approccio Bottom Up si basa sulla combinazione dell'analisi del credito e lo studio delle valutazioni ai livelli "emittenti" ed "emissioni" e si prefigge di individuare gli emittenti e/o le emissioni che presentano un valore relativo superiore agli altri. La modalità di selezione si basa su un'analisi fondamentale e quantitativa di ciascun emittente ed emissione, che si snoda attorno alla valutazione di criteri quali:
- la leggibilità della strategia aziendale;
- la sua solvibilità;
- il carattere "strategico" dell'azienda.

Infine, nell'ambito dell'universo degli emittenti selezionati tramite una combinazione dell'analisi quantitativa e fondamentale, la scelta delle esposizioni avverrà in funzione di caratteristiche quali il rating dell'emittente, la liquidità dei titoli o la loro scadenza.
L'approccio Top Down si basa su un'analisi della situazione macroeconomica e interviene nell'ambito della determinazione dei rischi e delle opportunità da un punto di vista macro/top down e, a sua volta, il livello di rischio globale auspicato e l'esposizione del portafoglio ai temi principali, tra cui, a titolo meramente esemplificativo, la sensibilità al credito, l'area geografica, l'esposizione settoriale e la sensibilità del comparto ai tassi di interesse. L'approccio macro si prefigge di combinare pareri tematici discrezionali con approcci basati sulle valutazioni, per contribuire al processo di costruzione del portafoglio al fine di conseguire l'obiettivo d'investimento. Inserisce altresì, nell'ambito della gestione del comparto, l'aspetto normativo globale e locale nell'ambito del quale si evolvono gli emittenti.
L'acquisizione di titoli od OICR denominati in una valuta diversa da quella del comparto sarà soggetta a una copertura del rischio di cambio, realizzata il prima possibile in termini operativi, a prescindere dalla valuta dell'azione sottoscritta dall'investitore. Potrà tuttavia sussistere un rischio di cambio residuo e non dovrebbe superare il 2%.
Il gestore implementerà altresì una gestione della sensibilità del comparto ai tassi di interesse, che sarà compresa tra 0 e 10.
Nei periodi in cui la strategia d'investimento porta il team di gestione a ridurre l'esposizione del comparto alle obbligazioni e/o ad altri titoli di credito al fine di raggiungere l'obiettivo di gestione, il comparto potrà essere investito fino al 100% in titoli negoziabili a breve termine ed euro commercial paper. Tali strumenti finanziari potranno altresì essere utilizzati a titolo accessorio a fini d’investimento di capitale.
Il comparto non ha come obiettivo l'assunzione a prestito di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/riscatto, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro il limite del 10% del patrimonio netto.
 Sugli attivi:
Azioni
Il comparto non ha come obiettivo la detenzione di azioni.
Dal momento che il comparto può investire in obbligazioni di qualsiasi livello di subordinazione o in obbligazioni convertibili contingenti, esiste la possibilità che tali strumenti vengano convertiti in azioni su iniziativa del regolatore o, ad esempio, in caso di flessione di una percentuale di solvibilità al di sotto di una soglia generalmente stabilita a livello contrattuale. In caso di conversione in azioni delle obbligazioni detenute in portafoglio, il comparto potrà detenere temporaneamente delle azioni nel limite del 10% del suo patrimonio netto e procederà il prima possibile alla loro vendita nell'interesse degli azionisti.
Titoli di credito e strumenti del mercato monetario: (fino al 100% del portafoglio).
Caratteristiche generali:
| Sensibilità ai tassi d’interesse | - | [0; +10] |
| --- | --- | --- |
| Area geografica degli emittenti | Tutte le aree geografiche | max 100% del patrimonio netto |
| Paesi emergenti | max 20% del patrimonio netto |
| Valute OCSE (per i paesi emergenti: emissioni denominate esclusivamente in: EUR, GBP, CHF, USD, JPY) | max 100% del patrimonio netto |
| Livello di rischio di cambio | - | Residuo (max 2% del patrimonio netto) |

Ripartizione debito privato/debito pubblico:
Il comparto potrà investire fino al 100% del patrimonio netto in emissioni di debito privato.
Il comparto potrà inoltre investire in titoli di Stato emessi da un paese appartenente all'OCSE, in particolare nell'ambito della gestione delle liquidità.
Criteri di rating e subordinazione:
Il comparto potrà essere esposto fino al 100% del patrimonio netto a titoli obbligazionari di qualsivoglia tipologia appartenenti al settore finanziario e non finanziario (debito senior o debito subordinato) datati o meno, di qualsivoglia tipo di valutazione e di qualsiasi livello di subordinazione.
Il comparto potrà essere investito fino al 10% del patrimonio netto in obbligazioni, comprese le obbligazioni ibride con rating High Yield (emissioni speculative con un rating a lungo termine attribuito da Standard and Poor’s o equivalente inferiore a BBB-, o che presentino un rating interno equivalente della società di gestione) o prive di rating da parte delle agenzie di rating. Per le obbligazioni ibride High Yield, si considera il rating del debito più senior dell’emittente.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna qualitativa, quantitativa e fondamentale. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente nella categoria “High Yield”, la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Il comparto potrà investire in titoli di credito di qualsivoglia natura tra cui, nella fattispecie, le obbligazioni a tasso fisso, variabile o rivedibile, i titoli di credito negoziabili, i buoni fruttiferi, i buoni del Tesoro, gli EMTN, gli Euro commercial paper.
Il comparto potrà investire, nel limite del 20% del suo patrimonio netto, in titoli obbligazionari emessi da società finanziarie e non finanziarie aventi sede in paesi emergenti, oppure emessi dagli stati dei paesi emergenti.
Tali obbligazioni saranno tuttavia denominate in una valuta dei paesi cosiddetti sviluppati (EUR, GBP, CHF, USD, JPY).
Azioni o quote di altri organismi d'investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero
Il comparto potrà detenere fino al 10% dell'attivo in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese. Questi OICR potranno essere gestiti dalla società di gestione o da una società collegata.
Valute
L'acquisizione di titoli o di OICR denominati in una valuta diversa dall'euro (EUR) sarà oggetto di una copertura del rischio di cambio. Potrà tuttavia sussistere un rischio di cambio residuo (max 2% del patrimonio netto).
Contratti finanziari
A scopo di copertura dei propri attivi, di esposizione e/o di realizzazione dell'obiettivo di gestione, senza ricercare la sovraesposizione, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (futures, futures su tassi, futures su cambi, opzioni quotate), organizzati o over-the-counter (opzioni, swap, ecc.) nel limite del 100% del patrimonio netto. In tale contesto, il gestore potrà costituire un'esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tassi, credito, cambio) o di esporsi ai rischi di tasso e credito. Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.

##### Natura dei mercati d'intervento:
- Mercati regolamentati
- Mercati organizzati
- Mercati over-the-counter


##### Rischi sui quali il gestore desidera intervenire a fini di copertura e di esposizione del portafoglio:
- Rischio di tasso
- Rischio di cambio (unicamente a fini di copertura)
- Rischio di credito
- nonché a componenti di tali rischi


##### Natura degli interventi, l'insieme delle operazioni che devono essere limitate alla realizzazione dell'obiettivo di gestione:
- Copertura
- Esposizione
- Arbitraggio


##### Natura degli strumenti utilizzati:
- Opzioni e future: indici finanziari, valute, tassi, opzioni su future di tasso e di credito
- Cambio a termine e swap in valuta
- Swap: tasso (tasso fisso/tasso variabile tutte le combinazioni e inflazione), valute e componenti di tali attività.
- Credit Default Swap su single name o su indici
- Opzioni su CDS su indiciIl comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su obbligazioni, indici obbligazionari e/o panieri di obbligazioni fino al 100% del patrimonio netto a fini di copertura o esposizione. La quota prevista di patrimonio gestito oggetto di tali contratti è pari al 25%.

Le controparti di tali operazioni contrattuali sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Titoli che integrano derivati
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire esclusivamente in:
- obbligazioni callable o puttable,
- obbligazioni convertibili,
- obbligazioni convertibili contingenti (CoCo bond).

Prestiti in contanti
Il comparto non ha come obiettivo l'assunzione a prestito di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/riscatto, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro il limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del portafoglio e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, fino al 100% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tale operazione sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o agenzia equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la Società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni supplementari sono disponibili nella sezione relativa alle spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
Depositi
Il comparto potrà effettuare depositi presso il depositario nel limite massimo del 20% del proprio patrimonio netto.
- Investimento tra compartiIl comparto può investire fino al 10% del suo patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione dei detentori sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione
della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio. I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla valuta delle azioni denominate in una valuta diversa da quella del comparto:
L’azionista sottoscrittore di azioni in valute diverse dalla valuta di riferimento del comparto (euro) è esposto al rischio di cambio. Il valore degli attivi del comparto può diminuire in forza della variazione dei tassi di cambio e ciò può comportare una riduzione del valore patrimoniale netto del comparto.
Rischio legato all'investimento in titoli ibridi o subordinati
:
Il Comparto può essere esposto a titoli ibridi o subordinati. I titoli di debito ibridi o subordinati sono soggetti a rischi specifici di mancato pagamento delle cedole e di perdita di capitale a determinate condizioni. Per le obbligazioni non finanziarie, dal momento che i titoli ibridi si configurano come debiti "deply subordinated", questo implica un tasso di recupero basso in caso di insolvenza dell’emittente.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli.
Rischi relativi ai contingent convertible bonds (CoCo):
I CoCo sono titoli di credito subordinati emessi da istituti di credito o compagnie assicurative o di riassicurazione, idonei in termini di capitale regolamentare e con la particolarità di essere convertibili in azioni, oppure di subire una riduzione del nominale (meccanismo detto di "write down"), in caso si determini un "elemento di attivazione" ("Trigger"), prestabilito nel prospetto informativo. I CoCo integrano un'opzione di conversione in azioni per iniziativa dell'emittente in caso di peggioramento della sua situazione finanziaria. Oltre al rischio di credito e quello di tasso relativi alle obbligazioni, l’attivazione dell'opzione di conversione può determinare un calo del valore del CoCo superiore a quello osservato sulle altre obbligazioni classiche dell'emittente. In base alle condizioni previste per ogni CoCo, alcuni eventi di attivazione possono determinare un azzeramento definitivo del capitale investito e/o degli interessi maturati, oppure la conversione dell'obbligazione in azioni.
Rischio relativo alla soglia di conversione dei CoCo
La soglia di conversione dei CoCo dipende dal coefficiente di solvibilità del relativo emittente. Si tratta dell'evento che determina la conversione dell'obbligazione in azione ordinaria. Minore è il coefficiente di solvibilità, maggiore è la probabilità di conversione.
Rischio di perdita o sospensione della cedola:
In base alle caratteristiche dei CoCo, il versamento delle cedole è discrezionale e può essere revocato o sospeso dall'emittente in qualsiasi momento e per un periodo indeterminato.
Rischio d'intervento di un'autorità regolamentare al livello di "non sostenibilità":
L'autorità regolamentare può stabilire in qualsiasi momento e discrezionalmente che un istituto sia "non sostenibile", nel qual caso la banca emittente sollecita il sostegno delle pubbliche autorità per scongiurare l'insolvenza, il fallimento, l'incapacità di pagare la maggior parte del suo debito alla scadenza o comunque di perseguire la propria attività e impone o richiede la conversione dei CoCo in azioni in circostanze indipendenti dalla volontà dell'emittente.
Rischio d'inversione della struttura del capitale:
Diversamente dalla gerarchia convenzionale del capitale, gli investitori in CoCo possono subire una perdita di capitale che non tocca i detentori di azioni. In alcuni scenari, i detentori di CoCo subiranno delle perdite prima dei detentori di azioni.
Rischio di posticipo del rimborso:
Gran parte dei CoCo è emessa sotto forma di strumenti di durata indefinita, rimborsabili a livelli predefiniti solo con l'approvazione dell'autorità competente. Non è possibile ipotizzare che i CoCo irredimibili siano rimborsati alla data di rimborso. I CoCo sono una forma di capitale permanente. C'è la possibilità che l'investitore non riceva il rimborso del capitale come previsto alla data di rimborso o a qualsiasi altra data.
Rischio di liquidità:
In alcuni casi, può essere difficile trovare acquirenti per i CoCo e il venditore può essere costretto ad accettare una svalutazione importante del valore atteso dell'obbligazione per poterla vendere.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di
esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezioneNessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A CHF (H), A USD (H), B EUR e B USD (H): tutti i sottoscrittori.

Azioni I EUR, I CHF (H), I USD (H), J EUR, J USD (H), K EUR, NC (EUR) e OC (EUR): persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Le azioni CR EUR, CR USD (H) e CRD EUR sono destinate a tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Pertanto, non sono aperte alla sottoscrizione da parte degli investitori al dettaglio di tutte le giurisdizioni.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o dell'acquirente e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV.
Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Il presente comparto si rivolge in particolar modo a investitori che desiderano ottimizzare i propri investimenti obbligazionari grazie a una gestione attiva di strumenti di credito da parte di imprese o istituzioni del settore finanziario rimanendo consapevoli dei rischi ai quali si espongono; si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del
"Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per conoscerlo, si raccomanda all'azionista di avvalersi della consulenza di professionisti, al fine di diversificare i suoi investimenti e determinare la proporzione del portafoglio finanziario o del patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 3 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “A CHF (H)”, “A EUR”, “A USD (H)”, “CR EUR”, “CR USD (H)”, “I CHF (H)”, “I EUR”, “I USD (H)”, “K EUR” e “NC EUR” | Azioni “B EUR”, “B USD (H)”, “CRD EUR”, “J EUR”, “J USD (H)” | Azioni "OC EUR" |
| --- | --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione | Misto (capitalizzazione e/o distribuzione e/o riporto su decisione della società di gestione) |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o riporto (totale o parziale) su decisione della Società di gestione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabileAzioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 15 categorie di azioni: Azioni "A CHF (H)", "A EUR", "A USD (H)", "B EUR", “B USD (H)”, "CR EUR", "CR USD (H)", "CRD EUR", "I CHF (H)", "I EUR", "I USD (H)", "J EUR", “J USD (H)”, "K EUR", "NC EUR" e "OC EUR".

L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L’azione A USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L’azione B USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione CR USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L’azione NC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione OC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.).

Valore patrimoniale netto iniziale:
| Azione A CHF (H): | 100 franchi svizzeri |
| --- | --- |
| Azione A EUR: | 100 € |
| Azione A USD (H): | 100 $ |
| Azione B EUR: | 100 € |
| Azione B USD (H): | 100 $ |
| Azione CR EUR: | 100 € |
| Azione CR USD (H) | 100 $ |
| Azione CRD EUR: | 100 € |
| Azione I CHF (H): | 100 franchi svizzeri |
| Azione I EUR: | 100 € |
| Azione I USD (H): | 100 $ |
| Azione J EUR: | 100 € |
| Azione J USD (H): | 100 $ |
| Azione K EUR: | 100 € |
| Azione NC EUR: | 100 € |
| Azione OC EUR: | 100 € |

Importo minimo della sottoscrizione iniziale:
| Azione A CHF (H): | 1 Azione |
| --- | --- |
| Azione A EUR: | 1 Azione |
| Azione A USD (H): | 1 Azione |
| Azione B EUR: | 1 Azione |
| Azione B USD (H): | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD (H): | 1 Azione |
| Azione CRD EUR: | 1 Azione |
| Azione I CHF (H): | 500.000 franchi svizzeri |
| Azione I EUR: | 500.000 € |
| Azione I USD (H): | 500.000 $ |
| Azione J EUR: | 500.000 € |
| Azione J USD (H): | 500.000 $ |
| Azione K EUR: | 500.000 € |
| Azione NC EUR: | 10.000.000 € |
| Azione OC EUR: | 10.000.000 € |

Importo minimo di sottoscrizione successiva:
| Azione A CHF (H): | 1 millesimo di azione |
| --- | --- |
| Azione A EUR: | 1 millesimo di azione |
| Azione A USD (H): | 1 millesimo di azione |
| Azione B EUR: | 1 millesimo di azione |
| Azione B USD (H): | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD (H): | 1 millesimo di azione |
| Azione CRD EUR: | 1 millesimo di azione |
| Azione I CHF (H): | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I USD (H): | 1 millesimo di azione |
| Azione J EUR: | 1 millesimo di azione |
| Azione J USD (H): | 1 millesimo di azione |

| Azione K EUR: | 1 millesimo di azione |
| --- | --- |
| Azione NC EUR: | 1 millesimo di azione |
| Azione OC EUR: | 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazion e degli ordini di sottoscrizione | Centralizzazion e degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: “Regole di valutazione degli attivi”.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 10% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 10% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 15% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 10% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 12% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 67%, ove fosse applicato rigorosamente il limite massimo del 10%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di riscatto:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto EdR SICAV - Corporate Hybrid Bonds | Valore patrimoniale netto x numero di azioni | Azione A CHF (H): max 1% |
| Azione A EUR: max 1% |
| Azione A USD (H): max 1% |
| Azione B EUR: max 1% |
| Azione B USD (H): max 1% |
| Azione CR EUR: max 1% |
| Azione CR USD (H): max 1% |
| Azione CRD EUR: max 1% |
| Azione I CHF (H): nessuna |
| Azione I EUR: nessuna |
| Azione I USD (H): nessuna |
| Azione J EUR: nessuna |
| Azione J USD (H): nessuna |
| Azione K EUR: nessuna |
| Azione NC EUR: nessuna |
| Azione OC EUR: nessuna |
| Commissione di sottoscrizione corrisposta al Comparto EdR SICAV - Corporate Hybrid Bonds | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso non corrisposta al Comparto EdR SICAV - Corporate Hybrid Bonds | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |
| Commissione di rimborso corrisposta al Comparto EdR SICAV - Corporate Hybrid Bonds | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuna |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF (H): 1,15% max. (tasse incluse)* |
| Azione A EUR: 1,15% max. (tasse incluse)* |
| Azione A USD (H): 1,15% max. (tasse incluse)* |
| Azione B EUR: 1,15% max. (tasse incluse)* |
| Azione B USD (H): 1,15% max. |
| Azione CR EUR: 0,80% max. (tasse incluse)* |
| Azione CR USD (H): 0,80% max. (tasse incluse)* |
| Azione CRD EUR: 0,80% max. (tasse incluse)* |
| Azione I CHF (H): 0,55% max. (tasse incluse)* |
| Azione I EUR: 0,55% max. (tasse incluse)* |
| Azione I USD (H): 0,55% max. (tasse incluse)* |
| Azione J EUR: 0,55% max. (tasse incluse)* |
| Azione J USD (H): 0,55% max. (tasse incluse)* |
| Azione K EUR: 0,70% max. (tasse incluse)* |
| Azione NC EUR: 0,55% max. (tasse incluse)* |
| Azione OC EUR: 0,55% max. (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF (H): 0,15% max. (tasse incluse)* |
| Azione A EUR: 0,15% max. (tasse incluse)* |
| Azione A USD (H): 0,15% max. (tasse incluse)* |
| Azione B EUR: 0,15% max. (tasse incluse)* |
| Azione B USD (H): 0,15% max. |
| Azione CR EUR: 0,15% max. (tasse incluse)* |
| Azione CR USD (H): 0,15% max. (tasse incluse)* |
| Azione CRD EUR: 0,15% max. (tasse incluse)* |
| Azione I CHF (H): 0,15% max. (tasse incluse)* |
| Azione I EUR: 0,15% max. (tasse incluse)* |
| Azione I USD (H): 0,15% max. (tasse incluse)* |
| Azione J EUR: 0,15% max. (tasse incluse)* |
| Azione J USD (H): 0,15% max. (tasse incluse)* |
| Azione K EUR: 0,15% max. (tasse incluse)* |
| Azione NC EUR: 0,15% max. (tasse incluse)* |
| Azione OC EUR: 0,15% max. (tasse incluse)* |
| Commissioni di movimentazione | Prelievo su ogni transazione | nessuna |

| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A CHF (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (coperto in CHF), con cedole reinvestite. |
| --- | --- | --- |
| Azione A EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in EUR), con cedole reinvestite. |
| Azione A USD (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (coperto in USD), con cedole reinvestite. |
| Azione B EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in EUR), con cedole reinvestite. |
| Azione B USD (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (coperto in USD), con cedole reinvestite. |
| Azione CR EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in EUR), con cedole reinvestite. |
| Azione CR USD (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in USD), con cedole reinvestite. |
| Azione CRD EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in EUR), con cedole reinvestite. |
| Azione I CHF (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (coperto in CHF), con cedole reinvestite. |
| Azione I EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in EUR), con cedole reinvestite. |

|  |  | Azione I USD (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (coperto in USD), con cedole reinvestite. |
| --- | --- | --- |
| Azione J EUR: 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (con copertura in EUR), con cedole reinvestite. |
| Azione J USD (H): 15% annuo della sovraperformance rispetto all'indice di riferimento ICE BofA Global Hybrid Non- Financial Corporate 5% Constrained Index (coperto in USD), con cedole reinvestite. |
| Azione K EUR: nessuna |
| Azione NC EUR: nessuna |
| Azione OC EUR: nessuna |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,15% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,15% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
(1) Commissione di sovraperformance
Saranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento:
-ICE BofA Global Hybrid non-Financial Corporate 5% Constrained Index, con cedole reinvestite, coperto ed espresso in euro per le categorie di azioni denominate in euro.
-ICE BofA Global Hybrid non-Financial Corporate 5% Constrained Index, con cedole reinvestite, coperto ed espresso in dollari USA per le categorie di azioni denominate in dollari USA.
-ICE BofA Global Hybrid non-Financial Corporate 5% Constrained Index, con cedole reinvestite, coperto ed espresso in franchi svizzeri per le categorie di azioni denominate in franchi svizzeri.
La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota-parte della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente acquisita dalla Società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
Il periodo di riferimento per il calcolo della commissione di sovraperformance si conclude alla data dell'ultimo valore patrimoniale netto di gennaio.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento è di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno, ossia il prima possibile il 31/01/2023. È al termine di tale periodo che sarà eventualmente possibile avviare nuovamente il meccanismo di compensazione per le sottoperformance passate.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento potrà essere prorogato quattro volte e potrà quindi raggiungere 5 anni o periodo inferiore se la sottoperformance sarà recuperata più rapidamente.
Al termine di un periodo di riferimento prorogato quattro volte e di cinque anni:
- qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
- qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene stabilito un nuovo periodo di riferimento definendo un nuovo anno di riferimento che dipende dalla compensazione dei periodi di sottoperformance con gli eventuali periodi di sovraperformance nel corso dei primi 5 anni. Se oltre al primo anno di sottoperformance si verifica un altro anno di sottoperformance in questo primo periodo di 5 anni, che non venga compensato al termine di questo primo periodo, si avvierà un nuovo periodo massimo di 5 anni a decorrere dall'inizio di questo nuovo anno di sottoperformance.

