# 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 (ENES, 2022-12-08):
# Folleto
08/12/2022
Índice
OICVM sujeto a la Directiva europea 2009/65/CE
FOLLETO
- 
### CARACTERÍSTICAS GENERALES
- 
###### Denominación

Edmond de Rothschild SICAV 47, rue du Faubourg Saint-Honoré 75008 PARÍS
- 
###### Forma jurídica y Estado miembro en el que ha sido constituida la SICAV

Sociedad de inversión de capital variable (SICAV) con subfondos de conformidad con el derecho francés.
- 
###### Fecha de creación y duración prevista

La SICAV fue aprobada por la Autoridad de los mercados financieros el 7 de diciembre de 2018.
La SICAV se creó el 12 de febrero de 2019 por un periodo de 99 años, mediante la fusión y absorción de los siguientes FI:
- Edmond de Rothschild Euro Sustainable Credit constituido el 10 de mayo de 2005.
- Edmond de Rothschild Euro Sustainable Growth constituido el 10 de febrero de 2005.
- Edmond de Rothschild Financial Bonds constituido el 10 de marzo de 2008.
- 
###### Resumen de la oferta de gestión

La SICAV tiene 15 subfondos.
EdR SICAV – Euro Sustainable Credit
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A EUR | FR0010172767 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción B EUR | FR0010789313 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción CR EUR | FR0013305828 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |

| Acción I EUR | FR0010789321 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción K EUR | FR0013400066 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción N EUR | FR0010908285 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | No procede |
| Acción R EUR | FR0013201001 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
**Además de todos los accionistas que se hayan suscrito en el subfondo antes del 12/02/2019.
EdR SICAV – Euro Sustainable Equity
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A EUR | FR0010505578 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción B EUR | FR0013400074 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción CR EUR | FR0013307717 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |

| Acción CRD EUR | FR0013417516 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I EUR | FR0010769729 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J EUR | FR0013444031 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción K EUR | FR0010850198 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción O EUR | FR0013444049 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 15 000 000 eur os | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción R EUR | FR0013287588 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
EdR SICAV – Financial Bonds
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR0012749869 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |
| Acción A EUR | FR0011034495 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD (H) | FR0011882281 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción B EUR | FR0011289966 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción B USD (H) | FR0012494300 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción CR EUR | FR0013307691 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CR GBP (H) | FR0013307683 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Libras esterlinas | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/GBP |
| Acción CR USD (H) | FR0013312378 | Resultado neto: Capitalización | USD | Una acción |   Toda clase de	  suscriptores, de   conformidad con   lo dispuesto en el  | EUR/USD |

|  |  | Plusvalías netas realizadas: Capitalización |  |  | apartado «Suscriptores interesados y perfil del inversor habitual»**** |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción CRD EUR | FR0013409067 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción I CHF (H) | FR0012749851 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros*** | EUR/CHF |
| Acción I EUR | FR0010584474 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | No procede |
| Acción I USD (H) | FR0011781210 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros*** | EUR/USD |
| Acción J EUR | FR0013174695 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros*** | No procede |
| Acción J GBP (H) | FR0013350824 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Libras esterlinas | 500 000 libras esterlinas | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/GBP |
| Acción J USD (H) | FR0013350808 | Resultado neto: Distribución Plusvalías netas realizadas: | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |

|  |  | Capitalización y/o Distribución y/o Aplazamiento |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción K EUR | FR0013233699 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros**** | No procede |
| Acción N EUR | FR0011034560 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros*** | No procede |
| Acción NC EUR | FR0013233707 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros*** | No procede |
| Acción OC EUR | FR0013292463 | Resultado neto: Capitalización y/o Distribución y/o Aplazamiento Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros*** | No procede |
| Acción R EUR | FR0013287596 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
**Además de todos los titulares de acciones que se hayan suscrito en la SICAV antes del 20/07/2018.
***Además de todos los titulares de acciones que se hayan suscrito en la SICAV antes del 19/10/2018.
****Además de todos los accionistas que se hayan suscrito en el subfondo antes del 12/02/2019.
EdR SICAV – Tricolore Rendement
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A EUR | FR0010588343 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD | FR0010998179 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción B EUR | FR0010588350 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción I EUR | FR0010594325 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción K EUR | FR0010705145 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción R EUR | FR0010594333 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
EdR SICAV – Equity Euro Solve
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A EUR | FR0013219243 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción B EUR | FR0013219276 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción CR EUR | FR0013307725 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción I EUR | FR0013331568 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |
| Acción K EUR | FR0013062668 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |

| Acción KD EUR | FR0013131885 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción N EUR | FR0013222874 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 5 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |
| Acción NC EUR | FR0013219300 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 5 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |
| Acción O EUR | FR0013222882 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 5 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |
| Acción PC EUR | FR0013062650 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |
| Acción R EUR | FR0013331550 | Resultado neto: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por | No procede |

|  |  | Plusvalías netas realizadas: Capitalización |  |  | distribuidores seleccionados a tal efecto por la sociedad gestora. |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción SC EUR | FR0013219284 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 25 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II»** | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
**Además de todos los accionistas que se hayan suscrito en el subfondo antes del 08/03/2019.
EdR SICAV – Start
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR0012538072 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |
| Acción A EUR | FR0010459693 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD (H) | FR0011050400 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción CR EUR | FR0013307642 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |

| Acción CR USD (H) | FR0013312303 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I CHF (H) | FR0012538064 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | EUR/CHF |
| Acción I EUR | FR0010471136 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | No procede |
| Acción I USD (H) | FR0011050418 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | EUR/USD |
| Acción J EUR | FR0013295888 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | No procede |
| Acción N EUR | FR0010773614 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros** | No procede |
| Acción P EUR | FR0013414851 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 60 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

| Acción R EUR | FR0010773598 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |
| --- | --- | --- | --- | --- | --- | --- |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
**Además de todos los accionistas que se hayan suscrito en el subfondo antes del 21/03/2019.
EdR SICAV – Europe Midcaps
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A EUR | FR0010177998 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD | FR0010998112 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD (H) | FR0012538056 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción CR EUR | FR0013307709 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CR USD | FR0013312386 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |

| Acción I EUR | FR0010594275 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I USD (H) | FR0013233673 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |
| Acción K EUR | FR0010849802 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción R EUR | FR0010614594 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora** | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
**Además de todos los accionistas que se hayan suscrito en el subfondo antes del 21/03/2019.
EdR SICAV – Equity US Solve
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR0013404266 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | USD/CHF |
| Acción A EUR | FR0014007Q54 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A EUR (H) | FR0013404274 | Resultado neto: | Euro | Una acción | Toda clase de suscriptores | USD/EUR |

|  |  | Capitalización Plusvalías netas realizadas: Capitalización |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A GBP (H) | FR0013404282 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Libras esterlinas | Una acción | Toda clase de suscriptores | USD/GBP |
| Acción A USD | FR0013404308 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción B CHF (H) | FR0013404316 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | Una acción | Toda clase de suscriptores | USD/CHF |
| Acción B EUR (H) | FR0013404324 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | USD/EUR |
| Acción B USD | FR0013404332 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción CR EUR (H) | FR0013404340 | Resultado neto: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el | USD/EUR |

|  |  | Plusvalías netas realizadas: Capitalización |  |  | apartado «Suscriptores interesados y perfil del inversor habitual» |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción CR USD | FR0013404357 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD EUR (H) | FR0013404365 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | USD/EUR |
| Acción CRD USD | FR0013404373 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción I EUR | FR0014007Q62 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | No procede |
| Acción I CHF (H) | FR0013404381 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | USD/CHF |

| Acción I EUR (H) | FR0013404399 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | USD/EUR |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I USD | FR0013404407 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | No procede |
| Acción J CHF (H) | FR0013404415 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | USD/CHF |
| Acción J EUR (H) | FR0013404456 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | USD/EUR |
| Acción J USD | FR0013404423 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | No procede |
| Acción K EUR (H) | FR0013404431 | Resultado neto: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por | USD/EUR |

|  |  | Plusvalías netas realizadas: Capitalización |  |  | cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción K USD | FR0013404449 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, destinado especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II» | No procede |

*El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.

##### EdR SICAV – Global Opportunities
|  |  | Asignación |  | Importe |  | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Tipo de acciones | Código ISIN | de importes | Divisa de denominación | mínimo de suscripción | Suscriptores interesados |
| sujetos a |
|  |  | distribución |  | inicial* |  |
| Acción A EUR | FR0013281938 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A CHF (H) | FR0013429230 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |
| Acción A USD (H) | FR0013429248 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | EUR/USD |

| Acción B EUR | FR0013464260 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción CR EUR | FR0013464211 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD EUR | FR0013464237 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción I EUR |  | FR0013429255 |  | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción I CHF (H) |  | FR0013429263 |  | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |
| Acción I USD (H) |  | FR0013429271 |  | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |

| Acción J EUR | FR0013429289 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción K EUR | FR0013464252 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o por cuenta de terceros | No procede |

* El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.

##### EdR SICAV – Short Duration Credit
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados* | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR0013460912 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |
| Acción A EUR | FR0013460920 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD (H) | FR0013460938 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción B CHF (H) | FR0013460946 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |

| Acción B EUR | FR0013460961 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción B USD (H) | FR0013460979 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción CR EUR | FR0013460987 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CR USD (H) | FR0013461019 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/USD |
| Acción CRD EUR | FR0013461027 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD USD (H) | FR0013461555 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/USD |
| Acción I CHF (H) | FR0013461563 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |

| Acción I EUR | FR0013461571 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I USD (H) | FR0013461589 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |
| Acción J CHF (H) | FR0013461597 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |
| Acción J EUR | FR0013461605 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J USD (H) | FR0013461613 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |
| Acción K EUR | FR0013461639 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción N EUR | FR0013488194 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

| Acción O EUR | FR0013488202 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o distribución y/o aplazamiento | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |

* El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.

##### EdR SICAV – Tech Impact
| Tipo de acciones | Código ISIN | Asignación de sumas distribuibles | Divisa de denominació n | Importe mínimo de suscripción inicial* | Suscriptores interesados* | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A EUR | FR0013488244 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD | FR0050000720 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción B EUR | FR0013488251 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o distribución y/o aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción CR EUR | FR0013488269 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CR USD | FR0050000738 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD EUR | FR0013488277 | Resultado neto: Distribución | Euro | Una acción | Toda clase de | No procede |
|  suscriptores, de   conformidad con  |

|  |  | Plusvalías netas realizadas: Capitalización y/o distribución y/o aplazamiento |  |  | lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I EUR | FR0013488285 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción I USD | FR0050000704 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J EUR | FR0013519949 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o distribución y/o aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J USD | FR0050000712 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción K EUR | FR0013488293 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción N EUR | FR0013488301 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 15 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

| Acción S EUR | FR0013532918 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 15 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |

* El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.
EdR SICAV – Green New Deal
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF | FR0013428919 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | No procede |
| Acción A EUR | FR0013428927 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD | FR0013428935 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción B CHF | FR0013428950 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | Una acción | Toda clase de suscriptores | No procede |
| Acción B EUR | FR0013428968 | Resultado neto: Distribución Plusvalías netas realizadas: | Euro | Una acción | Toda clase de suscriptores | No procede |

|  |  | Capitalización y/o Distribución y/o Aplazamiento |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción B USD | FR0013428976 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores | No procede |
| Acción CR EUR | FR0013428984 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CR USD | FR0013428992 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD EUR | FR0013429008 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD USD | FR0013429016 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción I CHF | FR0013429024 | Resultado neto: Capitalización | Franco suizo | 500 000 franco s suizos | Personas jurídicas e inversores institucionales por | No procede |

|  |  | Plusvalías netas realizadas: Capitalización |  |  | cuenta propia o en nombre de terceros |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I EUR | FR0013429040 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción I USD | FR0013429057 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J CHF | FR0013429065 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | 500 000 franco s suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J EUR | FR0013429081 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J USD | FR0013429099 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | USD | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción K EUR | FR0013429107 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

| Acción KD EUR | FR0013429115 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción R EUR | FR0050000068 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, especialmente destinadas a ser comercializadas por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |

* El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.

##### EdR SICAV – Corporate Hybrid Bonds
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR00140058Y9 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |
| Acción A EUR | FR00140059A7 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |

| Acción A USD (H) | FR0014005997 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores | EUR/USD |
| --- | --- | --- | --- | --- | --- | --- |
| Acción B EUR | FR0014005989 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción B USD (H) | FR001400DLX 2 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Dólar estadounidense | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción CR EUR | FR0014005971 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CR USD (H) | FR0014005963 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/USD |

| Acción CRD EUR | FR0014005955 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I CHF (H) | FR0014005948 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |
| Acción I EUR | FR0014005930 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción I USD (H) | FR0014005922 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |
| Acción J EUR | FR0014005914 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción J USD (H) | FR00140079Y5 | Resultado neto: Distribución Plusvalías netas realizadas: | Dólar estadounidense | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |

|  |  | Capitalización y/o Distribución y/o Aplazamiento |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Acción K EUR | FR0014005906 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción NC EUR | FR00140058Z6 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción OC EUR | FR00140058X1 | Resultado neto: Capitalización y/o Distribución y/o Aplazamiento Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 10 000 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

* El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la sociedad gestora, el depositario o entidades que pertenezcan al mismo grupo.

##### EdR SICAV – Millesima World 2028
| Tipo de acciones | Código ISIN | Asignación de importes sujetos a distribución | Divisa de denominación | Importe mínimo de suscripción inicial* | Suscriptores interesados | Riesgo sistemáticamente cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR0014008W 14 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |

| Acción A EUR | FR0014008W 22 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A USD (H) | FR0014008W 30 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores | EUR/USD |  |
| Acción AC EUR | FR0014008W 48 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |  |
| Acción B EUR | FR0014008W 55 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |  |
| Acción B USD (H) | FR001400DL U8 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Dólar estadounidense | Una acción | Toda clase de suscriptores | EUR/USD |  |
| Acción CR EUR | FR0014008W 63 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |  |

| Acción CR USD (H) | FR0014008W 71 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/USD |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Acción CRD EUR | FR0014008W 89 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |  |
| Acción CRD USD (H) | FR0014008W 97 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Dólar estadounidense | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | EUR/USD |
| Acción I CHF (H) | FR0014008W A1 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | 1 000 000 franc os suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |
| Acción I EUR | FR0014008W B9 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 1 000 000 euro s | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción I USD (H) | FR0014008W C7 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | 1 000 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |

| Acción J EUR | FR0014008W D5 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 1 000 000 euro s | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción J CHF (H) | FR0014008W E3 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Franco suizo | 1 000 000 franc os suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |
| Acción J USD (H) | FR0014008W F0 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Dólar estadounidense | 1 000 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |
| Acción K EUR | FR0014008W G8 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 1 000 000 euro s | Inversores institucionales | No procede |
| Acción R EUR | FR0014008W H6 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora. | No procede |

| Acción PWM EUR | FR0014008WI 4 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 1000 euros | Dirigido a Banque Privée EdR | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción PWM USD (H) | FR0014008W J2 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | 1000 USD | Dirigido a Banque Privée EdR | EUR/USD |
| Acción PWMD EUR | FR0014008W K0 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 1000 euros | Dirigido a Banque Privée EdR | No procede |
| Acción PWMD USD (H) | FR0014008W L8 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Dólar estadounidense | 1000 USD | Dirigido a Banque Privée EdR | EUR/USD |

* El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la Sociedad gestora, el Depositario o entidades que pertenezcan al mismo grupo.

##### EdR SICAV – European Sustainable Smaller Companies
| Tipo de accione s | Código ISIN | Asignación de sumas distribuible s | Divisa de denominació n | Importe mínimo de suscripción inicial* | Suscriptore s interesados | Riesgo sistemáticament e cubierto |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A CHF (H) | FR0014009ZB0 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Franco suizo | Una acción | Toda clase de suscriptores | EUR/CHF |

| Acción A EUR | FR0014009Z77 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción A USD | FR001400DLM 5 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores | No procede |
| Acción A USD (H) | FR0014009Z51 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores | EUR/USD |
| Acción B EUR | FR0014009Z69 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores | No procede |
| Acción  B USD | FR0014009ZI5 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Dólar estadounidense | Una acción | Toda clase de suscriptores | No procede |

| Acción CR EUR | FR0014009ZH7 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción CR USD | FR0014009ZG9 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción CRD EUR | FR0014009Z93 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | Una acción | Toda clase de suscriptores, de conformidad con lo dispuesto en el apartado «Suscriptores interesados y perfil del inversor habitual» | No procede |
| Acción I CHF (H) | FR0014009ZA2 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización |  | Franco suizo | 500 000 francos suizos | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/CHF |
| Acción I EUR | FR0014009ZC8 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización |  | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

| Acción I USD | FR001400DLN 3 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| --- | --- | --- | --- | --- | --- | --- |
| Acción I USD (H) | FR0014009ZD6 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Dólar estadounidense | 500 000 USD | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | EUR/USD |
| Acción J EUR | FR0014009ZE4 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción K EUR | FR0014009ZF1 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 500 000 euros | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción N EUR | FR0014009Z85 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalización | Euro | 10 000 000 euro s | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |
| Acción O EUR | FR0014009ZJ3 | Resultado neto: Distribución Plusvalías netas realizadas: Capitalización y/o Distribución y/o Aplazamiento | Euro | 10 000 000 euro s | Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros | No procede |

| Acción S EUR | FR001400DLO 1 | Resultado neto: Capitalización Plusvalías netas realizadas: Capitalisation | Euro | 10 000 000 euro s | Personnes morales et investisseurs institutionnels pour compte propre ou pour compte de t Personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros iers | No procede |
| --- | --- | --- | --- | --- | --- | --- |

- El importe mínimo de suscripción inicial no se aplica a las suscripciones que podrían realizar la Sociedad gestora, el Depositario o entidades que pertenezcan al mismo grupo.
	- 
###### Indicación del lugar donde se puede obtener el informe anual y el informe periódico más reciente


Los últimos documentos anuales y periódicos se enviarán en un plazo de ocho días hábiles previa petición por escrito del accionista a la sociedad gestora Edmond de Rothschild Asset Management (France) - 47, rue du Faubourg Saint Honoré, 75401 París Cedex 08.
- 
### AGENTES
- 
###### Sociedad gestora por delegación

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
Sociedad anónima con Consejo de Administración y Comité de Supervisión, autorizada en calidad de sociedad gestora por la AMF (Autoridad de los Mercados Financieros) el 15 de abril de 2004 con el número GP 04000015. Domicilio social: 47, rue du Faubourg Saint-Honoré - 75401 París Cedex 08
- 
###### Depositario

EDMOND DE ROTHSCHILD (France)
Sociedad anónima, con el Consejo de Administración y el Consejo de Supervisión aprobados por el Banco de Francia a través de la Comisión de Establecimientos de Crédito y Empresas de Inversión (CECEI) en calidad de entidad de crédito el 28 de septiembre de 1970.
Domicilio social: 47, rue du Faubourg Saint-Honoré - 75401 París Cedex 08 Descripción de las tareas del depositario:
Edmond de Rothschild (France) realiza las tareas definidas por la normativa aplicable, a saber:
- la custodia de los activos de la SICAV;
- el control de la regularidad de las decisiones de la sociedad gestora; y
- el seguimiento del flujo de efectivo de la SICAV. Contención y gestión de conflictos de intereses:El depositario EdR (France) y la sociedad gestora EdRAM (France) pertenecen al mismo grupo, Edmond de Rothschild. De conformidad con la normativa aplicable, han establecido una política y un procedimiento adecuados a su tamaño, su organización y la naturaleza de sus actividades, con el fin de tomar medidas razonables para evitar conflictos de intereses que puedan surgir de esta unión.

Delegados:
El depositario ha delegado la función de custodia de los títulos financieros en la entidad de custodia, CACEIS Bank.
La descripción de las funciones delegadas de custodia, la lista de subdelegados de CACEIS Bank y la información sobre los conflictos de intereses que pueden surgir a partir de tales delegaciones están disponibles en el sitio web de CACEIS: www.caceis.com
La información actualizada se pone a disposición de los inversores en un plazo de ocho días hábiles previa petición por escrito del accionista al depositario.
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##### Entidad centralizadora por delegación

EDMOND DE ROTHSCHILD (France) asume por delegación las funciones relacionadas con la gestión de los pasivos: la centralización de las órdenes de suscripción y reembolso, por una parte, y la gestión de la cuenta de emisión de la SICAV, por otra.
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##### Institución encargada del registro de las emisiones por delegación

EDMOND DE ROTHSCHILD (France)
Sociedad anónima, con el Consejo de Administración y el Consejo de Supervisión aprobados por el Banco de Francia a través de la Comisión de Establecimientos de Crédito y Empresas de Inversión (CECEI) en calidad de entidad de crédito el 28 de septiembre de 1970.
Domicilio social: 47, rue du Faubourg Saint-Honoré - 75401 París Cedex 08
- Entidad de custodia CACEIS Bank Sociedad anónimaInstitución de crédito autorizada por la CECEIDomicilio social: 89-91 rue Gabriel Péri – 92120 MontrougeDirección postal: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEXLa entidad de custodia se encarga, por cuenta del depositario, de la custodia de las acciones de la SICAV, de su liquidación y del pago, así como de la entrega de las órdenes recibidas y transmitidas por el depositario. También garantiza el servicio financiero de las acciones de la SICAV (operaciones sobre valores y cuentas por cobrar).
- 
###### Auditor

PRICEWATERHOUSECOOPERS AUDIT
Domicilio social: 63, rue de Villiers – 92200 Neuilly sur Seine
Firmante: Sr. Frédéric SELLAM
- 
###### Comercializador

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Sociedad anónima con Consejo de Administración y Comité de Supervisión, autorizada en calidad de sociedad gestora por la AMF (Autoridad de los Mercados Financieros) el 15 de abril de 2004 con el número GP 04000015. Domicilio social: 47, rue du Faubourg Saint-Honoré - 75401 París Cedex 08
Teléfono: 00 33 1 40 17 25 25   Correo electrónico: contact@edram.fr
Fax: 00 33 1 40 17 24 42	Sitio web: www.edram.fr
Edmond de Rothschild Asset Management (France) toma la iniciativa de comercializar la SICAV y podrá terminar delegando la ejecución efectiva de dicha comercialización a un tercero, designado a su entera discreción. Por otra parte, la sociedad gestora no conoce al conjunto de agentes de comercialización de las acciones de la SICAV, que pueden actuar sin necesidad de orden alguna.
Con independencia del comercializador final, los equipos comerciales de Edmond de Rothschild Asset Management (France) están a disposición de los accionistas para cualquier información o pregunta relacionada con la SICAV en el domicilio social de la sociedad.
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###### Agente administrativo y contable por delegación

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Sociedad anónima con Consejo de Administración y Comité de Supervisión, autorizada en calidad de sociedad gestora por la AMF (Autoridad de los Mercados Financieros) el 15 de abril de 2004 con el número GP 04000015. Domicilio social: 47, rue du Faubourg Saint-Honoré - 75401 París Cedex 08
La SICAV delega en EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) su gestión administrativa y contable.
- 
###### Subdelegación de la gestión contable:

CACEIS FUND ADMINISTRATION
Sociedad anónima con un capital social de 5 800 000 euros.
Domicilio social: 89-91 rue Gabriel Péri – 92120 Montrouge
Dirección postal: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX La SICAV delega en Caceis Fund Administration su gestión contable.
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) delega en Caceis Fund Administration la gestión contable de la SICAV.
El principal objetivo social de Caceis Fund Administration es la valoración y la gestión administrativa y contable de carteras financieras. A este respecto, esta se encarga principalmente del tratamiento de la información financiera relativa a las carteras, los cálculos de valores liquidativos, el mantenimiento de la contabilidad de las carteras, la redacción de estados e informes contables y financieros, y la preparación de diversos estados reglamentarios o específicos.
- 
###### Delegación de la gestión financiera

Edmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.
Société Anonyme (sociedad anónima) de derecho suizo, regulada por la Ley federal de bancos y cajas de ahorro de Suiza, de 8 de noviembre de 1934, e inscrita en el Registro Mercantil suizo con el n.º CHE-105.978.847.
Domicilio social: 18 rue de Hesse, CH – 1204 Ginebra – Suiza
Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas de la SICAV.
- 
###### Asesor de inversiones:

Edmond de Rothschild (Suisse) S.A.
Société Anonyme (sociedad anónima) de derecho suizo, regulada por la Ley federal de bancos y cajas de ahorro de Suiza, de 8 de noviembre de 1934, e inscrita en el Registro Mercantil suizo con el n.º CHE-105.978.847.
Domicilio social: 18 rue de Hesse, CH – 1204 Ginebra – Suiza
El asesor de inversiones no toma decisiones en nombre de la SICAV. Esta tarea es responsabilidad del gestor financiero por delegación.
Esta función de asesoramiento de inversiones se centra en los subfondos EdR SICAV – Corporate Hybrid Bonds, EdR SICAV – Short Duration Credit y EdR SICAV – Millesima World 2028.
- 
###### Miembros de los órganos administrativos y de dirección

Identidad y funciones de los miembros del Consejo de Administración de la SICAV: Sr. Flavien DUVAL (consejero y presidente del Consejo de Administración)
Sr. Bertrand MONTAUZE (consejero y director general) Sr. Christophe CASPAR (consejero)
Sr. Raphaël BELLAÏCHE (consejero)
Las modalidades de administración de la SICAV se especifican en los estatutos.
- 
### MODALIDADES DE FUNCIONAMIENTO Y DE GESTIÓN
- 
##### Características generales

Estas características generales son disposiciones comunes a todos los subfondos de la SICAV.
- Naturaleza del derecho asociado a la clase de acciones: la Sociedad de inversión de capital variable, conocida como (SICAV), es una sociedad anónima cuyo propósito es la gestión de una cartera de instrumentos financieros y depósitos. Sujeto a las disposiciones del artículo L. 214-7-4 del Código monetario y financiero francés, las acciones de la SICAV son emitidas y recompradas por la sociedad en cualquier momento a solicitud de los accionistas y al valor liquidativo, incrementado o disminuido, según el caso, de los gastos y comisiones. Los accionistas ostentan un derecho de propiedad sobre los activos de la SICAV proporcional al número de acciones que posean.
- Inscripción a un registro: las participaciones serán admitidas en Euroclear France y serán calificadas como títulos nominativos antes de su emisión y como títulos al portador después de su admisión. Los derechos de los titulares de acciones nominativas estarán representados por una entrada en un libro registro, que mantendrá el depositario, y los derechos de los titulares de acciones al portador estarán representados por una anotación en cuenta mantenida por el depositario central (EUROCLEAR FRANCE) abierto como subafiliado en nombre de la entidad depositaria.
- Derecho de voto: cada acción da derecho a un voto proporcional a la proporción del capital que representa. Una acción representa un voto. Las decisiones de gestión son tomadas por el Consejo de Administración a instancias de la sociedad gestora.
- Forma de las acciones: al portador.
- Decimalización(división): las acciones pueden dividirse, por decisión del Consejo de Administración en décimas, centésimas, milésimas y diezmilésimas de una acción.
	- 
###### Fecha de cierre


Último día laborable del mes de septiembre.
La fecha de cierre del primer ejercicio corresponderá al último día hábil bursátil del mes de septiembre de 2019.
- 
###### Régimen fiscal

La SICAV no está sujeta al impuesto de sociedades. Sin embargo, las distribuciones y las plusvalías están sujetas a impuestos en manos de sus accionistas.
Se dice que las SICAV son transparentes.
De esta manera, las ganancias o las pérdidas realizadas que se deriven del reembolso de las acciones de la SICAV (o de la disolución del subfondo) constituyen plusvalías o minusvalías sometidas al régimen tributario sobre valores mobiliarios aplicables a cada accionista en función de su situación específica (país de residencia, persona física o jurídica, lugar de suscripción, etc.). Estas plusvalías pueden ser objeto de retención a cuenta si el accionista no está fiscalmente domiciliado en Francia. Asimismo, en algunos casos, las plusvalías latentes pueden ser objeto de tributación.
En caso de duda sobre su situación fiscal, se invita al accionista a consultar con un asesor acerca del régimen fiscal específico que se le aplicará antes de la suscripción de las acciones de la SICAV.
- 
##### Disposiciones particulares

EdR SICAV – Euro Sustainable Credit
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 7 de diciembre de 2018. El subfondo se creó el 12 de febrero de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Euro Sustainable Credit constituido el 10 de mayo de 2005.

| - Código ISIN
 |  |
| --- | --- |
| Acción A EUR: | FR0010172767 |
| Acción B EUR: | FR0010789313 |
| Acción CR EUR: | FR0013305828 |
| Acción I EUR: | FR0010789321 |
| Acción K EUR: | FR0013400066 |
| Acción N EUR: | FR0010908285 |
| Acción R EUR: | FR0013201001 |

- Régimen fiscal específicoNo procede.
- ClasificaciónObligaciones y otros títulos de deuda denominados en euros.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl subfondo trata de ofrecer una rentabilidad superior a la de su índice de referencia, el índice Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, en el horizonte de inversión recomendado, mediante inversiones en los mercados de deuda empresarial para combinar rentabilidad financiera y la aplicación de una política con el fin de cumplir los criterios extrafinancieros a cambio de un riesgo de minusvalía.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaBloomberg calcula y publica el índice Bloomberg Barclays Capital Euro Aggregate Corporate Total Return (código Bloomberg LECPTREU). Es representativo de los préstamos de obligaciones a tipo fijo, denominados en euros, emitidos por emisores de los sectores de la industria, de la banca y de los servicios públicos con una calificación mínima de BBB- y que tengan una duración residual superior a 1 año.

El administrador de índices Bloomberg Index Services Limited (sitio web: 
https://
www.bloomberg.com) del índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de este índice incluye los cupones. De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadas:La estrategia de gestión consiste en crear una cartera en los mercados de deuda empresarial mediante la selección de valores basados en un análisis que combina criterios financieros para definir acciones con perspectivas decrecimiento significativas y criterios extrafinancieros para cumplir con los requisitos de Inversión socialmente responsable.

Para la ejecución del objetivo de gestión, la estrategia combinará un enfoque sectorial desarrollado a través de un proceso «Top Down» (descendente) y un análisis crediticio destinado a seleccionar los emisores más atractivos mediante un proceso «Bottom Up» (ascendente).
El cruzamiento de este análisis financiero con un análisis paralelo de los emisores de acuerdo con criterios extrafinancieros permitirá determinar la ponderación de los títulos que componen la cartera.
- Análisis de los criterios financierosEnfoque «Top Down»El enfoque «Top Down» se basa principalmente en un análisis macroeconómico de los diferentes sectores o países explorados en el marco de la asignación de la cartera. Este resulta en la determinación de posibles escenarios de mercado definidos a partir de las previsiones del equipo de gestión.

Fundamentalmente, el análisis permite definir:
- el grado de exposición a los diferentes sectores económicos; y
- la distribución entre las categorías «Investment Grade» y «High Yield» (títulos especulativos para los que el riesgo de incumplimiento del emisor es más importante, cuya calificación es inferior a BBB- según Standard & Poor’s o equivalente, o que ostentan una calificación interna equivalente de la sociedad gestora) y entre las diferentes calificaciones dentro de esas categorías.

El análisis «Top Down» permite tener una visión global de la cartera. Esta se complementa con un proceso de selección de títulos (enfoque «Bottom Up»).
Enfoque «Bottom Up»
Este proceso trata de identificar, dentro de un mismo sector, los emisores que ofrecen un valor relativo superior al resto y que, por ello, se presentan como los más atractivos.
El modo de selección de los emisores se basa en un análisis fundamental de cada empresa. El análisis fundamental se articula en torno a la evaluación de criterios como:
- la legibilidad de la estrategia de la empresa;
- su situación financiera (regularidad de los flujos de caja a través de distintos ciclos económicos, capacidad de pagar sus deudas, etc.); y
- carácter «estratégico» de la empresa que permite prever una intervención del Estado en caso de incumplimiento o de deterioro importante de su situación financiera.

Dentro del universo de los emisores seleccionados, la elección de las exposiciones se realizará en función de características como la calificación del emisor, la liquidez de los títulos o su vencimiento.
El modelo de análisis fundamental, destinado a identificar los títulos que ofrecen el mayor potencial de apreciación, se basa en una organización de analistas gestores especializados en los mercados de crédito. Tras el análisis en profundidad de las diferentes empresas, el proceso «Bottom Up» vuelve a estar ajustado. Este conduce a la elección de los instrumentos de inversión a los que se dará prioridad (títulos vivos, «Credit Default Swaps», Itraxx, etc.) para exponerse a las firmas seleccionadas.
- Análisis de los criterios extrafinancierosEste es un análisis cualitativo que hace posible seleccionar las acciones según una tabla de calificación ESG específica de la sociedad gestora, que clasifica los valores de acuerdo con los criterios medioambientales, sociales y de gobierno a continuación:Medio ambiente: consumo de energía, emisiones de GEI, agua, residuos, contaminación, estrategia de gestión ambiental, impacto ecológico;Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;Gobierno: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, accionistas. El universo de inversión ESG está compuesto por bonos corporativos (no financieros y financieros) denominados en euros con una calificación de categoría de inversión («Investment Grade») entre AAA y BBB-, y bonos corporativos no financieros denominados en euros con una calificación de alto rendimiento («High Yield») superior a CCC. La Sociedad gestora puede seleccionar valores que no formen parte de este universo ESG. No obstante, garantizará que el universo ESG seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.

El modelo de calificación ISR se construyó:
- de acuerdo con el enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector; y
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los tres pilares extrafinancieros se les asigna un peso más o menos de acuerdo con el sector considerado, lo que resulta en un peso diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por el problema ambiental, mientras que una sociedad en el sector de servicios empresariales verá un mayor peso dado a los factores sociales.

Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna. A falta de calificación interna, el gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera.
Como mínimo un 90 % de las sociedades de la cartera ostentan una calificación ESG interna o de una agencia de calificación externa.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
Con el fin de cubrir sus activos y/o de lograr su objetivo de gestión, sin buscar la sobreexposición, el subfondo podrá recurrir a instrumentos financieros derivados, negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores. Estas estrategias se implementarán principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap», en una única entidad de referencia o en índices (iTraxx o CDX).
Asimismo, podrá aplicar estrategias que tengan como objetivo reducir los riesgos de cambio y/o gestionar el riesgo de tipos de interés mediante la utilización de contratos financieros y, concretamente, de futuros, opciones, contratos a plazo o swaps.
Asimismo, el gestor implementará una gestión activa de la sensibilidad del subfondo a los tipos de interés, que podrá oscilar entre 0 y 8. La sensibilidad se reducirá para proteger a la cartera de los efectos negativos vinculados a un movimiento al alza de los tipos de interés, y se incrementará para captar en mayor medida los beneficios vinculados a una caída de los tipos de interés. Se obtendrá un complemento de remuneración mediante una gestión activa del riesgo de tipos de interés.
Exposición a los mercados de renta variable
Dentro del límite del 10 % de su patrimonio neto, el subfondo podrá estar expuesto a los mercados de renta variable a través de posibles adquisiciones de obligaciones convertibles.
Divisas
El subfondo podrá mantener, a título accesorio, hasta el 10 % de los títulos emitidos en divisas extranjeras. El riesgo de cambio estará cubierto. Sin embargo, podrá sobrevivir una exposición al riesgo de cambio limitada al 10 % del patrimonio neto de la cartera.
. Sobre los activos:
Títulos de crédito e instrumentos del mercado monetario (hasta un 100 % del patrimonio neto, con un límite máximodel 100 % en títulos directos)
Características generales
| Sensibilidad a los tipos de interés | - | [0 ; 8] |
| --- | --- | --- |
| Zona geográfica de los emisores | OCDE, Unión Europea, Espacio Económico Europeo, G20 | Máximo del 100 % en deuda privada |

Distribución deuda privada/deuda pública
Hasta el 100 % de la cartera «Títulos de crédito» en deuda privada de emisores ubicados en un Estado miembro de la OCDE, de la Unión Europea, del Espacio Económico Europeo o del G20.
Asimismo, la cartera no podrá invertir en deuda pública de un Estado o de una entidad de un país miembro de la OCDE, de la Unión Europea, del Espacio Económico Europeo o del G20.
Criterios relativos a la calificación
Los títulos seleccionados presentarán una calificación (Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente) a largo plazo mínima de BBB- o una calificación a corto plazo de A3 por un mínimo del 70 % del patrimonio neto del subfondo. Los títulos seleccionados podrán no estar calificados por una agencia de calificación, pero en ese caso deberán contar con una calificación interna de la sociedad gestora equivalente.
Hasta un límite del 30 % del patrimonio neto, los títulos podrán tener una calificación inferior, correspondiente a la categoría «High Yield» (títulos especulativos con una calificación inferior a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente)
En total, la cartera tendrá una calificación media mínima de BBB- según Standard & Poor’s, o equivalente, o bien una calificación interna equivalente de la sociedad gestora.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Naturaleza jurídica de los instrumentos utilizados
Instrumentos de deuda de todo tipo, entre los que destacan:
- Bonos a tipo fijo, variable o revisable
- Bonos indexados a la inflación
- Bonos verdes, denominados «Green Bonds» (bonos que tienen por objeto la financiación de proyectos con un impacto medioambiental positivo)
- Títulos de crédito negociables
- Bonos de caja
- Euro Commercial Papers (títulos negociables a corto plazo emitidos en euros por una entidad extranjera)La cartera podrá invertir en «PIK notes» (los «payment in kind notes» son bonos cuyo pago de intereses no se realiza sistemáticamente en especie).

Renta variable
- Exposición a través de acciones mantenidas de manera directa: no procede.
- Exposición a través de bonos convertibles: hasta 10 % del patrimonio netoLa exposición máxima de la cartera a los mercados de renta variable medida a través del delta de las obligaciones convertibles no podrá superar el 10 % del patrimonio neto del subfondo.

Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos como los fondos indexados cotizados, y de clasificación monetaria o de renta fija para invertir especialmente las posiciones de tesorería.
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Contratos financieros
Con fines de cobertura de sus activos y/o de cumplimiento de su objetivo de gestión, sin buscar una sobreexposición y dentro del límite del 100 % de su patrimonio, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito.

##### Naturaleza de los mercados en los que se participa
- Mercados regulados
- Mercados organizados
- Mercados extrabursátiles


##### Riesgos en los que el gestor desea intervenir, a efectos de cobertura y exposición de la cartera
- Riesgo de renta variable surgido exclusivamente de la posible exposición a obligaciones convertibles
- Riesgo de tipos de interés
- Riesgo de divisas
- Riesgo de crédito


##### Naturaleza de las intervenciones; el conjunto de las operaciones deberá limitarse al cumplimiento del objetivo de gestión
- Cobertura
- Exposición
- Arbitraje


##### Naturaleza de los instrumentos utilizados
- Opciones de tipos de interés
- Contratos de tipos de interés a plazo
- Futuros de tipos de interés
- Swaps de tipos de interés (tipos de interés fijos o variables de toda índole e inflación)
- Derivados de crédito («Credit Default Swaps»)
- Opciones de crédito
- Opciones de divisas
- Swaps de divisas
- Cambio a plazo
- Warrants
- Opciones de swaps de tipos de interés
- Opciones de derivados de crédito (CDS)Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre bonos, índices de bonos y/o cestas de bonos hasta el 50 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 25 %.

Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo

##### Estrategia de utilización de derivados para lograr el objetivo de gestión
- Cobertura general de algunos riesgos (de tipos de interés, de crédito y de divisas)
- Exposición a los riesgos de tipos de interés de crédito y de renta variable
- Reconstitución de una exposición sintética a activos y riesgos (de tipos de interés y de crédito)La exposición sobre estos instrumentos financieros, mercados, tipos de interés y/o algunos de sus parámetros o componentes resultantes de la utilización de los contratos financieros no podrá superar el 100 % del patrimonio neto.

El gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, hacer una previsión o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores. Estas estrategias se implementarán principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap», en una única entidad de referencia o en índices (iTraxx o CDX).
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Títulos con derivados implícitos (hasta el 100 % del patrimonio neto)
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo podrá invertir únicamente en:
- bonos exigibles o negociables hasta el 100 % del patrimonio neto;
- bonos convertibles: hasta el 10 % del patrimonio neto;
- bonos contingentes convertibles (Cocos): hasta el 20 % del patrimonio neto.

Préstamos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, podrá encontrarse en una posición deudora puntual debido a las operaciones vinculadas a sus flujos (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos No procede.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a los efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo vinculado a la selección ISR (Inversión socialmente responsable):
La selección de valores de ISR puede provocar que el subfondo se desvíe del índice de referencia. Riesgo vinculado a los productos híbridos (obligaciones convertibles):
Habida cuenta de su posible conversión en acciones, las obligaciones convertibles introducen un riesgo de renta variable en una cartera de obligaciones. Asimismo, exponen la cartera a la volatilidad de los mercados de renta variable, mayor que la de los mercados de renta fija. Por lo tanto, la posesión de dichos instrumentos conduce a un aumento del riesgo de la cartera, que puede ser mitigado, en función de las configuraciones de mercado, por el componente de renta fija de los títulos híbridos.
Riesgos relacionados con Total Return Swaps:
La utilización de Total Return Swaps, es decir, permutas de rendimiento total, así como la gestión de sus garantías, puede conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el empleo de dichas permutas puede acarrear un efecto negativo sobre el valor liquidativo de la SICAV. Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes de permutas de rendimiento total
Riesgos vinculados a los bonos convertibles contingentes (Coco):
Los bonos Coco son títulos de crédito subordinados emitidos por las entidades de crédito o las compañías de seguros o reaseguros, elegibles en sus fondos propios reglamentarios y que presentan la especificidad de ser convertibles en acciones, o cuyo valor nominal pueda reducirse (mecanismo denominado «amortización») en caso de que se produzca un «elemento desencadenante» («Trigger»), previamente definido en el folleto. Un Coco incluye una opción de conversión en acciones por iniciativa del emisor en caso de deterioro de su situación económica. Además del riesgo de crédito y de los tipos inherente a las obligaciones, la activación de la opción de conversión puede provocar una bajada del valor de los Coco superior a la que registren las otras obligaciones clásicas del emisor. Según las condiciones fijadas por el Coco afectado, algunos eventos desencadenantes pueden provocar una depreciación permanente a cero de la inversión principal y/o de los intereses devengados o una conversión de la obligación en acción.
Riesgo vinculado al umbral de conversión de los Coco:
El umbral de conversión de un Coco depende del ratio de solvencia de su emisor. Se trata del acontecimiento que determina la conversión del bono en acción ordinaria. Cuanto más débil sea el ratio de solvencia, mayor será la probabilidad de conversión.
Riesgo de pérdida o suspensión del cupón:
En función de las características de los bonos Coco, el pago de los cupones es discrecional y puede ser anulado o suspendido por el emisor en cualquier momento y durante un periodo indeterminado.
Riesgo de intervención de una autoridad reguladora en el momento de «falta de viabilidad»:
Una autoridad reguladora determina en todo momento y de forma discrecional que una entidad «no es viable», es decir que el banco emisor necesita la ayuda de las autoridades públicas para evitar que el emisor se vuelva insolvente, entre en quiebra, o no sea capaz de pagar la mayor parte de su deuda en el momento de su vencimiento o de continuar con sus actividades e impone o solicita la conversión de los bonos convertibles contingentes en acciones en circunstancias ajenas a la voluntad del emisor.
Riesgo de inversión de la estructura de capital:
Al contrario de la jerarquía convencional del capital, los inversores en Coco pueden experimentar una pérdida de capital que no afecte a los titulares de acciones. En algunos escenarios, los titulares de Coco experimentarán pérdidas antes que los titulares de las acciones.
Riesgo de aplazamiento del reembolso:
La mayoría de los Coco se emiten en forma de instrumentos de duración perpetua, que solo son reembolsables a niveles predeterminados con la aprobación de la autoridad competente. No se puede suponer que los Coco perpetuos se reembolsarán en la fecha de reembolso. Los Coco son una forma de capital permanente. Es posible que el inversor no reciba la devolución del capital como estaba previsto en la fecha de reembolso o en cualquier fecha acordada.
Riesgo de liquidez:
En ciertas circunstancias, puede ser difícil encontrar un comprador de Coco y es posible que el vendedor se vea obligado a aceptar un descuento considerable en el valor esperado del bono para poder venderlo.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, B EUR: toda clase de suscriptores.

Acciones CR EUR: toda clase de suscriptores, estas acciones pueden comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Acciones I EUR, K EUR y N EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, así como de todos los accionistas que se hayan suscrito en el subfondo antes del 12/02/2019.
Acciones R EUR: toda clase de suscriptores, especialmente destinada a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora.
Este subfondo va dirigido especialmente a inversores que deseen optimizar sus inversiones en renta fija mediante una gestión activa de instrumentos de crédito denominados en euros, con un análisis que combina criterios financieros y extrafinancieros.
Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 2 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A EUR», «CR EUR», «R EUR», «I EUR», «K EUR» y «N EUR» | Acciones «B EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con siete categorías de acciones: acciones «A EUR», «B EUR», «CR EUR», «I EUR», «K EUR», «N EUR» y «R EUR».

La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «N EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A EUR:	358,72 € |
| --- |
| Acción B EUR:	106,10 € |
| Acción CR EUR:	98,16 € |
| Acción I EUR:	13 972,51 € Acción K EUR:	100 € |
| Acción N EUR:	13 474,97 € Acción R EUR:	101,88 € |

Importe mínimo de suscripción inicial:
| Acción A EUR:	Una acción |
| --- |
| Acción B EUR:	Una acción |
| Acción CR EUR:	Una acción |
| Acción I EUR:	500 000 € Acción K EUR:	500 000 € |
| Acción R EUR:	Una acción |
| Acción N EUR:	10 000 000 € |

Esta cantidad no se aplica a las suscripciones realizadas por el comercializador, el gestor financiero, el depositario o los empleados de este último.
Cantidad mínima de suscripciones subsiguientes:
| Acción A EUR:	Una milésima de acción |
| --- |
| Acción B EUR:	Una milésima de acción |
| Acción CR EUR:	Una milésima de acción |
| Acción I EUR:	Una milésima de acción Acción K EUR:	Una milésima de acción |
| Acción N EUR:	Una milésima de acción |
| Acción R EUR:	Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen
fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Euro Sustainable Credit | Valor Liquidativo x N.º de acciones | Acción A EUR: 1 % como máximo |
| Acción B EUR: 1 % como máximo |
| Acción CR EUR: 1 % como máximo |
| Acción I EUR: No procede |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción R EUR: 1 % como máximo |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Euro Sustainable Credit | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Euro Sustainable Credit | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Euro Sustainable Credit | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,95 %, impuestos incluidos |
| Acción B EUR: máximo del 0,95 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,50 %, impuestos incluidos |
| Acción I EUR: máximo del 0,45 %, impuestos incluidos |
| Acción K EUR: máximo del 0,60 %, impuestos incluidos |
| Acción N EUR: máximo del 0,25 %, impuestos incluidos |
| Acción R EUR: máximo del 1,15 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,15 %, impuestos incluidos |
| Acción B EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: máximo del 0,15 %, impuestos incluidos |
| Acción N EUR: máximo del 0,15 %, impuestos incluidos |
| Acción R EUR: máximo del 0,15 %, impuestos incluidos |
| Comisiones por movimientos | Cargo por cada operación | No procede |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Acción B EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Acción CR EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Acción I EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Acción K EUR: No procede |
| Acción N EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Acción R EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Índice de referencia: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return.
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del fondo/subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anteriorreferencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendosEn los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante	el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P»	o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base	de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante	el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante	el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

PERIODO	0	1	2
Periodo
Rentabilidad acumulada de la acción*
Rentabilidad acumulada del índice*
Rentabilidad relativa acumulada*
Rentabilidad de la acción durante el último año
Rentabilidad del índice durante el último año
Rentabilidad relativa durante el último año
Percepción de la comisión
Periodo renovado
«R»,
prorrogado
«P» o
aplazado «A»
Cambio del VL de referencia
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |
| 106 104 102 100 98 0	1	2 VL objetivo	VL |  |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la investigación en virtud del artículo 314-21 del Reglamento General de la AMF pueden facturarse al subfondo hasta un máximo de 0,01 % de su patrimonio neto.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Euro Sustainable Credit se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así como encualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Euro Sustainable Equity
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 7 de diciembre de 2018. El subfondo se creó el 12 de febrero de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Euro Sustainable Growth constituido el 10 de febrero de 2005.

| - Código ISIN
 |  |
| --- | --- |
| Acción A EUR: | FR0010505578 |
| Acción B EUR: | FR0013400074 |
| Acción CR EUR: | FR0013307717 |
| Acción CRD EUR: | FR0013417516 |
| Acción I EUR: | FR0010769729 |
| Acción J EUR: | FR0013444031 |
| Acción K EUR: | FR0010850198 |
| Acción O EUR: | FR0013444049 |
| Acción R EUR: | FR0013287588 |

- Régimen fiscal específicoAdmisible para el PEA.
- ClasificaciónRenta variable de los países de la zona del euro.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo de gestión del subfondo, durante el periodo de inversión recomendado, es superar su índice de referencia, el MSCI EMU, invirtiendo en sociedades de la zona del euro, combinando la rentabilidad financiera e implementando una política diseñada para cumplir con los criterios extrafinancieros.

La estrategia de inversión del subfondo también tiene en cuenta cuestiones climáticas y pretende que los objetivos climáticos de la cartera estén en consonancia con los del Acuerdo de París.
El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaLa rentabilidad del subfondo podrá compararse con el índice MSCI EMU, los dividendos netos reinvertidos, expresados en euros para acciones emitidas en euros. El índice MSCI EMU (ticker Bloomberg: NDDUEMU Index) es un índice compuesto por 300 valores procedentes de países miembros de la zona del euro seleccionados según la capitalización bursátil, el volumen de operación y el sector de actividad. El índice trata de respetar la ponderación por países y por sectores de actividad, reflejando al máximo la estructura económica de la zona euro. MSCI Barra calcula y publica el índice. Los datos se pueden consultar en www.mscibarra.com.

El administrador MSCI Limited (sitio web: http://www.msci.com) del índice de referencia MSCI EMU no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice. Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente del índice de referencia, que solo es un indicador comparativo.
- Estrategia de inversión. Estrategias utilizadas:El subfondo lleva a cabo una gestión activa de selección de títulos («stock-picking») cotizados dentro de un universo de valores mayoritariamente de la zona del euro. Al menos el 75 % del subfondo estará permanentemente invertido en acciones y otros títulos admisibles para el PEA (Plan de Ahorro en Acciones), y al menos un 60 % estará expuesto a acciones emitidas en uno o varios países de la zona del euro. La exposición a las acciones no pertenecientes a la zona del euro no excederá del 10 % del patrimonio neto. El subfondo podrá estar expuesto al riesgo de renta variable hasta un 110 % del patrimonio neto.

El universo de inversión ESG está compuesto por el conjunto de las empresas del índice de referencia del subfondo, el MSCI EMU, en empresas de pequeña y mediana capitalización de la zona del euro, que no superen los 5.000 millones de euros y que no pertenezcan a este índice, así como en empresas de gran capitalización, que superen los 5.000 millones de euros fuera de la zona del euro y que no pertenezcan a este índice. La Sociedad gestora puede seleccionar valores que no formen parte de este universo ESG. No obstante, garantizará que el universo ESG seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
La filosofía de gestión del subfondo tiene por objetivo invertir en empresas que orientan sus decisiones estratégicas y operativas con vistas a un desarrollo sostenible. De este modo, guiarán su actividad hacia la búsqueda de rentabilidad global —a la vez económica y financiera, social y medioambiental— dentro del respeto y la confianza de sus partes interesadas, tanto internas como externas.
La selección de acciones se basa en el uso combinado de criterios financieros para definir las acciones con perspectivas de crecimiento significativas y criterios extrafinancieros para cumplir con los requisitos de Inversión socialmente responsable.
Este análisis permite seleccionar valores de acuerdo con una tabla de calificación ESG específica para la sociedad gestora, que clasifica los títulos de acuerdo con los criterios de naturaleza ambiental, sociales y de gestión empresarial que se detallan a continuación:
Medio ambiente: consumo de energía, emisiones de GEI, agua, residuos, contaminación, estrategia de gestión ambiental, impacto ecológico;
Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;
Gobierno: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, accionistas.
El modelo de calificación ISR se construyó:
- de acuerdo con el enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector; y
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los tres pilares extrafinancieros se les asigna un peso más o menos de acuerdo con el sector considerado, lo que resulta en un peso diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por el problema ambiental, mientras que una sociedad en el sector de servicios empresariales verá un mayor peso dado a los factores sociales.

Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gestión empresarial de la tabla de calificación determinada por los analistas. Los valores mantenidos en la cartera tendrán una calificación igual o superior a A de acuerdo con la escala de calificación interna de la sociedad gestora. Asimismo, se llevará a cabo un análisisdel perfil climático de la empresa. A falta de calificación interna, el gestor podrá emplear una calificación ESG otorgada por el proveedor de calificación externo utilizado por la Sociedad gestora.
Como parte del objetivo climático, este subfondo procura contribuir al objetivo de limitar el aumento de la temperatura del planeta por debajo de 2 ºC, como se define en el Acuerdo de París de 2015 (fuente: Carbon4 Finance). La medición de la temperatura se publicará regularmente en el informe de impacto.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
De acuerdo con el objetivo de tener una trayectoria climática en consonancia con el Acuerdo de París, el subfondo favorece a las empresas cuyo modelo de negocio ofrezca soluciones para la transición energética y ecológica. Así, el gestor analiza si la actividad (y, en concreto, las inversiones en capital) está alineada con la taxonomía, aunque su función no queda restringida por ello.
Este enfoque no garantiza un nivel mínimo de alineación con la taxonomía.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
En función de las previsiones del gestor sobre la evolución de los mercados de renta variable, el subfondo podrá invertir en títulos de deuda e instrumentos del mercado monetario negociados en los mercados de la zona del euro con un límite de un 25 % del patrimonio neto, o valores europeos que se encuentran fuera de la zona del euro dentro del límite del 10 % de este. Estos títulos, con calificación mínima de «Investment Grade» (es decir, títulos con el menor riesgo de incumplimiento por parte de los emisores), pero sin límites de duración, se seleccionan en función de su rendimiento esperado.
Con un límite de una vez su patrimonio, el subfondo podrá participar en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles.
. Sobre los activos:
Renta variable
Al menos el 75 % del subfondo estará permanentemente invertido en acciones y otros títulos admisibles para el PEA (Plan de Ahorro en Acciones), y al menos un 60 % estará expuesto a acciones emitidas en uno o varios países de la zona del euro. La exposición a las acciones de países no pertenecientes a la zona del euro no excederá el 10 % del patrimonio neto. Los títulos seleccionados conferirán, o no, derecho a voto.
Títulos de crédito e instrumentos del mercado monetario
El subfondo podrá invertir hasta el 25 % del patrimonio neto en títulos de crédito e instrumentos del mercado monetario de emisores públicos, asimilados o privados, a tipo fijo y/o variable, en los mercados de la zona del euro o fuera de ella, hasta un límite del 10 % sin restricciones de vencimiento. Estos instrumentos tendrán principalmente la categoría de «Investment Grade» en su emisión (es decir, títulos con el menor riesgo de impago por parte de los emisores) según las agencias de calificación crediticia independientes, o que cuenten con una calificación interna equivalente de la sociedad gestora.
En el marco de su gestión, el patrimonio del subfondo podrá incluir títulos de crédito u obligaciones. Estos instrumentos, que cuentan con una duración residual generalmente inferior a tres meses, serán emitidos sin restricciones de reparto de deuda pública/privada por Estados soberanos, instituciones similares o por entidades con una calificación a corto plazo equivalente o superior a A2 según Standard & Poor’s, o con una calificación equivalente otorgada por otra agencia independiente o a las que la sociedad gestora les otorgue una calificación interna equivalente.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Acciones o participaciones de otros OICVM, FIA o fondos de inversión de derecho extranjero
El subfondo podrá poseer hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos o intervenir en sectores más específicos (por ejemplo, tecnología, sanidad, medio ambiente), incluidos los índices cotizados, para aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo, materias primas o sector inmobiliario).
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Instrumentos derivados
Con un límite de una vez su patrimonio, el subfondo podrá invertir en contratos financieros negociados en mercados regulados, organizados u OTC para concluir:
- contratos de opciones sobre acciones, tanto para reducir la volatilidad de las acciones como para aumentar la exposición del subfondo a un número limitado de acciones;
- contratos de futuros para controlar la exposición de las acciones; y
- contratos a plazo sobre divisas o swaps de divisas para cubrir la exposición a determinadas divisas en el marco de las acciones de fuera de la zona del euro.

