# Prospectus
01/10/2021
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 12 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: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers | None |
| 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: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers | None |
| 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: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 share | All subscribers | EUR/CHF |
| A EUR shares | FR0011034495 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 share | All subscribers | None |
| A USD (H) shares | FR0011882281 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 share | All subscribers | EUR/USD |
| 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**** |  |
| --- | --- | --- | --- | --- | --- | --- |
| CRD EUR shares | FR0013409067 | 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 | 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 |
| J EUR shares | FR0013174695 | 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 |
| Equities J GBP (H) | FR0013350824 | Net income: 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: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 share | All subscribers | None |
| 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: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| 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: Accumulation Net realised capital gains: Accumulation | Swiss franc | 1 Share | All subscribers | EUR/CHF |
| A EUR shares | FR0010459693 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | None |
| A USD (H) shares | FR0011050400 | Net income: Accumulation Net realised capital gains: Accumulation | US Dollars | 1 Share | All subscribers | EUR/USD |
| 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: Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | Legal entities and institutional investors dealing on | None |

| 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 (H) shares | FR0013404274 | Net income: Accumulation Net realised capital gains: Accumulation | Euro | 1 Share | All subscribers | USD/EUR |
| 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: | Euro | 1 Share | All subscribers | USD/EUR |

|  |  | Accumulation and/or Distribution and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| 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 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 | Euro | €500,000 | Legal entities and institutional investors dealing on | USD/EUR |

|  |  | Net realised capital gains: Accumulation |  |  | their own behalf or on the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive |  |
| --- | --- | --- | --- | --- | --- | --- |
| 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: 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 the behalf of third parties, specifically intended for companies subject to the requirements of the “Solvency II” Directive | None |
| 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 | USD/EUR |

|  |  |  |  |  | of the “Solvency II” Directive |  |
| --- | --- | --- | --- | --- | --- | --- |
| 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 | None |
| CRD EUR shares | FR0013464237 | Net income: Distribution Net realised capital gains: Accumulation and/or Distribution | Euro | 1 Share | All subscribers | None |

| I EUR shares | FR0013429255 | 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: Accumulation Net realised capital gains: Accumulation |
| 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 Distribution and/or Carried forward | Swiss franc | 1 Share | All subscribers | EUR/CHF |
| 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 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 | 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 | Euro | €500,000 | Legal entities and institutional | None |

|  |  | Net realised capital gains: |  |  | investors dealing on |  |
| --- | --- | --- | --- | --- | --- | --- |
| Accumulation and/or Distribution and/or Carried forward | their own behalf or on behalf of third parties |
| 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 their own behalf or on behalf of third parties | None |
|  |  | Net income: |  |  |  |  |
| O EUR shares | FR0013488202 | 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 | US Dollars | 1 Share | All subscribers | None |

| Net realised capital gains: Accumulation |
| --- |
|  |  | Net income: |  |  |  | None |
| Distribution |
| Net realised capital gains: Accumulation and/or Distribution and/or Carried forward |
| B EUR shares | FR0013488251 | Euro | 1 Share | All subscribers |  |
| 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 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 |
|  |  | Net income: |  |  | Legal entities and institutional |  |
| I EUR shares | FR0013488285 | Accumulation Net realised capital gains: Accumulation | Euro | €500,000 | investors dealing on their own behalf or on behalf of third parties | None |
|  |  | Net income: |  |  | Legal entities and institutional |  |
| I USD shares | FR0050000704 | Accumulation Net realised capital gains: Accumulation | US Dollars | USD 500,000 | 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 | Swiss franc | 1 Share | All subscribers | None |

|  |  | Net realised capital gains: Accumulation and/or Distribution and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| 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 Distribution and/or Carried forward | US Dollars | 1 Share | All subscribers | None |
| 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 and/or Carried forward | Swiss franc | CHF 500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |
| 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 | Euro | €500,000 | Legal entities and institutional investors dealing on their own behalf or on behalf of third parties | None |

|  |  | and/or Carried forward |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| 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 |

- 
###### 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: 1-3, Place Valhubert, 75013 Paris, France
Postal address: 1–3, place Valhubert – 75206 Paris Cedex 13, 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).
- 
###### Sub-delegation of accounting management:

CACEIS FUND ADMINISTRATION
A limited company (société anonyme) with a share capital of €5,800,000
Registered office: 1-3, place Valhubert, 75206 Paris Cedex 13, 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.
- 
###### 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 for the shares hedged.
- 
###### Members of administrative and management bodies

The identity and the functions of these members are available in the annual report of the SICAV. The administrative procedures of the SICAV are specified in the Articles of Association.
- 
#### OPERATING AND MANAGEMENT PROCEDURES
- 
##### 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.
	- 
###### 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.
- 
###### 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.
- 
##### 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.
- M anagement 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 included in the register of administrators and benchmark indices held by ESMA.
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 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 inthe 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 c haracteristics 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 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.
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 Art icle 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 incorporates sustainability risk into its investment decisions.
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% invested directly 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, at the time of purchase, 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 characterised as retail investment funds, 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 reinves ted.
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. Theseinstruments 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 useof 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 t han 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 char ged. 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 yea rs, 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 beco mes 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 |

Edm
ond de Rothschi
ld SICAV
EdR SICAV –
Euro Sustaina
ble Credit
*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 fro mstart 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 fro mstart 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 re lative 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 maxi mum 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 performanc e* | 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 |

*fromstart 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 peri od. 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 per iod. 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 per iod. 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 per iod. 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 (1 14)-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.
- M anagement 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 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 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.
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 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.
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 incorporates sustainability risk into its investment decisions.
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 characterised as retail investment funds, regardless of their classification, in order to di versify 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 alimited 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 operationalrisks 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 als o 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: €100

| 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 |

R EUR shares: €100 Minimum initial subscription:
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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 rede emed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provis ion. 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 the refore 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 char ged. 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 s ubscriptions, 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 |

*fromstart 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 |

*fromstart 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 |
|  |  |

*fromstart of reference period
** for outperformance
| Period | Combined share performanc e* | 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 |

*** rounded
0–1 period: The performance of the share is positive (4) but lower than that of the benchmark index (8) over the reference peri od. 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 per iod. 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 c annot 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 (1 14)-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 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.
- ClassificationBonds and other international debt securities.
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- M anagement objectiveThe Sub-fund's objective is to outperform the benchmark index comprised of 80% ICE BofAML Euro Financial Index and 20% ICE BofAML Contingent Capital (hedged in EUR) Index over the recommended investment period through a portfolio that is exposed to bonds issued primarily 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 BofAML Euro Financial index and 20% ICE BofAML Contingent Capital (hedged in EUR) index. These two indices are published by ICE Benchmark Administration Limited.

The ICE BofAML 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 BofAML 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. The ICE Benchmark Administration Limited (website: https://www.theice.com/iba) administrator of the ICE BofAML Euro Financial benchmark index is included in the register of administrators and benchmark indices held by ESMA.
ICE Benchmark Administration Limited (website: https://www.theice.com/iba), the administrator of the ICE BofAML Euro Financial and ICE BofAML Contingent Capital Index (hedged in EUR) benchmark indices, 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: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.
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. 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 incorporates sustainability risk into its investment decisions.
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 (Tier 1, Upper Tier 2 or Lower Tier 2). 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, 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 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.
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, 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 single-entity benchmark-based or index-based (specifically iTraxx or CDX) credit default swaps.
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 “strategic” nature of the financial institution.

Lastly, within the scope of the issuers selected, 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 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 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 exposed to 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 non-cash money market instruments used for cash management purposes: (up to 100% of the portfolio of which a maximum of 100% is in direct securities)
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 |

Distribution of private debt/public debt:
The Sub-fund may invest up to 100% of its net assets in private debt issued chiefly 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 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” 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.
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.
In the event of unfavourable expectations in relation to the financial sector, the Sub-fund may hold negotiable debt securities, denominated in Euros, that are issued by private companies or governments and have a maximum maturity of 3 months.
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 invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs classified as retail investment funds.
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. However, a residual currency risk 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


##### Typesof investment (transactionsmust 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
- 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 optionsSecurities with embedded derivativesTo 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.

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 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.
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 energy, commodities, and natural resources 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 bec oming 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. |

| 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. |

Minimum subsequent subscriptions:
| 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 BofAML Euro Financial (hedged in CHF) + 20% ICE BofAML Contingent Capital (hedged in CHF), coupons reinvested. |
| A EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial (hedged in USD) + 20% ICE BofAML Contingent Capital (hedged in USD), coupons reinvested. |
| B EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial (hedged in USD) + 20% ICE BofAML Contingent Capital (hedged in USD), coupons reinvested. |
| CR EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial (hedged in GBP) + 20% ICE BofAML 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 BofAML Euro Financial (hedged in USD) + 20% ICE BofAML Contingent Capital (hedged in USD), coupons reinvested. |

|  |  | CRD EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial + 20% ICE BofAML Contingent Capital (hedged in EUR), coupons reinvested. |
| --- | --- | --- |
| I CHF (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial (hedged in CHF) + 20% ICE BofAML Contingent Capital (hedged in CHF), coupons reinvested. |
| I EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial (hedged in USD) + 20% ICE BofAML Contingent Capital (hedged in USD), coupons reinvested. |
| J EUR shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial (hedged in GBP) + 20% ICE BofAML Contingent Capital, coupons reinvested |
| J USD (H) shares: 20% per year of outperformance compared with the benchmark index comprised of 80% ICE BofAML Euro Financial (hedged in USD) + 20% ICE BofAML 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 BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial + 20% ICE BofAML 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 BofAML Euro Financial + 20% ICE BofAML 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 performancefee may be charged.
A performance fee may be charged in the event that the absolute performance of the share over its reference period is negativ e.
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 p rovision. 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 referen ce 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 char ged. 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 performance* | Share performance in previous year | Index performance in previous year | Relative performance 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 fro m 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 fro m 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 performa nce 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 perfo rmance 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 th e 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 additi onal 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 p eriod has already been extended four times. A new reference NAV is set at 107.
| 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

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 | 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 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.
- M anagement 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 relies on an ESG rating provided by a non-financial rating agency.
The Sustainalytics rating method may not be identical to 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.
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 incorporates sustainability risk into its investment decisions.
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 characterised as retail investment funds, 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, listedoptions), or over-the-counter markets (options, swaps, currency futures etc.), for the purposes of hedging and/orexposure, without overexposure, up to a limit of 100% of its assets. In this respect, the Sub-fund may take a positionwith 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 mentionednon-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 c riteria. 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.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 benchmar k 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 crystal lisation 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 char ged. 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 |

*fromstart 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 fro mstart of reference period
-4). No performance fee is therefore charged and the initia l 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 fro mstart 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 referen ce period:100). A performance fee is charged, its basis of calculation is equal to the combined relative performance since the sta rt 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 performanc e 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 referen ce 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 |

*fromstart 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 peri od. 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 per iod. Therefore, no performance fee is payable. The reference period is extended by one yea r. 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 pe riod. 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 per iod. 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.
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 – 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.
- M anagement 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 invest ment 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 included in the register of administrators and benchmark indices held by ESMA.
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/.
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. 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, environment al 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 relies on an ESG rating provided by Sustainalytics, a non-financial rating agency.
The Sustainalytics 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.
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.
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 Art icle 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 incorporates sustainability risk into its investment decisions.
The Sub-fund will at all times meet the eligibility rules of the French share savings scheme (“PEA”).
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 teamdepending 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 characterised as retail investment funds, 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 inves tment 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 subjec tive 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 ex ecutive 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 refere nce 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 therefo re 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 rel ative 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 ref erence 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 |

*fromstart 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 fromstart of ref erence 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 fro mstart 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 ref erence 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 n egative (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 re ference 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 o f 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 |

*fromstart 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. Th erefore, 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 perio d. Therefore, no performance fee is payable. The reference period is extended by one year. The reference NAV remains unchanged (10 0)
0–5 period: The performance of the share is positive (6) but lower than that of the benchmark index (10) over the reference per iod. Therefore, no performance fee is payable. The reference period has reached its maximum duration of five years and therefo re 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 beginn ing 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 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 fundsUp to 10% of its net assets.
- M anagement 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 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 1 month CHF LIBOR index. The administrator of the capitalised 1-month CHF LIBOR benchmark index, ICE Benchmark Administration Limited (website: https://www.theice.com/iba), is listed in t he 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 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 incorporates sustainability risk into its investment decisions.
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 exposed as follows:
- up to 100% of its net assets in public debt securities issued by OECD 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, rated “Investment Grade” at the time of purchase (rated BBB- or higher by Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company), without restriction as to their maturity.
- up to 100% of net assets in private debt securities (particularly corporate bonds) rated “Investment Grade” at the time of purchase, without restriction as to their maturity. These securities may also be issued by private sector companies with registered offices in emerging countries, provided that they are rated investment grade at the time of purchase.

The Sub-fund may also invest:
- 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.
- up to 25% of its net assets in public debt securities belonging to the “High Yield” class issued by non-OECD emerging countries without restriction as to their maturity.

Total investment in High Yield category debt issued by private sector companies and by non-OECD 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. 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.
- between -10% and +15% of its net assets in equity markets of all capitalisations and in all geographical or business sectors.
- up to 40% of its net assets in currencies other than the euro.

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 and emerging non-OECD countries | up to 100% of net assets |
| Currency in which securities are denominated | Euro | up to 100% of net assets |
| Other currencies (OECD and emerging non-OECD countries) | 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 member states, without restriction as to their maturity and rating, and up to 100% of its net assets in public debt securities issued by non-OECD emerging countries and rated “Investment Grade” at the time of purchase (rating higher than or equal to BBB- according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
Exposure to private debt securities rated “Investment Grade” at the time of purchase may be as high as 100% of the Sub-fund’s net assets.
These securities may also be issued by private sector companies with registered offices in emerging countries, provided that they are rated investment grade at the time of purchase.
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. Up to 25% of its net assets in public debt securities belonging to the High Yield category issued by non- OECD emerging countries. Total investment in “High Yield” class debt issued by private sector companies and by non-OECD 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 currencies other than the euro.
UCIs:
The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs characterised as general-purpose investment funds, 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, i f 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 suffic iently 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 1 month CHF LIBOR 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 1 month CHF LIBOR 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 and the capitalised Federal Funds Effective Rate for shares in dollars.
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 f irst 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 theref ore 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 char ged. 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 |

*fromstart 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 fro mstart 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 fro mstart 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 performanc e 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 relat ive 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 dura tion of five years and therefore cannot be extended. A new reference period is established, beginning at the end of year 3, with th e 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 peri od. 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 per iod. Therefore, no performance fee is payabl e. 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 pe riod. 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 per iod. 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 per iod. 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 - 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 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 fundsUp to 10% of its net assets.
- M anagement objectiveOver a recommended investment horizon of more than five years, the S ub-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 Small 200 ex UK (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 200 mid-cap European equities.

Stoxx Limited (website: www.stoxx.com), the administrator responsible for the benchmark index Stoxx Europe Small 200 ex UK (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, non-UK securities. This means that equities are chosen based on their individual performance potential and not on geographical or sectoral factors. European, non-UK 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, non-UK 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 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 Art icle 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 incorporates sustainability risk into its investment decisions.
.Assets usedEquities:
At least 75% of the portfolio is permanently invested in and/or exposed to European, non-UK small-cap and mid- cap equities and other equivalent securities (e.g. subscription warrants).
At least 60% of the portfolio is exposed to European Union equities.
At least 75% of the portfolio is permanently invested in securities eligible for the PEA (French equity savings plan).
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 characterised as general- purpose investment funds, 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 c ompany.
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 t he 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 |

| 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 |

Minimum initial subscription:
| 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 Small 200 ex UK net dividends reinvested |
| A USD shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK net dividends reinvested |
| A USD (H) share: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK net dividends reinvested |
| CR EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK net dividends reinvested |
| CR USD shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK net dividends reinvested |
| I EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK net dividends reinvested |
| I USD (H) shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK net dividends reinvested |
| K EUR shares: None |
| R EUR shares: 15% per year of the outperformance compared with the benchmark index Stoxx Europe Small 200 ex UK 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 Co mpany in accordance with the following procedures:
Benchmark index: Stoxx Europe Small 200 ex UK
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 refere nce 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 theref ore 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, red emptions 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 fro mstart 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 fro mstart 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 ref erence 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 peri od. 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 per iod. 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 pe riod. Therefore, no performance fee is payable. The reference period is extended by one year. The refere nce 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 per iod. 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 per iod. 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: | FR0013404266 |
| --- | --- |
| 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: | FR0013404381 |
| 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 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 fundsUp to 10% of its net assets.
- M anagement 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 s ample 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 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 LIBOR CHF Overnight. ICE Benchmark Administration Limited (website: https://www.theice.com/iba), the administrator responsible for the benchmark index, the capitalised LIBOR CHF Overnight, 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 LIBOR GBP Overnight. ICE Benchmark Administration Limited (website: https://www.theice.com/iba), the administrator responsible for the benchmark index, the capitalised LIBOR GBP Overnight, 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 USD, B USD, CR USD, CRD USD, 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. 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 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 incorporates sustainability risk into its investment decisions. 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 t he 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 and equity index contracts
- 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 s ecurity, 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 characterised as retail investment funds, 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 and on equity 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 investm ents 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 (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 (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” Direct ive. 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 (H)”, “A GBP (H)”, “A USD”, “CR EUR (H)”, “CR USD”, “I CHF (H)”, “I | “B CHF (H)”, “B EUR (H)”, “B USD”, “CRD EUR (H)”, “CRD USD”, “J CHF (H)”, “J EUR (H)” and “J USD” shares |
| --- | --- | --- |

|  | EUR (H)”, “I USD”, “K EUR (H)” and “K 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 19 share classes: “A CHF (H)”, “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 (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 (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 s hare. 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 (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: | CHF 100 |
| --- | --- |
| A EUR (H) share: | €100 |
| A GBP (H) share: | £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: | CHF 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: | 1 Share |
| --- | --- |
| A EUR (H) share: | 1 Share |
| A GBP (H) share: | 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: | CHF 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: | 1 thousandth of a share |
| --- | --- |
| A EUR (H) share: | 1 thousandth of a share |
| A GBP (H) share: | 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: | 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”.
Subscriptions and redemptions of “A CHF (H)”, “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 (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 (H) share: maximum 3% |
| A GBP (H) share: 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 (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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 (H) share: Maximum 1.20% incl. taxes |
| A GBP (H) share: 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) share: Maximum 0.55% incl. taxes |
| I EUR (H) share: Maximum 0.55% incl. taxes |
| I USD share: 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 share: 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 (H) share: Maximum 0.10% incl. taxes |
| A GBP (H) share: 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) share: Maximum 0.10% incl. taxes |
| I EUR (H) share: Maximum 0.10% incl. taxes |
| I USD share: 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 share: 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 LIBOR CHF Overnight |
| --- | --- | --- |
| 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 LIBOR GBP Overnight |
| 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 LIBOR CHF Overnight |
| 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 LIBOR CHF Overnight |
| I EUR (H): 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 LIBOR CHF Overnight |
| 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 w ill 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% S&P 500 index, net dividends reinvested, hedged in EUR, 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, divid ends.
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 rede emed.
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 refere nce 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 payab le. 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 i mplemented 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 fromstart 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 fromstart 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 ref erence 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 an d 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 ma ximum 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 performan ce, 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 th e 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 th at 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 l ower 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 exten ded. 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 1-month CHF LIBOR 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 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 1-month CHF LIBOR + 3%. The administrator of the capitalised 1-month CHF LIBOR benchmark index, ICE Benchmark Administration Limited (website: https://www.theice.com/iba), is listed 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 s ets 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 characterised as retail investment funds (Fonds d’Investissement à Vocation Générale – FIVG), 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.
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
characterised as general-purpose investment funds, 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 i ssuer 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 diversifie d 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 1 month CHF LIBOR 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 1 month CHF LIBOR 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 annu m, 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 increased by +3% for shares in dollarsThe 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 theref ore 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 char ged. 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 fro mstart 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 fromstart 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 an d 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 charg ed. 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 ma ximum 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 peri od. 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 per iod. 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 pe riod. 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 p eriod. 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 exten ded. 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
- ClassificationBonds and other debt securities denominated in euros
- Exposure to other foreign UCITS, AIFs or investment fundsUp to 10% of its net assets.
- M anagement objectiveThe Sub-fund aims to outperform its benchmark index, 50% of which comprises the ICE BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% is composed of the ICE BofAML 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 andfixed-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 BofAML 1-5 Year A-BBB Euro Corporate index and ICE BofAML 1-3 Year Euro Developed Markets High Yield Constrained index 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.
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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 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 incorporates sustainability risk into its investment decisions.
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 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 overexpos ure, 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 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, at the time of purchase, 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 characterised as retail investment funds, 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 optionsIn 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 inve stment 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 useof 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 c ertain 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”.
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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in CHF, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML 1-5 Year A-BBB Euro Corporate index hedged in USD, coupons reinvested, and 50% of which comprises the ICE BofAML 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 BofAML1-5 Year A-BBB Euro Corporate Index with coupons reinvested and 50% ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained index with coupons reinvested for shares in EUR
- made up of 50% ICE BofAML1-5 Year A-BBB Euro Corporate Index hedged in CHF with coupons reinvested and 50% ICE BofAML 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 BofAML1-5 Year A-BBB Euro Corporate Index hedged in USD with coupons reinvested and 50% ICE BofAML 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, whe re 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 correspon ding 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 refere nce 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 theref ore 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 refere nce period shall be established, beginning at the end of the sub -period of the reference period at the end of which the greatest re lative 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 re ference 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 periodshall 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 fromstart 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 fro mstart 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 ref erence 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 ye ar 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 peri od. 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 per iod. 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 pe riod. 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 per iod. Therefore, no performance fee is payable. The reference period is extended by one yea r. 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 per iod. 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 comb ined 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.
- M anagement 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 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.
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 investment universe consists of all global stocks with a market capitalisation of more than €100 million that have been subjected to non-financial analysis.
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.
-
w ith differentiated w eightings 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 relies on an ESG rating provided by Sustainalytics, a non-financial rating agency.
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 Sustainalytics 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.
Once this process has been applied, the investment universe will be reduced by 20% by eliminating the poorer non- financial ratings.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international c onventions 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 (including small- and mid-cap companies, i.e. companies with a capitalisation of between €100 million and €10 billion), 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 incorporates sustainability risk into its investment decisions.
. 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 characterised as retail investment funds, 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”.
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 anddivesting 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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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 a nnum, 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, divid ends.
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 correspon ding 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 fromthe 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 referen ce 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 benchmar k 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 c harged 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 su bscriptions, 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 performan ce* | Share performan ce in previous year | Index performan ce in previous year | Relative performan ce 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 fro mstart of reference period of 4). Absolute performance from the start of the re ference 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 s tart 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 t he 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.
Fees linked to equity research as defined by Article 314-21 of the AMF General Regulation are charged to the Sub- fund.
| 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 |

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.
- M anagement 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 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.
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 deri ved 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, environmenta l 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 Sustainalytics 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.
- 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.
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 incorporates sustainability risk into its investment decisions.
. 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 characterised as retail investment funds, 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 fal l 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”.
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 jurisdictionof 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.