Esempi:
| 0% |  |  |  |  |  |  |  |  |  | 0% |  |  |  |  | 0 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Y1	Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Y11 | Y12 | Y13 | Y14 | Y15 | Y16 | Y17	Y18 | Y19 |

|  | Rendimento netto | La sottoperformance viene compensata l'anno seguente | Versamento di commissioni di performance |
| --- | --- | --- | --- |
| Anno 1 | 5% | 0% | SÌ |
| Anno 2 | 0% | 0% | NO |
| Anno 3 | -5% | -5% | NO |
| Anno 4 | 3% | -2% | NO |
| Anno 5 | 2% | 0% | NO |
| Anno 6 | 5% | 0% | SÌ |
| Anno 7 | 5% | 0% | SÌ |
| Anno 8 | -10% | -10% | NO |
| Anno 9 | 2% | -8% | NO |
| Anno 10 | 2% | -6% | NO |
| Anno 11 | 2% | -4% | NO |
| Anno 12 | 0% | 0% 29 | NO |
| Anno 13 | 2% | 0% | SÌ |
| Anno 14 | -6% | -6% | NO |
| Anno 15 | 2% | -4% | NO |
| Anno 16 | 2% | -2% | NO |
| Anno 17 | -4% | -6% | NO |
| Anno 18 | 0% | -4% 30 | NO |
| Anno 19 | 5% | 0% | SÌ |

29 La sottoperformance dell'anno 12 da riportare all'anno successivo (anno 13) è dello 0% (e non del -4%) , dato che la sottoperformance residua dell'anno 8 non ancora compensata (-4%) non è più rilevante, essendo trascorso il periodo di 5 anni (la sottoperformance dell'anno 8 è compensata fino all'anno 12).
30 La sottoperformance dell'anno 18 da riportare all'anno successivo (anno 19) è dello 4% (e non del -6%) , dato che la sottoperformance residua dell'anno 14 non ancora compensata (-2%) non è più rilevante, essendo trascorso il periodo di 5 anni (la sottoperformance dell'anno 14 è compensata fino all'anno 18).
Le spese di ricerca ai sensi dell'articolo 314-21 del Regolamento generale dell’AMF possono essere fatturate al comparto fino allo 0,01% del suo patrimonio netto.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d'investimento sottostanti acquisiti dal comparto EdR SICAV - Corporate Hybrid Bonds saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV – Millesima World 2028
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 06/05/2022. Il comparto è stato creato il 31 maggio 2022.
- Codice ISIN

| Azione A EUR: | FR0014008W22 |
| --- | --- |
| Azione A CHF (H): | FR0014008W14 |
| Azione A USD (H): Azione AC EUR: | FR0014008W30 FR0014008W48 |
| Azione B EUR: | FR0014008W55 |
| Azione B USD (H): | FR001400DLU8 |
| Azione CR EUR: | FR0014008W63 |
| Azione CR USD (H): | FR0014008W71 |
| Azione CRD EUR: | FR0014008W89 |
| Azione CRD USD (H): | FR0014008W97 |
| Azione I EUR: | FR0014008WB9 |
| Azione I CHF (H): | FR0014008WA1 |
| Azione I USD (H): | FR0014008WC7 |
| Azione J EUR: | FR0014008WD5 |
| Azione J CHF (H): | FR0014008WE3 |
| Azione J USD (H): | FR0014008WF0 |
| Azione K EUR: | FR0014008WG8 |
| Azione R EUR: | FR0014008WH6 |
| Azione PWM EUR: | FR0014008WI4 |
| Azione PWM USD (H): | FR0014008WJ2 |
| Azione PWMD EUR: | FR0014008WK0 |
| Azione PWMD USD (H): | FR0014008WL8 |

- Regime fiscale specificoNessuno
- Delega 
- della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- Livello di esposizione in altri OICVM, FIA e fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneMillesima World 2028 mira a conseguire, nell'orizzonte temporale d’investimento consigliato, rendimenti legati all'andamento dei mercati obbligazionari internazionali, in particolare mediante l'esposizione a titoli ad alto rendimento con scadenza massima a dicembre 2028.

L’obiettivo di gestione differisce, tenuto conto delle spese di gestione e amministrative, a seconda della categoria di azioni sottoscritta:
- Per le categorie di azioni A e B: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 3,30% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.
- Per la categoria di azioni AC: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 3,15% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.
- Per le categorie di azioni CR e CRD: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 4% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.
- Per le categorie di azioni I e J: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 4,05% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.
- Per la categoria di azioni K: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 3,90% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.
- Per la categoria di azioni R: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 2,90% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.
- Per le categorie di azioni PWM e PWMD: l'obiettivo di gestione è quello di conseguire un rendimento netto annualizzato superiore al 3,80% su un orizzonte d'investimento che decorre dal lancio del comparto fino al 31 dicembre 2028.

Questo obiettivo si basa sulla realizzazione di ipotesi di mercato decise dalla società di gestione. Non costituisce in alcun caso una promessa di rendimento o performance del comparto.
Tiene conto della stima del rischio di inadempimento, del costo della copertura e delle spese di gestione.
- Indice di riferimentoIl comparto non ha un indice di riferimento. La strategia d'investimento non è rappresentata dagli indici esistenti.
- Strategia d’investimento. Strategie utilizzate:Al fine di raggiungere il suo obiettivo di gestione, il gestore investirà in termini discrezionali, in particolare attraverso una strategia carry trade, su titoli di natura obbligazionaria con scadenza non superiore al 31 dicembre 2028.

Questi titoli rispecchieranno le previsioni del team obbligazionario della Società di gestione sui mercati del credito Investment Grade e High Yield (titoli speculativi che presentano un rischio d’insolvenza dell'emittente più elevato) emessi da società di tutte le zone geografiche.
Il comparto potrà investire, nel limite del 50% del suo patrimonio netto, in titoli obbligazionari emessi da società aventi sede in paesi emergenti. Tali obbligazioni saranno tuttavia denominate in una valuta dei paesi cosiddetti sviluppati (EUR, GBP, CHF, USD, JPY).
Il comparto potrà inoltre investire, fino al 100% del suo patrimonio netto, in obbligazioni sovrane emesse dai paesi sviluppati e fino al 10% del suo patrimonio netto in obbligazioni sovrane emesse dai paesi emergenti, a condizione che, da un lato, queste ultime emissioni siano denominate in una valuta dei paesi cosiddetti sviluppati (EUR, GBP, CHF, USD, JPY) e, dall'altro, gli investimenti complessivi del comparto nei paesi emergenti non superino il 50% del suo patrimonio netto.
La strategia non si limita alla detenzione di obbligazioni; la società di gestione potrà concludere arbitraggi nell'interesse del detentore di quote in caso di nuove opportunità di mercato o di individuazione di un aumento del rischio di inadempimento a termine da parte di uno degli emittenti in portafoglio.
Il gestore si dedicherà a selezionare le emissioni che ritiene essere le più interessanti al fine di ottimizzare la coppia rendimento/rischio del comparto.
Con l'approssimarsi della scadenza del comparto, esso sarà gestito in termini monetari e con riferimento al tasso medio del mercato monetario dell'euro (€Str capitalizzato). Previa approvazione dell'AMF, il comparto opterà quindi per una nuova strategia d'investimento, oppure per lo scioglimento o ancora sarà oggetto di fusione con un altro OICVM.
Al fine di raggiungere l'obiettivo di gestione, la strategia combinerà in primo luogo un approccio settoriale con un'analisi del credito.
Per selezionare i titoli del portafoglio, il gestore include inoltre sistematicamente nell'analisi finanziaria dei fattori ambientali, sociali e di governance (ESG).
L'universo d'investimento ESG è costituito dai seguenti titoli:
- obbligazioni societarie non finanziarie, denominate in euro e aventi un rating pari a BB o B secondo una media delle tre agenzie di rating finanziario Moody’s, S&P e Fitch incluse nell’indice ICE BofAML BB-B Euro Non-Financial H-Y Constrained Index (HEC5);
- obbligazioni societarie emesse da società ubicate o aventi il loro patrimonio complessivo in paesi cosiddetti emergenti ricompresi nell'indice J.P. Morgan CEMBI Broad Diversified (JBCDCOMP).

La Società di gestione:
- persegue un obiettivo di rating medio ESG del portafoglio superiore a quello di detto universo d'investimenti ESG;
- si è assicurata che questi 2 indici e la loro combinazione fossero pertinenti per le tematiche ESG e non introducessero orientamenti atti a facilitare il rispetto dei vincoli di rating ESG applicati al portafoglio;
- può selezionare titoli al di fuori di questi indici. Essa si assicurerà tuttavia che gli indici selezionati siano un elemento di confronto rilevante del rating ESG del comparto.

I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield o emessi da paesi emergenti all'interno del comparto hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Queste due percentuali sono espresse come capitalizzazione del patrimonio netto dell’investimento collettivo.
Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento.
Inoltre, il gestore non investirà nei titoli con i rating più bassi secondo il fornitore di rating esterno utilizzato dalla Società di Gestione.
Il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di esclusione di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto integra il rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione di gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Approccio Top Down
L’approccio Top Down si basa su un'analisi della situazione macroeconomica e interviene nell'ambito dell'allocazione geografica del portafoglio. Inserisce altresì, nell'ambito della gestione del comparto, l'aspetto normativo globale e locale entro il quale si evolvono gli emittenti.
Sfocia nella determinazione di scenari di mercato definiti sulla base di quanto anticipato dal team di gestione.
Tale analisi consente nella fattispecie di stabilire:
- il livello di esposizione ai vari settori economici nell'ambito del comparto emittenti privati. Questo sarà determinato in modo tale da mantenere una certa diversificazione;
- la ripartizione tra i vari rating all'interno delle categorie Investment Grade e High Yield (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è più consistente, il cui rating sia inferiore a BBB- secondo Standard & Poor's o equivalente ovvero che beneficiano di un rating interno equivalente della società di gestione) e tra i vari rating all'interno di dette categorie.

Il team di gestione cercherà di costruire un portafoglio diversificato sia in termini di emittenti che di settori.
L’analisi Top Down consente di avere una visione globale del comparto. Questa viene completata da un processo di selezione di titoli solidi (approccio Bottom Up).
Approccio Bottom Up
Tale processo mira a individuare, nell'ambito di uno stesso settore, gli emittenti che presentano un valore relativo superiore agli altri e che risultano pertanto essere più interessanti.
La modalità di selezione degli emittenti si basa su un’analisi fondamentale delle singole società.
L'analisi fondamentale si snoda attorno alla valutazione di specifici criteri, quali:
- la leggibilità della strategia aziendale;
- la sua salute finanziaria (regolarità dei Cash Flow nei diversi cicli economici, capacità di onorare i debiti contratti, resistenza agli stress-test, ecc.);
- i criteri extra-finanziari.

Nell’ambito dell’universo degli emittenti selezionati, la scelta delle esposizioni avverrà in funzione di caratteristiche quali il rating dell’emittente, la liquidità dei titoli o la loro scadenza.
A scopo di copertura dei propri attivi, di esposizione e/o di realizzazione dell'obiettivo di gestione, senza ricercare la sovresposizione e nel limite del 100% del patrimonio netto, il comparto potrà ricorrere a contratti finanziari, negoziati su mercati regolamentati (futures, opzioni quotate), organizzati o over-the-counter (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un'esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tasso, credito, cambio) o di esporsi ai rischi di tasso e di credito. In tale contesto, il gestore potrà adottare strategie volte principalmente a prevedere o a proteggere il comparto dai rischi di fallimento di uno o più emittenti o a esporre il portafoglio ai rischi di credito di uno o più emittenti. Tali strategie saranno implementate nella fattispecie tramite l’acquisto o la vendita di protezione tramite derivati di credito di tipo Credit Default Swap, su mono-enti di riferimento o su indici (iTraxx o CDX).
Il comparto potrà utilizzare titoli che integrino derivati, con le medesime modalità e i medesimi obiettivi di cui sopra per gli strumenti derivati.
In caso di conversione in azioni
Il comparto potrà detenere azioni fino al 5% del patrimonio netto risultanti dalla conversione di obbligazioni convertibili detenute in portafoglio e/o, in casi eccezionali, dalla ristrutturazione di titoli detenuti in portafoglio.
La sensibilità del comparto ai tassi d’interesse sarà compresa tra 0 e 7. Valute
Sarà fornita copertura del rischio di cambio rispetto all'euro. Potrà tuttavia sussistere un rischio di cambio residuo per una soglia massima del 2% del patrimonio netto.
-	Sugli attivi: Azioni:
Il comparto può detenere azioni fino al 5% del patrimonio netto risultanti dalla conversione di obbligazioni convertibili
detenute in portafoglio e/o, in casi eccezionali, dalla ristrutturazione di titoli detenuti in portafoglio.
Titoli di credito e strumenti del mercato monetario: (fino al 100% del patrimonio netto, di cui al massimo il 100% intitoli diretti).

##### Caratteristiche generali
| Sensibilità ai tassi d’interesse | - | [0; 7] |
| --- | --- | --- |
| Area geografica degli emittenti | Paesi sviluppati | max 100% del patrimonio netto |
| Paesi emergenti | max 50% del patrimonio netto |
| Valute OCSE (per i paesi emergenti: emissioni denominate esclusivamente in: EUR, GBP, CHF, USD, JPY) | max 100% del patrimonio netto |
| Livello di rischio di cambio | - | Residuo (max 2% del patrimonio netto) |


###### Ripartizione debito privato/debito pubblico
Per raggiungere l'obiettivo di gestione, il portafoglio potrà essere investito fino al 100% in debito privato o pubblico.

##### Criteri di rating
Il portafoglio potrà essere investito fino al 100% del patrimonio netto in titoli di categoria High Yield (titoli speculativi con un rating a lungo termine attribuito da Standard and Poor’s o equivalente inferiore a BBB-, o che presentino un rating interno equivalente della società di gestione). Il portafoglio potrà essere investito fino a un massimo del 15% in titoli con rating compreso tra CCC+ e CCC-. Il comparto potrà inoltre essere investito in titoli distressed (strumenti di debito ufficialmente in ristrutturazione o in stato d'insolvenza e valutati con un rating inferiore a CCC- secondo Standard & Poor’s o rating equivalente attribuito da un’altra agenzia indipendente, o ritenuto equivalente dal Gestore) entro il limite massimo del 5% del patrimonio netto.
Data l’esistenza di una scadenza massima per il comparto, il portafoglio potrà essere investito fino al 100% del patrimonio in titoli di qualità Investment Grade (che presentino un rating a lungo termine attribuito da Standard and Poor’s o equivalente superiore a BBB-, o beneficino di un rating interno equivalente della società di gestione) sotto forma di obbligazioni, titoli di debito o strumenti del mercato monetario.
Pertanto, con l'approssimarsi del fine vita del comparto e in virtù dell'arrivo a scadenza dei titoli di portafoglio, i reinvestimenti saranno effettuati in via preferenziale in strumenti del mercato monetario (direttamente o tramite OICR).
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di declassamento del rating di un emittente, la società di gestione esegue
obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Il comparto potrà essere investito integralmente in titoli a breve termine di durata inferiore a 3 mesi, in particolare durante la fase di lancio e all'approssimarsi della scadenza.

##### Natura giuridica degli strumenti utilizzati
Titoli di credito di qualsivoglia natura, tra cui, nello specifico:
- obbligazioni a tasso fisso, variabile o rivedibile
- obbligazioni convertibili
- EMTN (Euro Medium Term Notes)
- obbligazioni indicizzate all'inflazione
- titoli di credito negoziabili
- buoni fruttiferi
- BTF (Buoni del Tesoro a tasso fisso e interesse precalcolato)
- Buoni del Tesoro
- titoli negoziabili a medio termine
- Euro Commercial Paper (titolo negoziabile a breve termine emesso in euro da un ente straniero)Azioni o quote di altri organismi d’investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero:Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o FIA di diritto francese, di tipo monetario od obbligazionario. Questi OICR potranno essere gestiti dalla società di gestione o da una società collegata.

Contratti finanziari (nel limite complessivo fuori bilancio del 100% del patrimonio netto):
A fini di copertura dei propri attivi, di esposizione e/o di realizzazione del proprio obiettivo di gestione, senza ricerca di sovraesposizione, il comparto potrà ricorrere a contratti finanziari negoziati su mercati regolamentati (futures, opzioni quotate), organizzati oppure OTC (opzioni, swap, ecc.). In tale contesto, il gestore potrà costituire un'esposizione o una copertura sintetica su indici, settori di attività o aree geografiche. A tale titolo, il comparto potrà assumere posizioni al fine di coprire il portafoglio da determinati rischi (tasso, credito, cambio, azionario) o di esporsi ai rischi di tasso e di credito.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.

##### Natura dei mercati d'intervento:
- Mercati regolamentati
- Mercati organizzati
- Mercati over-the-counter


##### Rischi sui quali il gestore desidera intervenire:
- Rischio di tasso
- Rischio di cambio
- Rischio di credito
- Rischio azionario


##### Natura degli interventi, l'insieme delle operazioni che devono essere limitate alla realizzazione dell'obiettivo di gestione:
- Copertura
- Esposizione


##### Natura degli strumenti utilizzati:
- Opzioni su tassi
- Contratti a termine su tassi
- Future su tassi
- Opzioni su future su tassi
- Swap di tasso (tasso fisso/tasso variabile tutte le combinazioni e inflazione)
- Opzioni di cambio
- Future di cambio
- Opzioni su future di cambio
- Swap in valuta
- Cambio a termine
- Derivati di credito (Credit Default Swaps)
- Opzioni su CDS
- Opzioni (PUT) su indici azionari (a soli fini di copertura)Il comparto potrà inoltre ricorrere a contratti di cambio a termine negoziati over-the-counter sotto forma di Total Return Swap (TRS) su tasso e credito fino al 50% del patrimonio netto a fini di copertura o di esposizione. La quota prevista di patrimonio gestito oggetto di tali contratti è pari al 25%. Le controparti di tali operazioni contrattuali sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o equivalente o con rating giudicato equivalente dalla società di gestione). Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio di questo comparto.