La exposición al riesgo de renta variable se limitará al 110 % del patrimonio neto (básicamente, en caso de variación importante en las suscripciones/reembolsos) y la exposición al riesgo de tipos, a un 25 % del patrimonio neto.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre acciones, índices de renta variable y/o cestas de acciones hasta el 10 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 3 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Instrumentos con derivados implícitos
El subfondo podrá utilizar títulos con derivados implícitos con un límite de una vez su patrimonio. La estrategia aplicable para los derivados implícitos es la misma que la descrita para los derivados.
Estos son warrants, bonos de suscripción o de obligaciones exigibles o negociables.
Depósitos No procede.
Préstamos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a sus flujos (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos No procede.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de
garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a los efectos de la variación de la calidad del crédito.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo vinculado a la selección ISR (Inversión socialmente responsable):
La selección de valores de ISR puede provocar que el subfondo se desvíe del índice de referencia. Riesgos relacionados con Total Return Swaps:
La utilización de Total Return Swaps, es decir, permutas de rendimiento total, así como la gestión de sus garantías, puede conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el empleo de dichas permutas puede acarrear un efecto negativo sobre el valor liquidativo de la SICAV. Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes de permutas de rendimiento total.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualEste subfondo va dirigido a inversores que deseen dinamizar sus ahorros a través de sociedades de la zona del euro que apliquen una política activa a favor del desarrollo sostenible.

Acciones A EUR, B EUR: toda clase de suscriptores.
Acciones CR EUR y CRD EUR: toda clase de suscriptores; estas acciones pueden comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Acciones I EUR, J EUR, K EUR y O EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Acciones R EUR: toda clase de suscriptores, especialmente destinadas a ser comercializadas por distribuidores seleccionados a tal efecto por la sociedad gestora.
Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 5 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A EUR», «CR EUR», «R EUR», «I EUR» y «K EUR» | Acciones «B EUR», «CRD EUR», «J EUR» y «O EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial) por decisión de la sociedad gestora |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con nueve categorías de acciones: acciones «A EUR», «B EUR», «CR EUR», «CRD EUR»,«I EUR», «J EUR», «K EUR», «O EUR» y «R EUR».

La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «O EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A EUR: | 375,93 € |
| --- | --- |
| Acción B EUR: | 100 € |
| Acción CR EUR: | 91,80 € |
| Acción CRD EUR: | 100 € |
| Acción I EUR: | 213,60 € |
| Acción J EUR: | 100 € |
| Acción K EUR: | 185,05 € |
| Acción O EUR: | 100 € |
| Acción R EUR: | 100 € |

Importe mínimo de suscripción inicial:
| Acción A EUR:	Una acción Acción B EUR:	Una acción |
| --- |
| Acción CR EUR:	Una acción |
| Acción CRD EUR:	Una acción Acción I EUR:	500 000 € Acción J EUR:	500 000 € Acción K EUR:	500 000 € Acción O EUR:	15 000 000 € Acción R EUR:	Una acción |

Esta cantidad no se aplica a las suscripciones realizadas por el comercializador, el gestor financiero, el depositario o los empleados de este último.
Cantidad mínima de suscripciones subsiguientes:
Acción A EUR:	Una milésima de acción Acción B EUR:	Una milésima de acción Acción CR EUR:	Una milésima de acción Acción CRD EUR: Una milésima de acción Acción I EUR:	Una milésima de acción Acción J EUR:	Una milésima de acción Acción K EUR:	Una milésima de acción Acción O EUR:	Una milésima de acción Acción R EUR:	Una milésima de acción Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo. La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV.
En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán
aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Euro Sustainable Equity | Valor Liquidativo x N.º de acciones | Acción A EUR: 3 % como máximo |
| Acción B EUR: 3 % como máximo |
| Acción CR EUR: 3 % como máximo |
| Acción CRD EUR: 3 % como máximo |
| Acción I EUR: No procede |
| Acción J EUR: No procede |
| Acción K EUR: No procede |
| Acción O EUR: No procede |
| Acción R EUR: 3 % como máximo |
| Comisión	de	suscripción	atribuida	al subfondo EdR SICAV – Euro Sustainable Equity | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión  de  reembolso  no  atribuida  al subfondo EdR SICAV – Euro Sustainable Equity | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Euro Sustainable Equity | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 1,95 %, impuestos incluidos |
| Acción B EUR: máximo del 1,95 %, impuestos incluidos |
| Acción CR EUR: máximo del 1,65 %, impuestos incluidos |
| Acción CRD EUR: máximo del 1,65 %, impuestos incluidos |
| Acción I EUR: máximo del 0,95 %, impuestos incluidos |
| Acción J EUR: máximo del 0,95 %, impuestos incluidos |
| Acción K EUR: máximo del 1,10 %, impuestos incluidos |
| Acción O EUR: máximo del 0,75 %, impuestos incluidos |
| Acción R EUR: máximo del 2,35 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,15 %, impuestos incluidos |
| Acción B EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: máximo del 0,15 %, impuestos incluidos |
| Acción J EUR: máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: máximo del 0,15 %, impuestos incluidos |
| Acción O EUR: máximo del 0,15 %, impuestos incluidos |
| Acción R EUR: máximo del 0,15 %, impuestos incluidos |
| Proveedores que reciben comisiones por movimientos: El depositario: entre el 0 % y el 50 % La sociedad gestora: entre el 50 % y el 100 % | Cargo por cada operación | Variable en función de los instrumentos. Principalmente, en % máximo impuestos - Acciones, ETF: 0,50 %
- IIC francesas: 0 %
- IIC extranjeras: 0,50 %- O.S.T.: 0 %
- Cupones extranjeros: 5 %(mínimo de 0 a 200 euros en función del mercado bursátil del instrumento)
 |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |
| Acción B EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |
| Acción CR EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |

|  |  | Acción CRD EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |
| --- | --- | --- |
| Acción I EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |
| Acción J EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |
| Acción K EUR: No procede |
| Acción O EUR: No procede |
| Acción R EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU (NR), con los dividendos netos reinvertidos. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia: MSCI EMU
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad.
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

Rentabilidad acumulada de la acción*
Periodo
Rentabilidad acumulada de la acción*
Rentabilidad acumulada del índice*
Rentabilidad acumulada del índice*
Rentabilidad relativa acumulada*
Rentabilidad relativa acumulada*
Rentabilidad de la acción durante el último año
Rentabilidad del índice durante el último año
Rentabilidad del índice durante el último año
Rentabilidad relativa durante el último año
Rentabilidad relativa durante el último año
Percepción de la comisión
Percepción de la comisión
Periodo renovado
Periodo renovado
«R»,
prorrogado
«P» o
aplazado «A»
Cambio del VL de referencia
«R»,
prorrogado
«P» o
0-1
4
8
-4
4
8
-4
No
P
No
0-2
0-3
17
18
-1
11
7
4
No
P
No
aplazado «A»
Cambio del VL de referencia
Periodo
Rentabilidad de la acción durante el último año
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

0-4
0-5
6
10
-4
3
-4
7
No
A
Sí
3-6
* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Euro Sustainable Equity se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las
órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Financial Bonds
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 7 de diciembre de 2018. El subfondo se creó el 12 de febrero de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Financial Bonds constituido el 10 de marzo de 2008.
- Código ISIN

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

- Régimen fiscal específicoNo procede.
- Delegación de la gestión financieraEdmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.

Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- ClasificaciónObligaciones y otros títulos de crédito internacionales.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl subfondo tiene por objetivo registrar, en la duración de inversión recomendada, una rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR) a través de una cartera invertida principalmente en títulos de renta fija emitidos por instituciones financieras internacionales.

El subfondo aplica una estrategia ESG específica que se basa en el análisis de los criterios no financieros que se tienen en cuenta al seleccionar los valores de la cartera. Estos criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos
los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaEl índice de referencia del subfondo es el índice compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), ambos publicados por ICE Benchmark Administration Limited.

El índice ICE BofA Euro Financial es representativo del mercado de obligaciones del sector financiero emitidas en euros, ya sea la deuda principal o la deuda subordinada de los emisores.
El índice ICE BofA Contingent Capital (cubierto en EUR) es representativo del mercado de bonos contingentes convertibles. Este índice está cubierto frente al euro.
Puesto que la gestión del subfondo no está referenciada a un índice, su rendimiento podrá diferir del de su índice de referencia, que solo es un indicador comparativo.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de este índice incluye los cupones. El administrador ICE Benchmark Administration Limited (sitio web: https://www.theice.com/iba) de los índices de referencia ICE BofA Euro Financial e ICE BofA Contingent Capital (cubierto en EUR) no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadas:Para lograr su objetivo de gestión, el gestor invertirá de forma discrecional en títulos de renta fija emitidos por instituciones financieras francesas y/o internacionales (bancos, sociedades financieras, compañías de seguros y sociedades del sector financiero en un sentido amplio), públicas o privadas, dentro del límite del 100 % de la cartera.

El gestor incluye sistemáticamente los factores medioambientales, sociales y de gobernanza (ESG) en su análisis financiero para la selección de los valores de la cartera.
Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
El análisis ESG examina el 100 % de los títulos de deuda e instrumentos del mercado monetario.
Al menos el 90 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de categoría de inversión («Investment Grade») y el 75 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de alto rendimiento («High Yield») ostentan una calificación ESG en la cartera. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinanciera y externa. Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión.
El universo de inversión ESG está compuesto por los valores del índice de referencia del subfondo. La Sociedad gestora puede seleccionar valores que no formen parte del índice. No obstante, garantizará que el índice de referencia seleccionado sea un parámetro de comparación pertinente para la calificación ESG del Subfondo.
Asimismo, el proceso de selección de valores incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Con respecto al carbón térmico, el Subfondo excluye a cualquier empresa que desarrolle nuevos proyectos que impliquen el uso de carbón térmico, a cualquier empresa minera que participe en la exploración y la extracción de carbón, así como a cualquier productor de electricidad que utilice carbón en su combinación energética (es decir, si la proporción en la producción o el volumen de negocios es distinta de cero). Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad. También se excluyen de la cartera los siguientes sectores y modelos económicos: el sector de la energía nuclear, las empresas que cometan infracciones graves del Pacto Mundial de las Naciones Unidas y los emisores soberanos con una calificación insuficiente según el índice de Freedom House.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores.
El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
El gestor podrá invertir sin restricciones en todo tipo de títulos de renta fija de este sector, tanto en valores sénior como en títulos subordinados, con independencia de su fecha, de cualquier rango de subordinación (Additional Tier 1, Restricted Tier 1, Tier 1, Tier 2, Tier 3 de seguros). Los títulos seleccionados pueden tener una calificación de «Investment Grade» (una calificación igual o superior a BBB- según Standard & Poor’s o equivalente, o calificada por la sociedad gestora como equivalente) o estar en la clase especulativa de «High Yield» (títulos especulativos con calificación de largo plazo de Standard & Poor’s o equivalente inferior a BBB-, o con una calificación interna de la sociedad gestora equivalente) o no calificadas por las agencias de calificación, dentro del límite del 100 % del patrimonio neto.
Por lo general, los títulos principales se definen como prioritarios con respecto a los títulos subordinados en caso de impago o de cese del emisor. Los títulos subordinados suelen incluir rangos de prioridad (en caso de impago o de cese) definidos contractualmente en los folletos de emisiones.
Teniendo en cuenta que el subfondo puede invertir en obligaciones de cualquier rango de subordinación, existe la posibilidad de que estos instrumentos se conviertan en acciones a iniciativa del regulador o en el caso, por ejemplo, de que un coeficiente de solvencia caiga por debajo de un umbral generalmente definido por contrato.
En caso de conversión en acciones de las obligaciones mantenidas en cartera, el subfondo podrá mantener temporalmente acciones dentro del límite del 10 % de su patrimonio neto y procederá sin demora a su venta, dando prioridad a los intereses de los partícipes.
Con el fin de cubrir sus activos y/o de lograr su objetivo de gestión, el subfondo podrá recurrir a instrumentos financieros derivados negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, total return swaps, etc.), dentro del límite del 100 % de su patrimonio neto. En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. En este sentido, el subfondo podrá adoptar posiciones con el fin de cubrir la cartera contra ciertos riesgos (de tipos de interés, de crédito, de cambio) o de exponerse a algunos riesgos de tipos de interés y de crédito. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o exponer la cartera a los riesgos de crédito de uno o varios emisores. Estas estrategias se aplicarán principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap» y a través de Total Return Swaps (TRS) en una única entidad de referencia o en índices (principalmente iTraxx o CDX).
El valor nominal de las ventas de protección mediante derivados de crédito no podrá superar el 60 % del patrimonio neto del subfondo. El valor nominal de las compras de protección mediante derivados de crédito no podrá superar el 70 % del patrimonio neto del subfondo.
La estrategia se basa a la vez en un enfoque descendente («Top Down») y ascendente («Bottom Up»).
El enfoque descendente («Top Down»), basado en un análisis de la situación macroeconómica, interviene en el marco de la asignación geográfica de la cartera. Incorpora también, en el marco de la gestión del subfondo, el aspecto reglamentario global y local dentro del cual evolucionan los emisores.
El enfoque ascendente, basado en un análisis crediticio, tiene como objetivo identificar, en el sector financiero, a los emisores y/o emisiones que presenten un valor relativo superior a los demás. El modo de selección se basa en un análisis fundamental de cada emisor que se articula en torno a la evaluación de criterios como:
- la legibilidad de la estrategia de la institución financiera;
- su solvencia; y
- los criterios ESG de la institución financiera.

El subfondo podrá invertir, dentro del límite del 20 % de su patrimonio neto, en títulos emitidos por sociedades financieras domiciliadas en países emergentes. No obstante, estas obligaciones estarán denominadas en una divisa de países considerados desarrollados (EUR, GBP, CHF, USD y JPY).
La adquisición de títulos o IIC denominados en una divisa distinta del subfondo será objeto de una cobertura del riesgo cambiario, independientemente de la divisa de denominación de la acción suscrita por el inversor.
Sin embargo, es posible que persista un riesgo de cambio residual (2 % máximo del patrimonio neto).Asimismo, el gestor implementará una gestión de la sensibilidad del subfondo a los tipos de interés, que podrá oscilar entre 0 y 10.
En los periodos en los que la estrategia de inversión lleve al equipo de gestión a reducir la exposición del subfondo a las obligaciones y/u otros títulos de crédito, con el fin de permitir el cumplimiento del objetivo de gestión, el subfondo podrá estar invertido hasta en un 100 % en títulos negociables a corto plazo y Euro Commercial Papers. Estos instrumentos financieros también podrán utilizarse a título accesorio con fines de inversión de liquidez.
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
. Sobre los activos: Renta variable
El subfondo no pretende mantener acciones. No obstante, teniendo en cuenta que el subfondo puede invertir en obligaciones de cualquier rango de subordinación o en obligaciones convertibles o en obligaciones convertibles contingentes, existe la posibilidad de que estos instrumentos se conviertan en acciones a iniciativa del regulador o en el caso, por ejemplo, de que un coeficiente de solvencia caiga por debajo de un umbral generalmente definido por contrato. En caso de conversión en acciones de las obligaciones mantenidas en cartera, el subfondo podrá mantener temporalmente acciones dentro del límite del 10 % de su patrimonio neto y procederá sin demora a su venta, dando prioridad a los intereses de los partícipes.
Títulos de crédito e instrumentos del mercado monetario: (hasta el 100 % de la cartera)
Características generales:
| Sensibilidad a los tipos de interés: | - | [0 ; +10] |
| --- | --- | --- |
| Zona geográfica de los emisores | Todas las zonas geográficas | 100 % máximo del patrimonio neto |
| Países emergentes | 20 % máximo del patrimonio neto |
| Moneda de denominación de los títulos | Euro | 100 % máximo del patrimonio neto |
| Divisas de la OCDE (para países emergentes: emisiones denominadas solo en: EUR, GBP, CHF, USD y JPY) | 100 % máximo del patrimonio neto |
| Nivel de riesgo de cambio | - | Residual (2 % máximo del patrimonio neto) |

Distribución de la deuda privada/pública:
El subfondo invertirá principalmente y hasta el 100 % del patrimonio neto en deuda privada emitida por sociedades pertenecientes al sector financiero.
Asimismo, el subfondo podrá verse obligado a mantener obligaciones de sociedades financieras garantizadas por un Estado de la OCDE. Por último, el subfondo podrá invertir en títulos de Estados emitidos por un país de la OCDE, especialmente en el marco de la gestión de la liquidez.
Criterios relativos a la calificación y la subordinación:
El subfondo podrá estar expuesto a títulos de renta fija del sector financiero de todo tipo (deuda principal o deuda subordinada) con o sin fecha, de cualquier calidad de emisión y de cualquier rango de subordinación.
El subfondo podrá invertir hasta el 100 % de su patrimonio neto en las llamadas obligaciones High Yield (títulos especulativos con una calificación a largo plazo de Standard & Poor’s o equivalente inferior a BBB-, o con una calificación interna de la sociedad gestora equivalente) o en títulos de calificación de «Investment Grade» (BBB- o superior calificado por Standard & Poor’s o equivalente o con una calificación equivalente de la sociedad gestora) o sin calificación por las agencias de calificación.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor.
El subfondo podrá invertir en títulos de crédito de cualquier naturaleza, entre otros, bonos de tipo fijo, variable o revisable; títulos de crédito negociables, bonos de caja, bonos del Tesoro, EMTN y Euro Commercial Papers.
El subfondo podrá invertir, dentro del límite del 20 % de su patrimonio neto, en títulos emitidos por sociedades financieras domiciliadas en países emergentes. No obstante, estas obligaciones estarán denominadas en una divisa de países considerados desarrollados (EUR, GBP, CHF, USD y JPY).
Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero o FIA de derecho francés, independientemente de su clasificación, incluidos los fondos indexados cotizados o de clasificación monetaria o de renta fija.
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Divisas
La adquisición de títulos o IIC denominados en una divisa distinta del euro (EUR) será objeto de una cobertura del riesgo cambiario. Sin embargo, es posible que persista un riesgo de cambio residual (2 % máximo del patrimonio neto).
Contratos financieros
Con el fin de cubrir sus activos y/o de lograr su objetivo de gestión, el subfondo podrá recurrir a contratos financieros, negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, etc.), dentro del límite del 100 % de su patrimonio neto. En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. En este sentido, el subfondo podrá adoptar posiciones con el fin de cubrir la cartera contra ciertos riesgos (de tipos de interés, de crédito, de cambio) o de exponerse a algunos riesgos de tipos de interés y de crédito.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.

##### Tipología de mercados en los que se participa:
- Mercados regulados
- Mercados organizados
- Mercados extrabursátiles


##### Riesgos en los que el gestor desea intervenir, a efectos de cobertura y exposición de la cartera:
- Riesgo de tipos de interés
- Riesgo de divisas (únicamente con fines de cobertura)Riesgo de créditoasí como a los componentes de dichos riesgos


##### Naturaleza de las intervenciones, conjunto de las operaciones que deben limitarse al cumplimiento del objetivo de gestión:
- Cobertura
- Exposición
- Arbitraje


##### Naturaleza de los instrumentos utilizados:
- Opciones y futuros: índices financieros, divisas, tasas.
- Opciones sobre contratos a plazo estandarizados
- Cambio a plazo y swaps de divisas.
- Swaps: tipos de interés (tipos de interés fijos o variables de toda índole e inflación), divisas, así como los componentes de dichos activos.
- «Credit Default Swaps» sobre una única empresa o sobre índices
- Opciones de derivados de crédito (CDS) sobre índices
- Total Return SwapsEl subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre bonos, índices de bonos y/o cestas de bonos hasta el 100 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 25 %.

Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Títulos con derivados implícitos
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo solo podrá invertir en:
- bonos exigibles o negociables;
- bonos convertibles; y
- bonos contingentes convertibles (Coco) hasta el 50 % del patrimonio neto.

Préstamos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 100 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra emitidos sobre títulos de deuda o crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
Depósitos
El subfondo podrá efectuar depósitos en el depositario hasta un límite máximo del 20 % de su patrimonio neto.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera. Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio
de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo sectorial:
El subfondo presenta un riesgo sectorial debido a su inversión en valores del mismo sector de actividad: el sector financiero. La caída de este mercado provocará una reducción del valor liquidativo
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo asociado a las divisas de las acciones denominadas en una divisa distinta de la del subfondo:
El titular, suscriptor de otras divisas distintas a la divisa de referencia del subfondo (euro), está expuesto al riesgo de cambio, en caso de que este no esté cubierto. El valor de los activos del subfondo puede bajar si el tipo de cambio varía, lo que puede provocar una caída del valor liquidativo del subfondo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps:
La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los contratos de divisas sobre el rendimiento global.
Riesgos vinculados a los bonos convertibles contingentes (Coco):
Los bonos Coco son títulos de crédito subordinados emitidos por las entidades de crédito o las compañías de seguros o reaseguros, elegibles en sus fondos propios reglamentarios y que presentan la especificidad de ser convertibles en acciones, o cuyo valor nominal pueda reducirse (mecanismo denominado «amortización») en caso de que se produzca un «elemento desencadenante» («Trigger»), previamente definido en el folleto. Un Coco incluye una opción de conversión en acciones por iniciativa del emisor en caso de deterioro de su situación económica. Además del riesgo de crédito y de los tipos inherentes a las obligaciones, la activación de la opción de conversión puede provocar una bajada del valor de los Coco superior a la que registren las otras obligaciones clásicas del emisor. Según las condiciones fijadas por el Coco afectado, algunos eventos desencadenantes pueden provocar una depreciación permanente a cero de la inversión principal y/o de los intereses devengados o una conversión de la obligación en acción.
Riesgo vinculado al umbral de conversión de los Coco:
El umbral de conversión de un Coco depende del ratio de solvencia de su emisor. Se trata del acontecimiento que determina la conversión del bono en acción ordinaria. Cuanto más débil sea el ratio de solvencia, mayor será la probabilidad de conversión.
Riesgo de pérdida o suspensión del cupón:
En función de las características de los bonos Coco, el pago de los cupones es discrecional y puede ser anulado o suspendido por el emisor en cualquier momento y durante un periodo indeterminado.
Riesgo de intervención de una autoridad reguladora en el momento de «falta de viabilidad»:
Una autoridad reguladora determina en todo momento y de forma discrecional que una entidad «no es viable», es decir, que el banco emisor necesita la ayuda de las autoridades públicas para evitar que el emisor se vuelva insolvente, entre en quiebra, o no sea capaz de pagar la mayor parte de su deuda en el momento de su vencimiento o de continuar con sus actividades e impone o solicita la conversión de los bonos convertibles contingentes en acciones en circunstancias ajenas a la voluntad del emisor.
Riesgo de inversión de la estructura de capital:
Al contrario de la jerarquía convencional del capital, los inversores en Coco pueden experimentar una pérdida de capital que no afecte a los titulares de acciones. En algunos escenarios, los titulares de Coco experimentarán pérdidas antes que los titulares de las acciones.
Riesgo de aplazamiento del reembolso:
La mayoría de los Coco se emiten en forma de instrumentos de duración perpetua, que solo son reembolsables a niveles predeterminados con la aprobación de la autoridad competente. No se puede suponer que los Coco perpetuos se reembolsarán en la fecha de reembolso. Los Coco son una forma de capital permanente. Es posible que el inversor no reciba la devolución del capital como estaba previsto en la fecha de reembolso o en cualquier fecha acordada.
Riesgo de liquidez:
En ciertas circunstancias, puede ser difícil encontrar un comprador de Coco y es posible que el vendedor se vea obligado a aceptar un descuento considerable en el valor esperado del bono para poder venderlo.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes.
Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, A CHF (H), A USD (H), B EUR y B USD (H): toda clase de suscriptores.

Acciones CR EUR, CR GBP (H), CR USD (H) y CRD EUR: toda clase de suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
Acciones I EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, así como de todos los accionistas que se hayan suscrito en el subfondo antes del 20/07/2018.
Acciones I CHF (H), J EUR, I USD (H), N EUR, NC EUR y OC EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, así como de todos los accionistas que se hayan suscrito en el subfondo antes del 19/10/2018.
Acciones K EUR, J USD (H) y J GBP (H): personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, así como de todos los accionistas que se hayan suscrito en el subfondo antes del 12/02/2019. Acciones R EUR: toda clase de suscriptores, especialmente destinada a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora.
Este subfondo va dirigido especialmente a inversores que deseen optimizar sus inversiones en renta fija mediante una gestión activa de instrumentos de crédito por parte de empresas o instituciones del sector financiero, al tiempo que se tienen en cuenta los riesgos a los que se exponen. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 3 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «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» y «NC EUR» | Acciones «B USD (H)», «B EUR», «CRD EUR», «J EUR», «J GBP (H)» y «J USD (H)» | Acciones «OC EUR» |
| --- | --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución | Mixto (capitalización y/o distribución y/o aplazamiento por decisión de la sociedad gestora) |

| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |
| --- | --- | --- | --- |

En lo relativo a las acciones de distribución y las acciones mixtas, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución y acciones mixtas: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con veinte categorías de acciones: acciones «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)», «JGBP (H)», «J EUR», «J USD (H)», «K EUR», «N EUR», «NC EUR», «OC EUR» y «R EUR».

La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones.
La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR GBP (H)» está denominada en libras esterlinas y expresada en acciones o milésimas de acciones.
La acción «CR USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones.
La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J GBP (H)» está denominada en libras esterlinas y expresada en acciones o milésimas de acciones.
La acción «J USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «N EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «NC EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «OC EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A CHF (H):	106,34 CHF |
| --- |
| Acción A EUR:	136,77 € Acción A USD (H):	116,32 USD |

| Acción B EUR:	127,78 € Acción B USD (H):	100 USD |
| --- |
| Acción CR EUR:	95,91 € |
| Acción CR GBP (H):	97,25 GBP Acción CR USD (H):	100 USD |
| Acción CRD EUR:	100 € Acción I CHF (H):	108,15 CHF |
| Acción I EUR:	176,72 € |
| Acción I USD (H):	122,96 USD |
| Acción J EUR:	101,14 € Acción J GBP (H):	100 GBP |
| Acción J USD (H):	100 USD |
| Acción K EUR:	98,83 € |
| Acción N EUR:	1143,31 € |
| Acción NC EUR:	101,28 € |
| Acción OC EUR:	93,08 € Acción R EUR:	98,67 € |

Importe mínimo de suscripción inicial:
| Acción A CHF (H):	Una acción Acción A EUR:	Una acción Acción A USD (H):	Una acción |
| --- |
| Acción B EUR:	Una acción Acción B USD (H):	Una acción |
| Acción CR EUR:	Una acción Acción CR GBP (H): Una acción Acción CR USD (H):  Una acción |
| Acción CRD EUR:	Una acción Acción I CHF (H):	500 000 francos suizos |
| Acción I EUR:	500 000 € |
| Acción I USD (H):	500 000 USD |
| Acción J EUR:	500 000 € Acción J GBP (H):	500 000 libras esterlinas |
| Acción J USD (H):	500 000 USD |
| Acción K EUR:	500 000 € |
| Acción N EUR:	10 000 000 € |
| Acción NC EUR:	10 000 000 € |
| Acción OC EUR:	10 000 000 € Acción R EUR:	Una acción |

| Acción A CHF (H):	Una milésima de acción Acción A EUR:	Una milésima de acción Acción A USD (H):	Una milésima de acción |
| --- |
| Acción B EUR:	Una milésima de acción Acción B USD (H):	Una milésima de acción |
| Acción CR EUR:	Una milésima de acción Acción CR GBP (H): Una milésima de acción Acción CR USD (H):  Una milésima de acción |
| Acción CRD EUR:	Una milésima de acción Acción I CHF (H):	Una milésima de acción |
| Acción I EUR:	Una milésima de acción |
| Acción I USD (H):	Una milésima de acción Acción J EUR:	Una milésima de acción Acción J GBP (H):	Una milésima de acción |
| Acción J USD (H):	Una milésima de acción |
| Acción K EUR:	Una milésima de acción |
| Acción N EUR:	Una milésima de acción |
| Acción NC EUR:	Una milésima de acción |
| Acción OC EUR:	Una milésima de acción |

Cantidad mínima de suscripciones subsiguientes:
Acción R EUR:	Una milésima de acción Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles.
D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá decidir no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 5 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 5 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, decidir atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de solicitudes de reembolso de acciones representa el 10 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 5 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 8 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 50 % si aplicara estrictamente la limitación del 5 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los partícipes:
En caso de activación del mecanismo gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolsos de acciones «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» y «R EUR» se ejecutan por importe o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Financial Bonds | Valor liquidativo x Número de acciones | Acción A CHF (H): 1 % como máximo |
| Acción A EUR: 1 % como máximo |
| Acción A USD (H): 1 % como máximo |
| Acción B EUR: 1 % como máximo |
| Acción B USD (H): 1 % como máximo |
| Acción CR EUR: 1 % como máximo |
| Acción CR GBP (H): 1 % como máximo |
| Acción CR USD (H): 1 % como máximo |
| Acción CRD EUR: 1 % como máximo |
| Acción I CHF (H): No procede |
| Acción I EUR: No procede |
| Acción I USD (H): No procede |
| Acción J EUR: No procede |
| Acción J GBP (H): No procede |
| Acción J USD (H): No procede |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción NC EUR: No procede |
| Acción OC EUR: No procede |
| Acción R EUR: 1 % como máximo |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Financial Bonds | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Financial Bonds | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Financial Bonds | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la
calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 1,15 %, impuestos incluidos |
| Acción A EUR: máximo del 1,15 %, impuestos incluidos |
| Acción A USD (H): máximo del 1,15 %, impuestos incluidos |
| Acción B EUR: máximo del 1,15 %, impuestos incluidos |
| Acción B USD (H): máximo del 1,15 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,80 %, impuestos incluidos |
| Acción CR GBP (H): máximo del 0,80 %, impuestos incluidos |
| Acción CR USD (H): máximo del 0,80 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,80 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,55 %, impuestos incluidos |
| Acción I EUR: máximo del 0,55 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,55 %, impuestos incluidos |
| Acción J EUR: máximo del 0,55 %, impuestos incluidos |
| Acción J GBP (H): máximo del 0,55 %, impuestos incluidos |
| Acción J USD (H): máximo del 0,55 %, impuestos incluidos |
| Acción K EUR: máximo del 0,75 %, impuestos incluidos |
| Acción N EUR: máximo del 0,40 %, impuestos incluidos |
| Acción NC EUR: máximo del 0,55 %, impuestos incluidos |
| Acción OC EUR: máximo del 0,55 %, impuestos incluidos |
| Acción R EUR: máximo del 1,40 %, impuestos incluidos |

| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 0,10 %, impuestos incluidos |
| --- | --- | --- |
| Acción A EUR: máximo del 0,10 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción B EUR: máximo del 0,10 %, impuestos incluidos |
| Acción B USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,10 %, impuestos incluidos |
| Acción CR GBP (H): máximo del 0,10 %, impuestos incluidos |
| Acción CR USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción J EUR: máximo del 0,10 %, impuestos incluidos |
| Acción J GBP (H): máximo del 0,10 %, impuestos incluidos |
| Acción J USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción K EUR: máximo del 0,10 %, impuestos incluidos |
| Acción N EUR: máximo del 0,10 %, impuestos incluidos |
| Acción NC EUR: máximo del 0,10 %, impuestos incluidos |
| Acción OC EUR: máximo del 0,10 %, impuestos incluidos |
| Acción R EUR: máximo del 0,10 %, impuestos incluidos |
| Proveedores que reciben comisiones por movimientos: El depositario: entre el 0 % y el 50 % La sociedad gestora: entre el 50 % y el 100 % | Cargo por cada operación | Sobre las transacciones: máximo del 0,24 %, impuestos incluidos, para las transacciones, excluidas las acciones, y un máximo del 0,60 %, impuestos incluidos, para las transacciones con acciones e instrumentos financieros asimilados. Sobre la percepción de cupones: máximo del 1,20 %, impuestos incluidos. |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A CHF (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en CHF) y en un 20 % por el ICE BofA Contingent Capital (cubierto en CHF), con cupones reinvertidos. |
| Acción A EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |

|  |  | Acción A USD (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en USD) y en un 20 % por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos. |
| --- | --- | --- |
| Acción B EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |
| Acción B USD (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en USD) y en un 20 % por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos. |
| Acción CR EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |
| Acción CR GBP (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en GBP) y en un 20 % por el ICE BofA Contingent Capital (cubierto en GBP), con cupones reinvertidos. |
| Acción CR USD (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en USD) y en un 20 % por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos. |
| Acción CRD EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofABofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |
| Acción I CHF (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en CHF) y en un 20 % por el ICE BofA Contingent Capital (cubierto en CHF), con cupones reinvertidos. |
| Acción I EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |

|  |  | Acción I USD (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en USD) y en un 20 % por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos. |
| --- | --- | --- |
| Acción J EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |
| Acción J GBP (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en GBP) y en un 20 % por el ICE BofA Contingent Capital, con cupones reinvertidos. |
| Acción J USD (H): 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial (cubierto en USD) y en un 20 % por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos. |
| Acción K EUR: No procede |
| Acción N EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |
| Acción NC EUR: No procede |
| Acción OC EUR: No procede |
| Acción R EUR: 20 % anual de la rentabilidad superior a la del índice de referencia compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR), con cupones reinvertidos. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades:
Índice de referencia: índice compuesto en un 80 % por el ICE BofA Euro Financial y en un 20 % por el ICE BofA Contingent Capital (cubierto en EUR).
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 20 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Se podrá aplicar una comisión de rentabilidad superior en caso de que la rentabilidad absoluta de la acción generada durante el periodo de referencia sea negativa.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
El periodo de referencia para el cálculo de la comisión de rentabilidad superior se cerrará en la fecha del último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, la comisión no se pagará y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, el periodo de referencia no se prorrogará. A continuación se establecerá un nuevo periodo de referencia que comenzará cuando haya finalizado el último.
Al final de un periodo de referencia:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia.
- Si la diferencia entre el VL de la acción y su VL objetivo es negativa, no se pagará ninguna comisión de rentabilidad.
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, habrá terminado y el VL al final de dicho periodo se convertirá en el nuevo VL de referencia.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo en la fecha t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilid ad acumulad a de la acción* | Rentabilid ad acumulad a del índice* | Rentabilid ad relativa acumulad a* | Rentabilid ad de la acción durante el último año | Rentabilid ad del índice durante el último año | Rentabilid ad relativa durante el último año | Percepción de la comisión** | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Prorrogación |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | Renovación |

*Desde el inicio del periodo de referencia
**De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL – VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Prorrogación |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Prorrogación |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Prorrogación |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Prorrogación |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Renovación |

*Desde el inicio del periodo de referencia
**De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se renovará, aunque ya se haya prorrogado 4 veces. Se establecerá un nuevo VL de referencia en 107.
Ejemplo 3:
PERIODO
| VL OBJETIVO VL | 100 100 | 104 102 | 98 106 |
| --- | --- | --- | --- |
| BASE DE CÁLCULO: VL – VL OBJETIVO | -2 | 8 |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Prorrogación |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | Renovación |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Los gastos relacionados con la investigación en virtud del artículo 314-21 del Reglamento General de la AMF pueden facturarse a la SICAV hasta un máximo de 0,01 % de su patrimonio neto.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Financial Bonds se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV.
Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Tricolore Rendement
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 7 de diciembre de 2018. El subfondo se creó el 8 de marzo de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Tricolore Rendement constituido el 4 de diciembre de 1998.
- Código ISIN

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

- Régimen fiscal específicoAdmisible para el PEA.
- ClasificaciónRenta variable de los países de la zona del euro.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo del subfondo, en un horizonte de inversión recomendado superior a cinco años, es lograr una rentabilidad superior a la de su índice de referencia, el SBF 120 (NR), por medio de la inversión en sociedades principalmente francesas cuyas características de valoración indiquen que son susceptibles de registrar una buena rentabilidad.

Estas sociedades se seleccionarán sobre la base de un análisis en el que se combinarán la rentabilidad financiera y el cumplimiento de criterios extrafinancieros.
El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El universo de inversión del subfondo está compuesto por todos los valores franceses con una capitalización bursátil superior a 300 millones de euros que han sido objeto de un análisis extrafinanciero.
- Índice de referenciaEl objetivo de gestión no se expresa en función de un índice de referencia. No obstante, a título informativo, la rentabilidad del subfondo podrá compararse a la del índice SBF 120, dividendos netos reinvertidos, expresado en euros para las acciones emitidas en euros, y en dólares estadounidenses para las acciones emitidas en dólares estadounidenses. Se trata del índice representativo de las ciento veinte mayores capitalizaciones de la Bolsa de París.

El administrador EURONEXT (sitio web: www.euronext.com/fr) del índice de referencia SBF 120 figura en el registro de administradores e índices de referencia de la ESMA.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadas:El subfondo lleva a cabo una gestión activa de selección de acciones («stock-picking») cotizadas dentro de un universo de valores mayoritariamente franceses.

Las acciones europeas representarán al menos un 75 % del patrimonio, del cual, un mínimo del 65 % serán acciones de la zona del euro. El conjunto de acciones procedentes de países distintos de Francia no excederá el 25 % del patrimonio neto. La exposición del subfondo a acciones de fuera de la zona del euro no podrá superar el 10 % del patrimonio neto. Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros.
El universo de inversión de la cartera (universo de partida) está compuesto por todos los valores franceses con una capitalización bursátil superior a 300 millones de euros. Asimismo, el subfondo invertirá al menos el 10 % de su patrimonio neto en acciones de microempresas, pymes y grandes empresas francesas cotizadas. Se trata de empresas con una plantilla inferior a 5000 empleados y con un volumen de negocios anual inferior a 1500 millones de euros o un balance total inferior a 2000 millones de euros. Asimismo, la capitalización bursátil de estas empresas es inferior a 2000 millones de euros o ha sido inferior a dicha cantidad en el cierre de al menos uno de los cuatro ejercicios fiscales anteriores.
A continuación, se analizan en detalle todos los valores que componen el universo de inversión de la cartera (universo inicial).
El universo de inversión se reducirá eliminando el 20 % de los emisores menos idóneos.
La filosofía de gestión del subfondo tiene como objetivo invertir en empresas que orienten sus elecciones estratégicas y operativas hacia la búsqueda de rentabilidad global —a la vez económica y financiera, social, de gobierno y medioambiental— dentro del respeto y la confianza de sus partes interesadas, tanto internas como externas.
La selección de los valores se basa en el uso combinado de criterios financieros para seleccionar los valores con perspectivas de crecimiento significativas, unos rendimientos satisfactorios o una infravaloración importante, en opinión del equipo de gestores, y criterios extrafinancieros para cumplir los requisitos de inversión socialmente responsable.
Análisis de los criterios financieros:
El universo de títulos en el que se encuentra invertido el subfondo se compone de acciones de sociedades cuya capitalización es, fundamentalmente, superior a 300 millones de euros.
La utilización de informes de analistas externos está encaminada a ayudar al gestor a orientar su propio estudio en torno a un número reducido de títulos incluidos en el universo de inversión. La selección de los analistas externos también es objeto de un proceso de selección definido por la sociedad gestora.
Los títulos seleccionados de este modo se someten entonces a un análisis cualitativo y cuantitativo. En particular, el gestor seleccionará los siguientes valores:
- valores con altos rendimientos netos (dividendo neto por acción / cotización del título);
- valores de crecimiento con un crecimiento de la cifra de negocios y de los resultados;
- valores con descuento en relación con el universo de referencia en los siguientes ratios: Cotización del título / Patrimonio neto reevaluado por acción, Cotización del título / Flujo de caja por acción, Cotización del título / Beneficio neto por acción (BPA).

Análisis de los criterios extrafinancieros
Este análisis permite seleccionar valores de acuerdo con una tabla de calificación ESG específica para la sociedad gestora, que clasifica los títulos de acuerdo con los criterios de naturaleza ambiental, sociales y de gobierno que se detallan a continuación:
Medio ambiente: consumo de energía, emisiones de gases de efecto invernadero, agua, residuos, contaminación, estrategia de gestión medioambiental, impacto ecológico;
Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;
Gobierno: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, intereses de los accionistas.
El modelo de calificación ISR se construyó:
- de acuerdo con el enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector; y
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los tres pilares extrafinancieros se les asigna una ponderación más o menos de acuerdo con el sector considerado, lo que resulta en una ponderación diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por el problema ambiental, mientras que una sociedad en el sector de servicios empresariales verá una mayor ponderación dada a los factores sociales.

Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gestión empresarial de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el gestor podrá emplear una calificación ESG otorgada por el proveedor de calificación externo utilizado por la Sociedad gestora.
La metodología de calificación utilizada por la agencia de calificación externa contratada por la Sociedad gestora puede diferir del enfoque metodológico empleado para calcular las calificaciones propias. El gestor selecciona principalmente en la cartera valores con calificación propia. En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
Tras aplicar este proceso, el universo de inversión se reducirá en un 20 % al eliminar las peores calificaciones extrafinancieras.
Además, el gestor se compromete a excluir de la cartera a las empresas cuya actividad esté directamente relacionada con el carbón térmico y metalúrgico. Una vez que se disponga de los datos pertinentes, también se excluirá a las empresas de distribución, transporte y producción de equipos y de servicios, cuando el 33 % de su facturación provenga de clientes cuya actividad esté directamente relacionada con el carbón térmico y metalúrgico.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
El gestor identifica los problemas financieros y extrafinancieros de las empresas en cartera que pueden ser objeto de medidas de compromiso y diálogo verificables. Estas acciones permiten maximizar el potencial de apreciación adicional en el mercado bursátil como consecuencia de dicho compromiso, apoyando la dinámica financiera o extrafinanciera de las empresas.
En función de las previsiones del gestor sobre la evolución de los mercados de renta variable, con el fin de dinamizar o proteger la rentabilidad, el subfondo podrá:
- invertir en obligaciones convertibles francesas denominadas en EUR negociadas en un mercado regulado europeo dentro de los límites del 0 % al 25 % del patrimonio neto y, con sujeción a ese mismo límite en obligaciones convertibles extranjeras, un máximo del 10 %. Estas obligaciones convertibles (sin restricciones de calificación o de duración) se seleccionan en función del rendimiento previsto y de la correlación con las acciones subyacentes;
- recurrir a contratos de futuros u opciones, negociados en mercados organizados o regulados dentro del límite de una vez el patrimonio neto;
- recurrir a contratos de opciones sobre acciones negociados en mercados organizados o regulados, dentro del límite del 25 % del patrimonio neto, para reducir la volatilidad de la renta variable.

Todos estos títulos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
. Sobre los activos: Renta variable:
La cartera está expuesta permanentemente, al menos en un 75 %, a las acciones emitidas por sociedades cuya capitalización es, fundamentalmente, superior a 300 millones de euros, y otros títulos similares que se negocian en un mercado europeo. Además de las acciones y otros títulos asimilados negociados en un mercado regulado europeo, el subfondo también podrá invertir hasta un 25 % de su patrimonio neto fuera de Francia. La exposición del subfondo a acciones de fuera de la zona del euro no podrá superar el 10 % del patrimonio neto.
Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Títulos de crédito e instrumentos del mercado monetario:
La exposición global de la cartera a títulos de crédito e instrumentos del mercado monetario podrá representar como máximo un 25 % de la cartera para gestionar la tesorería.
Los instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
El patrimonio del subfondo en el marco de la gestión de tesorería podrá incluir instrumentos de deuda u obligaciones denominados en euros. Estos instrumentos, que cuentan con una duración residual inferior a tres meses, se emitirán sin restricciones de reparto de deuda pública/privada emitida por Estados soberanos, instituciones similares o por entidades con una calificación a corto plazo equivalente o superior a A2 según Standard & Poor’s, o con una calificación equivalente otorgada por otra agencia independiente o que la sociedad gestora les otorgue una calificación interna equivalente.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un valor en la categoría de alto rendimiento («High Yield»), es decir, de aquellos valores especulativos que presentan el mayor riesgo de incumplimiento del emisor (valores con una calificación inferior a BBB- o cuya calificación a corto plazo es inferior o equivalente a A-3 según Standard & Poor’s o una agencia equivalente, o con una calificación interna equivalente de la sociedad gestora), la sociedad gestora efectúa obligatoriamente un análisis detallado para decidir la idoneidad de vender o mantener el valor para cumplir el objetivo de calificación.
Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos como los fondos indexados cotizados, y de clasificación monetaria o de renta fija para invertir especialmente las posiciones de tesorería.
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada. Las participaciones o acciones de las IIC seleccionadas no serán objeto de un análisis extrafinanciero.
Instrumentos derivados:
Con fines de cobertura y/o de exposición, sin buscar una sobreexposición, y dentro del límite del 100 % de su patrimonio, el subfondo podrá recurrir a contratos financieros negociados en mercados franceses organizados, regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, contratos de cambio a plazo, etc.). En este sentido, el subfondo podrá tomar posiciones con el fin de cubrir la cartera frente a determinados riesgos (acciones, divisas).
Los contratos de opciones y de futuros se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
El subfondo no utilizará swaps de rentabilidad total.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Títulos que integran derivados:
El subfondo podrá invertir, de conformidad con su estrategia de inversión, en bonos convertibles franceses denominados en euros que se negocien en un mercado regulado europeo hasta el límite del 25 % del patrimonio neto y, dentro de ese mismo límite del 0 % al 25 % del patrimonio neto, en bonos convertibles extranjeros, un máximo del 10 %.
El subfondo podrá invertir, con carácter temporal, en bonos suscritos derivados de una operación sobre los valores.
Los instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Depósitos:
No procede.
Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos:
No procede.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a los efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo asociado a las divisas de las acciones denominadas en una divisa distinta de la del subfondo:
El titular, suscriptor de otras divisas distintas a la divisa de referencia del subfondo (euro), está expuesto al riesgo de cambio, en caso de que este no esté cubierto. El valor de los activos del subfondo puede bajar si el tipo de cambio varía, lo que puede provocar una caída del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones
y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, A USD y B EUR: toda clase de suscriptores.

Acciones I EUR y K EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Acciones R EUR: toda clase de suscriptores, especialmente destinada a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora.
Este subfondo va dirigido especialmente a inversores que deseen dinamizar sus ahorros a través de mercados de acciones fundamentalmente franceses. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 5 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A USD», «A EUR», «R EUR», «I EUR», y «K EUR» | Acciones «B EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o |

|  |  | Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |
| --- | --- | --- |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con seis categorías de acciones: acciones «A EUR», «A USD», «B EUR», «I EUR», «K EUR» y «R EUR».

La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A EUR:	330,56 € Acción A USD:	108,00 USD |
| --- |
| Acción B EUR:	204,28 € |
| Acción I EUR:	147,42 € |
| Acción K EUR:	181,05 € Acción R EUR:	172,23 € |

Importe mínimo de suscripción inicial:
| Acción A EUR:	Una acción Acción A USD:	Una acción |
| --- |
| Acción B EUR:	Una acción |
| Acción I EUR:	500 000 € |
| Acción K EUR:	500 000 € Acción R EUR:	Una acción |

Cantidad mínima de suscripciones subsiguientes:
| Acción A EUR:	Una milésima de acción Acción A USD:	Una milésima de acción |
| --- |
| Acción B EUR:	Una milésima de acción |
| Acción I EUR:	Una milésima de acción |
| Acción K EUR:	Una milésima de acción Acción R EUR:	Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen
fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión del subfondo. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo Tricolore Rendement | Valor Liquidativo x N.º de acciones | Acción A EUR: 3 % como máximo |
| Acción A USD: 3 % como máximo |
| Acción B EUR: 3 % como máximo |
| Acción I EUR: No procede |
| Acción K EUR: No procede |
| Acción R EUR: 3 % como máximo |
| Comisión de suscripción atribuida al subfondo Tricolore Rendement | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo Tricolore Rendement | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo Tricolore Rendement | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en
relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 1,95 %, impuestos incluidos |
| Acción A USD: máximo del 1,95 %, impuestos incluidos |
| Acción B EUR: máximo del 1,95 %, impuestos incluidos |
| Acción I EUR: máximo del 0,95 %, impuestos incluidos |
| Acción K EUR: máximo del 1,10 %, impuestos incluidos |
| Acción R EUR: máximo del 2,35 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,10 %, impuestos incluidos |
| Acción A USD: máximo del 0,10 %, impuestos incluidos |
| Acción B EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: máximo del 0,10 %, impuestos incluidos |
| Acción K EUR: máximo del 0,10 %, impuestos incluidos |
| Acción R EUR: máximo del 0,10 %, impuestos incluidos |
| Proveedores que reciben comisiones por movimientos: El depositario: entre el 0 % y el 50 % La sociedad gestora: entre el 50 % y el 100 % | Cargo por cada operación | Variable en función de los instrumentos. En % HT - Acciones, ETF: 0,25 % máx.
- OICVM franceses: 0 %
- OICVM extranjeros: 0,50 %- O.S.T.: 0 %
- Cupones extranjeros: 5 %(mínimo de 0 a 200 euros en función del mercado bursátil del instrumento)
 |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: 15 % anual sobre la rentabilidad superior al índice de referencia SBF 120, con dividendos netos reinvertidos. |
| Acción A USD: 15 % anual sobre la rentabilidad superior al índice de referencia SBF 120, con dividendos netos reinvertidos. |
| Acción B EUR: 15 % anual sobre la rentabilidad superior al índice de referencia SBF 120, con dividendos netos reinvertidos. |
| Acción I EUR: 15 % anual sobre la rentabilidad superior al índice de referencia SBF 120, con dividendos netos reinvertidos. |
| Acción K EUR: No procede |
| Acción R EUR: 15 % anual sobre la rentabilidad superior al índice de referencia SBF 120, con dividendos netos reinvertidos. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia: SBF 120, dividendos netos reinvertidos
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: 
la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. 
El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Tricolore Rendement se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
EdR SICAV – Equity Euro Solve
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 7 de diciembre de 2018. El subfondo se creó el 8 de marzo de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Equity Europe Solve constituido el 7 de diciembre de 2015.
- Código ISIN

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

- Régimen fiscal específicoAdmisible para el PEA.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo del subfondo, en el horizonte de inversión recomendado, es participar parcialmente en la evolución de los mercados de la zona euro de renta variable, estableciendo al mismo tiempo una cobertura permanente, total o parcial, contra el riesgo de renta variable en los mercados de futuros y opciones, en función de las previsiones del gestor.

Las sociedades anteriormente mencionadas se seleccionan sobre la base de un análisis en el que se combinan la rentabilidad financiera y el cumplimiento de criterios extrafinancieros.
El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos y el nivel general de exposición al mercado. El universo de inversión
«acciones» del subfondo es comparable al del índice MSCI EMU NR.
- Índice de referenciaEl objetivo de gestión del subfondo no se expresa en función de un índice de referencia, ya que el subfondo aplicará estrategias de cobertura del riesgo de renta variable.

Sin embargo, la rentabilidad del subfondo podrá compararse a posteriori con la progresión de un índice de referencia compuesto en un 56 % por el índice MSCI EMU, calculado con dividendos netos reinvertidos, y en un 44 % por el €STR capitalizado.
El índice MSCI EMU (ticker Bloomberg: NDDUEMU Index) es un índice compuesto por 300 valores procedentes de países miembros de la zona del euro seleccionados según la capitalización bursátil, el volumen de operación y el sector de actividad. El índice trata de respetar la ponderación por países y por sectores de actividad, reflejando al máximo la estructura económica de la zona del euro. MSCI Barra calcula y publica el índice. Los datos se pueden consultar en 
www.mscibarra.com
.
El administrador MSCI Limited (sitio web: http://www.msci.com) del índice de referencia MSCI EMU no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
El €STR (tipo de interés a corto plazo del euro o Euro Short Term Rate) es un tipo de interés, calculado y gestionado por el Banco Central Europeo (BCE), que refleja el coste de los préstamos en euros a un día de los bancos de la zona euro.
Toda la información relativa al índice €STR (Euro Short Term Rate) se encuentra disponible en el sitio web del BCE: https//www.ecb.europa.eu/.
El administrador del €STR es el BCE, y se acoge a la exención prevista en el artículo 2.2 del Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo. Por lo tanto, como administrador, el BCE no está obligado a obtener una autorización ni a figurar en el registro de administradores e índices de referencia de la ESMA.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadasEl subfondo aplica una estrategia de selección activa, invirtiendo, directamente o a través de IIC al menos el 75 % en renta variable de la zona euro, sin distinción de capitalización bursátil (incluidas las pequeñas y medianas capitalizaciones), y gestionando la exposición al riesgo de renta variable entre el 0 % y el 90 % del patrimonio neto mediante la aplicación de estrategias de cobertura o de exposición a través de la intervención en los mercados de futuros y opciones.

El universo de inversión ESG incluye empresas que cotizan en países desarrollados de la zona del euro cuya capitalización de mercado es superior a 1.000 millones de euros. La Sociedad gestora puede seleccionar valores que no formen parte de este universo ESG. No obstante, garantizará que el universo ESG seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
La selección de valores se basa en el uso combinado de criterios financieros y extrafinancieros con el fin de cumplir los requisitos de la inversión socialmente responsable.
Las acciones se seleccionarán de acuerdo con la siguiente estrategia:
- A partir del universo de inversión se aplican diferentes filtros que permiten definir qué valores se consideran admisibles y son objeto de análisis complementarios.
- Una primera categoría de filtros basados en el análisis extrafinanciero reducirá el universo de inversión en función de las calificaciones ESG individuales de los valores.
- Una segunda categoría de filtros permite la selección de valores sobre la base de relaciones financieras, centrándose en particular en el sesgo de estilo (valores descontados, valores de calidad, valores de crecimiento, etc.).
- El subfondo no estará expuesto a acciones de países emergentes.

El análisis de los criterios extrafinancieros permite calificar valores de acuerdo con una tabla de calificación ESG específica para la sociedad gestora, que clasifica los títulos de acuerdo con los criterios de naturaleza ambiental, sociales y de gobierno que se detallan a continuación:
Medio ambiente: consumo de energía, emisiones de gases de efecto invernadero, agua, residuos, contaminación, estrategia de gestión medioambiental, impacto ecológico
Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad
Gobierno: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, consideración de los intereses de los accionistas
Nuestro modelo de calificación ISR favorece:
- Un enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector.
- Con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los tres pilares extrafinancieros se les asigna una ponderación más o menos de acuerdo con el sector considerado, lo que resulta en una ponderación diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por el problema ambiental, mientras que una sociedad en el sector de servicios empresariales verá un mayor peso dado a los factores sociales.

Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gestión empresarial de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el gestor podrá emplear una calificación ESG otorgada por el proveedor de calificación externo utilizado por la Sociedad gestora.
La metodología de calificación utilizada por la agencia de calificación externa contratada por la Sociedad gestora puede diferir del enfoque metodológico empleado para calcular las calificaciones propias. En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
Como mínimo un 90 % de las sociedades de la cartera ostentan una calificación ESG interna o de una agencia de calificación externa.
Tras aplicar este proceso, el universo de inversión se reducirá como mínimo en un 20 % al eliminar las peores calificaciones extrafinancieras.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
El subfondo cumplirá permanentemente las normas de elegibilidad del Plan de Ahorro en Acciones francés («PEA»).
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
A efectos de gestión de tesorería, el subfondo puede invertir hasta el 25 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario denominados en euros. El subfondo tendrá como objetivo las emisiones de emisores europeos públicos o privados con una duración residual máxima de 397 días y una calificación de grado de inversión («Investment Grade») (es decir, con una calificación igual o superior a BBB- según Standard & Poor’s, o cualquier otra calificación equivalente otorgada por otra agencia independiente, o una calificación interna que se considere equivalente a la otorgada por el gestor de inversiones).
En caso de rebaja de la calificación de un emisor (calificación de Standard & Poor’s o que la sociedad gestora les otorgue una calificación interna equivalente), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Además, el subfondo puede invertir hasta un máximo del 10 % del patrimonio neto, en participaciones o acciones de IIC u otros fondos de inversión elegibles, cualquiera que sea su clasificación, con el fin de:
- aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo, fondos invertidos en títulos de sociedades del sector de materias primas o del sector inmobiliario); o
- gestionar la liquidez (OICVM del mercado monetario, OICVM diversificado o de renta fija).

A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo puede formalizar contratos de recompra de valores mobiliarios o instrumentos del mercado monetario elegibles, con un límite del 25 % de su patrimonio neto. Las garantías recibidas en virtud de estos contratos de recompra estarán sujetas a un descuento en función del tipo de títulos. Pueden adoptar la forma de efectivo y bonos del Estado de alta calidad.
El subfondo podrá verse expuesto al riesgo de cambio a título accesorio.
Dentro del límite del 100 % de su patrimonio neto, el subfondo podrá utilizar, con fines de cobertura y/o exposición, instrumentos derivados extrabursátiles o contratos financieros negociados en un mercado regulado de la zona euro para concluir:
- contratos a plazo estandarizados sobre índices de renta variable, o de volatilidad;
- opciones sobre acciones, sobre futuros, índices de renta variable y volatilidad.

El subfondo tratará de cubrir, de forma permanente, la totalidad o parte del riesgo de renta variable, con un límite de una vez su patrimonio neto.
La implementación de la cobertura se determina de forma discrecional por el equipo de gestión en función de sus previsiones y condiciones de mercado. El objetivo de la aplicación de estas estrategias opcionales es mitigar las perturbaciones significativas del mercado de renta variable e implicar que se aprovechen menos los periodos de aumento. También permiten que el equipo de gestión, de manera táctica y oportunista, busque optimizar el coste de la cobertura de la cartera.
El subfondo también podrá optar por exponerse a los mercados de renta variable a través de futuros de forma discrecional y temporal con el fin de aplicar su estrategia de inversión.
Los inversores deberán tener en cuenta el hecho de que las fases alcista y bajista se determinan de forma discrecional por los equipos de gestión en función de sus previsiones sobre la evolución del mercado y, por lo tanto, pueden no reflejar las tendencias reales del mercado.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
. Activos utilizadosRenta variable:
Al menos, un 75 % de dicha cartera está invertido permanentemente en valores elegibles del PEA.
Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros.
Títulos de crédito e instrumentos del mercado monetario:
Para gestionar la tesorería se utilizarán títulos de crédito e instrumentos del mercado monetario dentro de un límite del 25 % del patrimonio neto. El subfondo buscará emisiones de emisores europeos públicos o privados con calificación «Investment Grade» (es decir, con una calificación igual o superior a BBB- según Standard & Poor’s,
o cualquier otra calificación equivalente otorgada por otra agencia independiente, o una calificación interna que se considere equivalente a la otorgada por el gestor de inversiones) con un vencimiento residual máximo de 397 días.
En caso de rebaja de la calificación de un emisor (calificación de Standard & Poor’s o que la sociedad gestora les otorgue una calificación interna equivalente), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Los instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Acciones o participaciones de otros OICVM, FIA o fondos de inversión de derecho extranjero:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos, incluidos los índices cotizados, y aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo: materias primas o sector inmobiliario).
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada. Las participaciones o acciones de las IIC seleccionadas no serán objeto de un análisis extrafinanciero.
Instrumentos derivados:
Dentro del límite del 100 % del patrimonio neto, el subfondo podrá recurrir, con fines de cobertura y/o exposición, a contratos financieros negociados en mercados de la zona euro regulados, organizados o extrabursátiles, con el fin de formalizar:
- contratos de opciones sobre acciones, futuros, índices de renta variable y/o algunos de sus parámetros o componentes (volatilidad, cotización, sectores, etc.) para gestionar la exposición a los mercados europeos de renta variable;
- contratos de futuros sobre índices de renta variable y/o algunos de sus parámetros o componentes (volatilidad, cotización, sectores, etc.) con fines de cobertura o exposición.

Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre acciones, índices de renta variable y/o cestas de acciones hasta el 50 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 15 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
La implementación de la cobertura, total o parcial del riesgo de renta variable, se determinará de forma discrecional por el equipo de gestión en función de sus previsiones y condiciones de mercado.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Entre las estrategias de cobertura aplicadas, el subfondo podrá, en particular, realizar las siguientes operaciones de cobertura:
- compras de opciones de venta, así como ventas de opciones de compra; y
- operaciones simultáneas para vender y comprar opciones similares sobre el mismo subyacente, pero a un precio de ejercicio diferente.

Títulos con derivados implícitos (hasta el 25 % del patrimonio neto):
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo solo podrá invertir en bonos exigibles o negociables hasta el 25 % del patrimonio neto.
Depósitos: No procede.
Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos:
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 25 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra, productos de tipos de interés o de crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una
posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps(TRS):
La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los Total Return Swaps (TRS).
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protección:No procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR y B EUR: toda clase de suscriptores.

Acciones CR EUR: toda clase de suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
Acciones I EUR, K EUR, KD EUR, SC EUR, N EUR, O EUR, PC EUR y NC EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, así como de todos los accionistas que se hayan suscrito en el subfondo antes del 08/03/2019. Estas acciones están destinadas especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II». De hecho, las estrategias de cobertura se aplicarán y gestionarán en condiciones que permitan considerarlas «técnicas de reducción del riesgo» en el sentido de la Directiva 2009/138/CE del 25 de noviembre de 2009 (conocida como «Solvencia II») y reducir así el nivel de SCR («capital de solvencia obligatorio») necesario para los inversores afectados.
Acción R EUR: toda clase de suscriptores, especialmente destinada a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 3 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A EUR», «CR EUR», «R EUR», «I EUR», «K EUR», «SC EUR», «N EUR», «NC EUR» y «PC EUR» | Acciones «B EUR», «KD EUR» y «O EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con trece categorías de acciones: acciones «A EUR», «B EUR», «CR EUR», «I EUR», «K EUR», «KD EUR», «N EUR», «NC EUR», «O EUR», «PC EUR», «R EUR» y «SC EUR».

| La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| --- |
| La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «KD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «N EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «NC EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «O EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «PC EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «SC EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |

- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados de renta variable en Francia (calendario oficial de Euronext Paris S.A.) y de los días de cierre de los mercados de derivados en Europa (calendario oficial de EUREX).

Valor liquidativo inicial:
| Acción A EUR:	99,09 € |
| --- |
| Acción B EUR:	103,63 € Acción CR EUR:	93,07 € |
| Acción I EUR:	93,71 € |
| Acción K EUR:	102,75 € |
| Acción KD EUR:	92,18 € |
| Acción N EUR:	93,81 € |
| Acción NC EUR:	101,22 € |
| Acción O EUR:	91,10 € |
| Acción PC EUR:	102,76 € |
| Acción R EUR:	100,00 € Acción SC EUR:	91,51 € |

Importe mínimo de suscripción inicial:
| Acción A EUR:	Una acción |
| --- |
| Acción B EUR:	Una acción |
| Acción CR EUR:	Una acción |
| Acción I EUR:	500 000 € |
| Acción K EUR:	500 000 € |
| Acción KD EUR:	500 000 € |
| Acción N EUR:	5 000 000 € |
| Acción NC EUR:	5 000 000 € |
| Acción O EUR:	5 000 000 € |
| Acción PC EUR:	10 000 000 € |
| Acción R EUR:	Una acción Acción SC EUR:	25 000 000 € |

Cantidad mínima de suscripciones subsiguientes:
| Acción A EUR:	Una milésima de acción |
| --- |
| Acción B EUR:	Una milésima de acción |
| Acción CR EUR:	Una milésima de acción |
| Acción I EUR:	Una milésima de acción |
| Acción K EUR:	Una milésima de acción |
| Acción KD EUR:	Una milésima de acción |
| Acción N EUR:	Una milésima de acción |
| Acción NC EUR:	Una milésima de acción |
| Acción O EUR:	Una milésima de acción |
| Acción PC EUR:	Una milésima de acción |
| Acción R EUR:	Una milésima de acción Acción SC EUR:	Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolso de acciones «A EUR», «B EUR», «CR EUR», «I EUR», «K EUR», «KD EUR», «N EUR», «NC EUR», «O EUR», «PC EUR», «R EUR» y «SC EUR» se ejecutan por importe o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión del subfondo. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Posibilidad prevista de limitar o detener las suscripciones:
La SICAV dejará de emitir nuevas acciones PC EUR a partir del 30 de junio de 2017 a las 12:30 h. Por lo tanto, las acciones PC EUR ya no podrán suscribirse a partir de dicha fecha.
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Equity Euro Solve | Valor liquidativo x Número de acciones | Acción A EUR: 3 % como máximo |
| Acción B EUR: 3 % como máximo |
| Acción CR EUR: 3 % como máximo |
| Acción I EUR: No procede |
| Acción K EUR: No procede |
| Acción KD EUR: No procede |
| Acción N EUR: No procede |
| Acción NC EUR: No procede |
| Acción O EUR: No procede |
| Acción PC EUR: No procede |
| Acción R EUR: 3 % como máximo |
| Acción SC EUR: No procede |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Equity Euro Solve | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Equity Euro Solve | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Equity Euro Solve | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario
comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 1,45 %, impuestos incluidos |
| Acción B EUR: máximo del 1,45 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,95 %, impuestos incluidos |
| Acción I EUR: máximo del 0,75 %, impuestos incluidos |
| Acción K EUR: máximo del 0,95 %, impuestos incluidos |
| Acción KD EUR: máximo del 0,95 %, impuestos incluidos |
| Acción N EUR: máximo del 0,60 %, impuestos incluidos |
| Acción NC EUR: máximo del 0,75 %, impuestos incluidos |
| Acción O EUR: máximo del 0,60 %, impuestos incluidos |
| Acción PC EUR: máximo del 0,60 %, impuestos incluidos |
| Acción R EUR: máximo del 1,80 %, impuestos incluidos |
| Acción SC EUR: máximo del 0,60 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,10 %, impuestos incluidos |
| Acción B EUR: máximo del 0,10 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: máximo del 0,10 %, impuestos incluidos |
| Acción K EUR: máximo del 0,10 %, impuestos incluidos |
| Acción KD EUR: máximo del 0,10 %, impuestos incluidos |
| Acción N EUR: máximo del 0,10 %, impuestos incluidos |
| Acción NC EUR: máximo del 0,10 %, impuestos incluidos |
| Acción O EUR: máximo del 0,10 %, impuestos incluidos |
| Acción PC EUR: máximo del 0,10 %, impuestos incluidos |
| Acción R EUR: máximo del 0,10 %, impuestos incluidos |
| Acción SC EUR: máximo del 0,10 %, impuestos incluidos |
| Comisiones por movimientos | Sobre la base del importe de la operación | No procede |

| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| --- | --- | --- |
| Acción B EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| Acción CR EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| Acción I EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| Acción K EUR: No procede |
| Acción KD EUR: No procede |
| Acción N EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| Acción NC EUR: No procede |
| Acción O EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| Acción PC EUR: No procede |
| Acción R EUR: 15 % anual de rentabilidad superior a la del índice de referencia compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado con los dividendos netos reinvertidos. |
| Acción SC EUR: No procede |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia: compuesto en un 56 % por el índice MSCI EMU y en un 44 % por el €STR capitalizado.
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Equity Euro Solve se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Start
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 4 de enero de 2019. El subfondo se creó el 21 de marzo de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Start constituido el 14 de mayo de 2007.
- Código ISIN

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

- Régimen fiscal específicoNo procede.
- 
###### Delegación de la gestión financiera

Edmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.
Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl subfondo está gestionado de forma discrecional y oportunista. Adopta posiciones en los mercados de renta fija, renta variable y en divisas. El objetivo del subfondo es la búsqueda de una rentabilidad absoluta, sin correlación con el horizonte de inversión recomendado de los principales mercados internacionales de renta variable y fija. En el marco de su gestión, la volatilidad prevista del subfondo podrá ser del 2 % y podrá llegar hasta el 3 % como máximo.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaEl índice de referencia con el que se puede comparar la rentabilidad de las acciones A EUR, CR EUR, R EUR, I EUR, J EUR, N EUR y P EUR es el €STR capitalizado.

El €STR (tipo de interés a corto plazo del euro o Euro Short Term Rate) es un tipo de interés, calculado y gestionado por el Banco Central Europeo (BCE), que refleja el coste de los préstamos en euros a un día de los bancos de la zona euro.
Toda la información relativa al índice €STR (Euro Short Term Rate) se encuentra disponible en el sitio web del BCE: 
https://www.ecb.europa.eu/
. El administrador del €STR es el BCE, y se acoge a la exención prevista en el artículo 2.2 del Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo. Por lo tanto, como administrador, el BCE no está obligado a obtener una autorización ni a figurar en el registro de administradores e índices de referencia de la ESMA.
El índice de referencia con el que puede compararse la rentabilidad de las acciones CR USD (H), A USD (H) e I USD (H) es el tipo Federal Funds Effective Rate capitalizado. El tipo Federal Funds Effective Rate corresponde al promedio de los tipos a un día en la zona dólar. Se calcula a través de la Reserva Federal de Nueva York y representa el tipo sin riesgo de la zona dólar. A la fecha de la última actualización del presente folleto, el índice de referencia Federal Funds Effective Rate, administrado por la Reserva Federal de los Estados Unidos (sitio web: https://www.federalreserve.gov/), se beneficia de la exención prevista en el artículo 2.2 del Reglamento (UE) 2019/2089 relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia. Esta exención se debe a su condición de banco central y, como tal, no es necesario que conste inscrito en el registro de la ESMA.
El índice de referencia con el que puede compararse la rentabilidad de las acciones A CHF (H) e ICHF H es el SARON capitalizado.
El administrador Six Financial Information AG (sitio web: https://www.six-group.com/financial- information/en/home.html#country=se) del índice de referencia SARON figura en el registro de administradores e índices de referencia de la ESMA.
Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente de sus índices de referencia, que solo son indicadores comparativos.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de estos índices incluye los cupones.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadasEl subfondo está gestionado de forma discrecional y oportunista. Adopta posiciones en los mercados de renta fija, renta variable y en divisas. El objetivo del subfondo es la búsqueda de una rentabilidad absoluta, sin correlación con el horizonte de inversión recomendado de los principales mercados internacionales de renta variable y fija.

El universo de inversión ESG está compuesto por valores de deuda pública y privada con calificación de categoría de inversión y de alto rendimiento («Investment Grade» y «High Yield», respectivamente), emitidos por países desarrollados y emergentes, así como por acciones internacionales. La Sociedad gestora puede seleccionar valores que no formen parte de este universo ESG. No obstante, garantizará que el universo ESG seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
El gestor incluye sistemáticamente los factores medioambientales, sociales y de gobernanza (ESG) en su análisis financiero para la selección de los valores de la cartera.
Al menos el 90 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de categoría de inversión («Investment Grade») y el 75 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de alto rendimiento («High Yield») o emitidos por países «emergentes» ostentan una calificación ESG en la cartera. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinanciera y externa. Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión.
Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
En el marco de su gestión, la volatilidad prevista del subfondo podrá ser del 2 % y podrá llegar hasta el 3 % como máximo.
Para alcanzar su objetivo de gestión, el subfondo estará invertido:
- Hasta el 100 % de su patrimonio neto en valores de deuda pública emitidos por países miembros de la OCDE o de la Unión Europea sin ningún tipo de vencimiento y con calificación de categoría de inversión («Investment Grade») o pertenecientes a la categoría «High Yield» (valores especulativos, calificación a largo plazo inferior a BBB-, calificación a corto plazo inferior a A3 según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
- Hasta el 100 % de su patrimonio neto en valores de deuda pública emitidos por países emergentes no pertenecientes a la OCDE ni a la Unión Europea, sin límite de vencimiento y con calificación de categoría de inversión («Investment Grade») (calificación superior o igual a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente) sin límite de vencimiento.
- Hasta el 100 % de su patrimonio neto en valores de deuda privada (especialmente bonos de empresas) con la calificación de categoría de inversión («Investment Grade»), sin límite de vencimiento.
- Como máximo el 25 % de su patrimonio neto en valores de deuda de la categoría de alto rendimiento («High Yield») emitidos por empresas del sector privado sin restricciones sin restricciones geográficas ni de vencimiento..
- Como máximo el 25 % de su patrimonio neto en valores de deuda pública de la categoría de alto rendimiento («High Yield») emitidos por países emergentes no pertenecientes a la OCDE ni a la Unión Europea, sin límite de vencimiento.

En total, la inversión en la deuda de la categoría de alto rendimiento («High Yield») emitida por empresas del sector privado y por Estados emergentes no pertenecientes a la OCDE ni a la Unión Europea no podrá superar el 30 % del patrimonio neto.
- La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia.
- Hasta el 40 % de su patrimonio neto en títulos emitidos en divisas distitas del euro.

Igualmente, el subfondo podrá estar expuesto:
- Entre el -10 % y el +15 % de su patrimonio neto en los mercados de renta variable de todas las capitalizaciones y todos los sectores geográficos o económicos.
- Hasta el 40 % de su patrimonio neto al riesgo de cambio.

La sensibilidad del subfondo a los tipos de interés podrá fluctuar entre -2 y +4.
. Activos utilizados
Títulos de crédito e instrumentos del mercado monetario:
| Sensibilidad a los tipos de interés | - | [-2 ; 4] |
| --- | --- | --- |
| Zona geográfica de los emisores | OCDE, Unión Europea | 100 % máximo del patrimonio neto |
|  | Otras regiones geográficas, incluidos los países emergentes | 100 % máximo del patrimonio neto |
| Moneda de denominación de los títulos | Euro | 100 % máximo del patrimonio neto |
| Otras divisas | 40 % máximo del patrimonio neto |
| Nivel de riesgo de cambio | - | 40 % máximo del patrimonio neto |

El subfondo podrá invertir, hasta un máximo del 100 % de su patrimonio, en títulos de crédito y en instrumentos del mercado monetario para obtener exposición a los mercados monetarios o de renta fija. Por otra parte, el subfondo podrá exponerse indirectamente a los mercados monetarios o de renta fija mediante instrumentos derivados o IIC.
El subfondo podrá invertir, hasta un máximo del 100 % de su patrimonio neto, en valores de deuda pública emitidos por Estados miembros de la OCDE o de la Unión Europea sin límite de vencimiento ni calificación, y hasta el 100 % de su patrimonio neto en valores de deuda pública emitidos por países emergentes no pertenecientes a la OCDE ni a la Unión Europea sin límite de vencimiento y con la calificación de categoría de inversión («Investment Grade») (calificación superior o igual a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
La inversión en los valores de deuda privada con calificación de categoría de inversión («Investment Grade») en el momento de la compra podrá suponer el 100 % del patrimonio neto del subfondo sin restricciones geográficas ni de vencimiento.
El subfondo podrá invertir asimismo como máximo el 25 % de su patrimonio neto en valores de la categoría de alto rendimiento («High Yield», es decir, valores especulativos con una calificación a largo plazo inferior a BBB- y una calificación a corto plazo inferior a A3 según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente) emitidos por empresas del sector privado sin restricciones geográficas ni de vencimiento. Como máximo el 25 % de su patrimonio neto en valores de deuda pública de la categoría de alto rendimiento («High Yield») emitidos por países emergentes no pertenecientes a la OCDE ni a la Unión Europea. En total, la inversión en la deuda de la categoría de alto rendimiento («High Yield») emitida por empresas del sector privado y por Estados emergentes no pertenecientes a la OCDE ni a la Unión Europea no podrá superar el 30 % del patrimonio neto.
La sensibilidad del subfondo a los tipos de interés podrá fluctuar entre -2 y +4.
Renta variable:
El subfondo puede invertir en todos los mercados de renta variable, en acciones con derecho a voto o sin él, de todo tipo de capitalización y procedentes de cualquier sector geográfico o económico. La horquilla de exposición del subfondo a los mercados de renta variable oscilará entre el -10 % y el +15 % de su patrimonio neto. Además, el subfondo podrá exponerse de manera indirecta a la renta variable a través de instrumentos financieros a plazo e IIC, incluidos índices cotizados.
Divisas:
El subfondo podrá invertir hasta el 40 % de su patrimonio neto en títulos emitidos en divisas distintas del euro. El subfondo podrá estar expuesto hasta el 40 % de su patrimonio neto al riesgo de cambio.
IIC:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones del OICVM de derecho francés o extranjero, o FIA de derecho francés, especialmente del tipo de acciones, bonos de grado de inversión («Investment Grade»), bonos de alto rendimiento («High Yield») (es decir, de carácter especulativo), bonos monetarios o dinámicos. Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Contratos financieros:
Con el fin de cubrir sus activos o de lograr su objetivo de gestión, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de renta variable, de tipos de interés, crédito, cambio, materias primas) o exponerse a los riesgos de tipo de interés, de crédito, de renta variable, de divisas y de futuros sobre materias primas, etc. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores. Estas estrategias se implementarán principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap», en una única entidad de referencia o en índices (iTraxx o CDX).
Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre bonos, índices de bonos y/o cestas de bonos hasta el 25 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 10 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.

###### Riesgos en los que el gestor desea intervenir:
- riesgo de tipos de interés;
- riesgo inherente a las acciones;
- riesgo de cambio (especialmente, en divisas no convertibles);
- riesgo de crédito;
- riesgo de materias primas (dentro del límite del 10 % del patrimonio); y componentes/parámetros de estos riesgos (sobre todo, volatilidad).


###### Naturaleza de las intervenciones:
- cobertura;
- exposición; y
- arbitraje.

El subfondo podrá suscribir todo tipo de contratos financieros a plazo negociados en los mercados internacionales regulados, organizados o extrabursátiles.

###### Estrategia de utilización de los derivados:
- cubrir la cartera contra ciertos riesgos o exponerla a ciertos riesgos/clases de activos;
- crear una exposición sintética a activos, riesgos y/o a parámetros/componentes de estas clases de activos y riesgos; y
- aumentar la exposición al mercado.

El límite máximo resultante de estas operaciones respeta los límites fijados en términos de VaR absoluto de acuerdo con el método de cálculo del valor en riesgo, establecido por la normativa en el 20 % del patrimonio neto, con un umbral del 99 % durante veinte días hábiles.
Títulos con derivados implícitos:
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo solo podrá invertir en:
- bonos exigibles o negociables hasta el 100 % del patrimonio neto; y
- bonos convertibles hasta 25 % del patrimonio neto.

Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, podrá encontrarse en una posición deudora puntual debido a las operaciones vinculadas a sus flujos (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos:
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición y de cesión temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 100 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra y retroventa emitidos sobre títulos de tipos o crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
Depósitos:
El subfondo podrá efectuar depósitos en el depositario hasta un máximo del 20 % de su patrimonio neto.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera. Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo vinculado a las estrategias de arbitraje:
El subfondo podrá invertir en IIC que puedan adoptar posiciones en los mercados a plazo. No obstante, la evolución de los mercados financieros puede resultar contraria a la prevista por las herramientas empleadas por las IIC subyacentes, lo que puede generar un descenso del valor liquidativo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps: La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los contratos de divisas sobre el rendimiento global. Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protección:No procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, A CHF (H) y A USD (H): toda clase de suscriptores.

Acciones R EUR: toda clase de suscriptores, especialmente las comercializadas por los distribuidores seleccionados por la sociedad gestora.
Acciones I EUR, I CHF (H), J EUR, N EUR e I USD (H): personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros, así como de todos los accionistas que se hayan suscrito en el subfondo antes del 21/03/2019.
Acción P EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros. Acciones CR EUR y CR USD (H): toda clase de suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Este subfondo se dirige especialmente a inversores interesados en una inversión diversificada y sin correlación, en el horizonte de inversión recomendado, en los principales mercados de renta variable y fija.
Para una persona física, se recomienda que la inversión en el subfondo se enmarque en una lógica de construcción de una cartera diversificada y expuesta a los mercados de renta variable y fija. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Horizonte de inversión recomendado: 18 meses
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «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» y «R EUR» | Acción «J EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con doce categorías de acciones: acciones «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» y «R EUR».

| La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. |
| --- |
| La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «A USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «CR USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. |
| La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «N EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «P EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |

- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A CHF (H): | 98,01 CHF |
| --- | --- |
| Acción A EUR: | 547,00 € |
| Acción A USD (H): | 104,94 USD |
| Acción CR EUR: | 99,31 € |
| Acción CR USD (H): | 100 USD |
| Acción I CHF (H): | 98,86 CHF |
| Acción I EUR: | 5864,81 € |
| Acción I USD (H): | 1119,28 USD |
| Acción J EUR: | 100 € |
| Acción N EUR: | 1080,97 € |
| Acción P EUR: | 100 € |
| Acción R EUR: | 100,61 € |

Importe mínimo de suscripción inicial:
| Acción A CHF (H): | Una acción |
| --- | --- |
| Acción A EUR: | Una acción |
| Acción A USD (H): | Una acción |
| Acción CR EUR: | Una acción |
| Acción CR USD (H): | Una acción |
| Acción I CHF (H): | 500 000 francos suizos |
| Acción I EUR: | 500 000 € |
| Acción I USD (H): | 500 000 USD |
| Acción J EUR: | 500 000 € |
| Acción N EUR: | 10 000 000 € |
| Acción P EUR: | 60 000 000 € |
| Acción R EUR: | Una acción |

Cantidad mínima de suscripciones subsiguientes:
| Acción A CHF (H): | Una milésima de acción |
| --- | --- |
| Acción A EUR: | Una milésima de acción |
| Acción A USD (H): | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CR USD (H): | Una milésima de acción |
| Acción I CHF (H): | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I USD (H): | Una milésima de acción |
| Acción J EUR: | Una milésima de acción |

| Acción N EUR: | Una milésima de acción |
| --- | --- |
| Acción P EUR: | Una milésima de acción |
| Acción R EUR: | Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolsos de acciones «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» y «R EUR» se ejecutan por importe o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión del subfondo. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Start | Valor liquidativo x Número de acciones | Acción A CHF (H): 1 % como máximo |
| Acción A EUR: 1 % como máximo |
| Acción A USD (H): 1 % como máximo |
| Acción CR EUR: 1 % como máximo |
| Acción CR USD (H): 1 % como máximo |
| Acción I CHF (H): No procede |
| Acción I EUR: No procede |
| Acción I USD (H): No procede |
| Acción J EUR: No procede |
| Acción N EUR: No procede |
| Acción P EUR: 4 % como máximo |
| Acción R EUR: 1 % como máximo |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Start | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Start | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Start | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 0,65 %, impuestos incluidos |
| Acción A EUR: máximo del 0,65 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,70 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,45 %, impuestos incluidos |
| Acción CR USD (H): máximo del 0,45 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,30 %, impuestos incluidos |
| Acción I EUR: máximo del 0,30 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,25 %, impuestos incluidos |
| Acción J EUR: máximo del 0,30 %, impuestos incluidos |
| Acción N EUR: máximo del 0,20 %, impuestos incluidos |
| Acción P EUR: máximo del 0,15 %, impuestos incluidos |
| Acción R EUR: máximo del 0,95 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción A EUR: máximo del 0,10 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,10 %, impuestos incluidos |
| Acción CR USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción J EUR: máximo del 0,10 %, impuestos incluidos |
| Acción N EUR: máximo del 0,10 %, impuestos incluidos |
| Acción P EUR: máximo del 0,10 %, impuestos incluidos |
| Acción R EUR: máximo del 0,10 %, impuestos incluidos |
| Proveedores que reciben comisiones por movimientos: El depositario: entre el 0 % y el 50 % La sociedad gestora: entre el 50 % y el 100 % | Cargo por cada operación | Sobre las transacciones: máximo del 0,35 %, impuestos incluidos Sobre la percepción de cupones: máximo del 1,20 %, impuestos incluidos |

| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A CHF (H): 15 % anual de la rentabilidad superior al índice de referencia SARON. |
| --- | --- | --- |
| Acción A EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |
| Acción A USD (H): 15 % anual de la rentabilidad superior con respecto al índice de referencia Federal Funds Effective Rate capitalizado. |
| Acción CR EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |
| Acción CR USD (H): 15 % anual de la rentabilidad superior con respecto al índice de referencia Federal Funds Effective Rate capitalizado. |
| Acción I CHF (H): 15 % anual de la rentabilidad superior con respecto al índice de referencia SARON. |
| Acción I EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |
| Acción I USD (H): 15 % anual de la rentabilidad superior con respecto al índice de referencia Federal Funds Effective Rate capitalizado. |
| Acción J EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |
| Acción N EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |
| Acción P EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |
| Acción R EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia €STR capitalizado. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades:
Índice de referencia: el €STR capitalizado para las acciones en euros y el tipo Federal Funds Effective Rate capitalizado para las acciones en dólares estadounidenses y el SARON capitalizado para las acciones en francos suizos.
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia y si la rentabilidad del subfondo es positiva, , se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más,
si la rentabilidad de la acción es inferior a la de su índice de referencia o en el caso de que la rentabilidad sea negativa, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
si la rentabilidad de la acción es superior a la de su índice de referencia y es positiva, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si las diferencias entre el VL de la acción y su VL objetivo y entre el VL de la acción y su VL de referencia son positivas, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL de la acción y su VL objetivo o la diferencia entre el VL de la acción y su VL de referencia es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilida d relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | No | P |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Por lo tanto, no se pagará ningúna comisión de rentabilidad superior y el periodo de referencia se prolonga un año. El VL de referencia no cambia.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | No | P | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), y superior a la del índice de referencia (-5). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (117).
Los gastos relacionados con la investigación en virtud del artículo 314-21 del Reglamento General de la AMF pueden facturarse al subfondo hasta un máximo de 0,01 % de su patrimonio neto.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Start se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así como encualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Europe Midcaps
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 4 de enero de 2019. El subfondo se creó el 21 de marzo de 2019 mediante la fusión y absorción del siguiente FI:-	Edmond de Rothschild Equity Europe Midcaps constituido el 10 de mayo de 2005.
- Código ISIN

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

- Régimen fiscal específicoAdmisible para el PEA.
- 
###### Delegación de la gestión financiera

Edmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.
Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónLa gestión del subfondo, en un horizonte de inversión recomendado superior a 5 años, tiene como objetivo obtener una progresión del valor liquidativo gracias a inversiones en sociedades de mediana capitalización en Europa.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaEl subfondo no tiene índice de referencia. Su universo de inversión no es totalmente comparable a los índices existentes.

El objetivo de gestión no se realiza en función de un índice de referencia. A título informativo, a posteriori, y en la duración de inversión de 5 años, la rentabilidad del subfondo podrá compararse a la del índice Stoxx Europe ex UK Small (NR) (ticker Bloomberg SCXG), expresado en euros para las acciones emitidas en euros, y en dólares estadounidenses para las acciones emitidas en dólares estadounidenses, dividendos netos reinvertidos. Se trata de un índice representativo de los valores medios europeos.
El administrador Stoxx Limited (sitio web: www.stoxx.com) del índice de referencia Stoxx Europe ex UK Small (NR) figura en el registro de administradores e índices de referencia de la ESMA.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadasEl subfondo lleva a cabo una gestión activa de acciones («stock-picking») cotizadas dentro de un universo de valores mayoritariamente europeos. Es decir, la elección de las acciones se basa en la rentabilidad potencial de cada una y no en criterios geográficos o sectoriales. Las acciones del Espacio Económico Europeo, excepto el Reino Unido, representarán entre un 75 % y un 100 % del patrimonio neto y se seleccionarán de acuerdo con la siguiente estrategia:
- El universo de los títulos en los que invierte el subfondo se refiere principalmente a acciones europeas de sociedades de mediana y pequeña capitalización.
- La utilización de informes de analistas externos está encaminada a ayudar al gestor a orientar su propio estudio en torno a un número reducido de títulos incluidos en el universo de inversión. La selección de los analistas externos también es objeto de un proceso de selección definido por la sociedad gestora.
- Los títulos seleccionados se analizan con base en criterios cuantitativos y cualitativos. El análisis financiero de estos títulos utilizará especialmente y de forma no exhaustiva las siguientes relaciones tradicionales: Valor de empresa/Volumen de negocios, Valor de empresa/Resultado de explotación, Precio/Patrimonio neto reevaluado, Cotización/Beneficio neto por acción (PER), PER/Crecimiento de resultados. El gestor seleccionará los títulos con el mejor potencial de rentabilidad.

Puesto que el subfondo puede detentar títulos denominados en una divisa distinta al euro, cabe la posibilidad de que se vea expuesto al riesgo de cambio, hasta una vez el patrimonio neto. En función de las previsiones del gestor sobre la evolución a la baja de las variaciones de cambio y a efectos de protección de la rentabilidad (cobertura del riesgo de cambio), el subfondo podrá recurrir a contratos de cambio a plazo o swaps de cambio.
El universo de inversión ESG se compone de los valores del índice de referencia utilizados con fines de comparación de la rentabilidad. La Sociedad gestora puede seleccionar valores que no formen parte del índice. No obstante, garantizará que el índice de referencia seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
El gestor incluye sistemáticamente los factores medioambientales, sociales y de gobernanza (ESG) en su análisis financiero con el fin de seleccionar las sociedades con la mejor calificación.
Al menos el 90 % de las sociedades de la cartera ostenta una calificación ESG. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinanciera y externa. Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión.
Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
. Activos utilizadosRenta variable:
Al menos, un 75 % del patrimonio neto del subfondo se invierte permanentemente en acciones y otros valores similares de pequeña y mediana capitalización (emitidos por empresas con una capitalización de mercado inferior a 10.000 millones de euros).
Al menos, un 75 % del patrimonio neto del subfondo se invierte permanentemente en valores elegibles del PEA. Las sociedades emisoras de estos valores deben tener su domicilio social en la Unión Europea o en un Estado del Espacio Económico Europeo (EEE)».
La cartera se expone al menos a un 60 % de las acciones de la Unión Europea.
Títulos de crédito e instrumentos del mercado monetario:
Los títulos de crédito negociables e instrumentos del mercado monetario se utilizarán para la gestión de la tesorería. La inversión de la cartera en títulos de crédito e instrumentos del mercado monetario podrá representar como máximo un 25 % de la cartera. Estos instrumentos denominados en euros, que cuentan con una duración residual generalmente inferior a los tres meses, se emitirán sin restricciones de reparto de deuda pública/privada emitida por Estados soberanos, instituciones similares o por entidades con una calificación equivalente o superior a A2 según Standard & Poor’s, o con una calificación equivalente otorgada por otra agencia independiente o que la sociedad gestora les otorgue una calificación interna equivalente.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Acciones o participaciones de otros OICVM, FIA o fondos de inversión de derecho extranjero:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés de renta fija o monetaria, con el fin de diversificar la exposición a otras clases de activos o intervenir en sectores más específicos (por ejemplo: tecnología, sanidad), a los efectos de la gestión de la liquidez, entre otros los fondos indexados cotizados, monetarios o de renta fija, a los efectos en particular de la colocación de las posiciones de tesorería.
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Instrumentos derivados:
Con un límite de una vez su patrimonio, el subfondo podrá invertir en contratos financieros negociados en mercados europeos regulados, organizados o extrabursátiles, para formalizar contratos de cambio a plazo o swaps de cambio con fines de cobertura.
Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre acciones hasta el 50 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 20 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Títulos con derivados implícitos:
No procede.
Depósitos:
No procede.
Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos:
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 20 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra emitidos sobre títulos de deuda o crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a
la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo asociado a las divisas de las participaciones denominadas en una divisa distinta de la del subfondo:
El accionista, suscriptor de otras divisas distintas a la divisa de referencia del subfondo (euro), está expuesto al riesgo de cambio, en caso de que este no esté cubierto. El valor de los activos del subfondo puede bajar si el tipo de cambio varía, lo que puede provocar una caída del valor liquidativo del subfondo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps(TRS):
La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los Total Return Swaps.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea
puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protección:No procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, A USD y A USD (H): toda clase de suscriptores.

Acción R EUR: toda clase de suscriptores, destinada especialmente a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora
, 
así como el conjunto de accionistas que se hayan suscrito al subfondo antes del 21/03/2019.
Acciones I EUR, K EUR y I USD (H): personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Las acciones CR USD y CR EUR están destinadas a todos los suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Este subfondo va dirigido especialmente a inversores que deseen dinamizar sus ahorros a través de mercados de acciones europeos, esencialmente de la Unión Europea. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 5 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A EUR», «A USD», «A USD (H)», «CR EUR», «CR USD», «I EUR», «I USD (H)», «K EUR» y «R EUR» |
| --- | --- |
| Asignación del resultado neto | Capitalización |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización |

- Frecuencia de distribuciónAcciones de capitalización: no aplicable
- Características de las accionesEl subfondo cuenta con nueve categorías de acciones: acciones «A EUR», «A USD», «A USD (H)», «CR EUR»,«CR USD», «I EUR», «I USD (H)», «K EUR» y «R EUR».

| La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| --- |
| La acción «A USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «A USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «CR USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «I USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |

- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A EUR: | 419,58 € |
| --- | --- |
| Acción A USD: | 131,11 USD |
| Acción A USD (H): | 106,06 USD |
| Acción CR EUR: | 86,84 € |
| Acción CR USD: | 100 USD |
| Acción I EUR: | 186,25 € |
| Acción I USD (H): | 102,71 USD |
| Acción K EUR: | 212,77 € |
| Acción R EUR: | 265,38 € |

Importe mínimo de suscripción inicial:
| Acción A EUR: | Una acción |
| --- | --- |
| Acción A USD: | Una acción |
| Acción A USD (H): | Una acción |
| Acción CR EUR: | Una acción |

| Acción CR USD: | Una acción |
| --- | --- |
| Acción I EUR: | 500 000 € |
| Acción I USD (H): | 500 000 USD |
| Acción K EUR: | 500 000 € |
| Acción R EUR: | Una acción |

Cantidad mínima de suscripciones subsiguientes:
| Acción A EUR: | Una milésima de acción |
| --- | --- |
| Acción A USD: | Una milésima de acción |
| Acción A USD (H): | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CR USD: | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I USD (H): | Una milésima de acción |
| Acción K EUR: | Una milésima de acción |
| Acción R EUR: | Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolsos de acciones «A EUR», «A USD», «A USD (H)», «CR USD», «CR EUR», «R EUR»,
«I EUR», «I USD (H)» y «K EUR» se ejecutan por importe o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Europe Midcaps | Valor liquidativo x Número de acciones | Acción A EUR: 3 % como máximo |
| Acción A USD: 3 % como máximo |
| Acción A USD (H): 3 % como máximo |
| Acción CR EUR: 3 % como máximo |
| Acción CR USD: 3 % como máximo |
| Acción I EUR: No procede |
| Acción I USD (H): No procede |
| Acción K EUR: No procede |
| Acción R EUR: 3 % como máximo |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Europe Midcaps | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Europe Midcaps | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Europe Midcaps | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 1,95 %, impuestos incluidos |
| Acción A USD: máximo del 1,95 %, impuestos incluidos |
| Acción A USD (H): máximo del 1,95 %, impuestos incluidos |
| Acción CR EUR: máximo del 1,65 %, impuestos incluidos |
| Acción CR USD: máximo del 1,65 %, impuestos incluidos |
| Acción I EUR: máximo del 0,95 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,95 %, impuestos incluidos |
| Acción K EUR: máximo del 1,10 %, impuestos incluidos |
| Acción R EUR: máximo del 2,35 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,15 %, impuestos incluidos |
| Acción A USD: máximo del 0,15 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CR USD: máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: máximo del 0,15 %, impuestos incluidos |
| Acción R EUR: máximo del 0,15 %, impuestos incluidos |
| Proveedores que reciben comisiones por movimientos: El depositario: entre el 0 % y el 50 % La sociedad gestora: entre el 50 % y el 100 % | Cargo por cada operación | Variable en función del instrumento y especialmente: - Por operación: máximo de 0 a 0,50 % + IVA (mínimo de 0 euros a 200 euros en función del mercado bursátil del instrumento) - Sobre el cobro de los cupones: máximo de 0 a 5 % + IVA |

| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| --- | --- | --- |
| Acción A USD: 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| Acción A USD (H): 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| Acción CR EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| Acción CR USD: 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| Acción I EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| Acción I USD (H): 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |
| Acción K EUR: No procede |
| Acción R EUR: 15 % anual de la rentabilidad superior con respecto al índice de referencia Stoxx Europe ex UK Small, con dividendos netos reinvertidos. |

.
En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia: Stoxx Europe ex UK Small NR
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos. Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

|  | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Europe Midcaps se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV 
– 
Equity US Solve
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 2 de abril de 2019. El subfondo se creó el 24 de abril de 2019.
- Código ISIN

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

- Régimen fiscal específicoNo procede.
- Delegación de la gestión financieraEdmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.

Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo del subfondo, en el horizonte de inversión recomendado, es participar parcialmente en la evolución de los mercados de renta variable de Norteamérica, estableciendo al mismo tiempo una cobertura permanente, total o parcial, contra el riesgo de renta variable en los mercados de futuros y opciones, en función de las previsiones del gestor.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaEl objetivo de gestión del subfondo no está relacionado con un índice de mercado, ya que el subfondo aplicará estrategias de cobertura del riesgo de renta variable.

No obstante, la rentabilidad de las acciones A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR
(H) y K EUR (H) podrá compararse a posteriori con la progresión de un índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado.
El €STR (tipo de interés a corto plazo del euro o Euro Short Term Rate) es un tipo de interés, calculado y gestionado por el Banco Central Europeo (BCE), que refleja el coste de los préstamos en euros a un día de los bancos de la zona euro.
Toda la información relativa al índice €STR (Euro Short Term Rate) se encuentra disponible en el sitio web del BCE: 
https://www.ecb.europa.eu/
. El administrador del €STR es el BCE, y se acoge a la exención prevista en el artículo 2.2 del Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo. Por lo tanto, como administrador, el BCE no está obligado a obtener una autorización ni a figurar en el registro de administradores e índices de referencia de la ESMA.
El índice Standard & Poor’s 500 (S&P 500) representa 500 sociedades de gran capitalización estadounidenses. En www.standardandpoors.com puede consultar más información sobre la composición y las normas de funcionamiento del índice.
El administrador S&P Dow Jones Indices LLC (sitio web: www.standardandpoors.com) del índice de referencia Standard & Poor’s 500 figura en el registro de administradores e índices de referencia de la ESMA.
La rentabilidad de las acciones A CHF (H), B CHF (H), I CHF (H) y J CHF (H) podrá compararse a posteriori con la progresión de un índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en CHF, y un 44 % del SARON capitalizado.
El administrador Six Financial Information AG (sitio web: https://www.six-group.com/financial- information/en/home.html#country=se) del índice de referencia SARON capitalizado figura en el registro de administradores e índices de referencia de la ESMA.
Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente de sus índices de referencia, que solo son indicadores comparativos.
La rentabilidad de las acciones A GBP (H) podrá compararse a posteriori con la progresión de un índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en GBP, y un 44 % del SONIA capitalizado.
El administrador Bank of England del índice de referencia SONIA capitalizado se acoge a la exención prevista en el artículo 2.2 del reglamento BMR. Por lo tanto, el administrador Bank of England no está obligado a obtener una autorización y a figurar en el registro de administradores e índices de referencia de la ESMA.
Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente de sus índices de referencia, que solo son indicadores comparativos.
La rentabilidad de las acciones A USD, A EUR, B USD, CR USD, CRD USD, I EUR, I USD, J USD y K USD podrá compararse a posteriori con la progresión de un índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del índice Federal Funds Effective Rate capitalizado. Este índice compuesto se expresará en la divisa de la acción. El índice Federal Funds Effective Rate capitalizado corresponde a la media de los tipos de interés diarios de la zona dólar, está calculado por la Reserva Federal de Nueva York y representa los tipos sin riesgo de la zona dólar.
A la fecha de la última actualización del presente folleto, el índice de referencia Federal Funds Effective Rate, administrado por la Reserva Federal de los Estados Unidos (sitio web: https://www.federalreserve.gov/), se beneficia de la exención prevista en el artículo 2.2 del Reglamento (UE) 2019/2089 relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia. Esta exención se debe a su condición de banco central y, como tal, no es necesario que conste inscrito en el registro de la ESMA.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadasEl subfondo recurrirá a una gestión discrecional con el objetivo de exponerse a mercados de renta variable norteamericanos mediante la inversión en acciones norteamericanas, o a través de instrumentos derivados sobre acciones o índices de renta variable norteamericanos, o a través de IIC. La sociedad gestora gestionará la exposición al riesgo de renta variable entre el 0 % y el 90 % del patrimonio neto mediante la aplicación de estrategias de cobertura a través de la intervención en los mercados de futuros y de opciones. La exposición a los mercados de renta variable se establecerá a través de una gestión «núcleo» —conformada por futuros sobre índices, acciones norteamericanas que puedan formar parte del índice S&P 500 o de ETF—, la cual se combinará con un enfoque «satélite» que se gestionará de forma activa con fines de diversificación. A través de esta cartera«satélite», el gestor podrá aplicar unos sesgos sectoriales más o menos marcados en función de las previsionesdel mercado. Estas inversiones se podrán efectuar a través de títulos en papel, IIC, futuros u opciones sobre índices.

El universo de inversión ESG está compuesto por valores de deuda pública con vencimientos a corto plazo (1 año máximo) emitidos por Estados Unidos, y valores de deuda privada con calificación de categoría de inversión o
«Investment Grade» (entre AAA y BBB-), y calificación de alto rendimiento o «High Yield» (entre BB y CCC). La Sociedad gestora puede seleccionar valores que no formen parte de este universo ESG. No obstante, garantizará que el universo ESG seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
Al menos el 90 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de categoría de inversión («Investment Grade») y el 75 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de alto rendimiento («High Yield») ostentan una calificación ESG.
Al menos el 90 % de las sociedades de la cartera ostenta una calificación ESG. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinanciera y externa. Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión.
Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %. Las acciones se seleccionarán de acuerdo con la siguiente estrategia:
- La selección del universo de inversión se basa en el empleo de filtros cuantitativos que permitan definir qué valores norteamericanos se considerarán admisibles y serán objeto de análisis complementarios. Estos filtros permiten definir el universo de valores, según el análisis de la sociedad gestora, sin limitaciones sectoriales ni geográficas.
- El uso de análisis externos tiene el objetivo de ayudar al gestor a orientar su propia investigación sobre un número reducido de títulos incluidos en el universo de inversión. La selección de los analistas externos también es objeto de un proceso de selección definido por la sociedad gestora.
- De este modo, los títulos seleccionados deben superar un análisis cuantitativo y cualitativo. Para crear una cartera concentrada, el gestor seleccionará los títulos con el mayor potencial de crecimiento y rentabilidad según el análisis de la sociedad gestora.

Aunque se perseguirá la exposición principalmente a mercados de renta variable, el subfondo podrá invertir hasta el 100 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario denominados en dólares u otras divisas.
El subfondo se centrará en las emisiones de emisores públicos o privados con una duración residual máxima de 397 días en el caso de las emisiones a tipo fijo y de hasta dos años en el caso de las emisiones a tipo variable.
Estos títulos contarán con una calificación principal de «Investment Grade», es decir, aquellos que presentan el menor riesgo de incumplimiento del emisor (con una calificación superior o equivalente a BBB- o cuya calificación a corto plazo es superior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente). No obstante, se especifica que los títulos no calificados por ninguna agencia de calificación, pero que tengan una calificación de categoría de inversión («Investment Grade») de la sociedad gestora, no supondrán más del 15 % del patrimonio neto.
Con un límite del 10 % del patrimonio neto, el subfondo podrá utilizar valores de alto rendimiento o «High Yield», es decir, valores especulativos cuyo riesgo de incumplimiento del emisor es más elevado (valores con una calificación inferior a BBB- o cuya calificación a corto plazo es inferior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
Además, el subfondo puede invertir hasta un máximo del 10 % del patrimonio neto, en participaciones o acciones de la IIC u otros fondos de inversión elegibles, cualquiera que sea su clasificación, con el fin de:
- aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo, fondos invertidos en títulos de sociedades del sector de materias primas o del sector inmobiliario); o
- gestionar la liquidez (IIC del mercado monetario y de renta fija).

A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo puede formalizar contratos de recompra de valores mobiliarios o instrumentos del mercado monetario elegibles, con un límite del 25 % de su patrimonio neto. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
El subfondo podrá invertir en títulos denominados en una divisa distinta del dólar. Concretamente, podrá invertir en títulos en euros o dólares canadienses. Estos títulos estarán cubiertos frente al riesgo de cambio. Sin embargo, podrá existir una exposición residual al riesgo de cambio hasta el 10 % del patrimonio neto.
Dentro del límite del 100 % de su patrimonio neto, el subfondo podrá utilizar instrumentos derivados extrabursátiles o contratos financieros negociados en un mercado regulado u organizado con el fin de formalizar, concretamente, los siguientes:
- contratos de opciones sobre acciones, sobre índices de renta variable o sobre futuros de índices de renta variable
- contratos a plazo de divisas
- contratos de permuta a plazo (swaps de divisas) y cambio a plazo
- contratos de futuros sobre índices de renta variable
- contratos de futuros y/o de opciones sobre índices de volatilidadLos instrumentos derivados se emplearán con fines de cobertura y exposición dentro del límite de exposición al riesgo de renta variable del 0 % al 90 %.

Más concretamente, la implementación de la cobertura con el fin de mantener una exposición al riesgo de renta variable de entre el 0 % y el 90 % se determinará de forma discrecional por el equipo de gestión en función de sus previsiones y condiciones de mercado. El objetivo de la aplicación de estas estrategias es mitigar las perturbaciones significativas del mercado de renta variable e implica que se aprovechen menos los periodos de alzas, a la vez que el equipo de gestión trata de optimizar el coste de la cobertura de la cartera de manera táctica y oportunista.
Los inversores deberán tener en cuenta el hecho de que las fases alcista y bajista se determinan de forma discrecional por los equipos de gestión en función de sus previsiones sobre la evolución del mercado y, por lo tanto, pueden no reflejar las tendencias reales del mercado.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
. Activos utilizadosRenta variable:
Entre los instrumentos empleados para exponerse al mercado de renta variable norteamericano, la cartera podrá invertir del 0 % al 100 % de su patrimonio en acciones de Norteamérica.
Títulos de crédito e instrumentos del mercado monetario:
El subfondo podrá invertir hasta el 100 % del patrimonio neto en títulos de crédito negociables y bonos, emitidos en dólares o en cualquier otra divisa, por entidades públicas o privadas.
El subfondo se centrará en las emisiones de emisores públicos o privados con una duración residual máxima de 397 días en el caso de las emisiones a tipo fijo y de hasta dos años en el caso de las emisiones a tipo variable.
Estos títulos contarán con una calificación principal de «Investment Grade», es decir, aquellos que presentan el menor riesgo de incumplimiento del emisor (con una calificación superior o equivalente a BBB- o cuya calificación a corto plazo es superior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente). No obstante, se especifica que los títulos no calificados por ninguna agencia de calificación, pero que tengan una calificación de categoría de inversión («Investment Grade») de la sociedad gestora, no supondrán más del 15 % del patrimonio neto.
Con un límite del 10 % del patrimonio neto, el subfondo podrá utilizar valores de alto rendimiento o «High Yield», es decir, valores especulativos cuyo riesgo de incumplimiento del emisor es más elevado (valores con una calificación inferior a BBB- o cuya calificación a corto plazo es inferior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un valor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Acciones o participaciones de otros OICVM, FIA o fondos de inversión de derecho extranjero:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos, incluidos los índices cotizados, y aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo: materias primas o sector inmobiliario).
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Instrumentos derivados:
Dentro del límite del 100 % de su patrimonio neto, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados, organizados o extrabursátiles, con el fin de formalizar:
- contratos de opciones sobre acciones, sobre índices de renta variable o sobre futuros de índices de renta variable con fines de cobertura y exposición a los mercados de renta variable estadounidenses;
- contratos a plazo de divisas para limitar el riesgo de cambio de la cartera subyacente;
- contratos de permuta a plazo (swaps de divisas) y contratos de cambio a plazo;
- contratos de futuros sobre índices de renta variable con fines de cobertura y exposición;
- contratos de futuros y/o de opciones sobre índices de volatilidad.

Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre acciones, índices de renta variable y/o cestas de acciones hasta el 80 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 30 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Más concretamente, la implementación de la cobertura, total o parcial, del riesgo de renta variable se determinará de forma discrecional por el equipo de gestión en función de sus previsiones y condiciones de mercado.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Entre las estrategias de cobertura aplicadas, el subfondo podrá, en particular, realizar las siguientes operaciones de cobertura:
- compras de opciones de venta, así como ventas de opciones de compra; y
- operaciones simultáneas para vender y comprar opciones similares sobre el mismo subyacente, pero a un precio de ejercicio diferente.

Títulos con derivados implícitos (hasta el 100 % del patrimonio neto):
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo solo podrá invertir en bonos exigibles o negociables hasta el 100 % del patrimonio neto
Depósitos:
No procede.
Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos:
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 25 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra, productos de tipos de interés o de crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de renta variable pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o
equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps: La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los contratos de divisas sobre el rendimiento global. Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protección:No procede.
- Suscriptores interesados y perfil del inversor habitualAcciones «A CHF (H)», «A EUR», «A EUR (H)», «A GBP (H)», «A USD», «B CHF (H)», «B EUR (H)» y «B USD»:toda clase de suscriptores.

Acciones «CR EUR (H)», «CR USD», «CRD EUR (H)» y «CRD USD»: toda clase de suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
Acciones «I CHF (H)», «I EUR», «I EUR (H)», «I USD», «J CHF(H)», «J EUR (H)», «J USD», «K EUR (H)» y «K
USD»: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros. Estas acciones están destinadas especialmente a las empresas sometidas a las exigencias de la Directiva «Solvencia II». De hecho, las estrategias de cobertura se aplicarán y gestionarán en condiciones que permitan considerarlas
«técnicas de reducción del riesgo» en el sentido de la Directiva 2009/138/CE del 25 de noviembre de 2009
(conocida como «Solvencia II») y reducir así el nivel de SCR («capital de solvencia obligatorio») necesario para los inversores afectados. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 3 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «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)» y «K USD» | Acciones «B CHF (H)», «B EUR (H)», «B USD», «CRD EUR (H)», «CRD USD», «J CHF (H)», «J EUR (H)» y «J USD» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con veintiún categorías de acciones: acciones «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)» y «K USD».

La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A GBP (H)» está denominada en libras esterlinas y expresada en acciones o milésimas de acciones. La acción «A USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «B CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «B EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «CR EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «CRD EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CRD USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «J CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «J EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J USD» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «K EUR (H)» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «K USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia y EE. UU. (calendario oficial de Euronext Paris S.A. y de NYSE).