For more details regarding ongoing charges invoiced to the investor, please refer to the Key Investor Information Document (KIID).
| 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, dividen ds.
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 rede emed.
In the event of under-performance, the performance fee provision will be reduced by reversing the provision. The reversal can not 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 fromthe 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 ye ars 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 char ged. This NAV becomes the new reference NAV;
- If the difference between the NAV of the share and its target NAV i s 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 subsc riptions, 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/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 fro mstart 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 fro mstart of reference period of 4). Absolute performance from the start of the reference period is negative (end of reference peri od 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 s tart 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 perfo rmance 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 r eference period has already been extended four times. A new reference NAV is set at 107.
| 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 |

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.
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.
- 
#### 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 DealValue-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 866.18%. 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 95.33%. 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


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.
- 
###### 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 and EdR SICAV – Global Opportunities, 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 suchadjustments. 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.
- 
###### 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 DealThe 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.

## 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 and/or 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).
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 (ENDE, 2021-10-01):
# Prospekt
01.10.2021
Inhalt
OGAW gemäß EU-Richtlinie 2009/65/EG
PROSPEKT
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### ALLGEMEINE MERKMALE
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###### Bezeichnung

Edmond de Rothschild SICAV 47 rue du Faubourg Saint-Honoré 75008 PARIS
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###### Rechtsform und Mitgliedsstaat, in dem die SICAV aufgelegt wurde

Investmentgesellschaft mit variablem Kapital (Société d'Investissement à Capital Variable, SICAV) französischen Rechts mit Umbrella-Struktur.
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###### Datum der Auflegung und vorgesehene Laufzeit

Die SICAV wurde von der französischen Finanzaufsicht AMF am 7. Dezember 2018 genehmigt.
Die SICAV wurde am 12. Februar 2019 für eine Dauer von 99 Jahren durch Zusammenlegung durch Aufnahme der folgenden FCP errichtet:
- Edmond de Rothschild Euro Sustainable Credit wurde am 10. Mai 2005 gegründet
- Edmond de Rothschild Euro Sustainable Growth wurde am 10. Februar 2005 gegründet
- Edmond de Rothschild Financial Bonds wurde am 10. März 2008 gegründet
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###### Überblick über das Verwaltungsangebot

Die SICAV umfasst 12 Teilfonds.
EdR SICAV - Euro Sustainable Credit
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A EUR | FR0010172767 | Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | entfällt |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktienklasse B EUR | FR0010789313 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse CR EUR | FR0013305828 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | entfällt |

| Aktienklasse I EUR | FR0010789321 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | entfällt |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse K EUR | FR0013400066 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse N EUR | FR0010908285 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | entfällt |
| Aktienklasse R EUR | FR0013201001 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesells chaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | entfällt |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
** Sowie die Gesamtheit der Aktionäre, die vor dem 12.02.2019 den Teilfonds gezeichnet haben
EdR SICAV - Euro Sustainable Equity
| Aktien- kategorien | ISIN-Code |  Verwendung der   ausschüttungs-   fähigen Beträge  | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse A EUR | FR0010505578 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse B EUR | FR0013400074 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse CR EUR | FR0013307717 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | entfällt |

| Aktienklasse CRD EUR | FR0013417516 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | entfällt |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse I EUR | FR0010769729 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse J EUR | FR0013444031 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse K EUR | FR0010850198 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse O EUR | FR0013444049 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 15.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse R EUR | FR0013287588 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellsc haft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | entfällt |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
EdR SICAV - Financial Bonds
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A CHF (H) | FR0012749869 | Kapitalisierung Realisierte Nettogewinne: | Schweizer Franken | 1 Aktie | Alle Anleger | EUR/CHF |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A EUR | FR0011034495 | Kapitalisierung Realisierte Nettogewinne: | Euro | 1 Aktie | Alle Anleger | entfällt |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A USD (H) | FR0011882281 | Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse B EUR | FR0011289966 | Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | entfällt |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse B USD (H) | FR0012494300 | Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |
| Aktienklasse CR EUR | FR0013307691 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | entfällt |
| Aktienklasse CR GBP (H) | FR0013307683 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Pfund Sterling | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | EUR/GBP |
| Aktienklasse CR USD (H) | FR0013312378 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: | US-Dollar | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | EUR/USD |

|  |  | Kapitalisierung |  |  | dargelegten Bedingungen**** |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse CRD EUR | FR0013409067 | Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | entfällt |
| Aktienklasse I CHF (H) | FR0012749851 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 500.000 Schweiz er Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter*** | EUR/CHF |
| Aktienklasse I EUR | FR0010584474 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | entfällt |
| Aktienklasse I USD (H) | FR0011781210 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter*** | EUR/USD |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktienklasse J EUR | FR0013174695 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter*** | entfällt |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktien J GBP (H) | FR0013350824 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Pfund Sterling | 500.000 Pfund Sterling | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/GBP |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktien J USD (H) | FR0013350808 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/USD |

| Aktienklasse K EUR | FR0013233699 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter**** | entfällt |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse N EUR | FR0011034560 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter*** | entfällt |
| Aktienklasse NC EUR | FR0013233707 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter*** | entfällt |
| Aktienklasse OC EUR | FR0013292463 | Nettoergebnis: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter*** | entfällt |
| Aktienklasse R EUR | FR0013287596 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungs- gesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | entfällt |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
** Sowie die Gesamtheit der Aktionäre, die vor dem 20.07.2018 die SICAV gezeichnet haben
** Sowie die Gesamtheit der Aktionäre, die vor dem 19.10.2018 die SICAV gezeichnet haben
**** Sowie die Gesamtheit der Aktionäre, die vor dem 12.02.2019 den Teilfonds gezeichnet haben
EdR SICAV - Tricolore Rendement
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A EUR | FR0010588343 | Kapitalisierung Realisierte Nettogewinne: | Euro | 1 Aktie | Alle Anleger | entfällt |
|  |  | Kapitalisierung |  |  |  |  |
| A USD-Aktien: | FR0010998179 | Nettoergebnis: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | entfällt |

|  |  | Realisierte Nettogewinne: Kapitalisierung |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse B EUR | FR0010588350 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse I EUR | FR0010594325 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse K EUR | FR0010705145 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse R EUR | FR0010594333 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungs- gesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | entfällt |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
EdR SICAV- Equity Euro Solve
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A EUR | FR0013219243 | Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | entfällt |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktienklasse B EUR | FR0013219276 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse CR EUR | FR0013307725 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Zeichner unter den im Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ dargelegten Bedingungen | entfällt |
| Aktienklasse I EUR | FR0013331568 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| Aktienklasse K EUR | FR0013062668 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| Aktienklasse KD EUR: | FR0013131885 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen | entfällt |

|  |  | und/oder Wiederanlage |  |  | der Richtlinie „Solvency II“ unterliegen** |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse N EUR | FR0013222874 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 5.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| Aktienklasse NC EUR | FR0013219300 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 5.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| Aktienklasse O EUR | FR0013222882 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 5.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| Aktienklasse PC EUR | FR0013062650 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| Aktienklasse R EUR | FR0013331550 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellsc haft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | entfällt |

| Aktienklasse SC EUR | FR0013219284 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 25.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen** | entfällt |
| --- | --- | --- | --- | --- | --- | --- |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
** Sowie die Gesamtheit der Aktionäre, die vor dem 08.03.2019 den Teilfonds gezeichnet haben
EdR SICAV- Start
| Aktien- kategorien | ISIN-Code |  Verwendung der   ausschüttungs-   fähigen Beträge  | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse A CHF (H) | FR0012538072 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 1 Aktie | Alle Anleger | EUR/CHF |
| Aktienklasse A EUR | FR0010459693 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse A USD (H) | FR0011050400 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |
| Aktienklasse CR EUR | FR0013307642 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse CR USD (H) | FR0013312303 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | EUR/USD |
| Aktienklasse I CHF (H) | FR0012538064 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 500.000 Schweizer Franken | Juristische Personen und institutionelle Anleger auf eigene | EUR/CHF |

|  |  |  |  |  | Rechnung oder für |  |
| --- | --- | --- | --- | --- | --- | --- |
| Rechnung Dritter** |
| Aktienklasse I EUR | FR0010471136 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | entfällt |
| Aktienklasse I USD (H) | FR0011050418 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | EUR/USD |
| Aktienklasse J EUR | FR0013295888 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | entfällt |
| Aktienklasse N EUR | FR0010773614 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter** | entfällt |
| Aktienklasse P EUR | FR0013414851 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 60.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse R EUR | FR0010773598 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungs- gesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | entfällt |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
** Sowie die Gesamtheit der Aktionäre, die vor dem 21.03.2019 den Teilfonds gezeichnet haben.
EdR SICAV- Europe Midcaps
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |

| Aktienklasse A EUR | FR0010177998 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | entfällt |
| --- | --- | --- | --- | --- | --- | --- |
| A USD- Aktien: | FR0010998112 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse A USD (H) | FR0012538056 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |
| Aktienklasse CR EUR | FR0013307709 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse CR USD | FR0013312386 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse I EUR | FR0010594275 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse I USD (H) | FR0013233673 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/USD |
| Aktienklasse K EUR | FR0010849802 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse R EUR | FR0010614594 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: | Euro | 1 Aktie | alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von | entfällt |

|  |  | Kapitalisierung |  |  | der Verwaltungs- gesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden** |  |
| --- | --- | --- | --- | --- | --- | --- |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.
** Sowie die Gesamtheit der Aktionäre, die vor dem 21.03.2019 den Teilfonds gezeichnet haben.
EdR SICAV - Equity US Solve
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A CHF (H) | FR0013404266 | Kapitalisierung Realisierte Nettogewinne: | Schweizer Franken | 1 Aktie | Alle Anleger | USD/CHF |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A EUR (H) | FR0013404274 | Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | USD/EUR |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A GBP (H) | FR0013404282 | Kapitalisierung Realisierte Nettogewinne: | Pfund Sterling | 1 Aktie | Alle Anleger | USD/GBP |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
| A USD- Aktien: | FR0013404308 | Kapitalisierung Realisierte Nettogewinne: | US-Dollar | 1 Aktie | Alle Anleger | entfällt |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktienklasse B CHF (H) | FR0013404316 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Schweizer Franken | 1 Aktie | Alle Anleger | USD/CHF |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktienklasse B EUR (H) | FR0013404324 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | USD/EUR |
| Aktienklasse B USD | FR0013404332 | Nettoergebnis: | US-Dollar | 1 Aktie | Alle Anleger | entfällt |

|  |  | Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse CR EUR (H) | FR0013404340 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | USD/EUR |
| Aktienklasse CR USD | FR0013404357 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse CRD EUR (H) | FR0013404365 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | USD/EUR |
| Aktienklasse CRD USD | FR0013404373 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse I CHF (H) | FR0013404381 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 500.000 Schweize r Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen | USD/CHF |
| Aktienklasse I EUR (H) | FR0013404399 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie | USD/EUR |

|  |  |  |  |  | „Solvency II“ unterliegen |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse I USD | FR0013404407 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen | entfällt |
| Aktienklasse J CHF (H) | FR0013404415 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Schweizer Franken | 500.000 Schweize r Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen | USD/CHF |
| Aktienklasse J EUR (H) | FR0013404456 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen | USD/EUR |
| Aktienklasse J USD | FR0013404423 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen | entfällt |
| Aktienklasse K EUR (H) | FR0013404431 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen | USD/EUR |
| Aktienklasse K USD | FR0013404449 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter, | entfällt |

|  |  | Kapitalisierung |  |  | insbesondere Gesellschaften, die den Anforderungen der Richtlinie „Solvency II“ unterliegen |  |
| --- | --- | --- | --- | --- | --- | --- |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.

##### EdR SICAV – Global Opportunities
| Aktien- kategorien | ISIN-Code | Verwendung der ausschüttungs fähigen Beträge | Währung | Mindestanlagebetra g bei Erstzeichnung* | Zulässige Anleger | Risiko systematisc h abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklass e A EUR | FR001328193 8 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklass e A CHF (H) | FR001342923 0 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 1 Aktie | Alle Anleger | EUR/CHF |
| Aktienklass e A USD (H) | FR001342924 8 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |
|  | Aktienklass e B EUR | FR001346426 0 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anlege r | entfällt |
|  | Aktienklass e CR EUR | FR001346421 1 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anlege r | entfällt |

|  | Aktienklass e CRD EUR | FR001346423 7 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anlege r | entfällt |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Aktienklass e I EUR | FR001342925 5 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklass e I CHF (H) | FR001342926 3 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 500.000 Schweizer Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/CHF |
| Aktienklass e I USD (H) | FR001342927 1 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/USD |
| Aktienklass e J EUR | FR001342928 9 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |

| Aktienklass e K EUR | FR001346425 2 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| --- | --- | --- | --- | --- | --- | --- |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.

##### EdR SICAV – Short Duration Credit
| Aktien- kategorien | ISIN-Code |  Verwendung der   ausschüttungs-   fähigen Beträge  | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger* | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse A CHF (H) | FR0013460912 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 1 Aktie | Alle Anleger | EUR/CHF |
| Aktienklasse A EUR | FR0013460920 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | EUR o | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse A USD (H) | FR0013460938 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |
| Aktienklasse B CHF (H) | FR0013460946 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Schweizer Franken | 1 Aktie | Alle Anleger | EUR/CHF |
| Aktienklasse B EUR | FR0013460961 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | entfällt |
| Aktienklasse B USD (H) | FR0013460979 | Nettoergebnis: Ausschüttung | US-Dollar | 1 Aktie | Alle Anleger | EUR/USD |

|  |  | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse CR EUR | FR0013460987 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse CR USD (H) | FR0013461019 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | EUR/USD |
| Aktienklasse CRD EUR | FR0013461027 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | entfällt |
| Aktienklasse CRD USD (H) | FR0013461555 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | EUR/USD |
| Aktienklasse I CHF (H) | FR0013461563 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 500.000 Schweizer Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/CHF |
| Aktienklasse I EUR | FR0013461571 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse I USD (H) | FR0013461589 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene | EUR/USD |

|  |  | Kapitalisierung |  |  | Rechnung oder für |  |
| --- | --- | --- | --- | --- | --- | --- |
| Rechnung Dritter |
| Aktienklasse J CHF (H) | FR0013461597 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Schweizer Franken | 500.000 Schweizer Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/CHF |
| Aktienklasse J EUR | FR0013461605 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse J USD (H) | FR0013461613 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | EUR/USD |
| Aktienklasse K EUR | FR0013461639 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse N EUR | FR0013488194 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |
| Aktienklasse O EUR | FR0013488202 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 10.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | entfällt |

* Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Depotbank oder demselben Konzern angehörige Personen.

##### EdR SICAV – Tech Impact
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger* | Risiko systematisch abgesichert |
| --- | --- | --- | --- | --- | --- | --- |
| ausschüttungs- |
| fähigen Beträge |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A EUR | FR0013488244 | Kapitalisierung Realisierte Nettogewinne: | Euro | 1 Aktie | Alle Anleger | Entfällt |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
| Aktienklasse A USD | FR0050000720 | Kapitalisierung Realisierte Nettogewinne: | US-Dollar | 1 Aktie | Alle Anleger | Entfällt |
|  |  | Kapitalisierung |  |  |  |  |
|  |  | Nettoergebnis: |  |  |  |  |
|  |  | Ausschüttung |  |  |  |  |
| Aktienklasse B EUR | FR0013488251 | Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | Entfällt |
| Aktienklasse CR EUR | FR0013488269 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |
| Aktienklasse CR USD | FR0050000738 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |
| Aktienklasse CRD EUR | FR0013488277 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |
| Aktienklasse I EUR | FR0013488285 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse I USD | FR0050000704 | Nettoergebnis: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und | Entfällt |

|  |  | Realisierte Nettogewinne: Kapitalisierung |  |  | institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse J EUR | FR0013519949 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse J USD | FR0050000712 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse K EUR | FR0013488293 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse N EUR | FR0013488301 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 15.000.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse S EUR | FR0013532918 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 15.000.000 Euro | Institutionelle Anleger und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| * Der Mindestbetrag für die Erstzeichnung gilt nicht für Zeichnungen durch die Verwaltungsgesellschaft, die Personen. EdR SICAV – Green New Deal | Depotbank oder demselben Konzern angehörige |
| Aktien- kategorien | ISIN-Code | Verwendung der | Währung | Mindestanlage- betrag bei Erstzeichnung* | Zulässige Anleger | Risiko systematisch abgesichert |
| ausschüttungs- |
| fähigen Beträge |
| Aktienklasse A CHF | FR0013428919 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 1 Aktie | Alle Anleger | Entfällt |

| Aktienklasse A EUR | FR0013428927 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger | Entfällt |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse A USD | FR0013428935 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger | Entfällt |
| Aktienklasse B CHF | FR0013428950 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Schweizer Franken | 1 Aktie | Alle Anleger | Entfällt |
| Aktienklasse B EUR | FR0013428968 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 1 Aktie | Alle Anleger | Entfällt |
| Aktienklasse B USD | FR0013428976 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 1 Aktie | Alle Anleger | Entfällt |
| Aktienklasse CR EUR | FR0013428984 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |
| Aktienklasse CR USD | FR0013428992 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |
| Aktienklasse CRD EUR | FR0013429008 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung | Euro | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |

|  |  | und/oder Wiederanlage |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse CRD USD | FR0013429016 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 1 Aktie | Alle Anleger gemäß den Bedingungen von Abschnitt „Zulässige Anleger und Profil des typischen Anlegers“ | Entfällt |
| Aktienklasse I CHF | FR0013429024 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Schweizer Franken | 500.000 Schweizer Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse I EUR | FR0013429040 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse I USD | FR0013429057 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse J CHF | FR0013429065 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Schweizer Franken | 500.000 Schweizer Franken | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse J EUR | FR0013429081 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse J USD | FR0013429099 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | US-Dollar | 500.000 USD | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |

| Aktienklasse K EUR | FR0013429107 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| --- | --- | --- | --- | --- | --- | --- |
| Aktienklasse KD EUR | FR0013429115 | Nettoergebnis: Ausschüttung Realisierte Nettogewinne: Thesaurierung und/oder Ausschüttung und/oder Wiederanlage | Euro | 500.000 Euro | Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter | Entfällt |
| Aktienklasse R EUR | FR0050000068 | Nettoergebnis: Kapitalisierung Realisierte Nettogewinne: Kapitalisierung | Euro | 1 Aktie | Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaf t ausgewählten Vertriebsstellen in Umlauf gebracht zu werden. | Entfällt |

- Adresse, unter der der letzte Jahresbericht und der letzte Halbjahresbericht angefordert werden können Der Versand der letzten Jahres- und Halbjahresberichte erfolgt innerhalb von acht Werktagen auf formlose schriftliche Anfrage des Aktionärs an Edmond de Rothschild Asset Management (France) – 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, Frankreich.
- 
### FÜR DEN FCP TÄTIGE STELLEN
- 
###### Beauftragte Verwaltungsgesellschaft

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
Aktiengesellschaft (S.A.) mit Vorstand und Aufsichtsrat, von der französischen Finanzaufsichtsbehörde AMF am
15. April 2004 unter der Nummer GP 04000015 als Portfolio-Verwaltungsgesellschaft zugelassen.
Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08
- 
###### Depotbank

EDMOND DE ROTHSCHILD (France)
Aktiengesellschaft (S.A.) mit Vorstand und Aufsichtsrat, von Banque de France-CECEI am 28. September 1970 als Kreditinstitut zugelassen.
Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, Frankreich Beschreibung der Aufgaben der Depotbank:
Edmond de Rothschild (France) erfüllt die in den anwendbaren Richtlinien definierten Aufgaben, und zwar:
- Die Verwahrung der Aktivader SICAV,
- Die Kontrolle, dass die Entscheidungen der Verwaltungsgesellschaft ordnungsgemäß erfolgen,
- Die Überwachung der Geldflüsse der SICAV. Betreuung und Verwaltung von Interessenskonflikten:Die Depotbank EdR (France) und die Verwaltungsgesellschaft EdRAM (France) gehören zu derselben Gruppe, Edmond de Rothschild. Sie haben entsprechend den anwendbaren Richtlinien Grundsätze und Verfahren eingerichtet, die ihrer Größe, Organisation und Art ihrer Geschäftstätigkeit angemessen und dazu geeignet sind, Maßnahmen zur Verhinderung von Interessenskonflikten zu ergreifen, die sich aus dieser Verbindung ergeben können.