La scadenza dei contratti finanziari sarà coerente con l’orizzonte temporale d’investimento del comparto.
L'esposizione a tali strumenti finanziari, mercati, tassi e/o a determinati loro parametri o componenti derivante dall'utilizzo di contratti finanziari non potrà essere superiore al 100% del patrimonio netto.
Titoli che integrano derivati (fino al 100% del patrimonio netto)
Per realizzare il suo obiettivo di gestione, il comparto potrà inoltre investire in strumenti finanziari contenenti dei derivati integrati. Il comparto potrà investire solo in obbligazioni callable, puttable, indicizzate e/o convertibili o in warrant fino al 100% del patrimonio netto.
Prestiti in contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/riscatto, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli
Ai fini di una gestione efficace del comparto e conformemente agli obiettivi d’investimento, il comparto potrà concludere operazioni di acquisizione e cessione temporanee di titoli riguardanti titoli finanziari idonei o strumenti del mercato monetario, entro un limite del 100% del patrimonio netto. Più precisamente, tali operazioni consisteranno in operazioni di pronti contro termine su titoli obbligazionari o di credito di paesi della zona euro e saranno realizzate nell'ambito della gestione di cassa e/o dell'ottimizzazione dei proventi del comparto.
La quota prevista del patrimonio gestito oggetto di tali operazioni sarà pari al 10% del patrimonio netto.
Le controparti di tali operazioni sono istituzioni finanziarie di prim'ordine con sede nei paesi dell'OCSE e con rating minimo Investment Grade (rating pari o superiore a BBB- secondo Standard and Poor's o agenzia equivalente o con rating giudicato equivalente dalla società di gestione).
Queste controparti non dispongono di alcun potere sulla composizione o sulla gestione del portafoglio del comparto. Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Informazioni supplementari sono disponibili nella sezione relativa alle spese e commissioni sulle remunerazioni delle cessioni e delle acquisizioni temporanee.
Depositi
Il comparto potrà effettuare depositi presso il depositario nel limite massimo del 20% del proprio patrimonio netto.
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###### Investimento tra comparti

Il comparto può investire fino al 10% del suo patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.
L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- 
###### Profilo di rischio

Il capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.
I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le quote per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'evoluzione dei diversi mercati (azioni, obbligazioni, strumenti monetari, materie prime, valute). Sussiste il rischio che il comparto non sia investito in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione degli azionisti sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade" secondo un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con un rating interno equivalente attribuito dalla Società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. L’OICVM deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli a “rendimento elevato/High Yield” (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto. Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio legato all'investimento sui mercati emergenti:
Il comparto potrà essere esposto ai mercati emergenti. Oltre ai rischi propri a ciascuna delle società emittenti, esistono dei rischi esogeni, più in particolare su questi mercati. Si richiama inoltre l'attenzione degli investitori sul fatto che le condizioni di funzionamento e di sorveglianza di questi mercati possono allontanarsi dagli standard prevalenti sulle grandi piazze internazionali. Di conseguenza, l’eventuale detenzione di tali titoli può aumentare il livello di rischio di portafoglio. I movimenti al ribasso del mercato possono essere più evidenti e più rapidi rispetto
ai paesi sviluppati e il valore patrimoniale netto potrà diminuire maggiormente e più velocemente. Infine le società detenute in portafoglio possono vantare uno Stato tra i loro azionisti.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischi legati alle operazioni di acquisizione e cessione temporanee di titoli e ai Total Return Swap:
Il ricorso a operazioni di finanziamento tramite titoli e a total return swap e la gestione delle relative garanzie possono comportare alcuni rischi specifici, quali i rischi operativi o il rischio di conservazione. Pertanto, il ricorso a queste operazioni può comportare effetti negativi sul valore patrimoniale netto del comparto.
Rischio legale:
Si tratta del rischio di redazione inadeguata dei contratti conclusi con le controparti nelle operazioni temporanee di acquisto e vendita di titoli e nei contratti di total return swap.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
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###### Garanzia o protezione

Nessuna.
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###### Sottoscrittori interessati e profilo dell’investitore tipo

Azioni A EUR, A CHF (H), A USD (H), AC EUR, B EUR e B USD (H): tutti i sottoscrittori.
Azioni I EUR, I CHF (H), I USD (H), J EUR, J CHF (H) e J USD (H): persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Azioni K EUR: investitori istituzionali.
Azioni R EUR: tutti i sottoscrittori, in particolare destinata ad essere collocata da Distributori appositamente selezionati dalla società di gestione.
Azioni CR EUR, CR USD (H), CRD EUR e CRD USD (H): tutti i sottoscrittori, queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) solo nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Azioni PWM EUR, PWMD EUR, PWM USD e PWMD USD: dedicata a Banque Privée EdR nel contesto dei servizi finanziari prestati ai suoi clienti.
Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Pertanto, non sono aperte alla sottoscrizione da parte degli investitori al dettaglio di tutte le giurisdizioni.
Questo comparto è destinato a investitori che desiderano ottimizzare i propri investimenti obbligazionari attraverso un portafoglio con l'obiettivo di conseguire rendimenti legati all'andamento dei mercati obbligazionari internazionali, in particolare mediante l'esposizione a titoli ad alto rendimento con scadenza massima a dicembre 2028. Si richiama l'attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione "profilo di rischio".
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di OICR target che possono partecipare a nuove emissioni di titoli statunitensi (“US IPO”) o partecipare direttamente a delle quotazioni in borsa negli USA (“US IPO”). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di OICR), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una “Persona statunitense” secondo la definizione del “Regolamento S”, o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per conoscerlo, si raccomanda all'azionista di avvalersi della consulenza di professionisti, al fine di diversificare i suoi investimenti e determinare la proporzione del portafoglio finanziario o del patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata raccomandata dell’investimento: fino al 31 dicembre 2028
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###### Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni “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)” e “R EUR”. | Azioni “B EUR”, “B USD (H)”, “CRD EUR”, “CRD USD (H)”, “J CHF (H)”, “J EUR” ,“J USD (H)” “PWMD EUR” e “PWMD USD (H)” |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Assegnazione delle plusvalenze o delle minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o riporto (totale o parziale) su decisione della Società di gestione |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
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###### Frequenza di distribuzione

Azioni di capitalizzazione: non applicabile
Azioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- 
###### Caratteristiche delle azioni

Il comparto comprende 21 categorie di azioni: Azioni “A CHF (H)”, “A EUR”, “A USD (H)”, “AC EUR”, “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”, “R EUR”, “PWM EUR”, “PWM USD (H)”, “PWMD EUR” e “PWMD USD (H)”.
L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L’azione A USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione AC EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione B USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione CR USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L’azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L’azione CRD USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione I USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L'azione J CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione J USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni. L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione R EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L’azione PWM EUR è denominata in euro ed è espressa in azioni o millesimi di azioni.
L'azione PWM USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni.
L’azione PWMD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione PWMD USD (H) è denominata in dollari ed è espressa in azioni o millesimi di azioni.
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###### Modalità di sottoscrizione e rimborso

Data e periodicità del valore patrimoniale netto:
Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.).
Valore patrimoniale netto iniziale:
| Azione A CHF (H): | 100 franchi svizzeri |
| --- | --- |
| Azione A EUR: | 100 € |
| Azione A USD (H): Azione AC EUR: | 100 $ 100 € |
| Azione B EUR: | 100 € |
| Azione B USD (H): | 100 $ |
| Azione CR EUR: | 100 € |
| Azione CR USD (H): | 100 $ |
| Azione CRD EUR: Azione CRD USD (H): | 100 € 100 $ |
| Azione I CHF (H): | 100 franchi svizzeri |
| Azione I EUR: | 100 € |
| Azione I USD (H): | 100 $ |
| Azione J EUR: Azione J CHF (H): | 100 € 100 franchi svizzeri |
| Azione J USD (H): | 100 $ |
| Azione K EUR: | 100 € |
| Azione R EUR: Azione PWM EUR: Azione PWM USD (H): Azione PWMD EUR: Azione PWMD USD (H): | 100 € 1.000 € 1.000 $ 1.000 € 1.000 $ |

Importo minimo della sottoscrizione iniziale:
| Azione A CHF (H): | 1 Azione |
| --- | --- |
| Azione A EUR: | 1 Azione |
| Azione A USD (H): Azione AC EUR: | 1 Azione 1 Azione |
| Azione B EUR: | 1 Azione |
| Azione B USD (H): | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD (H): | 1 Azione |
| Azione CRD EUR: Azione CRD USD (H): | 1 Azione 1 Azione |
| Azione I CHF (H): | 1.000.000 franchi svizzeri |
| Azione I EUR: | 1.000.000 € |
| Azione I USD (H): | 1.000.000 $ |
| Azione J EUR: Azione J CHF (H): | 1.000.000 € 1.000.000 franchi svizzeri |

| Azione J USD (H): Azione K EUR: Azione R EUR: Azione PWM EUR: Azione PWM USD (H): Azione PWMD EUR: Azione PWMD USD (H): | 1.000.000 $ 1.000.000 $ 1 Azione 1.000 € 1.000 $ 1.000 € 1.000 $ |
| --- | --- |

Importo minimo di sottoscrizione successiva:
| Azione A CHF (H): | 1 millesimo di azione |
| --- | --- |
| Azione A EUR: | 1 millesimo di azione |
| Azione A USD (H): Azione AC EUR: | 1 millesimo di azione 1 millesimo di azione |
| Azione B EUR: | 1 millesimo di azione |
| Azione B USD (H): | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD (H): | 1 millesimo di azione |
| Azione CRD EUR: Azione CRD USD (H): | 1 millesimo di azione 1 millesimo di azione |
| Azione I CHF (H): | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I USD (H): | 1 millesimo di azione |
| Azione J EUR: Azione J CHF (H): | 1 millesimo di azione 1 millesimo di azione |
| Azione J USD (H): | 1 millesimo di azione |
| Azione K EUR: Azione R EUR: | 1 millesimo di azione 1 millesimo di azione |
| Azione PWM EUR: Azione PWM USD (H): Azione PWMD EUR: Azione PWMD USD (H): | 1 millesimo di azione 1 millesimo di azione 1 millesimo di azione 1 millesimo di azione |

Condizioni di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazion e degli ordini di sottoscrizione | Centralizzazion e degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
Durante il periodo di commercializzazione del comparto, la società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: “Regole di valutazione degli attivi”.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 5% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 5% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra il numero di azioni del comparto da rimborsare o l’importo totale di tali rimborsi e il numero di azioni del comparto da sottoscrivere o l’importo totale di tali sottoscrizioni; e
- il patrimonio netto o il numero totale di azioni del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 10% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 5% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 8% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 50%, ove fosse applicato rigorosamente il limite massimo del 5%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli azionisti:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
Gli ordini di rimborso differiti non avranno priorità sulle richieste di rimborso successive. Gli ordini di rimborso non evasi e automaticamente differiti non possono essere revocati da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione.
Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento della SICAV. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al
centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Possibilità prevista di limitare o di interrompere le sottoscrizioni:
Il periodo di commercializzazione dura 12 mesi a decorrere dalla data di lancio del comparto. Tuttavia, tale periodo potrà essere chiuso in anticipo se gli importi non ancora liquidati del comparto superano i 150 milioni di euro. Al termine di tale periodo, il comparto sarà chiuso a qualsiasi sottoscrizione (salvo nel contesto di una sottoscrizione concomitante ad un rimborso da parte dello stesso investitore riguardante lo stesso importo ed eseguita alla stessa data di valore patrimoniale netto).
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di riscatto:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisitespettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Comparto EdR SICAV - Millesima World 2028 | Valore patrimoniale netto x numero di azioni | Azione A CHF (H): max 4% |
| Azione A EUR: max 4% |
| Azione A USD (H): max 4% |
| Azione AC EUR: max 4% |
| Azione B EUR: max 4% |
| Azione B USD (H): max 4% |
| Azione CR EUR: max 4% |
| Azione CR USD (H): max 4% |
| Azione CRD EUR: max 4% |
| Azione CRD USD (H): max 4% |
| Azione I CHF (H): nessuno |
| Azione I EUR: nessuno |
| Azione I USD (H): nessuno |
| Azione J EUR: nessuno |
| Azione J CHF (H): nessuno |
| Azione J USD (H): nessuno |
| Azione K EUR: nessuno |
| Azione R EUR: max 4% |
| Azione PWM EUR: nessuno |
| Azione PWM USD (H): nessuno |
| Azione PWMD EUR: nessuno |
| Azione PWMD USD (H): nessuno |
| Commissione di sottoscrizione corrisposta al Comparto EdR SICAV - Millesima World 2028 | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuno |
| Commissione di rimborso non corrisposta al Comparto EdR SICAV - Millesima World 2028 | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuno |

| Commissione di rimborso corrisposta al Comparto EdR SICAV - Millesima World 2028 | Valore patrimoniale netto x numero di azioni | Per tutte le categorie di azioni: nessuno |
| --- | --- | --- |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle azioni dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate alla SICAV | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A CHF (H): 1,10% max. (tasse incluse)* |
| Azione A EUR: 1,10% max. (tasse incluse)* |
| Azione A USD (H): 1,10% max. (tasse incluse)* |
| Azione AC EUR: 1,25% max. (tasse incluse)* |
| Azione B EUR: 1,10% max. (tasse incluse)* |
| Azione B USD (H): 1,10% max. |
| Azione CR EUR: 0,40% max. (tasse incluse)* |
| Azione CR USD (H): 0,40% max. (tasse incluse)* |
| Azione CRD EUR: 0,40% max. (tasse incluse)* |
| Azione CRD USD (H): 0,40% max. (tasse incluse)* |
| Azione I CHF (H): 0,35% max. (tasse incluse)* |
| Azione I EUR: 0,35% max. (tasse incluse)* |
| Azione I USD (H): 0,35% max. (tasse incluse)* |
| Azione J EUR: 0,35% max. (tasse incluse)* |
| Azione J CHF (H): 0,35% max. (tasse incluse)* |
| Azione J USD (H): 0,35% max. (tasse incluse)* |
| Azione K EUR: 0,50% max. (tasse incluse)* |
| Azione R EUR: 1,50% max. (tasse incluse)* |
| Azione PWM EUR: 0,60% max. (tasse incluse)* |
| Azione PWM USD (H): 0,60% max. (tasse incluse)* |
| Azione PWMD EUR: 0,60% max. (tasse incluse)* |
| Azione PWMD USD (H): 0,60% max. (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A CHF (H): 0,10% max. (tasse incluse)* |
| Azione A EUR: 0,10% max. (tasse incluse)* |
| Azione A USD (H): 0,10% max. (tasse incluse)* |
| Azione AC EUR: 0,10% max. (tasse incluse)* |
| Azione B EUR: 0,10% max. (tasse incluse)* |
| Azione B USD (H): 0,10% max. |
| Azione CR EUR: 0,10% max. (tasse incluse)* |
| Azione CR USD (H): 0,10% max. (tasse incluse)* |
| Azione CRD EUR: 0,10% max. (tasse incluse)* |

|  |  | Azione CRD USD (H): 0,10% max. (tasse incluse)* |
| --- | --- | --- |
| Azione I CHF (H): 0,10% max. (tasse incluse)* |
| Azione I EUR: 0,10% max. (tasse incluse)* |
| Azione I USD (H): 0,10% max. (tasse incluse)* |
| Azione J EUR: 0,10% max. (tasse incluse)* |
| Azione J CHF (H): 0,10% max. (tasse incluse)* |
| Azione J USD (H): 0,10% max. (tasse incluse)* |
| Azione K EUR: 0,10% max. (tasse incluse)* |
| Azione R EUR: 0,10% max. (tasse incluse)* |
| Azione PWM EUR: 0,10% max. (tasse incluse)* |
| Azione PWM USD (H): 0,10% max. (tasse incluse)* |
| Azione PWMD EUR: 0,10% max. (tasse incluse)* |
| Azione PWMD USD (H): 0,10% max. (tasse incluse)* |
| Commissioni di movimentazione | Prelievo su ogni transazione | Nessuno |

| Commissione di sovraperformance (1) | Patrimonio netto del comparto | Azione A EUR: 10% l’anno della sovraperformance rispetto a un tasso fisso del 3,30%. |
| --- | --- | --- |
| Azione A CHF (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 3,30%. |
| Azione A USD (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 3,30%. |
| Azione AC EUR: nessuno |
| Azione B EUR: 10% l’anno della sovraperformance rispetto a un tasso fisso del 3,30%. |
| Azione B USD (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 3,30%. |
| Azione CR EUR: 10% l’anno della sovraperformance rispetto a un tasso fisso del 4%. |
| Azione CR USD (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 4%. |
| Azione CRD EUR: 10% l’anno della sovraperformance rispetto a un tasso fisso del 4%. |
| Azione CRD USD (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 4%. |
| Azione I EUR: 10% l’anno della sovraperformance rispetto a un tasso fisso del 4,05%. |
| Azione I CHF (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 4,05%. |
| Azione I USD (H): 10% l’anno della sovraperformance rispetto a un tasso fisso del 4,05%. |
| Azione J EUR:  10% l’anno della sovraperformance rispetto a un tasso fisso del 4,05%. |
| Azione J CHF (H):  10% l’anno della sovraperformance rispetto a un tasso fisso del 4,05%. |
| Azione J USD (H):  10% l’anno della sovraperformance rispetto a un tasso fisso del 4,05%. |
| Azione K EUR : nessuno |
| Azione R EUR:  10% l’anno della sovraperformance rispetto a un tasso fisso del 2,90%. |
| Azione PWM EUR:  10% l’anno della sovraperformance rispetto a un tasso fisso del 3,80%. |
| Azione PWM USD (H):  10% l’anno della sovraperformance rispetto a un tasso fisso del 3,80%. |
| Azione PWMD EUR:  10% l’anno della sovraperformance rispetto a un tasso fisso del 3,80%. |

|  |  | Azione PWMD USD (H):  10% l’anno della sovraperformance rispetto a un tasso fisso del 3,80%. |
| --- | --- | --- |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,15% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,15% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
-  Commissione di sovraperformanceSaranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Soglia di riferimento:La soglia di riferimento è fissata a:
- un tasso fisso annuo del 3,30% per le categorie di azioni A e B;
- un tasso fisso annuo del 4% per le categorie di azioni CR e CRD;
- un tasso fisso annuo del 4,05% per le categorie di azioni I e J;
- un tasso fisso annuo del 2,90% per la categorie di azioni R;
- un tasso fisso annuo del 3,80% per le categorie di azioni PWM e PWMD.

La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce il rendimento della soglia di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui il rendimento dell'azione è superiore a quello della soglia di riferimento pro rata temporis, viene applicato un accantonamento del 10% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino la soglia di riferimento, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota-parte della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente acquisita dalla Società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
I periodi di riferimento si concludono in corrispondenza dell'ultimo valore patrimoniale netto del mese di giugno.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento è di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno, ossia il prima possibile il 30/06/2023.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello della sua soglia di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento può essere prorogato fino a quattro volte e potrà quindi avere una durata massima di 5 anni.
Al termine di un periodo di riferimento prorogato quattro volte e di cinque anni:
- qualora l’azione abbia un rendimento superiore a quello della sua soglia di riferimento, verrà riconosciuta e percepita una commissione di sovraperformance. Inizia un nuovo periodo di riferimento;
- qualora l'azione abbia un rendimento inferiore a quello della sua soglia di riferimento, non verrà applicata alcuna commissione. Viene stabilito un nuovo periodo di riferimento definendo un nuovo anno di riferimento che dipende dalla compensazione dei periodi di sottoperformance con gli eventuali periodi di sovraperformance nel corso dei primi 5 anni. Se oltre al primo anno di sottoperformance si verifica un altro anno di sottoperformance in questo primo periodo di 5 anni, che non venga compensato al termine di questo primo periodo, si avvierà un nuovo periodo massimo di 5 anni a decorrere dall'inizio di questo nuovo anno di sottoperformance.

Esempi:
| 0% |  |  |  |  |  |  |  |  |  | 0% |  |  |  |  | 0 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Y1	Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Y11 | Y12 | Y13 | Y14 | Y15 | Y16 | Y17	Y18 | Y19 |

|  | Rendimento netto | La sottoperformance viene compensata l'anno seguente | Versamento di commissioni di performance |
| --- | --- | --- | --- |
| Anno 1 | 5% | 0% | SÌ |
| Anno 2 | 0% | 0% | NO |
| Anno 3 | -5% | -5% | NO |
| Anno 4 | 3% | -2% | NO |
| Anno 5 | 2% | 0% | NO |
| Anno 6 | 5% | 0% | SÌ |
| Anno 7 | 5% | 0% | SÌ |
| Anno 8 | -10% | -10% | NO |
| Anno 9 | 2% | -8% | NO |
| Anno 10 | 2% | -6% | NO |
| Anno 11 | 2% | -4% | NO |
| Anno 12 | 0% | 0% 29 | NO |
| Anno 13 | 2% | 0% | SÌ |
| Anno 14 | -6% | -6% | NO |
| Anno 15 | 2% | -4% | NO |
| Anno 16 | 2% | -2% | NO |
| Anno 17 | -4% | -6% | NO |
| Anno 18 | 0% | -4% 30 | NO |
| Anno 19 | 5% | 0% | SÌ |

29 La sottoperformance dell'anno 12 da riportare all'anno successivo (anno 13) è dello 0% (e non del -4%) , dato che la sottoperformance residua dell'anno 8 non ancora compensata (-4%) non è più rilevante, essendo trascorso il periodo di 5 anni (la sottoperformance dell'anno 8 è compensata fino all'anno 12).
30 La sottoperformance dell'anno 18 da riportare all'anno successivo (anno 19) è dello 4% (e non del -6%) , dato che la sottoperformance residua dell'anno 14 non ancora compensata (-2%) non è più rilevante, essendo trascorso il periodo di 5 anni (la sottoperformance dell'anno 14 è compensata fino all'anno 18).
Le spese di ricerca ai sensi dell'articolo 314-21 del Regolamento generale dell’AMF possono essere fatturate al comparto fino allo 0,01% del suo patrimonio netto 
fino alla chiusura delle sottoscrizioni e allo 0,001% del suo patrimonio netto al termine di tale chiusura.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d'investimento sottostanti acquisiti dal comparto EdR SICAV - Millesima World 2028 saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di Total Return Swap (TRS) nonché su qualsiasioperazione equivalente in diritto estero:
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati da tali operazioni sono a totale beneficio del comparto.
EdR SICAV – European Sustainable Smaller Companies
- Data di creazioneIl comparto è stato autorizzato dall’Autorité des Marchés Financiers il 11/10/2022. Il comparto è stato creato il 08 dicembre 2022.
- Codice ISIN

| Azione A EUR: | FR0014009Z77 |
| --- | --- |
| Azione A CHF (H): | FR0014009ZB0 |
| Azione A USD: | FR001400DLM5 |
| Azione A USD (H): | FR0014009Z51 |
| Azione B EUR: | FR0014009Z69 |
| Azione B USD | FR0014009ZI5 |
| Azione CR EUR: | FR0014009ZH7 |
| Azione CR USD: | FR0014009ZG9 |
| Azione CRD EUR: | FR0014009Z93 |
| Azione I CHF (H): | FR0014009ZA2 |
| Azione I EUR: | FR0014009ZC8 |
| Azione I USD: | FR001400DLN3 |
| Azione I USD (H): | FR0014009ZD6 |
| Azione J EUR: | FR0014009ZE4 |
| Azione K EUR: | FR0014009ZF1 |
| Azione N EUR: | FR0014009Z85 |
| Azione O EUR: | FR0014009ZJ3 |
| Azione S EUR: | FR001400DLO1 |

- Regime fiscale specificoIdoneo al PEA.
- Delega della gestione finanziariaEdmond de Rothschild Asset Management (France) delega in modo parziale la gestione contabile della SICAV a: Edmond de Rothschild (Suisse) S.A.