Valor liquidativo inicial:
| Acción A CHF (H): Acción A EUR: | 100 CHF 100 € |
| --- | --- |
| Acción A EUR (H): | 100 € |
| Acción A GBP (H): | 100 £ |
| Acción A USD: | 100 $ |
| Acción B CHF (H): | 100 CHF |
| Acción B EUR (H): | 100 € |
| Acción B USD: | 100 $ |
| Acción CR EUR (H): | 100 € |
| Acción CR USD: | 100 $ |
| Acción CRD EUR (H): | 100 € |
| Acción CRD USD: | 100 $ |
| Acción I CHF (H): Acción I EUR: | 100 CHF 100 € |
| Acción I EUR (H): | 100 € |
| Acción I USD: | 100 $ |
| Acción J CHF (H): | 100 CHF |
| Acción J EUR (H): | 100 € |
| Acción J USD: | 100 $ |
| Acción K EUR (H): | 100 € |
| Acción K USD: | 100 $ |

Importe mínimo de suscripción inicial:
| Acción A CHF (H): | Una acción |
| --- | --- |
| Acción A EUR: Acción A EUR (H): | Una acción Una acción |
| Acción A GBP (H): | Una acción |
| Acción A USD: | Una acción |
| Acción B CHF (H): | Una acción |
| Acción B EUR (H): | Una acción |
| Acción B USD: | Una acción |
| Acción CR EUR (H): | Una acción |
| Acción CR USD: | Una acción |
| Acción CRD EUR (H): | Una acción |
| Acción CRD USD: | Una acción |
| Acción I CHF (H): | 500 000 CHF |
| Acción I EUR: Acción I EUR (H): | 500 000 € 500 000 € |
| Acción I USD: | 500 000 $ |
| Acción J CHF (H): | 500 000 CHF |
| Acción J EUR (H): | 500 000 € |
| Acción J USD: | 500 000 $ |
| Acción K EUR (H): | 500 000 € |
| Acción K USD: | 500 000 $ |

Cantidad mínima de suscripciones subsiguientes:
| Acción A CHF (H): | Una milésima de acción |
| --- | --- |
| Acción A EUR: Acción A EUR (H): | Una milésima de acción Una milésima de acción |
| Acción A GBP (H): | Una milésima de acción |
| Acción A USD: | Una milésima de acción |
| Acción B CHF (H): | Una milésima de acción |
| Acción B EUR (H): | Una milésima de acción |
| Acción B USD: | Una milésima de acción |
| Acción CR EUR (H): | Una milésima de acción |
| Acción CR USD: | Una milésima de acción |
| Acción CRD EUR (H): | Una milésima de acción |
| Acción CRD USD: | Una milésima de acción |
| Acción I CHF (H): | Una milésima de acción |
| Acción I EUR: Acción I EUR (H): | Una milésima de acción Una milésima de acción |
| Acción I USD: | Una milésima de acción |
| Acción J CHF (H): | Una milésima de acción |
| Acción J EUR (H): | Una milésima de acción |
| Acción J USD: | Una milésima de acción |
| Acción K EUR (H): | Una milésima de acción |
| Acción K USD: | Una milésima de acción |

Condiciones de suscripción y reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolsos de acciones «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)» y «K USD» se ejecutan por importe
o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión del subfondo. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Equity US Solve | Valor liquidativo x Número de acciones | Acción A CHF (H): 3 % como máximo |
| Acción A EUR: 3 % como máximo |
| Acción A EUR (H): 3 % como máximo |
| Acción A GBP (H): 3 % como máximo |
| Acción A USD: 3 % como máximo |
| Acción B CHF (H): 3 % como máximo |
| Acción B EUR (H): 3 % como máximo |
| Acción B USD: 3 % como máximo |
| Acción CR EUR (H): 3 % como máximo |
| Acción CR USD: 3 % como máximo |
| Acción CRD EUR (H): 3 % como máximo |
| Acción CRD USD: 3 % como máximo |
| Acción I CHF (H): No procede |
| Acción I EUR: No procede |
| Acción I EUR (H): No procede |
| Acción I USD: No procede |
| Acción J CHF (H): No procede |
| Acción J EUR (H): No procede |
| Acción J USD: No procede |
| Acción K EUR (H): No procede |
| Acción K USD: No procede |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Equity US Solve | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

| Comisión de reembolso no atribuida al subfondo EdR SICAV – Equity US Solve | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| --- | --- | --- |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Equity US Solve | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 1,20 %, impuestos incluidos |
| Acción A EUR: máximo del 1,20 %, impuestos incluidos |
| Acción A EUR (H): máximo del 1,20 %, impuestos incluidos |
| Acción A GBP (H): máximo del 1,20 %, impuestos incluidos |
| Acción A USD: máximo del 1,20 %, impuestos incluidos |
| Acción B CHF (H): máximo del 1,20 %, impuestos incluidos |
| Acción B EUR (H): máximo del 1,20 %, impuestos incluidos |
| Acción B USD: máximo del 1,20 %, impuestos incluidos |
| Acción CR EUR (H): máximo del 0,70 %, impuestos incluidos |
| Acción CR USD: máximo del 0,70 %, impuestos incluidos |
| Acción CRD EUR (H): máximo del 0,70 %, impuestos incluidos |
| Acción CRD USD: máximo del 0,70 %, impuestos incluidos |

|  |  | Acción I CHF (H): máximo del 0,55 %, impuestos incluidos |
| --- | --- | --- |
| Acción I EUR: máximo del 0,55 %, impuestos incluidos |
| Acción I EUR (H): máximo del 0,55 %, impuestos incluidos |
| Acción I USD: máximo del 0,55 %, impuestos incluidos |
| Acción J CHF (H): máximo del 0,55 %, impuestos incluidos |
| Acción J EUR (H): máximo del 0,55 %, impuestos incluidos |
| Acción J USD: máximo del 0,55 %, impuestos incluidos |
| Acción K EUR (H): máximo del 0,75 %, impuestos incluidos |
| Acción K USD: máximo del 0,75 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción A EUR: máximo del 0,10 %, impuestos incluidos |
| Acción A EUR (H): máximo del 0,10 %, impuestos incluidos |
| Acción A GBP (H): máximo del 0,10 %, impuestos incluidos |
| Acción A USD: máximo del 0,10 %, impuestos incluidos |
| Acción B CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción B EUR (H): máximo del 0,10 %, impuestos incluidos |
| Acción B USD: máximo del 0,10 %, impuestos incluidos |
| Acción CR EUR (H): máximo del 0,10 %, impuestos incluidos |
| Acción CR USD: máximo del 0,10 %, impuestos incluidos |
| Acción CRD EUR (H): máximo del 0,10 %, impuestos incluidos |
| Acción CRD USD: máximo del 0,10 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I EUR (H): máximo del 0,10 %, impuestos incluidos |
| Acción I USD: máximo del 0,10 %, impuestos incluidos |
| Acción J CHF (H): máximo del 0,10 %, impuestos incluidos |

|  |  | Acción J EUR (H): máximo del 0,10 %, impuestos incluidos |
| --- | --- | --- |
| Acción J USD: máximo del 0,10 %, impuestos incluidos |
| Acción K EUR (H): máximo del 0,10 %, impuestos incluidos |
| Acción K USD: máximo del 0,10 %, impuestos incluidos |
| Comisiones por movimientos | Sobre la base del importe de la operación | No procede |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A CHF (H): 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en CHF, y un 44 % del SARON capitalizado. |
| Acción A EUR: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado. |
| Acción A EUR (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| Acción A GBP (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en GBP, y un 44 % del SONIA capitalizado. |
| Acción A USD: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado |
| Acción B CHF (H): 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en CHF, y un 44 % del SARON capitalizado. |
| Acción B EUR (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| Acción B USD: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado. |
| Acción CR EUR (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| Acción CR USD: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado. |

|  |  | Acción CRD EUR (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| --- | --- | --- |
| Acción CRD USD: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado. |
| Acción I CHF (H): 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en CHF, y un 44 % del SARON capitalizado. |
| Acción I EUR: 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| Acción I EUR (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| Acción I USD: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado. |
| Acción J CHF (H): 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en CHF, y un 44 % del SARON capitalizado. |
| Acción J EUR (H): 15 % anual de la rentabilidad superior a la del índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y un 44 % del €STR capitalizado. |
| Acción J USD: 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado. |
| Acción K EUR (H): No procede |
| Acción K USD: No procede |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
-  ​Comisión de rentabilidad superiorSe pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia:
- compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos, y un 44 % del Federal Funds Effective Rate capitalizado en el caso de las acciones denominadas en dólares estadounidenses y de las acciones denominadas en euros sin cobertura
- compuesto en un 56 % por el índice S&P 500, dividendos netos reinvertidos, cubierto en EUR, y en un 44 % por el €STR capitalizado en el caso de las acciones denominadas en euros con cobertura
- compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos y cobertura en CHF, y un 44 % del SARON capitalizado en el caso de las acciones denominadas en francos suizos
- compuesto por un 56 % del índice S&P 500, dividendos netos reinvertidos y cobertura en GBP, y un 44 % del SONIA capitalizado en el caso de las acciones denominadas en libras esterlinasLa comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.

Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Equity US Solve se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV.
Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Global Opportunities
- 
###### Fecha de creación

El subfondo fue aprobado por la Autoridad de los mercados financieros el 26 de julio de 2019.
El subfondo se creó el 12 de septiembre de 2019 mediante la aportación de la participación C del siguiente FI:
- CA EdRAM Opportunités, constituido el 11 de enero de 2008.
- 
###### Código ISIN

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

- Régimen fiscal específico:No procede.
- 
###### Delegación de la gestión financiera

Edmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.
Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- 
###### Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjero:

Hasta el 10 % del patrimonio neto.
- 
###### Objetivo de gestión

El subfondo aspira a ofrecer un resultado superior al de su índice de referencia en un horizonte de inversión recomendado superior a cinco años, mediante una gestión discrecional y oportunista de una cartera diversificada en múltiples categorías de activos (acciones, índices, divisas), sin limitaciones de sectores ni zona geográfica. El objetivo de gestión difiere al tener en cuenta la divisa de denominación de la clase de acciones suscrita:
- Para las clases A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR y K EUR: el objetivo de gestión es obtener un rendimiento neto anual superior al índice €STR, con un aumento del 3 %, en el horizonte de inversión recomendado.
- Para las clases A CHF (H) e I CHF (H): el objetivo de gestión es obtener un rendimiento neto anual superior al SARON capitalizado, con un aumento del 3 %, en el horizonte de inversión recomendado.
- Para las clases A USD (H) e I USD (H): el objetivo de gestión es obtener un rendimiento neto anual superior al índice Federal Funds Effective Rate capitalizado, con un aumento del 3 %, en el horizonte de inversión recomendado.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- 
###### Índice de referencia

El índice de referencia al que se puede comparar la rentabilidad de las acciones A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR y K EUR es el €STR capitalizado, con un aumento del 3 %. El €STR (tipo de interés a corto
plazo del euro o Euro Short Term Rate) es un tipo de interés, calculado y gestionado por el Banco Central Europeo (BCE), que refleja el coste de los préstamos en euros a un día de los bancos de la zona euro.
Toda la información relativa al índice €STR (Euro Short Term Rate) se encuentra disponible en el sitio web del BCE: https//www.ecb.europa.eu/. El administrador del €STR es el BCE, y se acoge a la exención prevista en el artículo 2.2 del Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo. Por lo tanto, como administrador, el BCE no está obligado a obtener una autorización ni a figurar en el registro de administradores e índices de referencia de la ESMA.
El índice de referencia con el que puede compararse la rentabilidad de las acciones A USD (H) e I USD (H) es el tipo Federal Funds Effective Rate capitalizado, con un aumento del 3 %. El tipo Federal Funds Effective Rate corresponde al promedio de los tipos a un día en la zona dólar. Se calcula a través de la Reserva Federal y representa el tipo sin riesgo de la zona dólar. A la fecha de la última actualización del presente folleto, el índice de referencia Federal Funds Effective Rate, administrado por la Reserva Federal de los Estados Unidos (sitio web: https://www.federalreserve.gov/), se beneficia de la exención prevista en el artículo 2.2 del Reglamento (UE) 2019/2089 relativo a los índices de referencia de transición climática de la UE, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia. Esta exención se debe a su condición de banco central y, como tal, no es necesario que conste inscrito en el registro de la ESMA. El índice de referencia con el que puede compararse la rentabilidad de las acciones «A CHF (H)» e «ICHF H» es el SARON capitalizado, con un aumento del 3 %.
El administrador Six Financial Information AG (sitio web: https://www.six-group.com/financial- information/en/home.html#country=se) del índice de referencia SARON capitalizado figura en el registro de administradores e índices de referencia de la ESMA.
Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente de sus índices de referencia, que solo son indicadores comparativos.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de estos índices incluye los cupones.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- 
###### Estrategia de inversión

. Estrategias utilizadas
La sociedad gestora pone en práctica una gestión discrecional y oportunista. El patrimonio del subfondo se invertirá directamente en acciones y títulos de crédito o, con carácter accesorio, a través de la posesión de participaciones o acciones de OICVM regulados por la legislación francesa o europea y de FIA regulados por la legislación francesa, incluidos los indexados, sin limitación de asignación entre las diferentes clases de activos ni limitación sectorial o geográfica. Las convicciones también podrán verse reflejadas en el uso de instrumentos derivados con fines de exposición, cobertura o arbitraje. (Las estrategias de arbitraje tienen como objetivo beneficiarse de las diferencias de valoración y/o de las divergencias de fundamentos bursátiles y de posicionamiento entre distintos sectores del mercado, tanto en los mercados de acciones y de tipos de interés como en los crediticios y cambiarios. Estas estrategias permiten reducir la correlación del fondo con las diferentes clases de activos, lo cual lleva a una menor dependencia de las estrategias puramente direccionales). La exposición global de la cartera a las diferentes clases de activos, incluido el uso de instrumentos financieros derivados, se efectuará dentro de los límites establecidos en términos de valor en riesgo absoluto según el método de cálculo del valor en riesgo.
La asignación de activos se determinará en función de:
Un enfoque «Top Down»: este enfoque se basa principalmente en un análisis macroeconómico de las diferentes clases de activos, segmentos de mercado, sectores o países explorados en el marco de la asignación de la cartera. Este resulta en la determinación de posibles escenarios de mercado definidos a partir de las previsiones del equipo de gestión. No se preestablecerá ninguna restricción, por lo que el equipo de gestión tendrá la posibilidad de aplicar estrategias que reflejen sus convicciones.
Esta se complementa con un proceso de selección de títulos (enfoque «Bottom Up»).
Enfoque «Bottom Up»: este proceso trata de identificar, dentro de una misma clase de activos, segmento de mercado, sector o país, los instrumentos y/o emisores que ofrecen un valor relativo superior al resto y que, por ello, se presentan como los más atractivos, conforme al criterio de la sociedad gestora. El modo de selección de los instrumentos y/o emisores se basa en un análisis fundamental y de valoración de cada emisor adaptado a las características propias de su universo.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones
internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo no incorpora otras características medioambientales o sociales en el proceso de selección de inversiones y su objetivo no es realizar inversiones sostenibles (según lo dispuesto en los artículos 8 y 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, también conocido por el acrónimo inglés SFDR).
El gestor no tiene en cuenta el impacto negativo de las decisiones de inversión en los factores de sostenibilidad de este producto.
Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
. Activos utilizadosRenta variable:
El subfondo podrá invertir hasta el 100 % directamente en acciones en el marco de su objetivo de gestión sin limitación geográfica ni de capitalización. En la selección de los títulos se dará prioridad a las políticas de inversión centradas en la búsqueda de acciones cuyas previsiones alcistas de la cotización son superiores a la media del mercado. La asignación geográfica se realizará entre los diferentes mercados bursátiles mundiales, incluidos los mercados emergentes. Además, se elegirán algunos temas específicos relacionados con las conclusiones económicas y con el análisis de las sociedades, lo cual dará lugar a sobreexposiciones o subexposiciones sectoriales y a un reparto entre el tamaño de las empresas.
De esta manera, la exposición a las acciones se situará entre el 0 % y el 100 %. Títulos de crédito e instrumentos del mercado monetario:
El subfondo podrá invertir hasta el 100 % de su patrimonio directamente en títulos de deuda e instrumentos del mercado monetario en el marco de su objetivo de gestión. Los valores se seleccionarán sin límite de calificación; pueden pertenecer a la categoría «Investment Grade» (es decir, con un menor riesgo de incumplimiento del emisor) o «High Yield» (alto rendimiento: valores especulativos con un mayor riesgo de incumplimiento del emisor), incluidos los valores sin calificación.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
La sensibilidad del subfondo a los tipos de interés podrá fluctuar entre -10 y +10.
El subfondo podrá adquirir participaciones de EMTN (Euro Medium Term Note) o bonos indexados. Acciones o participaciones de OICVM, FIA o fondos de inversión de derecho extranjero:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones del OICVM de derecho francés o extranjero, o FIA de derecho francés, especialmente del tipo de acciones, bonos de grado de inversión («Investment Grade»), bonos de alto rendimiento («High Yield») (es decir, de carácter especulativo), bonos monetarios o dinámicos. Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada. Divisas:
El subfondo podrá invertir hasta el 100 % de su patrimonio neto en divisas distintas del euro.
Instrumentos derivados:
La utilización de contratos financieros está prevista dentro de una estrategia de cobertura, exposición y/o sobreexposición en los mercados de renta variable, de tipos de interés, de cambio y de índices, y/o algunos de sus parámetros o componentes (volatilidad, cotización, sectores, etc.).
Por tanto, la estrategia de utilización de los derivados tendrá el objetivo de:
- cubrir la cartera contra ciertos riesgos o exponerla a ciertos riesgos/clases de activos;
- crear una exposición sintética a activos, riesgos y/o a parámetros/componentes de estas clases de activos y riesgos;
- aumentar la exposición a un mercado determinado;
- aplicar estrategias de arbitraje para explotar las diferencias de valoración entre instrumentos, clases de activos, segmentos de mercado, sectores o países.

En concreto, el gestor negociará:
- contratos de futuros o de cambio a plazo sobre divisas o swaps de cambio para cubrir la exposición al riesgo de cambio o con fines de exposición o de arbitraje;
- contratos de futuros o de opciones, swaps de acciones, negociados en mercados organizados o regulados para aumentar o disminuir la exposición a los mercados de renta variable y de tipos;-swaps de tipos de interés y opciones de swaps de tipos de interés para aumentar o disminuir la exposición al riesgo de tipos de interés;-Credit Default Swaps en una única entidad de referencia o en índices (iTraxx o CDX), así como opciones de derivados de crédito (CDS) sobre índices, para aumentar o reducir la exposición al riesgo de crédito.

Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre acciones, bonos, índices de bonos y/o cestas de bonos hasta el 50 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 15 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
El subfondo podrá alcanzar un apalancamiento neto máximo de 10.
El límite máximo resultante de estas operaciones respeta los límites fijados en términos de VaR absoluto de acuerdo con el método de cálculo del valor en riesgo, establecido por la normativa en el 20 % del patrimonio neto, con un umbral del 99 % durante veinte días hábiles.
El subfondo podrá suscribir todo tipo de contratos financieros negociados en los mercados internacionales regulados, organizados o extrabursátiles.
Instrumentos derivados implícitos:
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo podrá invertir en:
-hasta el 100 % del patrimonio neto en bonos rescatables o con opción de venta;
-hasta el 100 % del patrimonio neto en warrants;
-hasta el 100 % del patrimonio neto en bonos de suscripción;
Depósitos:
No procede.
Préstamos en efectivo:
En el marco de su gestión de tesorería, el subfondo podrá hacer uso de préstamos en efectivo dentro del límite del 10 % del patrimonio neto de manera puntual.
Operaciones temporales de adquisición y cesión de títulos:
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 10 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra emitidos sobre títulos de deuda o crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o
equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
- 
###### Inversiones entre subfondos

El subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.
La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- 
###### Perfil de riesgo:

Su dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.
Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera. Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo
podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps(TRS):
La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los Total Return Swaps.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión.
- 
###### Garantía o protección:

No procede.
- 
###### Suscriptores interesados y perfil del inversor habitual:

Acciones A EUR, A CHF (H), A USD (H) y B EUR: toda clase de suscriptores.
Acciones CR EUR y CRD EUR: toda clase de suscriptores; estas acciones pueden comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
Acciones J EUR, I EUR, I CHF (H), I USD (H) y K EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Este subfondo va dirigido a inversores que deseen dinamizar sus carteras con una exposición diversificada que permita la evolución tanto en mercados de renta variable como de tipos internacionales.
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas participaciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al partícipe solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo partícipe diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Horizonte mínimo de inversión recomendado: superior a 5 años.
- 
###### Modalidades de determinación de asignación de las sumas distribuibles:

| Sumas distribuibles | Acciones «A EUR», «A CHF (H)», «A USD (H)», «CR EUR» «I EUR», «I CHF (H)», «I USD (H)» y «K EUR» | Acciones «B EUR», «CRD EUR» y «J EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- 
###### Frecuencia de distribución:

Acciones de capitalización: no aplicable
Acciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- 
###### Características de las acciones:

El subfondo cuenta con once categorías de acciones: acciones «A EUR», «A CHF (H)», «A USD (H)», «B EUR»,
«CR EUR», «CRD EUR», «I EUR», «I CHF (H)», «I USD (H)», «J EUR» y «K EUR».
La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «A USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones.
La acción «I USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- 
###### Modalidades de suscripción y reembolso:

Fecha y periodicidad del valor liquidativo:
Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).
Valor liquidativo inicial:
| Acción A EUR: | 97,55 € |
| --- | --- |
| Acción A CHF (H): | 100 CHF |
| Acción A USD (H): | 100 USD |
| Acción B EUR: | 100 € |
| Acción CR EUR: | 100 € |
| Acción CRD EUR: | 100 € |
| Acción I EUR: | 100 € |
| Acción I CHF (H): | 100 CHF |
| Acción I USD (H): | 100 USD |
| Acción J EUR: Acción K EUR: | 100 € 100 € |

Importe mínimo de suscripción inicial:
| Acción A EUR: | Una acción |
| --- | --- |
| Acción A CHF (H): | Una acción |
| Acción A USD (H): | Una acción |
| Acción B EUR: | Una acción |
| Acción CR EUR: | Una acción |
| Acción CRD EUR: | Una acción |
| Acción I EUR: | 500 000 euros |
| Acción I CHF (H): | 500 000 CHF |
| Acción I USD (H): | 500 000 USD |
| Acción J EUR: | 500 000 euros |
| Acción K EUR: | 500 000 euros |

Importe mínimo de suscripción posterior:
| Acción A EUR: | Una milésima de acción |
| --- | --- |
| Acción A CHF (H): | Una milésima de acción |
| Acción A USD (H): | Una milésima de acción |
| Acción B EUR: | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CRD EUR: | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I CHF (H): | Una milésima de acción |
| Acción I USD (H): | Una milésima de acción |
| Acción J EUR: | Una milésima de acción |
| Acción K EUR: | Una milésima de acción |

Condiciones de suscripción y reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 | D antes de las 12:30 | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolsos de acciones «A EUR», «A CHF (H)», «A USD (H)», «B EUR», «CR EUR», «CRD EUR», «I CHF (H)», «I USD (H)», «J EUR» y «K (EUR)» se ejecutan por importe o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) 47 rue du Faubourg Saint-Honoré - 75401 París Cedex 08
- 
###### Gastos y comisiones:

Comisiones de suscripción y reembolso:
Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.
| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Global Opportunities | Valor liquidativo x Número de acciones | Todas las categorías de acciones: 4,50 % como máximo |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Global Opportunities | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Global Opportunities | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Global Opportunities | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 1,45 %, impuestos incluidos |
| Acción A CHF (H): máximo del 1,45 %, impuestos incluidos |
| Acción A USD (H): máximo del 1,45 %, impuestos incluidos |
| Acción B EUR: máximo del 1,45 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,80 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,80 %, impuestos incluidos |
| Acción I EUR: máximo del 0,70 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,70 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,70 %, impuestos incluidos |
| Acción J EUR: máximo del 0,70 %, impuestos incluidos |
| Acción K EUR: máximo del 0,80 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,10 %, impuestos incluidos |
| Acción A CHF (H): máximo del 0,10 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción B EUR: máximo del 0,10 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,10 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: máximo del 0,10 %, impuestos incluidos |

|  |  | Acción I CHF (H): máximo del 0,10 %, impuestos incluidos |
| --- | --- | --- |
| Acción I USD (H): máximo del 0,10 %, impuestos incluidos |
| Acción J EUR: máximo del 0,10 %, impuestos incluidos |
| Acción K EUR: máximo del 0,10 %, impuestos incluidos |
| Comisiones por movimientos | Sobre la base del importe de la operación | No procede |
| Comisión de rentabilidad superior Patrimonio neto del subfondo (1) | Acción A EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia €STR capitalizado, con un aumento del 3 %. |
| Acción A CHF (H): 15 % anual de la rentabilidad superior al valor del índice de referencia SARON Index, con un aumento del 3 %. |
| Acción A USD (H): 15 % anual de la rentabilidad superior al valor del índice de referencia Federal Funds Effective Rate capitalizado, con un aumento del 3 %. |
| Acción B EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia €STR capitalizado, con un aumento del 3 %. |
| Acción CR EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia €STR capitalizado, con un aumento del 3 %. |
| Acción CRD EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia €STR capitalizado, con un aumento del 3 %. |
| Acción I EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia €STR capitalizado, con un aumento del 3 %. |
| Acción I CHF (H): 15 % anual de la rentabilidad superior al valor del índice de referencia SARON Index, con un aumento del 3 %. |
| Acción I USD (H): 15 % anual de la rentabilidad superior al valor del índice de referencia Federal Funds Effective Rate capitalizado, con un aumento del 3 %. |
| Acción J EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia €STR capitalizado, con un aumento del 3 %. |
| Acción K EUR: No procede |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*  En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
** Excluyendo cualquier comisión de rendimiento superior.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades::
- El tipo €STR capitalizado, con un aumento del 3 % en el caso de las acciones en euros.
- El tipo Federal Funds Effective Rate capitalizado, con un aumento del 3 % en el caso de las acciones en dólares estadounidenses.
- El tipo SARON capitalizado, con un aumento del 3 % en el caso de las acciones en francos suizosLa comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.

Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos. Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Global Opportunities se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo
.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV.
Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Short Duration Credit
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 27 de diciembre de 2019. El subfondo se creó el 20 de enero de 2020.
- Código ISIN

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

- Régimen fiscal específicoNo procede.
- Delegación de la gestión financieraEdmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.

Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- ClasificaciónObligaciones y otros títulos de deuda denominados en euros.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl subfondo aspira a ofrecer una rentabilidad superior a la de su índice de referencia —compuesto en un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cupones reinvertidos, y en un 50 % del índice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cupones reinvertidos— en el horizonte de inversión recomendado, mediante la inversión en mercados de deuda empresarial. Para lograr este objetivo, se perseguirá un mayor rendimiento para la cartera de renta fija mediante una gestión activa del riesgo de tipos y de crédito.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaEl índice de referencia del subfondo es el índice compuesto en un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cupones reinvertidos, y en un 50 % del índice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cupones reinvertidos. 

Estos dos índices son calculados y publicados por ICE Benchmark Administration Limited. Ambos representan, respectivamente, el rendimiento de los préstamos de obligaciones a tipo fijo, denominados en euros, emitidos por emisores con una calificación mínima de BBB- y con una duración residual de entre 1 y 5 años, y el rendimiento de los préstamos de obligaciones a tipo fijo, denominados en euros, emitidos por emisores con una calificación mínima de CCC y con una duración de entre 1 y 3 años.
Puesto que la gestión del subfondo no está referenciada a un índice, su rendimiento podrá diferir del de su índice de referencia, que solo es un indicador comparativo.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de estos dos índices incluye los cupones.
El administrador ICE Benchmark Administration Limited (sitio web: https://www.theice.com/iba) de los índices de referencia ICE BofA 1-5 Year A-BBB Euro Corporate Index e ICE BofA 1-3 Year Euro Developed Markets High Yield Constrained Index no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
El rendimiento de las acciones A CHF (H), B CHF (H), I CHF (H) y J CHF (H) podrá compararse a posteriori con la progresión de un índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en CHF con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en CHF con cupones reinvertidos. Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente de sus índices de referencia, que solo son indicadores comparativos.
El rendimiento de las acciones A USD (H), B USD (H), CR USD (H), CRD USD (H), I USD (H) y J USD (H) podrá compararse a posteriori con la progresión de un índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB- CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente de sus índices de referencia, que solo son indicadores comparativos.
- Estrategia de inversión. Estrategias utilizadas:Para lograr su objetivo de gestión, el gestor invertirá de forma discrecional en títulos de renta fija emitidos por sociedades públicas o privadas, dentro del límite del 100 % de la cartera.

El universo de inversión ESG está compuesto por los valores del índice de referencia del subfondo. La Sociedad gestora puede seleccionar valores que no formen parte del índice. No obstante, garantizará que el índice de referencia seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
El gestor incluye sistemáticamente los factores medioambientales, sociales y de gobernanza (ESG) en su análisis financiero para la selección de los valores de la cartera.
Al menos el 90 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de categoría de inversión («Investment Grade») y el 75 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de alto rendimiento («High Yield») ostentan una calificación ESG en la cartera. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinanciera y externa. Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión.
Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón
térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
El subfondo pretende invertir:
- Un mínimo del 30 % de su patrimonio neto en bonos que presenten una calificación crediticia igual o superior a BBB- (Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente) y emitidos por sociedades públicas o privadas.
- Un mínimo del 30 % de su patrimonio neto en bonos de alto rendimiento («High Yield») (calificación inferior a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente, o valores especulativos que presenten un riesgo de incumplimiento superior a los bonos de grado de inversión («Investment Grade»)).
- Un máximo del 10 % de su patrimonio neto en bonos sin calificación.
- Un máximo del 10 % de su patrimonio en bonos emitidos por sociedades públicas o privadas de países que no sean miembros de la OCDE.
- un máximo del 10 % de su patrimonio en bonos cuyo vencimiento residual sea superior a 5 años.

El gestor trata de seleccionar las emisiones que, según su criterio, le parecen más atractivas para tratar de maximizar la relación rendimiento/riesgo de la cartera.
Con el fin de reducir los riesgos de tipo de interés y crédito, así como para determinar una sensibilidad estable a los tipos de interés durante la vida del producto, la construcción de la cartera trata de equiponderar los diferentes tramos de vencimiento (estructura de tipo escalera). Con ello, también se pretende brindar protección contra las perturbaciones de los tipos y soportar los movimientos del mercado a lo largo del tiempo, captando primas de reembolso anticipado y primas de emisión en el mercado primario. Una parte de la cartera se reinvertirá automáticamente cada mes con el vencimiento de la deuda en la cartera, lo que permitirá obtener un apoyo dinámico del mercado.
Para la ejecución del objetivo de gestión, la estrategia combinará un enfoque sectorial desarrollado a través de un proceso «Top Down» (descendente) y un análisis crediticio destinado a seleccionar los emisores más atractivos mediante un proceso «Bottom Up» (ascendente).
Enfoque «Top Down»
El enfoque «Top Down» se basa principalmente en un análisis macroeconómico de los diferentes sectores o países explorados en el marco de la asignación de la cartera. Este resulta en la determinación de posibles escenarios de mercado definidos a partir de las previsiones del equipo de gestión.
Fundamentalmente, el análisis permite definir:
- el grado de exposición a los diferentes sectores económicos; y
- la distribución entre las categorías «Investment Grade» y «High Yield» (títulos especulativos para los que el riesgo de incumplimiento del emisor es más importante, cuya calificación es inferior a BBB- según Standard & Poor’s o equivalente, o que ostentan una calificación interna equivalente de la sociedad gestora) y entre las diferentes calificaciones dentro de esas categorías.

El análisis «Top Down» permite tener una visión global de la cartera. Esta se complementa con un proceso de selección de títulos (enfoque «Bottom Up»).
Enfoque «Bottom Up»
Este proceso trata de identificar, dentro de un mismo sector, los emisores que ofrecen un valor relativo superior al resto y que, por ello, se presentan como los más atractivos.
El modo de selección de los emisores se basa en un análisis fundamental de cada empresa. El análisis fundamental se articula en torno a la evaluación de criterios como:
- la legibilidad de la estrategia de la empresa;
- su situación financiera (regularidad de los flujos de caja a través de distintos ciclos económicos, capacidad de pagar sus deudas, etc.); y
- el carácter «estratégico» de la empresa que permite prever una intervención del Estado en caso de incumplimiento o de deterioro importante de su situación financiera.

Dentro del universo de los emisores seleccionados, la elección de las exposiciones se realizará en función de características como la calificación del emisor, la liquidez de los títulos o su vencimiento.
El modelo de análisis fundamental, destinado a identificar los títulos que ofrecen el mayor potencial de apreciación, se basa en una organización de analistas gestores especializados en los mercados de crédito. Tras el análisis en profundidad de las diferentes empresas, el proceso «Bottom Up» vuelve a estar ajustado. Este conduce a la elección de los instrumentos de inversión a los que se dará prioridad (títulos vivos, «Credit Default Swaps», Itraxx, etc.) para exponerse a las firmas seleccionadas.
Con el fin de cubrir sus activos y/o de lograr su objetivo de gestión, sin buscar la sobreexposición, el subfondo podrá recurrir a instrumentos financieros derivados, negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores hasta en un 10 %. Estas estrategias se implementarán principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap», en una única entidad de referencia o en índices (iTraxx o CDX).
Asimismo, podrá aplicar estrategias que tengan como objetivo reducir los riesgos de cambio y/o gestionar el riesgo de tipos de interés mediante la utilización de contratos financieros y, concretamente, de futuros, opciones, contratos a plazo o swaps.
Asimismo, el gestor implementará una gestión activa de la sensibilidad del subfondo a los tipos de interés, que podrá oscilar entre 0 y 4.
Exposición a los mercados de renta variable
Dentro del límite del 10 % de su patrimonio neto, el subfondo podrá estar expuesto a los mercados de renta variable a través de posibles adquisiciones de obligaciones convertibles.
Divisas
El subfondo podrá mantener, a título accesorio, hasta el 10 % de los títulos emitidos en divisas extranjeras. El riesgo de cambio estará cubierto. Sin embargo, podrá existir un riesgo de cambio residual de un umbral máximo del 2 % del patrimonio neto.
. Sobre los activos:
Títulos de crédito e instrumentos del mercado monetario (hasta un 100 % del patrimonio neto, con un límite máximodel 100 % en títulos directos)

##### Características generales
| Sensibilidad a los tipos de interés | - | [0 ; 4] |
| --- | --- | --- |
| Zona geográfica de los emisores | OCDE, Unión Europea, Espacio Económico Europeo, G20 | 100 % máximo del patrimonio neto |
| El resto de zonas geográficas | 10 % máximo del patrimonio neto |

Distribución deuda privada/deuda pública
Hasta el 100 % de la cartera «Títulos de crédito» en deuda privada de emisores ubicados en un Estado miembro de la OCDE, de la Unión Europea, del Espacio Económico Europeo o del G20.
La cartera no se invertirá en deuda pública de un Estado.

##### Criterios relativos a la calificación
Los títulos seleccionados presentarán una calificación (Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente) a largo plazo mínima de BBB- o una calificación a corto plazo de A3 por un mínimo del 30 % del patrimonio neto del subfondo. Los títulos seleccionados podrán no estar calificados por una agencia de calificación, pero en ese caso deberán contar con una calificación interna de la sociedad gestora equivalente.
El subfondo pretende invertir un mínimo del 30 % de su patrimonio neto en los títulos que presenten una calificación inferior, correspondiente a la categoría «High Yield» (títulos especulativos con una calificación inferior a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente). La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.

##### Naturaleza jurídica de los instrumentos utilizados
Instrumentos de deuda de todo tipo, entre los que destacan:
- Bonos a tipo fijo, variable o revisable
- Bonos indexados a la inflación
- Títulos de crédito negociables
- Bonos de caja
- Euro Commercial Papers (títulos negociables a corto plazo emitido en euros por una entidad extranjera) La cartera podrá invertir en «PIK notes» (los «payment in kind notes» son bonos cuyo pago de intereses no se realiza sistemáticamente en especie).

Renta variable
- Exposición a través de acciones mantenidas de manera directa: no procede.
- Exposición a través de bonos convertibles: hasta 10 % del patrimonio netoLa exposición máxima de la cartera a los mercados de renta variable medida a través del delta de las obligaciones convertibles no podrá superar el 10 % del patrimonio neto del subfondo.

Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos como los fondos indexados cotizados, y de clasificación monetaria o de renta fija para invertir especialmente las posiciones de tesorería.
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Contratos financieros
Con fines de cobertura de sus activos y/o de cumplimiento de su objetivo de gestión, sin buscar una sobreexposición y dentro del límite del 100 % de su patrimonio, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados (futuros, opciones cotizadas) o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito.

##### Naturaleza de los mercados en los que se participa
- Mercados regulados
- Mercados organizados
- Mercados extrabursátiles


##### Riesgos en los que el gestor desea intervenir, a efectos de cobertura y exposición de la cartera
- Riesgo de renta variable surgido exclusivamente de la posible exposición a obligaciones convertibles
- Riesgo de tipos de interés
- Riesgo de divisas
- Riesgo de crédito


##### Naturaleza de las intervenciones; el conjunto de las operaciones deberá limitarse al cumplimiento del objetivo de gestión
- Cobertura
- Exposición
- Arbitraje


##### Naturaleza de los instrumentos utilizados
- Opciones de tipos de interés
- Contratos de tipos de interés a plazo
- Futuros de tipos de interés
- Derivados de crédito («Credit Default Swaps»)
- Opciones de crédito
- Opciones de divisas
- Swaps de divisas
- Swaps de tipos de interés (tipos de interés fijos o variables de toda índole e inflación)
- Cambio a plazo
- Warrants
- Opciones de swaps de tipos de interés
- Opciones de derivados de crédito (CDS)
- Opciones sobre contratos a plazo estandarizadosAdemás, la SICAV podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre tipos hasta el 10 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 3 %.

Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera de la SICAV.

##### Estrategia de utilización de derivados para lograr el objetivo de gestión
- Cobertura general de algunos riesgos (de tipos de interés, de crédito y de divisas)
- Exposición a los riesgos de tipos de interés de crédito y de renta variable
- Reconstitución de una exposición sintética a activos y riesgos (de tipos de interés y de crédito)La exposición sobre estos instrumentos financieros, mercados, tipos de interés y/o algunos de sus parámetros o componentes resultantes de la utilización de los contratos financieros no podrá superar el 100 % del patrimonio neto.

El gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, hacer una previsión o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores hasta en un 10 %. Estas estrategias se implementarán
principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap», en una única entidad de referencia o en índices (iTraxx o CDX).
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Títulos con derivados implícitos (hasta el 100 % del patrimonio neto)
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo podrá invertir únicamente en:
- bonos exigibles o negociables hasta el 100 % del patrimonio neto;
- bonos convertibles hasta el 10 % del patrimonio neto;
- bonos contingentes convertibles (Coco) hasta el 10 % del patrimonio neto.

Préstamos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, podrá encontrarse en una posición deudora puntual debido a las operaciones vinculadas a sus flujos (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Depósitos:
No procede.
Operaciones temporales de adquisición y cesión de títulos
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición y cesión temporales de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 25 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra y retroventa emitidos sobre títulos de tipos o crédito de países de la zon a del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, obligaciones, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a los efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo vinculado a los productos híbridos (obligaciones convertibles):
Habida cuenta de su posible conversión en acciones, las obligaciones convertibles introducen un riesgo de renta variable en una cartera de obligaciones. Asimismo, exponen la cartera a la volatilidad de los mercados de renta variable, mayor que la de los mercados de renta fija. Por lo tanto, la posesión de dichos instrumentos conduce a un aumento del riesgo de la cartera, que puede ser mitigado, en función de las configuraciones de mercado, por el componente de renta fija de los títulos híbridos.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps: La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos.
Riesgos vinculados a los bonos convertibles contingentes (Coco):
Los bonos Coco son títulos de crédito subordinados emitidos por las entidades de crédito o las compañías de seguros o reaseguros, elegibles en sus fondos propios reglamentarios y que presentan la especificidad de ser convertibles en acciones, o cuyo valor nominal pueda reducirse (mecanismo denominado «amortización») en caso de que se produzca un «elemento desencadenante» («Trigger»), previamente definido en el folleto. Un Coco incluye una opción de conversión en acciones por iniciativa del emisor en caso de deterioro de su situación económica. Además del riesgo de crédito y de los tipos inherentes a las obligaciones, la activación de la opción de conversión puede provocar una bajada del valor de los Coco superior a la que registren las otras obligaciones
clásicas del emisor. Según las condiciones fijadas por el Coco afectado, algunos eventos desencadenantes pueden provocar una depreciación permanente a cero de la inversión principal y/o de los intereses devengados o una conversión de la obligación en acción.
Riesgo vinculado al umbral de conversión de los Coco:
El umbral de conversión de un Coco depende del ratio de solvencia de su emisor. Se trata del acontecimiento que determina la conversión del bono en acción ordinaria. Cuanto más débil sea el ratio de solvencia, mayor será la probabilidad de conversión.
Riesgo de pérdida o suspensión del cupón:
En función de las características de los bonos Coco, el pago de los cupones es discrecional y puede ser anulado o suspendido por el emisor en cualquier momento y durante un periodo indeterminado.
Riesgo de intervención de una autoridad reguladora en el momento de «falta de viabilidad»:
Una autoridad reguladora determina en todo momento y de forma discrecional que una entidad «no es viable», es decir, que el banco emisor necesita la ayuda de las autoridades públicas para evitar que el emisor se vuelva insolvente, entre en quiebra, o no sea capaz de pagar la mayor parte de su deuda en el momento de su vencimiento o de continuar con sus actividades e impone o solicita la conversión de los bonos convertibles contingentes en acciones en circunstancias ajenas a la voluntad del emisor.
Riesgo de inversión de la estructura de capital:
Al contrario de la jerarquía convencional del capital, los inversores en Coco pueden experimentar una pérdida de capital que no afecte a los titulares de acciones. En algunos escenarios, los titulares de Coco experimentarán pérdidas antes que los titulares de las acciones.
Riesgo de aplazamiento del reembolso:
La mayoría de los Coco se emiten en forma de instrumentos de duración perpetua, que solo son reembolsables a niveles predeterminados con la aprobación de la autoridad competente. No se puede suponer que los Coco perpetuos se reembolsarán en la fecha de reembolso. Los Coco son una forma de capital permanente. Es posible que el inversor no reciba la devolución del capital como estaba previsto en la fecha de reembolso o en cualquier fecha acordada.
Riesgo de liquidez:
En ciertas circunstancias, puede ser difícil encontrar un comprador de Coco y es posible que el vendedor se vea obligado a aceptar un descuento considerable en el valor esperado del bono para poder venderlo.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, A CHF (H), A USD (H), B EUR, B CHF (H) y B USD (H): toda clase de suscriptores.

Acciones CR EUR, CR USD (H), CRD EUR y CRD USD (H): toda clase de suscriptores; estas acciones pueden comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Acciones I CHF (H), I EUR, I USD (H), J CHF (H), J EUR, J USD (H), N EUR, O EUR y K EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Este subfondo va dirigido especialmente a inversores que deseen optimizar sus inversiones en renta fija a través de una gestión activa de instrumentos de crédito denominados en euros.
Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 2 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A CHF (H)», «A EUR», «A USD (H)», «CR EUR», «CR USD (H)», «I CHF (H)», «I EUR», «I USD (H)», «K EUR» y «N EUR», | Acciones «B CHF (H)», «B EUR», «B USD (H)», «CRD EUR», «CRD USD (H)», «J CHF (H)», «J EUR», «J USD (H)» y «O EUR». |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |

| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |
| --- | --- | --- |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con diecinueve categorías de acciones: acciones «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)», «IEUR», «I USD (H)», «J CHF (H)», «J EUR», «J USD (H), «K EUR», «N EUR» y «O EUR».

La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «B CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CR USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CRD USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «J CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «N EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «O EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.).

Valor liquidativo inicial:
| Acción A CHF (H): | 100 CHF |
| --- | --- |
| Acción A EUR: | 100 € |
| Acción A USD (H): | 102,02 $ |
| Acción B CHF (H): | 100 CHF |
| Acción B EUR: | 86,69 € |
| Acción B USD (H): | 100 $ |
| Acción CR EUR: | 100 € |
| Acción CR USD (H): | 100 $ |
| Acción CRD EUR: | 100 € |
| Acción CRD USD (H): | 100 $ |
| Acción I CHF (H): | 95,07 CHF |
| Acción I EUR: | 11 072,59 € |
| Acción I USD (H): | 100 $ |
| Acción J CHF (H): | 100 CHF |
| Acción J EUR: | 100 € |

| Acción J USD (H): | 100 $ |
| --- | --- |
| Acción K EUR: | 100 € |
| Acción N EUR: | 11 088,87 € |
| Acción O EUR: | 8 879,45 € |

Importe mínimo de suscripción inicial:
| Acción A CHF (H): | Una acción |
| --- | --- |
| Acción A EUR: | Una acción |
| Acción A USD (H): | Una acción |
| Acción B CHF (H): | Una acción |
| Acción B EUR: | Una acción |
| Acción B USD (H): | Una acción |
| Acción CR EUR: | Una acción |
| Acción CR USD (H): | Una acción |
| Acción CRD EUR: | Una acción |
| Acción CRD USD (H): | Una acción |
| Acción I CHF (H): | 500 000 CHF |
| Acción I EUR: | 500 000 € |
| Acción I USD (H): | 500 000 $ |
| Acción J CHF (H): | 500 000 CHF |
| Acción J EUR: | 500 000 € |
| Acción J USD (H): | 500 000 $ |
| Acción K EUR: | 500 000 € |
| Acción N EUR: | 10 000 000 € |
| Acción O EUR: | 10 000 000 € |

Cantidad mínima de suscripciones subsiguientes:
| Acción A CHF (H): | Una milésima de acción |
| --- | --- |
| Acción A EUR: | Una milésima de acción |
| Acción A USD (H): | Una milésima de acción |
| Acción B CHF (H): | Una milésima de acción |
| Acción B EUR: | Una milésima de acción |
| Acción B USD (H): | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CR USD (H): | Una milésima de acción |
| Acción CRD EUR: | Una milésima de acción |
| Acción CRD USD (H): | Una milésima de acción |
| Acción I CHF (H): | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I USD (H): | Una milésima de acción |
| Acción J CHF (H): | Una milésima de acción |
| Acción J EUR: | Una milésima de acción |
| Acción J USD (H): | Una milésima de acción |
| Acción K EUR: | Una milésima de acción |
| Acción N EUR: | Una milésima de acción |
| Acción O EUR: | Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h** | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

* En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
** El periodo de suscripción de las acciones A USD (H), B EUR, I CHF (H), I EUR, N EUR y O EUR comenzará el 30/10/2020.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen
fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo
:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Short Duration Credit | Valor Liquidativo x N.º de acciones | Acción A CHF (H): 1 % como máximo |
| Acción A EUR: 1 % como máximo |
| Acción A USD (H): 1 % como máximo |
| Acción B CHF (H): 1 % como máximo |
| Acción B EUR: 1 % como máximo |
| Acción B USD (H): 1 % como máximo |
| Acción CR EUR: 1 % como máximo |
| Acción CR USD (H): 1 % como máximo |
| Acción CRD EUR: 1 % como máximo |
| Acción CRD USD (H): 1 % como máximo |
| Acción I CHF (H): No procede |
| Acción I EUR: No procede |
| Acción I USD (H): No procede |
| Acción J CHF (H): No procede |
| Acción J EUR: No procede |
| Acción J USD (H): No procede |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción O EUR: No procede |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Short Duration Credit | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Short Duration Credit | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Short Duration Credit | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión
:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 0,70 %, impuestos incluidos |
| Acción A EUR: máximo del 0,70 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,70 %, impuestos incluidos |
| Acción B CHF (H): máximo del 0,70 %, impuestos incluidos |
| Acción B EUR: máximo del 0,70 %, impuestos incluidos |
| Acción B USD (H): máximo del 0,70 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,45 %, impuestos incluidos |
| Acción CR USD (H): máximo del 0,45 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,45 %, impuestos incluidos |
| Acción CRD USD (H): máximo del 0,45 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,35 %, impuestos incluidos |
| Acción I EUR: máximo del 0,35 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,35 %, impuestos incluidos |
| Acción J CHF (H): máximo del 0,35 %, impuestos incluidos |
| Acción J EUR: máximo del 0,35 %, impuestos incluidos |
| Acción J USD (H): máximo del 0,35 %, impuestos incluidos |

|  |  | Acción K EUR: máximo del 0,45 %, impuestos incluidos |
| --- | --- | --- |
| Acción N EUR: máximo del 0,20 % impuestos incluidos |
| Acción O EUR: máximo del 0,20 % impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 0,15 %, impuestos incluidos |
| Acción A EUR: máximo del 0,15 %, impuestos incluidos |
| Acción A USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción B CHF (H): máximo del 0,15 %, impuestos incluidos |
| Acción B EUR: máximo del 0,15 %, impuestos incluidos |
| Acción B USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CR USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CRD USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción I CHF (H): máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción J CHF (H): máximo del 0,15 %, impuestos incluidos |
| Acción J EUR: máximo del 0,15 %, impuestos incluidos |
| Acción J USD (H): máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: máximo del 0,15 %, impuestos incluidos |
| Acción N EUR: máximo del 0,15 % impuestos incluidos |
| Acción O EUR: máximo del 0,15 % impuestos incluidos |
| Comisiones por movimientos | Cargo por cada operación | No procede |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A CHF (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en CHF con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en CHF con cupones reinvertidos. |

|  |  | Acción A EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos. |
| --- | --- | --- |
| Acción A USD (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. |
| Acción B CHF (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en CHF con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en CHF con cupones reinvertidos. |
| Acción B EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos. |
| Acción B USD (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. |
| Acción CR EUR: Máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos. |
| Acción CR USD (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. |
| Acción CRD EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos. |
| Acción CRD USD (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 |

|  |  | Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. |
| --- | --- | --- |
| Acción I CHF (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en CHF con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en CHF con cupones reinvertidos. |
| Acción I EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos. |
| Acción I USD (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. |
| Acción J CHF (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en CHF con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en CHF con cupones reinvertidos. |
| Acción J EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos. |
| Acción J USD (H): máximo del 15 % anual de la rentabilidad superior al índice de referencia compuesto por un 50 % del índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y un 50 % del ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos. |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción O EUR: No procede |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
*Excluyendo cualquier comisión de rendimiento superior.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia:
- Compuesto en un 50 % por el índice ICE BofA 1-5 Year A-BBB Euro Corporate Index con cupones reinvertidos, y en un 50 % por el índice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index con cupones reinvertidos, en el caso de las acciones en euros.
- Compuesto en un 50 % por el índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en CHF con cupones reinvertidos, y en un 50 % por el índice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en CHF con cupones reinvertidos, en el caso de las acciones en CHF.

Compuesto en un 50 % por el índice ICE BofA 1-5 Year A-BBB Euro Corporate Index, cubierto en USD con cupones reinvertidos, y en un 50 % por el índice ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, cubierto en USD con cupones reinvertidos, en el caso de las acciones en dólares.Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces, por lo que podrá tener una duración de 5 años o más, pero en ningún caso superior a 6 años.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo del periodo de referencia tras el que se registre la mayor rentabilidad relativa (la mayor rentabilidad superior o la menor rentabilidad inferior). Por «subperiodos», se entienden los subperiodos que comienzan al principio del periodo de referencia y terminan al final de cada fecha de materialización incluida en el periodo de referencia.
Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
Al final de un periodo de referencia t:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL dereferencia y un nuevo periodo de referencia comenzará cuando haya finalizado el último.
- Si la diferencia entre el VL del subfondo y su VL objetivo es negativa, no se deberá pagar ninguna comisión de rentabilidad y:
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, se registrará la rentabilidad acumulada al final de cada subperiodo del periodo de referencia. Los subperiodos que componen el periodo de referencia son los siguientes: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Se establecerá un nuevo periodo de referencia que comenzará al final del subperiodo que dio lugar a la mayor rentabilidad relativa. El VL de referencia pasará a ser igual al VL de la acción al final de ese subperiodo.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo al cierre del ejercicio t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | P |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | R |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, por lo que no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (105: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | P |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | R |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Ejemplo 4:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| VL | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| VL de referencia | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Base de cálculo: VL - VL objetivo |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado «R», prorrogado «P» o aplazado «A» | Cambio del VL de referencia |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | A | Sí |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Sí | R | Sí |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
*** Redondeado
Periodo 0-1: la rentabilidad de la acción es positiva (4), pero inferior a la del índice de referencia (8) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-2: la rentabilidad de la acción es positiva (5), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-3: la rentabilidad de la acción es positiva (17), pero inferior a la del índice de referencia (18) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-4: la rentabilidad de la acción es positiva (3), pero inferior a la del índice de referencia (15) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia se mantendrá (100).
Periodo 0-5: la rentabilidad de la acción es positiva (6), pero inferior a la del índice de referencia (10) durante el periodo de referencia. Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia ha alcanzado su duración máxima de 5 años y, por lo tanto, no puede prorrogarse. Se establecerá un nuevo periodo de referencia que comenzará al final del año 3 con el VL del final del año 3 como VL de referencia (117: VL de final de año durante el periodo de referencia en curso con la rentabilidad relativa acumulada más alta, en este caso de -1).
Periodo 3-6: la rentabilidad de la acción es negativa (-3), pero superior a la del índice de referencia (-5). Por lo tanto, se aplicará una comisión de rentabilidad superior con la rentabilidad relativa acumulada desde el inicio del periodo como base de cálculo, a saber, VL (114) - VL objetivo (111): 3. El VL de referencia se convertirá en el VL de final del periodo (114). El periodo de referencia se renovará.
Los gastos relacionados con la investigación en virtud del artículo 314-21 del Reglamento General de la AMF pueden facturarse al subfondo hasta un máximo de 0,01 % de su patrimonio neto.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Short Duration Credit se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Tech Impact
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 5 de junio de 2020. El subfondo se creó el 29 de junio de 2020.
- Código ISINAcción A EUR: FR0013488244 Acción A USD: FR0050000720 Acción B EUR: FR0013488251 Acción CR EUR: FR0013488269 Acción CR USD: FR0050000738 Acción CRD EUR: FR0013488277

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

- Régimen fiscal específicoNo procede
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónCon un horizonte de inversión recomendado superior a cinco años, el subfondo tiene como objetivo obtener una rentabilidad, una vez deducidos los gastos de gestión, superior a la de su índice de referencia, mediante la inversión en empresas de los mercados de renta variable internacionales cuya actividad principal sea la innovación tecnológica y que traten de combinar rentabilidad financiera con buenas prácticas en materia de ESG. Estas sociedades se seleccionarán sobre la base de un análisis en el que se combinarán la rentabilidad financiera y el cumplimiento de criterios extrafinancieros. A través de sus inversiones, el subfondo tratará de desarrollar el ecosistema tecnológico mundial y, más concretamente, el europeo.

El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaA título indicativo, la rentabilidad del subfondo podrá compararse con la del índice MSCI ACWI Information Technology NR expresado en euros y en USD para las participaciones denominadas en esta misma divisa.

El índice MSCI ACWI Information Technology NR refleja las variaciones de los valores tecnológicos de los mercados internacionales, tanto desarrollados como emergentes. Este índice se calcula con dividendos netos reinvertidos. Puede encontrarse información adicional sobre este índice en el sitio web www.msci.com.
El administrador MSCI Limited (sitio web: http://www.msci.com) del índice de referencia MSCI ACWI Information Technology no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
Puesto que la gestión del subfondo no replica un índice, la rentabilidad del mismo podrá diferir considerablemente de la rentabilidad del índice de referencia, que solo es un índice comparativo.
- Estrategia de inversión. Estrategias utilizadas:Para lograr su objetivo, el gestor implementará una gestión discrecional a través de una selección basada en un análisis de empresas en las que la innovación tecnológica constituye un aspecto central de su actividad.