Beauftragte:
Die Depotbank hat die Funktion der Verwahrung von Wertpapieren an die Depotbank CACEIS Bank übertragen.
Eine Beschreibung der beauftragten Depotfunktionen, eine Liste der nachgeordneten Beauftragten der CACEIS Bank sowie Informationen über etwaige Interessenkonflikte, die sich aus diesen Delegationen ergeben können, sind auf der Website der CACEIS Bank verfügbar: www.caceis.com
Die aktualisierten Informationen werden den Aktionären auf formlose schriftliche Anfrage an die Depotbank binnen acht Arbeitstagen zur Verfügung gestellt.
- 
##### Beauftragte zentrale Verwaltungsstelle

EDMOND DE ROTHSCHILD (France) ist mit der Erfüllung der Funktionen in Verbindung mit der Führung der Passiva beauftragt: Die Zentralisierung der Zeichnungs- und Rücknahmeaufträge einerseits und die Verwaltung des Ausgabekontos der SICAV andererseits.
- 
##### Mit der Führung des Ausgabekontos beauftragte Stelle

EDMOND DE ROTHSCHILD (France)
Aktiengesellschaft (S.A.) mit Vorstand und Aufsichtsrat, von Banque de France-CECEI am 28. September 1970 als Kreditinstitut zugelassen.
Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, Frankreich
- Depotbank CACEIS Bank Société anonymeVom CECEI zugelassenes KreditinstitutGesellschaftssitz: 1-3, place Valhubert – 75013 Paris, FrankreichPostanschrift: 1-3, place Valhubert – 75206 Paris Cedex 13, FrankreichDie Verwahrstelle ist für Rechnung der Depotbank für die Verwahrung und Veräußerung der Aktien der SICAV sowie für die Zahlung und Lieferung der gesammelten und von der Depotbank übermittelten Anträge zuständig. Sie übernimmt außerdem die Zahlungsabwicklung der Aktien der SICAV (Wertpapiergeschäfte, Vereinnahmung der Erträge).
- 
###### Abschlussprüfer

PRICEWATERHOUSECOOPERS AUDIT
Gesellschaftssitz: 63, rue de Villiers – 92200 Neuilly sur Seine
Zeichnungsberechtigter:Frédéric SELLAM
- 
###### Vertriebsstelle

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Aktiengesellschaft (S.A.) mit Vorstand und Aufsichtsrat, von der französischen Finanzaufsichtsbehörde AMF am
15. April 2004 unter der Nummer GP 04000015 als Portfolio-Verwaltungsgesellschaft zugelassen.
Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré -75401 Paris Cedex 08
Telefon: 00 33 1 40 17 25 25	E-Mail: contact@edram.fr
Fax: 00 33 1 40 17 24 42	Website: www.edram.fr
Edmond de Rothschild Asset Management (France) ist für den Vertrieb der SICAV verantwortlich und kann die tatsächliche Ausführung dieser Aufgabe an einen nach eigenem Ermessen bestimmten Dritten übertragen. Außerdem sind der Verwaltungsgesellschaft nicht alle Vertriebsstellen der Aktien der SICAV bekannt, da diese auch ohne Beauftragung tätig werden können.
Unabhängig davon, welche Gesellschaft schließlich als Vertriebsstelle auftritt, stehen die Vertriebsmitarbeiter von Edmond de Rothschild Asset Management (France) den Aktionären für weitere Informationen oder Anfragen im Zusammenhang mit der SICAV am Gesellschaftssitz zur Verfügung.
- 
###### Beauftragter der Verwaltung und Rechnungslegung

EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
Aktiengesellschaft (S.A.) mit Vorstand und Aufsichtsrat, von der französischen Finanzaufsichtsbehörde AMF am
15. April 2004 unter der Nummer GP 04000015 als Portfolio-Verwaltungsgesellschaft zugelassen.
Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré -75401 Paris Cedex 08
Die SICAV beauftragt EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) mit ihrer Verwaltung und Buchführung.
- 
###### Unterbeauftragte Rechnungslegungsstelle

CACEIS FUND ADMINISTRATION
Aktiengesellschaft mit einem Stammkapital von 5.800.000 €
Sitz: 1-3, Place Valhubert – 75206 Paris Cedex 13
Die SICAV beauftragt Caceis Fund Administration mit der Buchführung.
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) beauftragt Caceis Fund Administration mit der Rechnungsführung der SICAV.
Der Gesellschaftszweck von Caceis Fund Administration besteht insbesondere in der Bewertung und der Verwaltung und Buchführung von Finanzportfolios. Hierzu verarbeitet die Gesellschaft hauptsächlich Finanzinformationen hinsichtlich der Portfolios, berechnet Nettoinventarwerte, kümmert sich um die Rechnungslegung der Portfolios, um die Erstellung von Konten- und Finanzaufstellungen und -informationen sowie die Ausfertigung verschiedener gesetzlich vorgeschriebener oder spezifischer Aufstellungen.
- 
###### Mit der Finanzverwaltung beauftragte Stelle

Edmond de Rothschild Asset Management (France) delegiert die Finanzverwaltung der SICAV teilweise an: Edmond de Rothschild (Suisse) S.A.
Eine Aktiengesellschaft nach Schweizer Recht, die dem Bundesgesetz über die Banken und Sparkassen vom 8. November 1934 untersteht und im Schweizer Handelsregister unter der Nummer CHE-105.978.847 eingetragen ist.
Geschäftssitz: 18 rue de Hesse, CH – 1204 Genf – Schweiz
Diese Delegierung der Finanzverwaltung bezieht sich auf die Devisenabsicherung der abgesicherten Anteilsklassen.
- 
###### Mitglieder der Verwaltungs- und Geschäftsführungsorgane

Die Identität und die Funktionen dieser Mitglieder sind dem Jahresbericht der SICAV zu entnehmen. Die Verwaltungsmodalitäten der SICAV sind in der Satzung angegeben.
- 
### FUNKTIONSWEISE UND VERWALTUNG
- 
##### Allgemeine Merkmale

Bei den allgemeinen Merkmalen handelt es sich um Bestimmungen, die allen Teilfonds der SICAV gemein sind.
- Art des mit der Aktienklasse verbundenen Rechts: Die Investmentgesellschaft mit variablem Kapital (Société d’Investissement à Capital Variable, SICAV) ist eine Aktiengesellschaft, deren Zweck die Verwaltung eines Portfolios aus Finanzinstrumenten und Einlagen ist. Vorbehaltlich der Bestimmungen von Artikel L. 214-7-4 des französisches Währungs- und Finanzgesetzbuchs werden die Aktien der SICAV jederzeit von der Gesellschaft auf Anforderung der Aktionäre zum Nettoinventarwert zuzüglich bzw. abzüglich der Kosten und Gebühren begeben und zurückgenommen. Die Aktionäre besitzen ein Eigentumsrecht am SICAV-Vermögen proportional zur Anzahl der von ihnen gehaltenen Aktien.
- Eintragung in ein Register: Die Zulassung der Aktien erfolgt durch Euroclear France. Die Anteile gelten vor ihrer Zulassung als Namenspapiere und nach ihrer Zulassung als Inhaberpapiere. Die Rechte der Inhaber von Namensaktien werden durch die Eintragung in einem von der Depotbank geführten Register repräsentiert. Die Rechte der Inhaber von Inhaberaktien werden durch eine Eintragung in einem vom Zentralverwahrer (Euroclear France) im Namen der Verwahrstelle geführten Konto repräsentiert.
- Stimmrechte: Mit jeder Aktie ist ein Stimmrecht proportional zu dem von ihr repräsentierten Kapitalanteil verbunden. Eine Aktie repräsentiert eine Stimme. Die Entscheidungen hinsichtlich der Verwaltung werden vom Verwaltungsrat auf Veranlassung der Verwaltungsgesellschaft getroffen.
- Form der Aktien: Inhaberaktien.
- Stückelung(Aufteilung): Die Aktien können auf Beschluss des Verwaltungsrats in Zehntel, Hundertstel, Tausendstel und Zehntausendstel gestückelt werden.
	- 
###### Abschlussstichtag


Letzter Börsengeschäftstag im September.
Das erste Geschäftsjahr endet am letzten Börsengeschäftstag des Monats September 2019.
- 
###### Steuerliche Behandlung

Die SICAV unterliegt nicht der Körperschaftssteuer. Ausschüttungen und Gewinne sind jedoch von den Aktionären zu versteuern.
SICAVs werden als transparent bezeichnet.
Somit stellen die bei der Rücknahme von Aktien der SICAV (oder bei Auflösung eines Teilfonds) erzielten Gewinne oder Verluste Kapitalerträge oder -verluste dar, die als solche besteuert werden, wobei die steuerliche Behandlung von der individuellen Situation des Aktionärs (Wohnsitzstaat, natürliche oder juristische Person, Zeichnungsort usw.) abhängt. Liegt der steuerliche Wohnsitz des Aktionärs nicht in Frankreich, können diese Kapitalerträge jedoch ebenso einer Quellensteuer unterliegen. Des Weiteren können auch nicht realisierte Kapitalerträge in manchen Fällen einer Besteuerung unterliegen.
Im Falle von Unklarheiten betreffend die steuerliche Behandlung wird dem Aktionär geraten, sich an einen Berater zu wenden, um die auf seine persönliche Situation anwendbaren Steuervorschriften vor Zeichnung von Aktien der SICAV festzustellen.
- 
##### Sonderbestimmungen

EdR SICAV - Euro Sustainable Credit
- Auflegungsdatum:Der Teilfonds wurde am 7. Dezember 2018 von der AMF zugelassen.

Der Teilfonds wurde am 12. Februar 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Euro Sustainable Credit wurde am 10. Mai 2005 gegründet
- ISIN-CodeAktienklasse A EUR : FR0010172767 Aktienklasse B EUR : FR0010789313 Aktienklasse CR EUR : FR0013305828 Aktienklasse I EUR : FR0010789321 Aktienklasse K EUR : FR0013400066 Aktienklasse N EUR : FR0010908285 Aktienklasse R EUR : FR0013201001
- Besondere steuerliche Behandlung:Entfällt
- KlassifizierungAnleihen und andere auf EUR lautende Forderungspapiere
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds strebt über den empfohlenen Anlagehorizont eine Performance an, die über der seines Referenzindex, dem Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, liegt. Hierzu investiert er in die Märkte für Unternehmensanleihen und versucht, finanzielle Rentabilität mit der Umsetzung einer Politik zu verbinden, die auf die Einhaltung von außerfinanziellen Kriterien abzielt, dafür jedoch ein Kapitalverlustrisiko birgt.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDer Bloomberg Barclays Capital Euro Aggregate Corporate Total Return-Index (Bloomberg-Code LECPTREU) wird von Bloomberg berechnet und veröffentlicht. Der Index bildet auf Euro lautende festverzinsliche Schuldverschreibungen ab, die von industriellen Emittenten, Banken und öffentlichen Versorgungsunternehmen ausgegeben und mindestens mit BBB- bewertet wurden sowie über eine Restlaufzeit von mindestens einem Jahr verfügen.

Der Verwalter Bloomberg Index Services Limited (Website: 
https://
www.bloomberg.com) des Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Die zugrunde liegenden Zinssätze und Indizes wurden annualisiert. Die Berechnung der Wertentwicklung dieses Index berücksichtigt die Kupons.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte Strategien:Die Anlagestrategie besteht im Aufbau eines Portfolios im Bereich der Märkte für Unternehmensanleihen, für das Titel auf der Grundlage einer Analyse ausgewählt werden, die folgende Kriterien berücksichtigt: finanzielle Kriterien,die es ermöglichen, Titel zu definieren, die signifikante Wachstumschancen bieten, und außerfinanzielle Kriterien, um die Anforderungen für eine sozial verantwortliche Anlage einzuhalten.

Zur Verfolgung des Anlageziels verbindet die Strategie eine Top-Down-Sektorenauswahl und eine Kreditanalyse zur Auswahl der attraktivsten Emittenten mithilfe eines Bottom-Up-Verfahrens.
Die Koppelung dieser Finanzanalyse mit einer gleichzeitigen Analyse der Emittenten nach außerfinanziellen Kriterien wird der Gewichtung der Titel im Portfolio zugrunde liegen.
- Analyse der finanziellen KriterienTop-Down-AnsatzDer Top Down-Ansatz beruht vor allem auf einer makroökonomischen Analyse der verschiedenen Sektoren oder Länder im Rahmen der Portfolioallokation. Mithilfe dieser Analyse werden Marktszenarien bestimmt, die ausgehend von den Einschätzungen des Verwaltungsteams festgelegt werden.

Diese Analyse ermöglicht es insbesondere, folgende Faktoren festzulegen:
- die Höhe des Engagements in verschiedenen wirtschaftlichen Sektoren
- die Verteilung zwischen den Kategorien „Investment Grade“ und „High Yield“ (spekulative Titel mit einem erhöhten Ausfallrisiko des Emittenten, die ein Rating von Standard & Poor's oder vergleichbar unter BBB- oder ein internes entsprechendes Rating der Verwaltungsgesellschaft aufweisen) und zwischen den verschiedenen Ratings innerhalb dieser Kategorien.

Die Top-down-Analyse ermöglicht eine ganzheitliche Sicht des Portfolios. Diese wird durch einen Selektionsprozess von Wertpapieren vervollständigt (Bottom-Up-Ansatz).
Bottom-Up-Ansatz
Dieser Prozess zielt darauf ab, innerhalb eines Sektors die Emittenten zu identifizieren, die gegenüber den anderen einen relativ höheren Wert aufweisen und somit am attraktivsten scheinen.
Die Auswahl der Emittenten beruht auf einer Fundamentalanalyse der einzelnen Unternehmen. Die Fundamentalanalyse erfolgt anhand der Bewertung von Kriterien wie z. B.:
- der Transparenz der Unternehmensstrategie
- der finanziellen Gesundheit (regelmäßige Cashflows über verschiedene Konjunkturzyklen hinweg, Fähigkeit, seinen Schulden nachzukommen …)
- dem „strategischen“ Charakter des Unternehmens, der auf eine staatliche Intervention im Falle eines Ausfalls oder einer erheblichen Verschlechterung seiner Finanzlage schließen lässtInnerhalb des Universums der ausgewählten Emittenten erfolgt die Wahl der Engagements abhängig von Merkmalen wie dem Rating des Emittenten, der Liquidität der Wertpapiere oder ihrer Fälligkeit.

Das Fundamentalanalysemodell zur Identifizierung der Wertpapiere mit dem stärksten Wertsteigerungspotenzial basiert auf einer auf die Kreditmärkte spezialisierten Analystenstruktur. Im Anschluss an die tiefgreifende Analyse der verschiedenen Unternehmen wird der Bottom-Up-Prozess erneut verfeinert. Durch dieses Vorgehen können die bevorzugt anzuwendenden Anlageinstrumente (verbriefte Wertpapiere, Credit Default Swaps, iTraxx usw.) für ein Engagement in die ausgewählten Titel ausgewählt werden.
- Analyse der nicht finanziellen KriterienEs handelt sich dabei um eine qualitative Analyse, die es ermöglicht, Titel nach einem für die Verwaltungsgesellschaft spezifischen ESG-Bewertungsraster auszuwählen, das die Titel nach den unten aufgeführten umweltbezogenen, sozialen/gesellschaftlichen und Governance-Kriterien klassifiziert:Umwelt: Energieverbrauch, Ausstoß von Treibhausgasen, Wasser, Abfall, Umweltverschmutzung, Umweltmanagementstrategie, Umweltauswirkungen;Soziales: Arbeitsplatzqualität, Personalmanagement, soziale Auswirkungen, Gesundheit und Sicherheit; Governance: Struktur der Leitungsorgane, Vergütungspolitik, Prüfungen und interne Kontrolle, Aktionäre.

Das ESG-Bewertungsmodell setzt sich folgendermaßen zusammen:
- nach einem Best-in-Universe-Ansatz, d. h. Bevorzugung der leistungsfähigsten Unternehmen unabhängig von Rating, Größe oder Branche.
- mit unterschiedlichen Gewichtungen der drei ESG-Säulen nach Tätigkeitsbereichen entsprechend ihren spezifischen Herausforderungen: die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt. Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt.

Um festzustellen, ob das analysierte Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung erstellt wird.
Falls kein internes Rating vorhanden ist, stützt sich der Anlageverwalter auf ein ESG-Rating einer außerfinanziellen Ratingagentur.
Mindestens 90 % der Gesellschaften im Portfolio weisen ein internes oder durch eines externe Ratingagentur bereitgestelltes ESG-Rating auf.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Zur Absicherung seines Nettovermögens und/oder zur Umsetzung seines Anlageziels – ohne jedoch ein übermäßiges Engagement anzustreben – kann der Teilfonds in Finanzderivate investieren, die auf geregelten Märkten (Futures, gelistete Optionen) oder außerbörslich (Optionen, Swaps usw.) gehandelt werden. In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Hierbei kann der Teilfonds Positionen eingehen, um das Portfolio gegenüber bestimmte Risiken (Zinssätze, Kredit, Wechselkurse) abzusichern oder ein Engagement gegenüber Zins- und Kreditrisiken aufzubauen. In diesem Rahmen kann der Anlageverwalter Strategien verfolgen, die in erster Linie darauf abzielen, Ausfallrisiken eines oder mehrerer Emittenten vorwegzunehmen oder den Teilfonds dagegen abzusichern oder das Portfolio gegenüber den Kreditrisiken eines oder mehrerer Emittenten zu engagieren. Diese Strategien werden insbesondere über den Kauf oder Verkauf von Absicherungen über Kreditderivate vom Typ „Credit Default Swap“ auf einen Referenzwert oder auf Indizes (iTraxx oder CDX) umgesetzt.
Er kann außerdem Strategien einsetzen, die darauf abzielen, durch den Einsatz von Finanzkontrakten und insbesondere Futures, Optionen, Devisentermingeschäfte oder Swaps die Wechselkursrisiken zu reduzieren und/oder das Zinsrisiko zu steuern.
Der Anlageverwalter verwaltet darüber hinaus die aktive Zinssensitivität des Teilfonds, die zwischen 0 und 8 schwanken kann. Die Sensitivität wird gesenkt, um das Portfolio vor den negativen Auswirkungen in Verbindung mit einer Aufwärtsbewegung der Zinsen zu schützen bzw. erhöht, um noch umfangreicher von einer Zinssenkung zu profitieren. Über eine aktive Steuerung des Zinsrisikos wird eine weitere Vergütung erzielt.
Engagement an den Aktienmärkten
Der Teilfonds kann im Umfang von bis zu 10 % seines Nettovermögens über eventuelle Käufe von Wandelanleihen gegenüber den Aktienmärkten engagiert sein.
Währungen
Der Teilfonds darf indirekt max. 10 % an Wertpapieren halten, die in ausländischen Währungen ausgegeben wurden und deren Wechselkursrisiko abgesichert ist. Trotzdem kann noch ein Wechselkursrisiko in Höhe von bis zu 10 % des Nettovermögens des Portfolios bestehen.
. Aktiva:
Forderungspapiere und Geldmarktinstrumente (bis 100 % des Nettovermögens, davon max. 100 % direkt inWertpapieren)
Allgemeine Merkmale
| Zinssensitivität | - | [0 ; 8] |
| --- | --- | --- |
| Geografische Zone der Emittenten | OECD, Europäischer Wirtschaftsraum oder Europäische Union, G20 | Max. 100 % in Unternehmensanleihen |

Aufteilung private Schulden/öffentliche Schulden
Bis zu 100 % des Portfolios „Forderungspapiere“ in Unternehmensanleihen von Emittenten mit Sitz in einem Mitgliedstaat der OECD, der Europäischen Union, des Europäischen Wirtschaftsraums oder der G20.
Das Portfolio investiert nicht in Staatsanleihen eines Staats oder einer Institution eines Mitgliedstaats der OECD, der Europäischen Union, des Europäischen Wirtschaftsraums oder der G20.
Kriterien in Bezug auf das Kreditrating
Die gewählten Titel müssen beim Kauf ein langfristiges Rating von mindestens BBB- oder ein kurzfristiges Rating von A3 für 70 % des Nettovermögens des Teilfonds aufweisen (Standard and Poor’s oder vergleichbar oder ein entsprechendes internes Rating der Verwaltungsgesellschaft). Die ausgewählten Titel müssen nicht von einer Ratingagentur bewertet sein, verfügen jedoch über eine vergleichbare Bewertung der Verwaltungsgesellschaft.
Die Titel können bis zu einer Höhe von 30 % des Nettovermögens ein niedrigeres Rating aufweisen, das der Kategorie „High Yield“ entspricht (spekulative Titel mit einem Rating unterhalb BBB- durch Standard & Poor’s oder vergleichbar oder einem vergleichbaren Rating der Verwaltungsgesellschaft).
Insgesamt wird das Portfolio durchschnittlich mindestens ein Rating von BBB- gemäß Standard & Poor’s oder vergleichbar oder ein entsprechendes internes Rating der Verwaltungsgesellschaft aufweisen.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Rechtliche Natur der verwendeten Instrumente
Forderungspapiere jeglicher Art, darunter insbesondere:
- festverzinsliche oder variabel verzinsliche Anleihen
- inflationsindexierte Anleihen
- grüne Anleihen, sogenannte „Green Bonds“ (Anleihen, die die Finanzierung von Projekten mit positiven Auswirkungen auf die Umwelt zum Ziel haben)
- Handelbare Schuldtitel
- Schuldverschreibungen
- Euro Commercial Papers (von einem ausländischen Emittenten in Euro begebene kurzfristig handelbare Titel)Das Portfolio kann in PIK Notes investieren (die „payment in kind notes“ sind Anleihen, bei denen die Zahlung der Zinsen nicht systematisch in bar erfolgt).

Aktien
- Engagement über Direktanlagen in Aktien: entfällt
- Engagement über Wandelanleihen: bis zu 10 % des NettovermögensDas maximale Engagement des Portfolios gegenüber den Aktienmärkten über das Delta der Wandelanleihen darf nicht mehr als 10 % des Nettovermögens des Teilfonds betragen.

Aktien oder Anteile anderer kollektiver Kapitalanlagen französischen Rechts oder anderer OGAW, FIA oderInvestmentfonds ausländischen Rechts
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung einschließlich notierter Index-Fonds handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren, oder bei denen es sich um Geldmarkt- und Rentenfonds handelt, insbesondere um kurzfristige Investitionen zu tätigen.
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von FIA ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Finanzkontrakte
Der Teilfonds kann zur Absicherung seiner Aktiva und/oder zur Verfolgung seines Anlageziels ohne Hebelung und innerhalb der Grenze von 100 % seines Vermögens Finanzkontrakte einsetzen, die an geregelten Märkten (börsennotierte Futures, Optionen) oder außerbörslich (Optionen, Swaps...) gehandelt werden In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Hierbei kann der Teilfonds Positionen eingehen, um das Portfolio gegenüber bestimmte Risiken (Zinssätze, Kredit, Wechselkurse) abzusichern oder ein Engagement gegenüber Zins- und Kreditrisiken aufzubauen.

##### Beschaffenheit der Anlagenmärkte
- geregelte Märkte
- organisierte Märkte
- OTC-Märkte


##### Risiken, in Bezug auf die der Anlageverwalter zur Absicherung und zu Anlagezwecken Geschäfte tätigen möchte
- Aktienrisiko ausschließlich aus dem möglichen Engagement gegenüber Wandelanleihen
- Zinsrisiko
- Wechselkursrisiko
- Kreditrisiko


##### Die Art der Interventionen und die Gesamtheit der Transaktionen sind auf die Realisierung des Anlageziels zu begrenzen
- Absicherung
- Engagement
- Arbitrage


##### Verwendete Instrumente
- Zinsoptionen
- Zinstermingeschäfte
- Zinsfutures
- Zinsswaps (feste Verzinsung/variable Verzinsung, alle Kombinationen und Inflation)
- Kreditderivate (Credit Default Swaps)
- Kreditoptionen
- Währungsoptionen
- Währungsswaps
- Devisentermingeschäfte
- Warrants
- Zinsswap-Optionen
- Optionen auf CDSAußerdem kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 50 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Anleihen, Anleihenindizes und/oder Anleihenkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 25 %.

Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.

##### Derivate-Strategie zur Verfolgung des Anlageziels
- allgemeine Absicherung bestimmter Risiken (Zinsen, Kredit, Wechselkurs)
- Eingehen von Zins-, Kredit- und Aktienrisiken
- Wiederherstellung eines synthetischen Engagements in Vermögenswerte und Risiken (Zinsen, Kredit)Das Engagement gegenüber diesen Finanzinstrumenten, Märkten, Zinssätzen und/oder bestimmten ihrer Parameter oder Komponenten aus dem Einsatz der Finanzkontrakte darf nicht mehr als 100 % des Nettovermögens betragen.

Der Anlageverwalter kann Strategien verfolgen, die in erster Linie darauf abzielen, Ausfallrisiken eines oder mehrerer Emittenten vorwegzunehmen oder den Teilfonds abzusichern oder das Portfolio im Kreditrisiko eines oder mehrerer Emittenten zu engagieren. Diese Strategien werden insbesondere über den Kauf oder Verkauf von Absicherungen über Kreditderivate vom Typ Credit Default Swap auf einen Referenzwert oder auf Indizes (iTraxx oder CDX) umgesetzt.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Wertpapiere mit eingebetteten Derivaten (bis zu 100 % des Nettovermögens)
Zur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann ausschließlich in Folgendes investieren:
- in kündbare oder rückzahlungspflichtige Schuldverschreibungen bis zu 100 % des Nettovermögens,
- in Wandelanleihen bis zu 10 % des Nettovermögens,
- in CoCos bis zu 20 % des Nettovermögens.

Aufnahme von Barmitteln
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % seines Nettovermögens vorliegen.
Vorübergehende Käufe und Veräußerungen von Wertpapieren Entfällt
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Zusammenhang mit der Selektion ethischer Anlagen (ISR):
Die Auswahl von ISR-Titeln kann zu Abweichungen des Teilfonds vom Referenzindex führen. Risiko in Verbindung mit hybriden Kapitalinstrumenten (Wandelanleihen):
Da Wandelanleihen in Aktien umgewandelt werden können, führen sie bei einem Portfolio aus Anleihen zu einem Aktienrisiko. Durch Wandelanleihen wird das Portfolio ebenfalls der Volatilität der Aktienmärkte ausgesetzt, die höher ist als bei Rentenmärkten. Der Besitz solcher Instrumente erhöht folglich das Risiko des Portfolios, das jedoch je nach Beschaffenheit des Marktes durch die Anleihenkomponente der hybriden Wertpapiere abgeschwächt werden kann.
Risiken im Zusammenhang mit Total Return Swaps:
Der Einsatz Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. So können diese Kontrakte eine negative Auswirkung auf den Nettoinventarwert der SICAV haben.
Rechtliches Risiko:
Es besteht das Risiko einer unzureichenden Ausarbeitung der mit den Gegenparteien von Total Return Swaps abgeschlossenen Kontrakte.
Risiken im Zusammenhang mit bedingten Pflichtwandelanleihen (CoCo-Anleihen):
CoCos sind nachrangige Schuldtitel, die von Kreditinstituten oder Versicherungs- bzw. Rückversicherungsunternehmen ausgegeben werden und für das regulatorische Kapital zugelassen sind und die die Besonderheit haben, in Aktien wandelbar zu sein, oder deren Nennwert im Falle des Eintretens eines zuvor im Prospekt definierten „Trigger“ herabgesetzt werden kann („Herabschreibungsmechanismus“). Eine CoCo beinhaltet die Option, im Falle einer Verschlechterung der finanziellen Situation des Emittenten auf Initiative des Emittenten eine Wandlung in Aktien vorzunehmen. Zusätzlich zum Kredit- und Zinsänderungsrisiko von Anleihen kann die Aktivierung der Wandlungsoption dazu führen, dass der Wert der CoCo-Anleihe den Wert der anderen traditionellen Anleihen des Emittenten übersteigt. Abhängig von den für die jeweilige CoCo festgelegten Bedingungen können bestimmte auslösende Ereignisse zu einer dauerhaften Herabschreibung der Kapitalanlage und/oder aufgelaufenen Zinsen auf null oder zu einer Wandlung der Anleihe in Aktien führen.
Konversionsschwellenrisiko bei CoCo-Anleihen:
Die Umwandlungsschwelle einer CoCo hängt von der Solvenzquote des Emittenten ab. Dies ist das Ereignis, das die Wandlung der Anleihe in Stammaktien bestimmt. Je niedriger die Solvenzquote, desto höher ist die Wahrscheinlichkeit der Umwandlung.
Risiko des Verlusts oder der Aussetzung des Kupons:
Je nach Eigenschaften der CoCos sind die Kuponzahlungen diskretionär und können vom Emittenten jederzeit und auf unbestimmte Zeit gekündigt oder ausgesetzt werden.
Risiko des Eingreifens einer Regulierungsbehörde zum Zeitpunkt der „fehlenden Bestandsfähigkeit“:
Eine Regulierungsbehörde bestimmt zu einem beliebigen Zeitpunkt diskretionär die „fehlende Bestandsfähigkeit“ einer Institution. Dies bedeutet, dass die emittierende Bank die Unterstützung der öffentlichen Hand benötigt, um zu verhindern, dass der Emittent zahlungsunfähig wird, in Konkurs geht, den Großteil seiner Schulden bei Fälligkeit nicht begleichen kann oder anderweitig geschäftlich tätig ist, und die Umwandlung der Wandelanleihe in Aktien unter gewissen Umständen, die außerhalb der Kontrolle des Emittenten liegen, vorschreibt oder beantragt.
Risiko einer Umkehrung der Kapitalstruktur:
Im Gegensatz zur konventionellen Kapitalstruktur können Anleger in CoCos einen Kapitalverlust erleiden, der keine Auswirkungen auf die Aktionäre hat. In bestimmten Situationen werden die Inhaber von CoCos vor den Aktionären Verluste erleiden.
Ausfallrisiko bei Rückzahlungen:
Die meisten CoCos werden in Form von unbefristeten Instrumenten ausgegeben, die nur mit Zustimmung der zuständigen Behörde zu einem vorher festgelegten Betrag zurückgezahlt werden können. Es kann nicht davon ausgegangen werden, dass unbefristete CoCos am Tag des Rückkaufs erstattet werden. Die CoCos sind eine Form von langfristigem Kapital. Es ist möglich, dass der Anleger die Rückzahlung des Kapitals nicht wie erwartet am Tag des Rückkaufs oder an einem bestimmten Tag erhält.
Liquiditätsrisiko:
Unter bestimmten Umständen kann es schwierig sein, einen Käufer für CoCos zu finden, und der Verkäufer kann gezwungen sein, einen erheblichen Abschlag von dem erwarteten Wert der Anleihe zu akzeptieren, um sie zu verkaufen.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen
beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR, B EUR : Alle AnlegerAktienklassen CR EUR : Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Aktienklassen I EUR, K EUR und N EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter sowie die Gesamtheit der Aktionäre, die vor dem 12.02.2019 den Teilfonds gezeichnet haben.
Aktienklassen R EUR: Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.
Dieser Teilfonds richtet sich vor allem an Anleger, die mithilfe einer aktiven Verwaltung von auf Euro lautenden Kreditinstrumenten auf der Grundlage einer Analyse, die finanzielle und nicht finanzielle Kriterien umfasst, eine Optimierung ihrer Investition in Anleihen anstreben.
Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt
„Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 2 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „CR EUR“, „R EUR“, „ I EUR“, „K EUR“ und „N EUR“ | Aktienklassen „B EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über sieben Aktienklassen: Aktienklassen „A EUR“, „B EUR“, „CR EUR“, „I EUR“, „K EUR“,„N EUR“ und „R EUR“.

Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse N EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

Anfänglicher Nettoinventarwert:
| Aktienklasse A EUR: 358,72 € |
| --- |
| Aktienklasse B EUR: 106,10 € |
| Aktienklasse CR EUR: 98,16 € |
| Aktienklasse I EUR: 13972,51 € Aktienklasse K EUR: 100 € |
| Aktienklasse N EUR: 13474,97 € Aktienklasse R EUR: 101,88 € |

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A EUR: 1 Aktie |
| --- |
| Aktienklasse B EUR: 1 Aktie |
| Aktienklasse CR EUR: 1 Aktie |
| Aktienklasse I EUR: 500.000 € Aktienklasse K EUR: 500.000 EUR |
| Aktienklasse R EUR: 1 Aktie |
| Aktienklasse N EUR: 10.000.000 € |

Dieser Betrag gilt nicht für Zeichnungen durch die Vertriebsstelle, den Anlageverwalter, die Depotbank oder deren jeweilige Mitarbeiter.
Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A EUR: 1 Tausendstel eines Anteils. |
| --- |
| Aktienklasse B EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR: 1 Tausendstel eines Anteils. Aktienklasse K EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse N EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse R EUR: 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum für Auftrag | Veröffentlichung des Netto- inventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Euro Sustainable Credit nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A EUR: max. 1 % |
| Aktienklasse B EUR: max. 1 % |
| Aktienklasse CR EUR: max. 1 % |
| Aktienklasse I EUR: entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse N EUR: entfällt |
| Aktienklasse R EUR: max. 1 % |
| Durch den Teilfonds EdR SICAV - Euro Sustainable Credit vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Euro Sustainable Credit nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Euro Sustainable Credit vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,50 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,45 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,60 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,25 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 1,15 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,15 % inkl. aller Steuern* |
| Transaktionsprovisionen | Anfallend je Transaktion | entfällt |
| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A EUR: Maximal 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Aktienklasse B EUR: Maximal 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Aktienklasse CR EUR: Maximal 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Aktienklasse I EUR: Maximal 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Aktienklasse K EUR: entfällt |
| Aktienklasse N EUR: Maximal 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |
| Aktienklasse R EUR: Maximal 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return.
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Fonds/Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode t:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode;
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV 
(t)) 
x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der	Ak- tienklas- se		im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung	Pro- vision** | Periode erneuert („E“) / verlängert („V“)	oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulier- te	Wert- entwick- lung		der Ak- tienklas- se* | Kumu- lierte Wertent- wicklung des Index* | Kumuliert e relative Wert- entwick- lung* | Wertentwicklun g	der Aktienklasse im letzten Jahr | Wertentwicklun g des Index im letzten Jahr | Relative Wertentwicklun g im letzten Jahr | Vereinnahmun g	einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| PERIODE | 0 | 1 | 2 |
| --- | --- | --- | --- |
| ZIEL-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| BERECHNUNGSGRUNDLAGE: NV - ZIEL-NV |  | -2 | 8 |

| Peri- ode | Kumulierte Wertentwick- lung der Ak- tienklasse* | Kumulierte Wertentwick- lung	des Index* | Kumulierte relative	Wert- entwicklung* | Wertentwick- lung der Ak- tienklasse im letzten Jahr | Wertentwick- lung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnah- mung	einer Provision | Periode erneuert („E“) / verlängert („V“)	oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
| Perio- de | Kumulierte Wert- entwick- lung der Aktien- klasse* | Kumulierte Wert- entwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwickl ung der Aktienklasse im letzten Jahr | Wertentwickl ung des Index im letzten Jahr | Relative Wert- entwicklun g im letzten Jahr | Vereinnahmun g einer Provision | Periode er- neuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz -NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Ja | E | Ja |

*** gerundet
Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Research-Kosten im Sinne von Artikel 314-21 des allgemeinen Reglements der französischen Finanzmarktaufsicht (Règlement Général AMF) können dem Teilfonds in Höhe von bis zu 0,01 % seines Nettovermögens in Rechnung gestellt werden.
Vom Teilfonds EdR SICAV - Euro Sustainable Credit vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowie fürjegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Euro Sustainable Equity
- Auflegungsdatum:Der Teilfonds wurde am 7. Dezember 2018 von der AMF zugelassen.

Der Teilfonds wurde am 12. Februar 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Euro Sustainable Growth wurde am 10. Februar 2005 gegründet.
- ISIN-CodeAktienklasse A EUR: FR0010505578 Aktienklasse B EUR: FR0013400074 Aktienklasse CR EUR: FR0013307717 Aktienklasse CRD EUR FR0013417516 Aktienklasse I EUR: FR0010769729 Aktienklasse J EUR: FR0013444031 Aktienklasse K EUR: FR0010850198 Anteilsklasse O EUR: FR0013444049 Aktienklasse R EUR:  FR0013287588
- Besondere steuerliche Behandlung:Zugelassen für Aktiensparpläne (PEA).
- KlassifizierungAktien aus den Ländern der Eurozone
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDas Management des Teilfonds verfolgt das Ziel, während des empfohlenen Anlagehorizonts eine Outperformance im Vergleich zu seinem Referenzindex MSCI EMU zu erreichen. Dies soll mittels Anlagen in Unternehmen aus der Eurozone erreicht werden, die finanzielle Rentabilität mit der Umsetzung einer Politik zur Einhaltung außerfinanzieller Kriterien in Einklang bringen.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDie Wertentwicklung des Teilfonds kann für die in Euro begebenen Aktien mit dem Index MSCI EMU mit Wiederanlage der Nettodividenden und Angabe in Euro verglichen werden. Der Index MSCI EMU (Ticker Bloomberg: NDDUEMU Index) umfasst 300 Werte aus den Mitgliedsländern der Eurozone. Die Auswahl der Werte erfolgt anhand ihrer Börsenkapitalisierung, ihrem Transaktionsvolumen und ihrem Aktivitätssektor. Der Index ist bemüht, eine Gewichtung nach Ländern und Aktivitätssektoren vorzunehmen, mit der sich ein bestmögliches Abbild der wirtschaftlichen Struktur der Eurozone erzielen lässt. Der Index wird von MSCI Barra berechnet und veröffentlicht, und die Daten sind unter www.mscibarra.com verfügbar.

Der Verwalter MSCI Limited (Website: http://www.msci.com) des Referenzindex MSCI EMU ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
Da die Verwaltung des Teilfonds nicht an die Nachbildung eines Index gebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener des Referenzindex abweichen, der lediglich als Vergleichsindex dient.
- Anlagestrategie. Eingesetzte Strategien:Der Teilfonds verfolgt eine aktive Verwaltungsstrategie durch Auswahl börsennotierter Titel ("Stock-Picking") auf der Basis eines Anlageuniversums überwiegend aus der Eurozone. Der Teilfonds ist zu mindestens 75 % dauerhaft in Aktien oder anderen, im Sinne von Aktiensparplänen förderfähigen Wertpapieren angelegt und ist zu mindestens 60 % in einem Land oder mehreren Ländern der Eurozone ausgegebenen Aktien engagiert. Das Engagement in Aktien aus Ländern, die nicht zur Eurozone zählen, darf 10 % des Nettovermögens nicht übersteigen. Der Teilfonds kann einem Aktienrisiko von bis zu 110 % des Nettovermögens ausgesetzt sein.

Die Verwaltung des Teilfonds verfolgt das Ziel der Investition in Unternehmen, die ihre strategischen und betrieblichen Entscheidungen unter dem Gesichtspunkt einer nachhaltigen Entwicklung treffen. Danach wird mit ihrer Geschäftsführung globale Performance – nicht nur im wirtschaftlichen und finanziellen Bereich, sondern auch bei sozialer Verantwortung und Umweltschutz – mit Rücksicht und Vertrauen der internen und externen Beteiligten angestrebt.
Für die Titelauswahl werden finanzielle Kriterien verwendet, die es ermöglichen, Titel zu definieren, die signifikante Wachstumschancen bieten, sowie außerfinanzielle Kriterien, um Anforderungen für ethische Investments einzuhalten.
Diese Analyse ermöglicht es, Titel nach einem für die Verwaltungsgesellschaft spezifischen ESG-Bewertungsraster auszuwählen, das die Titel nach den unten aufgeführten umweltbezogenen, sozialen/gesellschaftlichen und Governance- Kriterien klassifiziert:
Umwelt: Energieverbrauch, Ausstoß von Treibhausgasen, Wasser, Abfall, Umweltverschmutzung, Umweltmanagementstrategie, Umweltauswirkungen;
Soziales: Arbeitsplatzqualität, Personalmanagement, soziale Auswirkungen, Gesundheit und Sicherheit; Governance: Struktur der Leitungsorgane, Vergütungspolitik, Prüfungen und interne Kontrolle, Aktionäre.
Das ESG-Bewertungsmodell setzt sich folgendermaßen zusammen:
- nach einem Best-in-Universe-Ansatz, d. h. Bevorzugung der leistungsfähigsten Unternehmen unabhängig von Rating, Größe oder Branche.
- mit unterschiedlichen Gewichtungen der drei ESG-Säulen nach Tätigkeitsbereichen entsprechend ihren spezifischen Herausforderungen: die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt. Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt.

Um festzustellen, ob das analysierte Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung auf einer 7-stufigen Skala von AAA bis CCC erstellt wird. Die Bewertung ist die Gesamtnote der Ergebnisse, die nach den verschiedenen Kriterien E (Umwelt – Environment), S (Soziales) und G (Governance) des von den Analysten bestimmten Bewertungsrasters erzielt wurden.
Die im Portfolio gehaltenen Titel weisen nach der internen Bewertungsskala der Verwaltungsgesellschaft eine Bewertung von mindestens A auf.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Je nach Einschätzungen des Anlageverwalters bezüglich der Entwicklung der Aktienmärkte kann der Teilfonds bis zu einer Höhe von 25 % seines Nettovermögens in Forderungspapiere und Geldmarktinstrumente der Eurozone bzw. bis zu 10 % seines Nettovermögens in europäische Forderungspapiere und Geldmarktinstrumente außerhalb der Eurozone investieren. Diese Titel, die mindestens ein Rating von „Investment Grade“ aufweisen müssen (d. h., die das niedrigste Emittentenausfallrisiko aufweisen), jedoch keiner Laufzeitbeschränkung unterliegen, werden im Hinblick auf ihre erwartete Rendite ausgewählt.
Der Teilfonds kann maximal in Höhe des einfachen Vermögens in Finanzkontrakte investieren, die auf geregelten, organisierten internationalen Märkten oder außerbörslich gehandelt werden.
. Aktiva:
Aktien
Der Teilfonds ist zu mindestens 75 % dauerhaft in Aktien oder anderen, im Sinne von Aktiensparplänen förderfähigen Wertpapieren angelegt und ist zu mindestens 60 % in einem Land oder mehreren Ländern der Eurozone ausgegebenen Aktien engagiert. Das Engagement in Aktien aus Ländern, die nicht zur Eurozone zählen, darf 10 % des Nettovermögens nicht übersteigen. Bei den ausgewählten Titeln kann es sich um Titel mit oder ohne Stimmrecht handeln.
Forderungspapiere und Geldmarktinstrumente
Der Teilfonds kann bis zu 25 % des Nettovermögens in Forderungspapiere und Geldmarktinstrumente von Emittenten der öffentlichen Hand oder gleichwertigen Organismen sowie Unternehmen mit fester und/oder variabler Verzinsung investieren, die an Märkten der Eurozone gehandelt werden, oder bis zu 10 % in entsprechende europäische Titel, die an Märkten außerhalb der Eurozone gehandelt werden, wobei keine Laufzeitbeschränkung besteht. Diese Instrumente werden in der von unabhängigen Ratingagenturen definierten Kategorie „Investment Grade“ (die für Titel mit dem niedrigsten Emittentenausfallrisiko steht) begeben oder besitzen ein gleichwertiges internes Rating der Verwaltungsgesellschaft.
Das Vermögen des Teilfonds kann im Rahmen der Verwaltung der Barmittel Forderungspapiere und Anleihen umfassen. Diese im Rahmen der Barmittelverwaltung genutzten Instrumente, deren Restlaufzeit in der Regel geringer als drei Monate ist, werden ohne Einschränkung des Verhältnisses Staatsanleihen/Unternehmensanleihen von souveränen Staaten, gleichwertigen Institutionen oder auch Unternehmen begeben, deren kurzfristiges Rating A2 oder höher ist (Rating von Standard & Poor's oder ein anderes gleichwertiges und von einer anderen unabhängigen Agentur erteiltes Rating oder ein internes entsprechendes Rating der Verwaltungsgesellschaft).
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren oder sich in spezifischeren Sektoren (z. B. Technologie, Gesundheit, Umwelt) zu engagieren, einschließlich notierter Index-Fonds, um das Engagement in den Aktienmärkten zu erhöhen oder das Engagement in anderen Vermögensklassen zu diversifizieren (z. B. Rohstoffe oder Immobilien).
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Derivate
Bis in Höhe des einfachen Vermögens kann der Teilfonds Positionen in Finanzkontrakten aufbauen, die auf geregelten, organisierten Märkten oder außerbörslich gehandelt werden, um Folgendes abzuschließen:
- Aktienoptionen, sowohl um die Volatilität der Aktien zu verringern als auch um das Engagement des Teilfonds auf eine beschränkte Anzahl von Aktien zu erhöhen
- Futureskontrakte zur Steuerung des Aktienrisikos
- Devisenterminkontrakte und Devisenswaps, um das Risiko für Aktien außerhalb der Eurozone gegenüber bestimmten Währungen abzusichernDas Aktienrisiko ist auf 110 % des Nettovermögens beschränkt (hauptsächlich bei starken Schwankungen der Zeichnungs- und Rücknahmeanträge) und das Zinsrisiko beträgt maximal 25 % des Nettovermögens.

Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Außerdem kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 10 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf
Aktien, Aktienindizes und/oder Aktienkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 3 %.
Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Eingebettete Derivate
Der Teilfonds kann Papiere mit eingebetteten Derivaten bis in Höhe des einfachen Nettovermögens einsetzen. Die Strategie des Einsatzes eingebetteter Derivate entspricht der Beschreibung der Strategie für Derivate.
Es handelt sich dabei um Optionsscheine, Zeichnungsscheine oder kündbare Anleihen.
Einlagen Entfällt.
Aufnahme von Barmitteln
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehende Käufe und Veräußerungen von Wertpapieren Entfällt
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Zusammenhang mit der Selektion ethischer Anlagen (ISR):
Die Auswahl von ISR-Titeln kann zu Abweichungen des Teilfonds vom Referenzindex führen. Risiken im Zusammenhang mit Total Return Swaps:
Der Einsatz Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. So können diese Kontrakte eine negative Auswirkung auf den Nettoinventarwert der SICAV haben.
Rechtliches Risiko:
Es besteht das Risiko einer unzureichenden Ausarbeitung der mit den Gegenparteien von Total Return Swaps abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann.
Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Der Teilfonds richtet sich insbesondere an Anleger, die ihre Mittel dynamisch in Gesellschaften der Eurozone anlegen möchten, die eine aktive Politik der nachhaltigen Entwicklung verfolgen.