Tale delega di gestione finanziaria concerne la copertura dal rischio di cambio delle azioni coperte.
- Livello di esposizione in altri OICVM, FIA e fondi d’investimento di diritto esteroFino al 10% del patrimonio netto.
- Obiettivo di gestioneL'obiettivo del comparto è, per l'orizzonte d'investimento consigliato, ottenere un rendimento superiore a quello del suo indice di riferimento, il MSCI UEM Small Cap (NR), esponendosi al mercato delle imprese europee principalmente a piccola e media capitalizzazione. 

Tali società saranno selezionate sulla base di un’analisi che combina redditività finanziaria e rispetto di criteri ESG (ambiente, sociale, e governance). A questo proposito, il comparto intende, attraverso i suoi investimenti, sviluppare la creazione di posti di lavoro in cicli da 3 a 5 anni, secondo l'analisi della società di gestione, e quindi rafforzare il tessuto delle piccole e medie capitalizzazioni in Europa.
Il comparto è gestito attivamente; il Gestore prende decisioni d'investimento per quanto riguarda la selezione degli attivi senza vincoli di allocazione settoriali o geografici.
- Indice di riferimentoIl comparto è gestito attivamente e utilizza l'indice di riferimento a fini di confronto e del calcolo della commissione di performance ex post.

Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafoglio, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
L’indice di riferimento utilizzato è l'MSCI EMU Small Cap (NR) dividendi netti reinvestiti. Esso è espresso nella valuta dell'azione in questione.
L'indice di riferimento per le classi di azioni (H) denominate in CHF e USD è l'indice MSCI EMU Small Cap (NR) dividendi netti reinvestiti, coperto ed denominato nella valuta della classe di azioni corrispondente.
L'indice MSCI UEM Small Cap riflette i cambiamenti nei titoli a piccola capitalizzazione di 10 paesi sviluppati dell'Unione economica e monetaria europea. Per maggiori informazioni su questo indice, consultare www.msci.com.
MSCI Limited, amministratore dell'indice (sito Web http://www.msci.com), non è iscritta nel registro degli amministratori e degli indici di riferimento tenuto dall'ESMA e beneficia del regime transitorio di cui all'articolo 51 del Regolamento Benchmark.
.
In conformità al regolamento (UE) 2016/1011 del Parlamento europeo e del Consiglio dell’8 giugno 2016, la società di gestione dispone di una procedura di monitoraggio degli indici di riferimento utilizzati che descrive le misure da adottare in caso di modifiche sostanziali apportate a un indice ovvero di cessazione della fornitura di tale indice.
- Strategia d’investimento. Strategie utilizzatePer raggiungere il suo obiettivo, il gestore selezionerà società europee principalmente a piccola capitalizzazione (meno di 5 miliardi di euro) e media capitalizzazione (tra 5 e 10 miliardi di euro). Le società con una capitalizzazione inferiore a 5 miliardi di euro al momento dell'investimento rappresenteranno permanentemente almeno il 51% del patrimonio netto. Il comparto investirà in modo permanente almeno il 75% del suo patrimonio netto in azioni e altri titoli idonei al PEA emessi da società con sede legale nell'Unione europea o in uno Stato dello Spazio economico europeo (SEE) e fino al 25% del suo patrimonio netto in azioni europee e altri titoli analoghi emessi da società con sede in un paese non SEE, in particolare la Svizzera e il Regno Unito.

Tale selezione sarà effettuata sulla base sia di criteri finanziari che di criteri extra-finanziari ESG (ambiente, sociale e governance) in modo da soddisfare le esigenze d’investimento socialmente responsabile.
L'universo d'investimento ESG iniziale del portafoglio consiste in titoli europei a piccola e media capitalizzazione, compresa tra €50 milioni e €10 miliardi di euro.
Tutti i titoli che compongono l’universo d’investimento ESG iniziale del portafoglio sono oggetto di una doppia analisi extra-finanziaria e prospettica occupazionale, illustrata più dettagliatamente di seguito. L’universo d’investimento sarà ridotto eliminando il 20% degli emittenti meno idonei secondo l'analisi extra-finanziaria.
Poi, da questo universo d'investimento ridotto, il gestore eliminerà le aziende con una prospettiva occupazionale "negativa".

##### Analisi dei criteri extra-finanziari:
Tale analisi permette di selezionare i titoli secondo un rating ESG definito dalla società di gestione, che ordina i titoli secondo i seguenti criteri di natura Ambientale, Sociale e di Governance d’impresa:
- Ambientali: consumo energetico, emissioni di gas a effetto serra, acqua, rifiuti, inquinamento, strategia di gestione ambientale, impatto ambientale;
- criteri sociali: qualità del lavoro, gestione delle risorse umane, impatto sociale, salute e sicurezza;
- Governance: struttura degli organi di governance/amministrativi, politica retributiva, audit e controllo interno, interesse degli azionisti.

Il modello di rating ISR è stato definito:
- secondo un approccio Best-in-Universe, ovvero volto a favorire le imprese più performanti, a prescindere dal rating finanziario, dalle dimensioni o dal settore;
- con ponderazioni diverse dei 3 pilastri ESG per settore di attività, in funzione dei fattori specifici di ciascun settore: ai 3 pilastri extra-finanziari vengono infatti attribuite ponderazioni più o meno elevate in funzione del settore considerato, per cui ogni singolo pilastro ha un peso diverso. Ad esempio, le tematiche ambientali saranno piùimportanti per un’azienda chimica, mentre una società del settore dei servizi alle imprese avrà una ponderazione maggiore per i fattori sociali.

Per stabilire se l'azienda valutata rispecchia le caratteristiche di impresa responsabile e sostenibile definite dalla società di gestione, quest'ultima realizza uno studio che termina con l'attribuzione di un rating ESG interno, secondo una scala di 7 valori compresi tra AAA e CCC. Il rating corrisponde alla somma dei risultati ottenuti per i diversi criteri E, S, G della griglia di rating definita dagli analisti.
In assenza di un rating interno, il gestore si basa sul rating ESG fornito da un'agenzia di rating extra-finanziaria.
Almeno il 90% delle società incluse nel portafoglio hanno un rating ESG interno o fornito da un’agenzia di rating esterna.
La metodologia di rating esterna potrebbe non essere identica all'approccio metodologico di calcolo dei rating proprietari. In generale, il gestore è responsabile della selezione dei titoli che soddisfano i criteri extra-finanziari più idonei all’approccio della società di gestione.
In caso di declassamento del rating ESG esterno di un emittente che incide sui limiti ESG del portafoglio, la società di gestione esegue un’analisi dettagliata di tale emittente per determinare se può essere mantenuto o se deve essere venduto al più presto e nell’interesse dei detentori di quote.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.

##### Prospettiva occupazionale
Attraverso questi investimenti, la strategia cercherà in particolare d'investire in imprese che creano o sono suscettibili di creare posti di lavoro nei prossimi anni (senza pregiudicare il numero di posti di lavoro esistenti).
La "prospettiva occupazionale" è il risultato di un’analisi interna che combina lo studio dei cambiamenti passati della forza lavoro nel corso degli ultimi 3 - 5 anni e le prospettive occupazionali degli emittenti nei prossimi anni. La selezione delle aziende quotate in base a questo criterio si basa su filtri quantitativi, vari lavori di ricerca e scambi con le aziende. In base a questa valutazione, la società di gestione assegna a ciascun emittente un punteggio "prospettiva di lavoro" su una scala di 3 livelli: "positivo", "neutro" o "negativo". Sono ammissibili solo le aziende con una prospettiva occupazionale "positiva" o "neutrale".
Il portafoglio comprende quindi le imprese che, secondo le analisi di Edmond de Rothschild Asset Management (France), hanno le migliori prospettive di creazione di posti di lavoro in una finestra mobile di tre-cinque anni, soddisfano i requisiti dei criteri ESG e presentano un potenziale di prestazione su un orizzonte minimo di cinque anni.
Gli indicatori di performance misurabili sono monitorati dal gestore. Gli indicatori utilizzati sono la forza lavoro equivalente a tempo pieno alla fine dell'anno, come comunicato dalle società su 3 anni e 5 anni consecutivi. Questo elenco di indicatori non è esaustivo. La relazione d'impatto del comparto è disponibile sul sito web della Società di gestione.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d'investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con
riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l'impronta di carbonio dei diversi ambiti, la strategia climatica dell'azienda e gli obiettivi di riduzione dei gas a effetto serra, nonché il valore aggiunto ambientale di prodotti e servizi, la progettazione eco-compatibile, ecc. Il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Limiti metodologici
L'attuazione di una strategia extra-finanziaria presenta dei limiti metodologici. In effetti, le informazioni ESG disponibili da fornitori di dati terzi o dagli stessi emittenti possono essere incomplete, imprecise, frammentarie o non disponibili, il che può avere un impatto negativo su un portafoglio che si basa su tali dati per valutare inclusione o esclusione di un titolo.
L’investimento tramite OICR sarà limitato al 10% del patrimonio netto.
Nel limite del 100% del patrimonio netto, il comparto potrà ricorrere, a fini di copertura ed esposizione, a strumenti derivati OTC o a contratti finanziari negoziati su un mercato regolamentato europeo.
L’investimento del portafoglio in titoli di credito e strumenti del mercato monetario potrà rappresentare al massimo il 25% del portafoglio, a fini di gestione della liquidità. Tali strumenti saranno emessi nella categoria "investment grade" (ovvero per i quali il rischio d’insolvenza degli emittenti è il meno elevato), definita dalle agenzie di rating indipendenti, o beneficeranno di un rating interno equivalente assegnato dalla società di gestione.
Tutti questi titoli saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra- finanziari summenzionati.
Attivi utilizzati
Azioni:
Il comparto investe in società europee, principalmente a piccola capitalizzazione (meno di 5 miliardi di euro) e media capitalizzazione (tra 5 e 10 miliardi di euro). Le società con una capitalizzazione inferiore a 5 miliardi al momento dell'investimento rappresenteranno permanentemente almeno il 51% del patrimonio netto. Il comparto investe costantemente almeno il 75% del suo patrimonio netto in titoli idonei al PEA.
Le società che emettono tali titoli devono avere sede legale nell'Unione europea o in uno Stato dello Spazio economico europeo (SEE) e fino al 25% del suo patrimonio netto in azioni europee e altri titoli analoghi emessi da società con sede in un paese non SEE, in particolare la Svizzera e il Regno Unito.
Titoli di credito e strumenti del mercato monetario
L’investimento del portafoglio in titoli di credito e strumenti del mercato monetario potrà rappresentare al massimo il 25% del portafoglio, a fini di gestione della liquidità.
Gli strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra-finanziari summenzionati.
L’attivo del comparto nell’ambito della gestione della liquidità potrà comprendere titoli di credito oppure obbligazioni denominati in Euro. Questi strumenti, di durata residua inferiore a tre mesi, saranno emessi senza limitazione di ripartizione debito pubblico/debito privato da stati sovrani, da istituti assimilati o da entità con rating a breve termine, all'acquisto, uguale o superiore ad A2, assegnato da Standard & Poor’s o qualsiasi altro rating equivalente attribuito da un’altra agenzia di rating indipendente oppure con una classificazione interna equivalente da parte della società di gestione.
La selezione dei titoli non si basa meccanicamente ed esclusivamente sul criterio di rating, ma in particolare su un'analisi interna. Prima di ogni decisione d’investimento, la società di gestione analizza ciascun titolo in base ad altri criteri diversi dal rating. In caso di abbassamento del rating di un titolo considerato "high yield", ovvero titoli speculativi che presentano un rischio di insolvenza dell’emittente più elevato (titoli con rating inferiore a BBB- o con un rating a breve termine pari o inferiore ad A-3 secondo Standard & Poor’s o un’agenzia di rating equivalente, o che vantino un rating equivalente interno alla
Società di gestione), la società di gestione esegue obbligatoriamente un’analisi dettagliata per decidere in merito all’opportunità di vendere o conservare il titolo nell’ambito del rispetto dell’obiettivo di rating.
Azioni o quote di altri organismi d’investimento collettivo di diritto francese o altri OICVM, FIA o fondi d’investimentodi diritto estero:
Il comparto potrà detenere fino al 10% del patrimonio in quote o azioni di OICVM di diritto francese o estero o di FIA di diritto francese, a prescindere dalla loro classificazione, al fine di diversificare l'esposizione ad altre classi di attivi, ivi compresi gli indici quotati, o di classificazione monetaria od obbligazionaria, in particolare al fine di collocare la liquidità.
Entro questo stesso limite del 10%, il comparto potrà altresì investire in azioni o quote di azioni di FIA di diritto estero e/o in fondi d'investimento di diritto estero che soddisfino i criteri d'idoneità regolamentari.
Questi OICR e fondi d’investimento potranno essere gestiti dalla società di gestione o da una società collegata. Le quote o azioni degli OICR selezionati non saranno oggetto di un’analisi extra-finanziaria.
Strumenti derivati:
Entro il limite di una volta il proprio patrimonio netto, il comparto potrà ricorrere a contratti finanziari negoziati su mercati europei regolamentati, organizzati oppure OTC al fine di stipulare:
- contratti di opzione su azioni e indici azionari sia per diminuire la volatilità delle azioni sia per aumentare l'esposizione del comparto;
- contratti future per orientare l'esposizione azionaria e contratti di indici;
- contratti a termine su valute o swap in valuta al fine di coprire l’esposizione ad alcune valute su posizioni azionarie fuori della zona euro.

L'utilizzo di contratti finanziari non avrà l'effetto di aumentare l'esposizione globale del comparto al rischio azionario oltre il 100% del patrimonio netto.
Il comparto non utilizzerà Total Return Swap.
Onde limitare sensibilmente il rischio complessivo di controparte degli strumenti negoziati over-the-counter, la società di gestione potrà ricevere garanzie in contanti che saranno depositate presso il depositario e non saranno oggetto di reinvestimento.
Titoli che integrano derivati
Il comparto potrà utilizzare titoli che integrano derivati nel limite del 10% del patrimonio netto. La strategia di utilizzo dei derivati integrati è la medesima di quella descritta per i derivati.
Si tratta di warrant, buoni di sottoscrizione od obbligazioni callable o puttable.
Tali strumenti saranno selezionati sulla base delle fasi d’identificazione dei titoli che rispettano i criteri extra- finanziari summenzionati.
Depositi:
Il comparto potrà effettuare depositi presso il depositario nel limite massimo del 10% del patrimonio netto.
Prestiti di contanti
Il comparto non ha intenzione di contrarre prestiti di contanti. A causa delle operazioni legate ai flussi del comparto (investimenti e disinvestimenti in corso, operazioni di sottoscrizione/rimborso, ecc.) può tuttavia sussistere una posizione debitoria puntuale entro un limite del 10% del patrimonio netto.
Operazioni di acquisizione e cessione temporanee di titoli Nessuna.
- Investimento tra compartiIl comparto può investire fino al 10% del suo patrimonio netto in un altro comparto della SICAV Edmond de Rothschild SICAV.

L’investimento complessivo in altri comparti della SICAV è limitato al 10% del patrimonio netto.
- Profilo di rischioIl capitale degli investitori sarà investito principalmente in strumenti finanziari selezionati dalla società di gestione. Tali strumenti saranno soggetti alle fluttuazioni e ai rischi del mercato.

I fattori di rischio enunciati più avanti non sono limitativi. Ciascun investitore è dunque invitato ad analizzare il rischio inerente a un tale investimento e a formulare la propria opinione indipendentemente dal Gruppo Edmond de Rothschild, avvalendosi, laddove necessario, del parere di consulenti specializzati al fine di accertarsi in particolar modo dell’adeguatezza di questo investimento alla sua situazione finanziaria, giuridica e al suo orizzonte d’investimento.
Rischio di perdita del capitale:
Il comparto non beneficia di alcuna garanzia né protezione, di conseguenza potrebbe accadere che il capitale inizialmente investito non venga totalmente restituito, anche se i sottoscrittori conservano le loro azioni per la durata d’investimento raccomandata.
Rischio legato alla gestione discrezionale:
Lo stile di gestione discrezionale si basa sulla previsione dell'andamento dei diversi mercati (azionari, obbligazionari, monetari, valutari). 
Sussiste il rischio che il comparto non sia investito 
in ogni momento sui mercati caratterizzati dai maggiori rendimenti. La performance del comparto può dunque essere inferiore all’obiettivo di gestione e la riduzione del valore patrimoniale netto può portare a una performance negativa.
Rischio azionario:
Il valore di un'azione può evolvere in funzione di fattori interni alla società emittente nonché in funzione di fattori esogeni, politici o economici. Le variazioni dei mercati azionari nonché le variazioni dei mercati delle obbligazioni convertibili, la cui evoluzione è in parte correlata a quella delle azioni sottostanti, possono comportare variazioni importanti del patrimonio netto e avere un impatto negativo sulla performance del valore patrimoniale netto del comparto.
Rischio di credito:
Il rischio principale, legato ai titoli di credito e/o agli strumenti del mercato monetario quali buoni del Tesoro (CCT e BTAN) o titoli negoziabili a breve termine è il rischio d’insolvenza dell'emittente, ovvero il mancato pagamento degli interessi e/o il mancato rimborso del capitale. Il rischio di credito è allo stesso modo legato al declassamento di un emittente. Si richiama l'attenzione dei detentori sul fatto che il valore patrimoniale netto del comparto può variare al ribasso in caso di perdita totale su uno strumento finanziario in seguito all'insolvenza di un emittente. La presenza diretta o per mezzo di OICR di titoli di credito nel portafoglio espone il comparto agli effetti della variazione della qualità del credito.
Rischio di credito legato all’investimento in titoli speculativi:
Il comparto può investire in emissioni di società con rating della categoria non "investment grade” di un'agenzia di rating (con un rating inferiore a BBB- secondo Standard & Poor’s o equivalente) oppure con rating interno equivalente attribuito dalla Società di gestione. Tali emissioni sono titoli cosiddetti speculativi per i quali il rischio di fallimento degli emittenti è più elevato. Il comparto deve dunque essere considerato come in parte speculativo e rivolto in particolare a investitori consapevoli dei rischi legati agli investimenti in questo tipo di titoli. In effetti, l’utilizzo di titoli ad " alto rendimento/High Yield" (titoli speculativi per i quali il rischio d'insolvenza dell'emittente è maggiore) potrebbe comportare il rischio di una riduzione significativa del valore patrimoniale netto.
Rischio di tasso:
L'esposizione a dei prodotti di tasso (titoli di credito e strumenti del mercato monetario) espone il comparto alle oscillazioni dei tassi d'interesse. Il rischio di tasso si traduce in una diminuzione del valore dei titoli e pertanto del valore patrimoniale netto del comparto in caso di variazione della curva dei tassi.
Rischio di cambio:
Il capitale può essere esposto al rischio di cambio nel caso in cui i titoli o gli investimenti che lo compongono vengano denominati in una valuta diversa rispetto a quella del comparto. Il rischio di cambio corrisponde al rischio di ribasso del corso di cambio della valuta di quotazione degli strumenti finanziari presenti nel portafoglio, rispetto alla valuta di riferimento del comparto, l’euro, condizione che potrebbe comportare una riduzione del valore patrimoniale netto.
Rischio correlato alle piccole e medie capitalizzazioni:
I titoli di società di piccole e medie capitalizzazioni di borsa possono risultare significativamente meno liquidi e più volatili rispetto a quelli di società che presentano una capitalizzazione di borsa rilevante. Il valore patrimoniale netto del comparto può pertanto variare più rapidamente e in modo piuttosto ampio.
Rischio legato all’impegno su contratti finanziari e rischio di controparte:
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito. Il rischio di controparte deriva dal ricorso da parte del comparto a contratti finanziari che sono negoziati over-the-counter e/o a operazioni di acquisizione e cessione
temporanee di titoli. Tali operazioni espongono potenzialmente il comparto a un rischio di fallimento di una delle controparti, e laddove applicabile a una flessione del proprio valore patrimoniale netto.
Rischio di liquidità:
I mercati sui quali il comparto interviene possono essere occasionalmente oggetto di mancanza di liquidità. Tali circostanze di mercato possono influire sulle condizioni dei prezzi ai quali il comparto può essere tenuto a liquidare, avviare o modificare delle posizioni.
Rischio legato ai prodotti derivati:
Il comparto può fare ricorso a strumenti finanziari a termine (derivati).
Il ricorso a contratti finanziari potrà comportare un rischio di riduzione del valore patrimoniale netto più drastico e veloce rispetto ai mercati sui quali il comparto è investito.
Rischio legato alla valuta delle quote denominate in una valuta diversa da quella del comparto:
L’azionista sottoscrittore di azioni in valute diverse dalla valuta di riferimento del comparto (euro) può essere esposto al rischio di cambio, laddove quest’ultimo non fosse coperto. Il valore degli attivi del comparto può diminuire in forza della variazione dei tassi di cambio e ciò può comportare una riduzione del valore patrimoniale netto del comparto.
Rischio di sostenibilità:
Si tratta di un evento o situazione ambientale, sociale o di governance che, se si verificasse, potrebbe avere un impatto negativo significativo, reale o potenziale, sul valore dell'investimento. Gli investimenti del fondo sono esposti a un rischio di sostenibilità che potrebbe avere un impatto negativo significativo sul valore del fondo. Di conseguenza, il gestore identifica e analizza i rischi di sostenibilità nell'ambito della sua politica d'investimento e delle sue decisioni d'investimento.
Rischi connessi ai criteri ESG:
L'inclusione di criteri ESG e di sostenibilità nel processo d'investimento può portare a escludere i titoli di alcuni emittenti per motivi diversi da quelli d'investimento e, pertanto, il comparto potrebbe non cogliere alcune opportunità di mercato disponibili invece per i fondi che non utilizzano criteri ESG o di sostenibilità; inoltre, il rendimento del comparto può talvolta essere migliore o peggiore di quello di fondi comparabili che non utilizzano criteri ESG o di sostenibilità. La selezione degli attivi può basarsi in parte su un processo di rating ESG proprietario o su elenchi di esclusione ("ban list") che si basano in parte su dati di terzi. La mancanza di definizioni e label comuni o armonizzati che incorporino criteri ESG e di sostenibilità a livello UE può indurre i gestori ad adottare approcci diversi nella definizione degli obiettivi ESG e nello stabilire che tali obiettivi siano stati raggiunti dai fondi che gestiscono. Ciò significa inoltre che potrebbe essere difficile confrontare tra loro strategie che incorporano criteri ESG e di sostenibilità, dal momento che la selezione e le ponderazioni applicate agli investimenti selezionati possono, in una certa misura, essere soggettive o basarsi su indicatori che, anche laddove abbiano lo stesso nome, hanno significati diversi. Si fa presente agli investitori che il valore soggettivo che essi possono assegnare o meno a determinate tipologie di criteri ESG può differire sostanzialmente dalla metodologia del Gestore finanziario. L'assenza di definizioni armonizzate può anche impedire a determinati investimenti di beneficiare di regimi fiscali o crediti agevolati, a causa di una valutazione diversa dei criteri ESG rispetto a quanto originariamente previsto.
- Garanzia o protezione:Nessuna.
- Sottoscrittori interessati e profilo dell’investitore tipoAzioni A EUR, A CHF (H), A USD, A USD (H), B EUR e B USD: tutti i sottoscrittori.