Esta selección se llevará a cabo sobre la base de criterios financieros y extrafinancieros con el fin de cumplir los requisitos de la inversión socialmente responsable.
A través de estas inversiones, la estrategia tratará, en particular, de apoyar la creación y el desarrollo de un ecosistema tecnológico francés y europeo que tenga un impacto notable en términos de creación de empleo directo e indirecto, de inversión en investigación y desarrollo y de nuevos conocimientos tecnológicos.
Por lo tanto, el gestor supervisa los indicadores de rentabilidad mensurables: el número de puestos de trabajo creados por las empresas europeas de la cartera y la dinámica de creación de empleo en la misma zona geográfica, el gasto en investigación y desarrollo (I+D) sobre el volumen de negocios y otros indicadores de impacto social, medioambiental y de gobernanza. Esta lista de indicadores no está completa. El informe de impacto del subfondo está disponible en el sitio web de la sociedad gestora.
La filosofía de gestión del subfondo tiene por objetivo invertir en empresas que orientan sus decisiones estratégicas y operativas hacia la búsqueda de rentabilidad global —a la vez económica y financiera, social, de gobierno y medioambiental— dentro del respeto y la confianza de sus partes interesadas, tanto internas como externas.
La cartera se gestionará de forma dinámica: se ajustará periódicamente con el fin de adaptarse a los cambios del mercado y a las apuestas del equipo de gestión.
El universo de inversión ESG del subfondo está compuesto por empresas internacionales con una capitalización bursátil superior a 100 millones de euros, especializadas en las tecnologías de la información y que han sido objeto de un análisis extrafinanciero.
La Sociedad gestora puede seleccionar valores que no formen parte de este universo ESG. No obstante, garantizará que el universo ESG seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
El universo de inversión del subfondo está compuesto por todos los valores mundiales con una capitalización bursátil superior a 100 millones e inferior a 10.000 millones de euros, en el momento de la adquisición, que han sido objeto de un análisis extrafinanciero.
El proceso de inversión comienza con la identificación de temas de innovación tecnológica que permitan nuevos productos, actividades o servicios, y que tengan un impacto en el ecosistema tecnológico. Estos temas incluyen, entre otros, la informática en la nube, la inteligencia artificial y el análisis de datos, la automatización y la robótica, o el Internet de las cosas.
Estos temas van mucho más allá del sector de la tecnología tradicional, como se refleja en los principales índices de mercado. El subfondo también podrá invertir, aunque no de forma exclusiva, en los sectores de la industria (p. ej., la robótica), los servicios de comunicación (p. ej., las redes sociales), la salud (p. ej., el análisis del genoma), las finanzas (p. ej., las técnicas de pago), el consumo (p. ej., el comercio electrónico) o la energía (p. ej., las energías alternativas). El estudio de cada tema permite posteriormente identificar los principales líderes o beneficiarios en materia de innovación. Las empresas que componen el universo de inversión serán seleccionadas sobre la base de un análisis que cumpla los criterios extrafinancieros que se detallan a continuación.
Análisis de los criterios extrafinancieros:
Este análisis permite seleccionar valores de acuerdo con una tabla de calificación ESG específica de la sociedad gestora, que clasifica los títulos de acuerdo con los criterios ambientales, sociales y de gobernanza que se enumeran a continuación:
Medio ambiente: consumo de energía, emisiones de gases de efecto invernadero, agua, residuos, contaminación, estrategia de gestión medioambiental, impacto ecológico.
Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad.
Gobernanza: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, interés de los accionistas.
El modelo de calificación ISR se construyó:
- De acuerdo con el enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector.
- Con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los tres pilares extrafinancieros se les asigna un peso mayor o menor de acuerdo con el sector considerado, lo que resulta en un peso diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por el problema ambiental, mientras que una sociedad en el sector de servicios empresariales verá una mayor ponderación dada a los factores sociales.

Para determinar si la empresa analizada posee las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gobernanza de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el gestor podrá emplear una calificación ESG otorgada por el proveedor de calificación externo utilizado por la Sociedad gestora.Como mínimo un 90 % del patrimonio neto de la cartera ostenta una calificación ESG interna o de una agencia de calificación externa.
La metodología de calificación utilizada por la agencia de calificación externa contratada por la Sociedad gestora puede diferir del enfoque metodológico empleado para calcular las calificaciones propias.. En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
Tras aplicar este proceso, el universo de inversión se reducirá en un 20 % al eliminar las peores calificaciones extrafinancieras.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo estará expuesto a los mercados internacionales de renta variable entre el 60 % y el 100 % de su patrimonio neto directa o indirectamente a través de IIC, contratos financieros, ADR (American Depositary Receipts), GDR (Global Depositary Receipts) y P-notes (Participatory Notes). Los ADR/GDR son certificados negociables emitidos por bancos depositarios y representativos de un número determinado de acciones de una sociedad. Las P-notes son instrumentos financieros emitidos por inversores autorizados en el mercado indio que dan derecho a la rentabilidad de una acción de una empresa determinada.
Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros. La exposición a las empresas francesas y/o europeas representará como mínimo un 15 % del patrimonio neto en la creación de la cartera. Esta última alcanzará un mínimo del 30 % a partir del tercer año de vida de la cartera (el primer día siguiente a dos años de actividad a partir de la fecha de constitución de la cartera) y se fijará en un mínimo del 50 % a partir del quinto año (el primer día siguiente al periodo de cuatro años posterior a la fecha de constitución de la cartera). En efecto, el objetivo final de la estrategia es apoyar la innovación tecnológica de las empresas francesas y/o europeas en el tiempo y en función de la profundidad del mercado mencionado.
El subfondo podrá invertir hasta el 20 % de sus activos en títulos cotizados en Shanghái y Shenzhen mediante el uso de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales.
Habida cuenta de su estrategia de inversión, el subfondo podrá quedar expuesto a los mercados de renta variable de los países emergentes hasta el 85 % de su patrimonio neto durante los dos primeros años de vida de la cartera, hasta el 70 % de su patrimonio neto en los dos años siguientes y hasta el 50 % de su patrimonio neto a partir del quinto año de vida de la cartera.
La inversión a través de las IIC no podrá superar el 10 % del patrimonio neto.
El subfondo podrá invertir hasta un 40 % del patrimonio neto en títulos de crédito e instrumentos del mercado monetario de emisores públicos, asimilados o privados, a tipo fijo y/o variable, y sin restricciones por área geográfica o vencimiento. Estos instrumentos tendrán principalmente la categoría de «Investment Grade» en su emisión (es decir, títulos con el menor riesgo de impago por parte de los emisores) según las agencias de calificación crediticia independientes, o que cuenten con una calificación interna equivalente de la sociedad gestora.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Dentro del límite del 10 % de su patrimonio neto, el subfondo podrá recurrir asimismo a los valores sin calificar que cuenten con una calificación interna de la sociedad gestora o con una calificación de «alto rendimiento» (valores especulativos, aquellos que presentan el mayor riesgo de incumplimiento del emisor, con una calificación inferior a BBB- según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Con un límite de una vez su patrimonio neto, el subfondo podrá participar en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles.
Asimismo, el subfondo podrá mantener derivados integrados a título accesorio, hasta en un 10 % de su patrimonio neto. La utilización de los instrumentos con derivados implícitos no podrá aumentar la exposición global del fondo al riesgo de renta variable en más del 100 % de su patrimonio neto.
El subfondo, que tiene por objeto la inversión en valores sin distinción de zona geográfica, podrá invertir en valores no expresados en euros y, por consiguiente, estar expuesto al riesgo de cambio hasta el 85 % de su patrimonio neto durante los dos primeros años de vida de la cartera, hasta el 70 % de su patrimonio neto en los dos años siguientes y hasta el 50 % de su patrimonio neto a partir del quinto año de vida de la cartera. En función de las previsiones del gestor respecto de la evolución a la baja de las variaciones de cambio, y con fines de cobertura, el subfondo podrá recurrir a contratos a plazo sobre divisas o swaps de cambio.
Todos estos títulos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
De acuerdo con el objetivo de tener una trayectoria climática en consonancia con el Acuerdo de París, el subfondo favorece a las empresas cuyo modelo de negocio ofrezca soluciones para la transición energética y ecológica. Así, el gestor analiza si la actividad (y, en concreto, las inversiones en capital) está alineada con la taxonomía, aunque su función no queda restringida por ello.
Este enfoque no garantiza un nivel mínimo de alineación con la taxonomía. Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
. Sobre los activos:
Renta variable
La cartera está expuesta entre el 60 % y el 100 % de su patrimonio neto en renta variable internacional y títulos asimilados (ADR, GDR, P-notes) de empresas de cualquier capitalización en las que la innovación tecnológica constituya una parte esencial de su actividad. En la selección de los títulos se dará prioridad a las políticas de inversión centradas en la búsqueda de acciones cuyas previsiones alcistas de la cotización son superiores a la media del mercado. La asignación geográfica se realizará entre los diferentes mercados bursátiles mundiales, incluidos los mercados emergentes. Las acciones se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Títulos de crédito e instrumentos del mercado monetario
El subfondo podrá invertir hasta un 40 % del patrimonio neto en títulos de crédito e instrumentos del mercado monetario de emisores públicos, asimilados o privados, a tipo fijo y/o variable, y sin restricciones por área geográfica o vencimiento. Estos instrumentos se emitirán en la categoría de «Investment Grade» (es decir, títulos con el menor riesgo de impago por parte de los emisores) otorgada por agencias de calificación independientes, o que se beneficien de una calificación interna equivalente de la sociedad gestora, pero también, hasta un máximo del 10 %, en instrumentos sin calificar, pero que cuentan con una calificación interna emitida por la sociedad gestora, o que tienen una calificación de «alto rendimiento» (valores especulativos, aquellos que presentan el mayor riesgo de incumplimiento del emisor, con una calificación inferior a BBB- según Standard & Poor’s o una agencia equivalente, o que la sociedad gestora les otorgue una calificación interna equivalente).
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación. Los instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Acciones o participaciones de otros OICVM, FIA o fondos de inversión de derecho extranjero
El subfondo podrá poseer hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos o intervenir en sectores más específicos (por ejemplo, tecnología, sanidad, medio ambiente), incluidos los índices cotizados, para aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo, materias primas o sector inmobiliario).
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada. Las participaciones o acciones de las IIC seleccionadas no serán objeto de un análisis extrafinanciero.
Instrumentos derivados
Con un límite de una vez su patrimonio, el subfondo podrá invertir en contratos financieros negociados en mercados regulados, organizados u OTC para celebrar:
- contratos de opciones sobre acciones tanto para disminuir la volatilidad de las acciones como aumentar la exposición del subfondo,
- contratos de futuros para dirigir la exposición de las acciones, y contratos de índices; y
- contratos a plazo sobre divisas o swaps de divisas para cubrir la exposición a determinadas divisas en el marco de las acciones de fuera de la zona euro.

El empleo de contratos financieros no podrá aumentar la exposición global del subfondo con un riesgo de renta variable superior al 100 %. Los contratos de opciones y de futuros se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
El subfondo no utilizará swaps de rentabilidad total.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Títulos con derivados implícitos
El subfondo podrá utilizar títulos con derivados implícitos dentro del límite del 10 % del patrimonio neto. La estrategia aplicable para los derivados implícitos es la misma que la descrita para los derivados.
Estos son warrants, bonos de suscripción o de obligaciones exigibles o negociables.
Estos instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Depósitos
El subfondo podrá efectuar depósitos en el depositario hasta un límite máximo del 10 % de su patrimonio neto.
Préstamos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a sus flujos (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos No procede.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
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subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, bonos, monetarios, materias primas, divisas). Existe el riesgo de que e
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subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado al deterioro de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor.
La presencia de títulos de crédito directamente o a través de IIC en la cartera expone e
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subfondo a los efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión de
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera.
Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte e
l 
subfondo. El riesgo de contraparte surge cuando e
l 
subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene e
l 
subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
E
l 
subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte e
l 
subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas
al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualEste subfondo se dirige a aquellos inversores que deseen incrementar sus ahorros a través de empresas de la zona euro cuya actividad principal sea la innovación tecnológica y que apliquen una política activa a favor del desarrollo sostenible.

Acciones A EUR, A USD y B EUR: toda clase de suscriptores.
Acciones CR EUR, CR USD y CRD EUR: toda clase de suscriptores; estas acciones pueden comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Acciones I EUR, I USD, J EUR, J USD, K EUR, N EUR y S EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas
públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a cinco años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A EUR», «A USD», «CR EUR», «I EUR», «I USD», «K EUR», «N EUR» y «S EUR» | Acciones «B EUR», «CRD EUR», «J EUR» y «J USD» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial) por decisión de la sociedad gestora |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con trece categorías de acciones: Acciones «A EUR», «A USD», «B EUR», «CR EUR», «CR USD», «CRD EUR», «I EUR», «I USD», «J EUR», «J USD», «K EUR», «N EUR» y «S EUR».

La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CR USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones.
La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «N EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «S EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia y en Estados Unidos (calendario oficial de Euronext Paris S.A. y de NYSE).

Valor liquidativo inicial:
Acción A EUR: 100 € Acción A USD: 100 USD
Acción B EUR: 100 € Acción CR EUR: 100 € Acción CR USD: 100 USD
Acción CRD EUR: 100 € Acción I EUR: 100 € Acción I USD: 100 USD
Acción J EUR: 100 € Acción J USD: 100 USD
Acción K EUR: 100 € Acción N EUR: 100 € Acción S EUR: 100 €
Importe mínimo de suscripción inicial:
| Acción A EUR: Una acción Acción A USD: Una acción Acción B EUR: Una acción |
| --- |
| Acción CR EUR: Una acción Acción CR USD: Una acción |
| Acción CRD EUR: Una acción Acción I EUR: 500 000 € Acción I USD: 500 000 USD Acción J EUR: 500 000 € Acción J USD: 500 000 USD Acción K EUR: 500 000 € Acción N EUR: 15 000 000 € Acción S EUR: 15 000 000 € |

Esta cantidad no se aplica a las suscripciones realizadas por el comercializador, el gestor financiero, el depositario o los empleados de este último.
Cantidad mínima de suscripciones subsiguientes:
Acción A EUR: Una milésima de acción Acción A USD: Una milésima de acción Acción B EUR: Una milésima de acción Acción CR EUR: Una milésima de acción Acción CR USD: Una milésima de acción Acción CRD EUR: Una milésima de acción Acción I EUR: Una milésima de acción Acción I USD: Una milésima de acción Acción J EUR: Una milésima de acción Acción J USD: Una milésima de acción Acción K EUR: Una milésima de acción Acción N EUR: Una milésima de acción Acción S EUR: Una milésima de acción
Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo mutuo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender
las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV.
En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Posibilidad prevista de limitar o detener las suscripciones:
La SICAV dejará de emitir nuevas acciones S EUR cuando el saldo de las mismas alcance 200 millones de euros. Por lo tanto, las acciones S EUR ya no podrán suscribirse a partir de dicho importe.
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Tech Impact | Valor Liquidativo x N.º de acciones | Acción A EUR: 3 % como máximo |
| Acción A USD: 3 % como máximo |
| Acción B EUR: 3 % como máximo |
| Acción CR EUR: 3 % como máximo |
| Acción CR USD: 3 % como máximo |
| Acción CRD EUR: 3 % como máximo |
| Acción I EUR: No procede |
| Acción I USD: No procede |
| Acción J EUR: No procede |
| Acción J USD: No procede |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción S EUR: No procede |
| Comisión	de	suscripción	atribuida	al subfondo EdR SICAV – Tech Impact | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Tech Impact | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Tech Impact | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: máximo del 1,80 %, impuestos incluidos |
| Acción A USD: máximo del 1,80 %, impuestos incluidos |
| Acción B EUR: máximo del 1,80 %, impuestos incluidos |
| Acción CR EUR: máximo del 1,05 %, impuestos incluidos |
| Acción CR USD: máximo del 1,05 %, impuestos incluidos |
| Acción CRD EUR: máximo del 1,05 %, impuestos incluidos |
| Acción I EUR: máximo del 0,90 %, impuestos incluidos |
| Acción I USD: máximo del 0,90 %, impuestos incluidos |
| Acción J EUR: máximo del 0,90 %, impuestos incluidos |
| Acción J USD: máximo del 0,90 %, impuestos incluidos |
| Acción K EUR: máximo del 1,00 %, impuestos incluidos |
| Acción N EUR: máximo del 0,70 %, impuestos incluidos |
| Acción S EUR: máximo del 0,25 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: máximo del 0,15 %, impuestos incluidos |
| Acción A USD: máximo del 0,15 %, impuestos incluidos |
| Acción B EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CR USD: máximo del 0,15 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I USD: máximo del 0,15 %, impuestos incluidos |
| Acción J EUR: máximo del 0,15 %, impuestos incluidos |
| Acción J USD: máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: máximo del 0,15 %, impuestos incluidos |
| Acción N EUR: máximo del 0,15 %, impuestos incluidos |
| Acción S EUR: máximo del 0,15 %, impuestos incluidos |

| Comisiones por movimientos | Sobre la base del importe de la operación | No procede |
| --- | --- | --- |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción A USD: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción B EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción CR EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción CR USD: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción CRD EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción I EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción I USD: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción J EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción J USD: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción S EUR: máximo del 15 % anual de la rentabilidad superior al índice de referencia MSCI ACWI Information Technology, con dividendos netos reinvertidos. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1)  Comisión de rentabilidad superior:
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades:
Índice de referencia: el MSCI ACWI Information Technology Index denominado en EUR o USD para las acciones denominadas en la misma divisa.
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 20 % a la rentabilidad superior.
Se podrá aplicar una comisión de rentabilidad superior en caso de que la rentabilidad absoluta de la acción generada durante el periodo de referencia sea negativa.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones. El periodo de referencia para el cálculo de la comisión de rentabilidad superior se cerrará en la fecha del último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, la comisión no se pagará y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, el periodo de referencia no se prorrogará. A continuación se establecerá un nuevo periodo de referencia que comenzará cuando haya finalizado el último.
Al final de un periodo de referencia:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia.
- Si la diferencia entre el VL de la acción y su VL objetivo es negativa, no se pagará ninguna comisión de rentabilidad.
	- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
	- Cuando el periodo de referencia sea superior o igual a 5 años, habrá terminado y el VL al final de dicho periodo se convertirá en el nuevo VL de referencia.


Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo (t)) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo en la fecha t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo (t) = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos. Ejemplo 1:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 105 | 95 |
| VL | 100 | 101 | 99 |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Prorrogación |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | Renovación |

*Desde el inicio del periodo de referencia
**De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL – VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Prorrogación |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Prorrogación |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Prorrogación |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Prorrogación |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Renovación |

*Desde el inicio del periodo de referencia
**De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se renovará, aunque ya se haya prorrogado 4 veces. Se establecerá un nuevo VL de referencia en 107.
Ejemplo 3:
| PERIODO | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL OBJETIVO | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| BASE DE CÁLCULO: VL – VL OBJETIVO |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Prorrogación |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | Renovación |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Tech Impact se abonarán al subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV.
Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
EdR SICAV – Green New Deal
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 19 de mayo de 2020. El subfondo se creó el 24 de mayo de 2020.
- Código ISIN

| Acción A CHF: | FRXXXXXXXX |
| --- | --- |
| Acción A EUR: | FRXXXXXXXX |
| Acción A USD: | FRXXXXXXXX |
| Acción B CHF: | FRXXXXXXXX |
| Acción B EUR: | FRXXXXXXXX |
| Acción B USD: | FRXXXXXXXX |
| Acción CR EUR: | FRXXXXXXXX |
| Acción CR USD: | FRXXXXXXXX |
| Acción CRD EUR: | FRXXXXXXXX |
| Acción CRD USD: | FRXXXXXXXX |
| Acción I CHF: | FRXXXXXXXX |
| Acción I EUR: | FRXXXXXXXX |
| Acción I USD: | FRXXXXXXXX |
| Acción J CHF: | FRXXXXXXXX |
| Acción J EUR: | FRXXXXXXXX |
| Acción J USD: | FRXXXXXXXX |
| Acción K EUR: | FRXXXXXXXX |
| Acción KD EUR: | FRXXXXXXXX |
| Acción R EUR: | FR0050000068 |

- 
###### Régimen fiscal específico

No procede.
- 
###### Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjero

Hasta el 10 % del patrimonio neto.
- 
###### Objetivo de gestión

El objetivo del subfondo es obtener, en un horizonte de inversión recomendado superior a cinco años, una rentabilidad superior a la de su índice de referencia, el MSCI World (NR) EUR, mediante la inversión en mercados de renta variable internacionales seleccionando sociedades vinculadas a temas relacionados con el cambio climático. Estas sociedades se seleccionarán sobre la base de un análisis propio en el que se combinarán la rentabilidad financiera, el análisis temático y el cumplimiento de criterios extrafinancieros.
El subfondo está gestionado de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado. El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia. La diferencia con respecto al índice de referencia puede ser significativa, aunque, en ocasiones, también puede ser limitada.
- 
###### Índice de referencia

A título indicativo, la rentabilidad del subfondo podrá compararse con el índice MSCI World (NR), dividendos netos reinvertidos, expresado en euros para las participaciones denominadas en euros, o en dólares estadounidenses o francos suizos para las participaciones denominadas en dichas divisas. El índice MSCI World refleja las variaciones de los principales mercados internacionales. Puede encontrarse información adicional sobre este índice en el sitio web www.msci.com.
El administrador MSCI Limited (sitio web: http://www.msci.com) del índice de referencia MSCI World no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
Puesto que la gestión del subfondo no está referenciada a un índice, el rendimiento del mismo podrá diferir sensiblemente del índice de referencia, que solo es un indicador comparativo.
- 
###### Estrategia de inversión

. Estrategias utilizadas
Para lograr su objetivo, el gestor implementará una gestión discrecional a través de una selección de empresas y/o IIC que invierten en temas relacionados con el cambio climático sobre la base de un análisis financiero fundamental, así como la aplicación acumulativa de los siguientes enfoques extrafinancieros: (i) una inversión temática en la renta variable del subfondo, que representará permanentemente un mínimo del 75 % del patrimonio neto, y (ii) un filtro extrafinanciero y temático para los emisores de los valores (aplicables a las acciones y títulos de crédito/bonos). Al menos el 75 % del subfondo estará permanentemente invertido en acciones. Para cada sociedad de la cartera, se realizará una estimación de la parte de la actividad que contribuye directa o indirectamente a la transición energética y ecológica (cuota verde). Los datos utilizados proceden de un análisis propio y proveedores externos los han completado.
Esta medida se determinará a partir de una estimación de la actividad de la sociedad vinculada a once actividades ecológicas:
Aire limpio, edificios verdes, química verde, economía circular, eficiencia energética, energía limpia, financiación de la transición ecológica, movilidad sostenible, nutrición sostenible, salud y análisis, y tecnologías verdes de la información y la comunicación.
Una actividad que contribuya indirectamente puede consistir, por ejemplo, en la obtención de financiación, la adquisición de participaciones en empresas implicadas, la fabricación de componentes y programas informáticos utilizados en el marco de actividades ecológicas, o el consumo de productos derivados de dichas actividades.
La cuota verde se define en relación con las actividades ecológicas descritas anteriormente. Corresponde a un porcentaje de volumen de negocios, al EBITDA o a una métrica específica del sector (por ejemplo, la potencia instalada para una sociedad de generación de electricidad).
Cada sociedad en cartera se incluirá en una clasificación temática. El fondo invertirá un mínimo del 30 % y un máximo del 100 % de la renta variable en sociedades que, según un análisis propio de la sociedad gestora, están directamente relacionadas con esta temática («core»). Las sociedades «core» participan activamente en la mitigación de los efectos del cambio climático, la adaptación al cambio climático, el uso sostenible y la protección del agua y los recursos marinos, la transición a una economía circular, la prevención de residuos y el reciclaje, el control y la prevención de la contaminación y la protección de los ecosistemas sanos. Las sociedades «core» tienen una cuota verde igual o superior al 50 %. El subfondo también podrá invertir hasta un máximo del 30 % de la renta variable en las sociedades que faciliten la realización de estas actividades mediante financiación, productos de seguros o servicios informáticos («enablers»), cuya cuota verde es más difícil de medir. El subfondo también podrá invertir hasta un máximo del 40 % de la renta variable en empresas con un eje de desarrollo importante con respecto a la temática, sin que este eje represente su actividad principal («Leaders of tomorrow») con una cuota verde del 10 % al 50 %.
La cartera se gestionará de forma dinámica: se ajustará periódicamente con el fin de adaptarse a los cambios del mercado y a las apuestas del equipo de gestión. Las fases de identificación de los valores relacionados con la temática que respetan los criterios extrafinancieros se pueden resumir como sigue:
El universo de inversión de la cartera (universo inicial) está formado por los valores que componen el MSCI World. Además, el subfondo podrá incorporar sociedades que no se incluyan en el MSCI World, por ejemplo, sociedades de países emergentes. Estas sociedades tendrán una capitalización superior a 100 millones de euros en el momento de la adquisición. Estas sociedades deberán someterse, en cualquier caso, al mismo proceso de análisis extrafinanciero que los componentes del MSCI World. Por otra parte, el porcentaje de posesión de un valor en la cartera es independiente del peso del valor en este indicador y los valores presentes en el indicador de referencia pueden no estar en la cartera.
A continuación, se realiza un análisis extrafinanciero de todos los valores que componen el universo de inversión de la cartera (universo inicial). El universo de inversión se reducirá al eliminar el 20 % de los emisores menos idóneos.
- Se establecerá un primer filtro para excluir a las empresas cuya actividad se opone a la transición energética y ecológica. Esto comprende a las sociedades pertenecientes a los sectores MSCI GICS de las empresas petroleras integradas, de exploración y producción, de cementos y agregados, de extracción de carbón, las compañías aéreas y los servicios de transporte aéreo.

La filosofía de gestión del subfondo tiene por objetivo invertir en empresas que orientan sus decisiones estratégicas y operativas con vistas a un desarrollo sostenible. De este modo, guiarán su actividad hacia la búsqueda de
rentabilidad global —a la vez económica y financiera, social y medioambiental— dentro del respeto y la confianza de sus partes interesadas, tanto internas como externas, y bajo la presión de las limitaciones metodológicas relacionadas con la accesibilidad de los datos, la transparencia de las empresas y la incertidumbre relativa al impacto a largo plazo del cambio climático.
-  Los valores filtrados serán objeto de un análisis de los criterios extrafinancieros.

Este es un análisis cualitativo que hace posible seleccionar los valores según una tabla de calificación ESG específica de la sociedad gestora, que clasifica los valores de acuerdo con los criterios medioambientales, sociales y de gobierno, en concreto, los criterios enumerados a continuación:
Medio ambiente: consumo de energía, emisiones de GEI, agua, residuos, contaminación, estrategia de gestión ambiental, impacto ecológico;
Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;
Gobierno: estructura de los órganos de gobierno, política de remuneración, auditoría y control interno, accionistas.
El modelo de calificación ISR se construyó:
- de acuerdo con el enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector; y
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los tres pilares extrafinancieros se les asigna un peso más o menos de acuerdo con el sector considerado, lo que resulta en un peso diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por el problema ambiental, mientras que una sociedad en el sector de servicios empresariales verá un mayor peso dado a los factores sociales.

Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios ambientales, sociales y de gestión empresarial de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera.
La metodología de calificación utilizada por la agencia de calificación externa contratada por la Sociedad gestora puede diferir del enfoque metodológico empleado para calcular las calificaciones propias.En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
- Una vez que se haya puesto en práctica este proceso, el universo de inversión se reducirá al eliminar el 20 % de los emisores menos idóneos del índice de referencia del fondo, el MSCI World (NR).
- A continuación, el gestor determina la composición de la cartera seleccionando valores mediante un uso combinado de criterios financieros que permitan definir los valores con perspectivas de crecimiento significativas y criterios extrafinancieros para cumplir con los requisitos de Inversión socialmente responsable.

El subfondo expondrá entre el 75 % y el 110 % de su patrimonio neto a los mercados de renta variable internacionales, tanto directa como indirectamente a través de IIC y/o contratos financieros. La exposición a través de IIC no podrá superar el 10 % del patrimonio neto.
Las sociedades representadas en la cartera participarán, en particular, en los sectores de la energía, los productos básicos, los servicios comunitarios, las tecnologías de la información, la industria y el consumo, en concreto, en los transportes.
Habida cuenta de su estrategia de inversión, el subfondo podrá exponer hasta un 100 % de su patrimonio neto a los mercados de renta variable de los países emergentes.
El subfondo podrá invertir hasta el 20 % de sus activos en títulos cotizados en Shanghái y Shenzhen mediante el uso de los programas Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de
supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales.
Con fines de gestión de la tesorería, el subfondo podrá invertir hasta el 25 % de su patrimonio neto en títulos de crédito e instrumentos del mercado monetario negociados en mercados internacionales, incluidos los mercados emergentes, de forma directa y/o a través de IIC, con un límite del 10 % del patrimonio neto. Estos títulos, que cuentan con una calificación principal de «Investment Grade» (es decir, aquellos que presentan el menor riesgo de incumplimiento de los emisores, con una calificación superior o equivalente a BBB- según Standard & Poor’s u otra agencia equivalente, y que la sociedad gestora les otorgue una calificación interna equivalente) pero sin límite de duración, se seleccionan en función de su rendimiento esperado.
Con un límite del 10 % del patrimonio neto (excluidos los valores a corto plazo), el subfondo podrá recurrir asimismo a valores de «alto rendimiento» (valores especulativos, con una calificación inferior a BBB- según Standard & Poor’s u otra agencia equivalente, y que la sociedad gestora les otorgue una calificación interna equivalente, cuya probabilidad de incumplimiento es superior a la de los bonos de «Investment Grade») o invertir en IIC especializadas en bonos de «alto rendimiento» (valores especulativos).
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Con un límite de una vez su patrimonio neto, el subfondo podrá participar en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles.
Asimismo, el subfondo podrá mantener derivados implícitos (warrants o certificados), a título accesorio, hasta en un 10 % de su patrimonio neto. La utilización de los instrumentos con derivados implícitos no podrá aumentar la exposición global del fondo al riesgo de renta variable en más del 110 % de su patrimonio neto.
El subfondo, con el objeto de invertir en valores sin distinción de zona geográfica, podrá mantener títulos no denominados en euros y, por tanto, podrá exponerse al riesgo de cambio, con un límite de una vez su patrimonio neto. En función de las previsiones del gestor respecto de la evolución a la baja de las variaciones de cambio, y con fines de cobertura, el subfondo podrá recurrir a contratos a plazo sobre divisas o swaps de cambio.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
De acuerdo con el objetivo de tener una trayectoria climática en consonancia con el Acuerdo de París, el subfondo favorece a las empresas cuyo modelo de negocio ofrezca soluciones para la transición energética y ecológica. Así,
el gestor analiza si la actividad (y, en concreto, las inversiones en capital) está alineada con la taxonomía, aunque su función no queda restringida por ello.
Este enfoque no garantiza un nivel mínimo de alineación con la taxonomía. Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
. Activos utilizadosRenta variable:
La cartera expone entre el 75 % y el 110 % de su patrimonio neto en acciones de sociedades de todos los sectores cuya actividad está directa o indirectamente relacionada con el cambio climático, sin ninguna limitación geográfica. Invertirá en títulos de sociedades cuya capitalización bursátil en el momento de la adquisición sea equivalente, al menos, a 100 millones de euros. Los títulos seleccionados conferirán, o no, derecho a voto.
Títulos de crédito e instrumentos del mercado monetario:
El subfondo podrá invertir hasta el 25 % del patrimonio neto en títulos de crédito negociables y bonos, emitidos en dólares o en cualquier otra divisa, por entidades públicas o privadas, directamente o mediante IIC con un límite del 10 % del patrimonio neto.
Los emisores se seleccionarán sobre la base de las fases de identificación de los valores relacionados con la temática y que cumplan los criterios extrafinancieros antes mencionados.
Los instrumentos admisibles tendrán principalmente una calificación de «Investment Grade» (títulos con una calificación a largo plazo superior o equivalente a BBB-, o una calificación a corto plazo superior o equivalente a A-3 según Standard & Poor’s u otra agencia equivalente o considerada equivalente por la sociedad gestora). No obstante, con un límite del 10 % del patrimonio neto, el subfondo podrá recurrir a títulos de «alto rendimiento» (valores especulativos, con una calificación a largo plazo inferior a BBB-, o una calificación a corto plazo inferior a A-3 según Standard & Poor’s u otra agencia equivalente o que la sociedad gestora les otorgue una calificación interna equivalente, cuya probabilidad de incumplimiento es superior a la de los bonos de «Investment Grade»). Asimismo, el subfondo podrá invertir hasta un máximo del 10 % en valores que no tengan ninguna calificación pública difundida por una agencia de calificación financiera, pero con una calificación interna de la sociedad gestora.
Acciones o participaciones de otros OICVM, FIA o fondos de inversión de derecho extranjero:
El subfondo podrá poseer hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos, incluidos los índices cotizados, para aumentar la exposición a los mercados de renta variable o diversificar la exposición a otras clases de activos (por ejemplo: materias primas o sector inmobiliario).
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estas IIC y fondos de inversión podrán estar gestionados por la sociedad gestora o por una sociedad relacionada.
Instrumentos derivados:
Con un límite de una vez su patrimonio, el subfondo podrá invertir en contratos financieros negociados en mercados internacionales regulados, organizados o extrabursátiles con el fin de formalizar:
- contratos de opciones sobre acciones tanto para disminuir la volatilidad de las acciones como aumentar la exposición del subfondo;
- contratos de futuros para dirigir la exposición de las acciones, y contratos de índices; y
- contratos a plazo sobre divisas o swaps de divisas para cubrir la exposición a determinadas divisas en el marco de las acciones de fuera de la zona euro.

Los contratos de opciones y de futuros se seleccionarán sobre la base de las fases de identificación de los valores relacionados con la temática y que cumplan los criterios extrafinancieros antes mencionados.
El empleo de contratos financieros no podrá aumentar la exposición global del subfondo al riesgo de renta variable por encima del 110 %.
El subfondo no utilizará swaps de rentabilidad total.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
Títulos con derivados implícitos:
El subfondo podrá invertir en instrumentos financieros que contengan derivados implícitos (warrants o certificados) a título accesorio, hasta en un 10 % de su patrimonio neto. La utilización de instrumentos con derivados implícitos no podrá aumentar la exposición global del subfondo al riesgo de renta variable por encima del 110 % de su patrimonio neto.
Depósitos:
El subfondo podrá efectuar depósitos en el depositario hasta un límite máximo del 20 % de su patrimonio neto.
Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos:
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 25 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra, productos de tipos de interés o de crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
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###### Inversiones entre subfondos

El subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.
La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
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###### Perfil de riesgo

Su dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.
Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, bonos, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera. Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo asociado a las divisas de las participaciones denominadas en una divisa distinta de la del subfondo:
El accionista, suscriptor de otras divisas distintas a la divisa de referencia del subfondo (euro), está expuesto al riesgo de cambio, en caso de que este no esté cubierto. El valor de los activos del subfondo puede bajar si el tipo de cambio varía, lo que puede provocar una caída del valor liquidativo del subfondo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos:
La utilización de estas operaciones y la gestión de sus garantías pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse, en parte, en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también implica que puede ser difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista inicialmente.
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###### Garantía o protección:

No procede.
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###### Suscriptores interesados y perfil del inversor habitual

Acciones «A CHF», «A EUR», «A USD», «B CHF», «B EUR» y «B USD»: toda clase de suscriptores.
Acciones «I CHF», «I EUR», «I USD», «J CHF», «J EUR», «J USD», «K EUR» y «KD EUR»: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Las acciones «CR EUR», «CR USD», «CRD EUR» y «CRD USD» están destinadas a todos los suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es una parte interesada de dichos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a suscripción para los inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Acciones R EUR: toda clase de suscriptores, especialmente destinada a ser comercializada por distribuidores seleccionados a tal efecto por la sociedad gestora.
Este subfondo va dirigido especialmente a inversores que deseen dinamizar sus ahorros a través de mercados de acciones europeas, esencialmente de la Unión Europea.
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 5 años
- 
###### Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A CHF», «A EUR», «A USD», «CR EUR», «CR USD», «I CHF», «I EUR», «I USD», «K EUR» y «R EUR» | Acciones «B CHF», «B EUR», «B USD», «CRD EUR», «CRD USD», «J CHF», «J EUR», «J USD» y «KD EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |

| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |
| --- | --- | --- |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- 
###### Frecuencia de distribución

Acciones de capitalización: no aplicable
Acciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- 
###### Características de las acciones

El subfondo cuenta con diecinueve categorías de acciones: acciones «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» y «R EUR».
La acción «A CHF» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «B CHF» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B USD» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «CR USD» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CRD USD» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «I CHF» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I USD» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «J CHF» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J USD» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «KD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- 
###### Modalidades de suscripción y reembolso

Fecha y periodicidad del valor liquidativo:
Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia y EE. UU. (calendario oficial de Euronext Paris S.A. y de NYSE).
Valor liquidativo inicial:
| Acción A CHF: | 100 CHF |
| --- | --- |
| Acción A EUR: | 100 € |
| Acción A USD: | 100 $ |
| Acción B CHF: | 100 CHF |
| Acción B EUR: | 100 € |
| Acción B USD: | 100 $ |
| Acción CR EUR: | 100 € |
| Acción CR USD: | 100 $ |

| Acción CRD EUR: | 100 € |
| --- | --- |
| Acción CRD USD: | 100 $ |
| Acción I CHF: | 100 CHF |
| Acción I EUR: | 100 € |
| Acción I USD: | 100 $ |
| Acción J CHF: | 100 CHF |
| Acción J EUR: | 100 € |
| Acción J USD: | 100 $ |
| Acción K EUR: | 100 € |
| Acción KD EUR: | 100 € |
| Acción R EUR | 100 € |

Importe mínimo de suscripción inicial:
| Acción A CHF: | Una acción |
| --- | --- |
| Acción A EUR: | Una acción |
| Acción A USD: | Una acción |
| Acción B CHF: | Una acción |
| Acción B EUR: | Una acción |
| Acción B USD: | Una acción |
| Acción CR EUR: | Una acción |
| Acción CR USD: | Una acción |
| Acción CRD EUR: | Una acción |
| Acción CRD USD: | Una acción |
| Acción I CHF: | 500 000 CHF |
| Acción I EUR: | 500 000 € |
| Acción I USD: | 500 000 $ |
| Acción J CHF: | 500 000 CHF |
| Acción J EUR: | 500 000 € |
| Acción J USD: | 500 000 $ |
| Acción K EUR: | 500 000 € |
| Acción KD EUR: | 500 000 € |
| Acción R EUR: | Una acción |

Cantidad mínima de suscripciones subsiguientes:
| Acción A CHF: | Una milésima de acción |
| --- | --- |
| Acción A EUR: | Una milésima de acción |
| Acción A USD: | Una milésima de acción |
| Acción B CHF: | Una milésima de acción |
| Acción B EUR: | Una milésima de acción |
| Acción B USD: | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CR USD: | Una milésima de acción |
| Acción CRD EUR: | Una milésima de acción |
| Acción CRD USD: | Una milésima de acción |
| Acción I CHF: | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I USD: | Una milésima de acción |
| Acción J CHF: | Una milésima de acción |
| Acción J EUR: | Una milésima de acción |
| Acción J USD: | Una milésima de acción |
| Acción K EUR: | Una milésima de acción |
| Acción KD EUR: | Una milésima de acción |
| Acción R EUR: | Una milésima de acción |

Condiciones de suscripción y reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y reembolsos de acciones «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» y «R EUR» se ejecutan por importe o en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión del subfondo. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- 
###### Gastos y comisiones

Comisiones de suscripción y reembolso:
Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.
| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV  –  Green New Deal | Valor liquidativo x Número de acciones | Acción A CHF: 3 % como máximo |
| Acción A EUR: 3 % como máximo |
| Acción A USD: 3 % como máximo |
| Acción B CHF: 3 % como máximo |
| Acción B EUR: 3 % como máximo |
| Acción B USD: 3 % como máximo |
| Acción CR EUR: 3 % como máximo |
| Acción CR USD: 3 % como máximo |
| Acción CRD EUR: 3 % como máximo |
| Acción CRD USD: 3 % como máximo |
| Acción I CHF: No procede |
| Acción I EUR: No procede |

|  |  | Acción I USD: No procede |
| --- | --- | --- |
| Acción J CHF: No procede |
| Acción J EUR: No procede |
| Acción J USD: No procede |
| Acción K EUR: No procede |
| Acción KD EUR: No procede |
| Acción R EUR: 3 % |
| Comisión de suscripción atribuida al subfondo EdR SICAV  –  Green New Deal | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV  –  Green New Deal | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV  –  Green New Deal | Valor liquidativo x Número de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados al subfondo | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF: máximo del 1,70 %, impuestos incluidos |
| Acción A EUR: máximo del 1,70 %, impuestos incluidos |
| Acción A USD: máximo del 1,70 %, impuestos incluidos |
| Acción B CHF: máximo del 1,70 %, impuestos incluidos |
| Acción B EUR: máximo del 1,70 %, impuestos incluidos |
| Acción B USD: máximo del 1,70 %, impuestos incluidos |
| Acción CR EUR: máximo del 0,95 %, impuestos incluidos |
| Acción CR USD: máximo del 0,95 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,95 %, impuestos incluidos |
| Acción CRD USD: máximo del 0,95 %, impuestos incluidos |
| Acción I CHF: máximo del 0,85 %, impuestos incluidos |
| Acción I EUR: máximo del 0,85 %, impuestos incluidos |
| Acción I USD: máximo del 0,85 %, impuestos incluidos |
| Acción J CHF: máximo del 0,85 %, impuestos incluidos |
| Acción J EUR: máximo del 0,85 %, impuestos incluidos |
| Acción J USD: máximo del 0,85 %, impuestos incluidos |
| Acción K EUR: máximo del 1,00 %, impuestos incluidos |
| Acción KD EUR: máximo del 1,00 %, impuestos incluidos |
| Acción R EUR: máximo del 2,05 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF: máximo del 0,15 %, impuestos incluidos |
| Acción A EUR: máximo del 0,15 %, impuestos incluidos |
| Acción A USD: máximo del 0,15 %, impuestos incluidos |
| Acción B CHF: máximo del 0,15 %, impuestos incluidos |
| Acción B EUR: máximo del 0,15 %, impuestos incluidos |
| Acción B USD: máximo del 0,15 %, impuestos incluidos |

|  |  | Acción CR EUR: máximo del 0,15 %, impuestos incluidos |
| --- | --- | --- |
| Acción CR USD: máximo del 0,15 %, impuestos incluidos |
| Acción CRD EUR: máximo del 0,15 %, impuestos incluidos |
| Acción CRD USD: máximo del 0,15 %, impuestos incluidos |
| Acción I CHF: máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: máximo del 0,15 %, impuestos incluidos |
| Acción I USD: máximo del 0,15 %, impuestos incluidos |
| Acción J CHF: máximo del 0,15 %, impuestos incluidos |
| Acción J EUR: máximo del 0,15 %, impuestos incluidos |
| Acción J USD: máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: máximo del 0,15 %, impuestos incluidos |
| Acción KD EUR: máximo del 0,15 %, impuestos incluidos |
| Acción R EUR: máximo del 0,15 %, impuestos incluidos |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A CHF: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción A EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción A USD: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción B CHF: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción B EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción B USD: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción CR EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción CR USD: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción CRD EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |

|  |  | Acción CRD USD: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| --- | --- | --- |
| Acción I CHF: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción I EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción I USD: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción J CHF: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción J EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción J USD: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos reinvertidos. |
| Acción K EUR: No procede |
| Acción KD EUR: No procede |
| Acción R EUR: 15 % anual de la rentabilidad superior al índice de referencia MSCI World, con dividendos netos. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia: MSCI World, dividendos netos reinvertidos.
La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de septiembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, la comisión no se pagará y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces.
Al final de un periodo de referencia de 5 años o más, si la rentabilidad de la acción es inferior a la de su índice de referencia, el periodo de referencia no se prorrogará. A continuación, se establecerá un nuevo periodo de referencia que comenzará cuando haya finalizado el último.
Al final de un periodo de referencia:
- Si la diferencia entre el VL de la acción y su VL objetivo es positiva, se pagará una comisión de rentabilidad. Este VL se convertirá en el nuevo VL de referencia.
- Si la diferencia entre el VL de la acción y su VL objetivo es negativa, no se pagará ninguna comisión de rentabilidad.
- Cuando el periodo de referencia de la acción sea inferior a 5 años, este se prorrogará un año. En este caso, el VL de referencia no cambiará.
- Cuando el periodo de referencia sea superior o igual a 5 años, habrá terminado y el VL al final de dicho periodo se convertirá en el nuevo VL de referencia.

Método de cálculo
Importe de la provisión = MÁX. (0; VL (t) – VL objetivo) × tasa de comisión de rentabilidad superior VL (t): valor liquidativo en la fecha t
VL de referencia: último valor liquidativo del periodo de referencia anterior Fecha de referencia: fecha del VL de referencia
VL objetivo = VL de referencia × (valor del índice de referencia en la fecha t/valor del índice de referencia en la fecha de referencia) ajustado según las suscripciones, los reembolsos y los dividendos.
Ejemplos:
En los siguientes ejemplos se presupone que no hay suscripciones, reembolsos ni dividendos.
Ejemplo 1:
| Periodo |  | 0 |  | 1 | 2 |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VL objetivo |  | 100 | 105 | 95 |  |  |
| VL |  | 100 | 101 | 99 |  |  |
| Base de cálculo: VL – VL objetivo |  | -4 | 4 |  |  |
| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión** | Periodo renovado/prorrogado |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | No | Prorrogación |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Sí | Renovación |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodo 0-1: el VL al final del periodo de referencia es inferior al VL objetivo (101 frente a 105, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de -4). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior, y el periodo de referencia inicial de un año se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-2: el VL al final del periodo de referencia es superior al VL objetivo (99 frente a 95, diferencial/rentabilidad relativa desde el inicio del periodo de referencia de 4). La rentabilidad absoluta desde el inicio del periodo de referencia es negativa (VL al final del periodo de referencia: 99 < VL al inicio del periodo de referencia: 100). Se pagará una comisión de rentabilidad superior, que se calcula en función de la rentabilidad relativa acumulada desde el inicio del periodo de referencia (4). Su importe es igual a esta base de cálculo multiplicada por la tasa de comisión de rentabilidad superior. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 99.
Ejemplo 2:
| Periodo | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| VL objetivo | 100 | 102 | 104 | 106 | 108 | 110 |
| VL | 100 | 101 | 101 | 105 | 106 | 107 |
| Base de cálculo: VL - VL objetivo |  | -1 | -3 | -1 | -2 | -3 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | No | Prorrogación |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | No | Prorrogación |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | No | Prorrogación |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | No | Prorrogación |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | No | Renovación |

* Desde el inicio del periodo de referencia
** De rentabilidad superior
Periodos 0-1 y 0-2: la rentabilidad absoluta generada durante el periodo es positiva (VL > VL de referencia), pero la rentabilidad relativa es negativa (VL < VL objetivo). No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año al final del primer año y un año más al final del segundo. El VL de referencia no cambiará.
Periodo 0-3: la rentabilidad absoluta generada durante el periodo es positiva (5) y la rentabilidad relativa generada durante el año es positiva (4), pero la rentabilidad relativa acumulada desde el inicio del periodo de referencia (0-3) es negativa (-1). Por lo tanto, no se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año más. El VL de referencia no cambiará.
Periodo 0-4: la rentabilidad relativa durante el periodo de referencia es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se prorrogará de nuevo un año más por cuarta y última vez. El VL de referencia no cambiará.
Periodo 0-5: la rentabilidad relativa durante el periodo es negativa, no se pagará ninguna comisión de rentabilidad superior y el periodo de referencia se renovará aunque ya se haya prorrogado 4 veces. Se establecerá un nuevo VL de referencia en 107.
Ejemplo 3:
| Periodo | 0 | 1 | 2 |
| --- | --- | --- | --- |
| VL objetivo | 100 | 104 | 98 |
| VL | 100 | 102 | 106 |
| Base	de cálculo: VL - VL objetivo |  | -2 | 8 |

| Periodo | Rentabilidad acumulada de la acción* | Rentabilidad acumulada del índice* | Rentabilidad relativa acumulada* | Rentabilidad de la acción durante el último año | Rentabilidad del índice durante el último año | Rentabilidad relativa durante el último año | Percepción de la comisión | Periodo renovado/prorrogado |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | No | Prorrogación |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Sí | Renovación |

Periodo 0-1: rentabilidad absoluta positiva, pero rentabilidad inferior de -2 (102-104) durante el periodo de referencia. No se pagará ninguna comisión de rentabilidad superior. El periodo de referencia se prorrogará un año. El VL de referencia no cambiará.
Periodo 0-2: rentabilidad absoluta positiva y rentabilidad superior de 8 (106-98). Por lo tanto, se cobrará una comisión de rentabilidad superior con una base de cálculo de 8. El periodo de referencia se renovará y se establecerá un nuevo VL de referencia en 106.
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Green New Deal se reinvertirá en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
EdR SICAV – Corporate Hybrid Bonds
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 5 de noviembre de 2021. El subfondo se creó el 9 de diciembre de 2021.
- Código ISIN

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

- Régimen fiscal específicoNo procede
- Delegación de la gestión financieraEdmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.

Dicha delegación de la gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- ClasificaciónObligaciones y otros títulos de crédito internacionales.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo del subfondo es superar, durante el periodo de inversión recomendado, la rentabilidad del índice ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained mediante una cartera invertida principalmente en títulos de deuda híbridos de empresas de cualquier zona geográfica. Estos títulos de renta fija están emitidos por empresas no financieras con las siguientes características: rango de pago subordinado y emitidos con un vencimiento «perpetuo» o superior a 50 años en el momento de la emisión.

El subfondo se gestiona de forma activa, lo que significa que el gestor toma las decisiones de inversión con vistas a alcanzar el objetivo y la política de inversión del subfondo. Dicha gestión activa comprende la toma de decisiones relativas a la selección de activos, la asignación regional, los sesgos sectoriales y el nivel global de exposición al mercado.
El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
- Índice de referenciaEl índice de referencia del subfondo es el índice ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained cubierto en EUR publicado por ICE Benchmark Administration Limited. Es representativo del mercado de deuda corporativa híbrida no financiera. El índice de referencia se expresa en la divisa de la acción pertinente.

El índice de referencia para las subcategorías (H) denominadas en CHF es el índice ICE BofA Global Hybrid Non- Financial Corporate Constrained cubierto y expresado en CHF y el índice de referencia para las subcategorías (H) denominadas en USD es el índice ICE BofA Global Hybrid Non-Financial Corporate Constrained cubierto y expresado en USD.
Puesto que la gestión del subfondo no está referenciada a un índice, su rendimiento podrá diferir del de su índice de referencia, que solo es un indicador comparativo.
Los tipos e índices que se utilizan son anualizados. El cálculo de la rentabilidad de este índice incluye los cupones.
El administrador ICE Benchmark Administration Limited (sitio web: https://www.theice.com/iba) del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate Constrained no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento de índices de referencia.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadas:Para lograr su objetivo de gestión, el gestor invertirá de forma discrecional en títulos de renta fija, de los cuales entre el 50 % y el 100 % del patrimonio neto se invertirá en obligaciones híbridas, emitidas por empresas no financieras, internacionales, públicas o privadas y hasta el 15 % del patrimonio neto en obligaciones de entidades financieras.

El universo de inversión ESG está compuesto por los valores del índice de referencia del subfondo.
La Sociedad gestora puede seleccionar valores que no formen parte del índice. No obstante, garantizará que el índice de referencia seleccionado sea un parámetro de comparación pertinente para la calificación ESG del subfondo.
El subfondo también podrá invertir hasta el 10 % de su patrimonio neto en obligaciones, incluidas las híbridas, pertenecientes a la categoría especulativa de «High Yield» (emisiones especulativas con una calificación a largo plazo de Standard & Poor’s o equivalente inferior a BBB-, o con una calificación interna equivalente por parte de la sociedad gestora), o sin calificación por parte de las agencias de calificación. En el caso de las obligaciones híbridas «High Yield», se utiliza la calificación de la deuda principal del emisor.
El subfondo podrá invertir, dentro del límite del 20 % de su patrimonio neto, en títulos de renta fija emitidos por empresas financieras y no financieras, domiciliadas en países emergentes. No obstante, estas obligaciones estarán denominadas en una divisa de países considerados desarrollados (EUR, GBP, CHF, USD y JPY).
El gestor podrá asimismo invertir hasta el 15 % del patrimonio neto, en todo tipo de títulos de renta fija del sector financiero, tanto en valores principales como en títulos subordinados, con independencia de su fecha, de cualquier rango de subordinación (Tier 1, Upper Tier 2 o Lower Tier 2) incluidos los títulos híbridos (como los AT1). Los títulos seleccionados pueden tener una calificación de «Investment Grade» (una calificación igual o superior a BBB- según Standard & Poor’s o equivalente, o calificada por la sociedad gestora como equivalente) o estar en la categoría especulativa de «High Yield» (títulos especulativos con calificación a largo plazo de Standard & Poor’s o equivalente inferior a BBB-, o con una calificación interna de la sociedad gestora equivalente) o sin calificación por parte de las agencias de calificación.
Por lo general, los títulos principales se definen como prioritarios con respecto a los títulos subordinados en caso de impago del emisor. Los títulos subordinados suelen incluir rangos de prioridad (en caso de impago) definidos contractualmente en los folletos de emisiones.
Teniendo en cuenta que el subfondo puede invertir en obligaciones de cualquier rango de subordinación, existe la posibilidad de que estos instrumentos se conviertan en acciones a iniciativa del regulador o en el caso, por ejemplo, de que un coeficiente de solvencia caiga por debajo de un umbral generalmente definido por contrato.
En caso de conversión en acciones de las obligaciones mantenidas en cartera, el subfondo podrá mantener temporalmente acciones dentro del límite del 10 % de su patrimonio neto y procederá sin demora a su venta, dando prioridad a los intereses de los partícipes.
Con fines de cobertura de sus activos y/o de cumplimiento de su objetivo de gestión, sin buscar una sobreexposición y dentro del límite del 100 % de su patrimonio neto, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados (futuros, futuros sobre tipos de interés, futuros sobre divisas y opciones cotizadas), organizados o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. En este sentido, el subfondo podrá adoptar posiciones con el fin de cubrir la cartera contra ciertos riesgos (de tipos de interés, de crédito, de cambio) o de exponerse a algunos riesgos de tipos de interés y de crédito. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o exponer la cartera a los riesgos de crédito de uno o varios emisores. Estas estrategias se implementarán principalmente mediante la compra o la venta de protecciones a través de derivados de crédito de tipo «Credit Default Swap», en una única entidad de referencia o en índices (iTraxx o CDX).
El subfondo podrá utilizar títulos con derivados implícitos según las mismas modalidades y con los mismos objetivos previstos anteriormente para los instrumentos derivados.
El valor nominal de las ventas de protección mediante derivados de crédito no podrá superar el 60 % del patrimonio neto del subfondo. El valor nominal de las compras de protección mediante derivados de crédito no podrá superar el 70 % del patrimonio neto del subfondo.
Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
Al menos el 90 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de categoría de inversión («Investment Grade») y el 75 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de alto rendimiento («High Yield») ostentan una calificación ESG en la cartera. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinanciera y externa. Ambos coeficientes se expresan en forma de capitalización del patrimonio neto de la inversión colectiva.
Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión. Además, el gestor no invertirá en aquellos valores que tengan la peor calificación otorgada por el proveedor de calificación externo utilizado por la Sociedad gestora.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta los principales impactos negativos en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Dado que actualmente el fondo/subfondo no puede ofrecer datos fiables que permitan evaluar la proporción en que puede cumplir o respetar las disposiciones del Reglamento de Taxonomía, tampoco puede calcular de forma completa y precisa sus inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, de conformidad con la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %. La estrategia se basa a la vez en un enfoque ascendente («Bottom Up») y descendente («Top Down»).
El enfoque ascendente, basado en una combinación de análisis crediticio y de valoración a nivel del «emisor» y de la «emisión», tiene como objetivo identificar emisores y/o emisiones con un valor relativo más alto que otros. El modo de selección se basa en un análisis fundamental y cuantitativo de cada emisor y emisión que se articula en torno a la evaluación de criterios como:
- la legibilidad de la estrategia de la empresa;
- su solvencia; y
- el carácter «estratégico» de la empresa.