Aktienklassen A EUR, B EUR : Alle Anleger
Aktienklassen CR EUR und CRD EUR: Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Aktienklassen I EUR, J EUR, K EUR und O EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter
Aktienklassen R EUR : Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.
Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt
„Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 5 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „CR EUR“, „R EUR“, „I EUR“ und „K EUR“ | Aktienklassen „B EUR“, „CRD EUR“, „J EUR“ und „O EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (gesamt oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über neun Aktienklassen: Aktienklassen „A EUR“, „B EUR“, „CR EUR“, „CRD EUR“, „I EUR“,„J EUR“, „K EUR“, „O EUR“ und „R EUR“.

Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CRD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse O EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

Anfänglicher Nettoinventarwert: Aktienklasse A EUR: 375,93 € Aktienklasse B EUR : 100 EUR Aktienklasse CR EUR: 91,80 € Aktienklasse CRD EUR 100 EUR Aktienklasse I EUR: 213,60 € Aktienklasse
 J EUR: 100 EUR
Aktienklasse K EUR: 185,05 € Anteilsklasse
 O EUR: 100 EUR
Aktienklasse R EUR: 100 EUR Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A EUR: 1 Aktie Aktienklasse B EUR: 1 Aktie |
| --- |
| Aktienklasse CR EUR: 1 Aktie |
| Aktienklasse CRD EUR 1 Aktie Aktienklasse I EUR: 500.000 EUR Aktienklasse J EUR: 500.000 EUR Aktienklasse K EUR: 500.000 EUR Anteilsklasse O EUR: 15.000.000 EUR Aktienklasse R EUR: 1 Aktie |

Dieser Betrag gilt nicht für Zeichnungen durch die Vertriebsstelle, den Anlageverwalter, die Depotbank oder deren jeweilige Mitarbeiter.
Mindestanlagebetrag bei Folgezeichnungen:
Aktienklasse A EUR: 1 Tausendstel eines Anteils. Aktienklasse B EUR: 1 Tausendstel eines Anteils. Aktienklasse CR EUR: 1 Tausendstel eines Anteils. Aktienklasse CRD EUR 1 Tausendstel eines Anteils. Aktienklasse I EUR: 1 Tausendstel eines Anteils.
Aktienklasse J EUR: 1 Tausendstel eines Anteils. Aktienklasse K EUR: 1 Tausendstel eines Anteils. Anteilsklasse O EUR: 1 Tausendstel eines Anteils. Aktienklasse R EUR: 1 Tausendstel eines Anteils. Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs datum für Auftrag | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab.
In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts:
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Euro Sustainable Equity nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A EUR: max. 3 % |
| Aktienklasse B EUR: max. 3 % |
| Aktienklasse CR EUR: max. 3 % |
| Aktienklasse CRD EUR max. 3 % |
| Aktienklasse I EUR: entfällt |
| Aktienklasse J EUR: entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse O EUR: entfällt |
| Aktienklasse R EUR: max. 3 % |
| Durch den Teilfonds EdR SICAV - Euro Sustainable	Equity	vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Euro Sustainable	Equity	nicht	vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Euro Sustainable Equity vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 1,65 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 1,65 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 1,10 % inkl. aller Steuern* |
| Aktienklasse O EUR: max. 0,75 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 2,35 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse O EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,15 % inkl. aller Steuern* |
| Dienstleister, die Transaktionsprovisionen erhalten: Depotbank zwischen 0 % und 50 % Verwaltungsgesellschaft zwischen 50 % und 100 % | Anfallend je Transaktion | Variabel in Abhängigkeit von den Instrumenten. Max. inkl. aller Steuern - Aktien, ETF: 0,50 %
- Französische OGA: 0 %
- Ausländische OGA: 0,50 % Effektengeschäfte : 0 %
- Ausländische Coupons: 5 %(mindestens	0 €	bis	200 €	in	Abhängigkeit	des Börsenplatzes des Instruments)
 |
| Erfolgsabhängige Provision (1) | Nettovermögen des Teilfonds | Aktienklasse A EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |
| Aktienklasse B EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |
| Aktienklasse CRD EUR 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |
| Aktienklasse I EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |
| Aktienklasse J EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |
| Aktienklasse K EUR : entfällt |
| Anteilsklasse O EUR: entfällt |
| Aktienklasse R EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI EMU (NR) mit Wiederanlage der Nettodividenden. |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex: MSCI EMU
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode t:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.

Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV 
(t)) 
x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |

| Period e | Kumulierte Wertentwicklu ng der Aktienklasse* | Kumulierte Wertentwicklu ng des Index* | Kumulierte relative Wertentwicklu ng* | Wertentwicklu ng der Aktienklasse im letzten Jahr | Wertentwicklu ng des Index im letzten Jahr | Relative Wertentwicklu ng im letzten Jahr | Vereinnahmu ng einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschobe n („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
| Perio- de | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwick- lung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode er- neuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz- NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Ja | E | Ja |

** erfolgsabhängig
*** gerundet
Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Euro Sustainable Equity vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowie fürjegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Financial Bonds
- Auflegungsdatum:Der Teilfonds wurde am 7. Dezember 2018 von der AMF zugelassen.

Der Teilfonds wurde am 12. Februar 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Financial Bonds wurde am 10. März 2008 gegründet
- ISIN-Code

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

- Besondere steuerliche Behandlung:Entfällt.
- 
###### Mit der Finanzverwaltung beauftragte Stelle:

Edmond de Rothschild Asset Management (France) delegiert die Finanzverwaltung der SICAV teilweise an: Edmond de Rothschild (Suisse) S.A.
Diese Delegierung der Finanzverwaltung bezieht sich auf die Devisenabsicherung der abgesicherten Aktienklassen.
- KlassifizierungAnleihen und andere internationale Forderungspapiere.
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds strebt im empfohlenen Anlagezeitraum eine überdurchschnittliche Wertentwicklung gegenüber dem Referenzindex, der sich zu 80 % aus dem Index ICE BofAML Euro Financial und zu 20 % aus dem Index ICE BofAML Contingent Capital (abgesichert in EUR) zusammensetzt, durch ein Portfolio an, für das ein Engagement in überwiegend durch internationale Finanzinstitute aufgelegten Anleihepapieren kennzeichnend ist.

Der Teilfonds wendet eine spezielle ESG-Strategie an, die auf der Analyse außerfinanzieller Kriterien basiert, die bei der Titelauswahl für das Portfolio berücksichtigt werden. Diese umweltbezogenen, sozialen und Governance- Kriterien (ESG) sind eine der Komponenten der Anlageverwaltung, wobei ihre Gewichtung in der endgültigen Anlageentscheidung vorab nicht feststeht.
Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen
Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDer Referenzindex des Teilfonds ist ein zusammengesetzter Index aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR). Diese beiden Indizes werden von ICE Benchmark Administration Limited veröffentlicht.

Der Index ICE BofAML Euro Financial ist repräsentativ für den Markt der auf Euro lautenden Anleihen des Finanzsektors (sowohl vor- als auch nachrangige Anleihen der Emittenten).
Der Index ICE BofAML Contingent Capital (abgesichert in EUR) ist für den Markt der CoCo-Anleihen repräsentativ. Dieser Index ist gegenüber dem Euro abgesichert.
Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann seine Wertentwicklung von jener seines Referenzindex abweichen, der lediglich als Vergleichsindex dient.
Die zugrunde liegenden Zinssätze und Indizes wurden annualisiert. Die Berechnung der Wertentwicklung dieses Index berücksichtigt die Kupons.
Der Verwalter ICE Benchmark Administration Limited (Website: https://www.theice.com/iba) des ICE BofAML Euro Financial ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte Strategien:Zur Erreichung seines Anlageziels investiert der Anlageverwalter nach eigenem Ermessen bis zu 100 % des Portfolios in Wertpapiere in Form von Anleihen, die von französischen und/oder internationalen Finanzinstituten (Banken, Finanzgesellschaften, Versicherungsgesellschaften und Unternehmen des Finanzsektors im weiteren Sinne) öffentlicher oder privater Hand ausgegeben werden.

Der Anlageverwalter bezieht systematisch ESG-Faktoren in seine Finanzanalyse ein, um die Wertpapiere für das Portfolio auszuwählen.
Umweltbezogene, soziale und Governance-Kriterien (ESG) sind eine der Komponenten der Anlageverwaltung, wobei ihre Gewichtung in der endgültigen Anlageentscheidung vorab nicht feststeht.
Die ESG-Analyse deckt 100 % der Forderungspapiere und Geldmarktinstrumente ab.
Mindestens 90 % der Schuldtitel und Geldmarktinstrumente mit einem Investment-Grade-Rating und 75 % der Schuldtitel und Geldmarktinstrumente mit einem High-Yield-Rating haben ein ESG-Rating auf Portfolioebene. Dabei handelt es sich entweder um ein eigenes ESG-Rating oder um ein Rating, das von einer externen Agentur für nichtfinanzielle Daten bereitgestellt wird. Am Ende dieses Verfahrens hat der Teilfonds ein ESG-Rating, das höher ist als das seines Anlageuniversums.
Darüber hinaus umfasst das Titelauswahlverfahren ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos. Ebenfalls aus dem Portfolio ausgeschlossen sind die folgenden Sektoren und Geschäftsmodelle: Atomenergie, ein schwerwiegender Verstoß gegen den Global Compact der Vereinten Nationen bei Unternehmen und ein unzureichendes Rating im Freedom House Index bei staatlichen Emittenten.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Dabei kann der Anlageverwalter ohne Einschränkung Investitionen in alle Arten von Anleihen dieses Sektors tätigen und gleichzeitig in vorrangige wie auch in nachrangige Wertpapiere mit fester oder unbestimmter Laufzeit jeder Klassifizierung (Tier 1, Upper Tier 2 oder Lower Tier 2) investieren. Die ausgewählten Titel können bis zu einer Höhe von 100 % des Nettovermögens entweder über das Rating Investment Grade (mit einem Rating von Standard and Poor's von mindestens BBB- oder mit einem von der Verwaltungsgesellschaft als gleichwertig erachteten Rating) verfügen oder der spekulativen High Yield-Kategorie (spekulative Titel mit einem langfristigen Rating von Standard and Poor's oder vergleichbar unterhalb von BBB- oder einem vergleichbaren internen Rating der Verwaltungsgesellschaft) angehören oder über kein Rating verfügen.
Bei einem Ausfall eines Emittenten wird vorrangigen Wertpapieren in der Regel im Vergleich zu nachrangigen Wertpapieren ein Vorrang eingeräumt. Nachrangige Wertpapiere umfassen üblicherweise Prioritätsstufen (im Falle eines Ausfalls), die im Emissionsprospekt vertraglich festgelegt sind.
Da der Teilfonds in Anleihen jedweder Klassifizierung investieren kann, besteht die Möglichkeit, dass diese Instrumente auf Initiative der Regulierungsbehörde oder beispielsweise im Falle der Senkung eines Solvabilitätskoeffizienten unterhalb der vertraglich allgemein festgelegten Grenze in Aktien umgewandelt werden. Werden die im Portfolio gehaltenen Anleihen in Aktien umgewandelt, kann der Teilfonds diese bis zu einer Höhe von max. 10 % seines Nettovermögens vorübergehend halten. Anschließend werden diese so früh wie möglich im besten Interesse der Aktionäre veräußert.
Der Teilfonds kann zur Absicherung seiner Aktiva und/oder zur Verfolgung seines Anlageziels und innerhalb der Grenze von 100 % seines Nettovermögens Finanzderivate einsetzen, die an geregelten Märkten (börsennotierte Futures, Optionen) oder außerbörslich (Optionen, Swaps usw.) gehandelt werden. In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Hierbei kann der Teilfonds Positionen eingehen, um das Portfolio gegenüber bestimmte Risiken (Zinssätze, Kredit, Wechselkurse) abzusichern oder ein Engagement gegenüber Zins- und Kreditrisiken aufzubauen. In diesem Rahmen kann der Anlageverwalter Strategien verfolgen, die in erster Linie darauf abzielen, Ausfallrisiken eines oder mehrerer Emittenten vorwegzunehmen oder den Teilfonds dagegen abzusichern oder das Portfolio gegenüber den Kreditrisiken eines oder mehrerer Emittenten zu engagieren. Diese Strategien werden insbesondere über den Kauf oder Verkauf einer Absicherung über Kreditderivate vom Typ Credit Default Swap auf einen Referenzwert oder auf Indizes (insbesondere iTraxx oder CDX) umgesetzt.
Der Nominalwert des Verkaufs von Sicherheiten über Kreditderivate darf 60 % des Nettovermögens des Teilfonds nicht überschreiten. Der Nominalwert des Kaufs von Sicherheiten über Kreditderivate darf 70 % des Nettovermögens des Teilfonds nicht überschreiten.
Die Strategie beruht gleichzeitig auf einem Top-Down- sowie einem Bottom-Up-Ansatz.
Der sich auf eine makroökonomische Analyse stützende Top-Down-Ansatz wird im Rahmen der Portfolioallokation eingesetzt. Hierbei werden bei der Verwaltung des Teilfonds ebenfalls die globalen und lokalen Reglementierungen einbezogen, unter denen sich die Emittenten entwickeln.
Das Ziel des auf einer Kreditanalyse beruhenden Bottom-Up-Ansatzes ist es, die Emittenten und/oder die Wertpapiere innerhalb des Finanzsektors zu ermitteln, die im Vergleich zu anderen einen höheren relativen Wert aufweisen. Das Auswahlverfahren stützt sich auf eine Fundamentalanalyse jedes Emittenten, die auf der Bewertung von Kriterien beruht, z. B.:
- der Transparenz der Strategie des Finanzinstituts
- seiner Bonität
- dem „strategischen“ Charakter des Finanzinstituts.

In welche der ausgewählten Emittenten ein Engagement aufgebaut wird, hängt schließlich von Merkmalen wie dem Rating des Emittenten, der Liquidität der Wertpapiere oder ihrer Fälligkeit ab.
Der Teilfonds darf max. 20 % seines Nettovermögens in Wertpapieren von Finanzgesellschaften mit Sitz in Schwellenländern anlegen. Diese Anleihen müssen jedoch auf eine Währung der Industrieländer (EUR, GBP, CHF, USD, JPY) lauten.
Der Erwerb von Wertpapieren oder OGA, die auf eine andere Währung als der des Teilfonds lauten, wird unabhängig von der Währung des vom Anleger gezeichneten Anteils gegen das Wechselkursrisiko abgesichert. Es kann jedoch ein Rest-Wechselkursrisiko bestehen bleiben.
Der Anlageverwalter verwaltet darüber hinaus die aktive Zinssensitivität des Teilfonds, die zwischen 0 und 10 schwanken kann.
Sollte die Anlagestrategie zur Erreichung des Anlageziels das Verwaltungsteam dazu veranlassen, das Engagement des Teilfonds in Anleihen und/oder andere Forderungspapiere zu senken, kann der Teilfonds in diesen Zeiträumen bis zu 100 % in kurzfristig handelbare Wertpapiere oder Euro Commercial Paper angelegt sein. Diese Finanzinstrumente können ebenfalls indirekt zur Anlage der liquiden Mittel eingesetzt werden.
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
. Aktiva:
Aktien
Der Teilfonds ist nicht zum Halten von Aktien berechtigt. Da der Teilfonds jedoch in Anleihen beliebiger Nachrangigkeitsstufen, Wandelanleihen oder CoCos investieren kann, besteht die Möglichkeit, dass diese Instrumente auf Initiative der Aufsichtsbehörde oder z. B. bei einem Rückgang der Solvenzquote unter eine im Allgemeinen vertraglich festgelegte Schwelle in Aktien umgewandelt werden. Werden die im Portfolio gehaltenen Anleihen in Aktien umgewandelt, kann der Teilfonds diese bis zu einer Höhe von max. 10 % seines Nettovermögens vorübergehend halten. Anschließend werden diese so früh wie möglich im besten Interesse der Aktionäre veräußert.
Forderungspapiere und Geldmarktinstrumente außerhalb einer Geldanlage im Hinblick auf die Verwaltung derliquiden Mittel: (bis zu 100 % des Portfolios, davon max. 100 % direkt in Wertpapiere)
Allgemeine Merkmale:
| Zinssensitivität | - | [0 ; +10] |
| --- | --- | --- |
| Geografische Zone der Emittenten | Alle Erdteile | Maximal 100 % des Nettovermögens |
| Schwellenländer | Maximal 20 % des Nettovermögens |
| Währung, auf die die Anteile lauten | Euro | Maximal 100 % des Nettovermögens |
| OECD-Währungen (für Schwellenländer: ausschließlich Emissionen in: EUR, GBP, CHF, USD, JPY) | Maximal 100 % des Nettovermögens |
| Wechselkursrisiko | - | Restrisiko |

Aufteilung Unternehmensanleihen/Staatsanleihen:
Der Teilfonds darf bis zu 100 % seines Nettovermögens in Unternehmensanleihen investieren, die hauptsächlich von Unternehmen des Finanzsektors begeben werden.
Außerdem kann der Teilfonds Anleihen von Finanzgesellschaften halten, die von einem Mitgliedstaat der OECD garantiert werden. Schließlich kann der Teilfonds insbesondere im Rahmen der Verwaltung der liquiden Mittel Investitionen in Staatsanleihen von OECD-Ländern aufbauen.
Kriterien bezüglich des Ratings und der Klassifizierung:
Der Teilfonds kann in Wertpapieren in Form von Anleihen des Finanzsektors jedweder Art (vorrangige oder nachrangige Verbindlichkeiten) angelegt sein. Dies können Anleihen mit fester oder unbestimmter Laufzeit aller Ratings und Klassifizierungen sein.
Der Teilfonds kann mit bis zu 100 % seines Nettovermögens in sogenannten High Yield-Anleihen (spekulative Titel mit einem langfristigen Rating von Standard and Poor's oder vergleichbar unterhalb von BBB- oder einem vergleichbaren internen Rating der Verwaltungsgesellschaft) oder in Titeln mit Investment Grade-Qualität (mit einem Rating von Standard and Poor's von mindestens BBB- oder mit einem von der Verwaltungsgesellschaft als gleichwertig erachteten Rating) oder Titeln, die über kein Rating verfügen, investiert sein.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Der Teilfonds kann Investitionen in Forderungspapiere jeglicher Art tätigen, insbesondere in festverzinsliche oder variabel verzinsliche Anleihen, Schuldverschreibungen, Schatzanweisungen, Euro Medium Term Notes (EMTN) und Euro Commercial Paper.
Bei Vorlage von ungünstigen Prognosen für den Finanzsektor kann der Teilfonds auf Euro lautende handelbare Forderungspapiere halten, die von privaten Unternehmen oder staatlichen Emittenten begeben werden und deren Restlaufzeit unter drei Monaten liegt.
Der Teilfonds darf max. 20 % seines Nettovermögens in Wertpapieren von Finanzgesellschaften mit Sitz in Schwellenländern anlegen. Diese Anleihen müssen jedoch auf eine Währung der Industrieländer (EUR, GBP, CHF, USD, JPY) lauten.
Aktien oder Anteile anderer kollektiver Kapitalanlagen französischen Rechts oder anderer OGAW, FIA oderInvestmentfonds ausländischen Rechts
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung handelt.
Diese OGA können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Währungen
Der Kauf von Titeln oder OGA, die auf andere Währungen als den Euro (EUR) lauten, wird gegen das Wechselkursrisiko abgesichert . Es kann jedoch ein Rest-Wechselkursrisiko bestehen bleiben.
Finanzkontrakte
Zur Absicherung seines Nettovermögens und/oder zur Umsetzung seines Anlageziels kann der Teilfonds bis zu 100 % seines Nettovermögens in Finanzkontrakte investieren, die auf geregelten Märkten (Futures, gelistete Optionen) oder außerhalb der Börse (Optionen, Swaps usw.) gehandelt werden. In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Hierbei kann der Teilfonds Positionen eingehen, um das Portfolio gegenüber bestimmte Risiken (Zinssätze, Kredit, Wechselkurse) abzusichern oder ein Engagement gegenüber Zins- und Kreditrisiken aufzubauen.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.

##### Märkte, auf denen investiert wird:
- geregelte Märkte
- organisierte Märkte
- OTC-Märkte


##### Risiken, in Bezug auf die der Anlageverwalter zur Absicherung und zur Aussetzung des Portfolios Geschäfte tätigen möchte:
- Zinsrisiko
- Wechselkursrisiko (ausschließlich zu Absicherungszwecken)
- Kreditrisiko
- sowie Bestandteile dieser Risiken


##### Art der Geschäfte, wobei alle Transaktionen auf die Verfolgung des Anlageziels beschränkt sein müssen:
- Absicherung
- Engagement
- Arbitrage


##### Verwendete Instrumente:
- Optionen und Terminkontrakte: Finanzindizes, Devisen, Zinsen
- Devisentermingeschäfte und Devisenswaps
- Swaps: Zinsen (feste Verzinsung/variable Verzinsung, alle Kombinationen und Inflation), Devisen sowie Bestandteile dieser Vermögenswerte.
- Single-Name-CDS oder Index-CDS
- Optionen auf CDS auf IndizesWertpapiere mit eingebetteten DerivatenZur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann ausschließlich in Folgendes investieren:
- in kündbare oder rückzahlungspflichtige Schuldverschreibungen,
- in Wandelanleihen,
- in CoCos bis zu 50 % des Nettovermögens.