Azioni I EUR, I CHF (H), I USD, I USD (H), J EUR, K EUR, N EUR, O EUR e S EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi.
Le azioni CR EUR, CR USD e CRD EUR sono destinate a tutti i sottoscrittori; queste azioni possono essere collocate presso gli investitori privati (non professionali o professionali su opzione) esclusivamente nei seguenti casi:
- sottoscrizione nell'ambito di una consulenza indipendente di un consulente finanziario o un'entità finanziaria regolamentata;
- sottoscrizione nell'ambito di una consulenza non indipendente con un accordo specifico che vieta la percezione o il trattenimento di retrocessioni;
- sottoscrizione di un'entità finanziaria regolamentata per conto di un cliente nell'ambito di un mandato di gestione.

Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Pertanto, non sono aperte alla sottoscrizione da parte degli investitori al dettaglio di tutte le giurisdizioni.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento dell’OICR.
Questo comparto si rivolge in particolar modo a investitori che cercano di dinamizzare il loro risparmio per mezzo dei mercati azionari europei, soprattutto all’interno dell'Unione europea.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una “Persona statunitense” secondo la definizione del “Regolamento S”, o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per conoscerlo, si raccomanda all'azionista di avvalersi della consulenza di professionisti, al fine di diversificare i suoi investimenti e determinare la proporzione del portafoglio finanziario o del patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell'investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 5 anni
- Modalità di determinazione e di destinazione delle entrate

| Somme distribuibili | Azioni "A EUR", "A CHF (H)", "A USD", "A USD (H)", "CR EUR", "CR USD", "I EUR", "I CHF (H)", "I USD", "I USD (H)", "K EUR", "N EUR" e "S EUR". | «B USD», «B EUR», «CRD EUR», «J EUR» et «O EUR» |
| --- | --- | --- |
| Destinazione del risultato netto | Capitalizzazione | Distribuzione |
| Destinazione delle plusvalenze o minusvalenze nette realizzate | Capitalizzazione | Capitalizzazione (totale o parziale) o Distribuzione (totale o parziale) o Riporto (totale o parziale) su decisione della Società di gestione. |

Per quanto concerne le azioni di distribuzione, la Società di gestione del comparto può disporre la distribuzione di uno o più acconti sulla base delle situazioni certificate dal Revisore contabile.
- Frequenza di distribuzioneAzioni di capitalizzazione: non applicabile.

Azioni di distribuzione: annuale con possibilità di acconti. Il pagamento delle somme distribuibili avviene entro un termine massimo di cinque mesi a decorrere dalla chiusura dell’esercizio ed entro un termine di un mese per gli acconti a decorrere dalla data della situazione certificata dal Revisore contabile.
- Caratteristiche delle azioniIl comparto comprende 18 categorie di azioni: Azioni "A EUR", "A CHF (H)", "A USD", "A USD (H)", "B EUR", "B USD", "CR EUR", "CR USD", "CRD EUR", "I EUR", "I CHF (H)", "I USD", "I USD (H)", "J EUR", "K EUR", "N EUR", "O EUR" e "S EUR".

| L'azione A EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione A USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| --- |
| L'azione A CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. |
| L'azione A USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione B EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione B USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L’azione CR EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L’azione CR USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione CRD EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione I EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione I USD è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. |
| L'azione I USD (H) è denominata in dollari USA ed è espressa in azioni o millesimi di azioni. L'azione I CHF (H) è denominata in franchi svizzeri ed è espressa in azioni o millesimi di azioni. L'azione J EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione K EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. L'azione N EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione O EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |
| L'azione S EUR è denominata in euro ed è espressa in azioni o millesimi di azioni. |

- Modalità di sottoscrizione e rimborsoData e periodicità del valore patrimoniale netto:Giornaliera, a eccezione dei giorni festivi e dei giorni di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.).

Valore patrimoniale netto iniziale:
| Azione A EUR: | 100 euro |
| --- | --- |
| Azione A USD: | 100 dollari USA |
| Azione A CHF (H): | 100 franchi svizzeri |
| Azione A USD (H): | 100 dollari USA |
| Azione B EUR: | 100 euro |
| Azione B USD: | 100 dollari USA |
| Azione CR EUR: | 100 euro |
| Azione CR USD: | 100 dollari USA |
| Azione CRD EUR: | 100 euro |
| Azione I EUR: | 100 euro |
| Azione I USD: | 100 dollari USA |
| Azione I CHF (H) | 100 franchi svizzeri |
| Azione I USD (H): | 100 dollari USA |
| Azione J EUR: | 100 euro |
| Azione K EUR: | 100 euro |
| Azione N EUR: | 100 euro |
| Azione O EUR: | 100 euro |
| Azione S EUR: | 100 euro |

Importo minimo della sottoscrizione iniziale:
| Azione A EUR: | 1 Azione |
| --- | --- |
| Azione A USD: | 1 Azione |
| Azione A CHF (H): | 1 Azione |

| Azione A USD (H): | 1 Azione |
| --- | --- |
| Azione B EUR: | 1 Azione |
| Azione B USD: | 1 Azione |
| Azione CR EUR: | 1 Azione |
| Azione CR USD: | 1 Azione |
| Azione CRD EUR: | 1 Azione |
| Azione I EUR: | 500.000 euro |
| Azione I USD: | 500.000 dollari USA |
| Azione I CHF (H) | 500.000 franchi svizzeri |
| Azione I USD (H): | 500.000 dollari USA |
| Azione J EUR: | 500.000 euro |
| Azione K EUR: | 500.000 euro |
| Azione N EUR: | 10.000.000 euro |
| Azione O EUR: | 10.000.000 euro |
| Azione S EUR: | 10.000.000 euro |

Importo minimo di sottoscrizione successiva:
| Azione A EUR: | 1 millesimo di azione |
| --- | --- |
| Azione A USD: | 1 millesimo di azione |
| Azione A CHF (H): | 1 millesimo di azione |
| Azione A USD (H): | 1 millesimo di azione |
| Azione B EUR: | 1 millesimo di azione |
| Azione B USD: | 1 millesimo di azione |
| Azione CR EUR: | 1 millesimo di azione |
| Azione CR USD: | 1 millesimo di azione |
| Azione CRD EUR: | 1 millesimo di azione |
| Azione I EUR: | 1 millesimo di azione |
| Azione I USD: | 1 millesimo di azione |
| Azione I CHF (H) | 1 millesimo di azione |
| Azione I USD (H): | 1 millesimo di azione |
| Azione J EUR: | 1 millesimo di azione |
| Azione K EUR: | 1 millesimo di azione |
| Azione N EUR: | 1 millesimo di azione |
| Azione O EUR: | 1 millesimo di azione |
| Azione S EUR: | 1 millesimo di azione |

Modalità di sottoscrizione e di rimborso:
Gli ordini vengono eseguiti in conformità alla tabella di seguito riportata.
Le modalità di sottoscrizione e di rimborso sono espresse in giorni lavorativi.
Il giorno di determinazione del valore patrimoniale netto viene indicato come G:
| Centralizzazion e degli ordini di sottoscrizione | Centralizzazion e degli ordini di rimborso | Data di esecuzione dell'ordine | Pubblicazione del valore patrimoniale netto | Liquidazione delle sottoscrizioni | Liquidazione dei rimborsi |
| --- | --- | --- | --- | --- | --- |
| G entro le ore 12:30 | G entro le ore 12:30 | G | G+1 | G+3 | G+3* |

* In caso di scioglimento del comparto, i rimborsi verranno liquidati entro un termine massimo di cinque giorni lavorativi.
La società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto del comparto cosiddetto di Swing Pricing. Tale meccanismo viene descritto alla parte VII del prospetto: “Regole di valutazione degli attivi”.

##### Meccanismo di limitazione dei rimborsi (“Gates”):
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto su più valori patrimoniali netti se essi superano una soglia specificata; ciò avviene quando richiesto da circostanze eccezionali e dall'interesse degli azionisti o dall'interesse pubblico.
Descrizione del metodo:
La società di gestione può decidere di non dar seguito a tutti i rimborsi su un certo valore patrimoniale netto, quando viene raggiunta la soglia oggettivamente predeterminata su tale valore patrimoniale netto. Nel determinare il livello di tale soglia, la società di gestione tiene conto della periodicità del calcolo del valore patrimoniale netto del comparto, della direzione di gestione dello stesso e della liquidità delle attività in portafoglio.
Per il comparto, la società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia del 5% del patrimonio netto. Poiché il comparto ha diverse classi di azioni, la soglia di attivazione sarà la stessa per tutte le classi di azioni del comparto. Questa soglia del 5% si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
La soglia di attivazione dei Gate è il rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, il comparto può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Ad esempio, se il totale delle richieste di rimborso di azioni rappresenta il 10% del patrimonio netto del comparto mentre la soglia di attivazione è fissata al 5% del patrimonio netto, la SICAV può decidere di dar seguito alle richieste di rimborso fino al 8% del patrimonio netto (ed evadere quindi l'80% delle richieste di rimborso invece del 50%, ove fosse applicato rigorosamente il limite massimo del 5%).
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell'arco di 3 mesi.
Comunicazioni agli investitori:
In caso di attivazione del meccanismo dei Gate, gli azionisti del comparto saranno informati con qualsiasi mezzo a partire dal sito web https://funds.edram.com.
Gli azionisti del comparto i cui ordini di rimborso non siano stati evasi saranno informati, con particolare attenzione, il prima possibile.
Elaborazione degli ordini non eseguiti:
Durante il periodo di applicazione del meccanismo dei “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto.
La frazione non evasa dell'ordine di rimborso così differito non avrà priorità sulle richieste di rimborso successive. Le frazioni degli ordini di rimborso non evase e automaticamente differite non potranno essere revocate da parte degli azionisti del comparto.
Casi di non applicazione del meccanismo dei “Gate”:
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un'altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Le sottoscrizioni e i rimborsi di azioni sono eseguiti in importi, in azioni o in millesimi di azione. Il passaggio da una categoria di azioni a un'altra di questo o di un altro comparto della SICAV è considerato ai fini fiscali come un'operazione di rimborso seguita da nuova sottoscrizione. Di conseguenza il regime fiscale applicabile a ciascun sottoscrittore dipende dalle disposizioni fiscali applicabili alla sua particolare situazione di sottoscrittore e/o alla giurisdizione d’investimento dell’OICVM. In caso di dubbi, si raccomanda a qualsiasi sottoscrittore di rivolgersi al proprio consulente fiscale al fine di conoscere il regime fiscale applicabile.
Si richiama l’attenzione degli azionisti sul fatto che gli ordini trasmessi agli istituti responsabili della ricezione degli ordini di sottoscrizione e rimborso devono tener conto del fatto che l'ora limite di raccolta degli ordini si applica al
centralizzatore Edmond de Rothschild (France). Di conseguenza, gli altri istituti designati possono applicare la propria ora limite, anteriore a quella summenzionata, al fine di tener conto dei propri termini di trasmissione a Edmond de Rothschild (France).
Possibilità prevista di limitare o di interrompere le sottoscrizioni:
Il comparto può decidere, a sua assoluta discrezione, di emettere nuove azioni "S EUR" quando l’importo circolante delle stesse sarà pari a 300 milioni di EUR. Le azioni "S EUR" non potranno quindi più essere sottoscritte ove entrasse in vigore una tale decisione.
Luogo e metodo di pubblicazione del valore patrimoniale netto:
Il valore patrimoniale netto del comparto è consultabile presso la società di gestione: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Spese e commissioniCommissioni di sottoscrizione e di rimborso:Le commissioni di sottoscrizione e di rimborso aumentano il prezzo di sottoscrizione pagato dall'investitore oppure diminuiscono il prezzo del rimborso. Le commissioni corrisposte al comparto servono a compensare le spese sostenute dal medesimo per investire o disinvestire i patrimoni affidatigli. Le commissioni non acquisite spettano alla Società di gestione, al collocatore, ecc.

| Spese a carico dell'investitore, prelevate al momento delle sottoscrizioni e dei rimborsi | Base di calcolo | Aliquota |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al comparto EdR SICAV - European Sustainable Smaller Companies | Valore patrimoniale netto x Numero di azioni | Azione A EUR: max 3% |
| Azione A CHF (H): max 3% |
| Azione A USD: max 3 % |
| Azione A USD (H): max 3% |
| Azione B EUR: max 3% |
| Azione B USD: max 3% |
| Azione CR EUR: max 3% |
| Azione CR USD: max 3% |
| Azione CRD EUR: max 3% |
| Azione I EUR: nessuno |
| Azione I CHF (H): nessuno |
| Azione I USD (H): nessuno |
| Azione I USD: nessuno |
| Azione J EUR: nessuno |
| Azione K EUR: nessuno |
| Azione N EUR: nessuno |
| Azione O EUR: nessuno Azione S EUR: nessuno |

| Commissione di sottoscrizione corrisposta al comparto EdR SICAV - European Sustainable Smaller Companies | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuno |
| --- | --- | --- |
| Commissione di rimborso non corrisposta al comparto EdR SICAV - European Sustainable Smaller Companies | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuno |
| Commissione di rimborso corrisposta al comparto EdR SICAV - European Sustainable Smaller Companies | Valore patrimoniale netto x Numero di azioni | Per tutte le categorie di azioni: nessuno |

Spese di esercizio e di gestione:
Tali spese coprono tutte le spese fatturate direttamente al comparto, eccetto i costi di transazione.
Le spese di transazione includono le spese d’intermediazione (brokeraggio, imposte locali, ecc.) e la commissione di trasferimento, laddove applicabile, che può essere percepita soprattutto dal depositario e dalla società di gestione.
Alle spese di esercizio e di gestione si possono aggiungere:
- commissione di sovraperformance;
- commissioni di transazione fatturate al comparto;
- spese connesse alle operazioni temporanee di acquisto e vendita di titoli, se del caso.

La Società di gestione è tenuta a versare a titolo di remunerazione una parte dei costi di gestione finanziaria dell'OICR a intermediari quali imprese d'investimento, imprese di assicurazione, società di gestione, intermediari di strutturazione commerciale, distributori o piattaforme di distribuzione con i quali è stato firmato un accordo relativo alla distribuzione, all'investimento delle quote dell'OICR o alla messa in relazione con altri investitori. Tale remunerazione è variabile e dipende dal rapporto professionale esistente con l'intermediario e dal miglioramento della qualità del servizio fornito al cliente che il destinatario di tale remunerazione può dimostrare. Tale remunerazione può essere fissata o calcolata sulla base delle attività nette sottoscritte risultanti dall'operato dell’intermediario. L'intermediario può essere membro del gruppo Edmond de Rothschild o meno. Ciascun intermediario comunicherà al cliente, in conformità con le norme che gli sono applicabili, tutte le informazioni utili sui costi e sulle commissioni e la sua remunerazione.
Per ulteriori informazioni sulle spese effettivamente a carico dell'investitore, si rimanda ai Documenti contenenti le informazioni chiave per gli investitori (KIID).
| Spese fatturate all'OICVM | Base di calcolo | Tabella dei tassi |
| --- | --- | --- |
| Spese di gestione finanziaria | Patrimonio netto del comparto | Azione A EUR: 1,90% max. (tasse incluse)* |
| Azione A CHF (H): 1,90% max. (tasse incluse)* |
| Azione A USD: 1,90% max. (tasse incluse)* |
| Azione A USD (H): 1,90% max. (tasse incluse)* |
| Azione B EUR: 1,90% max. (tasse incluse)* |
| Azione B USD: 1,90% max. (tasse incluse)* |
| Azione CR EUR: 1,05% max. (tasse incluse)* |
| Azione CR USD: 1,05% max. (tasse incluse)* |
| Azione CRD EUR: 1,05% max. (tasse incluse)* |
| Azione I EUR: 0,95% max. (tasse incluse)* |
| Azione I CHF (H): 0,95% max. (tasse incluse)* |
| Azione I USD (H): 0,95% max. (tasse incluse)* |
| Azione I USD: 0,95% max. (tasse incluse)* |
| Azione J EUR: 0,95% max. (tasse incluse)* |
| Azione K EUR: 1,10% max. (tasse incluse)* |
| Azione N EUR: 0,75% max. (tasse incluse)* |
| Azione O EUR: 0,75% max. (tasse incluse)* Azione S EUR: 0,30% max. (tasse incluse)* |
| Spese amministrative esterne alla società di gestione**, segnatamente per depositario, valutatore, revisore contabile, ecc. | Patrimonio netto del comparto | Azione A EUR: 0,15% max. (tasse incluse)* |
| Azione A CHF (H): 0,15% max. (tasse incluse)* |
| Azione A USD: 0,15% max. (tasse incluse)* |
| Azione A USD (H): 0,15% max. (tasse incluse)* |
| Azione B EUR: 0,15% max. (tasse incluse)* |
| Azione B USD: 0,15% max. (tasse incluse)* |
| Azione CR EUR: 0,15% max. (tasse incluse)* |
| Azione CR USD: 0,15% max. (tasse incluse)* |
| Azione CRD EUR: 0,15% max. (tasse incluse)* |
| Azione I EUR: 0,15% max. (tasse incluse)* |
| Azione I CHF (H): 0,15% max. (tasse incluse)* |
| Azione I USD: 0,15% max. (tasse incluse)* |
| Azione I USD (H): 0,15% max. (tasse incluse)* |
| Azione J EUR: 0,15% max. (tasse incluse)* |
| Azione K EUR: 0,15% max. (tasse incluse)* |
| Azione N EUR: 0,15% max. (tasse incluse)* |
| Azione O EUR: 0,15% max. (tasse incluse)* Azione S EUR: 0,15% max. (tasse incluse)* |

| Commissioni di movimentazione | Prelevate su ciascuna transazione | Nessuno |
| --- | --- | --- |
| Commissione di sovraperformance  (1) Patrimonio netto del comparto | Azione A EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione A CHF (H): 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap con copertura in CHF (NR), con dividendi netti reinvestiti |
| Azione A USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione A USD (H): 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap con copertura in USD (NR), con dividendi netti reinvestiti |
| Azione B EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione B USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione CR EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione CR USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione CRD EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione I EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione I CHF (H): 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap con copertura in CHF (NR), con dividendi netti reinvestiti |
| Azione I USD: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |

|  | Azione I USD (H): 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap con copertura in USD (NR), con dividendi netti reinvestiti |
| --- | --- |
| Azione J EUR: 15% l’anno della sovraperformance rispetto all’indice di riferimento MSCI EMU Small Cap (NR), con dividendi netti reinvestiti |
| Azione K EUR: nessuno |
| Azione N EUR: nessuno |
| Azione O EUR: nessuno |
| Azione S EUR: nessuno |

* tasse incluse.
In questa attività la società di gestione non ha optato per l'IVA.
** In caso di maggiorazione delle spese amministrative esterne alla società di gestione non oltre lo 0,10% annuo tasse incluse, la società di gestione informerà gli azionisti del comparto con ogni mezzo. In caso di maggiorazione di oltre lo 0,10% annuo tasse incluse, gli azionisti ne saranno informati in modo specifico, con facoltà di richiedere il rimborso gratuito delle azioni.
-  Commissione di sovraperformanceSaranno prelevate commissioni di sovraperformance a favore della società di gestione secondo le seguenti modalità: Indice di riferimento:
- MSCI UEM Small Cap (NR) espresso in euro per le classi di azioni denominate in euro.
- MSCI EMU Small Cap (NR) coperto ed espresso in dollari USA per classi di azioni denominate in dollari USA
- MSCI EMU Small Cap (NR) coperto ed espresso in franchi svizzeri per le classi di azioni denominate in franchi svizzeri.