Por último, en el universo de los emisores seleccionados mediante una combinación de análisis cuantitativo y fundamental, la elección de las exposiciones se realizará en función de características como la calificación del emisor, la liquidez de los títulos o su vencimiento.
El enfoque descendente, basado en un análisis de la situación macroeconómica, se utiliza para determinar los riesgos y las oportunidades desde una perspectiva macroeconómica o descendente y, a su vez, el nivel de riesgo global deseado y la exposición de la cartera a los temas clave, incluyendo, entre otros, la sensibilidad al crédito, la geografía, la exposición sectorial y la sensibilidad a los tipos de interés. El enfoque macroeconómico trata de combinar visiones temáticas discrecionales con enfoques basados en la valoración para ayudar en el proceso de construcción de la cartera con el fin de lograr el objetivo de inversión. Incorpora también, en el marco de la gestión del subfondo, el aspecto reglamentario global y local dentro del cual evolucionan los emisores.
La adquisición de títulos o IIC denominados en una divisa distinta del subfondo será objeto de una cobertura del riesgo de cambio, realizada tan pronto como sea posible desde el punto de vista operativo, independientemente de la divisa de denominación de la acción suscrita por el inversor. No obstante, podría subsistir un riesgo de cambio residual que no se prevé que supere el 2 %.
Asimismo, el gestor implementará una gestión de la sensibilidad del subfondo a los tipos de interés, que podrá oscilar entre 0 y 10.
En los periodos en los que la estrategia de inversión lleve al equipo de gestión a reducir la exposición del subfondo a las obligaciones y/u otros títulos de crédito, con el fin de permitir el cumplimiento del objetivo de gestión, el subfondo podrá estar expuesto hasta en un 100 % a títulos negociables a corto plazo y Euro Commercial Papers. Estos instrumentos financieros también podrán utilizarse a título accesorio con fines de inversión de liquidez.
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
. Sobre los activos:
Renta variable
El subfondo no pretende mantener acciones.
No obstante, teniendo en cuenta que el subfondo puede invertir en obligaciones de cualquier rango de subordinación o en obligaciones convertibles contingentes, existe la posibilidad de que estos instrumentos se conviertan en acciones a iniciativa del regulador o en el caso, por ejemplo, de que un coeficiente de solvencia caiga por debajo de un umbral generalmente definido por contrato. En caso de conversión en acciones de las obligaciones mantenidas en cartera, el subfondo podrá mantener temporalmente acciones dentro del límite del 10 % de su patrimonio neto y procederá sin demora a su venta, dando prioridad a los intereses de los partícipes.
Títulos de crédito e instrumentos del mercado monetario: (hasta el 100 % de la cartera)
Características generales:
| Sensibilidad a los tipos de interés: | - | [0; +10] |
| --- | --- | --- |
| Zona geográfica de los emisores | Todas las zonas geográficas | 100 % máximo del patrimonio neto |
| Países emergentes | 20 % máximo del patrimonio neto |
| Divisas de la OCDE (para países emergentes: emisiones denominadas solo en: EUR, GBP, CHF, USD y JPY) | 100 % máximo del patrimonio neto |
| Nivel de riesgo de cambio | - | Residual (2 % máximo del patrimonio neto) |

Distribución de la deuda privada/pública:
El subfondo podrá invertir hasta el 100 % de su patrimonio neto en deuda privada.
Asimismo, el subfondo podrá invertir en títulos de Estados emitidos por un país de la OCDE, especialmente en el marco de la gestión de la liquidez.
Criterios relativos a la calificación y la subordinación:
El subfondo podrá estar expuesto hasta el 100 % de su patrimonio neto a títulos de renta fija del sector financiero y no financiero de todo tipo (deuda principal o deuda subordinada) con o sin fecha, de cualquier calidad de emisión y de cualquier rango de subordinación.
El subfondo podrá invertir hasta el 10 % de su patrimonio neto en obligaciones, incluidas las híbridas, con una calificación de «High Yield» (emisiones especulativas con una calificación a largo plazo de Standard & Poor’s o equivalente inferior a BBB-, o con una calificación interna equivalente por parte de la sociedad gestora), o sin calificación por parte de las agencias de calificación. En el caso de las obligaciones híbridas «High Yield», se utiliza la calificación de la deuda principal del emisor.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno cualitativo, cuantitativo y fundamental. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor en la categoría de alto rendimiento («High Yield»), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
El subfondo podrá invertir en títulos de crédito de cualquier naturaleza, entre otros, bonos de tipo fijo, variable o revisable; títulos de crédito negociables, bonos de caja, bonos del Tesoro, EMTN y Euro Commercial Papers.
El subfondo podrá invertir, dentro del límite del 20 % de su patrimonio neto, en títulos de renta fija emitidos por sociedades financieras y no financieras domiciliadas en países emergentes o emitidos por gobiernos de países emergentes.
No obstante, estas obligaciones estarán denominadas en una divisa de países considerados desarrollados (EUR, GBP, CHF, USD y JPY).
Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero o FIA de derecho francés. Estas IIC podrán estar gestionadas por la sociedad gestora o una sociedad vinculada.
Divisas
La adquisición de títulos o IIC denominados en una divisa distinta del euro (EUR) será objeto de una cobertura del riesgo de cambio. No obstante, podría subsistir un riesgo de cambio residual (máximo 2 % del patrimonio neto).
Contratos financieros
Con el fin de cubrir sus activos, de exposición y/o de lograr su objetivo de gestión, sin buscar una sobreexposición, el subfondo podrá recurrir a contratos financieros, negociados en mercados regulados (futuros, futuros sobre tipos de interés, futuros sobre divisas, opciones cotizadas), organizados o extrabursátiles (opciones, swaps, etc.), dentro del límite del 100 % de su patrimonio neto. En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.

##### Naturaleza de los mercados en los que se participa:
- Mercados regulados
- Mercados organizados
- Mercados extrabursátiles


##### Riesgos en los que el gestor desea intervenir, a efectos de cobertura y exposición de la cartera:
- Riesgo de tipos de interés
- Riesgo de divisas (únicamente con fines de cobertura)
- Riesgo de crédito
- así como a los componentes de dichos riesgos


##### Naturaleza de las intervenciones, conjunto de las operaciones que deben limitarse al cumplimiento del objetivo de gestión:
- Cobertura
- Exposición
- Arbitraje


##### Naturaleza de los instrumentos utilizados:
- Opciones y futuros: índices financieros, divisas, tasas, opciones sobre futuros de renta fija y crédito.
- Cambio a plazo y swaps de divisas.
- Swaps: sobre tipos de interés (fijos/variables, todas las combinaciones e inflación), sobre divisas y sobre los componentes de estos activos.
- Credit Default Swaps sobre una única empresa o sobre índices.
- Opciones de CDS sobre índices.

Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre bonos, índices de bonos y/o cestas de bonos hasta el 100 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 25 %.
Las contrapartes de las operaciones de dichos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación
superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Títulos con derivados implícitos
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo solo podrá invertir en:
- bonos exigibles o negociables;
- bonos convertibles; y
- bonos contingentes convertibles (Coco).

Empréstitos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos
A los efectos de una gestión eficaz de la cartera y sin alejarse de sus objetivos de inversión, el subfondo podrá formalizar operaciones de adquisición temporal de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 100 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra emitidos sobre títulos de deuda o crédito de países de la zona euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de esta operación será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
Depósitos
El subfondo podrá efectuar depósitos en el depositario hasta un límite máximo del 20 % de su patrimonio neto.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se
recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, bonos, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone e
l 
subfondo a los efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera. Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo. El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo
recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo asociado a las divisas de las acciones denominadas en una divisa distinta de la del subfondo:
El titular, suscriptor de otras divisas distintas a la divisa de referencia del subfondo (euro), está expuesto al riesgo de cambio, en caso de que este no esté cubierto. El valor de los activos del subfondo puede bajar si el tipo de cambio varía, lo que puede provocar una caída del valor liquidativo del subfondo.
Riesgo vinculado a la inversión en títulos híbridos o subordinados
:
El subfondo puede estar expuesto a títulos híbridos o subordinados. La deuda híbrida o subordinada está sujeta a riesgos específicos de impago de cupones y pérdida de capital en determinadas circunstancias. En el caso de las obligaciones no financieras, la deuda híbrida es una deuda «extremadamente subordinada», lo que implica una baja tasa de recuperación en caso de incumplimiento del emisor.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps:
La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías, pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos.
Riesgos vinculados a los bonos convertibles contingentes (Coco):
Los bonos Coco son títulos de crédito subordinados emitidos por las entidades de crédito o las compañías de seguros o reaseguros, elegibles en sus fondos propios reglamentarios y que presentan la especificidad de ser convertibles en acciones, o cuyo valor nominal pueda reducirse (mecanismo denominado «amortización») en caso de que se produzca un «elemento desencadenante» («Trigger»), previamente definido en el folleto. Un Coco incluye una opción de conversión en acciones por iniciativa del emisor en caso de deterioro de su situación económica. Además del riesgo de crédito y de los tipos inherentes a las obligaciones, la activación de la opción de conversión puede provocar una bajada del valor de los Coco superior a la que registren las otras obligaciones clásicas del emisor. Según las condiciones fijadas por el Coco afectado, algunos eventos desencadenantes pueden provocar una depreciación permanente a cero de la inversión principal y/o de los intereses devengados o una conversión de la obligación en acción.
Riesgo vinculado al umbral de conversión de los Coco:
El umbral de conversión de un Coco depende del ratio de solvencia de su emisor. Se trata del acontecimiento que determina la conversión del bono en acción ordinaria. Cuanto más débil sea el ratio de solvencia, mayor será la probabilidad de conversión.
Riesgo de pérdida o suspensión del cupón:
En función de las características de los bonos Coco, el pago de los cupones es discrecional y puede ser anulado o suspendido por el emisor en cualquier momento y durante un periodo indeterminado.
Riesgo de intervención de una autoridad reguladora en el momento de «falta de viabilidad»:
Una autoridad reguladora determina en todo momento y de forma discrecional que una entidad «no es viable», es decir, que el banco emisor necesita la ayuda de las autoridades públicas para evitar que el emisor se vuelva insolvente, entre en quiebra, o no sea capaz de pagar la mayor parte de su deuda en el momento de su vencimiento o de continuar con sus actividades e impone o solicita la conversión de los bonos convertibles contingentes en acciones en circunstancias ajenas a la voluntad del emisor.
Riesgo de inversión de la estructura de capital:
Al contrario de la jerarquía convencional del capital, los inversores en Coco pueden experimentar una pérdida de capital que no afecte a los titulares de acciones. En algunos escenarios, los titulares de Coco experimentarán pérdidas antes que los titulares de las acciones.
Riesgo de aplazamiento del reembolso:
La mayoría de los Coco se emiten en forma de instrumentos de duración perpetua, que solo son reembolsables a niveles predeterminados con la aprobación de la autoridad competente. No se puede suponer que los Coco perpetuos se reembolsarán en la fecha de reembolso. Los Coco son una forma de capital permanente. Es posible que el inversor no reciba la devolución del capital como estaba previsto en la fecha de reembolso o en cualquier fecha acordada.
Riesgo de liquidez:
En ciertas circunstancias, puede ser difícil encontrar un comprador de Coco y es posible que el vendedor se vea obligado a aceptar un descuento considerable en el valor esperado del bono para poder venderlo.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse en parte en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también significa que puede resultar difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista originalmente.
- Garantía o protecciónNo procede.
- Suscriptores interesados y perfil del inversor habitualAcciones A EUR, A CHF (H), A USD (H), B EUR y B USD (H): Toda clase de suscriptoresAcciones I EUR, I CHF (H), I USD (H), J EUR, J USD (H), K EUR, NC (EUR) y OC (EUR): personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.

Las acciones CR EUR, CR USD (H) y CRD EUR están destinadas a todos los suscriptores; estas acciones podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es parte de estos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertos a la suscripción de inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la SICAV.
Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Este subfondo va dirigido especialmente a inversores que deseen optimizar sus inversiones en renta fija mediante una gestión activa de instrumentos de crédito por parte de empresas o instituciones del sector financiero, al tiempo que se tienen en cuenta los riesgos a los que se exponen. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en el «Reglamento S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 3 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «A CHF (H)»,«A EUR», «A USD (H)», «CR EUR», «CR USD (H)», «I CHF (H)», «I EUR», «I USD (H)», «K EUR» y «NC EUR» | Acciones «B EUR», «B USD (H)», «CRD EUR», «J EUR» y «J USD (H)» | Acciones «OC EUR» |
| --- | --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución | Mixto (capitalización y/o distribución y/o aplazamiento por decisión de la sociedad gestora) |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicableAcciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con quince categorías de acciones: Acciones «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» y «OC EUR».

La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CR USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «NC EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «OC EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S. A.).

Valor liquidativo inicial:
| Acción A CHF (H): | 100 CHF |
| --- | --- |
| Acción A EUR: | 100 € |
| Acción A USD (H): | 100 $ |
| Acción B EUR: | 100 € |
| Acción B USD (H): | 100 $ |
| Acción CR EUR: | 100 € |
| Acción CR USD (H): | 100 $ |
| Acción CRD EUR: | 100 € |
| Acción I CHF (H): | 100 CHF |
| Acción I EUR: | 100 € |
| Acción I USD (H): | 100 $ |
| Acción J EUR: | 100 € |
| Action J USD (H): | 100 $ |

| Acción K EUR: | 100 € |
| --- | --- |
| Acción NC EUR: | 100 € |
| Acción OC EUR: | 100 € |

Importe mínimo de suscripción inicial:
| Acción A CHF (H): | Una acción |
| --- | --- |
| Acción A EUR: | Una acción |
| Acción A USD (H): | Una acción |
| Acción B EUR: | Una acción |
| Acción B USD (H): | Una acción |
| Acción CR EUR: | Una acción |
| Acción CR USD (H): | Una acción |
| Acción CRD EUR: | Una acción |
| Acción I CHF (H): | 500 000 CHF |
| Acción I EUR: | 500 000 € |
| Acción I USD (H): | 500 000 $ |
| Acción J EUR: | 500 000 € |
| Action J USD (H): | 500 000 $ |
| Acción K EUR: | 500 000 € |
| Acción NC EUR: | 10 000 000 € |
| Acción OC EUR: | 10 000 000 € |

Cantidad mínima de suscripciones subsiguientes:
| Acción A CHF (H): | Una milésima de acción |
| --- | --- |
| Acción A EUR: | Una milésima de acción |
| Acción A USD (H): | Una milésima de acción |
| Acción B EUR: | Una milésima de acción |
| Acción B USD (H): | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CR USD (H): | Una milésima de acción |
| Acción CRD EUR: | Una milésima de acción |
| Acción I CHF (H): | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I USD (H): | Una milésima de acción |
| Acción J EUR: | Una milésima de acción |
| Acción J USD (H): | Una milésima de acción |
| Acción K EUR: | Una milésima de acción |
| Acción NC EUR: | Una milésima de acción |
| Acción OC EUR: | Una milésima de acción |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 10 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 10 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 15 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 10 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 12 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 67 % si aplicara estrictamente la limitación del 10 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los titulares:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Corporate Hybrid Bonds | Valor Liquidativo x N.º de acciones | Acción A CHF (H): Máximo del 1 % |
| Acción A EUR: Máximo del 1 % |
| Acción A USD (H): Máximo del 1 % |
| Acción B EUR: Máximo del 1 % |
| Acción B USD (H): Máximo del 1 % |
| Acción CR EUR: Máximo del 1 % |
| Acción CR USD (H): Máximo del 1 % |
| Acción CRD EUR: Máximo del 1 % |
| Acción I CHF (H): No procede |
| Acción I EUR: No procede |
| Acción I USD (H): No procede |
| Acción J EUR: No procede |
| Acción J USD (H): No procede |
| Acción K EUR: No procede |
| Acción NC EUR: No procede |
| Acción OC EUR: No procede |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Corporate Hybrid Bonds | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

| Comisión de reembolso no atribuida al subfondo EdR SICAV – Corporate Hybrid Bonds | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| --- | --- | --- |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Corporate Hybrid Bonds | Valor Liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF (H): Máximo del 1,15 %, impuestos incluidos |
| Acción A EUR: Máximo del 1,15 %, impuestos incluidos |
| Acción A USD (H): Máximo del 1,15 %, impuestos incluidos |
| Acción B EUR: Máximo del 1,15 %, impuestos incluidos |
| Acción B USD (H): Máximo del 1,15 % |
| Acción CR EUR: Máximo del 0,80 %, impuestos incluidos |
| Acción CR USD (H): Máximo del 0,80 %, impuestos incluidos |
| Acción CRD EUR: Máximo del 0,80 %, impuestos incluidos |
| Acción I CHF (H): Máximo del 0,55 %, impuestos incluidos |
| Acción I EUR: Máximo del 0,55 %, impuestos incluidos |
| Acción I USD (H): Máximo del 0,55 %, impuestos incluidos |
| Acción J EUR: Máximo del 0,55 %, impuestos incluidos |
| Acción J USD (H): Máximo del 0,55 %, impuestos incluidos |

|  |  | Acción K EUR: Máximo del 0,70 %, impuestos incluidos |
| --- | --- | --- |
| Acción NC EUR: Máximo del 0,55 %, impuestos incluidos |
| Acción OC EUR: Máximo del 0,55 %, impuestos incluidos |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF (H): Máximo del 0,15 %, impuestos incluidos |
| Acción A EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción A USD (H): Máximo del 0,15 %, impuestos incluidos |
| Acción B EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción B USD (H): Máximo del 0,15 % |
| Acción CR EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción CR USD (H): Máximo del 0,15 %, impuestos incluidos |
| Acción CRD EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción I CHF (H): Máximo del 0,15 %, impuestos incluidos |
| Acción I EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción I USD (H): Máximo del 0,15 %, impuestos incluidos |
| Acción J EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción J USD (H): Máximo del 0,15 %, impuestos incluidos |
| Acción K EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción NC EUR: Máximo del 0,15 %, impuestos incluidos |
| Acción OC EUR: Máximo del 0,15 %, impuestos incluidos |
| Comisiones por movimientos | Cargo por cada operación | No procede |

| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A CHF (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en CHF), con cupones reinvertidos. |
| --- | --- | --- |
| Acción A EUR: el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en EUR), con cupones reinvertidos. |
| Acción A USD (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en USD), con cupones reinvertidos. |
| Acción B EUR: el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en EUR), con cupones reinvertidos. |
| Action B USD (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5% Constrained Index (cubierto en USD), con cupones reinvertidos. |
| Acción CR EUR: el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en EUR), con cupones reinvertidos. |
| Acción CR USD (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en USD), con cupones reinvertidos. |
| Acción CRD EUR: el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en EUR), con cupones reinvertidos. |
| Acción I CHF (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en CHF), con cupones reinvertidos. |
| Acción I EUR: el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en EUR), con cupones reinvertidos. |

|  |  | Acción I USD (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en USD), con cupones reinvertidos. |
| --- | --- | --- |
| Acción J EUR: el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en EUR), con cupones reinvertidos. |
| Acción J USD (H): el 15 % anual de la rentabilidad superior en relación con la del índice de referencia ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained (cubierto en USD), con cupones reinvertidos. |
| Acción K EUR: No procede |
| Acción NC EUR: No procede |
| Acción OC EUR: No procede |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,15 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,15 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
(1) Comisión de rentabilidad superior
Se pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades:
Índice de referencia:
- Índice ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained, con cupones reinvertidos, cubierto y expresado en euros para las clases de acciones denominadas en euros.
- Índice ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained, con cupones reinvertidos, cubierto y expresado en dólares estadounidenses para las clases de acciones denominadas en dólares estadounidenses.
- Índice ICE BofA Global Hybrid Non-Financial Corporate 5 % Constrained, con cupones reinvertidos, cubierto y expresado en francos suizos para las clases de acciones denominadas en francos suizos.

La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora. En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
El periodo de referencia para el cálculo de la comisión de rentabilidad superior se cerrará en la fecha del último valor liquidativo del mes de enero. Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año, como muy pronto el 31/01/2023. Al final de este periodo se puede restablecer el mecanismo de compensación de la baja rentabilidad del pasado.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia puede ampliarse cuatro veces y llegar así a 5 años o menos si se recupera más rápidamente la rentabilidad insuficiente.
Al final de un periodo de referencia ampliado cuatro veces y que abarca cinco años:
- Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
- Si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establece un nuevo periodo de referencia definiendo un nuevo año de referencia que depende de la compensación de los periodos de rentabilidad inferior por cualquier periodo de rentabilidad superior dentro de estos primeros 5 años. Si, además del primer año de rentabilidad inferior, se ha producido otro año de rentabilidad inferior dentro de este primer periodo de 5 años y no se ha compensado al final de dicho primer periodo, se inicia un nuevo periodo de hasta 5 años a partir del comienzo de este nuevo año de rentabilidad inferior.

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

|  | Rentabilidad neta | La rentabilidad inferior se compensará en el año siguiente | Pago de comisiones de rentabilidad |
| --- | --- | --- | --- |
| Y1 | 5 % | 0 % | SÍ |
| Y2 | 0 % | 0 % | NO |
| Y3 | -5 % | -5 % | NO |
| Y4 | 3 % | -2 % | NO |
| Y5 | 2 % | 0 % | NO |
| Y6 | 5 % | 0 % | SÍ |
| Y7 | 5 % | 0 % | SÍ |
| Y8 | -10 % | -10 % | NO |
| Y9 | 2 % | -8 % | NO |
| Y10 | 2 % | -6 % | NO |
| Y11 | 2 % | -4 % | NO |
| Y12 | 0 % | 0 % 29 | NO |
| Y13 | 2 % | 0 % | SÍ |
| Y14 | -6 % | -6 % | NO |
| Y15 | 2 % | -4 % | NO |
| Y16 | 2 % | -2 % | NO |
| Y17 | -4 % | -6 % | NO |
| Y18 | 0 % | -4 %30 | NO |
| Y19 | 5 % | 0 % | SÍ |

29  La rentabilidad inferior del Y12 que se trasladará al año siguiente (Y13) es del 0 % (y no del -4 %), dado que la rentabilidad inferior residual del Y8, que aún no se ha compensado (-4 %), ya no es relevante, puesto que ha transcurrido el periodo de 5 años (el rendimiento inferior del Y8 se compensa hasta el Y12).
30	La rentabilidad inferior del Y18 que se trasladará al año siguiente (Y19) es del 4 % (y no del -6 %), dado que la rentabilidad inferior residual del Y14, que aún no se ha compensado (-2 %), ya no es relevante, puesto que ha transcurrido el periodo de 5 años (el rendimiento inferior del Y14 se compensa hasta el Y18).
Los gastos relacionados con la investigación en virtud del artículo 314-21 del Reglamento General de la AMF pueden facturarse al subfondo hasta un máximo de 0,01 % de su patrimonio neto.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Corporate Hybrid Bonds se reinvertirán en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – Millesima World 2028
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 6 de mayo de 2022. El subfondo se creó el 31 de mayo de 2022.
- Código ISIN

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

- Régimen fiscal específicoNo procede
- Delegación 
- de la gestión financieraEdmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.

Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo de Millesima World 2028 es obtener una rentabilidad vinculada a la evolución de los mercados de renta fija internacionales a lo largo de su horizonte de inversión recomendado, especialmente gracias a la exposición a títulos de alto rendimiento cuyo vencimiento máximo sea en diciembre de 2028.

El objetivo de gestión difiere al tener en cuenta las comisiones de gestión y de administración en función de la clase de acciones suscritas:
- Para las acciones de las clases A y B: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 3,30 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.
- Para las acciones de la clase AC: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 3,15 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.
- Para las acciones de las clases CR y CRD: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 4 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.
- Para las acciones de las clases I y J: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 4,05 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.
- Para las acciones de la clase K: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 3,90 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.
- Para las acciones de la clase R: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 2,90 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.
- Para las acciones de las clases PWM y PWMD: el objetivo de gestión es obtener una rentabilidad neta anualizada superior al 3,80 % en un horizonte de inversión desde la constitución del subfondo hasta el 31 de diciembre de 2028.

Este objetivo se basa en la consecución de las hipótesis de mercado establecidas por la sociedad gestora. No constituye una promesa de rendimiento o rentabilidad del subfondo.
Tiene en cuenta el riesgo de incumplimiento estimado, el coste de la cobertura y las comisiones de gestión.
- Índice de referenciaEl subfondo no tiene índice de referencia. Los índices existentes no representan su estrategia de inversión.
- Estrategia de inversión. Estrategias utilizadas:Para alcanzar su objetivo de gestión, el gestor invertirá de forma discrecional, en particular mediante una estrategia de «carry trade», en títulos de renta fija con un vencimiento no posterior al 31 de diciembre de 2028.

Estos títulos serán representativos de las expectativas del equipo de renta fija de la sociedad gestora en los mercados de crédito «Investment Grade» y «High Yield» (es decir, títulos especulativos cuyo riesgo de impago por parte del emisor es mayor) emitidos por empresas de cualquier zona geográfica.
El subfondo podrá invertir, dentro del límite del 50 % de su patrimonio neto, en títulos de renta fija emitidos por sociedades domiciliadas en países emergentes. No obstante, estas obligaciones estarán denominadas en una divisa de países considerados desarrollados (EUR, GBP, CHF, USD y JPY).
El subfondo también podrá invertir hasta el 100 % de su patrimonio neto en bonos soberanos emitidos por países desarrollados y hasta el 10 % de su patrimonio neto en bonos soberanos emitidos por países emergentes, siempre que estas últimas emisiones estén denominadas en una divisa de los denominados países desarrollados (EUR, GBP, CHF, USD, JPY) y que la inversión global del subfondo en países emergentes no supere el 50 % de su patrimonio neto.
La estrategia no se limita a las operaciones de «carry trade» de obligaciones, sino que la sociedad gestora podrá llevar a cabo operaciones de arbitraje en interés del partícipe, en caso de que surjan nuevas oportunidades de mercado o en caso de aumento del riesgo de incumplimiento en el futuro de uno de los emisores de la cartera.
El gestor trata de seleccionar las emisiones que, según su criterio, le parecen más atractivas para tratar de maximizar la relación rendimiento/riesgo del subfondo.
A medida que el subfondo se vaya aproximando a su fecha de vencimiento, estará gestionado monetariamente y en referencia a los tipos medios del mercado monetario del euro (€STR capitalizado). El subfondo optará entonces, con sujeción a la aprobación de la AMF, o por una nueva estrategia de inversión, o por la disolución, o por fusionarse con otro OICVM.
Para cumplir el objetivo de gestión, la estrategia combinará, ante todo, un enfoque sectorial y un análisis crediticio.
Asimismo, el gestor incluye sistemáticamente los factores medioambientales, sociales y de gobernanza (ESG) en su análisis financiero para la selección de los títulos de la cartera.
El universo de inversión ESG está compuesto por los valores siguientes:
- Bonos corporativos no financieros denominados en EUR y con una calificación de BB o B, según una media de las tres agencias de calificación financiera Moody’s, S&P y Fitch, las cuales están incluidas en el índice ICE BofAML BB-B Euro Non-Financial H-Y Constrained Index (HEC5).
- Bonos corporativos emitidos por empresas ubicadas o que tengan todo su patrimonio en los países emergentes incluidos en el índice J.P. Morgan CEMBI Broad Diversified (JBCDCOMP).

La sociedad gestora:
- Trata de obtener una calificación ESG media de la cartera que sea superior a la del universo de inversión ESG.
- Se aseguró de que estos dos índices y su combinación fueran relevantes para los temas ESG y no introdujeran un sesgo para facilitar el cumplimiento de las restricciones de calificación ESG aplicadas a la cartera.
- Puede seleccionar valores que no formen parte de estos índices. No obstante, garantizará que los índices seleccionados sean un parámetro de comparación pertinente para la calificación ESG del subfondo.

Los criterios medioambientales, sociales y de gobernanza (ESG) son uno de los componentes de la gestión y su peso en la decisión final no se puede definir con antelación.
Al menos el 90 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de grado de inversión («Investment Grade») y el 75 % de los títulos de deuda y los instrumentos del mercado monetario con una calificación de alto rendimiento («High Yield») o emitidos por países emergentes ostentan una calificación ESG en el subfondo. Se trata de una calificación ESG propia o una calificación proporcionada por una agencia de datos extrafinancieros externa. Ambos coeficientes se expresan en forma de capitalización del patrimonio neto de la inversión colectiva.
Al finalizar este proceso, el subfondo obtiene una calificación ESG superior a la de su universo de inversión.
Además, el gestor no invertirá en aquellos valores que tengan la peor calificación otorgada por el proveedor de calificación externo utilizado por la Sociedad gestora.
El proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta los principales impactos negativos en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto ambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de los gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc.
El principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes al producto financiero que tengan en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a la parte restante de este producto financiero no tienen en cuenta los criterios de la Unión Europea en materia de actividades económicas medioambientalmente sostenibles.
Debido a la actual falta de datos fiables que permitan evaluar la idoneidad de las inversiones o su adecuación al Reglamento de Taxonomía, en este momento el subfondo no puede calcular de forma completa y precisa las inversiones subyacentes calificadas como sostenibles desde el punto de vista medioambiental. Esta cifra se expresaría como un porcentaje mínimo de adecuación, según la interpretación estricta del artículo 3 del Reglamento de Taxonomía de la UE.
Actualmente, el subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos ambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %.
Enfoque Top Down
El enfoque descendente (Top Down), basado en un análisis de la situación macroeconómica, interviene en el marco de la asignación geográfica de la cartera. Incorpora también, en el marco de la gestión del subfondo, el aspecto reglamentario global y local dentro del cual evolucionan los emisores.
Este resulta en la determinación de posibles escenarios de mercado definidos a partir de las previsiones del equipo de gestión.
Fundamentalmente, el análisis permite definir:
- El grado de exposición a los distintos sectores económicos del grupo de emisores privados. Este se determinará de modo que se conserve una cierta diversificación.
- La distribución entre las distintas calificaciones de las categorías «Investment Grade» y «High Yield» (títulos especulativos cuyo riesgo de impago por parte del emisor es mayor, con una calificación inferior a BBB- según Standard & Poor’s o una agencia equivalente, o con una calificación interna equivalente de la sociedad gestora) y entre las diferentes calificaciones dentro de esas categorías.

El equipo de gestión tratará de crear una cartera diversificada en cuanto a emisores y sectores.
El análisis Top Down permite tener una visión global del subfondo. Este se completa con un proceso de selección de valores sólidos (enfoque Bottom Up).
Enfoque Bottom Up
Este proceso trata de identificar, dentro de un mismo sector, los emisores que ofrecen un valor relativo superior al resto y que, por ello, se presentan como los más atractivos.
El modo de selección de los emisores se basa en un análisis fundamental de cada empresa.
El análisis fundamental se articula en torno a la valoración de criterios concretos, como por ejemplo:
- La legibilidad de la estrategia de la empresa.
- Su salud financiera (regularidad de los flujos de efectivo a través de los distintos ciclos económicos, la capacidad de pagar sus deudas, la resistencia a las pruebas de estrés, etc.).
- Los criterios extrafinancieros.

Dentro del universo de los emisores seleccionados, la elección de las exposiciones se realizará en función de características como la calificación del emisor, la liquidez de los títulos o su vencimiento.
Con fines de cobertura de sus activos, de exposición y/o de cumplimiento de su objetivo de gestión, sin buscar una sobreexposición y dentro del límite del 100 % de su patrimonio neto, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados (futuros y opciones cotizadas), organizados o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y de crédito. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever los riesgos de incumplimiento de uno o varios emisores, o proteger al subfondo de estos, o bien exponer la cartera a los riesgos de crédito de uno o varios emisores. Estas estrategias se aplicarán principalmente mediante la compra o la venta de protección a través de derivados de crédito de tipo Credit Default Swap, en una única entidad de referencia o en índices (iTraxx o CDX).
El subfondo podrá utilizar títulos con derivados implícitos según las mismas modalidades y con los mismos objetivos previstos anteriormente para los instrumentos derivados.
En caso de conversión en acciones
El subfondo podrá mantener acciones hasta el 5 % de su patrimonio neto como resultado de la conversión de bonos convertibles mantenidos en la cartera y/o, en casos excepcionales, de la reestructuración de títulos mantenidos en la cartera.
La sensibilidad del subfondo a los tipos de interés estará comprendida entre 0 y 7. Divisas
El riesgo de cambio contra el euro estará cubierto. No obstante, podrá existir un riesgo de cambio residual de un umbral máximo del 2 % del patrimonio neto.
-  Sobre los activos:
Renta variable:
El subfondo puede mantener acciones hasta el 5 % de su patrimonio neto como resultado de la conversión de bonos convertibles mantenidos en la cartera y/o, en casos excepcionales, de la reestructuración de títulos mantenidos en la cartera.
Títulos de crédito e instrumentos del mercado monetario: (hasta el 100 % del patrimonio neto, con un límite máximodel 100 % en títulos directos).

##### Características generales
| Sensibilidad a los tipos de interés | - | [0; 7] |
| --- | --- | --- |
| Zona geográfica de los emisores | Países desarrollados | 100 % máximo del patrimonio neto |
| Países emergentes | 50 % máximo del patrimonio neto |
| Divisas de la OCDE (para países emergentes: emisiones denominadas solo en: EUR, GBP, CHF, USD y JPY) | 100 % máximo del patrimonio neto |
| Nivel de riesgo de cambio | - | Residual (2 % máximo del patrimonio neto) |


###### Distribución de la deuda privada/pública
Para cumplir el objetivo de gestión, hasta un 100 % de la cartera podrá invertirse en deuda privada o pública.

##### Criterios relativos a la calificación
La cartera podrá invertir hasta el 100 % de su patrimonio neto en títulos con categoría «High Yield» (títulos especulativos que presenten una calificación a largo plazo de Standard & Poor’s o equivalente inferior a BBB-, o que la sociedad gestora les otorgue una calificación interna equivalente). La cartera podrá invertir hasta el 15 % como máximo en títulos con una calificación comprendida entre CCC+ y CCC-. El subfondo también podrá invertir en valores en dificultades (instrumentos de deuda que oficialmente se encuentren en proceso de reestructuración o en situación de impago, y que tengan una calificación inferior a CCC- según Standard & Poor’s o una calificación equivalente de otra agencia independiente, o que el gestor considere equivalente) hasta un límite máximo del 5 % de su patrimonio neto.
Habida cuenta de la existencia de un vencimiento máximo para el subfondo, la cartera podrá invertir hasta el 100 % de su patrimonio en títulos con calificación «Investment Grade» (que presenten una calificación a largo plazo de
Standard & Poor’s o equivalente superior a BBB-, o que la sociedad gestora les otorgue una calificación interna equivalente), en forma de bonos, títulos de deuda o instrumentos del mercado monetario.
Así pues, al acercarse el fin de la vigencia del subfondo y debido al vencimiento de los títulos en la cartera, se dará prioridad a la reinversión en instrumentos del mercado monetario (directamente o a través de IIC).
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un emisor, la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
La totalidad del subfondo podrá invertirse en títulos a corto plazo inferiores a 3 meses, en particular durante su fase de constitución y según su vencimiento.

##### Naturaleza jurídica de los instrumentos utilizados
Títulos de crédito de todo tipo, entre los que destacan:
- Bonos a tipo fijo, variable o revisable
- Bonos convertibles
- EMTN (Euro Medium Term Notes)
- Bonos indexados a la inflación
- Títulos de crédito negociables
- Bonos de caja
- BTF (Bonos del Tesoro a tipo fijo y con intereses precalculados)
- Bonos del Tesoro
- Títulos negociables a medio plazo
- Euro Commercial Paper (títulos negociables a corto plazo emitidos en euros por una entidad extranjera)Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero:El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero, o FIA de derecho francés de tipo monetario o de renta fija. Estas IIC podrán estar gestionadas por la sociedad gestora o una sociedad vinculada.

Contratos financieros (dentro del límite global fuera del balance del 100 % de su patrimonio neto):
Con fines de cobertura de sus activos, de exposición y/o de cumplimiento de su objetivo de gestión, sin buscar la sobreexposición, el subfondo podrá recurrir a contratos financieros negociados en mercados regulados (futuros, opciones cotizadas), organizados o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, de crédito, de cambio y de renta variable) o para exponerse a los riesgos de tipos de interés y de crédito.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.

##### Naturaleza de los mercados en los que se participa:
- Mercados regulados
- Mercados organizados
- Mercados extrabursátiles


##### Riesgos en los que el gestor desea intervenir:
- Riesgo de tipos de interés
- Riesgo de divisas
- Riesgo de crédito
- Riesgo de renta variable


##### Naturaleza de las intervenciones, conjunto de las operaciones que deben limitarse al cumplimiento del objetivo de gestión:
- Cobertura
- Exposición


##### Naturaleza de los instrumentos utilizados:
- Opciones de tipos de interés
- Contratos de tipos de interés a plazo
- Futuros de tipos de interés
- Opciones sobre futuros de tipos de interés
- Swaps de tipos de interés (tanto a tipo fijo como a tipo variable, con independencia de las combinaciones y de la inflación)
- Opciones de divisas
- Futuros sobre divisas
- Opciones sobre futuros sobre divisas
- Swaps de divisas
- Cambio a plazo
- Derivados de crédito («Credit Default Swaps»)
- Opciones de CDS
- Opciones (de venta) sobre índices de renta variable (solo con fines de cobertura)Además, el subfondo podrá utilizar contratos de divisas a plazo negociados de modo extrabursátil en forma de Total Return Swaps (TRS) sobre tipos de interés y de crédito hasta el 50 % de su patrimonio neto con fines de cobertura o de exposición. La proporción prevista de activos gestionados que será objeto de dichos contratos será del 25 %. Las contrapartes de las transacciones de estos contratos son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o igual a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación análoga). Las contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera de este subfondo.

El vencimiento de los contratos financieros será coherente con el horizonte de inversión del subfondo.
La exposición sobre estos instrumentos financieros, mercados, tipos de interés y/o algunos de sus parámetros o componentes resultantes de la utilización de los contratos financieros no podrá superar el 100 % del patrimonio neto.
Títulos con derivados implícitos (hasta el 100 % del patrimonio neto)
Para cumplir su objetivo de gestión, el subfondo también podrá invertir en instrumentos financieros con derivados implícitos. El subfondo solo podrá invertir en bonos exigibles, negociables, indexados y/o convertibles; o en warrants hasta el 100 % del patrimonio neto.
Empréstitos en efectivo
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
Operaciones temporales de adquisición y cesión de títulos
A los efectos de una gestión eficaz del subfondo y sin alejarse de sus objetivos de inversión, este podrá formalizar operaciones de adquisición y cesión temporales de títulos sobre títulos financieros admisibles o instrumentos del mercado monetario, hasta el 100 % de su patrimonio neto. Más concretamente, estas operaciones consistirán en pactos de recompra y retroventa emitidos sobre títulos de tipos o crédito de países de la zona del euro, y se realizarán en el marco de la gestión de la tesorería y/o de la optimización de los ingresos del subfondo.
La proporción prevista de activos gestionados que será objeto de tales operaciones será del 10 % del patrimonio neto.
Las contrapartes de dichas operaciones son instituciones financieras de primer nivel, domiciliadas en los países de la OCDE y que cuentan con una calificación mínima de «Investment Grade» (una calificación superior o equivalente a BBB- según Standard & Poor’s o equivalente, o que la sociedad gestora les otorgue una calificación equivalente).
Estas contrapartes no disponen de ningún poder sobre la composición o la gestión de la cartera del subfondo. Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del depositario, sin que se permita su reinversión.
La sección de gastos y comisiones contiene información complementaria sobre las remuneraciones de las cesiones y adquisiciones temporales.
Depósitos
El subfondo podrá efectuar depósitos en el depositario hasta un límite máximo del 20 % de su patrimonio neto.
- 
###### Inversiones entre subfondos

El subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.
La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- 
###### Perfil de riesgo

Su dinero se invertirá principalmente en instrumentos financieros seleccionados por la sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.
Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las participaciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, bonos, monetarios, materias primas, divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo de crédito:
El riesgo principal relacionado con los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital. El riesgo de crédito también está vinculado a la degradación de un emisor. El accionista deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor. La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos donde el incumplimiento del emisor es más elevado. Este OICVM deberá, por tanto,
considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (valores especulativos donde el riesgo de incumplimiento del emisor es más elevado) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo vinculado a la inversión en mercados emergentes:
El subfondo podrá estar expuesto a mercados emergentes. Además de los riesgos propios de cada una de las sociedades emisoras, existen riesgos exógenos, especialmente en estos mercados. Por otra parte, los inversores deberán tener en cuenta que las condiciones de funcionamiento y de supervisión de estos mercados pueden apartarse de los estándares que prevalecen en los grandes centros internacionales. En consecuencia, la inversión ocasional en dichos títulos puede aumentar el nivel de riesgo de la cartera. Los movimientos de caída del mercado pueden ser más importantes y pueden ocurrir antes que en los países desarrollados, por lo que el valor liquidativo podrá disminuir de manera más destacada y rápida. Por último, las sociedades mantenidas en cartera pueden tener a un Estado como accionista.
Riesgos relativos a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo vinculado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgos relacionados con las operaciones de adquisición y cesión temporales de títulos y los Total Return Swaps: La utilización de operaciones de financiación sobre títulos y los contratos de divisas sobre el rendimiento global, así como la gestión de sus garantías, pueden conllevar ciertos riesgos específicos, como los riesgos operativos o el riesgo de conservación. De este modo, el recurso a estas operaciones puede conllevar un efecto negativo sobre el valor liquidativo del subfondo.
Riesgo jurídico:
Se trata del riesgo de redacción inadecuada de los contratos celebrados con las contrapartes en las operaciones de adquisición y de cesión temporales de títulos, así como en los contratos de divisas sobre el rendimiento global. Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad. La selección de activos puede basarse en parte en un proceso de calificación ESG propio o en listas de exclusión, que se basan también en datos de terceros. La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también significa que puede resultar
difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales o créditos preferenciales, ya que los criterios ESG se evalúan de forma diferente a la prevista originalmente.
- 
###### Garantía o protección

No procede.
- 
###### Suscriptores interesados y perfil del inversor habitual

Acciones A EUR, A CHF (H), A USD (H), AC EUR, B EUR y B USD (H): toda clase de suscriptores Acciones I EUR, I CHF (H), I USD (H), J EUR, J CHF (H) y J USD (H): personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Acciones K EUR: inversores institucionales.
Acciones R EUR: toda clase de suscriptores, especialmente destinadas a ser comercializadas por distribuidores seleccionados a tal efecto por la sociedad gestora.
Acciones CR EUR, CR USD (H), CRD EUR y CRD USD (H): toda clase de suscriptores; estas acciones pueden comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Acciones PWM EUR, PWMD EUR, PWM USD y PWMD USD: dirigidas a Banque Privée EdR en el marco de los servicios financieros que presta a sus clientes.
Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es parte de estos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a la suscripción de inversores minoristas en todas las jurisdicciones.
Este subfondo está destinado a inversores que deseen mejorar sus inversiones de renta fija mediante una cartera cuyo objetivo sea obtener una rentabilidad vinculada a la evolución de los mercados de tipos de interés internacionales gracias, principalmente, a una exposición sobre títulos de alto rendimiento cuyo vencimiento máximo sea en diciembre de 2028. Los inversores deberán tener en cuenta los riesgos inherentes a este tipo de títulos, como los descritos en la sección «Perfil de riesgo».
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de IIC objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la
atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de IIC) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas). El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Horizonte de inversión recomendado: hasta el 31 de diciembre de 2028.
- 
###### Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «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) » y «R EUR». | Acciones «B EUR», «B USD (H)» «CRD EUR», «CRD USD (H)», «J CHF (H)», «J EUR», «J USD (H)»,  «PWMD EUR» y «PWMD USD (H)». |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- 
###### Frecuencia de distribución

Acciones de capitalización: no aplicable
Acciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- 
###### Características de las acciones

El subfondo cuenta con 21 clases de acciones: Acciones «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» y «PWMD USD (H)».
La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «A USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «AC EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «B USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CR USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «CRD USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «I CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «I USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones.
La acción «J CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. La acción «J EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «J USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «K EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «R EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «PWM EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «PWM USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones. La acción «PWMD EUR» está denominada en euros y expresada en acciones o milésimas de acciones.
La acción «PWMD USD (H)» está denominada en dólares y expresada en acciones o milésimas de acciones.
- 
###### Modalidades de suscripción y reembolso

Fecha y periodicidad del valor liquidativo:
Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S. A.).
Valor liquidativo inicial:
| Acción A CHF (H): | 100 CHF |
| --- | --- |
| Acción A EUR: | 100 EUR |
| Acción A USD (H): Acción AC EUR: | 100 USD 100 EUR |
| Acción B EUR: | 100 EUR |
| Acción B USD (H): | 100 EUR |
| Acción CR EUR: | 100 EUR |
| Acción CR USD (H): | 100 USD |
| Acción CRD EUR: Acción CRD USD (H): | 100 EUR 100 USD |
| Acción I CHF (H): | 100 CHF |
| Acción I EUR: | 100 EUR |
| Acción I USD (H): | 100 USD |
| Acción J EUR: Acción J CHF (H): | 100 EUR 100 CHF |
| Acción J USD (H): | 100 USD |
| Acción K EUR: | 100 EUR |
| Acción R EUR: Acción PWM EUR: Acción PWM USD (H): | 100 EUR 1000 EUR 1000 USD |

| Acción PWMD EUR: Acción PWMD USD (H): | 1000 EUR 1000 USD |
| --- | --- |

Importe mínimo de suscripción inicial:
| Acción A CHF (H): | Una acción |
| --- | --- |
| Acción A EUR: | Una acción |
| Acción A USD (H): Acción AC EUR: | Una acción Una acción |
| Acción B EUR: | Una acción |
| Acción B USD (H): | Una acción |
| Acción CR EUR: | Una acción |
| Acción CR USD (H): | Una acción |
| Acción CRD EUR: Acción CRD USD (H): | Una acción Una acción |
| Acción I CHF (H): | 1 000 000 CHF |
| Acción I EUR: | 1 000 000 EUR |
| Acción I USD (H): | 1 000 000 USD |
| Acción J EUR: Acción J CHF (H): | 1 000 000 EUR 1 000 000 CHF |
| Acción J USD (H): Acción K EUR: Acción R EUR: Acción PWM EUR: Acción PWM USD (H): Acción PWMD EUR: Acción PWMD USD (H): | 1 000 000 USD 1 000 000 EUR Una acción 1000 EUR 1000 USD 1000 EUR 1000 USD |

Cantidad mínima de suscripciones subsiguientes:
| Acción A CHF (H): | Una milésima de acción |
| --- | --- |
| Acción A EUR: | Una milésima de acción |
| Acción A USD (H): Acción AC EUR: | Una milésima de acción Una milésima de acción |
| Acción B EUR: | Una milésima de acción |
| Acción B USD (H): | Una milésima de acción |
| Acción CR EUR: | Una milésima de acción |
| Acción CR USD (H): | Una milésima de acción |
| Acción CRD EUR: Acción CRD USD (H): | Una milésima de acción Una milésima de acción |
| Acción I CHF (H): | Una milésima de acción |
| Acción I EUR: | Una milésima de acción |
| Acción I USD (H): | Una milésima de acción |
| Acción J EUR: Acción J CHF (H): | Una milésima de acción Una milésima de acción |
| Acción J USD (H): | Una milésima de acción |
| Acción K EUR: Acción R EUR: | Una milésima de acción Una milésima de acción |
| Acción PWM EUR: | Una milésima de acción |

| Acción PWM USD (H): Acción PWMD EUR: Acción PWMD USD (H): | Una milésima de acción Una milésima de acción Una milésima de acción |
| --- | --- |

Condiciones de suscripción y de reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Los procedimientos de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

*En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo, denominado «Swing Pricing», durante el periodo de comercialización del subfondo. Este mecanismo se detalla en la Parte VII del folleto:
«Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 5 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 5 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
- la diferencia registrada, en una fecha de centralización determinada, entre el número de acciones del subfondo cuyo reembolso se solicita o el importe total de dichos reembolsos y el número de acciones del subfondo cuya suscripción se solicita o el importe total de dichas suscripciones; y
- el patrimonio neto o el número total de acciones del subfondo.

Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 10 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 5 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 8 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 50 % si aplicara estrictamente la limitación del 5 %).
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los accionistas:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.
Las órdenes de reembolso aplazadas de este modo no tendrán prioridad sobre las solicitudes de reembolso posteriores. Las órdenes de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.
El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considera fiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimen fiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular del suscriptor y/o de la jurisdicción de inversión de la SICAV. En caso de duda, se recomienda a todos los suscriptores que consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripción y reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplica a la centralizadora Edmond de Rothschild (France). En consecuencia, las otras entidades designadas podrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenes dentro del plazo a Edmond de Rothschild (France).
Posibilidad prevista de limitar o detener las suscripciones:
El periodo de comercialización estará abierto durante un periodo de doce meses a partir de la fecha de constitución del subfondo. No obstante, el periodo de comercialización podrá cerrarse anticipadamente si los activos del subfondo superan los 150 millones de euros. Al final de ese periodo, el subfondo se cerrará a toda suscripción (salvo en caso de una suscripción concomitante a un reembolso procedente de un mismo inversor de la misma cantidad y ejecutada en la misma fecha de valor liquidativo).
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducen el precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados por este con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidasrevierten en la sociedad gestora, el comercializador, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – Millesima World 2028 | Valor liquidativo x N.º de acciones | Acción A CHF (H): Máximo del 4 % |
| Acción A EUR: Máximo del 4 % |
| Acción A USD (H): Máximo del 4 % |
| Acción AC EUR: Máximo del 4 % |
| Acción B EUR: Máximo del 4 % |
| Acción B USD (H): Máximo del 4 % |
| Acción CR EUR: Máximo del 4 % |
| Acción CR USD (H): Máximo del 4 % |
| Acción CRD EUR: Máximo del 4 % |
| Acción CRD USD (H): Máximo del 4 % |
| Acción I CHF (H): No procede |
| Acción I EUR: No procede |
| Acción I USD (H): No procede |
| Acción J EUR: No procede |
| Acción J CHF (H): No procede |
| Acción J USD (H): No procede |
| Acción K EUR: No procede |
| Acción R EUR: Máximo del 4 % |
| Acción PWM EUR: No procede |
| Acción PWM USD (H): No procede |
| Acción PWMD EUR: No procede |
| Acción PWMD USD (H): No procede |
| Comisión de suscripción atribuida al subfondo EdR SICAV – Millesima World 2028 | Valor liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – Millesima World 2028 | Valor liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |
| Comisión de reembolso atribuida al subfondo EdR SICAV – Millesima World 2028 | Valor liquidativo x N.º de acciones | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intervención (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el depositario y la sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las acciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación
del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados a la SICAV | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A CHF (H): Máximo del 1,10 %, impuestos incluidos |
| Acción A EUR: Máximo del 1,10 %, impuestos incluidos |
| Acción A USD (H): Máximo del 1,10 %, impuestos incluidos |
| Acción AC EUR: Máximo del 1,25 %, impuestos incluidos |
| Acción B EUR: Máximo del 1,10 %, impuestos incluidos |
| Acción B USD (H): Máximo del 1,10 % |
| Acción CR EUR: Máximo del 0,40 %, impuestos incluidos |
| Acción CR USD (H): Máximo del 0,40 %, impuestos incluidos |
| Acción CRD EUR: Máximo del 0,40 %, impuestos incluidos |
| Acción CRD USD (H): Máximo del 0,40 %, impuestos incluidos |
| Acción I CHF (H): Máximo del 0,35 %, impuestos incluidos |
| Acción I EUR: Máximo del 0,35 %, impuestos incluidos |
| Acción I USD (H): Máximo del 0,35 %, impuestos incluidos |
| Acción J EUR: Máximo del 0,35 %, impuestos incluidos |
| Acción J CHF (H): Máximo del 0,35 %, impuestos incluidos |
| Acción J USD (H): Máximo del 0,35 %, impuestos incluidos |
| Acción K EUR: Máximo del 0,50 %, impuestos incluidos |
| Acción R EUR: Máximo del 1,50 %, impuestos incluidos |
| Acción PWM EUR: Máximo del 0,60 %, impuestos incluidos |
| Acción PWM USD (H): Máximo del 0,60 %, impuestos incluidos |
| Acción PWMD EUR: Máximo del 0,60 %, impuestos incluidos |
| Acción PWMD USD (H): Máximo del 0,60 %, impuestos incluidos |

| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A CHF (H): Máximo del 0,10 %, impuestos incluidos |
| --- | --- | --- |
| Acción A EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción A USD (H): Máximo del 0,10 %, impuestos incluidos |
| Acción AC EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción B EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción B USD (H): Máximo del 0,10 % |
| Acción CR EUR: Máximo del 0,10 % impuestos incluidos |
| Acción CR USD (H): Máximo del 0,10 %, impuestos incluidos |
| Acción CRD EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción CRD USD (H): Máximo del 0,10 %, impuestos incluidos |
| Acción I CHF (H): Máximo del 0,10 %, impuestos incluidos |
| Acción I EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción I USD (H): Máximo del 0,10 % impuestos incluidos |
| Acción J EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción J CHF (H): Máximo del 0,10 %, impuestos incluidos |
| Acción J USD (H): Máximo del 0,10 %, impuestos incluidos |
| Acción K EUR: Máximo del 0,10 % impuestos incluidos |
| Acción R EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción PWM EUR: Máximo del 0,10 %, impuestos incluidos |
| Acción PWM USD (H): Máximo del 0,10 %, impuestos incluidos |
| Acción PWMD EUR: Máximo del 0,10 % impuestos incluidos |
| Acción PWMD USD (H): Máximo del 0,10 %, impuestos incluidos |
| Comisiones por movimientos | Cargo por cada operación | No procede |
| Comisión de rentabilidad superior (1) | Patrimonio neto del subfondo | Acción A EUR: 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,30 %. |
| Acción A CHF (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,30 %. |

|  |  | Acción A USD (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,30 %. |
| --- | --- | --- |
| Acción AC EUR: No procede |
| Acción B EUR: 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,30 %. |
| Acción B USD (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,30 %. |
| Acción CR EUR: 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4 %. |
| Acción CR USD (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4 %. |
| Acción CRD EUR: 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4 %. |
| Acción CRD USD (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4 %. |
| Acción I EUR: 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4,05 %. |
| Acción I CHF (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4,05 %. |
| Acción I USD (H): 10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4,05 %. |
| Acción J EUR:  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4,05 %. |
| Acción J CHF (H):  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4,05 %. |
| Acción J USD (H):  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 4,05 %. |
| Acción K EUR : No procede |
| Acción R EUR:  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 2,90 %. |
| Acción PWM EUR:  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,80 %. |
| Acción PWM USD (H):  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,80 %. |
| Acción PWMD EUR:  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,80 %. |
| Acción PWMD USD (H):  10 % anual de la rentabilidad superior con respecto a un tipo de interés fijo del 3,80 %. |

En esta actividad, la sociedad gestora no ha optado por el IVA.
*En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,15 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,15 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
-  Comisión de rentabilidad superiorSe pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Umbral de referencia:El umbral de referencia se fija en:
- un tipo fijo anual del 3,30 % para las categorías de acciones «A» y «B»;
- un tipo fijo anual del 4 % para las categorías de acciones «CR» y «CRD»;
- un tipo fijo anual del 4,05 % para las categorías de acciones «I» y «J»;
- un tipo fijo anual del 2,90 % para la categoría de acciones «R»;
- un tipo fijo anual del 3,80 % para las categorías de acciones «PWM» y «PWMD».