Außerdem kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 100 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Anleihen, Anleihenindizes und/oder Anleihenkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 25 %.
Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Aufnahme von Barmitteln
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehende Käufe und Veräußerungen von Wertpapieren
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds bis zu 100 % seines Nettovermögens für vorübergehende Ankäufe von Wertpapieren in Bezug auf zulässige Finanzwerte oder Geldmarktinstrumente abschließen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kredittiteln von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden. Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
Einlagen
Der Teilfonds kann Einlagen bis zu einer Höhe von 20 % seines Nettovermögens bei der Verwahrstelle tätigen.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit Anlagen an Schwellenmärkten verbundenes Risiko:
Der Fonds kann Schwellenmärkten ausgesetzt sein. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können. Folglich kann der etwaige Besitz dieser Wertpapiere das Portfoliorisiko erhöhen. Da sich die Marktrückläufigkeit deutlicher und rasanter darstellen kann als in den Industrieländern, kann der Nettoinventarwert stärker und schneller fallen, und die im Portfolio gehaltenen Unternehmen können einen Staat als Aktionär haben.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Sektorielles Risiko:
Der Teilfonds birgt ein Branchenrisiko, da er in Werte investiert, die demselben Wirtschaftszweig angehören: dem Sektor Energie, Rohstoffe und natürliche Ressourcen. Ein Einbruch dieses Marktes wird zu einem Rückgang des Nettoinventarwerts führen.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Verbindung mit der Währung von Aktien, die auf eine andere Währung als die des Teilfonds lauten:
Der Aktionär bzw. Zeichner anderer Währungen als der Referenzwährung des Fonds (Euro) kann dem Wechselkursrisiko ausgesetzt sein, wenn dieses nicht abgesichert ist. Der Vermögenswert des Teilfonds kann bei Zinssatzschwankungen sinken, mit der Folge eines sinkenden Nettoinventarwerts des Teilfonds.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total ReturnSwaps:
Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Es besteht das Risiko einer unzureichenden Ausarbeitung der mit den Gegenparteien von Geschäften im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps abgeschlossenen Kontrakte.
Risiken im Zusammenhang mit bedingten Pflichtwandelanleihen (CoCo-Anleihen):
CoCos sind nachrangige Schuldtitel, die von Kreditinstituten oder Versicherungs- bzw. Rückversicherungsunternehmen ausgegeben werden und für das regulatorische Kapital zugelassen sind und die die Besonderheit haben, in Aktien wandelbar zu sein, oder deren Nennwert im Falle des Eintretens eines zuvor im Prospekt definierten „Trigger“ herabgesetzt werden kann („Herabschreibungsmechanismus“). Eine CoCo beinhaltet die Option, im Falle einer Verschlechterung der finanziellen Situation des Emittenten auf Initiative des Emittenten eine Wandlung in Aktien vorzunehmen. Zusätzlich zum Kredit- und Zinsänderungsrisiko von Anleihen kann die Aktivierung der Wandlungsoption dazu führen, dass der Wert der CoCo-Anleihe den Wert der anderen traditionellen Anleihen des Emittenten übersteigt. Abhängig von den für die jeweilige CoCo festgelegten Bedingungen können bestimmte auslösende Ereignisse zu einer dauerhaften Herabschreibung der Kapitalanlage und/oder aufgelaufenen Zinsen auf null oder zu einer Wandlung der Anleihe in Aktien führen.
Konversionsschwellenrisiko bei CoCo-Anleihen:
Die Umwandlungsschwelle einer CoCo hängt von der Solvenzquote des Emittenten ab. Dies ist das Ereignis, das die Wandlung der Anleihe in Stammaktien bestimmt. Je niedriger die Solvenzquote, desto höher ist die Wahrscheinlichkeit der Umwandlung.
Risiko des Verlusts oder der Aussetzung des Kupons:
Je nach Eigenschaften der CoCos sind die Kuponzahlungen diskretionär und können vom Emittenten jederzeit und auf unbestimmte Zeit gekündigt oder ausgesetzt werden.
Risiko des Eingreifens einer Regulierungsbehörde zum Zeitpunkt der „fehlenden Bestandsfähigkeit“:
Eine Regulierungsbehörde bestimmt zu einem beliebigen Zeitpunkt diskretionär die „fehlende Bestandsfähigkeit“ einer Institution. Dies bedeutet, dass die emittierende Bank die Unterstützung der öffentlichen Hand benötigt, um zu verhindern, dass der Emittent zahlungsunfähig wird, in Konkurs geht, den Großteil seiner Schulden bei Fälligkeit nicht begleichen kann oder anderweitig geschäftlich tätig ist, und die Umwandlung der Wandelanleihe in Aktien unter gewissen Umständen, die außerhalb der Kontrolle des Emittenten liegen, vorschreibt oder beantragt.
Risiko einer Umkehrung der Kapitalstruktur:
Im Gegensatz zur konventionellen Kapitalstruktur können Anleger in CoCos einen Kapitalverlust erleiden, der keine Auswirkungen auf die Aktionäre hat. In bestimmten Situationen werden die Inhaber von CoCos vor den Aktionären Verluste erleiden.
Ausfallrisiko bei Rückzahlungen:
Die meisten CoCos werden in Form von unbefristeten Instrumenten ausgegeben, die nur mit Zustimmung der zuständigen Behörde zu einem vorher festgelegten Betrag zurückgezahlt werden können. Es kann nicht davon ausgegangen werden, dass unbefristete CoCos am Tag des Rückkaufs erstattet werden. Die CoCos sind eine Form von langfristigem Kapital. Es ist möglich, dass der Anleger die Rückzahlung des Kapitals nicht wie erwartet am Tag des Rückkaufs oder an einem bestimmten Tag erhält.
Liquiditätsrisiko:
Unter bestimmten Umständen kann es schwierig sein, einen Käufer für CoCos zu finden, und der Verkäufer kann gezwungen sein, einen erheblichen Abschlag von dem erwarteten Wert der Anleihe zu akzeptieren, um sie zu verkaufen.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR, A CHF (H), A USD (H), B EUR und B USD (H): Alle Anleger.

Aktienklassen CR EUR, CR GBP (H), CR USD (H) und CRD EUR : Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Aktienklassen I EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter sowie die Gesamtheit der Aktionäre, die vor dem 20.07.2018 den Teilfonds gezeichnet haben.
Aktienklassen I CHF (H), J EUR, I USD (H), N EUR, NC EUR und OC EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter sowie die Gesamtheit der Aktionäre, die vor dem 19.10.2018 den Teilfonds gezeichnet haben.
Aktienklassen K EUR, J USD (H), J GBP (H): Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter sowie die Gesamtheit der Aktionäre, die vor dem 12.02.2019 den Teilfonds gezeichnet haben.
Aktienklassen R EUR: Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.
Dieser Teilfonds richtet sich vor allem an Anleger, die mithilfe einer aktiven Verwaltung von Kreditinstrumenten, die von Unternehmen oder Finanzinstituten ausgegeben werden, eine Optimierung ihrer Investition in Anleihen anstreben und sich gleichzeitig der damit verbundenen Risiken bewusst sind. Anleger werden auf die mit diesen Arten von Wertpapieren verbundenen Risiken hingewiesen, wie im Abschnitt „Risikoprofil“ beschrieben.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 3 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „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“ und „NC EUR“ | Aktienklassen „B USD (H)“, „B EUR“, „CRD EUR“, „J EUR“, „J GBP (H)“ und „J USD (H)“ | Aktienklassen „OC EUR“ |
| --- | --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung | Kombination (Thesaurierung und/oder Ausschüttung und/oder Vortrag auf Beschluss der Verwaltungsgesellschaf t) |
| Verwendung der realisierten Nettogewinne oder - verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungs- gesellschaft | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungs- gesellschaft |

Hinsichtlich der ausschüttenden Aktien und der gemischten Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen und gemischte Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende desGeschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über 20 Aktienklassen: Aktienklassen „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“ und „ R EUR“.

Die Aktienklasse A CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse A USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse B USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR GBP (H) lautet auf Pfund Sterling und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CR USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J GBP (H) lautet auf Pfund Sterling und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse N EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse NC EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse OC EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

Anfänglicher Nettoinventarwert:
| Aktienklasse A CHF (H): 106,34 CHF |
| --- |
| Aktienklasse A EUR: 136,77 € Aktienklasse A USD (H): 116,32 USD Aktienklasse B EUR: 127,78 € Aktienklasse B USD (H): 100 USD |
| Aktienklasse CR EUR: 95,91 € |
| Aktienklasse CR GBP (H): 97,25 GBP Aktienklasse CR USD (H): 100 USD |
| Aktienklasse CRD EUR 100 EUR Aktienklasse I CHF (H): 108,15 CHF |
| Aktienklasse I EUR: 176,72 € |
| Aktienklasse I USD (H): 122,96 USD |
| Aktienklasse J EUR: 101,14 € Aktienklasse J GBP (H): 100 GBP |
| Aktienklasse J USD (H): 100 USD |
| Aktienklasse K EUR: 98,83 € |
| Aktienklasse N EUR: 1143,31 € |
| Aktienklasse NC EUR: 101,28 € |
| Aktienklasse OC EUR: 93,08 € |

Aktienklasse R EUR: 98,67 € Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A CHF (H): 1 Aktie Aktienklasse A EUR: 1 Aktie. Aktienklasse A USD (H): 1 Aktie. |
| --- |
| Aktienklasse B EUR: 1 Aktie. Aktienklasse B USD (H): 1 Aktie. |
| Aktienklasse CR EUR: 1 Aktie. Aktienklasse CR GBP (H): 1 Aktie. Aktienklasse CR USD (H): 1 Aktie. |
| Aktienklasse CRD EUR 1 Aktie. Aktienklasse I CHF (H): 500.000 Schweizer Franken. |
| Aktienklasse I EUR: 500.000 € |
| Aktienklasse I USD (H): 500.000 USD. |
| Aktienklasse J EUR: 500.000 € Aktienklasse J GBP (H): 500.000 Pfund Sterling |
| Aktienklasse J USD (H): 500.000 USD. |
| Aktienklasse K EUR: 500.000 € |
| Aktienklasse N EUR: 10.000.000 € |
| Aktienklasse NC EUR: 10.000.000 € |
| Aktienklasse OC EUR: 10.000.000 € Aktienklasse R EUR: 1 Aktie. |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A CHF (H): 1 Tausendstel eines Anteils. Aktienklasse A EUR: 1 Tausendstel eines Anteils. Aktienklasse A USD (H): 1 Tausendstel eines Anteils. |
| --- |
| Aktienklasse B EUR: 1 Tausendstel eines Anteils. Aktienklasse B USD (H): 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: 1 Tausendstel eines Anteils. Aktienklasse CR GBP (H): 1 Tausendstel eines Anteils. Aktienklasse CR USD (H): 1 Tausendstel eines Anteils. |
| Aktienklasse CRD EUR 1 Tausendstel eines Anteils. Aktienklasse I CHF (H): 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse I USD (H): 1 Tausendstel eines Anteils. Aktienklasse J EUR: 1 Tausendstel eines Anteils. Aktienklasse J GBP (H): 1 Tausendstel eines Anteils. |
| Aktienklasse J USD (H): 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse N EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse NC EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse OC EUR: 1 Tausendstel eines Anteils. |

Aktienklasse R EUR: 1 Tausendstel eines Anteils. Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Netto- inventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien „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“ und „R EUR“ werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Satz |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Financial Bonds nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Aktienklasse A CHF (H): max. 1 % |
| Aktienklasse A EUR: max. 1 % |
| Aktienklasse A USD (H): max. 1 % |
| Aktienklasse B EUR: max. 1 % |
| Aktienklasse B USD (H): max. 1 % |
| Aktienklasse CR EUR: max. 1 % |
| Aktienklasse CR GBP (H): max. 1 % |
| Aktienklasse CR USD (H): max. 1 % |
| Aktienklasse CRD EUR max. 1 % |
| Aktienklasse I CHF (H): entfällt |
| Aktienklasse I EUR: entfällt |
| Aktienklasse I USD (H): entfällt |
| Aktienklasse J EUR: entfällt |
| Aktienklasse J GBP (H): entfällt |
| Aktienklasse J USD (H): entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse N EUR: entfällt |
| Aktienklasse NC EUR: entfällt |
| Aktienklasse OC EUR: entfällt |
| Aktienklasse R EUR: max. 1 % |

| Durch den Teilfonds EdR SICAV - Financial Bonds vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Financial Bonds nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Financial Bonds vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 1,15 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 1,15 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 1,15 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,15 % inkl. aller Steuern* |
| Aktienklasse B USD (H): max. 1,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,80 % inkl. aller Steuern* |
| Aktienklasse CR GBP (H): max. 0,80 % inkl. aller Steuern* |
| Aktienklasse CR USD (H): max. 0,80 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,80 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,55 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,55 % inkl. aller Steuern* |
| Aktienklasse J GBP (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse J USD (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,75 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,40 % inkl. aller Steuern* |
| Aktienklasse NC EUR: max. 0,55 % inkl. aller Steuern* |
| Aktienklasse OC EUR: max. 0,55 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 1,40 % inkl. aller Steuern* |
|  |  | Aktienklasse A CHF (H): max. 0,10 % inkl. aller Steuern* |

| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,10 % inkl. aller Steuern* |
| --- | --- | --- |
| Aktienklasse A USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR GBP (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J GBP (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse NC EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse OC EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,10 % inkl. aller Steuern* |
| Dienstleister, die Transaktionsprovisionen erhalten: Depotbank zwischen 0 % und 50 % Verwaltungsgesellschaft zwischen 50 % und 100 % | Anfallend je Transaktion | Auf Transaktionen: max. 0,24 % inkl. MwSt.* für Transaktionen, die sich nicht auf Aktien beziehen, und 0,60 % inkl. MwSt.* für Transaktionen in Bezug auf Aktien und ähnliche Finanzinstrumente Bei Coupon-Inkasso: max. 1,20 % inkl. aller Steuern* |
| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in CHF) und 20 % ICE BofAML Contingent Capital (abgesichert in CHF) mit wiederangelegten Kupons. |
| Aktienklasse A EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |
| Aktienklasse A USD (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in USD) und 20 % ICE BofAML Contingent Capital (abgesichert in USD) mit wiederangelegten Kupons. |
| Aktienklasse B EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in EUR) und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |
| Aktienklasse B USD (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in USD) und 20 % ICE BofAML Contingent Capital (abgesichert in USD) mit wiederangelegten Kupons. |
| Aktienklasse CR EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in EUR) und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |

|  |  | Aktienklasse CR GBP (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in GBP) und 20 % ICE BofAML Contingent Capital (abgesichert in GBP) mit wiederangelegten Kupons. |
| --- | --- | --- |
| Aktienklasse CR USD (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in USD) und 20 % ICE BofAML Contingent Capital (abgesichert in USD) mit wiederangelegten Kupons. |
| Aktienklasse CRD EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |
| Aktienklasse I CHF (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in CHF) und 20 % ICE BofAML Contingent Capital (abgesichert in CHF) mit wiederangelegten Kupons. |
| Aktienklasse I EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |
| Aktienklasse I USD (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in USD) und 20 % ICE BofAML Contingent Capital (abgesichert in USD) mit wiederangelegten Kupons. |
| Aktienklasse J EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |
| Aktienklasse J GBP (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in GBP) und 20 % ICE BofAML Contingent Capital mit wiederangelegten Kupons. |
| Aktienklasse J USD (H): 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial (abgesichert in USD) und 20 % ICE BofAML Contingent Capital (abgesichert in USD) mit wiederangelegten Kupons. |
| Aktienklasse K EUR: Entfällt |
| Aktienklasse N EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |
| Aktienklasse NC EUR: Entfällt |
| Aktienklasse OC EUR: Entfällt |
| Aktienklasse R EUR: 20 % p. a. der Outperformance gegenüber dem Referenzindex aus 80 % ICE BofAML Euro Financial und 20 % ICE BofAML Contingent Capital (abgesichert in EUR) mit wiederangelegten Kupons. |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben:
Referenzindex: 80 % ICE BofAML Euro Financial + 20 % ICE BofAML Contingent Capital (abgesichert in EUR).
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 20 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Im Falle einer negativen absoluten Wertentwicklung der Aktienklasse über die Referenzperiode kann eine erfolgsabhängige Provision erhoben werden. Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperiode für die Berechnung der erfolgsabhängigen Provision endet mit dem letzten Nettoinventarwert im September. Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision erhoben und die Referenzperiode um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden.
Am Ende einer Referenzperiode von fünf Jahren oder mehr wird die Referenzperiode nicht verlängert, wenn die Wertentwicklung der Aktienklasse geringer ist als die ihres Referenzindex. Es wird dann eine neue Referenzperiode festgelegt, die mit dem Ende der auslaufenden Referenzperiode beginnt.
Am Ende einer Referenzperiode:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses Nettovermögen wird das neue Referenz-Nettovermögen (Referenz-NV).
- Wenn die Differenz zwischen dem Nettovermögen der Aktienklasse und ihrem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
- Wenn die Referenzperiode 5 Jahre oder länger beträgt, endet die Referenzperiode und das Nettovermögen zum Ende der Referenzperiode wird zum neuen Referenz- Nettovermögen.

Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV)(t) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Datum t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV(t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt. Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wertent- wicklung* | Wertent- wicklung der Aktien- klasse im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Provision** | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | Verlängerung |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | Erneuerung |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertentwicklung der Aktienklasse* | Kumulierte Wertentwicklung des Index* | Kumulierte relative Wertentwicklung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wertentwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | Verlängerung |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | Verlängerung |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | Verlängerung |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | Verlängerung |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | Erneuerung |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Periode negativ, keine erfolgsabhängige Provision, Referenzperiode erneuert, da die Referenzperiode bereits 4 Mal verlängert wurde. Das neue Referenz-NV wird auf 107 festgelegt.
| Periode | Kumulierte Wertentwicklung der Aktienklasse* | Kumulierte Wertentwicklung des Index* | Kumulierte relative Wertentwicklung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wertentwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | Verlängerung |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | Erneuerung |

Beispiel 3:
| PERIODE | 0 | 1 | 2 |
| --- | --- | --- | --- |
| ZIEL-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| BERECHNUNGSGRUNDLAGE: NV - ZIEL-NV |  | -2 | 8 |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Research-Kosten im Sinne von Artikel 314-21 des allgemeinen Reglements der französischen Finanzmarktaufsicht (Règlement Général AMF) können der SICAV in Höhe von bis zu 0,01 % seines Nettovermögens in Rechnung gestellt werden.
Vom Teilfonds EdR SICAV - Financial Bonds vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Selektionsverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowie fürjegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Tricolore Rendement
- Auflegungsdatum:Der Teilfonds wurde am 7. Dezember 2018 von der AMF zugelassen.

Der Teilfonds wurde am Freitag, 8. März 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Tricolore Rendement wurde am 04. Dezember 1998 gegründet.
- ISIN-Code

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

- Besondere steuerliche Behandlung:Zugelassen für Aktiensparpläne (PEA).
- KlassifizierungAktien aus Ländern der Eurozone.
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds zielt bei einem empfohlenen Anlagehorizont von mindestens 5 Jahren darauf ab, die Wertentwicklung seines Referenzindex, des SBF 120 (NR), zu übertreffen. Dies soll mittels Anlagen in vorwiegend französischen Unternehmen erzielt werden, deren Bewertungsmerkmale eine günstige Wertentwicklung erwarten lassen.

Diese Unternehmen werden auf der Grundlage einer Analyse ausgewählt, bei der finanzielle Rentabilität und die Einhaltung nicht finanzieller Kriterien kombiniert werden.
Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Das Anlageuniversum des Teilfonds setzt sich aus allen französischen Unternehmen mit einer Marktkapitalisierung von über 300 Mio. Euro zusammen, die einer nicht finanziellen Analyse unterzogen wurden.
- ReferenzindexDas Anlageziel wird nicht in Abhängigkeit von einem Referenzindex bewertet. Zu Informationszwecken kann die Wertentwicklung des Teilfonds jedoch mit dem SBF 120 verglichen werden, mit Wiederanlage der Nettodividenden und ausgedrückt in Euro für die Aktien, die in Euro emittiert wurden, sowie ausgedrückt in US-Dollar für die Aktien, die in US-Dollar emittiert wurden. Es handelt sich um den Vergleichsindex der 120 Titel mit der größten Marktkapitalisierung an der Pariser Börse.

Der Verwalter EURONEXT (Website: www.euronext.com/fr) des Referenzindex SBF 120 ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte Strategien:Der Teilfonds verfolgt eine aktive Verwaltungsstrategie bei der Auswahl kotierter Aktien („Stock-Picking“) aus einem Anlageuniversum, zu dem hauptsächlich französische Werte zählen.

Europäische Aktien stellen mindestens 75 % des Vermögens dar, wovon mindestens 65 % auf Aktien der Eurozone entfallen. Insgesamt dürfen nicht aus Frankreich stammende Aktien nicht mehr als 25 % des Nettovermögens ausmachen. Das Engagement des Teilfonds in nicht zur Eurozone zählenden Aktien darf 10 % des Nettovermögens nicht übersteigen. Die Aktien werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die nicht finanziellen Kriterien erfüllen.
Das Anlageuniversum des Portfolios (Ausgangsuniversum) setzt sich aus allen französischen Unternehmen mit einer Marktkapitalisierung von über 300 Mio. Euro zusammen. Der Teilfonds investiert darüber hinaus mindestens 10 % seines Nettovermögens in börsennotierte Kleinstunternehmen, KMU und mittelständische Unternehmen. Dabei handelt es sich um Unternehmen, bei denen einerseits die Belegschaft weniger als 5.000 Personen umfasst und andererseits der Jahresumsatz 1,5 Milliarden Euro oder die Bilanzsumme 2 Milliarden Euro nicht überschreitet und deren Börsenkapitalisierung geringer als 2 Milliarden Euro ist oder es am Abschluss mindestens eines der vier vorhergehenden Geschäftsjahre war. Alle Titel, aus denen sich das Anlageuniversum des Portfolios (Ausgangsuniversum) zusammensetzt, werden einer nicht finanziellen Analyse, wie im Folgenden erläutert, unterzogen.
Das Anlageuniversum wird reduziert, indem 20 % der schlechtesten Emittenten ausgeschlossen werden.
Die Managementphilosophie des Teilfonds zielt darauf ab, in Unternehmen zu investieren,
die ihre strategischen und operativen Entscheidungen auf das Streben nach einer Gesamtperformance ausrichten, die zugleich wirtschaftlichen und finanziellen, sozialen/gesellschaftlichen, Governance- und umweltbezogenen Ansprüchen gerecht wird, mit Respekt ihrer internen und externen Interessenvertreter und Vertrauen in diese.
Die Titelauswahl basiert auf der kombinierten Anwendung finanzieller Kriterien zur Auswahl von Aktien, die je nach Managementteam entweder bedeutsame Wachstumsaussichten, eine zufriedenstellende Rendite oder eine erhebliche Unterbewertung aufweisen, sowie nicht finanzieller Kriterien zur Erfüllung der Anforderungen für eine sozial verantwortliche Anlage.
Analyse der finanziellen Kriterien:
Das Anlageuniversum des Teilfonds umfasst Aktien von Unternehmen, deren Marktkapitalisierung im Wesentlichen über 300 Millionen Euro liegt.
Die Heranziehung von Berichten externer Analysten soll dem Anlageverwalter dabei helfen, seine eigene Recherche auf eine kleinere Anzahl von dem Anlageuniversum entsprechenden Titeln zu beschränken. Auch die Auswahl der externen Analysten ist Gegenstand eines Selektionsprozesses, der von der Verwaltungsgesellschaft vorgegeben wird.
Die so ausgewählten Titel werden schließlich einer qualitativen und quantitativen Analyse unterzogen. Der Anlageverwalter wählt dann insbesondere die folgenden Titel aus:
- Titel mit hohen Nettorenditen (Nettodividende je Aktie / Aktienkurs).
- Wachstumstitel mit Umsatz- und Gewinnwachstum.
- Unterbewertete	Titel	im	Vergleich	zum	Referenzuniversum	bei	den	folgenden	Kennzahlen: Kurs/Nettovermögenswert, Kurs/Cash-Flow je Aktie, Kurs/Nettogewinn je Aktie.