La commissione di sovraperformance viene calcolata confrontando il rendimento dell'azione del comparto con quello di un attivo di riferimento indicizzato. L'attivo di riferimento indicizzato riproduce la performance dell'indice di riferimento corretta per le sottoscrizioni, i rimborsi e, se del caso, i dividendi.
A partire dal momento in cui la performance dell'azione è superiore a quella dell'indice di riferimento, viene applicato un accantonamento del 15% sulla sovraperformance.
Nel caso in cui le azioni del comparto superino il relativo indice di riferimento, anche se la performance è negativa, può essere applicata una commissione di sovraperformance nel periodo di riferimento.
Le commissioni di sovraperformance saranno oggetto di accantonamento a ogni calcolo del valore patrimoniale netto.
In caso di rimborso di azioni, la quota-parte della commissione di sovraperformance corrispondente alle azioni rimborsate viene definitivamente acquisita dalla Società di gestione.
Nel caso di sottoperformance, il fondo per la commissione di sovraperformance viene rettificato mediante riprese di fondi limitati al valore degli accantonamenti effettuati.
Il periodo di riferimento per il calcolo della commissione di sovraperformance si conclude alla data dell'ultimo valore patrimoniale netto di dicembre.
Tale commissione di sovraperformance viene versata annualmente dopo il calcolo dell'ultimo valore patrimoniale netto del periodo di riferimento.
Il periodo di riferimento è di almeno un anno. Il primo periodo di riferimento è compreso tra la data di creazione dell'azione e la data di fine del primo periodo di riferimento con cui si ottempera al criterio di durata minima di un anno, ossia il prima possibile il 31/12/2023. È al termine di tale periodo che sarà eventualmente possibile avviare nuovamente il meccanismo di compensazione per le sottoperformance passate.
Qualora, al termine del periodo di riferimento, il rendimento dell'azione sia inferiore a quello del suo indice di riferimento nel periodo di riferimento, non verrà riconosciuta alcuna commissione e il periodo di riferimento sarà prorogato di un anno. Il periodo di riferimento potrà essere prorogato quattro volte e potrà quindi raggiungere i 5 anni o periodo inferiore se la sottoperformance sarà recuperata più rapidamente; dovrà, tuttavia, essere rigorosamente inferiore a 6 anni.
Al termine di un periodo di riferimento prorogato quattro volte e di cinque anni:
- qualora l’azione abbia un rendimento superiore a quello del suo indicatore di riferimento, verrà riconosciuta una commissione. Viene stabilito un nuovo periodo di riferimento che inizia alla fine del periodo di riferimento appena chiuso.
- qualora l'azione abbia un rendimento inferiore a quello del suo indicatore di riferimento, non verrà applicata alcuna commissione. Viene stabilito un nuovo periodo di riferimento definendo un nuovo anno di riferimento che dipende dalla compensazione dei periodi di sottoperformance con gli eventuali periodi di sovraperformance nel corso dei primi 5 anni. Se oltre al primo anno di sottoperformance si verifica un altro anno di sottoperformance in questo primo periodo di 5 anni, che non venga compensato al termine di questo primo periodo, si avvierà un nuovo periodo massimo di 5 anni a decorrere dall'inizio di questo nuovo anno di sottoperformance.

Esempi:
| 0% |  |  |  |  |  |  |  |  |  | 0% |  |  |  |  | 0 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Y1	Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Y11 | Y12 | Y13 | Y14 | Y15 | Y16 | Y17	Y18 | Y19 |

|  | Rendimento netto | La sottoperformance viene compensata l'anno seguente | Versamento di commissioni di performance |
| --- | --- | --- | --- |
| Anno 1 | 5% | 0% | SÌ |
| Anno 2 | 0% | 0% | NO |
| Anno 3 | -5% | -5% | NO |
| Anno 4 | 3% | -2% | NO |
| Anno 5 | 2% | 0% | NO |
| Anno 6 | 5% | 0% | SÌ |
| Anno 7 | 5% | 0% | SÌ |
| Anno 8 | -10% | -10% | NO |
| Anno 9 | 2% | -8% | NO |
| Anno 10 | 2% | -6% | NO |
| Anno 11 | 2% | -4% | NO |
| Anno 12 | 0% | 0% 29 | NO |
| Anno 13 | 2% | 0% | SÌ |
| Anno 14 | -6% | -6% | NO |
| Anno 15 | 2% | -4% | NO |
| Anno 16 | 2% | -2% | NO |
| Anno 17 | -4% | -6% | NO |
| Anno 18 | 0% | -4% 30 | NO |
| Anno 19 | 5% | 0% | SÌ |

29 La sottoperformance dell'anno 12 da riportare all'anno successivo (anno 13) è dello 0% (e non del -4%) , dato che la sottoperformance residua dell'anno 8 non ancora compensata (-4%) non è più rilevante, essendo trascorso il periodo di 5 anni (la sottoperformance dell'anno 8 è compensata fino all'anno 12).
30 La sottoperformance dell'anno 18 da riportare all'anno successivo (anno 19) è dello 4% (e non del -6%) , dato che la sottoperformance residua dell'anno 14 non ancora compensata (-2%) non è più rilevante, essendo trascorso il periodo di 5 anni (la sottoperformance dell'anno 14 è compensata fino all'anno 18).
Sono addebitati al comparto i costi relativi alla ricerca sui titoli, ai sensi dell'articolo 314-21 del Regolamento generale dell'AMF.
Eventuali rimborsi delle spese di gestione degli OICR e dei fondi d’investimento sottostanti acquisiti dal comparto EdR SICAV – European Sustainable Smaller Companies saranno versati nuovamente al comparto. Il tasso delle spese di gestione degli OICR e dei fondi d’investimento sottostanti sarà calcolato tenendo conto delle eventuali retrocessioni percepite dal comparto.
Nella misura in cui, eccezionalmente, un subcustode si trovi costretto, per una particolare operazione, a prelevare una commissione di transazione non prevista nelle suddette modalità, la descrizione dell'operazione e delle commissioni di transazione fatturate sarà riportata all'interno della relazione di gestione della SICAV.
Per qualsiasi altra informazione, si rimanda alla relazione annuale della SICAV. Procedura di selezione degli intermediari:
In conformità al Regolamento Generale dell'AMF, la società di gestione ha attuato una "Politica di best selection/best
execution" degli intermediari e delle controparti.
L'obiettivo di tale politica consiste nel selezionare, sulla base di diversi criteri prestabiliti, i trader e gli intermediari la cui politica di esecuzione consentirà di assicurare il miglior risultato possibile in fase di esecuzione degli ordini. La Politica di Edmond de Rothschild Asset Management (France) è disponibile sul suo sito Internet: www.edram.fr.
Modalità di calcolo e di ripartizione dei compensi sulle operazioni di acquisto e cessione temporanee di titoli nonchésu qualsiasi operazione equivalente in diritto estero:
Le operazioni di pronti contro termine sono eseguite tramite Edmond de Rothschild (France) nelle condizioni di mercato applicabili al momento della loro conclusione.
I costi e le spese di gestione legati a queste operazioni sono a carico del comparto. I ricavi generati dall’operazione sono a totale beneficio del comparto.
- 
### INFORMAZIONI DI NATURA COMMERCIALE
	- 
###### Informazioni destinate agli investitori


Gli ordini di rimborso e di sottoscrizione delle azioni vengono raccolti da:
Edmond de Rothschild (France) (centralizzatore delegato)
Società per azioni (Société Anonyme) con Consiglio di Amministrazione e Consiglio di Sorveglianza, autorizzata dalla Banque de France-CECEI in qualità d’istituto di credito il 28 settembre 1970.
Sede legale: 47 rue du Faubourg Saint-Honoré - 75401 Parigi Cedex 08
Telefono: 33 (0) 1 40 17 25 25
Qualsiasi richiesta di informazioni concernente la SICAV deve essere rivolta al collocatore.
La società di gestione può comunicare la composizione del portafoglio dell’OICR a taluni detentori o rispettivi fornitori di servizi, previo impegno di riservatezza da parte dei medesimi, ai fini del calcolo degli adempimenti normativi legati alla direttiva 2009/138/CE (Solvibilità 2), in conformità alla dottrina dell’AMF entro almeno 48 ore dopo la pubblicazione del valore patrimoniale netto.
Le informazioni relative all’assunzione di criteri relativi al rispetto degli obiettivi sociali, ambientali e di qualità della governance per la gestione di questa SICAV saranno specificate sul sito Internet www.edram.fr e sono riportate nella relazione annuale della SICAV per l’esercizio corrente.
- 
### REGOLE DI INVESTIMENTO

La SICAV rispetta le regole legali di investimento della Direttiva europea 2009/65/CE. La SICAV può avvalersi della deroga sui coefficienti di 5-10-40 investendo oltre il 35% del patrimonio netto in titoli finanziari idonei e strumenti del mercato monetario emessi o garantiti da qualsiasi Stato, ente pubblico o para-pubblico autorizzato.
- 
### RISCHIO COMPLESSIVO

Metodo di impegno:
I comparti di seguito elencati utilizzano il metodo dell'impegno per calcolare il tasso di rischio globale legato ai contratti finanziari.
- 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 2028
- EdR SICAV - European Sustainable Smaller CompaniesMetodo del valore a rischio (VaR assoluto):I comparti di seguito indicati utilizzano la metodologia di calcolo del valore a rischio (VaR assoluto) per calcolare il rischio globale del comparto sui contratti finanziari:
- EdR SICAV – Start
- EdR SICAV – Global OpportunitiesL’impegno massimo risultante da tali operazioni rispetta i limiti fissati in termini di VaR assoluto secondo la metodologia del calcolo del valore a rischio, limitato dalla normativa al 20% del patrimonio, con una soglia del 99% su giorni lavorativi.

Livello indicativo dell’effetto leva:
Il livello indicativo dell’effetto leva del comparto EdR SICAV - Start, calcolato come la somma in valore assoluto degli importi nominali delle posizioni su contratti finanziari, è pari al 328,98%. Il comparto potrà raggiungere un livello di leva maggiore. Si noti che questa metodologia che consiste nel sommare importi nominali assoluti rivela in realtà un'esposizione lorda.
Il livello indicativo dell’effetto leva del comparto EdR SICAV – Global Opportunities, calcolato come la somma assoluta degli importi nominali delle posizioni su contratti finanziari, è pari al 1.031,68%. Il comparto potrà raggiungere un livello di leva maggiore. Si noti che questa metodologia che consiste nel sommare importi nominali assoluti rivela in realtà un'esposizione lorda.
- 
### REGOLE DI VALUTAZIONE DEGLI ATTIVI
	- 
###### Regole di valutazione degli attivi


Per i comparti 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, EdR SICAV – Corporate Hybrid Bonds ed EdR SICAV - European Sustainable Smaller Companies, il calcolo del valore patrimoniale netto dell’azione viene realizzato prendendo in considerazione le regole di valutazione riportate qui di seguito, mentre le modalità di applicazione sono indicate all’interno dell’allegato ai bilanci annuali. La valutazione viene effettuata sul corso di chiusura.
- I valori mobiliari negoziati su un mercato regolamentato francese o straniero sono valutati al prezzo di mercato. La valutazione al prezzo di mercato di riferimento viene effettuata secondo le modalità stabilite dalla società di gestione e indicate nell'allegato al bilancio annuale;
- i titoli di credito e affini negoziabili che non sono oggetto di transazioni significative vengono valutati mediante l'applicazione di un metodo attuariale, mentre il tasso applicato è quello delle emissioni di titoli equivalenti soggetto, laddove applicabile, a uno scarto rappresentativo delle caratteristiche intrinseche dell'emittente del titolo. Tuttavia, i titoli di credito negoziabili con una durata residua inferiore o uguale a tre mesi, in assenza di sensibilità particolari, potranno essere valutati secondo il metodo lineare. Le modalità di applicazione di queste regole sono stabilite dalla società di gestione e indicate nell'allegato al bilancio annuale;
- per i valori mobiliari la cui quotazione non è stata effettuata nel giorno di valutazione, nonché per le altre voci di bilancio, la società di gestione corregge la loro valutazione in funzione delle variazioni che gli eventi in corso rendono probabili. La decisione viene comunicata al Revisore contabile;
- le operazioni vertenti su contratti finanziari fissi o condizionali negoziati su mercati organizzati francesi o stranieri vengono valutate al valore di mercato secondo le modalità stabilite dalla società di gestione e precisate nell'allegato al bilancio annuale;
- le operazioni vertenti su contratti finanziari fissi o condizionali o le operazioni di cambio concluse su mercati OTC autorizzati dalla regolamentazione applicabile agli OICVM vengono valutate al loro valore di mercato o a un valore stimato secondo le modalità stabilite dalla società di gestione e precisate nell'allegato al bilancio annuale.
- le azioni o le quote di SICAV, Fondi comuni di investimento od OICR sono valutate sulla base dell'ultimo valore patrimoniale noto, sull'ultima quotazione nota nel giorno di valutazione, sul valore patrimoniale netto stimato a partire da informazioni fornite dall'amministratore o dal gestore della SICAV o del fondo d'investimento.

Per il comparto EdR SICAV – Millesima World 2028, il calcolo del valore patrimoniale netto dell’azione viene realizzato prendendo in considerazione le regole di valutazione riportate qui di seguito, mentre le modalità di applicazione sono indicate all’interno dell’allegato ai bilanci annuali. La valutazione viene effettuata sul corso di chiusura.
- i valori mobiliari negoziati su un mercato regolamentato francese o estero sono valutati al prezzo di acquisto (Ask) durante il periodo di commercializzazione del comparto e quindi al prezzo di vendita (Bid) dalla chiusura alla commercializzazione del comparto;
- i titoli di credito e affini negoziabili che non sono oggetto di transazioni significative vengono valutati mediante l'applicazione di un metodo attuariale, mentre il tasso applicato è quello delle emissioni di titoli equivalenti soggetto, laddove applicabile, a uno scarto rappresentativo delle caratteristiche intrinseche dell'emittente del titolo. Tuttavia, i titoli di credito negoziabili con una durata residua inferiore o uguale a tre mesi, in assenza di sensibilità particolari, potranno essere valutati secondo il metodo lineare. Le modalità di applicazione di queste regole sono stabilite dalla società di gestione e indicate nell'allegato al bilancio annuale;
- per i valori mobiliari la cui quotazione non è stata effettuata nel giorno di valutazione, nonché per le altre voci di bilancio, la società di gestione corregge la loro valutazione in funzione delle variazioni che gli eventi in corso rendono probabili. La decisione viene comunicata al Revisore contabile;
- le operazioni vertenti su contratti finanziari fissi o condizionali negoziati su mercati organizzati francesi o stranieri vengono valutate al valore di mercato secondo le modalità stabilite dalla società di gestione e precisate nell'allegato al bilancio annuale;
- le operazioni vertenti su contratti finanziari fissi o condizionali o le operazioni di cambio concluse su mercati OTC autorizzati dalla regolamentazione applicabile agli OICVM vengono valutate al loro valore di mercato o a un valore stimato secondo le modalità stabilite dalla società di gestione e precisate nell'allegato al bilancio annuale;
- le azioni o le quote di SICAV, Fondi comuni di investimento od OICR sono valutate sulla base dell'ultimo valore patrimoniale noto, sull'ultima quotazione nota nel giorno di valutazione, sul valore patrimoniale netto stimato a partire da informazioni fornite dall'amministratore o dal gestore della SICAV o del fondo d'investimento.
- Metodo di adeguamento del valore patrimoniale netto legato allo swing pricing con soglia di attivazione Per i comparti 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, EdR SICAV – Corporate Hybrid Bonds ed EdR SICAV - European Sustainable Smaller Companies, la società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto cosiddetto di Swing Pricing con soglia di attivazione, al fine di tutelare gli interessi degli azionisti di tali comparti. In caso di oscillazioni significative del passivo di un comparto, tale meccanismo consiste nel sostenere il costo delle operazioni generate da tali sottoscrizioni/rimborsi da parte della totalità degli azionisti del comparto (in entrata o in uscita).

Se in un giorno di calcolo del valore patrimoniale netto l'importo netto degli ordini di sottoscrizione e di rimborso degli investitori sulla totalità delle categorie di azioni del comparto è superiore a un limite prestabilito dalla società di gestione, espresso in percentuale del patrimonio netto del comparto (indicata come soglia di attivazione), il valore patrimoniale netto potrà essere rettificato al rialzo o al ribasso, al fine di tenere conto dei costi di riadeguamento riconducibili agli ordini di sottoscrizione e di rimborso netti. Il valore patrimoniale netto di ciascuna categoria di azioni viene calcolato separatamente, tuttavia tutti gli adeguamenti influiscono, in percentuale, in modo analogo sulla totalità dei valori patrimoniali netti di ciascuna categoria di azioni del comparto.
I parametri di costo e relativi alla soglia di attivazione vengono stabiliti dalla società di gestione e vengono riesaminati periodicamente. Tali costi vengono stimati dalla società di gestione sulla base delle spese relative alle operazioni, delle forbici di acquisto/vendita così come delle imposte e degli oneri eventualmente applicabili al comparto.
Nella misura in cui tale adeguamento fosse legato all'ammontare netto degli ordini di sottoscrizione e di rimborso del comparto, non sarebbe possibile prevedere con precisione se lo swing pricing verrà attuato in uno specifico momento futuro, né la frequenza dei suddetti adeguamenti da parte della società di gestione. I suddetti adeguamenti non potranno in ogni caso superare il 2% del valore patrimoniale netto.
Si informano gli investitori che, per via dell'applicazione dello swing pricing, la volatilità del valore patrimoniale netto del comparto potrebbe non riflettere esclusivamente quella dei titoli detenuti in portafoglio.
Il valore patrimoniale netto rettificato (oggetto di swing pricing) è l'unico valore patrimoniale netto comunicato agli azionisti del comparto. Tuttavia, laddove esistesse una commissione di sovraperformance, questa verrebbe calcolata sul valore patrimoniale netto prima dell'applicazione del meccanismo di adeguamento.
In conformità alle disposizioni normative, la società di gestione non fornisce informazioni sui livelli delle soglie di attivazione e fa sì che i circuiti informativi interni siano limitati al fine di tutelare la riservatezza di questa informazione.
Per il comparto EdR SICAV – Millesima World 2028, durante il periodo di commercializzazione, la società di gestione ha attuato un metodo di adeguamento del valore patrimoniale netto cosiddetto di Swing Pricing con soglia di attivazione, al fine di tutelare gli interessi degli azionisti di questo comparto.
Nel giorno di calcolo del valore patrimoniale netto, se l'importo degli ordini di rimborso è superiore a quello degli ordini di sottoscrizione degli investitori sulla totalità delle categorie di azioni del comparto e questo importo è superiore in valore assoluto a una soglia prestabilita dalla società di gestione, espressa in percentuale del patrimonio netto del comparto (indicata come soglia di attivazione), il valore patrimoniale netto potrà essere rettificato al ribasso, al fine di tenere conto dei costi di riadeguamento riconducibili agli ordini di rimborso netti. Il valore patrimoniale netto di ciascuna categoria di azioni viene calcolato separatamente, tuttavia tutti gli adeguamenti influiscono, in percentuale, in modo analogo sulla totalità dei valori patrimoniali netti di ciascuna categoria di azioni del comparto. Tale meccanismo consiste nel far sostenere il costo delle operazioni generate da tali rimborsi agli azionisti che liquidano le azioni del comparto.
I parametri di costo e relativi alla soglia di attivazione vengono stabiliti dalla società di gestione e vengono riesaminati periodicamente. Tali costi vengono stimati dalla società di gestione sulla base delle spese relative alle operazioni, delle forbici di acquisto/vendita così come delle imposte e degli oneri eventualmente applicabili al comparto.
Nella misura in cui tale adeguamento fosse legato all'ammontare netto degli ordini di sottoscrizione e di rimborso del comparto, non sarebbe possibile prevedere con precisione se lo swing pricing verrà attuato in uno specifico momento futuro, né la frequenza dei suddetti adeguamenti da parte della società di gestione. I suddetti adeguamenti non potranno in ogni caso superare il 2% del valore patrimoniale netto.
Si informano gli investitori che, per via dell'applicazione dello swing pricing, la volatilità del valore patrimoniale netto del comparto potrebbe non riflettere esclusivamente quella dei titoli detenuti in portafoglio.
Il valore patrimoniale netto rettificato (oggetto di swing pricing) è l'unico valore patrimoniale netto comunicato agli azionisti del comparto. Tuttavia, laddove esistesse una commissione di sovraperformance, questa verrebbe calcolata sul valore patrimoniale netto prima dell'applicazione del meccanismo di adeguamento.
In conformità alle disposizioni normative, la società di gestione non fornisce informazioni sui livelli delle soglie di attivazione e fa sì che i circuiti informativi interni siano limitati al fine di tutelare la riservatezza di questa informazione.
- 
###### Metodo di contabilizzazione

La SICAV Edmond de Rothschild SICAV è conforme ai principi contabili previsti dalla normativa in vigore e, in modo particolare, al piano contabile applicabile.
La SICAV Edmond de Rothschild SICAV ha optato per l’euro quale valuta di riferimento della contabilità. L'opzione scelta per la contabilizzazione dei proventi è quella dei proventi incassati.
Il valore di tutti i titoli denominati in una valuta diversa dall’euro sarà convertito in euro nella data della valutazione. L'insieme delle operazioni viene contabilizzato spese escluse.
Gli strumenti finanziari la cui quotazione non sia stata rilevata il giorno di valutazione, o sia stata rettificata, sono valutati al valore probabile di negoziazione, sotto la responsabilità della società di gestione. Tali valutazioni e rispettive motivazioni sono comunicate alla società di revisione in occasione dei controlli di quest'ultima.
I comparti di seguito indicati hanno optato per l’euro quale valuta di riferimento della contabilità:
- 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 2028
- EdR SICAV - European Sustainable Smaller CompaniesIl comparto di seguito indicato ha optato per il dollaro quale valuta di riferimento della contabilità:
- EdR SICAV - Equity US Solve
- 
### REMUNERAZIONE

Edmond de Rothschild Asset Management (France) dispone di una politica sulle remunerazioni conforme alle disposizioni della direttiva europea 2009/65/CE ("Direttiva UCITS V") e dell’articolo 321-125 del Regolamento Generale AMF che si applica agli OICVM. La politica sulle remunerazioni favorisce una gestione dei rischi sana ed efficace e non incoraggia l’assunzione di rischi incompatibili con il profilo di rischio degli OICVM in gestione. La società di gestione ha predisposto le opportune misure per evitare l’insorgere di conflitti d'interesse.
La politica sulle remunerazioni consiste, per tutti i collaboratori della società di gestione che si ritiene influiscano sul profilo di rischio degli OICVM, definiti tali ogni anno tramite un procedimento che riunisce i team delle Risorse
Umane, del Rischio e della Compliance, nel differire su 3 anni una parte della remunerazione variabile (che deve mantenersi entro limiti ragionevoli rispetto a quella fissa).
La società di gestione ha deciso di non costituire un comitato per le remunerazioni proprio, ma di delegare in tal senso la società madre, Edmond de Rothschild (Francia). Esso è organizzato secondo i principi enunciati nella Direttiva 2009/65/CE.
La descrizione della politica sulle remunerazioni della società di gestione è disponibile sul sito Internet della società: 
http://www.edmond-de-rothschild.com/site/France/fr/asset-management. Si può fare richiesta scritta semplice alla società di gestione di una sua copia cartacea gratuita.
- Informazioni supplementari per gli investitori con sede nei paesi UE/SEE in cui il Fondo è registrato per ilcollocamentoServizi per gli investitori ai sensi dell'Art. 92(1) a) della direttiva 2009/65/CE (come poi modificata dalla direttiva (UE) 2019/1160):
- elaborare ordini di sottoscrizione, riacquisto e rimborso ed effettuare altri pagamenti a favore di detentori di quote relativi alle quote dell'OICVM;
- informare gli investitori su come impartire gli ordini e sulle modalità di pagamento dei proventi derivanti dal riacquisto e dal rimborso;
- facilitare la gestione delle informazioni e l'accesso alle procedure e alle disposizioni di cui all'articolo 15 della direttiva 2009/65/CE in materia di esercizio dei loro diritti da parte degli investitori;
- mettere a disposizione degli investitori le informazioni e i documenti richiesti ai sensi del capo IX della direttiva 2009/65/CE;
- fornire agli investitori informazioni rilevanti per ai compiti svolti dalla struttura su supporto durevole.