La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del umbral de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su umbral de referencia expresado pro rata temporis, se aplicará una provisión del 10 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su umbral de referencia, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
Los periodos de referencia se cierran con el último valor liquidativo del mes de junio.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año, como muy pronto el 30/06/2023.
Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su umbral de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia podrá prorrogarse cuatro veces y podrá tener una duración máxima de 5 años.
Al final de un periodo de referencia ampliado cuatro veces y que abarca 5 años:
- Si la rentabilidad de la acción es superior a la de su umbral de referencia, se pagará una comisión de rentabilidad superior. Comienza un nuevo periodo de referencia.
- Si la rentabilidad de la acción es inferior a la de su umbral de referencia, no se pagará ninguna comisión. Se establece un nuevo periodo de referencia definiendo un nuevo año de referencia que depende de la compensación de los periodos de rentabilidad inferior por cualquier periodo de rentabilidad superior dentro de estos primeros 5 años. Si, además del primer año de rentabilidad inferior, se ha producido otro año de rentabilidad inferior dentro de este primer periodo de 5 años y no se ha compensado al final de dicho primer periodo, se inicia un nuevo periodo de hasta 5 años a partir del comienzo de este nuevo año de rentabilidad inferior.

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

|  | Rentabilidad neta | La rentabilidad inferior se compensará en el año siguiente | Pago de comisiones de rentabilidad |
| --- | --- | --- | --- |
| Y1 | 5 % | 0 % | SÍ |
| Y2 | 0 % | 0 % | NO |
| Y3 | -5 % | -5 % | NO |
| Y4 | 3 % | -2 % | NO |
| Y5 | 2 % | 0 % | NO |
| Y6 | 5 % | 0 % | SÍ |
| Y7 | 5 % | 0 % | SÍ |
| Y8 | -10 % | -10 % | NO |
| Y9 | 2 % | -8 % | NO |
| Y10 | 2 % | -6 % | NO |
| Y11 | 2 % | -4 % | NO |
| Y12 | 0 % | 0 % 29 | NO |
| Y13 | 2 % | 0 % | SÍ |
| Y14 | -6 % | -6 % | NO |
| Y15 | 2 % | -4 % | NO |
| Y16 | 2 % | -2 % | NO |
| Y17 | -4 % | -6 % | NO |
| Y18 | 0 % | -4 %30 | NO |
| Y19 | 5 % | 0 % | SÍ |

29  La rentabilidad inferior del Y12 que se trasladará al año siguiente (Y13) es del 0 % (y no del -4 %), dado que la rentabilidad inferior residual del Y8, que aún no se ha compensado (-4 %), ya no es relevante, puesto que ha transcurrido el periodo de 5 años (el rendimiento inferior del Y8 se compensa hasta el Y12).
30	La rentabilidad inferior del Y18 que se trasladará al año siguiente (Y19) es del 4 % (y no del -6 %), dado que la rentabilidad inferior residual del Y14, que aún no se ha compensado (-2 %), ya no es relevante, puesto que ha transcurrido el periodo de 5 años (el rendimiento inferior del Y14 se compensa hasta el Y18).
Los gastos relacionados con la investigación en el sentido del artículo 314-21 del Reglamento General de la AMF podrán facturarse al subfondo hasta un máximo del 0,01 % de su patrimonio neto hasta el cierre de las suscripciones y del 0,001 % de su patrimonio neto al final de dicho cierre.
Toda retrocesión de los gastos de gestión de las IIC y los fondos de inversión subyacentes soportados por el subfondo EdR SICAV – Millesima World 2028 se reinvertirán en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
A título excepcional para una operación concreta, en la medida en que un subdepositario se vea obligado a cargar una comisión por movimientos no contemplada en las modalidades anteriores, se especificará la descripción de la operación y las comisiones por movimientos facturadas en el informe de gestión de la SICAV.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios:
De conformidad con el Reglamento General de la AMF, la sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las
órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos,así como en cualquier otra operación equivalente en derecho extranjero:
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
Modalidades de cálculo y reparto de la remuneración en las operaciones de Total Return Swaps (TRS), así comoen cualquier otra operación equivalente en derecho extranjero:
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por dichas operaciones se asignan íntegramente al subfondo.
EdR SICAV – European Sustainable Smaller Companies
- Fecha de creaciónEl subfondo fue aprobado por la Autoridad de los mercados financieros el 11/10/2022. El subfondo se creó el 08/12/2022.
- Código ISIN

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

- Régimen fiscal específicoAdmisible para el PEA
- Delegación de la gestión financieraEdmond de Rothschild Asset Management (France) delega parcialmente la gestión financiera de la SICAV en: Edmond de Rothschild (Suisse) S.A.

Dicha delegación de gestión financiera se centra en la cobertura cambiaria de las acciones cubiertas.
- Nivel de exposición en otros OICVM, FIA y fondos de inversión de derecho extranjeroHasta el 10 % del patrimonio neto.
- Objetivo de gestiónEl objetivo del Subfondo es, en el horizonte de inversión recomendado, obtener una rentabilidad superior a la de su índice de referencia, el MSCI EMU Small Cap Index (NR), mediante la exposición al mercado de empresas europeas, principalmente de pequeña y mediana capitalización. 

Estas empresas se seleccionarán sobre la base de un análisis en el que se combinarán la rentabilidad financiera y el cumplimiento de criterios ESG (medioambientales, sociales, y de gobernanza, por sus siglas en inglés). A este respecto, el Subfondo tratará, a través de sus inversiones, de contribuir a la generación de puestos de trabajo a lo largo de ciclos de 3 a 5 años, según el análisis de la sociedad gestora, y así fortalecer el tejido de las empresas de pequeña y mediana capitalización en Europa.
El Subfondo se gestiona de forma activa; el Gestor toma decisiones de inversión con respecto a la selección de activos sin restricciones de asignación sectorial o geográfica.
- Índice de referenciaEl Subfondo se gestiona de forma activa y utiliza el índice de referencia a efectos de comparación y para calcular la comisión de rentabilidad a posteriori.

El gestor no se encuentra limitado en ningún caso por los componentes del índice de referencia con respecto al posicionamiento de su cartera. Del mismo modo, el subfondo puede no invertir en todos los componentes del índice de referencia, o incluso en ninguno de ellos. La diferencia con respecto al índice de referencia puede ser total o significativa, aunque, en ocasiones, también puede ser limitada.
El índice de referencia utilizado es el MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos. Se denomina en la divisa de la acción correspondiente.
El índice de referencia de las Clases de Acciones (H) denominadas en CHF y USD es el MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos, cubierto y denominado en la divisa de la clase de acciones correspondiente.
El índice MSCI EMU Small Cap Index refleja las variaciones en los valores de empresas de pequeña capitalización de 10 países con mercados desarrollados de la Unión Económica y Monetaria de la Unión Europea. Puede encontrarse información adicional sobre este índice en el sitio web www.msci.com.
El administrador MSCI Limited (sitio web: http://www.msci.com) no figura en el registro de administradores e índices de referencia de la ESMA y se beneficia del régimen transitorio previsto en el artículo 51 del Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo de 8 de junio de 2016 relativo a los índices de referencia.
.
De conformidad con el Reglamento (UE) 2016/1011 del Parlamento Europeo y del Consejo, de 8 de junio de 2016, la Sociedad gestora tiene un procedimiento para controlar los índices de referencia utilizados que describe las medidas que deben aplicarse en caso de cambios sustanciales en un índice o cese del suministro de ese índice.
- Estrategia de inversión. Estrategias utilizadasPara alcanzar su objetivo, el gestor seleccionará empresas europeas principalmente de pequeña capitalización (menos de 5000 millones de euros) y de mediana capitalización (entre 5000 y 10 000 millones de euros). Las empresas con una capitalización inferior a 5000 millones de euros en el momento de la inversión representarán permanentemente, como mínimo, el 51 % del patrimonio neto. El subfondo invertirá de forma permanente hasta un mínimo del 75 % de su patrimonio neto en valores de renta variable y otros valores elegibles del PEA emitidos por empresas con domicilio social en la Unión Europea o en un Estado del Espacio Económico Europeo (EEE), y hasta el 25 % de su patrimonio neto en renta variable europea y otros títulos similares emitidos por empresas con domicilio social en un país fuera del EEE, especialmente en Suiza y el Reino Unido.

Esta selección se llevará a cabo de forma simultánea sobre la base de criterios financieros y extrafinancieros ESG (medioambientales, sociales y de gobernanza, por sus siglas en inglés) con el fin de cumplir los requisitos de la inversión socialmente responsable.
El universo de inversión ESG inicial de la cartera consta de valores europeos de pequeña y mediana capitalización de entre 50 millones y 10 000 millones de euros.
A continuación, se realiza un análisis extrafinanciero y se conforma una perspectiva de empleo detallada con respecto de todos los valores que componen el universo de inversión ESG inicial de la cartera.
El universo de inversión se reducirá al eliminar el 20 % de los emisores menos idóneos según el análisis extrafinanciero.
Posteriormente, a partir de este universo de inversión reducido, el gestor eliminará las empresas con una perspectiva de empleo «negativa».

##### Análisis de los criterios extrafinancieros:
Este análisis permite seleccionar valores de acuerdo con una tabla de calificación ESG específica para la sociedad gestora, que clasifica los títulos de acuerdo con los criterios de naturaleza medioambiental, social y de gobernanza que se detallan a continuación:
- Medio ambiente: consumo de energía, emisiones de gases de efecto invernadero, agua, residuos, contaminación, estrategia de gestión medioambiental, impacto ecológico;
- Social: calidad del empleo, gestión de recursos humanos, impacto social, salud y seguridad;
- Gobernanza: estructura de los órganos de gobernanza, política de remuneración, auditoría y control interno, intereses de los accionistas.

El modelo de calificación ISR se construyó:
- de acuerdo con el enfoque de Best-in-Universe, es decir, para favorecer a las empresas más exitosas sin importar la calificación financiera, el tamaño o el sector;
- con ponderaciones diferenciadas de los tres pilares ESG por sector de actividad según sus desafíos específicos: de hecho, a los 3 pilares extrafinancieros se les asigna una ponderación mayor o menor de acuerdo con el sector considerado, lo que resulta en una ponderación diferente para cada uno de los tres pilares. Por ejemplo, una empresa química estará más preocupada por los problemas medioambientales, mientras que una sociedad del sector de servicios empresariales otorgará una mayor importancia a los factores sociales.

Para determinar si la empresa analizada incorpora las características de la empresa responsable y sostenible definidas por la sociedad gestora, esta última lleva a cabo un estudio que resulta en una calificación ESG interna
en una escala de siete graduaciones que van desde AAA a CCC. La calificación es la suma de los resultados obtenidos en los diversos criterios medioambientales, sociales y de gobernanza de la tabla de calificación determinada por los analistas.
A falta de calificación interna, el gestor podrá emplear una calificación ESG de una agencia de calificación extrafinanciera.
Como mínimo, un 90 % de las empresas de la cartera ostentan una calificación ESG interna o de una agencia de calificación externa.
La metodología de la calificación externa puede no ser idéntica al enfoque metodológico utilizado para calcular las calificaciones propias. En términos generales, el gestor es responsable de seleccionar aquellos valores que cumplan los criterios extrafinancieros que mejor se adapten al enfoque de la sociedad gestora.
En caso de que la rebaja de la calificación ESG externa de un emisor afecte a los límites ESG de la cartera, la Sociedad gestora realiza un análisis detallado de este emisor para determinar si puede conservarse o si, por el contrario, debe venderse con la mayor brevedad y en interés de los titulares.
Asimismo, el proceso de selección de valores también incluye un filtro negativo para excluir a las empresas que contribuyen a la producción de armas controvertidas, de conformidad con lo establecido en las convenciones internacionales sobre la materia. También se excluye a las empresas cuya actividad está relacionada con el carbón térmico y el tabaco, de acuerdo con la política de exclusión de Edmond de Rothschild Asset Management (France), que se puede consultar en su sitio web. Dicho filtro negativo contribuye a reducir el riesgo de sostenibilidad.

##### Perspectiva de empleo
A través de estas inversiones, la estrategia tratará, en particular, de invertir en empresas que generen o puedan generar puestos de trabajo en los próximos años (sin prejuzgar el número de puestos de trabajo creados).
La «perspectiva de empleo» se obtiene a partir de un análisis interno que combina el estudio de las variaciones históricas en la plantilla a lo largo de 3 a 5 años consecutivos con las perspectivas de empleo de los emisores en los próximos años. La selección de las empresas cotizadas bajo este criterio se realiza sobre la base de filtros cuantitativos, de distintos trabajos de investigación, así como de interacciones con las empresas. Con arreglo a esta evaluación, la sociedad gestora asigna a cada emisor una calificación en materia de «perspectiva laboral» en una escala de 3 niveles: «positiva», «neutra» o «negativa». Únicamente se admiten las empresas con una perspectiva de empleo «positiva» o «neutra».
De este modo, la cartera reúne a empresas que, según los análisis de Edmond de Rothschild Asset Management (France), ofrezcan las mejores perspectivas de creación de puestos de trabajo durante un periodo de tres a cinco años consecutivos, que cumplan los criterios ESG, y que presenten un potencial de rentabilidad en un horizonte mínimo de cinco años.
El gestor supervisa los indicadores de rentabilidad cuantificables. Los indicadores utilizados son la plantilla a tiempo completo al final del año, según la información que comuniquen las empresas a lo largo de 3 y 5 años consecutivos. Esta lista de indicadores no está completa. El informe de impacto del subfondo está disponible en el sitio web de la sociedad gestora.
El subfondo promueve criterios medioambientales, sociales y de gobernanza (ESG) en virtud del artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, conocido también por el acrónimo inglés SFDR, y está sujeto al riesgo de sostenibilidad, tal como se define en el perfil de riesgo del folleto.
El subfondo integra el riesgo de sostenibilidad y tiene en cuenta las principales incidencias adversas en sus decisiones de inversión.
En el marco de su metodología propia de análisis ESG, Edmond de Rothschild Asset Management (France) usa los datos disponibles para tener en cuenta la proporción en que puede cumplir o respetar la taxonomía dentro del volumen de negocios verde o de las inversiones con fines ecológicos. Consideramos las cifras publicadas por las empresas o estimadas por los proveedores. El impacto medioambiental siempre se tiene en cuenta, según las especificidades de cada sector. También se pueden analizar la huella de carbono en los ámbitos correspondientes, la estrategia climática de la empresa y los objetivos de reducción de gases de efecto invernadero, así como el valor añadido de los productos y servicios en términos medioambientales, el diseño ecológico, etc. El subfondo no tiene por objeto realizar inversiones que contribuyan a los objetivos medioambientales de mitigación de los efectos del cambio climático y/o adaptación al cambio climático.
Así, el porcentaje de adecuación de las inversiones al Reglamento de Taxonomía es actualmente del 0 %. Limitaciones metodológicas
La aplicación de una estrategia extrafinanciera presenta limitaciones metodológicas. De hecho, la información ESG disponible de proveedores de datos externos o de los propios emisores puede ser incompleta, imprecisa, estar fragmentada o no estar disponible, lo que puede repercutir negativamente en una cartera que se base en estos datos para evaluar la inclusión o la exclusión adecuada de un valor.
La inversión a través de las IIC no podrá superar el 10 % del patrimonio neto.
Con un límite del 100 % de su patrimonio neto, el subfondo podrá recurrir a instrumentos derivados extrabursátiles o a contratos financieros negociados en un mercado regulado europeo, con fines de cobertura y de exposición.
Con fines de gestión de la tesorería, la inversión de la cartera en títulos de crédito e instrumentos del mercado monetario podrá representar como máximo un 25 % de la cartera. Estos instrumentos tendrán principalmente la categoría de «Investment Grade» en su emisión (es decir, títulos con el menor riesgo de impago por parte de los emisores) según las agencias de calificación crediticia independientes, o que cuenten con una calificación interna equivalente de la Sociedad gestora.
Todos estos títulos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Activos utilizados
Renta variable:
El subfondo invierte en empresas europeas, principalmente de pequeña capitalización (menos de 5000 millones de euros) y de mediana capitalización (entre 5000 y 10 000 millones de euros). Las empresas con una capitalización inferior a 5000 millones en el momento de la inversión representarán permanentemente, como mínimo, el 51 % del patrimonio neto.
Al menos, un 75 % del patrimonio neto del subfondo se invierte permanentemente en valores elegibles del PEA. Las empresas que emitan estos valores deben tener su domicilio social en la Unión Europea o en un Estado del Espacio Económico Europeo (EEE) y hasta el 25 % de su patrimonio neto en renta variable europea y otros títulos similares emitidos por empresas con domicilio social en un país fuera del EEE, especialmente en Suiza y el Reino Unido.
Titres de créance et instruments du marché monétaire:
Con fines de gestión de la tesorería, la inversión de la cartera en títulos de crédito e instrumentos del mercado monetario podrá representar como máximo un 25 % de la cartera.
Los instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
El patrimonio del subfondo en el marco de la gestión de tesorería podrá incluir instrumentos de deuda u obligaciones denominados en euros. Estos instrumentos, que cuentan con una duración residual inferior a tres meses, se emitirán sin restricciones de reparto de deuda pública/privada emitida por estados soberanos, instituciones similares o por entidades con una calificación a corto plazo equivalente o superior a A2 según Standard & Poor’s, en el momento de la inversión, o con una calificación equivalente otorgada por otra agencia independiente o que la sociedad gestora les otorgue una calificación interna equivalente.
La selección de valores no se basa de forma automática y exclusiva en el criterio de calificación. Se basa principalmente en un análisis interno. Antes de cada decisión de inversión, la Sociedad gestora analiza cada valor mediante otros criterios distintos de la calificación crediticia. En caso de rebaja de la calificación de un valor de la categoría de alto rendimiento («High Yield»), es decir, de aquellos valores especulativos cuyo riesgo de incumplimiento del emisor es más elevado (valores con una calificación inferior a BBB- o cuya calificación a corto plazo es inferior o igual a A-3 según Standard & Poor’s o una agencia equivalente, o que la Sociedad gestora les otorgue una calificación interna equivalente), la sociedad gestora efectúa obligatoriamente un análisis exhaustivo para decidir la idoneidad de vender o mantener el valor y cumplir el objetivo de calificación.
Acciones o participaciones de otras inversiones colectivas de derecho francés u otros OICVM, FIA o fondos deinversión de derecho extranjero:
El subfondo podrá invertir hasta el 10 % de su patrimonio en participaciones o acciones de OICVM de derecho francés o extranjero o FIA de derecho francés, independientemente de su clasificación, con el fin de diversificar la exposición a otras clases de activos como los fondos indexados cotizados, y de clasificación monetaria o de renta fija para invertir especialmente las posiciones de tesorería.
Dentro de este límite del 10 %, el subfondo podrá invertir asimismo en acciones o participaciones de FIA de derecho extranjero y/o en fondos de inversión de derecho extranjero que respondan a los criterios de admisibilidad normativa.
Estos IIC y fondos de inversión podrán estar gestionados por la Sociedad gestora o por una sociedad relacionada. Las participaciones o acciones de las IIC seleccionadas no serán objeto de un análisis extrafinanciero.
Instrumentos derivados:
Con un límite de una vez su patrimonio, el subfondo podrá invertir en contratos financieros negociados en mercados europeos regulados, organizados o extrabursátiles con el fin de formalizar:
- contratos de opciones sobre acciones tanto para disminuir la volatilidad de las acciones como aumentar la exposición del subfondo;
- contratos de futuros para dirigir la exposición de las acciones, y contratos de índices, y
- contratos a plazo sobre divisas o swaps de divisas para cubrir la exposición a determinadas divisas en el marco de las acciones de fuera de la zona euro.

El empleo de contratos financieros no podrá aumentar la exposición global del subfondo al riesgo de renta variable por encima del 100 %.
El subfondo no utilizará swaps de rentabilidad total.
Para limitar sensiblemente el riesgo global de contraparte de los instrumentos negociados de forma extrabursátil, la Sociedad gestora podrá recibir garantías en efectivo que se depositarán en poder del Depositario, sin que se permita su reinversión.
Títulos con derivados implícitos:
El subfondo podrá utilizar títulos con derivados implícitos dentro del límite del 10 % del patrimonio neto. La estrategia aplicable para los derivados implícitos es la misma que la descrita para los derivados.
Estos son warrants, bonos de suscripción o de obligaciones exigibles o negociables.
Estos instrumentos se seleccionarán sobre la base de las fases de identificación de los valores que cumplan los criterios extrafinancieros antes mencionados.
Depósitos:
El subfondo podrá efectuar depósitos en el depositario hasta un límite máximo del 10 % de su patrimonio neto.
Préstamos en efectivo:
El subfondo no pretende ser prestatario de efectivo. No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a los flujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro del límite del 10 % de su patrimonio neto.
No obstante, puede encontrarse en una posición deudora puntual a razón de las operaciones vinculadas a losflujos del subfondo (inversiones y desinversiones en curso, operaciones de suscripción/reembolso, etc.) dentro dellímite del 10 % de su patrimonio neto:
No procede.
- Inversiones entre subfondosEl subfondo podrá invertir hasta un máximo del 10 % de su patrimonio neto en otro subfondo de la SICAV Edmond de Rothschild SICAV.

La inversión global en otros subfondos de la SICAV se limita al 10 % del patrimonio neto.
- Perfil de riesgoSu dinero se invertirá principalmente en instrumentos financieros seleccionados por la Sociedad gestora. Estos instrumentos estarán bajo la influencia de la evolución y las incertidumbres del mercado.

Los factores de riesgo expuestos a continuación no son de carácter limitativo. Cada inversor deberá analizar el riesgo inherente a cada inversión y deberá forjarse su propia opinión independientemente del Grupo Edmond de Rothschild, basándose, si fuera necesario, en la opinión de asesores especializados en dichas cuestiones a fin de garantizar, principalmente, la adecuación de dicha inversión con respecto a su situación financiera jurídica y a su horizonte de inversión.
Riesgo de pérdida de capital:
El subfondo carece de garantías o protección y, por lo tanto, puede que el capital que se invirtió inicialmente no se recupere al completo, aunque los suscriptores conserven las acciones durante el horizonte de inversión recomendado.
Riesgo asociado a la gestión discrecional:
El estilo de gestión discrecional se basa en la previsión de la evolución de los distintos mercados (renta variable, bonos, monetarios o divisas). Existe el riesgo de que el subfondo no invierta continuamente en los mercados más competitivos. Por tanto, la rentabilidad del subfondo puede ser inferior al objetivo de gestión y la caída de su valor liquidativo puede conducir a un rendimiento negativo.
Riesgo inherente a las acciones:
El valor de una acción puede evolucionar en función de factores propios de la sociedad emisora, pero también en función de factores exógenos, políticos o económicos. Las variaciones de los mercados de acciones y las variaciones de los mercados de obligaciones convertibles, cuya evolución está en parte relacionada con la de las acciones subyacentes, pueden provocar variaciones importantes del patrimonio neto que pueden afectar de manera negativa al rendimiento del valor liquidativo del subfondo.
Riesgo de crédito:
El riesgo principal asociado a los títulos de crédito y/o los instrumentos del mercado monetario, como bonos del Tesoro (BTF y BTAN) o títulos negociables a corto plazo, es el de incumplimiento por parte del emisor, es decir, el impago de los intereses y/o la omisión de reembolso del capital.
El riesgo de crédito también está asociado a la degradación de un emisor.
El partícipe deberá tener en cuenta que el valor liquidativo del subfondo puede variar a la baja en caso de que se registre una pérdida total en un instrumento financiero tras el incumplimiento de un emisor.
La presencia de títulos de crédito directamente o a través de IIC en la cartera expone el subfondo a efectos de la variación de la calidad del crédito.
Riesgo de crédito relacionado con la inversión en valores especulativos:
El subfondo puede invertir en emisiones de sociedades cuya calificación sea inferior a la categoría de inversión de
«Investment Grade» según una agencia de calificación (calificada por debajo de BBB- según Standard & Poor’s o equivalente) o con una calificación interna de la sociedad gestora equivalente. Estas emisiones corresponden a valores especulativos, cuyo riesgo de impago por parte del emisor es mayor. Este subfondo deberá, por tanto, considerarse en parte como especulativo y destinado especialmente a inversores conscientes de los riesgos inherentes a las inversiones en estos valores. Así pues, la utilización de valores de «alto rendimiento/High Yield» (títulos especulativos cuyo riesgo de impago por parte del emisor es mayor) podrá entrañar un mayor riesgo de deterioro del valor liquidativo.
Riesgo de tipos de interés:
La exposición a productos de tipos de interés (títulos de crédito e instrumentos del mercado monetario) hace que el subfondo sea sensible a las fluctuaciones de los tipos de interés. El riesgo de tipos de interés representa una posible caída del valor del título y, por tanto, del valor liquidativo del subfondo en caso de variación de la curva de tipos.
Riesgo de cambio:
El capital puede exponerse a riesgos de cambio cuando los títulos o inversiones que lo forman están denominados en una divisa distinta a la del subfondo.
El riesgo de cambio corresponde al riesgo de caída del curso de cambio de la divisa de cotización de los instrumentos financieros en la cartera, en comparación con la divisa de referencia del subfondo, el euro, lo que puede provocar una caída del valor liquidativo.
Riesgo vinculado a las pequeñas y medianas capitalizaciones:
Los títulos de sociedades de pequeñas o medianas capitalizaciones bursátiles pueden ser considerablemente menos líquidos y más volátiles que los de sociedades que tengan una capitalización bursátil importante. Por tanto, el valor liquidativo del subfondo puede evolucionar de manera más rápida y con grandes amplitudes.
Riesgo asociado a la participación en contratos financieros y de contraparte:
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo. El riesgo de contraparte surge cuando el subfondo recurre a contratos financieros negociados OTC y/o a operaciones de adquisiciones y cesiones temporales de títulos. Estas operaciones exponen potencialmente el subfondo a un riesgo de incumplimiento por parte de una de sus contrapartes y, en ese caso, a una caída de su valor liquidativo.
Riesgo de liquidez:
Los mercados en los cuales interviene el subfondo pueden verse afectados ocasionalmente por una falta de liquidez. Estas condiciones de mercado pueden afectar a las condiciones de precios según las cuales el subfondo puede terminar liquidando, iniciando o modificando posiciones.
Riesgo asociado a los derivados:
El subfondo podrá contratar instrumentos financieros a plazo (derivados).
Recurrir a contratos financieros podrá provocar un riesgo de caída del valor liquidativo más importante y rápido que el de los mercados en los cuales invierte el subfondo.
Riesgo asociado a las divisas de las participaciones denominadas en una divisa distinta de la del subfondo:
El accionista, suscriptor de otras divisas distintas a la divisa de referencia del subfondo (euro), está expuesto al riesgo de cambio, en caso de que este no esté cubierto. El valor de los activos del subfondo puede bajar si el tipo de cambio varía, lo que puede provocar una caída del valor liquidativo del subfondo.
Riesgo de sostenibilidad:
Se trata de todo acontecimiento o estado medioambiental, social o de gobernanza que, de ocurrir, pudiera surtir un efecto material negativo real o posible sobre el valor de la inversión. Las inversiones del fondo están expuestas al riesgo de sostenibilidad, que podría provocar un impacto material negativo en el valor del fondo. Por lo tanto, el gestor identifica y analiza los riesgos de sostenibilidad como parte de su política y sus decisiones de inversión.
Riesgos relacionados con los criterios ESG:
La inclusión de criterios ESG y de sostenibilidad en el proceso de inversión puede excluir valores de determinados emisores por razones ajenas a la inversión. Como resultado, es posible que algunas oportunidades de mercado que estén disponibles para fondos que no utilizan criterios ESG o de sostenibilidad no lo estén para el subfondo, y que la rentabilidad del subfondo sea, en ocasiones, mejor o peor que la de los fondos comparables que no utilizan criterios ESG o de sostenibilidad.
La selección de activos puede basarse en parte en un proceso de calificación ESG propio o en listas de exclusión («ban list»), que se basan también en datos de terceros.
La falta de definiciones y etiquetas comunes o armonizadas que incorporen criterios ESG y de sostenibilidad a nivel de la Unión Europea puede llevar a los gestores a adoptar diferentes enfoques a la hora de definir los objetivos ESG y determinar que los fondos que gestionan han alcanzado dichos objetivos. Esto también significa que puede resultar difícil comparar las estrategias que incorporan criterios ESG y de sostenibilidad, ya que la selección y las ponderaciones aplicadas a las inversiones seleccionadas pueden, en cierta medida, ser subjetivas o basarse en indicadores que pueden compartir el mismo nombre, pero cuyos significados subyacentes son diferentes. Los inversores deben tener en cuenta que el valor subjetivo que pueden asignar o no a determinados tipos de criterios ESG puede diferir considerablemente de la metodología del gestor financiero. La falta de definiciones armonizadas también puede dar lugar a que ciertas inversiones no se beneficien de regímenes fiscales preferenciales o de créditos, ya que los criterios ESG se evalúan de forma diferente a la prevista originalmente.
- Garantía o protección:No procede.

Suscriptores interesados y perfil del inversor habitual
Acciones A EUR, A CHF (H), A USD, A USD (H), B EUR y B USD: Toda clase de suscriptores
Acciones I EUR, I CHF (H), I USD, I USD (H), J EUR, K EUR, N EUR, O EUR y S EUR: personas jurídicas e inversores institucionales por cuenta propia o en nombre de terceros.
Las acciones CR USD, CR EUR y CRD EUR están destinadas a todos los suscriptores y podrán comercializarse a inversores minoristas (no profesionales o profesionales de opción) exclusivamente en los siguientes casos:
- Suscripción en el marco de un consejo independiente facilitado por un asesor financiero o una entidad financiera regulada.
- Suscripción en el marco de un consejo no independiente, que disponga de un acuerdo específico que no autorice a recibir ni conservar retrocesiones.
- Suscripción por parte de una entidad financiera regulada en nombre de su cliente en el marco de una orden de gestión.

Además de los gastos de administración cobrados por la sociedad gestora, cada asesor financiero o entidad financiera regulada podrá cobrar gastos de gestión o asesoría a cada inversor interesado. La sociedad gestora no es parte de estos acuerdos.
Las acciones no están registradas para su comercialización en todos los países. Por lo tanto, no están abiertas a la suscripción de inversores minoristas en todas las jurisdicciones.
La persona encargada de garantizar que se respetan los criterios relativos a la capacidad de los suscriptores o compradores y que estos últimos reciben la información necesaria es a quien se confía la realización efectiva de la comercialización de la IIC.
Este subfondo va dirigido especialmente a inversores que deseen dinamizar sus ahorros a través de mercados de acciones europeas, esencialmente de la Unión Europea.
Las acciones de este subfondo no se han registrado ni se registrarán en Estados Unidos en aplicación de la Ley de valores (Securities Act) de 1933, en su versión modificada, ni han sido admitidas en virtud de ninguna ley estadounidense. Estas acciones no deberán ofertarse, venderse ni transferirse a Estados Unidos (incluidos sus territorios y posesiones) ni beneficiar, directa o indirectamente, a ninguna Persona estadounidense (en el sentido del Reglamento S de la Ley de valores de 1933).
El subfondo podrá suscribir participaciones o acciones de fondos objetivo que puedan participar en ofertas de nuevas emisiones de valores estadounidenses («OPV estadounidenses») o bien participar directamente en ofertas públicas de venta estadounidenses («OPV estadounidenses»). La autoridad que regula la industria financiera en Estados Unidos (FINRA, por sus siglas en inglés), de conformidad con las normas 5130 y 5131 de la FINRA (las Normas), ha establecido prohibiciones acerca de la admisibilidad de ciertas personas para participar en la atribución de OPV estadounidenses. Por lo tanto, se excluye de participación a los beneficiarios reales de las cuentas cuando sean profesionales del sector de los servicios financieros (incluidos, entre otros, el propietario o el empleado de una sociedad miembro de la FINRA o un gestor de fondos) (Personas restringidas), o un directivo o un consejero de una sociedad estadounidense o no estadounidense que pueda ejercer actividades relacionadas con una sociedad miembro de la FINRA (Personas interesadas).
El subfondo no se podrá ofrecer ni vender en beneficio o en nombre de una «Persona estadounidense», según se define en la «Regulación S», ni de los inversores que las Normas de la FINRA consideren Personas restringidas o Personas interesadas. En caso de duda acerca de su condición, el inversor debe solicitar el asesoramiento de su asesor jurídico.
El importe razonable para invertir en este subfondo depende de su situación personal. Para determinarlo, se recomienda al accionista solicitar el asesoramiento de un profesional para diversificar su inversión y determinar la parte de la cartera financiera o de su patrimonio que invertirá en el subfondo, valorando especialmente el horizonte de inversión recomendado, la exposición a los riesgos mencionada, su patrimonio personal, sus necesidades y sus propios objetivos. En cualquier caso, es imprescindible para todo accionista diversificar suficientemente su cartera para no estar expuesto únicamente a los riesgos de este subfondo.
Duración del horizonte de inversión recomendado: superior a 5 años
- Modalidades de determinación de asignación del resultado

| Sumas distribuibles | Acciones «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» y «S EUR» | «B USD», «B EUR», «CRD EUR», «J EUR» et «O EUR» |
| --- | --- | --- |
| Asignación del resultado neto | Capitalización | Distribución |
| Asignación de las plusvalías o minusvalías netas realizadas | Capitalización | Capitalización (total o parcial) o Distribución (total o parcial) o Aplazamiento (total o parcial), conforme al criterio de la sociedad gestora. |

En lo relativo a las acciones de distribución, la sociedad gestora del subfondo puede decidir la distribución de uno o varios dividendos a cuenta con base en las situaciones certificadas por el auditor.
- Frecuencia de distribuciónAcciones de capitalización: no aplicable.

Acciones de distribución: anual con posibilidad de plazos. El pago de sumas distribuibles se lleva a cabo dentro de un plazo máximo de cinco meses a partir del cierre del ejercicio y en un plazo de un mes en el caso de los dividendos a cuenta a partir de la fecha de la situación certificada por el auditor.
- Características de las accionesEl subfondo cuenta con dieciocho categorías de acciones: Acciones «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» y «S EUR».

| La acción «A EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| --- |
| La acción «A USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «A CHF (H)» está denominada en francos suizos y expresada en acciones o milésimas de acciones. |
| La acción «A USD (H)» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «B EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |

| La acción «B USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| --- |
| La acción «CR EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «CR USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |
| La acción «CRD EUR» está denominada en euros y expresada en acciones o milésimas de acciones. La acción «I EUR» está denominada en euros y expresada en acciones o milésimas de acciones. |
| La acción «I USD» está denominada en dólares estadounidenses y expresada en acciones o milésimas de acciones. |

- Modalidades de suscripción y reembolsoFecha y periodicidad del valor liquidativo:Diariamente, a excepción de los días festivos y de los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S. A.).

Valor liquidativo inicial:
| Acción A EUR: | 100 EUR |
| --- | --- |
| Acción A USD: | 100 USD |
| Acción A CHF (H): | 100 CHF |
| Acción A USD (H): | 100 USD |
| Acción B EUR: | 100 EUR |
| Acción B USD: | 100 USD |
| Acción CR EUR: | 100 EUR |
| Acción CR USD: | 100 USD |
| Acción CRD EUR: | 100 EUR |
| Acción I EUR: | 100 EUR |
| Acción I USD: | 100 USD |
| Acción I CHF (H) | 100 CHF |
| Acción I USD (H): | 100 USD |
| Acción J EUR: | 100 EUR |
| Acción K EUR: | 100 EUR |
| Acción N EUR: | 100 EUR |
| Acción O EUR: | 100 EUR |
| Acción S EUR: | 100 EUR |

Importe mínimo de suscripción inicial:
| Acción A EUR: | Una acción |
| --- | --- |
| Acciones A USD: | Una acción |
| Acción A CHF (H): | Una acción |
| Acción A USD (H): | Una acción |
| Acción B EUR: | Una acción |
| Acción B USD: | Una acción |
| Accción CR EUR: | Una acción |
| Accción CR USD: | Una acción |
| Accción CRD EUR: | Una acción |
| Accción I EUR: | 500 000 EUR |
| Accción I USD: | 500 000 USD |
| Accción I CHF (H) | 500 000 CHF |
| Accción I USD (H): | 500 000 USD |
| Accción J EUR: | 500 000 EUR |
| Accción K EUR: | 500 000 EUR |
| Accción N EUR: | 10 000 000 EUR |
| Accción O EUR: | 10 000 000 EUR |
| Accción S EUR: | 10 000 000 EUR |

Cantidad mínima de suscripciones subsiguientes:
| Accción A EUR: | Una milésima de acción |
| --- | --- |
| Accción A USD: | Una milésima de acción |
| Accción A CHF (H): | Una milésima de acción |
| Accción A USD (H): | Una milésima de acción |
| Accción B EUR: | Una milésima de acción |
| Accción B USD: | Una milésima de acción |
| Accción CR EUR: | Una milésima de acción |

| Accción CR USD: | Una milésima de acción |
| --- | --- |
| Accción CRD EUR: | Una milésima de acción |
| Accción I EUR: | Una milésima de acción |
| Accción I USD: | Una milésima de acción |
| Accción I CHF (H) | Una milésima de acción |
| Accción I USD (H): | Una milésima de acción |
| Accción J EUR: | Una milésima de acción |
| Accción K EUR: | Una milésima de acción |
| Accción N EUR: | Una milésima de acción |
| Accción O EUR: | Una milésima de acción |
| Accción S EUR: | Una milésima de acción |

Condiciones de suscripción y reembolso:
Las órdenes se ejecutan de acuerdo con la tabla a continuación.
Las modalidades de suscripción y reembolso se expresan en días hábiles. D es el día del establecimiento del valor liquidativo:
| Centralización de órdenes de suscripción | Centralización de las órdenes de reembolso | Fecha de ejecución de la orden | Publicación del valor liquidativo | Liquidación de las suscripciones | Liquidación de los reembolsos |
| --- | --- | --- | --- | --- | --- |
| D antes de las 12:30 h | D antes de las 12:30 h | D | D+1 | D+3 | D+3* |

* En caso de disolución del subfondo, los reembolsos se liquidarán en un plazo máximo de cinco días hábiles.
La sociedad gestora ha establecido un método para ajustar el valor liquidativo del subfondo llamado «Swing Pricing». Este mecanismo se detalla en la Parte VII del folleto: «Normas de valoración del activo».

##### Dispositivo de limitación de reembolsos (gates):
La sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo entre varios valores liquidativos si superan un determinado umbral, cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
Descripción del método:
La Sociedad gestora podrá no ejecutar todos los reembolsos sobre un mismo valor liquidativo cuando se alcance el umbral objetivamente predeterminado sobre un valor liquidativo. Para determinar el nivel de dicho umbral, la sociedad gestora tendrá en cuenta la frecuencia de cálculo del valor liquidativo del subfondo, la orientación de la gestión del subfondo y la liquidez de los activos de la cartera.
En el caso del subfondo, la sociedad gestora podrá aplicar la limitación de reembolsos cuando se alcance el umbral del 5 % del patrimonio neto. Al tratarse de un subfondo con varias clases de acciones, el umbral de activación será idéntico para todas sus clases de acciones. Este umbral del 5 % se aplica a los reembolsos centralizados para la totalidad del activo del subfondo, y no específicamente a las clases de acciones del subfondo.
El umbral de activación de gates es la relación entre:
-  la diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización, y
el patrimonio neto del subfondo.
Cuando las solicitudes de reembolso superen el umbral de activación de gates, el subfondo podrá, no obstante, atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
A modo de ejemplo, si el total de las solicitudes de reembolso de acciones representa el 10 % del patrimonio neto del subfondo, y el umbral de activación está fijado en el 5 % del patrimonio neto, la SICAV podrá decidir atender las solicitudes de reembolso hasta el 8 % del patrimonio neto (y, por tanto, ejecutar el 80 % de las solicitudes de reembolso en lugar del 50 % si aplicara estrictamente la limitación del 5 %).
La duración máxima de la aplicación del dispositivo de limitación de reembolsos se fija en 20 valores liquidativos en 3 meses.
Procedimientos de información a los partícipes:
En caso de activación del mecanismo de gates, los accionistas del subfondo serán informados por cualquier medio a través del sitio web https://funds.edram.com.
Los accionistas del subfondo cuyas órdenes de reembolso no se hayan ejecutado serán informados al respecto a la mayor brevedad posible.
Tratamiento de las órdenes no ejecutadas:
Durante el periodo de aplicación del mecanismo de gates, las órdenes de reembolso se ejecutarán en las mismasproporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo.La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudesde reembolso posteriores. Las fracciones de las órdenes de reembolso no ejecutadas y aplazadasautomáticamente no podrán ser revocadas por los accionistas del subfondo.
Casos de exención del mecanismo de gates:
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valorliquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no estánsujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase deacciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiarioefectivo.
Las suscripciones y los reembolsos de acciones se ejecutan en importe, en acciones o en milésimas de acciones.El paso de una categoría de acciones a otra de este subfondo o de otro subfondo de la SICAV se considerafiscalmente como una operación de reembolso seguida de una nueva suscripción. Por consiguiente, el régimenfiscal aplicable a cada suscriptor depende de las disposiciones fiscales aplicables a la situación particular delsuscriptor y/o de la jurisdicción de inversión del OICVM. En caso de duda, se recomienda a todos los suscriptoresque consulten a su asesor para conocer el régimen fiscal que les corresponde.
En caso de que las órdenes se trasmitan a las entidades encargadas de la recepción de las órdenes de suscripcióny reembolso, los partícipes deberán tener en cuenta que la hora límite de centralización de las órdenes se aplicaa la entidad centralizadora, Edmond de Rothschild (France). En consecuencia, las otras entidades designadaspodrán aplicar su propia hora límite, anterior a la mencionada anteriormente, para poder transmitir las órdenesdentro del plazo a Edmond de Rothschild (France).
Posibilidad prevista de limitar o detener las suscripciones:
El subfondo podrá decidir, a su entera discreción, dejar de emitir nuevas acciones «S EUR» cuando el saldo de las mismas alcance 300 millones de euros. Por lo tanto, las acciones «S EUR» ya no podrán suscribirse a partir de dicha decisión.
Lugar y modo de publicación del valor liquidativo:
El valor liquidativo del subfondo está disponible en la sociedad gestora:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 París Cedex 08
- Gastos y comisionesComisiones de suscripción y reembolso:Las comisiones de suscripción y reembolso incrementan el precio de suscripción abonado por el inversor o reducenel precio del reembolso. Las comisiones atribuidas al subfondo sirven para compensar los gastos soportados poreste con objeto de la inversión o desinversión de los activos confiados. Las comisiones no atribuidas revierten enla Sociedad gestora, la Entidad comercializadora, etc.

| Gastos por cuenta del inversor, cargados en el momento de suscripción o reembolso | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Comisión de suscripción no atribuida al subfondo EdR SICAV – European Sustainable Smaller Companies | Valor liquidativo x Número de acciones | Acción A EUR: Máximo del 3 % |
| Acción A CHF (H): Máximo del 3 % |
| Acción A USD: Máximo del 3 % |
| Acción A USD (H): Máximo del 3 % |
| Acción B EUR: Máximo del 3 % |
| Acción B USD: Máximo del 3 % |
| Acción CR EUR: Máximo del 3 % |
| Acción CR USD : Máximo del 3 % |

|  |  | Acción CRD EUR: Máximo del 3 % |
| --- | --- | --- |
| Acción I EUR: No procede |
| Acción I CHF (H): No procede |
| Acción I USD (H): No procede |
| Acción I USD: No procede |
| Acción J EUR: No procede |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción O EUR: No procede Acción S EUR: No procede |
| Comisión de suscripción atribuida al subfondo EdR SICAV – European Sustainable Smaller Companies | Valor liquidativo x Valor liquidativo x | Toutes catégories d’actions: Todas las categorías de acciones: No procede |
| Comisión de reembolso no atribuida al subfondo EdR SICAV – European Sustainable Smaller Companies | Valor liquidativo x Valor liquidativo x | Todas las categorías de acciones: No procede: |
| Comisión de reembolso atribuida al subfondo EdR SICAV – European Sustainable Smaller Companies | Valeur Liquidative x Valor liquidativo x Valor liquidativo x | Todas las categorías de acciones: No procede |

Gastos de funcionamiento y de gestión:
Estos gastos cubren todos los gastos facturados directamente al subfondo, a excepción de los gastos de transacción.
Los gastos de transacción incluyen los gastos de intermediación (corretaje, impuestos locales, etc.) y la comisión de movimiento, según el caso, que puede ser percibida principalmente por el Depositario y la Sociedad gestora.
A los gastos de funcionamiento y de gestión se pueden sumar:
- una comisión de rentabilidad superior;
- comisiones de movimientos facturados al subfondo; y
- gastos relacionados con las operaciones de adquisición y cesión temporales de valores, según el caso.

La Sociedad gestora podrá abonar como remuneración una parte de los gastos de gestión financiera de la IIC a intermediarios tales como sociedades de inversión, compañías de seguros, sociedades gestoras, intermediarios de comercialización, distribuidores o plataformas de distribución con los que se haya firmado un acuerdo en relación con la distribución o la inversión de las participaciones de la IIC o la conexión con otros inversores. Esta remuneración es variable y depende de la relación comercial establecida con el intermediario y de la mejora de la calidad del servicio prestado al cliente que el beneficiario de dicha remuneración pueda justificar. Dicha remuneración podrá ser fija o calcularse sobre la base de los activos netos suscritos que resulten de la participación del intermediario. El intermediario puede ser o no miembro del grupo Edmond de Rothschild. Cada intermediario comunicará al cliente, de acuerdo con las normativas aplicables, toda la información pertinente sobre los costes y los honorarios y su remuneración.
Para obtener más información sobre los gastos efectivamente facturados al inversor, véase el Documento de datos fundamentales para el inversor.
| Gastos facturados al OICVM | Base de cálculo | Banda de tipos |
| --- | --- | --- |
| Gastos de gestión financiera | Patrimonio neto del subfondo | Acción A EUR: 1,90 % como máximo (todos los impuestos incluidos*) |
| Acción A CHF (H): 1,90 % como máximo (todos los impuestos incluidos*) |
| Acción A USD: 1,90 % como máximo (todos los impuestos incluidos*) |
| Acción A USD (H): 1,90 % como máximo (todos los impuestos incluidos*) |
| Acción B EUR: 1,90 % como máximo (todos los impuestos incluidos*) |
| Acción B USD: 1,90 % como máximo (todos los impuestos incluidos*) |
| Acción CR EUR: 1,05 % como máximo (todos los impuestos incluidos*) |
| Acción CR USD : 1,05 % como máximo (todos los impuestos incluidos*) |
| Acción CRD EUR: 1,05 % como máximo (todos los impuestos incluidos*) |
| Acción I EUR: 0,95 % como máximo (todos los impuestos incluidos*) |
| Acción I CHF (H): 0,95 % como máximo (todos los impuestos incluidos*) |
| Acción I USD (H): 0,95 % como máximo (todos los impuestos incluidos*) |
| Acción I USD: 0,95 % como máximo (todos los impuestos incluidos*) |
| Acción J EUR: 0,95 % como máximo (todos los impuestos incluidos*) |
| Acción K EUR: 1,10 % como máximo (todos los impuestos incluidos*) |
| Acción N EUR: 0,75 % como máximo (todos los impuestos incluidos*) |
| Acción O EUR: 0,75 % como máximo (todos los impuestos incluidos*)Acción S EUR: 0,30 % como máximo (todos los impuestos incluidos*) |
| Gastos administrativos externos a la sociedad gestora*, en particular los gastos de depositario, valorador y auditor, etc. | Patrimonio neto del subfondo | Acción A EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción A CHF (H): 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción A USD: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción A USD (H): 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción B EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción B USD : 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción CR EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción CR USD: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción CRD EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción I EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| Acción I CHF (H): 0,15 % como máximo (todos los impuestos incluidos*) |

|  |  | Acción I USD: 0,15 % como máximo (todos los impuestos incluidos*) |
| --- | --- | --- |

|  |  | Acción I USD (H): 0,15 % como máximo (todos los impuestos incluidos*) |
| --- | --- | --- |

|  |  | Acción J EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| --- | --- | --- |

|  |  | Acción K EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| --- | --- | --- |

|  |  | Acción N EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| --- | --- | --- |

|  |  | Acción O EUR: 0,15 % como máximo (todos los impuestos incluidos*)ActionAcción S EUR: 0,15 % como máximo (todos los impuestos incluidos*) |
| --- | --- | --- |

| Comisiones por movimientos | Cargo por cada operación | No procede |
| --- | --- | --- |
| Comisión de rentabilidad superior (1) Patrimonio neto del subfondo | Acción A EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción A CHF (H): 15 % anual de la rentabilidad superior al índice de referencia MSCI EMU Small Cap Index cubierto en CHF (NR), con dividendos netos reinvertidos |
| Acción A USD: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción A USD (H): 15 % anual de la rentabilidad superior al índice de referencia MSCI EMU Small Cap Index cubierto en USD (NR), con dividendos netos reinvertidos |
| Acción B EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción B USD: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción CR EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción CR USD: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción CRD EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción I EUR: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción I CHF (H): 15 % anual de la rentabilidad superior al índice de referencia MSCI EMU Small Cap Index cubierto en CHF (NR), con dividendos netos reinvertidos |
| Acción I USD: 15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidos |
| Acción I USD (H): 15 % par an de la surperformance par rapport à la valeur de référence MSCI EMU Small Cap hedgé USD (NR) dividendes nets réinvest15 % anual de la rentabilidad superior al índice de referencia MSCI EMU Small Cap Index cubierto en USD (NR), con dividendos netos reinvertidosis |

|  | Acción J EUR: 15 % par an de la surperformance par rapport à la valeur de référence MSCI EMU Small Cap (NR) dividendes nets réinves15 % anual de la rentabilidad superior al valor del índice de referencia MSCI EMU Small Cap Index (NR), con dividendos netos reinvertidostis |
| --- | --- |
| Acción K EUR: No procede |
| Acción N EUR: No procede |
| Acción O EUR: No procede |
| Acción S EUR: No procede |

* TTC = todos los impuestos incluidos.
En esta actividad, la sociedad gestora no ha optado por el IVA.
** En el caso de un aumento de los gastos administrativos externos para la sociedad gestora igual o inferior al 0,10 % anual, impuestos incluidos, la sociedad gestora informará a los accionistas del subfondo por cualquier medio. En caso de un aumento de más del 0,10 % anual, impuestos incluidos, se informará a los accionistas de una manera particular con la posibilidad de recomprar sus acciones de forma gratuita.
-  Comisión de rentabilidad superiorSe pagarán comisiones de rentabilidad superior a la sociedad gestora según las siguientes modalidades: Índice de referencia:-MSCI EMU Small Cap Index (NR) denominado en euros para las clases de acciones denominadas en euros.
- MSCI EMU Small Cap Index (NR) cubierto y denominado en dólares estadounidenses para las clases de acciones denominadas en dólares estadounidenses.
- MSCI EMU Small Cap Index (NR) cubierto y denominado en francos suizos para las clases de acciones denominadas en francos suizos.

La comisión de rentabilidad superior se calcula comparando la rentabilidad de las acciones del subfondo con la de un activo indizado de referencia. El activo indizado de referencia reproduce la rentabilidad del índice de referencia ajustado según suscripciones, reembolsos y, si procede, dividendos.
Siempre que las acciones superen la rentabilidad de su índice de referencia, se aplicará una provisión del 15 % a la rentabilidad superior.
En caso de que las acciones del subfondo superen la rentabilidad de su índice de referencia, aunque esta sea negativa, se podrá aplicar una comisión de rentabilidad superior durante el periodo de referencia.
Las comisiones de rentabilidad superior se provisionarán en cada cálculo del valor liquidativo.
En caso de reembolso de las acciones, la parte proporcional de la comisión de rentabilidad superior correspondiente a las acciones reembolsadas se revertirá a la sociedad gestora.
En caso de rentabilidad inferior, la provisión de la comisión de rentabilidad superior se reajusta mediante una reversión de provisiones limitadas a un máximo de las dotaciones.
El periodo de referencia para el cálculo de la comisión de rentabilidad superior se cerrará en la fecha del último valor liquidativo del mes de diciembre.
Esta comisión de rentabilidad superior se paga anualmente después del cálculo del último valor liquidativo del periodo de referencia.
El periodo de referencia será como mínimo de un año. El primer periodo de referencia estará comprendido entre la fecha de creación de la acción y la primera fecha de finalización del periodo de referencia para cumplir el criterio de plazo mínimo de un año, como muy pronto el 31/12/2023. Al final de este periodo se puede restablecer el mecanismo de compensación de la baja rentabilidad obtenida anteriormente. Al final del periodo de referencia, si la rentabilidad de la acción es inferior a la de su índice de referencia durante el periodo de referencia, no se pagará ninguna comisión y el periodo de referencia se prorrogará un año. El periodo de referencia puede ampliarse cuatro veces y llegar así a 5 años o menos si se recupera más rápidamente la rentabilidad insuficiente, pero en ningún caso superará los 6 años.
Al final de un periodo de referencia ampliado cuatro veces y que abarca 5 años:
- Si la rentabilidad de la acción es superior a la de su índice de referencia, se pagará una comisión. El periodo de referencia se renovará y comenzará cuando haya finalizado el último.
- Si la rentabilidad de la acción es inferior a la de su índice de referencia, no se pagará ninguna comisión. Se establece un nuevo periodo de referencia definiendo un nuevo año de referencia que depende de la compensación de los periodos de rentabilidad inferior por cualquier periodo de rentabilidad superior dentro de estos primeros 5 años. Si, además del primer año de rentabilidad inferior, se ha producido otro año de rentabilidad inferior dentro de este primer periodo de 5 años y no se ha compensado al final de dicho primer periodo, se inicia un nuevo periodo de hasta 5 años a partir del comienzo de este nuevo año de rentabilidad inferior.

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

|  | Rentabilidad neta | La rentabilidad inferior se compensará en el año siguiente | Pago de comisiones de rentabilidad |
| --- | --- | --- | --- |
| Y1 | 5 % | 0 % | SÍ |
| Y2 | 0 % | 0 % | NO |
| Y3 | -5 % | -5 % | NO |
| Y4 | 3 % | -2 % | NO |
| Y5 | 2 % | 0 % | NO |
| % Y6 | 5 % | 0 % | SÍ |
| Y7 | 5 % | 0 % | SÍ |
| Y8 | -10 % | -10 % | NO |
| Y9 | 2 % | -8 % | NO |
| Y10 | 2 % | -6 % | NO |
| Y11 | 2 % | -4 % | NO |
| Y12 | 0 % | 0 % 29 | NO |
| Y13 | 2 % | 0 % | SÍ |
| Y14 | -6 % | -6 % | NO |
| Y15 | 2 % | -4 % | NO |
| Y16 | 2 % | -2 % | NO |
| Y17 | -4 % | -6 % | NO |
| Y18 | 0 % | -4 %30 | NO |
| Y19 | 5 % | 0 % | SÍ |

29  La rentabilidad inferior del Y12 que se trasladará al año siguiente (Y13) es del 0 % (y no del -4 %), dado que la rentabilidad inferior residual del Y8, que aún no se ha compensado (-4 %), ya no es relevante, puesto que ha transcurrido el periodo de 5 años (el rendimiento inferior del Y8 se compensa hasta el Y12).
30	La rentabilidad inferior del Y18 que se trasladará al año siguiente (Y19) es del 4 % (y no del -6 %), dado que la rentabilidad inferior residual del Y14, que aún no se ha compensado (-2 %), ya no es relevante, puesto que ha transcurrido el periodo de 5 años (el rendimiento inferior del Y14 se compensa hasta el Y18).
Los gastos relacionados con la evaluación de las acciones en el sentido del artículo 314-21 del Reglamento General de la AMF corren a cargo del subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – European Sustainable Smaller Companies se reinvertirán en el subfondo. La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
Toda retrocesión de los gastos de gestión de las IIC y fondos de inversión subyacentes soportados por el subfondo EdR SICAV – European Sustainable Smaller Companies se reinvertirán en el subfondo.
La tasa de gastos de gestión de las IIC y de los fondos de inversión subyacentes se apreciará teniendo en cuenta las posibles retrocesiones percibidas por el subfondo.
Para más información, los accionistas pueden consultar el informe anual de la SICAV. Procedimiento de elección de intermediarios
De conformidad con el Reglamento General de la AMF, la Sociedad gestora ha implementado una «Política de Mejor Selección/Mejor ejecución» de los intermediarios y las contrapartes.
El objetivo de esta política es seleccionar, en función de distintos criterios predefinidos, los negociadores y los intermediarios cuya política de ejecución permitirá garantizar el mejor resultado posible durante la ejecución de las órdenes. La Política de Edmond de Rothschild Asset Management (France) se encuentra disponible en su sitio web: www.edram.fr.
Modalidades de cálculo y reparto de la remuneración en las operaciones de adquisición y cesión temporal de títulos, así como en cualquier otra operación equivalente en derecho extranjero
Las operaciones de cesión con pacto de recompra se realizan por intermediación de Edmond de Rothschild (France) en las condiciones de mercado aplicables en el momento de su celebración.
Los costes y gastos operativos relacionados con esas operaciones son soportados por el subfondo. Los ingresos generados por la operación benefician íntegramente al subfondo.
- 
### INFORMACIÓN COMERCIAL
	- 
###### Información destinada a los inversores


Las órdenes de reembolso y suscripción de acciones son centralizadas por:
Edmond de Rothschild (France) (centralizadora por delegación)
Sociedad anónima, con el Consejo de Administración y el Consejo de Supervisión aprobados por el Banco de Francia a través de la Comisión de Establecimientos de Crédito y Empresas de Inversión (CECEI) en calidad de entidad de crédito el 28 de septiembre de 1970.
Domicilio social: 47, rue du Faubourg Saint-Honoré - 75401 París Cedex 08
Teléfono: 33 (0)1 40 17 25 25
Se puede solicitar información sobre la SICAV al comercializador.
La sociedad gestora puede transmitir la composición de la cartera de la IIC a determinados partícipes o sus prestatarios de servicios con compromiso de confidencialidad a efectos del cálculo de las exigencias reglamentarias relacionadas con la Directiva 2009/138/CE (Solvencia II), de conformidad con la doctrina de la AMF, en un plazo de más de 48 horas tras la publicación del valor liquidativo.
La información relativa a la contemplación de criterios relativos al cumplimiento de objetivos sociales, medioambientales y de calidad de gobierno en la gestión de esta SICAV se encuentra en la página web www.edram.fr y se registra en el informe anual de la SICAV del ejercicio actual.
- 
### NORMAS DE INVERSIÓN

La SICAV cumple las normas legales de inversión de la Directiva europea 2009/65/CE. La SICAV podrá acogerse a la excepción de las ratios de 5-10-40 invirtiendo más del 35 % del patrimonio neto en títulos financieros admisibles e instrumentos del mercado monetario emitidos o garantizados por cualquier Estado u organismo público o paraestatal autorizado.
- 
### RIESGO TOTAL

Método del cálculo del compromiso:
Los subfondos que se detallan a continuación utilizan el método de cálculo del compromiso para calcular el cociente de riesgo total asociado a los contratos financieros:
- 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 CompaniesMétodo del valor en riesgo (VaR absoluto):Los siguientes subfondos utilizan el método de cálculo del valor en riesgo (VaR absoluto) para calcular el riesgo global del subfondo con respecto a los contratos financieros:
- EdR SICAV – Start
- EdR SICAV – Global OpportunitiesEl límite máximo resultante de estas operaciones respeta los límites fijados en términos de VaR absoluto de acuerdo con el método de cálculo del valor en riesgo, establecido por la normativa en el 20 % del patrimonio neto, con un umbral del 99 % durante veinte días hábiles.

Nivel indicativo de apalancamiento:
El nivel indicativo del efecto de apalancamiento del subfondo EdR SICAV – Start, calculado como la suma en valores absolutos nominales de las posiciones en contratos financieros, es del 328,98 %. El subfondo podrá alcanzar un nivel de apalancamiento más elevado. Debe tenerse en cuenta que esta metodología, que consiste en sumar en términos absolutos los importes nominales, exterioriza en realidad una exposición bruta.
El nivel indicativo del efecto de apalancamiento del subfondo EdR SICAV – Global Opportunities, calculado como la suma en valores absolutos nominales de las posiciones en contratos financieros, es del 1.031,68 %. El subfondo podrá alcanzar un nivel de apalancamiento más elevado. Debe tenerse en cuenta que esta metodología, que consiste en sumar en términos absolutos los importes nominales, exterioriza en realidad una exposición bruta.
- 
### NORMAS DE VALORACIÓN DEL ACTIVO
	- 
###### Normas de valoración del activo


Para los subfondos 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, y EdR SICAV 
– 
European Sustainable Smaller Companies el cálculo del valor liquidativo de la acción se lleva a cabo teniendo en cuenta las normas de valoración que se especifican a continuación, precisándose las modalidades de aplicación en el anexo a las cuentas anuales. La valoración se realiza en función de la cotización de cierre.
- Los valores mobiliarios negociados en un mercado regulado francés o extranjero se valoran a precio de mercado. La valoración al precio de mercado de referencia se realiza de acuerdo con las modalidades establecidas por la sociedad gestora y precisadas en el anexo a las cuentas anuales.
- Los títulos de crédito y asimilados negociables que no son objeto de operaciones significativas se valoran mediante la aplicación de un método actuarial, siendo el tipo retenido el de las emisiones de títulos equivalentes ajustado, en su caso, por un diferencial representativo de las características intrínsecas del emisor del título. En cualquier caso, los títulos de crédito negociables con una vida residual inferior o igual a tres meses y que no presenten una sensibilidad particular podrán valorarse siguiendo el método lineal. Las modalidades de aplicación de estas normas vienen determinadas por la sociedad gestora y se precisan en el anexo a las cuentas anuales.
- En el caso de los valores mobiliarios cuya cotización no ha sido publicada el día de valoración, así como en el caso de los demás elementos del balance, la sociedad gestora ajusta su valoración en función de la probabilidad de las variaciones de los acontecimientos en curso. La decisión se comunica al Auditor.
- Las operaciones que afectan a contratos financieros firmes o condicionales negociados en los mercados organizados franceses o extranjeros se valoran al valor de mercado de acuerdo con las modalidades establecidas por la sociedad gestora y especificadas en el anexo a las cuentas anuales.
- Las operaciones que afectan a contratos financieros firmes o condicionales o las operaciones de canje realizadas en los mercados no organizados autorizados por la regulación aplicable a los OICVM se valoran según su valor de mercado o un valor estimado de acuerdo con las modalidades establecidas por la sociedad gestora y especificadas en los anexos a las cuentas anuales.
- Las acciones o participaciones de la SICAV, Fondos de inversión de derecho francés o IIC se valoran sobre la base del último valor liquidativo conocido, el último precio de mercado conocido en la fecha de valoración o el valor del patrimonio neto estimado a partir de información proporcionada por el administrador o el administrador de la SICAV o del fondo de inversión.

Para el subfondo EdR SICAV – Millesima World 2028, el cálculo del valor liquidativo de la acción se lleva a cabo teniendo en cuenta las normas de valoración que se especifican a continuación, precisándose las modalidades de aplicación en el anexo a las cuentas anuales. La valoración se realiza en función de la cotización de cierre.
- Los valores mobiliarios negociados en un mercado regulado francés o extranjero se valoran al precio de compra (Ask) durante el periodo de comercialización del subfondo y, posteriormente, al precio de venta (Bid) desde el momento en que se cierre la comercialización del subfondo.
- Los títulos de crédito y asimilados negociables que no son objeto de operaciones significativas se valoran mediante la aplicación de un método actuarial, siendo el tipo retenido el de las emisiones de títulosequivalentes ajustado, en su caso, por un diferencial representativo de las características intrínsecas del emisor del título. En cualquier caso, los títulos de crédito negociables con una vida residual inferior o igual a tres meses y que no presenten una sensibilidad particular podrán valorarse siguiendo el método lineal. Las modalidades de aplicación de estas normas vienen determinadas por la sociedad gestora y se precisan en el anexo a las cuentas anuales.
- En el caso de los valores mobiliarios cuya cotización no ha sido publicada el día de valoración, así como en el caso de los demás elementos del balance, la sociedad gestora ajusta su valoración en función de la probabilidad de las variaciones de los acontecimientos en curso. La decisión se comunica al Auditor.
- Las operaciones que afectan a contratos financieros firmes o condicionales negociados en los mercados organizados franceses o extranjeros se valoran al valor de mercado de acuerdo con las modalidades establecidas por la sociedad gestora y especificadas en el anexo a las cuentas anuales.
- Las operaciones que afectan a contratos financieros firmes o condicionales o las operaciones de canje realizadas en los mercados no organizados autorizados por la regulación aplicable a los OICVM se valoran según su valor de mercado o un valor estimado de acuerdo con las modalidades establecidas por la sociedad gestora y especificadas en los anexos a las cuentas anuales.
- Las acciones o participaciones de la SICAV, Fondos de inversión de derecho francés o IIC se valoran sobre la base del último valor liquidativo conocido, el último precio de mercado conocido en la fecha de valoración o el valor del patrimonio neto estimado a partir de información proporcionada por el administrador o el gestor de la SICAV o del fondo de inversión.
- 
###### Método de ajuste del valor liquidativo relacionado con el «Swing Pricing» con el punto de activación

Para los subfondos 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, y EdR SICAV 
– 
European Sustainable Smaller Companies, la sociedad gestora ha implementado un método para ajustar el valor liquidativo de «Swing Pricing» con un punto de activación, a fin de preservar los intereses de los accionistas de estos subfondos. En caso de un movimiento significativo de los pasivos del subfondo, este mecanismo consiste en tener el coste de las operaciones generadas por estas suscripciones/reembolsos incurridos por todos los accionistas del subfondo (entrantes o salientes).
Si, en un día de cálculo del valor liquidativo, la cantidad neta de las órdenes de suscripción y reembolso de los inversores en la totalidad de las categorías de acciones de un subfondo es mayor que el umbral predeterminado por la sociedad gestora, expresado como un porcentaje del patrimonio neto del subfondo (denominado umbral de activación), el valor del patrimonio neto podrá ajustarse al alza o a la baja para tener en cuenta los costes de reajuste atribuibles a las órdenes de suscripción y reembolso netas. El valor liquidativo de cada clase de acciones se calcula por separado, pero cualquier ajuste tiene, en porcentaje, un impacto idéntico en todos los valores liquidativos de cada clase de acciones del subfondo.
El parámetro de costes y de punto de activación los determina la sociedad gestora y se revisan periódicamente. La sociedad gestora estima estos costes sobre la base de los gastos de transacción, los rangos de compra y venta, así como cualquier impuesto aplicable al subfondo.
En la medida en que este ajuste está relacionado con la suscripción neta y el reembolso del subfondo, no es posible predecir con exactitud si se va a aplicar el «Swing Pricing» en algún momento en el futuro, o la frecuencia a la cual la sociedad gestora hará tales ajustes. En cualquier caso, dichos ajustes no podrán superar el 2 % del valor liquidativo.
Los inversores son conscientes de que la volatilidad del valor liquidativo del subfondo puede no reflejar solo la de los valores mantenidos en la cartera debido a la aplicación de un precio variable.
El valor liquidativo ajustado que se obtiene tras aplicar la metodología «Swing Pricing» es el único valor liquidativo comunicado a los accionistas del subfondo. Sin embargo, si hay una comisión de rentabilidad superior, se calcula sobre el valor liquidativo antes de la aplicación del mecanismo de ajuste.
De conformidad con las disposiciones reglamentarias, la sociedad gestora no se comunica con los niveles de punto de activación y garantiza que los circuitos internos de información estén restringidos para mantener la confidencialidad de la información.
Para el subfondo EdR SICAV – Millesima World 2028, durante el periodo de comercialización, la sociedad gestora ha implementado un método para ajustar el valor liquidativo durante el periodo de comercialización. El método, denominado «Swing Pricing», posee un umbral de activación y se aplica a fin de preservar los intereses de los accionistas de este subfondo.
Si, en el momento de calcular el valor liquidativo, la cantidad de las órdenes de reembolso es superior a la de las órdenes de suscripción en la totalidad de las clases de acciones del subfondo y sobrepasa, en términos de valor absoluto, un umbral concreto establecido previamente por la sociedad gestora y expresado como un porcentaje
del patrimonio neto del subfondo (denominado «umbral de activación»), el valor liquidativo podrá ajustarse a la baja para tener en cuenta los costes de reajuste atribuibles a las órdenes de reembolso netas. El valor liquidativo de cada clase de acciones se calcula por separado, pero cualquier ajuste tiene, en porcentaje, un impacto idéntico en todos los valores liquidativos de cada clase de acciones del subfondo. Dicho mecanismo permite compensar el coste de las operaciones generadas por los reembolsos efectuados por los accionistas salientes del subfondo.
El parámetro de costes y de punto de activación los determina la sociedad gestora y se revisan periódicamente. La sociedad gestora estima estos costes sobre la base de los gastos de transacción, los rangos de compra y venta, así como cualquier impuesto aplicable al subfondo.
En la medida en que este ajuste está relacionado con la suscripción neta y el reembolso del subfondo, no es posible predecir con exactitud si se va a aplicar el «Swing Pricing» en algún momento en el futuro, o la frecuencia a la cual la sociedad gestora hará tales ajustes. En cualquier caso, dichos ajustes no podrán superar el 2 % del valor liquidativo.
Los inversores son conscientes de que la volatilidad del valor liquidativo del subfondo puede no reflejar solo la de los valores mantenidos en la cartera debido a la aplicación de un precio variable.
El valor liquidativo ajustado que se obtiene tras aplicar la metodología «Swing Pricing» es el único valor liquidativo comunicado a los accionistas del subfondo. Sin embargo, si hay una comisión de rentabilidad superior, se calcula sobre el valor liquidativo antes de la aplicación del mecanismo de ajuste.
De conformidad con las disposiciones reglamentarias, la sociedad gestora no se comunica con los niveles de punto de activación y garantiza que los circuitos internos de información estén restringidos para mantener la confidencialidad de la información.
- 
###### Método de contabilización

La SICAV Edmond de Rothschild SICAV se ajusta a las normas contables establecidas por la regulación en vigor y, concretamente, al plan contable aplicable.
La SICAV Edmond de Rothschild SICAV ha elegido el euro como divisa de referencia a efectos contables. Los intereses se contabilizan siguiendo el método de los intereses cobrados.
El valor de todos los títulos denominados en una moneda distinta del euro se convertirá a euros en la fecha de valoración.
El conjunto de las operaciones se contabiliza sin incluir gastos.
Los instrumentos financieros cuyo precio no se ha registrado en la fecha de valoración o cuyo precio se ha corregido se valoran a su valor comercial probable bajo la responsabilidad de la sociedad y la sociedad gestora. Estas evaluaciones y su justificación se comunican al auditor durante sus auditorías.
Los siguientes subfondos han elegido el euro como divisa de referencia a efectos contables:
- 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 CompaniesEl siguiente subfondo ha elegido el dólar como divisa de referencia a efectos contables:
- EdR SICAV – Equity US Solve
- 
### REMUNERACIÓN

Edmond de Rothschild Asset Management (France) tiene una política de remuneración que cumple las disposiciones de la Directiva europea 2009/65/CE («Directiva UCITS V») y el artículo 321-125 del Reglamento General de la AMF que se aplican en el OICVM. La política de remuneración favorece una gestión de los riesgos
adecuada y eficaz, y no recomienda adoptar riesgos incompatibles con los perfiles de riesgo de los OICVM que gestiona. La sociedad gestora ha implementado medidas adecuadas para evitar cualquier conflicto de intereses.
Para todos los empleados de la sociedad gestora que se estime que inciden de forma importante en el perfil de riesgo de los OICVM, identificados cada año como tales mediante un proceso conjunto de los equipos de Recursos Humanos, de Riesgo y Cumplimiento Normativo, la política de remuneración consiste en que una parte de su remuneración variable (que debe ser proporcionalmente razonable a la remuneración fija) difiera a lo largo de tres años.
La sociedad gestora ha decidido no constituir un comité de remuneración en el seno de la sociedad gestora, sino delegar en su sociedad matriz, Edmond de Rothschild (France). Este está organizado conforme a los principios mencionados en la Directiva 2009/65/CE.
La información detallada sobre la política de remuneración de la sociedad gestora se encuentra disponible en el sitio web de la sociedad: http://www.edmond-de-rothschild.com/site/France/fr/asset-management. También puede obtenerse de forma gratuita una copia por escrito de la política mediante solicitud dirigida a la sociedad gestora.
- Información adicional para inversores con domicilio en países de la UE o el EEE en los que el Fondo estáregistrado para su distribuciónServicios para los inversores de conformidad con el artículo 92.1 a) de la Directiva 2009/65/CE (modificada por la Directiva (UE) 2019/1160):
- Procesar órdenes de suscripción, recompra y reembolso y efectuar otros pagos a los partícipes en relación con las participaciones del OICVM
- Proporcionar información a los inversores sobre cómo se pueden cursar las órdenes y cómo abona el importe de la recompra y el reembolso.
- Facilitar el tratamiento de la información y el acceso a los procedimientos y disposiciones a que se refiere el artículo 15 de la Directiva 2009/65/CE relativos al ejercicio de los derechos de los inversores.
- Poner a disposición de los inversores la información y la documentación exigida de conformidad con el capítulo IX de la Directiva 2009/65/CE.
- Proporcionar a los inversores, en un soporte duradero, información pertinente respecto a las tareas que los servicios realizan.

Persona de contacto para la tarea 1.:
Edmond de Rothschild (France)
Dirección postal: 47, rue du Faubourg Saint-Honoré, 75401 París Cedex 08
Persona de contacto para las tareas 2. a 5.:
Edmond de Rothschild Asset Management (France)
Dirección postal: 47, rue du Faubourg Saint-Honoré, 75401 París Cedex 08 Correo electrónico: contact-am-fr@edr.com

##### Además de lo anterior, este anexo proporciona información adicional para inversores en las siguientes jurisdicciones:
- Austria
- Alemania
- Luxemburgo
- Reino Unido
- 
##### Austria

Los siguientes subfondos están disponibles para los inversores en Austria:
- 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
- 
##### Alemania

Además, los inversores de la República Federal de Alemania recibirán información a través de un soporte duradero (párrafo 167 del Código de Inversión) en los siguientes casos:
- La suspensión del reembolso de las participaciones;
- La cancelación de la gestión del fondo o de su liquidación;
- Cualquier modificación de los estatutos que sea incompatible con los principios de inversión anteriores, que afecte a los derechos significativos del inversor o que esté relacionada con la remuneración y el reembolso de gastos que puedan pagarse o realizarse a partir del conjunto de activos;
- La fusión del fondo con uno o más fondos;
- La transformación del fondo en un fondo subordinado o la modificación de un fondo principal.
- 
##### Luxemburgo

Servicio financiero en Luxemburgo
El servicio financiero en Luxemburgo de la SICAV, Edmond de Rothschild SICAV, lo presta CACEIS Bank, Luxembourg Branch, cuyo domicilio social es 5, Allée Scheffer, L-2520 Luxemburgo.
Información para los accionistas
El folleto de la SICAV, los documentos de fatos fundamentales para el inversor y los informes financieros están disponibles en el Servicio Financiero de Luxemburgo. El valor liquidativo se calcula diariamente, con la excepción de los días festivos y los días de cierre de los mercados franceses (calendario oficial de EURONEXT PARIS S.A.)
Condiciones de suscripción y reembolso de acciones
Las solicitudes de suscripción y reembolso se centralizan cada día antes de las 12:30 horas por parte de EDMOND DE ROTHSCHILD (France) y se ejecutan sobre el valor liquidativo del día y se calculan el siguiente día hábil de apertura.
Estatuto fiscal
Las plusvalías o minusvalías materializadas en el reembolso de las acciones de la SICAV (o de los fondos de disolución) constituyen plusvalías o minusvalías sujetas a las plusvalías o minusvalías sobre valores mobiliarios aplicables a cada titular en función de su propia situación (país de residencia, persona física o jurídica, lugar de suscripción, etc.). En caso de duda sobre su situación fiscal, se invita al titular a ponerse en contacto con un asesor fiscal para conocer el tratamiento fiscal específico que le será aplicable antes de la suscripción de cualquier acción de la SICAV.
- 
##### Reino Unido

La Sociedad ha nombrado a Société Générale, con sede principal en One Bank Street Canary Wharf, Londres E14 4SG, Reino Unido, como su Agente de Servicios en el Reino Unido. Los inversores pueden obtener información sobre los precios y los servicios de reembolso más recientes en la oficina del Agente de Servicios del Reino Unido que figura arriba. Los precios actualizados también están disponibles en: http://funds.edram.com/.
En cuanto a la naturaleza de las clases de acciones, consulte la sección «Acciones» del Folleto más reciente disponible. Para obtener más información sobre las acciones, consulte la sección de la hoja de datos de cada subfondo (al final del folleto). Los inversores residentes en el Reino Unido deben buscar su propio asesoramiento profesional en cuestiones fiscales y otras consideraciones relevantes. Tenga en cuenta que es posible que los inversores que realicen inversiones en la Sociedad no recuperen la totalidad de su inversión.
Aunque la Sociedad está autorizada por la Autoridad de Conducta Financiera (Financial Conduct Authority) a efectos de distribución, se informa a los inversores potenciales y actuales del Reino Unido de que las normas establecidas en virtud de la Ley de Mercados y Servicios Financieros (FSMA) no se aplican en general a la Sociedad en relación con su actividad de inversión.
Los documentos y la información presentados a continuación pueden consultarse en la oficina del Agente de Servicios del Reino Unido:
- el folleto y los documentos de datos fundamentales para el inversor más recientes disponibles,
- los últimos estatutos de la Sociedad,
- los últimos informes financieros anuales y semestrales disponibles de la Sociedad,
- los precios de emisión y reembolso.

Las reclamaciones por escrito sobre cualquier aspecto del servicio, incluidas las operaciones de la Sociedad, o las solicitudes para obtener una copia del procedimiento de gestión de reclamaciones, pueden dirigirse a Société Générale para su posterior presentación a la sede central de la Sociedad.
Tenga en cuenta que los inversores no tienen derecho de cancelación con respecto a su inversión.
Los inversores potenciales deben ser conscientes de que Edmond de Rothschild SICAV no está sujeto a las normas y reglamentos establecidos en virtud de la FSMA para la protección de los inversores. Los inversores no tendrán ninguna protección en virtud del Plan de Compensación de Servicios Financieros del Reino Unido.
Lo anterior se basa en la interpretación de la legislación y las prácticas vigentes en el Reino Unido por parte de Edmond de Rothschild SICAV o Edmond de Rothschild Asset Management (France), y está sujeto a cambios en las mismas. No debe considerarse que constituye asesoramiento jurídico ni fiscal, y los inversores deben obtener información y, si fuera necesario, consultar a sus asesores profesionales sobre las posibles consecuencias fiscales o de otro tipo de la compra, la tenencia, la transferencia o la venta de las participaciones en virtud de las leyes de sus países de origen, residencia o domicilio. Además, el contenido de este documento es meramente informativo, no constituye ninguna oferta o promoción de venta ni hace referencia a la idoneidad de las inversiones mencionadas en el presente documento.

## ESTATUTOS
Edmond de Rothschild SICAV

## SOCIEDAD DE INVERSIÓN DE CAPITAL VARIABLE (SICAV) CON SUBFONDOS
Domicilio social: 47, rue du Faubourg Saint-Honoré 75008 PARÍS
Registro Mercantil de París n.° 850 407 297

#### TÍTULO I - FORMA - OBJETO - DENOMINACIÓN - DOMICILIO SOCIAL - DURACIÓN DE LA SOCIEDAD ARTÍCULO 1 - FORMA
Se forma entre los titulares de acciones creadas a continuación y aquellos que posteriormente constituirán una Sociedad de Inversión de Capital Variable (SICAV) que se regirá por las disposiciones del Código de Comercio relativo a las sociedades anónimas (Libro II - Título II - Capítulo V), por las del Código Monetario y Financiero (Libro II - Título I - Capítulo IV - Sección I - Subsección I); por sus textos de aplicación, por los textos subsiguientes y por los presentes estatutos.
La SICAV está formada por varios subfondos. Cada subfondo emite clases de acciones que representan los activos de la SICAV que se le asignan. En este caso, las disposiciones de estos estatutos aplicables a las acciones de la SICAV son aplicables a las clases de acciones emitidas en representación de los activos de cada subfondo.

#### ARTÍCULO 2 - OBJETO
El propósito de esta sociedad es establecer y administrar una cartera de instrumentos financieros y depósitos.

#### ARTÍCULO 3 - DENOMINACIÓN
La denominación de la sociedad es la siguiente: Edmond de Rothschild SICAV
seguida de la mención «Sociedad de Inversión de Capital Variable», acompañada o no del término «SICAV».

#### ARTÍCULO 4 - DOMICILIO SOCIAL
El domicilio social se encuentra en PARÍS (75008), 47 rue du Faubourg Saint-Honoré.

#### ARTÍCULO 5 - DURACIÓN
La duración de la sociedad es de noventa y nueve años a partir de su inscripción en el Registro Mercantil, excepto en los casos de disolución anticipada o extensión prevista en los presentes estatutos.

#### TÍTULO II - CAPITAL - VARIACIONES DEL CAPITAL - CARACTERÍSTICAS DE LAS ACCIONES ARTÍCULO 6 - CAPITAL SOCIAL
El capital inicial de la SICAV se eleva a la suma de 2 251 555 571,65 euros dividida en 10 524 926,11 acciones totalmente desembolsadas.
Está constituido por aportaciones en especie.
Para el subfondo EdR SICAV - Euro Sustainable Credit:
El capital inicial del subfondo se eleva a la suma de 126 085 387,20 euros dividida en 354 369,97 acciones totalmente desembolsadas.
Se creó el 12/02/2019 por la absorción de todos los activos del FI Edmond de Rothschild Euro Sustainable Credit Fund.
Para el subfondo EdR SICAV - Euro Sustainable Growth:
El capital inicial del subfondo se eleva a la suma de 158 002 616,77 euros dividida en 864 362,19 acciones totalmente desembolsadas.
Se creó el 12/02/2019 por la absorción de todos los activos del FI Edmond de Rothschild Euro Sustainable Growth.
Para el subfondo EdR SICAV - Financial Bonds:
El capital inicial del subfondo se eleva a la suma de 1 967 467 567,68 euros dividida en 9 306 193,95 acciones totalmente desembolsadas.
Se creó el 12/02/2019 por la absorción de todos los activos del FI Edmond de Rothschild Financial Bonds.
La SICAV es una SICAV con subfondos; cada subfondo emite clases de acciones que representan los activos de la SICAV que se le asignan. En este caso, las disposiciones de estos estatutos aplicables a las acciones de la SICAV son aplicables a las clases de acciones emitidas en representación de los activos del subfondo.
Las características de las distintas clases de acciones y sus condiciones de acceso se especifican en el folleto de la SICAV.
Las diferentes clases de acciones podrán:
- Beneficiarse de diferentes regímenes de distribución de ingresos (distribución o capitalización).
- Ser denominadas en diferentes divisas.
- Tener diferentes gastos de gestión.
- Tener diferentes cuotas de suscripción y reembolso.
- Tener un valor nominal diferente.
- Ir acompañadas de una cobertura sistemática de riesgo, parcial o total, definida en el folleto. Esta cobertura se garantiza mediante instrumentos financieros que minimizan el impacto de las transacciones de cobertura en las otras categorías de acciones de los OICVM.
- Estar reservadas para una o más redes de distribución.

Las acciones pueden agruparse o dividirse a propuesta del Consejo de Administración y ser aprobadas por la Junta General Extraordinaria.
Las acciones pueden dividirse, por decisión del Consejo de Administración, en décimas, centésimas, milésimas, diezmilésimas, denominadas acciones fraccionarias.
Las disposiciones de los estatutos que regulan la emisión y el reembolso de acciones serán de aplicación a las acciones fraccionarias cuyo valor será siempre proporcional al de la acción que representen. El resto de disposiciones de los estatutos relativas a las acciones serán de aplicación a las acciones fraccionarias sin que resulte necesario especificarlo, salvo disposición en contrario.

#### ARTÍCULO 7 - VARIACIONES DEL CAPITAL
El importe del capital está sujeto a cambios, como resultado de la emisión por parte de la sociedad de nuevas acciones y la disminución posterior al reembolso de acciones por parte de la sociedad a los accionistas que así lo soliciten.

#### ARTÍCULO 8 - EMISIÓN Y REEMBOLSO DE ACCIONES
Las acciones se emiten en todo momento a petición de los accionistas basándose en su valor liquidativo incrementado, en su caso, por las comisiones de suscripción.
Los reembolsos y las suscripciones se llevan a cabo en las condiciones y de acuerdo con las modalidades establecidas en el folleto.
Los reembolsos podrán llevarse a cabo en efectivo.
Asimismo, los reembolsos podrán llevarse a cabo en especie. Si el reembolso en especie corresponde a una cuota representativa de los activos de la cartera, el OICVM o la Sociedad gestora solo deben obtener el acuerdo por escrito firmado por el accionista saliente. Cuando el reembolso en especie no corresponda a una cuota representativa de los activos de la cartera, todos los accionistas deben firmar el acuerdo por escrito que autoriza al accionista saliente a obtener el reembolso de sus acciones por determinados activos particulares, tal como se define explícitamente en el acuerdo.
Pese a lo dispuesto anteriormente, cuando el fondo sea un ETF, los reembolsos en el mercado primario podrán, con el acuerdo de la Sociedad gestora de la cartera y en el respeto de los intereses de los partícipes, efectuarse en las condiciones establecidas en el folleto o el reglamento del fondo. El titular de la cuenta del emisor debe entregar los activos en las condiciones establecidas en el folleto del fondo.
En general, los activos reembolsados se valoran según las reglas establecidas en el artículo 9 y el reembolso en especie se realiza en función del primer valor liquidativo una vez aceptados los valores pertinentes.
Cualquier suscripción de nuevas acciones debe, en el caso de nulidad, estar totalmente desembolsada y las acciones emitidas gozarán de los mismos derechos que las acciones existentes el día de la emisión.
En aplicación del artículo L. 214-7-4 del Código monetario y financiero francés, el Consejo de Administración podrá interrumpir provisionalmente el reembolso de las acciones de la sociedad, así como la emisión de nuevas acciones, cuando así lo exijan circunstancias excepcionales y siempre que redunde en beneficio de los accionistas.
Si bien el patrimonio neto de la SICAV (o, en su caso, el subfondo) es inferior al importe fijado por la normativa, no se podrá efectuar ningún reembolso de acciones (sobre el subfondo correspondiente, según el caso).
En aplicación de los artículos L. 214-7-4 del Código monetario y financiero y 411-20-1 del Reglamento General de la AMF, la Sociedad gestora podrá decidir limitar los reembolsos cuando circunstancias excepcionales así lo requieran y si los intereses de los accionistas o del público lo exigen.
La Sociedad gestora podrá implementar el dispositivo denominado gates, que permite repartir las solicitudes de reembolso de los accionistas del subfondo pertinente entre varios valores liquidativos si superan un determinado nivel, determinado de forma objetiva. El umbral a partir del cual puede activarse gates debe justificarse en relación con la frecuencia de cálculo del valor liquidativo del subfondo, su orientación de gestión y la liquidez de los activos de la cartera. La Sociedad gestora podrá aplicar la limitación de los reembolsos cuando se alcance el umbral del 5 % del patrimonio neto. Este umbral se indica en la sección relativa a la limitación de los reembolsos (gates) del folleto de cada subfondo de la SICAV. Cuando el subfondo en cuestión tenga varias categorías de acciones, el umbral de activación del procedimiento será idéntico para todas las clases de acciones del subfondo.
Dicho umbral de activación corresponde a la relación entre:
- La diferencia entre el importe total de los reembolsos y el importe total de las suscripciones en una misma fecha de centralización.
- El patrimonio neto del subfondo.

El umbral se aplica a los reembolsos centralizados para la totalidad del activo del subfondo y no específicamente a las clases de acciones del subfondo.
Cuando las solicitudes de reembolso superen el umbral de activación de gates, la Sociedad gestora podrá, no obstante, decidir atender las solicitudes de reembolso que superen el límite especificado y, por tanto, ejecutar algunas o todas las órdenes que podrían estar bloqueadas.
Durante el periodo de aplicación del mecanismo gates, las órdenes de reembolso se ejecutarán en las mismas proporciones para los accionistas del subfondo que hayan solicitado un reembolso sobre el mismo valor liquidativo. La fracción no ejecutada de la orden de reembolso aplazada de este modo no tendrá prioridad sobre las solicitudes de reembolso posteriores. Las fracciones de la orden de reembolso no ejecutadas y aplazadas automáticamente no podrán ser revocadas por los accionistas del subfondo.
La duración máxima de la aplicación del dispositivo de limitación de los reembolsos se fija en 20 valores liquidativos en 3 meses. La duración máxima del límite de compra no puede superar 1 mes.
Las operaciones de suscripción y reembolso, por el mismo número de acciones, sobre la base del mismo valor liquidativo y para el mismo accionista o beneficiario efectivo (las llamadas operaciones de ida y vuelta) no están sujetas a gates. Esta exclusión también se aplica a cualquier cambio de una clase de acciones a otra clase de
acciones, sobre la base del mismo valor liquidativo, por el mismo importe y para el mismo accionista o beneficiario efectivo.
Posibilidad de condiciones de suscripción mínima, según las modalidades previstas en el folleto.
El OICVM podrá dejar de emitir acciones en aplicación del tercer apartado del artículo L. 214-7-4 del Código monetario y financiero francés, de manera provisional o definitiva, parcial o totalmente, en las situaciones objetivas que conlleven el cierre de las suscripciones, como son los supuestos de un número máximo de acciones emitidas, un importe máximo del activo alcanzado o el vencimiento de un periodo de suscripción determinado. Se informará a los accionistas existentes de la activación de esta herramienta por cualquier medio relacionado con su activación, así como del umbral y de la situación objetiva que llevó a la decisión de cerrarla parcial o totalmente. En el caso de un cierre parcial, esta información, por cualquier medio, especificará explícitamente los términos bajo los cuales los accionistas existentes pueden continuar suscribiéndose mientras dure dicho cierre parcial. Asimismo, se informará a los accionistas por cualquier medio de la decisión del OICVM o de la Sociedad gestora de poner fin al cierre total o parcial de las suscripciones (cuando se sitúen por debajo del umbral de activación) o de no ponerle fin (en caso de que se produzca un cambio en el umbral o en la situación objetiva que lleva a la implementación de esta herramienta). Un cambio en la situación objetiva invocada o en el umbral de activación de la herramienta siempre debe realizarse en interés de los accionistas. La información, cualquiera que sea el medio utilizado, debe exponer los motivos exactos de estos cambios.

#### ARTÍCULO 9 - CÁLCULO DEL VALOR LIQUIDATIVO DE LA ACCIÓN
El cálculo del valor liquidativo de la acción se lleva a cabo teniendo en cuenta las normas de valoración que se detallan en el folleto.
Además, la empresa del mercado calculará un valor liquidativo indicativo instantáneo en caso de admisión a cotización.

#### ARTÍCULO 10 - FORMA DE LAS ACCIONES
Las acciones pueden ser al portador.
De conformidad con el artículo L. 211-4 del Código monetario y financiero francés, los valores se registrarán en cuentas, en poder del emisor o de un intermediario autorizado, según sea el caso.
Los derechos de los titulares estarán representados por un registro de cuenta a su nombre: en el del intermediario de su elección para los valores al portador.
La sociedad podrá solicitar, previo pago del cargo correspondiente, el nombre, la nacionalidad y la dirección de los accionistas de la SICAV, así como la cantidad de valores que posee cada uno de ellos de conformidad con el artículo L. 211-5 del Código monetario y financiero francés.

#### ARTÍCULO 11 - ADMISIÓN A NEGOCIACIÓN EN UN MERCADO REGULADO
Las acciones pueden ser admitidas a negociación en un mercado regulado o establecimiento de negociación multilateral de acuerdo con la normativa aplicable. En el caso de que la SICAV cuyas acciones se admiten a negociación en un mercado regulado tenga un objetivo de gestión basado en un índice, deberá haber establecido un mecanismo para garantizar que el precio de sus acciones no difiere significativamente de su valor liquidativo.

#### ARTÍCULO 12 - DERECHOS Y OBLIGACIONES RELACIONADOS CON LAS ACCIONES
Cada acción da derecho, en la propiedad del capital social y en el reparto de los beneficios, a una parte proporcional a la fracción del capital que representa.
Los derechos y las obligaciones vinculados a la acción siguen al título, sea quien sea su titular.
La propiedad de una acción implica, por derecho, la adhesión a los estatutos de la sociedad y a las decisiones de la Junta General.
Cuando sea necesario tener varias acciones para ejercer cualquier derecho y, en particular, en caso de cambio o consolidación, los propietarios de acciones individuales, o en un número inferior al requerido, solo podrán ejercer estos derechos si son personalmente responsables de la consolidación y, en su caso, de la compra o la venta de las acciones necesarias.

#### ARTÍCULO 13 - INDIVISIBILIDAD DE LAS ACCIONES
Todos los titulares indivisos de una acción o los beneficiarios deben estar representados ante la sociedad por una sola y misma persona designada por acuerdo entre ellos, o en su defecto, por el presidente del tribunal de comercio del lugar en el que se encuentre el domicilio social.
Los propietarios de acciones fraccionarias pueden agruparse. En este caso, deben estar representados en las condiciones establecidas en el párrafo anterior, por una sola y misma persona que ejercerá, para cada grupo, los derechos asociados a la propiedad de una acción entera.
El derecho de voto adjunto a la acción pertenece al usufructuario en las Juntas Generales Ordinarias y al nudo propietario en las Juntas Generales Extraordinarias.

#### TÍTULO III - ADMINISTRACIÓN Y GESTIÓN DE LA SOCIEDAD ARTÍCULO 14 - ADMINISTRACIÓN
La sociedad está administrada por un Consejo de Administración (al menos tres miembros y como máximo dieciocho) designado por la junta general.
Durante la actividad social, se nombra a los consejeros o se renuevan sus funciones en una junta general ordinaria de accionistas.
Los consejeros podrán ser personas físicas o jurídicas. Estos últimos deben, en el momento de su nombramiento, designar a un representante permanente que esté sujeto a las mismas condiciones y obligaciones y que incurra en la misma responsabilidad civil y penal que si fuera miembro del Consejo de Administración en su propio nombre, sin perjuicio de responsabilidad de la persona jurídica que representa.
Este mandato como representante permanente se le otorga por el tiempo que dure el de la persona jurídica a la que representa. Si la persona jurídica revoca el mandato de su representante, está obligada a notificar a la SICAV, sin demora, por carta certificada, la revocación y la identidad de su nuevo representante permanente. Lo mismo se aplica en caso de fallecimiento, renuncia o incapacidad prolongada del representante permanente.

#### ARTÍCULO 15 - DURACIÓN DE LAS FUNCIONES DE LOS CONSEJEROS - RENOVACIÓN DEL CONSEJO
Sin perjuicio de lo dispuesto en el último párrafo de este artículo, la duración del mandato de los consejeros será de tres años para los primeros consejeros y no superior a seis años para los siguientes, definiéndose cada año como el intervalo entre dos juntas generales anuales consecutivas.
En caso de que entre dos juntas generales queden vacantes uno o más puestos de consejero, por fallecimiento o renuncia, el Consejo de Administración podrá efectuar nombramientos provisionales.
El consejero designado por el Consejo de manera temporal para reemplazar a otro permanecerá en el cargo solamente durante el resto del mandato de su predecesor. Su nombramiento está sujeto a ratificación en la próxima junta general.
Cualquier consejero saliente podrá ser reelegido. La junta general ordinaria podrá destituirlos en cualquier momento.
Los mandatos de cada miembro del Consejo de Administración finalizarán a la vez que la junta general ordinaria de accionistas convocada para aprobar los estados financieros del ejercicio anterior y celebrada en el año en que expire su mandato, quedando entendido que, en caso de que la junta no se celebre durante ese año, dicho mandato del miembro de que se trate finalizará el 31 de diciembre del mismo año, con las siguientes excepciones. Cualquier consejero puede ser nombrado por un periodo inferior a seis años cuando sea necesario para garantizar que la renovación del Consejo de Administración sea lo más regular y completa posible en cada periodo de seis años. Este será el caso si el número de consejeros aumenta o disminuye y la regularidad de la renovación se ve afectada.
Cuando el número de miembros del Consejo de Administración sea inferior al mínimo legal, el/los miembro(s) restante(s) debe(n) convocar inmediatamente la junta general ordinaria de accionistas para completar la composición del Consejo.
De acuerdo con la normativa, el número de consejeros mayores de 70 años no puede exceder un tercio del número de consejeros en cuestión.
El Consejo de Administración podrá ser renovado por fracciones.
En el caso de renuncia o fallecimiento de un consejero y cuando el número de consejeros que permanezcan en el cargo sea mayor o igual al mínimo legal, el Consejo podrá, provisionalmente y durante el resto del mandato, prever su reemplazo.

#### ARTÍCULO 16 - OFICINA DEL CONSEJO
El Consejo elegirá entre sus miembros, por el periodo que determine, sin que exceda el de su mandato de consejero, a un presidente que deberá ser necesariamente una persona física.
El presidente del Consejo de Administración organiza y dirige el trabajo de este último, el cual informa a la junta general. Asegura el correcto funcionamiento de los órganos de la sociedad y garantiza, en particular, que los consejeros puedan cumplir sus funciones.
Si lo considera útil, el Consejo de Administración también puede designar a un vicepresidente y también puede elegir a un secretario, incluso fuera del Consejo.
En caso de ausencia o incapacidad del presidente, la sesión será presidida por el vicepresidente. En su defecto, el Consejo designará de entre sus miembros al presidente de la sesión.

#### ARTÍCULO 17 - REUNIONES Y DELIBERACIONES DEL CONSEJO
El Consejo de Administración se reúne en la convocatoria del presidente con la frecuencia que lo requieran los intereses de la sociedad, ya sea en el domicilio social o en cualquier otro lugar indicado en la convocatoria.
Cuando no se haya reunido durante más de dos meses, al menos un tercio de sus miembros podrá solicitar al presidente su convocatoria con arreglo a un orden del día específico. El consejero delegado también podrá solicitar al presidente que convoque al Consejo de Administración en un orden del día concreto. El presidente está obligado a cumplir estas peticiones.
Los reglamentos internos pueden determinar, de conformidad con las disposiciones legales y reglamentarias, las condiciones para la organización de las reuniones del Consejo de Administración que pueden tener lugar mediante videoconferencia, salvo cuando esté prevista la adopción de decisiones expresamente prohibidas por el Código de comercio francés.
Las convocatorias se realizan por correo simple o por cualquier otro medio e incluso verbalmente en caso de emergencia.
La presencia de al menos la mitad de los miembros es necesaria para la validez de las deliberaciones. Las decisiones se toman por mayoría de votos de los miembros presentes o representados.
Cada consejero tiene un voto. En caso de división, el voto del presidente de la sesión prevalecerá.

#### ARTÍCULO 18 - ACTAS
Tanto las actas que se redactan como las copias o los extractos de las deliberaciones se emiten y certifican de acuerdo con la ley.

#### ARTÍCULO 19 - PODERES DEL CONSEJO DE ADMINISTRACIÓN
El Consejo de Administración determina las orientaciones de la actividad de la sociedad y garantiza su implementación. Dentro de los límites del objeto social y sujeto a las facultades expresamente otorgadas por la ley a las juntas de accionistas, aborda cualquier cuestión relacionada con el buen funcionamiento de la sociedad y regula mediante sus deliberaciones los asuntos que le conciernen. El Consejo de Administración lleva a cabo los controles y las verificaciones que considere apropiados. El presidente o el consejero delegado de la sociedad deben comunicar a cada consejero todos los documentos e información necesarios para el cumplimiento de sus funciones.
Un consejero puede otorgar, por escrito, un poder a otro consejero para que lo represente en una sesión del Consejo de Administración. Sin embargo, cada consejero solo puede tener un poder notarial durante una sola sesión.

#### ARTÍCULO 20 - DIRECCIÓN GENERAL - CENSORES
El presidente del Consejo de Administración u otra persona física designada por el Consejo de Administración y que ostente la condición de consejero delegado asumirá la dirección general de la sociedad.
La elección entre los dos métodos de ejercicio de la dirección general se realiza bajo las condiciones fijadas en los presentes estatutos por el Consejo de Administración por un periodo que finaliza al término del mandato del actual presidente del Consejo de Administración. Los accionistas y terceros están informados de esta elección en las condiciones definidas por las leyes y las normativas vigentes.
Dependiendo de la elección realizada por el Consejo de Administración de acuerdo con las disposiciones definidas anteriormente, la dirección general está garantizada por el presidente o por un consejero delegado.
Cuando el Consejo de Administración decida disociar las funciones de presidente y del consejero delegado, procederá a la designación del consejero delegado y establecerá la duración de su mandato.
Cuando el presidente del Consejo de Administración asuma la dirección general de la sociedad, se le aplicarán las siguientes disposiciones relacionadas con el consejero delegado.
Sujeto a los poderes expresamente otorgados por la ley a las juntas de accionistas y los poderes que específicamente reserva al Consejo de Administración, y dentro de los límites del objeto social, el consejero delegado es el que tiene el mayor poder para actuar en cualquier circunstancia en nombre de la sociedad. Ejerce estos poderes dentro de los límites del objeto social y sujeto a aquellos que la ley otorga expresamente a las juntas de accionistas y al Consejo de Administración. Representa a la sociedad en sus relaciones con terceros.
El consejero delegado podrá delegar parcialmente sus poderes en cualquier persona de su elección. El consejero delegado podrá ser destituido en cualquier momento por el Consejo de Administración.
A propuesta del consejero delegado, el Consejo de Administración podrá designar hasta cinco personas físicas para que asistan al consejero delegado con el cargo de consejero delegado adjunto.
Los consejeros delegados adjuntos podrán ser destituidos en cualquier momento por el Consejo a propuesta del consejero delegado.
De acuerdo con el consejero delegado, el Consejo de Administración determina el alcance y la duración de los poderes otorgados a los consejeros delegados adjuntos.
Estos poderes podrán incluir la opción de delegación parcial. En caso de despido o incapacidad del consejero delegado, conservará, a menos que la junta decida lo contrario, sus funciones y responsabilidades hasta que se nombre a un nuevo consejero delegado.
Los consejeros delegados adjuntos tienen los mismos poderes con respecto a terceros que el consejero delegado.
La junta general podrá designar en nombre de la sociedad uno o más Censores, elegidos o no entre los accionistas. El Consejo de Administración podrá proceder a la designación de los Censores a reserva de su ratificación en la próxima junta general.
La junta general podrá asignar a los Censores una remuneración cuyo importe fijará la propia junta.
Se nombrará a los Censores por un periodo de tres años que finalizará al término de la junta general convocada para aprobar las cuentas del tercer ejercicio cerrado desde su nombramiento.
Los Censores, que son responsables de garantizar la aplicación estricta de los estatutos, están convocados a las sesiones del Consejo de Administración y participan en las deliberaciones a título consultivo.
El Consejo de Administración puede decidir crear comités para asistir al Consejo de Administración en la preparación de su trabajo.

#### ARTÍCULO 21 - ADJUDICACIONES Y REMUNERACIONES DEL CONSEJO (O DE LOS CENSORES)
La junta general podrá asignar a los consejeros, como remuneración de su actividad, una cantidad fija anual en forma de primas de asistencia, cuyo importe se imputará a los gastos generales de la sociedad y que se distribuirá a discreción del consejo entre sus miembros.
La remuneración del presidente del Consejo de Administración y la del consejero delegado las determinará el Consejo, así como los honorarios de los censores.

#### ARTÍCULO 22 - DEPOSITARIO
El Consejo de Administración nombrará al depositario.
El depositario lleva a cabo las tareas que le incumben en aplicación de las leyes y la normativa vigente, así como las que le asigna la SICAV o la Sociedad gestora. En particular, debe garantizar la regularidad de las decisiones de la Sociedad gestora de la cartera. Según el caso, debe tomar todas las medidas preventivas que juzgue necesarias. En caso de disputa con la Sociedad gestora, debe informar de ello a la Autorité des marchés financiers.

#### ARTÍCULO 23 – EL FOLLETO
El Consejo de Administración o la Sociedad gestora, en caso de que la SICAV haya delegado la gestión global, tendrá plenos poderes para efectuar las modificaciones necesarias para garantizar la correcta gestión de la sociedad, en el marco de las disposiciones legales y reglamentarias aplicables a la SICAV.

#### TÍTULO IV - AUDITOR
ARTÍCULO 24 - NOMBRAMIENTO - PODERES - REMUNERACIÓN
El auditor será nombrado por el Consejo de Administración para seis ejercicios, con la aprobación de la Autoridad de los Mercados Financieros, entre las personas autorizadas para ejercer estas funciones en las sociedades comerciales.
Se encarga de certificar la legalidad y la veracidad de las cuentas. El auditor podrá ser reelegido.
El Auditor debe informar con la mayor brevedad a la Autorité des marchés financiers de cualquier hecho o decisión que concierna al organismo de inversión colectiva en valores mobiliarios, del cual tenga conciencia en el ejercicio de sus tareas, que:
1° constituya una violación de las disposiciones legislativas o reglamentarias aplicables a dicho organismo y sea susceptible de influir considerablemente en la situación financiera, el resultado o el patrimonio;
2° afecte a las condiciones o a la continuidad de su explotación; y
3° conlleve la emisión de reservas o el rechazo de la certificación de cuentas.
Las valoraciones de activos y la determinación de las paridades de cambio en las operaciones de transformación, fusión o escisión se realizarán bajo la supervisión del Auditor.
Agradece cualquier contribución o reembolso en especie bajo su responsabilidad, excepto en cuanto a los reembolsos en especie de un ETF en el mercado primario.
Controla la composición del patrimonio y otros elementos antes de su publicación.
Los honorarios del auditor se fijan de común acuerdo entre este y el Consejo de Administración de la SICAV en virtud de un programa de trabajo donde se precisan los procedimientos que se estiman necesarios.
El auditor certificará las situaciones que sirven de base para la distribución de dividendos a cuenta.
Se puede nombrar un auditor sustituto; se le pedirá que reemplace al auditor titular en caso de incapacidad, rechazo, renuncia o fallecimiento.

#### TÍTULO V - JUNTAS GENERALES ARTÍCULO 25 - JUNTAS GENERALES
Las juntas generales se convocan y deliberan en las condiciones previstas por la ley.
La junta general anual, que debe aprobar las cuentas de la sociedad, debe celebrarse dentro de los cuatro meses siguientes al cierre del ejercicio.
Las juntas se celebran en el domicilio social o en otro lugar especificado en la convocatoria.
Cualquier accionista puede participar, físicamente o por representación, en las juntas, previa acreditación de su identidad y titularidad de sus acciones, en forma de anotación en cuenta al portador, en los lugares mencionados en la convocatoria; el plazo para el cumplimiento de estas formalidades expira dos días antes de la fecha de la junta.
Un accionista puede estar representado de conformidad con las disposiciones del artículo L. 225-106 del Código de comercio francés.
El presidente del Consejo de Administración presidirá las juntas. En su ausencia, será un vicepresidente o un consejero delegado a tal efecto por el consejo. De lo contrario, la junta elegirá a su propio presidente.
Tanto las actas de las juntas como sus copias se certifican y emiten de conformidad con la ley.

#### TÍTULO VI - CUENTAS ANUALES
ARTÍCULO 26 - EJERCICIO SOCIAL
El ejercicio social comienza el día siguiente al día del último valor liquidativo en septiembre y finaliza el día del último valor liquidativo en el mismo mes del año siguiente.
Sin embargo, de manera excepcional, el primer ejercicio incluirá todas las transacciones desde la fecha de inicio hasta el último día de negociación de septiembre de 2019.

#### ARTÍCULO 27 - MODALIDADES DE ASIGNACIÓN DE LAS SUMAS DISTRIBUIBLES
El resultado neto del ejercicio es igual a la cantidad de intereses, atrasos, dividendos, primas y premios, primas de asistencia, así como todos los ingresos relativos a los títulos que componen la cartera del fondo, más los ingresos procedentes de las sumas disponibles temporalmente, menos las comisiones de gestión y el coste de los empréstitos y cualquier gasto por amortización.
Las sumas distribuibles consisten en:
1° el resultado neto más las ganancias acumuladas y reducidas o aumentadas por el saldo de la cuenta de regularización de ingresos;
2° las plusvalías realizadas, netas de gastos, menos las minusvalías realizadas, netas de gastos, registradas durante el ejercicio, más las plusvalías netas de la misma naturaleza registradas en ejercicios anteriores que no hayan sido distribuidas o capitalizadas y reducidas o aumentadas por el saldo de la cuenta de regularización de plusvalías.
Las sumas mencionadas en 1° y 2° pueden distribuirse, total o parcialmente, independientemente la una de la otra. El pago de las sumas distribuibles se realiza en un plazo máximo de cinco meses a partir del cierre del ejercicio.
La Sociedad gestora decide sobre la distribución de resultados. Los métodos de asignación de ingresos y las sumas distribuibles se especifican en el folleto.
En lo relativo a las acciones de distribución, la Sociedad gestora de la SICAV puede decidir la distribución de uno o varios dividendos a cuenta en función de los estados certificados por el auditor.

#### TÍTULO VII - PRÓRROGA - DISOLUCIÓN - LIQUIDACIÓN ARTÍCULO 28 - PRÓRROGA O DISOLUCIÓN ANTICIPADA
El Consejo de Administración podrá, en cualquier momento y por cualquier motivo, proponer en una junta extraordinaria la prórroga o la disolución anticipada o la liquidación de la SICAV.
La emisión de nuevas acciones y el reembolso por parte de la SICAV de las acciones a los accionistas que así lo soliciten cesan el día de la publicación de la convocatoria de la junta general en la que se proponen la disolución anticipada y la liquidación de la sociedad, o al término del plazo de vigencia de la sociedad.

#### ARTÍCULO 29 - LIQUIDACIÓN
Los procedimientos de liquidación se establecen de conformidad con el artículo L. 214-12 del Código monetario y financiero francés.
Los ingresos netos de la liquidación, después de la liquidación de los pasivos, se dividen en efectivo o valores entre los respectivos accionistas de los subfondos.
La junta general constituida regularmente conserva durante la liquidación los mismos poderes que durante el curso de la sociedad; en particular, tiene el poder de aprobar las cuentas de la liquidación y de descargar el liquidador.

#### TÍTULO VIII - DISPUTAS ARTÍCULO 30 - COMPETENCIA - ELECCIÓN DE DOMICILIO
Cualquier disputa que pueda surgir durante el curso de la sociedad o de su liquidación, ya sea entre los accionistas y la sociedad, o entre los mismos accionistas con respecto a los asuntos sociales, se juzga de acuerdo con la ley y está sujeta a la jurisdicción de los tribunales competentes.