Contatto per l'attività 1.:
Edmond de Rothschild (France)
Indirizzo: 47 rue du Faubourg Saint-Honoré 75401 Parigi Cedex 08
Contatto per le attività da 2. a 5.:
Edmond de Rothschild Asset Management (France)
Indirizzo: 47 rue du Faubourg Saint-Honoré 75401 Parigi Cedex 08 E-mail: contact-am-fr@edr.com

##### Oltre a quanto sopra, la presente appendice fornisce ulteriori informazioni per gli investitori nelle seguenti giurisdizioni:
- Austria
- Germania
- Lussemburgo
- Regno Unito
- 
##### Austria

Per gli investitori in Austria, sono disponibili i seguenti comparti:
- EDR SICAV – Euro Sustainable Credit
- EDR SICAV – Euro Sustainable Equity
- EDR SICAV – Financial Bonds
- EDR SICAV – Start
- EDR SICAV – Short Duration Credit
- EDR SICAV – Tech Impact
- EDR SICAV – Green New Deal
- EDR SICAV – Corporate Hybrid Bonds
- EDR SICAV – Millesima World 2028
- 
##### Germania

Inoltre, gli investitori nella Repubblica Federale di Germania saranno informati tramite un supporto durevole (§ 167 Codice degli investimenti) nei seguenti casi:
- sospensione del rimborso delle quote;
- cessazione della gestione del fondo o sua liquidazione;
- eventuali modifiche allo statuto che non siano in linea con i precedenti principi d'investimento, che influiscano sui diritti sostanziali degli investitori o che siano correlate alla remunerazione e al rimborso delle spese che possono essere pagate o prelevate dal pool di attività;
- fusione del fondo con uno o più altri fondi;
- trasformazione del fondo in un fondo feeder o modifica di un fondo master.
- 
##### Lussemburgo

Servizio finanziario in Lussemburgo
Il servizio finanziario in Lussemburgo della SICAV "Edmond de Rothschild SICAV" è fornito da CACEIS Bank, Luxembourg Branch, con sede legale in 5, Allée Scheffer, L-2520 Lussemburgo.
Informazioni agli azionisti
Il prospetto della SICAV, i documenti contenenti le informazioni chiave per gli investitori e le relazioni finanziarie sono disponibili presso il Servizio finanziario in Lussemburgo. Il valore patrimoniale netto è calcolato giornalmente, ad eccezione dei giorni festivi e di chiusura dei mercati francesi (calendario ufficiale di Euronext Paris S.A.)
Condizioni di sottoscrizione e rimborso di azioni
Le richieste di sottoscrizione e rimborso sono centralizzate ogni giorno prima delle ore 12:30 da EDMOND DE ROTHSCHILD (France) e vengono eseguite al valore patrimoniale netto del giorno e calcolate il giorno lavorativo successivo.
Trattamento fiscale
Gli utili o le perdite realizzati sul rimborso delle azioni della SICAV (o sui proventi per scioglimento) costituiscono plusvalenze o minusvalenze su valori mobiliari applicabili a ciascun detentore a seconda della propria situazione (paese di residenza, persona fisica o giuridica, luogo di sottoscrizione, ecc.). In caso di dubbi in merito alla propria situazione fiscale, il detentore è invitato a rivolgersi a un consulente fiscale per conoscere il trattamento fiscale specifico che sarà applicabile, prima della sottoscrizione di qualsiasi azione della SICAV.
- 
##### Regno Unito

La Società ha nominato Société Générale, la cui sede principale di attività è One Bank Street Canary Wharf, Londra E14 4SG, Regno Unito, in qualità di suo Agente per i servizi nel Regno Unito. Gli investitori possono ottenere informazioni sui prezzi più recenti e sui meccanismi di rimborso presso la sede dell'Agente per i servizi nel Regno Unito sopra indicata. I prezzi aggiornati sono disponibili anche all'indirizzo: http://funds.edram.com/.
Per quanto riguarda la natura delle classi di azioni, si rimanda alla Sezione "Azioni" dell'ultimo Prospetto disponibile. Per maggiori dettagli in merito alle azioni, si rimanda alla sezione relativa alle schede tecniche di ciascun comparto (in calce al prospetto). Si invitano gli investitori residenti nel Regno Unito a rivolgersi ai propri consulenti professionali in merito a questioni fiscali e ad altre considerazioni rilevanti. Si prega di notare che gli investitori che effettuano investimenti nella Società potrebbero non recuperare l'intero investimento.
Sebbene la Società sia autorizzata dalla Financial Conduct Authority ai fini del collocamento, si informano gli investitori potenziali e attuali nel Regno Unito che le norme di cui al Financial Services and Market Act (FSMA) non si applicano in generale alla Società in relazione alla sua attività d'investimento.
I seguenti documenti e/o informazioni possono essere consultati presso la sede dell'Agente per i servizi nel Regno Unito:
- l'ultimo prospetto disponibile e i documenti contenenti le informazioni chiave per gli investitori;
- lo statuto della Società aggiornato;
- le ultime relazioni annuale e semestrale della Società;
- i prezzi di emissione e di rimborso.

I reclami scritti relativi a qualsiasi aspetto del servizio, compresa l'attività della Società, o le richieste di ottenere una copia della procedura di gestione dei reclami possono essere indirizzati a Société Générale, perché siano trasmesse alla sede centrale della Società.
Si prega di notare che gli investitori non hanno alcun diritto di annullamento in relazione alla loro partecipazione.
I potenziali investitori devono essere consapevoli del fatto che Edmond de Rothschild SICAV non è soggetta alle norme e ai regolamenti emanati ai sensi del FSMA per la tutela degli investitori. Gli investitori non avranno alcuna protezione ai sensi del Financial Services Compensation Scheme del Regno Unito.
Quanto sopra si basa sulla comprensione di Edmond de Rothschild SICAV / Edmond de Rothschild Asset Management (France) delle leggi e delle prassi attualmente in vigore nel Regno Unito ed è soggetto a modifiche. Non deve essere considerata una consulenza legale o fiscale e gli investitori sono invitati a chiedere informazioni e, se necessario, consiglio ai propri consulenti professionali in merito alle possibili conseguenze fiscali o di altra natura derivanti dall'acquisto, dalla detenzione, dal trasferimento o dalla vendita delle quote ai sensi delle leggi del loro paese di cittadinanza, residenza o domicilio. Inoltre, il contenuto del presente documento ha finalità puramente informative, non costituisce offerta o promozione di vendita né dà alcun riferimento sull'idoneità degli investimenti descritti nel presente documento.

## STATUTO
Edmond de Rothschild SICAV

## SOCIETÀ D’INVESTIMENTO A CAPITALE VARIABILE (SICAV) MULTICOMPARTO
Sede legale: 47 rue du Faubourg Saint-Honoré 75008 PARIGI
RCS PARIGI 850 407 297

#### TITOLO I - FORMA - OGGETTO SOCIALE - DENOMINAZIONE - SEDE LEGALE - DURATA DELLA SOCIETÀ ARTICOLO 1: FORMA
Tra detentori delle azioni di seguito create e di quelle che lo saranno successivamente, è costituita una Società d’investimento a capitale variabile (SICAV) soggetta, in particolare, alle disposizioni del Codice di commercio in materia di società per azioni (Libro II - Titolo II - Capitolo V), del codice monetario e finanziario (Libro II - Titolo I - Capitolo IV - sezione I - sub-sezione I), le relative disposizioni di attuazione e quelle successive e al presente statuto.
La SICAV prevede molteplici comparti. Ogni comparto emette categorie di azioni rappresentative del patrimonio della SICAV che gli viene attribuito. In questo caso, le disposizioni del presente statuto applicabili alle azioni della SICAV si applicheranno alle categorie di azioni emesse in rappresentanza del patrimonio di ogni comparto.

#### ARTICOLO 2: OGGETTO SOCIALE
La presente società ha per oggetto la costituzione e la gestione di un portafoglio di strumenti finanziari e depositi.

#### ARTICOLO 3: DENOMINAZIONE
La denominazione della società è: Edmond de Rothschild SICAV
seguita dalla dicitura “Società d’investimento a capitale variabile”, accompagnata o meno dall’abbreviazione “SICAV”.

#### ARTICOLO 4: SEDE LEGALE
La sede legale è sita a PARIGI (75008), 47 rue du Faubourg Saint-Honoré.

#### ARTICOLO 5: DURATA
La durata della società è di novantanove anni a decorrere dalla sua iscrizione nel registro delle imprese, tranne nei casi di scioglimento anticipato o proroga previsti dal presente statuto.

#### TITOLO II - CAPITALE - VARIAZIONI DEL CAPITALE - CARATTERISTICHE DELLE AZIONI ARTICOLO 6: CAPITALE SOCIALE
Il capitale iniziale della SICAV ammonta alla somma di 2.251.555.571,65 euro suddivisa in 10.524.926,11 azioni interamente versate.
È stato costituito mediante conferimenti in natura.
Nel caso del comparto EdR SICAV - Euro Sustainable Credit:
Il capitale iniziale del comparto ammonta alla somma di 126.085.387,20 euro suddivisa in 354.369,97 azioni interamente versate.
È stato costituito il giorno 12/02/2019 mediante incorporazione di tutti gli attivi del FCI Edmond de Rothschild Euro Sustainable Credit.
Nel caso del comparto EdR SICAV - Euro Sustainable Growth:
Il capitale iniziale del comparto ammonta alla somma di 158.002.616,77 euro suddivisa in 864.362,19 azioni interamente versate.
È stato costituito il giorno 12/02/2019 mediante incorporazione di tutti gli attivi del FCI Edmond de Rothschild Euro Sustainable Growth.
Nel caso del comparto EdR SICAV – Financial Bonds:
Il capitale iniziale del comparto ammonta alla somma di 1.967.467.567,68 euro suddivisa in 9.306.193,95 azioni interamente versate.
È stato costituito il giorno 12/02/2019 mediante incorporazione di tutti gli attivi del FCI Edmond de Rothschild Financial Bonds.
La SICAV è una SICAV multicomparto e ogni comparto emette categorie di azioni rappresentative del patrimonio della SICAV che gli viene attribuito. In questo caso, le disposizioni del presente statuto applicabili alle azioni della SICAV si applicheranno alle categorie di azioni emesse in rappresentanza del patrimonio del comparto.
Le caratteristiche delle diverse categorie di azioni e relative condizioni di accesso sono precisate nel prospetto informativo della SICAV.
In particolare, le varie categorie di azioni potranno:
- beneficiare di regimi diversi di distribuzione dei redditi (distribuzione o capitalizzazione);
- essere denominate in valute diverse;
- sostenere spese di gestione diverse;
- sostenere commissioni di sottoscrizione e di rimborso diverse;
- avere un valore nominale diverso;
- essere munite di una copertura sistematica, parziale o totale, del rischio, definita nel prospetto informativo. La copertura è assicurata per mezzo di strumenti finanziari che riducono al minimo l’impatto delle operazioni di copertura sulle altre categorie di azioni dell’OICVM;
- essere riservate a una o più reti di commercializzazione.

Le azioni possono essere raggruppate o suddivise su proposta del Consiglio di amministrazione e previa approvazione dell’Assemblea generale straordinaria.
Le azioni potranno, su decisione del consiglio di amministrazione, essere frazionate in decimi, centesimi, millesimi o decimillesimi, denominati frazioni di azioni.
Le disposizioni dello statuto che disciplinano l’emissione e il rimborso di azioni sono applicabili alle frazioni di azioni il cui valore sarà sempre proporzionale a quello dell’azione che rappresentano. Tutte le altre disposizioni dello statuto relative alle azioni si applicano alle frazioni di azioni senza che sia necessario specificarlo, fatto salvo quanto diversamente specificato.

#### ARTICOLO 7: VARIAZIONI DEL CAPITALE
L’importo del capitale può subire modifiche, in seguito all’emissione di nuove azioni da parte della società e a diminuzioni conseguenti al rimborso di azioni da parte della società agli azionisti che ne facciano richiesta.

#### ARTICOLO 8: EMISSIONI E RIMBORSI DI AZIONI
Le azioni sono emesse in qualsiasi momento su richiesta degli azionisti sulla base del loro valore patrimoniale netto, aumentato eventualmente delle commissioni di sottoscrizione.
I rimborsi e le sottoscrizioni sono effettuati alle condizioni e secondo le modalità precisate nel prospetto informativo. I rimborsi possono essere effettuati in contanti.
I rimborsi possono altresì essere effettuati in natura. Se il rimborso in natura corrisponde a una quota rappresentativa del patrimonio del portafoglio, l’OICVM o la società di gestione deve ottenere unicamente il consenso scritto dell’azionista uscente. Se il rimborso in natura non corrisponde alla quota rappresentativa del patrimonio del portafoglio, tutti gli azionisti sono tenuti a esprimere il loro consenso scritto che autorizza l’azionista uscente a ottenere il rimborso delle proprie azioni a fronte di determinati attivi, definiti esplicitamente nel consenso. In deroga a quanto precede, se il fondo è un ETF, i rimborsi sul mercato primario possono, previo consenso della società di gestione del portafoglio e nel rispetto degli interessi dei detentori di quote, essere effettuati in natura alle condizioni definite nel prospetto informativo o nel regolamento del fondo. Gli attivi sono quindi consegnati dal gestore del conto emittente alle condizioni definite nel prospetto informativo del fondo.
In linea generale, gli attivi rimborsati sono valutati secondo le regole fissate nell’articolo 9 e il rimborso in natura è realizzato in base al primo valore patrimoniale netto successivo all’accettazione dei titoli interessati.
Ogni sottoscrizione di nuove azioni deve, pena l’annullamento, essere interamente versata e le azioni emesse hanno lo stesso godimento delle azioni esistenti il giorno di emissione.
In conformità all’articolo L. 214-7-4 del codice monetario e finanziario, il riacquisto delle azioni proprie da parte della società, come pure l’emissione di nuove azioni, possono essere temporaneamente sospesi dal consiglio di amministrazione, quando lo richiedano circostanze eccezionali e lo impongano gli interessi degli azionisti.
Laddove il patrimonio netto della SICAV (o eventualmente di un comparto) sia inferiore all’importo stabilito dalle normative, non potrà essere effettuato alcun rimborso delle azioni (o all’occorrenza nel comparto interessato).
Ai sensi degli articoli L. 214-7-4 del codice monetario e finanziario e 411-20-1 del regolamento generale dell’AMF, la società di gestione può decidere di limitare i rimborsi quando ciò sia richiesto da circostanze eccezionali e dall’interesse degli azionisti o dall’interesse pubblico.
La società di gestione può implementare il meccanismo detto “Gate” per distribuire le richieste di rimborso degli azionisti del comparto interessato su più valori patrimoniali netti se essi superano un certo livello, determinato in modo oggettivo. La soglia al di sopra della quale possono essere attivati i “Gate” deve essere giustificata in relazione alla periodicità del calcolo del valore patrimoniale netto del comparto, alla sua direzione di gestione e alla liquidità degli attivi in portafoglio. La società di gestione può applicare un limite massimo ai rimborsi in caso di raggiungimento della soglia di attivazione. Tale soglia è indicata nella sezione relativa al limite massimo dei rimborsi (“Gate”) del prospetto informativo di ogni comparto della SICAV. Qualora il comparto interessato abbia più di una classe di azioni, la soglia di attivazione della procedura sarà la stessa per tutte le classi di azioni del comparto.
Questa soglia di attivazione corrisponde al rapporto tra:
- la differenza rilevata, a una data di centralizzazione, tra l'importo totale dei rimborsi e l'importo totale delle sottoscrizioni; e
- il patrimonio netto del comparto.

La soglia si applica ai rimborsi centralizzati per il patrimonio totale del comparto e non specificamente per le classi di azioni del comparto.
Tuttavia, quando le richieste di rimborso superano la soglia di attivazione dei “Gate”, la società di gestione può decidere di accettare le richieste di rimborso oltre il limite massimo specificato, soddisfacendo, parzialmente o completamente, gli ordini che altrimenti potrebbero essere bloccati.
Durante il periodo di applicazione del meccanismo di “Gate”, gli ordini di rimborso saranno evasi nella stessa proporzione per gli azionisti del comparto che hanno richiesto un rimborso su uno stesso valore patrimoniale netto. La frazione dell’ordine di rimborso non evasa, e pertanto differita, non avrà priorità sulle richieste di rimborso successive. Le frazioni dell’ordine di rimborso non evase e automaticamente differite non possono essere revocate da parte degli azionisti del comparto.
Il periodo massimo di applicazione del limite massimo dei rimborsi è pari a 20 valori patrimoniali netti nell’arco di 3 mesi. La durata massima del limite massimo dei rimborsi non può superare 1 mese.
Le operazioni di sottoscrizione e rimborso, per lo stesso numero di azioni, sulla base dello stesso valore patrimoniale netto e per lo stesso azionista o beneficiario effettivo (le cosiddette operazioni quick flip) non sono soggette ai “Gate”. Tale esclusione si applica anche al trasferimento da una classe di azioni a un’altra, sullo stesso valore patrimoniale netto, per lo stesso importo e per lo stesso azionista o beneficiario effettivo.
Possibilità di condizioni di sottoscrizione minima, secondo le modalità previste nel prospetto informativo.
L’OICVM può cessare di emettere azioni ai sensi del terzo comma dell’articolo L. 214-7-4 del codice monetario e finanziario, in maniera temporanea o definitiva, parziale o totale, in situazioni oggettive che comportino la chiusura di sottoscrizioni, per esempio il raggiungimento di un numero massimo di azioni emesse o di un importo massimo di patrimonio o, ancora, la scadenza di un determinato periodo di sottoscrizione. L’attivazione di tale strumento sarà oggetto di un’informativa comunicata con ogni mezzo agli azionisti esistenti relativamente a detta attivazione, nonché alla soglia e situazione oggettiva che hanno condotto alla decisione di chiusura parziale o totale. In caso di chiusura parziale, tale informativa con ogni mezzo preciserà in modo esplicito le modalità con cui gli azionisti esistenti possono continuare a effettuare sottoscrizioni nel periodo di detta chiusura parziale. Gli azionisti sono altresì informati con ogni mezzo della decisione dell’OICVM o della società di gestione di porre fine alla chiusura totale o parziale delle sottoscrizioni (in caso di rientro al di sotto della soglia di attivazione) ovvero di non porvi fine (in caso di variazione della soglia o di cambiamento della situazione oggettiva che ha condotto all’implementazione dello strumento). L’eventuale modifica della situazione oggettiva invocata o della soglia di attivazione dello strumento deve essere effettuata sempre nell’interesse degli azionisti. L’informativa con ogni mezzo conterrà le motivazioni precise di tali modifiche.

#### ARTICOLO 9: CALCOLO DEL VALORE PATRIMONIALE NETTO DELL’AZIONE
Il calcolo del valore patrimoniale netto dell’azione viene eseguito prendendo in considerazione le regole di valutazione precisate nel prospetto informativo.
Inoltre, l’operatore di mercato calcolerà un valore patrimoniale netto indicativo immediato in caso di ammissione alla negoziazione.

#### ARTICOLO 10: FORMA DELLE AZIONI
Le azioni potranno essere al portatore.
Ai sensi dell’articolo L.211-4 del codice monetario e finanziario, i titoli saranno obbligatoriamente registrati su conti, tenuti dall’emittente o da un intermediario abilitato, a seconda dei casi.
I diritti dei titolari saranno rappresentati da una scrittura a loro nome sul conto: nel caso dei titoli al portatore, presso l’intermediario prescelto.
La società potrà, dietro corrispettivo a suo carico, richiedere il nominativo, la nazionalità e l’indirizzo degli azionisti della SICAV, oltre alla quantità di titoli detenuti da ciascuno di loro in conformità all’articolo L.211-5 del codice monetario e finanziario.

#### ARTICOLO 11: AMMISSIONE ALLA NEGOZIAZIONE SU UN MERCATO REGOLAMENTATO
Le azioni possono essere oggetto di un’ammissione alla negoziazione su un mercato regolamentato e/o su un sistema multilaterale di negoziazione, ai sensi della normativa vigente. Nel caso in cui la SICAV, le cui azioni siano ammesse alle negoziazioni su un mercato regolamentato, abbia un obiettivo di gestione basato su un indice, dovrà aver previsto un dispositivo che consenta di assicurare che la quotazione della sua azione non si discosti sensibilmente dal proprio valore patrimoniale netto.

#### ARTICOLO 12: DIRITTI E OBBLIGHI ALLEGATI ALLE AZIONI
In termini di proprietà del patrimonio sociale e ripartizione degli utili, ogni azione dà diritto a una quota proporzionale alla frazione di capitale dalla stessa rappresentata.
I diritti e obblighi allegati all’azione seguono il titolo, indipendentemente dal suo proprietario.
La proprietà di un’azione comporta, a tutti gli effetti, il rispetto dello statuto della società e delle decisioni dell’Assemblea generale.
Ogni volta che si renda necessario possedere più azioni per esercitare un qualsiasi diritto e, in particolare, in caso di scambio o raggruppamento, i detentori di azioni isolate, o in numero inferiore a quello necessario, possono esercitare tali diritti esclusivamente a condizione di perseguire i propri interessi personali rispetto al raggruppamento ed eventualmente all’acquisto o alla vendita delle azioni necessarie.

#### ARTICOLO 13: INDIVISIBILITÀ DELLE AZIONI
Tutti i detentori indivisi di un’azione o gli aventi diritto dovranno farsi rappresentare presso la società da una sola e stessa persona nominata di comune accordo oppure, in mancanza di questa, dal presidente del tribunale del commercio della località in cui si trova la sede legale.
I proprietari di frazioni di azioni possono raggrupparsi. In tal caso dovranno farsi rappresentare, alle condizioni previste nel comma precedente, da una sola e stessa persona la quale eserciterà, per ciascun gruppo, i diritti allegati alla proprietà di un’azione intera.
Il diritto di voto allegato all’azione spetta all’usufruttuario nelle Assemblee generali ordinarie e al nudo proprietario nelle Assemblee generali straordinarie.

#### TITOLO III - AMMINISTRAZIONE E DIREZIONE DELLA SOCIETÀ ARTICOLO 14: AMMINISTRAZIONE
La società è amministrata da un consiglio di amministrazione (composto da un minimo di tre membri e un massimo di diciotto) nominato dall’assemblea generale.
Nel corso dell’esistenza della società, gli amministratori sono nominati o ne viene rinnovato l’incarico tramite assemblea generale ordinaria degli azionisti.
Gli amministratori possono essere persone fisiche o giuridiche. Queste ultime devono, al momento della loro nomina, designare un rappresentante permanente il quale, a nome proprio, è soggetto alle stesse condizioni e agli stessi obblighi, nonché alle stesse responsabilità civili e penali dei membri del consiglio
di amministrazione, fatta salva la responsabilità della persona giuridica che rappresenta.
Tale mandato di rappresentante permanente gli viene conferito per la stessa durata di quella conferita alla persona giuridica che rappresenta. Qualora la persona giuridica revochi il mandato al suo rappresentante, è
tenuta a comunicarlo tempestivamente alla SICAV, tramite lettera raccomandata, insieme all’identità del nuovo rappresentante permanente. Le stesse modalità valgono in caso di decesso, dimissioni o impedimento
prolungato del rappresentante permanente.

#### ARTICOLO 15: DURATA DELL’INCARICO DEGLI AMMINISTRATORI - RINNOVO DEL CONSIGLIO
Fatte salve le disposizioni dell’ultimo comma del presente articolo, la durata dell’incarico degli amministratori è di tre anni per i primi amministratori e al massimo sei anni per le nomine successive; per anno si intende l’arco di tempo che intercorre tra due assemblee generali annue consecutive.
Qualora uno o più posti di amministratore diventino vacanti tra un’assemblea generale e un’altra, in seguito a decesso o dimissioni, il consiglio di amministrazione può procedere a nomine provvisorie.
L’amministratore nominato provvisoriamente dal consiglio al posto di un altro ricoprirà l’incarico unicamente per il tempo restante al termine del mandato del predecessore. La nomina è soggetta a ratifica da parte della successiva assemblea generale.
Gli amministratori uscenti possono essere rieletti. Potranno essere revocati in qualsiasi momento dall’assemblea generale ordinaria.
Le funzioni di ciascun membro del consiglio di amministrazione cessano al termine dell’assemblea generale ordinaria degli azionisti che ha deliberato sul bilancio dell’esercizio trascorso e tenutasi nell’anno in cui scade il loro mandato. Laddove l’assemblea non si sia tenuta nel corso di detto anno, le funzioni del consigliere interessato cesseranno il 31 dicembre dello stesso anno, fatte salve le eccezioni illustrate più avanti.
Se necessario, qualsiasi amministratore può essere nominato per una durata
inferiore a sei anni, purché il rinnovo del consiglio rimanga il più regolare possibile e completo in ogni periodo di sei anni. Sarà questo il caso in particolare se il numero degli amministratori è aumentato o ridotto, incidendo sulla regolarità del rinnovo.
Nel caso in cui il numero dei membri del consiglio di amministrazione scenda al di sotto del minimo legale, il/i membro/i restante/i dovrà/dovranno convocare immediatamente l’assemblea generale ordinaria degli azionisti per reintegrare l’organico del consiglio.
Ai sensi della normativa, il numero di amministratori con più di 70 anni di età non potrà superare un terzo degli amministratori in questione.
Il consiglio di amministrazione può essere rinnovato parzialmente.
In caso di dimissioni o decesso di un amministratore e purché il numero di amministratori restanti in carica sia superiore o uguale al minimo statutario, il consiglio potrà provvedere alla sua sostituzione, in maniera provvisoria e per la restante durata del mandato.

#### ARTICOLO 16: VERTICI DEL CONSIGLIO
Il consiglio elegge tra i suoi membri, per una durata da lui definita senza che però questa superi quella del suo mandato di amministratore, un presidente, il quale dovrà essere obbligatoriamente una persona fisica.
Il presidente del consiglio di amministrazione ne organizza e dirige i lavori, di cui rende conto all’assemblea generale. Vigila sul regolare funzionamento degli organi societari e si accerta, in particolare, che gli amministratori siano in grado di ottemperare al loro mandato.
Qualora lo ritenga utile, il consiglio nominerà inoltre un vice-presidente e potrà scegliere un segretario, anche esterno al consiglio stesso.
In caso di assenza o impedimento del presidente, la seduta del Consiglio sarà presieduta dal Vicepresidente. In assenza di quest’ultimo, il Consiglio sceglierà il presidente della seduta tra i suoi membri.

#### ARTICOLO 17: RIUNIONI E DELIBERE DEL CONSIGLIO
Il consiglio di amministrazione si riunisce su convocazione del presidente con la cadenza necessaria a soddisfare gli interessi della società, sia presso la sede legale che in qualsiasi altro luogo indicato nell’avviso di convocazione. Un numero di amministratori pari ad almeno un terzo dei membri del consiglio può chiedere al presidente di convocare il consiglio su un determinato ordine del giorno, qualora questo non si sia riunito da oltre due mesi. Anche il direttore generale può chiedere al presidente di convocare il consiglio di amministrazione su un determinato ordine del giorno. Il presidente è tenuto a soddisfare tali richieste.
Un regolamento interno può prevedere, secondo le disposizioni legali e normative previste, le modalità di organizzazione delle riunioni del consiglio di amministrazione che possono avere luogo tramite videoconferenza, tranne nel caso delle decisioni espressamente escluse dal codice del commercio.
Le convocazioni sono effettuate mediante una semplice lettera o con qualsiasi altro mezzo, perfino verbalmente in caso d’urgenza.
È necessaria la presenza di almeno la metà dei membri per dichiarare valide le delibere. Le decisioni vengono prese a maggioranza dei voti dei membri presenti o rappresentati.
Ogni amministratore dispone di un voto. In caso di parità, prevale il voto del presidente.

#### ARTICOLO 18: VERBALI
I verbali sono redatti e le copie e gli estratti delle delibere sono consegnati e certificati in conformità alla legge vigente.

#### ARTICOLO 19: POTERI DEL CONSIGLIO DI AMMINISTRAZIONE
Il consiglio di amministrazione determina l’orientamento dell’attività della società e vigila sulla relativa applicazione. Nei limiti dell’oggetto sociale e fatti salvi i poteri espressamente attribuiti dalla legge alle assemblee degli azionisti, il consiglio prenderà in considerazione qualsiasi questione che interessi il buon andamento della società e, attraverso le delibere, regolamenterà gli aspetti che la vedono coinvolta. Il consiglio di amministrazione procede ai controlli e alle verifiche che ritiene opportuni. Il presidente o il direttore generale della società è tenuto a comunicare a ciascun amministratore tutti i documenti e informazioni necessari ai fini dell’adempimento della sua missione.
Un amministratore può, per iscritto, dare mandato a un altro amministratore di rappresentarlo in una seduta del consiglio di amministrazione. Tuttavia, nel corso della stessa seduta, un amministratore solamente può disporre di una singola procura.

#### ARTICOLO 20: DIREZIONE GENERALE - CENSORI
La direzione generale della società è assunta, sotto la propria responsabilità, dal presidente del consiglio di amministrazione o da un’altra persona fisica nominata dal consiglio di amministrazione, cui viene attribuito il titolo di direttore generale.
La scelta tra queste due modalità di esercizio della direzione generale è effettuata, alle condizioni stabilite dal presente statuto, dal consiglio di amministrazione per un periodo che termina alla scadenza delle funzioni del presidente del consiglio di amministrazione in carica. Gli azionisti e i soggetti terzi coinvolti vengono informati di questa scelta secondo le modalità definite dalle disposizioni legislative e normative in vigore.
In funzione della scelta effettuata dal consiglio di amministrazione in conformità alle disposizioni descritte in precedenza, la direzione generale è assicurata dal presidente o da un direttore generale.
Laddove il consiglio di amministrazione scelga di dissociare le funzioni di presidente da quelle di direttore generale, procederà alla nomina del direttore generale e stabilirà la durata del relativo mandato.
Quando la direzione generale della società è assunta dal presidente del consiglio di amministrazione, le disposizioni di seguito pertinenti al direttore generale si applicano anche al presidente.
Fatti salvi i poteri attribuiti espressamente dalla legge alle assemblee degli azionisti e quelli specificatamente riservati al consiglio di amministrazione e nei limiti dell’oggetto sociale, il direttore generale dispone dei più ampi poteri per agire in qualsiasi circostanza in nome della società. Esercita tali poteri nei limiti dell’oggetto sociale e fatti salvi quelli attribuiti espressamente dalla legge alle assemblee degli azionisti e al consiglio di amministrazione. Rappresenta la società nei confronti dei terzi.
Il direttore generale può autorizzare qualsiasi delega parziale dei propri poteri a persone di sua scelta. Il direttore generale può essere revocato in qualsiasi momento dal consiglio di amministrazione.
Su proposta del direttore generale, il consiglio di amministrazione può nominare, con il titolo di direttore generale delegato, un massimo di cinque persone fisiche incaricate di assisterlo.
I direttori generali delegati possono essere revocati in qualsiasi momento dal consiglio su proposta del direttore generale.
Di concerto con il direttore generale, il consiglio determina l’estensione e la durata dei poteri conferiti ai direttori generali delegati.
Tali poteri possono comportare la facoltà di delega parziale. In caso di cessazione dell’incarico o di impedimento del direttore generale, essi conservano, salvo decisione contraria del consiglio, le proprie funzioni e mansioni fino alla nomina del nuovo direttore generale.
I direttori generali delegati dispongono, nei confronti dei terzi, degli stessi poteri del direttore generale.
L’Assemblea generale può nominare presso la società uno o più Censori, scelti o meno tra gli azionisti.
Il Consiglio di amministrazione può procedere alla nomina dei Censori, previa ratifica da parte della successiva Assemblea generale.
L’Assemblea generale può attribuire ai Censori una remunerazione della quale stabilirà l’importo.
I Censori sono nominati per un periodo di tre anni scadenti al termine della riunione dell’Assemblea generale che delibera sul bilancio del terzo esercizio chiuso dopo la loro nomina.
I Censori, incaricati di vigilare sul rigoroso rispetto dello statuto, sono convocati in occasione delle sedute del Consiglio di amministrazione e partecipano alle delibere con voto consultivo.
Il consiglio di amministrazione può decidere la creazione di comitati incaricati di assisterlo nella preparazione dei propri lavori.

#### ARTICOLO 21: INDENNITÀ E REMUNERAZIONI DEL CONSIGLIO (O DEI CENSORI)
L’assemblea generale può assegnare agli amministratori, a titolo di remunerazione per la loro attività, una somma fissa annuale sotto forma di gettoni di presenza, il cui importo è imputato alle spese generali della società ed è ripartito a discrezione del consiglio tra i propri membri.
Le remunerazioni del presidente del consiglio di amministrazione e quelle del direttore generale o dei direttori generali sono stabilite dal consiglio di amministrazione, come pure quelle dei censori.

#### ARTICOLO 22: DEPOSITARIO
Il depositario è indicato dal consiglio di amministrazione.
Il depositario garantisce l’espletamento delle missioni che gli competono ai sensi delle leggi e dei regolamenti in vigore, nonché di quelle affidategli contrattualmente dalla SICAV o dalla società di gestione. È tenuto specialmente a garantire la regolarità delle decisioni della società di gestione del portafoglio. All’occorrenza, deve adottare tutte
le misure cautelari necessarie ritenute utili. In caso di controversia con la società di gestione, il depositario informa l’Autorité des marchés financiers.

#### ARTICOLO 23: PROSPETTO INFORMATIVO
Il consiglio di amministrazione, o la società di gestione qualora la SICAV abbia delegato globalmente la propria gestione, ha piena facoltà di apportare al prospetto qualsiasi modifica volta a garantire una corretta gestione della società, nell’ambito delle disposizioni legislative e normative proprie delle SICAV.

#### TITOLO IV - REVISORE DEI CONTI
ARTICOLO 24: NOMINA - POTERI - REMUNERAZIONE
Il revisore dei conti è designato per sei esercizi dal consiglio di amministrazione, previo consenso dell’Autorité des marchés financiers, tra le persone autorizzate a esercitare tali funzioni nelle società commerciali.
Certifica la regolarità e veridicità del bilancio.
Può essere rinnovato nell’esercizio delle sue funzioni.
Il revisore dei conti è tenuto a segnalare entro il più breve tempo possibile all’Autorité des marchés financiers qualsiasi fatto o decisione concernente l’organismo d’investimento collettivo in valori mobiliari, di cui sia venuto a conoscenza nell’espletamento della propria missione, di natura tale da:
1° costituire una violazione delle disposizioni legislative o normative applicabili al suddetto organismo e tali da poter influire significativamente sulla situazione finanziaria, sul risultato o sul patrimonio;
2° influire negativamente sulle condizioni o la continuità della sua gestione;
3° comportare l’emissione di riserve o il rifiuto della certificazione del bilancio.
Le valutazioni degli attivi e la determinazione delle parità di scambio nelle operazioni di trasformazione, fusione o scissione avvengono sotto il controllo del revisore dei conti.
Egli valuta tutti i conferimenti o rimborsi in natura, sotto la propria responsabilità, tranne nell’ambito dei rimborsi in natura di un ETF sul mercato primario.
Controlla la composizione del patrimonio e degli altri elementi prima della pubblicazione.
Gli onorari del revisore dei conti sono stabiliti di comune accordo tra quest’ultimo e il consiglio di amministrazione della SICAV, in funzione di un programma di lavoro che indichi nel dettaglio le operazioni considerate necessarie. Il revisore dei conti attesta le situazioni che fungono da base per la distribuzione di acconti.
Potrà essere nominato un revisore dei conti supplente, chiamato a sostituire il revisore dei conti titolare in caso d’impedimento, rifiuto, dimissioni o decesso.

#### TITOLO V - ASSEMBLEE GENERALI ARTICOLO 25: ASSEMBLEE GENERALI
Le assemblee generali sono convocate e deliberano secondo le modalità previste dalla legge.
L’assemblea generale annuale, incaricata di approvare il bilancio della società, deve tenersi obbligatoriamente nei quattro mesi successivi alla chiusura dell’esercizio.
Le riunioni hanno luogo presso la sede legale o altro luogo precisato nell’avviso di convocazione.
Tutti gli azionisti, personalmente o tramite delega, possono partecipare alle assemblee, previa dimostrazione della propria identità e della proprietà dei titoli, sotto forma di iscrizione nel conto titoli al portatore, nei luoghi indicati nell’avviso di convocazione. Il termine entro il quale espletare tali formalità scade due giorni prima della data di riunione dell’assemblea.
Un azionista può farsi rappresentare in conformità alle disposizioni di cui all’articolo L. 225-106 del codice di commercio.
Le assemblee sono presiedute dal presidente del consiglio di amministrazione o, in sua assenza, da un vicepresidente o da un amministratore delegato a tal fine dal consiglio. In mancanza delle figure menzionate, l’assemblea elegge essa stessa il suo presidente.
I verbali delle assemblee dovranno essere redatti e le loro copie certificate e consegnate ai destinatari, ai sensi di legge.

#### TITOLO VI - BILANCIO ANNUALE ARTICOLO 26: ESERCIZIO SOCIALE
L’esercizio sociale inizia il giorno successivo a quello dell’ultimo valore patrimoniale netto del mese di settembre e termina il giorno dell’ultimo valore patrimoniale netto dello stesso mese dell’anno seguente.
Tuttavia, in via eccezionale, il primo esercizio comprenderà tutte le operazioni effettuate dalla data di creazione fino all’ultimo giorno di borsa del mese di settembre 2019.

#### ARTICOLO 27: MODALITÀ DI DESTINAZIONE DELLE SOMME DISTRIBUIBILI
Il risultato netto dell’esercizio è pari all’importo degli interessi, arretrati, dividendi, premi e allocazioni, gettoni di presenza, nonché di tutti i proventi relativi ai titoli che compongono il portafoglio del fondo, maggiorato dei proventi delle somme momentaneamente disponibili e ridotto delle spese di gestione e degli eventuali accantonamenti a fondi di ammortamento.
Le somme distribuibili sono costituite da:
1°- Il risultato netto maggiorato del riporto a nuovo e maggiorato o diminuito del saldo dei ratei e risconti dei redditi.
2°- Le plusvalenze nette realizzate, al netto delle minusvalenze nette realizzate, rilevate nel corso dell’esercizio, maggiorate delle plusvalenze nette della stessa natura, non oggetto di una distribuzione o di una capitalizzazione, rilevate nel corso di esercizi precedenti, e ridotte o maggiorate del saldo dei ratei e risconti delle plusvalenze.
Le somme citate ai punti 1° e 2° possono essere distribuite, totalmente o in parte, indipendentemente le une dalle altre.
L’esecuzione del pagamento delle somme distribuibili è effettuata entro un termine massimo di cinque mesi successivi alla chiusura dell’esercizio.
La ripartizione dei risultati viene decisa dalla società di gestione. Le precise modalità di destinazione del risultato e delle somme distribuibili sono definite nel prospetto informativo.
Per quanto concerne le azioni di distribuzione, la società di gestione della SICAV può disporre la distribuzione di uno o più acconti, in base alle situazioni attestate dal revisore dei conti.

#### TITOLO VII - PROROGA - SCIOGLIMENTO - LIQUIDAZIONE ARTICOLO 28: PROROGA O SCIOGLIMENTO ANTICIPATO
Il consiglio di amministrazione può, in qualsiasi momento e per qualsiasi motivo, proporre durante un’assemblea straordinaria la proroga o lo scioglimento anticipato o la liquidazione della SICAV.
L’emissione di nuove azioni e il rimborso, da parte della SICAV, di azioni agli azionisti che ne fanno richiesta cessano il giorno della pubblicazione dell’avviso di convocazione dell’assemblea generale durante la quale saranno proposti lo scioglimento anticipato e la liquidazione della società, oppure al termine della durata prevista della società.

#### ARTICOLO 29: LIQUIDAZIONE
Le modalità di liquidazione sono stabilite in conformità alle disposizioni dell’articolo L. 214-12 del codice monetario e finanziario.
I proventi netti della liquidazione, dopo il regolamento del passivo, sono ripartiti, in contanti o in titoli, tra gli azionisti dei rispettivi comparti.
L’Assemblea generale, regolarmente costituita, conserva durante la fase di liquidazione le stesse mansioni ricoperte durante la vita della società; in particolare, ha il potere di approvare il bilancio di liquidazione e di darne quietanza al liquidatore.

#### TITOLO VIII - CONTROVERSIE ARTICOLO 30: COMPETENZA - ELEZIONE DI DOMICILIO
Eventuali controversie che possano insorgere durante l’esistenza della società o in fase di liquidazione, tra gli azionisti e la società o tra gli stessi azionisti, in merito a questioni societarie saranno giudicate ai sensi di legge e soggette alla giurisdizione dei tribunali competenti.