Analyse der nicht finanziellen Kriterien
Diese Analyse ermöglicht es, Titel nach einem für die Verwaltungsgesellschaft spezifischen ESG-Bewertungsraster auszuwählen, das die Titel nach den unten aufgeführten umweltbezogenen, sozialen/gesellschaftlichen und Governance- Kriterien klassifiziert:
Umwelt: Energieverbrauch, Ausstoß von Treibhausgasen, Wasser, Abfall, Umweltverschmutzung, Umweltmanagementstrategie, Umweltauswirkungen;
Soziales: Arbeitsplatzqualität, Personalmanagement, soziale Auswirkungen, Gesundheit und Sicherheit;
Governance: Struktur der Leitungsorgane, Vergütungspolitik, Prüfungen und interne Kontrolle, Interessen der Aktionäre.
Das ESG-Bewertungsmodell setzt sich folgendermaßen zusammen:
- nach einem Best-in-Universe-Ansatz, d. h. Bevorzugung der leistungsfähigsten Unternehmen unabhängig von Rating, Größe oder Branche.
- mit unterschiedlichen Gewichtungen der drei ESG-Säulen nach Tätigkeitsbereichen entsprechend ihren spezifischen Herausforderungen: die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt. Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt.

Um festzustellen, ob das analysierte Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung auf
einer 7-stufigen Skala von AAA bis CCC erstellt wird. Die Bewertung ist die Gesamtnote der Ergebnisse, die nach den verschiedenen Kriterien E (Umwelt – Environment), S (Soziales) und G (Governance) des von den Analysten bestimmten Bewertungsrasters erzielt wurden.
Falls kein internes Rating vorhanden ist, stützt sich der Anlageverwalter auf ein ESG-Rating von „Sustainalytics“, einer außerfinanziellen Ratingagentur.
Die Methodik für Sustainalytics-Ratings ist möglicherweise nicht identisch mit dem methodischen Ansatz, der für die Berechnung proprietärer Ratings verwendet wird. Der Anlageverwalter wählt für das Portfolio hauptsächlich Titel mit proprietärem Rating. Im Allgemeinen ist der Anlageverwalter für die Auswahl von Wertpapieren verantwortlich, die die nicht finanziellen Kriterien erfüllen, die dem Ansatz der Verwaltungsgesellschaft am besten entsprechen.
Nach Anwendung dieses Verfahrens wird das Anlageuniversum um 20 % reduziert, indem die schlechtesten nicht finanziellen Ratings ausgeschlossen werden.
Darüber hinaus verpflichtet sich der Anlageverwalter, aus dem Portfolio jene Gesellschaften auszuschließen, deren Geschäftstätigkeit in unmittelbarem Zusammenhang mit Kraftwerkskohle und metallurgischer Kohle steht, und, soweit entsprechende Daten zur Verfügung stehen, jene Gesellschaften auszuschließen, die im Bereich des Vertriebs, des Transports und der Herstellung von Ausrüstung sowie der Erbringung von Dienstleistungen tätig sind, wenn 33 % ihres Umsatzes von Kunden stammt, deren Geschäftstätigkeit in unmittelbarem Zusammenhang mit Kraftwerkskohle und metallurgischer Kohle steht.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Der Anlageverwalter identifiziert die finanziellen und nicht finanziellen Problematiken der Unternehmen im Portfolio, die Gegenstand einer nachvollziehbaren Intervention und eines ebensolchen Dialogs sein können. Diese Maßnahmen ermöglichen die Maximierung des mit diesem Engagement verbundenen zusätzlichen Wertsteigerungspotenzials an der Börse durch Unterstützung der finanziellen oder nicht finanziellen Dynamik der Unternehmen.
Je nach Einschätzungen des Anlageverwalters bezüglich der Entwicklung der Aktienmärkte hat der Teilfonds zur Dynamisierung oder zur Absicherung der Performance folgende Möglichkeiten:
- von 0 % bis zu 25 % des Nettovermögens in auf einem regulierten europäischen Markt gehandelte auf Euro lautende, französische Wandelanleihen investieren und unter denselben Einschränkungen bis zu 10 % des Nettovermögens in ausländische Wandelanleihen investieren. Diese Wandelanleihen (unabhängig von Rating oder Laufzeit) werden in Abhängigkeit ihrer Renditeerwartung und ihrer Korrelation mit den zugrunde liegenden Aktien ausgewählt.
- bis in Höhe des einfachen Nettovermögens in Terminkontrakte oder Optionen investieren, die auf organisierten oder geregelten Märkten gehandelt werden
- Aktienoptionen, die an organisierten oder regulierten Märkten gehandelt werden, wobei 25 % des Nettovermögens nicht überschritten werden dürfen, um die Volatilität der Aktien zu verringern.

Alle diese Wertpapiere werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die oben beschriebenen nicht finanziellen Kriterien erfüllen.
. Aktiva:
Aktien:
Das Portfolio ist permanent zu mindestens 75 % in Aktien von Gesellschaften mit einer Marktkapitalisierung von im Wesentlichen über 300 Millionen Euro und in ähnlichen Wertpapieren angelegt, die auf einem geregelten europäischen Markt gehandelt werden. Zusätzlich zu Aktien und ähnlichen Wertpapieren, die auf einem geregelten europäischen Markt gehandelt werden, kann der Teilfonds auch bis zu 25 % seines Nettovermögens außerhalb Frankreichs anlegen. Das Engagement des Teilfonds in nicht zur Eurozone zählenden Aktien darf 10 % des Nettovermögens nicht übersteigen.
Die Aktien werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Forderungspapiere und Geldmarktinstrumente:
Die maximale Gesamtgewichtung des Portfolios auf Forderungspapiere und Geldmarktinstrumente beträgt 25 % des Portfolios zur Verwaltung der liquiden Mittel.
Die Instrumente werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Das Vermögen des Teilfonds kann im Rahmen der Verwaltung der Barmittel auf Euro lautende Forderungspapiere und Anleihen umfassen. Diese Instrumente, deren Restlaufzeit geringer als drei Monate ist, werden ohne Einschränkung des Verhältnisses Staatsanleihen/Unternehmensanleihen von souveränen Staaten, gleichwertigen Institutionen oder auch Unternehmen begeben, deren kurzfristiges Rating A2 oder höher ist (Rating von Standard & Poor’s oder ein anderes gleichwertiges und von einer anderen unabhängigen Agentur erteiltes Rating), oder die von der Verwaltungsgesellschaft als gleichwertig eingestuft werden.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Titels in die Kategorie „High Yield“ (hochrentierlich), bei denen das Zahlungsausfallrisiko des Emittenten höher ist (Titel mit einem Rating unter BBB- oder einem kurzfristigen Rating von höchstens A-3 gemäß Standard & Poor's oder einer gleichwertigen Agentur oder Titel, die ein gleichwertiges internes Rating der Verwaltungsgesellschaft aufweisen), führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Aktien oder Anteile anderer kollektiver Kapitalanlagen französischen Rechts oder anderer OGAW, FIA oderInvestmentfonds ausländischen Rechts:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung einschließlich notierter Index-Fonds handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren, oder bei denen es sich um Geldmarkt- und Rentenfonds handelt, insbesondere um kurzfristige Investitionen zu tätigen.
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Die Anteile oder Aktien der ausgewählten OGA werden keiner nicht finanziellen Analyse unterzogen.
Derivate:
Der Teilfonds kann zur Absicherung und/oder zu Anlagezwecken ohne Hebelung und innerhalb der Grenze von 100 % seines Vermögens Finanzkontrakte einsetzen, die an organisierten Märkten in Frankreich (börsennotierte Futures, Optionen) oder außerbörslich (Optionen, Swaps, Devisenterminkontrakte usw.) gehandelt werden. Hierzu kann der Teilfonds Positionen eingehen, um das Portfolio gegen bestimmte Risiken (Aktien, Wechselkurs) abzusichern.
Die Optionen und Futures-Kontrakte werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Der Teilfonds nutzt keine Total Return Swaps.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Titel mit eingebetteten Derivaten:
Der Teilfonds kann in Übereinstimmung mit seiner Anlagestrategie bis zu einer Höhe von 25 % seines Nettovermögens in französische Wandelanleihen investieren, die auf Euro lauten und auf einem regulierten europäischen Markt gehandelt werden. Außerdem kann er im selben Bereich von 0 bis 25 % des Nettovermögens bis zu einer Obergrenze von 10 % in ausländische Wandelanleihen investieren.
Der Teilfonds kann vorübergehend Zeichnungsscheine halten, die aus einer Wertpapiertransaktion resultieren. Die Instrumente werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Einlagen:
Entfällt
Aufnahme von Barmitteln:
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehender Kauf und Verkauf von Wertpapieren:
Entfällt
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ
zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Verbindung mit der Währung von Aktien, die auf eine andere Währung als die des Teilfonds lauten:
Der Aktionär bzw. Zeichner anderer Währungen als der Referenzwährung des Fonds (Euro) kann dem Wechselkursrisiko ausgesetzt sein, wenn dieses nicht abgesichert ist. Der Vermögenswert des Teilfonds kann bei Zinssatzschwankungen sinken, mit der Folge eines sinkenden Nettoinventarwerts des Teilfonds.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies
bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR, A USD und B EUR: Alle AnlegerAktienklassen I EUR und K EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung DritterAktienklassen R EUR: Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.

Der FCP richtet sich insbesondere an Anleger, die ihre Mittel im Wesentlichen auf französischen Aktienmärkten dynamisch anlegen möchten. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 5 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A USD“, „A EUR“, „R EUR“, „I EUR“ und „K EUR“ | Aktienklassen „B EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |

| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |
| --- | --- | --- |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über sechs Aktienklassen: Aktienklassen „A EUR“, „A USD“, „B EUR“, „I EUR“, „K EUR“ und„R EUR“.

Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse A USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

Anfänglicher Nettoinventarwert:
| Aktienklasse A EUR: 330,56 € Aktienklasse A USD: 108,00 USD |
| --- |
| Aktienklasse B EUR: 204,28 € |
| Aktienklasse I EUR: 147,42 € |
| Aktienklasse K EUR: 181,05 € Aktienklasse R EUR: 172,23 € |

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A EUR: 1 Aktie. Aktienklasse A USD: 1 Aktie. |
| --- |
| Aktienklasse B EUR: 1 Aktie. |
| Aktienklasse I EUR: 500.000 € |
| Aktienklasse K EUR: 500.000 € Aktienklasse R EUR: 1 Aktie. |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A EUR: 1 Tausendstel eines Anteils. Aktienklasse A USD: 1 Tausendstel eines Anteils. |
| --- |
| Aktienklasse B EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: 1 Tausendstel eines Anteils. Aktienklasse R EUR: 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum für Auftrag | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften von der besonderen Situation des Zeichners und/oder von der Gerichtsbarkeit, der der FCP unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Vom Teilfonds Tricolore Rendement nicht vereinnahmte Zeichnungsgebühren | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A EUR: max. 3 % |
| Aktienklasse A USD: max. 3 % |
| Aktienklasse B EUR: max. 3 % |
| Aktienklasse I EUR: entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse R EUR: max. 3 % |
| Vom Teilfonds Tricolore Rendement vereinnahmte Zeichnungsgebühren | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Rücknahmegebühr, nicht vom Teilfonds Tricolore Rendement vereinnahmt | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Rücknahmegebühr, vom Teilfonds Tricolore Rendement vereinnahmt | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 1,10 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 2,35 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,10 % inkl. aller Steuern* |
| Dienstleister, die Transaktionsprovisionen erhalten: Depotbank zwischen 0 % und 50 % Verwaltungsgesellschaft zwischen 50 % und 100 % | Anfallend je Transaktion | Variabel in Abhängigkeit von den Instrumenten. In % exklusive Steuern - Aktien, ETF: max. 0,25 %.
- OGAW Frankreich: 0 %
- ausländische OGAW: 0,50 % Effektengeschäfte : 0 %
- Ausländische Coupons: 5 %(mindestens	0 €	bis	200 €	in	Abhängigkeit	des Börsenplatzes des Instruments)
 |
| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex SBF 120, ohne Wiederanlage der Nettodividenden |
| Aktienklasse A USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex SBF 120, ohne Wiederanlage der Nettodividenden |
| Aktienklasse B EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex SBF 120, ohne Wiederanlage der Nettodividenden |
| Aktienklasse I EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex SBF 120, ohne Wiederanlage der Nettodividenden |
| Aktienklasse K EUR: entfällt |
| Aktienklasse R EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex SBF 120, ohne Wiederanlage der Nettodividenden |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex: SBF 120, mit Wiederanlage der Nettodividenden.
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode t:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |

| NV | 100 | 101 | 99 |
| --- | --- | --- | --- |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |

| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |

| Perio- de | Kumulierte Wertentwick- lung der Aktienklas- se* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneu- ert („E“) / ver- längert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
| Periode | Kumulierte Wertentwicklung der Aktienklasse* | Kumulierte Wertentwicklung des Index* | Kumulierte relative Wertentwicklung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wertentwicklung im letzten Jahr | Vereinnahmung einer Provision | Peri erneue / verlä („V“) aufgesc („A |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A |
| 3-6 | -3 | -5 | 3 *** | 8 | 2 | 6 | Ja | E |

Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. 
Daher wird 
keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird
eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Tricolore Rendement vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Equity Euro Solve
- Auflegungsdatum:Der Teilfonds wurde am 7. Dezember 2018 von der AMF zugelassen.

Der Teilfonds wurde am Freitag, 8. März 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Equity Europe Solve wurde am 07. Dezember 2015 gegründet.
- ISIN-Code

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

- Besondere steuerliche Behandlung:Zugelassen für Aktiensparpläne (PEA).
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds verfolgt das Ziel, über seinen empfohlenen Anlagehorizont teilweise an der Entwicklung der Aktienmärkte in der Eurozone teilzuhaben und dabei in Abhängigkeit von den Vorausschätzungen des Anlageverwalters auf den Termin- und Optionsmärkten eine ständige vollständige oder teilweise Absicherung gegen das Aktienrisiko vorzunehmen.

Die vorstehend genannten Unternehmen werden auf der Grundlage einer Analyse ausgewählt, die sowohl die finanzielle Rentabilität als auch die Einhaltung außerfinanzieller Kriterien umfasst.
Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte und der Gesamthöhe des Marktengagements zu treffen. Das Anlageuniversum „Aktien“ des Teilfonds ist mit jenem des Index MSCI EMU NR vergleichbar.
- ReferenzindexDas Anlageziel des Teilfonds wird nicht in Abhängigkeit von einem Referenzindex bewertet, sofern der Teilfonds Absicherungsstrategien gegen Aktienrisiken verfolgt.

Dennoch kann die Wertentwicklung des Teilfonds im Nachhinein mit einem Referenzindex verglichen werden, der sich zu 56 % aus dem Index MSCI EMU mit Wiederanlage der Nettodividenden und zu 44 % aus dem kapitalisierten
€STR zusammensetzt.
Der Index MSCI EMU (Ticker Bloomberg: NDDUEMU Index) umfasst 300 Werte aus den Mitgliedsländern der Eurozone. Die Auswahl der Werte erfolgt anhand ihrer Börsenkapitalisierung, ihrem Transaktionsvolumen und ihrem Aktivitätssektor. Der Index ist bemüht, eine Gewichtung nach Ländern und Aktivitätssektoren vorzunehmen, mit der sich ein bestmögliches Abbild der wirtschaftlichen Struktur der Eurozone erzielen lässt. Der Index wird von MSCI Barra berechnet und veröffentlicht, und die Daten sind unter www.mscibarra.com verfügbar.
Der Verwalter MSCI Limited (Website: http://www.msci.com) des Referenzindex MSCI EMU ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Der €STR (Euro Short Term Rate) ist ein Zinssatz, der von der Europäischen Zentralbank berechnet und verwaltet wird. Er spiegelt den Tagesgeldsatz in Euro für Darlehen von ausgewählten Banken der Eurozone wider.
Alle Informationen zum Index €STR (Euro Short Term Rate) sind auf der Website der Europäischen Zentralbank (EZB) verfügbar: https://www.ecb.europa.eu/.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte StrategienDer Teilfonds nutzt eine aktive Titelauswahl, indem er direkt oder über OGA zu mindestens 75 % in Aktien aus der Eurozone investiert, ohne Rücksicht auf deren Börsenkapitalisierung (einschließlich kleiner und mittlerer Kapitalisierungen), und in dem Bestreben, das Engagement im Aktienrisiko zwischen 0 % und 90 % des Nettovermögens zu halten, indem er Strategien zur Absicherung oder für das Engagement durch Anlagen auf den Termin- und Optionsmärkten einsetzt.

Die Titelauswahl beruht auf dem kombinierten Einsatz finanzieller und außerfinanzieller Kriterien, um den Anforderungen sozial verantwortlichen Investierens gerecht zu werden.
Die Auswahl der Aktien erfolgt gemäß nachstehend beschriebener Strategie:
- Auf der Grundlage des Anlageuniversums werden verschiedene Filter angewendet, anhand derer die Werte bestimmt werden, die als akzeptabel erachtet und Gegenstand zusätzlicher Analysen sind.
- Mit einer ersten Kategorie von Filtern, die auf der außerfinanziellen Analyse basieren, wird das Anlageuniversum in Abhängigkeit von den individuellen ESG-Ratings der Titel verkleinert.
- Eine zweite Kategorie von Filtern ermöglicht die Auswahl der Titel auf der Grundlage von Finanzkennzahlen und legt dabei einen besonderen Schwerpunkt auf den Stil (unterbewertete Titel, Qualitätstitel, Wachstumstitel usw.).
- Der Teilfonds geht kein Engagement in Aktien aus Schwellenländern ein.

Die Analyse der außerfinanziellen Kriterien ermöglicht es, Titel nach einem spezifischen ESG-Bewertungsraster der Verwaltungsgesellschaft zu benoten, das die Titel nach den unten aufgeführten umweltbezogenen, sozialen/gesellschaftlichen und Governance-Kriterien bewertet:
Umwelt: Energieverbrauch, Ausstoß von Treibhausgasen, Wasser, Abfall, Umweltverschmutzung, Umweltmanagementstrategie, Umweltauswirkungen
Soziales: Arbeitsplatzqualität, Personalmanagement, soziale Auswirkungen, Gesundheit und Sicherheit
Governance: Struktur der Leitungsorgane, Vergütungspolitik, Prüfungen und interne Kontrolle, Berücksichtigung der Interessen der Aktionäre
Unser SRI-Bewertungsmodell begünstigt:
- einen Best-in-Universe-Ansatz, d. h. Bevorzugung der leistungsfähigsten Unternehmen unabhängig von Rating, Größe oder Branche.
- mit unterschiedlichen Gewichtungen der drei ESG-Säulen nach Tätigkeitsbereichen entsprechend ihren spezifischen Herausforderungen: die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt. Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt.

Um festzustellen, ob das analysierte Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung auf einer 7-stufigen Skala von AAA bis CCC erstellt wird. Die Bewertung ist die Gesamtnote der Ergebnisse, die nach den verschiedenen Kriterien E (Umwelt – Environment), S (Soziales) und G (Governance) des von den Analysten bestimmten Bewertungsrasters erzielt wurden.
Falls kein internes Rating vorhanden ist, stützt sich der Anlageverwalter auf ein ESG-Rating von „Sustainalytics“, einer außerfinanziellen Ratingagentur.
Die Methodik für Sustainalytics-Ratings ist möglicherweise nicht identisch mit dem methodischen Ansatz, der für die Berechnung proprietärer Ratings verwendet wird. Im Allgemeinen ist der Anlageverwalter für die Auswahl von Wertpapieren verantwortlich, die die nichtfinanziellen Kriterien erfüllen, die dem Ansatz der Verwaltungsgesellschaft am besten entsprechen.
Mindestens 90 % der Gesellschaften im Portfolio weisen ein internes oder durch eines externe Ratingagentur bereitgestelltes ESG-Rating auf.
Nach Anwendung dieses Verfahrens wird das Anlageuniversum um mindestens 20 % reduziert, indem die schlechtesten nicht finanziellen Ratings ausgeschlossen werden.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Der Teilfonds entspricht fortlaufend den Zulassungskriterien für französische Aktiensparpläne („PEA“).
Zu Zwecken der Barmittelverwaltung kann der Teilfonds bis zu 25 % seines Nettovermögens in auf Euro lautende Schuldtitel und Geldmarktinstrumente investieren. Der Teilfonds ist bestrebt, in Emissionen öffentlicher oder privater europäischer Emittenten mit einer maximalen Restlaufzeit von 397 Tagen und Investment-Grade-Rating anzulegen (d. h. einem Rating von mindestens BBB- gemäß Standard & Poor's oder jedem anderen gleichwertigen Rating, das von einer anderen unabhängigen Ratingagentur vergeben wurde, oder einem als gleichwertig angesehenen internen Rating, das vom Anlageverwalter vergeben wurde).
Im Falle einer Herabstufung des Ratings eines Emittenten (gemäß Standard and Poor's oder eines entsprechenden internen Ratings der Verwaltungsgesellschaft) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Ferner kann der Teilfonds bis zu einer Höhe von 10 % des Nettovermögens in Anteile oder Aktien von OGA oder anderen zulässigen Investmentfonds investieren, unabhängig von deren Klassifizierung, um insbesondere Folgendes zu erreichen:
- um ein stärkeres Engagement in den Aktienmärkten einzugehen oder um das Engagement durch andere Vermögensklassen zu diversifizieren (beispielsweise durch Fonds, die in Titel von Gesellschaften des Rohstoff- oder Immobiliensektors investiert sind);
- oder zu Zwecken der Verwaltung von Barmitteln (Geldmarkt-OGAW, diversifizierte OGAW oder Anleihen- OGAW).

Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung seiner Anlageziele kann der Teilfonds Pensionsgeschäfte mit Wertpapieren oder zulässigen Geldmarktinstrumenten tätigen, wobei eine Obergrenze von 25 % seines Nettovermögens gilt. Die im Rahmen dieser Pensionsgeschäfte erhaltenen Garantien unterliegen einem Abschlag, der von der Art der Wertpapiere abhängig ist. Diese können in Form von Barmitteln oder erstrangigen Staatsanleihen vorliegen.
Daneben kann der Teilfonds auch dem Wechselkursrisiko ausgesetzt sein.
Der Teilfonds kann bis zu 100 % seines Nettovermögens zu Absicherungszwecken und/oder zum Engagement in außerbörslich gehandelten derivativen Instrumenten oder auf einem geregelten Markt in der Eurozone gehandelten Finanzkontrakten anlegen, um Folgendes abzuschließen:
- Standard-Terminkontrakte auf Aktienindizes oder auf Volatilitätsindizes,
- Aktienoptionen, Optionen auf Futures, Aktienindizes oder Volatilitätsindizes.

Der Teilfonds ist bestrebt, das Aktienrisiko bis zur Höhe seines Nettovermögens vollständig oder teilweise dauerhaft abzusichern.
Die Umsetzung der Absicherung wird in diskretionärer Weise durch das Verwaltungsteam in Abhängigkeit von seinen Vorausschätzungen und den Marktbedingungen festgelegt. Die Umsetzung dieser Optionsstrategien zielt darauf ab, die erheblichen Erschütterungen auf den Aktienmärkten abzudämpfen, bedeutet jedoch auch, dass weniger Nutzen aus Hausse-Phasen gezogen wird. Diese Strategien ermöglichen es dem Verwaltungsteam zudem, in taktischer und opportunistischer Weise die Optimierung der Absicherungskosten des Portfolios anzustreben.
Der Teilfonds kann auch auf diskretionärer und temporärer Basis über Futures Engagements an den Aktienmärkten eingehen, um seine Anlagestrategie zu verfolgen.
Die Anleger werden auf die Tatsache hingewiesen, dass die Hausse- und Baisse-Phasen auf diskretionäre Weise durch die Verwaltungsteams entsprechend ihren Vorausschätzungen hinsichtlich der Entwicklung der Märkte ermittelt werden und daher gegebenenfalls nicht mit den tatsächlichen Markttrends übereinstimmen.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
. Verwendete VermögenswerteAktien:
Mindestens 75 % des Portfolios sind dauerhaft in Wertpapiere investiert, die für Aktiensparpläne (PEA) zugelassen sind. Die Aktien werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die nicht finanziellen Kriterien erfüllen.
Forderungspapiere und Geldmarktinstrumente:
Forderungspapiere und Geldmarktinstrumente werden bis zu einer Grenze von 25 % des Nettovermögens zur Verwaltung der liquiden Mittel eingesetzt. Der Teilfonds ist bestrebt, in Emissionen öffentlicher oder privater europäischer Emittenten mit Investment-Grade-Rating (d. h. einem Rating von mindestens BBB- gemäß Standard Poor's oder jedem anderen gleichwertigen Rating, das von einer anderen unabhängigen Ratingagentur vergeben wurde, oder einem als gleichwertig angesehenen internen Rating, das vom Anlageverwalter vergeben wurde) und einer maximalen Restlaufzeit von 397 Tagen anzulegen.
Im Falle einer Herabstufung des Ratings eines Emittenten (gemäß Standard and Poor's oder eines entsprechenden internen Ratings der Verwaltungsgesellschaft) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Die Instrumente werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren, einschließlich notierter Index-Fonds, um das Engagement in den Aktienmärkten oder in anderen Vermögensklassen zu erhöhen (z. B. Rohstoffe oder Immobilien).
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Die Anteile oder Aktien der ausgewählten OGA werden keiner nicht finanziellen Analyse unterzogen. Derivate:
Der Teilfonds kann bis zu einer Höhe von 100 % des Nettovermögens zu Absicherungszwecken und/oder zum Engagement auf Finanzkontrakte zurückgreifen, die an den geregelten, organisierten Märkten in der Eurozone oder außerbörslich gehandelt werden, um Folgendes abzuschließen:
- Aktienoptionen, Optionen auf Futures, Aktienindexoptionen und/oder auf bestimmte ihrer Parameter oder Komponenten (Volatilität, Kurse, Sektoren usw.), um die Exposition in europäischen Aktienmärkten zu steuern;
- Devisenswaps und Devisentermingeschäfte zu Absicherungszwecken;
- Aktienindex-Futures und/oder auf bestimmte ihrer Parameter oder Komponenten (Volatilität, Kurse, Sektoren usw.) zu Absicherungszwecken oder zum Engagement.

Außerdem kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 50 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Aktien, Aktienindizes und/oder Aktienkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 15 %.
Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Die Umsetzung der Absicherung, vollständig oder teilweise und des Aktienrisikos wird in diskretionärer Weise durch das Verwaltungsteam in Abhängigkeit von seinen Vorausschätzungen und den Marktbedingungen festgelegt.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Im Rahmen der eingesetzten Absicherungsstrategien kann der Teilfonds insbesondere die folgenden Sicherungsgeschäfte nutzen:
- Kauf von Verkaufsoptionen und Verkauf von Kaufoptionen;
- gleichzeitige Verkaufs- und Kauftransaktionen von ähnlichen Optionen auf denselben Basiswert, jedoch zu unterschiedlichen Ausübungspreisen.

Wertpapiere mit eingebetteten Derivaten (bis zu 25 % des Nettovermögens):
Zur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann nur bis zu 25 % des Nettovermögens in kündbare oder rückzahlungspflichtige Schuldverschreibungen investieren.
Einlagen:
Entfällt
Aufnahme von Barmitteln:
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehender Kauf und Verkauf von Wertpapieren:
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds bis zu 25 % seines Nettovermögens für vorübergehende Ankäufe von Wertpapieren in Bezug auf zulässige Finanzwerte oder Geldmarktinstrumente abschließen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kreditprodukten von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps(TRS):
Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Dabei handelt es sich um das Risiko einer mangelhaften Ausfertigung der mit den Gegenparteien von Geschäften im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps (TRS) abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich
nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR und B EUR: Alle AnlegerAktienklassen CR EUR : Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Aktienklassen I EUR, K EUR, KD EUR, SC EUR, N EUR, O EUR, PC EUR und NC EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter sowie die Gesamtheit der Aktionäre, die vor dem 08.03.2019 den Teilfonds gezeichnet haben. Diese Aktien, jedoch insbesondere Versicherungsgesellschaften, die den Anforderungen der „Solvabilität II“-Richtlinie unterliegen. Absicherungsstrategien werden unter Bedingungen umgesetzt und verwaltet, unter denen sie als „Risikominderungstechnik“ im Sinne der Richtlinie 2009/138/EG vom 25. November 2009 (der sogenannten „Solvabilität II-Richtlinie“) angesehen werden können und damit die Verringerung des erforderlichen SRC-Niveaus (Solvency Capital Requirement, Solvenzkapitalanforderung) für die betroffenen Anleger ermöglichen.
Aktienklasse R EUR: Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 3 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „CR EUR“, „R EUR“, „I EUR“, „K EUR“, „SC EUR“, „N EUR“, „NC EUR“ und „PC EUR“ | Aktienklassen „B EUR“, „KD EUR“ und „O EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder - verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über 13 Aktienklassen: Aktienklassen „A EUR“, „B EUR“, „CR EUR“, „I EUR“, „K EUR“, „KD EUR“, „N EUR“, „NC EUR“, „O EUR“, „PC EUR“, „R EUR“ und „SC EUR“.

| Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| --- |
| Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse KD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse N EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |

| Die Aktienklasse NC EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| --- |
| Die Aktienklasse O EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse PC EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse SC EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |

- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.) und handelsfreie Tage an den europäischen Derivatemärkten (offizieller EUREX-Kalender).

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

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A EUR: 1 Aktie. |
| --- |
| Aktienklasse B EUR: 1 Aktie. |
| Aktienklasse CR EUR: 1 Aktie. |
| Aktienklasse I EUR: 500.000 € |
| Aktienklasse K EUR: 500.000 € |
| Aktienklasse KD EUR: 500.000 € |
| Aktienklasse N EUR: 5.000.000 € |
| Aktienklasse NC EUR: 5.000.000 € |
| Aktienklasse O EUR: 5.000.000 € |
| Aktienklasse PC EUR: 10.000.000 € |
| Aktienklasse R EUR: 1 Aktie. Aktienklasse SC EUR: 25.000.000 € |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A EUR: 1 Tausendstel eines Anteils. |
| --- |
| Aktienklasse B EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse KD EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse N EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse NC EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse O EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse PC EUR: 1 Tausendstel eines Anteils. |
| Aktienklasse R EUR: 1 Tausendstel eines Anteils. Aktienklasse SC EUR: 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien „A EUR“, „B EUR“, „CR EUR“, „I EUR“, „K EUR“, „KD EUR“, „N EUR“, „NC EUR“, „O EUR“, „PC EUR“, „R EUR“ und „SC EUR“ werden nach Beträgen oder in ganzzahligen oder in Zehntausendsteln von Aktienanteilen ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften von der besonderen Situation des Zeichners und/oder von der Gerichtsbarkeit, der der FCP unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Möglichkeit der Begrenzung oder Einstellung der Zeichnungen:
Die SICAV stellt ab dem 30. Juni 2017 um 12:30 Uhr die Ausgabe neuer Aktien der Klasse PC EUR ein. Die Aktienklasse PC EUR kann demnach ab diesem Datum nicht mehr gezeichnet werden.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Satz |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Equity Euro Solve nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Aktienklasse A EUR: max. 3 % |
| Aktienklasse B EUR: max. 3 % |
| Aktienklasse CR EUR: max. 3 % |
| Aktienklasse I EUR: entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse KD EUR: entfällt |
| Aktienklasse N EUR: entfällt |
| Aktienklasse NC EUR: entfällt |
| Aktienklasse O EUR: entfällt |
| Aktienklasse PC EUR: entfällt |
|  |
| Aktienklasse R EUR: max. 3 % |
| Aktienklasse SC EUR: entfällt |
| Durch den Teilfonds EdR SICAV - Equity Euro Solve vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Equity Euro Solve nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Equity Euro Solve vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 1,45 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,45 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,75 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse KD EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,60 % inkl. aller Steuern* |
| Aktienklasse NC EUR: max. 0,75 % inkl. aller Steuern* |
| Aktienklasse O EUR: max. 0,60 % inkl. aller Steuern* |
| Aktienklasse PC EUR: max. 0,60 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 1,80 % inkl. aller Steuern* |
| Aktienklasse SC EUR: max. 0,60 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 0,10 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse B EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse KD EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse NC EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse O EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse PC EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse SC EUR: max. 0,10 % inkl. aller Steuern* |
| Transaktionsprovisionen | Auf den Betrag der Transaktion | Entfällt |
| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |
| Aktienklasse B EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |
| Aktienklasse CR EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |
| Aktienklasse I EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse KD EUR: entfällt |
| Aktienklasse N EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |

|  |  | Aktienklasse NC EUR: entfällt |
| --- | --- | --- |
| Aktienklasse O EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |
| Aktienklasse PC EUR: entfällt |
| Aktienklasse R EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index MSCI EMU und zu 44 % aus dem thesaurierten €STR mit wiederangelegten Nettodividenden zusammensetzt |
| Aktienklasse SC EUR: entfällt |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex: Zusammengesetzter Index aus 56 % MSCI EMU und 44 % thesaurierter €STR.
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode t:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |

| Perio- de | Kumulierte Wertentwick- lung der Aktienklas- se* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneu- ert („E“) / ver- längert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
| Perio- de | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwick- lung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode er- neuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz- NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Ja | E | Ja |

Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Equity Euro Solve vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowiefür jegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Start
- Auflegungsdatum:Der Teilfonds wurde am Freitag, 4. Januar 2019 von der AMF zugelassen.

Der Teilfonds wurde am Donnerstag, 21. März 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Start wurde am 14. Mai 2007 gegründet
- ISIN-Code

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

- Besondere steuerliche Behandlung:entfällt.
- 
###### Mit der Finanzverwaltung beauftragte Stelle:

Edmond de Rothschild Asset Management (France) delegiert die Finanzverwaltung der SICAV teilweise an: Edmond de Rothschild (Suisse) S.A.
Diese Delegierung der Finanzverwaltung bezieht sich auf die Devisenabsicherung der abgesicherten Aktienklassen.
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds wird diskretionär und opportunistisch verwaltet. Er hält Positionen in Anleihen, Aktien und Währungen. Das Anlageziel des Teilfonds ist eine absolute Performance, die über den empfohlenen Anlagehorizont nicht mit den bedeutendsten internationalen Aktien- und Anleihenmärkten korreliert. Im Rahmen seiner Verwaltung beträgt die Zielvolatilität des Teilfonds 2 % und kann bis zu 3 % erreichen.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDer Referenzindex, mit dem die Wertentwicklung der Aktienklassen A EUR, CR EUR, R EUR, I EUR, J EUR, N EUR und P EUR verglichen werden kann, ist der thesaurierte €STR.

Der €STR (Euro Short Term Rate) ist ein Zinssatz, der von der Europäischen Zentralbank berechnet und verwaltet wird. Er spiegelt den Tagesgeldsatz in Euro für Darlehen von ausgewählten Banken der Eurozone wider. Alle Informationen zum Index €STR (Euro Short Term Rate) sind auf der Website der Europäischen Zentralbank (EZB) verfügbar: https://www.ecb.europa.eu/.
Der Referenzindex, mit dem die Wertentwicklung der Aktienklassen CR USD (H), A USD (H) und I USD (H) verglichen werden kann, ist die thesaurierte Federal Funds Effective Rate. Die Federal Funds Effective Rate entspricht dem Durchschnitt der Tagesgeldzinsen in der US-Dollar-Zone. Er wird von der US-Notenbank New York berechnet und stellt den risikofreien Zinssatz der US-Dollar-Zone dar. Zum Datum der letzten Aktualisierung dieses Prospekts fällt der von der US-Notenbank verwaltete Referenzindex Federal Funds Effective Rate (Website: https://www.federalreserve.gov/) unter die Ausnahmeregelung gemäß Artikel 2.2 der Referenzwerte-Verordnung.
Der Referenzindex, mit dem die Wertentwicklung der Aktienklassen A CHF (H) und I CHF (H) ist der Libor CHF 1 Monat (kapitalisiert). Der Verwalter ICE Benchmark Administration Limited (Website: https://www.theice.com/iba) des Referenzindex Libor CHF 1 Monat (kapitalisiert) ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen. Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener seiner Referenzindizes abweichen, die lediglich als Vergleichsindizes dienen.
Die zugrunde liegenden Zinssätze und Indizes wurden annualisiert. Die Berechnung der Wertentwicklung dieser Indizes berücksichtigt die Kupons.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte StrategienDer Teilfonds wird diskretionär und opportunistisch verwaltet. Er hält Positionen in Anleihen, Aktien und Währungen. Das Anlageziel des Teilfonds ist eine absolute Performance, die über den empfohlenen Anlagehorizont nicht mit den bedeutendsten internationalen Aktien- und Anleihenmärkten korreliert.

Der Anlageverwalter bezieht systematisch ESG-Faktoren in seine Finanzanalyse ein, um die Wertpapiere für das Portfolio auszuwählen.
Mindestens 90 % der Schuldtitel und Geldmarktinstrumente mit einem Investment-Grade-Rating und 75 % der Schuldtitel und Geldmarktinstrumente mit einem High-Yield-Rating oder die von Schwellenländern ausgegeben werden, haben ein ESG-Rating auf Portfolioebene. Dabei handelt es sich entweder um ein eigenes ESG-Rating oder um ein Rating, das von einer externen Agentur für nichtfinanzielle Daten bereitgestellt wird. Am Ende dieses Verfahrens hat der Teilfonds ein ESG-Rating, das höher ist als das seines Anlageuniversums.
Umweltbezogene, soziale und Governance-Kriterien (ESG) sind eine der Komponenten der Anlageverwaltung, wobei ihre Gewichtung in der endgültigen Anlageentscheidung vorab nicht feststeht.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Im Rahmen seiner Verwaltung beträgt die Zielvolatilität des Teilfonds 2 % und kann bis zu 3 % erreichen. Zum Erreichen seines Anlageziels geht der Teilfonds folgende Engagements ein:
- Bis zu 100 % seines Nettovermögens in öffentlichen Forderungspapieren, die von Mitgliedstaaten der OECD begeben werden, wobei keine Beschränkungen hinsichtlich der Laufzeit bestehen und die Titel ein Rating von „Investment Grade“ oder „High Yield“ (spekulative Titel mit einem langfristigen Rating unter BBB- bzw. einem kurzfristigen Rating unter A3 von Standard and Poor's oder einer gleichwertigen Ratingagentur oder mit einem entsprechenden internen Rating der Verwaltungsgesellschaft) aufweisen können.
- Bis zu 100 % seines Nettovermögens in öffentlichen Forderungspapieren, die von Schwellenländern außerhalb der OECD begeben wurden und zum Kaufzeitpunkt ein Rating von „Investment Grade“(Mindestrating von BBB- durch Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft) aufweisen und keiner Laufzeitbeschränkung unterliegen.
- Bis zu 100 % seines Nettovermögens in privaten Forderungspapieren (insbesondere Unternehmensanleihen) mit einem Rating von „Investment Grade“ zum Kaufzeitpunkt und ohne Laufzeitbeschränkung. Diese Titel können auch von Gesellschaften des Privatsektors begeben werden, die ihren eingetragenen Sitz in Schwellenländern haben, sofern diese zum Kaufzeitpunkt ein Rating von„Investment Grade“ aufweisen.

Der Teilfonds kann zudem in Folgendes investieren:
- maximal 25 % seines Nettovermögens in Forderungspapiere der Kategorie „High Yield“, die von Unternehmen des Privatsektors begeben wurden, ohne Laufzeitbeschränkung.
- maximal 25 % seines Nettovermögens in öffentliche Forderungspapiere der Kategorie „High Yield“,die von Schwellenländern außerhalb der OECD begeben wurden, ohne Laufzeitbeschränkung.

Insgesamt darf die Anlage in Schuldtiteln der Kategorie „High Yield“, die von Unternehmen des privaten Sektors und von Schwellenländern außerhalb der OECD begeben werden, 30 % des Nettovermögens nicht überschreiten.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
- Zwischen -10 % und +15 % seines Nettovermögen in den Aktienmärkten aller Marktkapitalisierungen und aller geografischen Bereiche bzw. Wirtschaftssektoren.
- Bis zu 40 % seines Nettovermögens in anderen Währungen als dem Euro.

Die Zinssensitivität des Teilfonds kann zwischen -2 und +4 schwanken.
. Verwendete VermögenswerteForderungspapiere und Geldmarktinstrumente:
| Zinssensitivität | - | [-2 ; 4] |
| --- | --- | --- |
| Geografische Zone der Emittenten | OECD, Schwellenländer außerhalb der OECD | Maximal 100 % des Nettovermögens |
| Währung, auf die die Anteile lauten | Euro | Maximal 100 % des Nettovermögens |
| Sonstige Währungen (aus OECD- Ländern und Schwellenländer außerhalb der OECD) | Maximal 40 % des Nettovermögens |
| Wechselkursrisiko | - | Maximal 40 % des Nettovermögens |

Der Teilfonds kann bis zu 100 % des Vermögens in handelbare Forderungspapiere und Geldmarktinstrumente investieren, um ein Engagement gegenüber den Geldmärkten oder Anleihenmärkten aufzubauen. Darüber hinaus kann der Teilfonds über Derivate oder OGAW indirekt ein Engagement gegenüber den Geldmärkten oder Anleihenmärkten aufbauen.
Der Teilfonds kann bis zu 100 % seines Nettovermögens ohne Laufzeit- und Fälligkeitsbeschränkung in öffentliche Forderungspapiere investieren, die von Mitgliedstaaten der OECD begeben wurden, und bis zu 100 % seines Nettovermögens in öffentliche Forderungspapiere, die von Schwellenländern außerhalb der OECD begeben wurden und die zum Kaufzeitpunkt ein Rating von „Investment Grade“ (Mindestrating von BBB- durch Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft) aufweisen.
Das Engagement in privaten Forderungspapieren mit einem Rating von „Investment Grade“ zum Kaufzeitpunkt kann bis zu 100 % des Nettovermögens des Teilfonds darstellen.
Diese Titel können auch von Gesellschaften des Privatsektors begeben werden, die ihren eingetragenen Sitz in Schwellenländern haben, sofern diese zum Kaufzeitpunkt ein Rating von „Investment Grade“ aufweisen.
Der Teilfonds kann ferner maximal 25 % seines Nettovermögens in Titel der Kategorie „High Yield“ (spekulative Titel; langfristiges Rating unter BBB-, kurzfristiges Rating unter A3 durch Standard and Poor's oder vergleichbar oder vergleichbares Rating der Verwaltungsgesellschaft), die von Gesellschaften des privaten Sektors begeben werden, investieren. Maximal 25 % seines Nettovermögens in öffentliche Forderungspapiere der Kategorie „High Yield“, die von Schwellenländern außerhalb der OECD begeben wurden. Insgesamt darf die Anlage in Schuldtiteln der Kategorie „High Yield“, die von Unternehmen des privaten Sektors und von Schwellenländern außerhalb der OECD begeben werden, 30 % des Nettovermögens nicht überschreiten.
Die Zinssensitivität des Teilfonds kann zwischen -2 und 4 schwanken.
Aktien:
Der Teilfonds kann auf allen Aktienmärkten, in Aktien mit und ohne Stimmrecht, mit beliebigen Marktkapitalisierungen und aus allen geografischen Regionen oder Wirtschaftssektoren investieren. Die Entwicklungsspanne des Teilfonds im Aktienmarkt wird zwischen -10 % und +15 % seines Nettovermögens betragen. Darüber hinaus kann sich der Teilfonds indirekt über Finanztermininstrumente und OGA, einschließlich notierte Indexfonds, in Aktien engagieren.
Währungen:
Der Teilfonds kann bis zu 40 % seines Nettovermögens in andere Währungen als den Euro investieren.
OGA:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts halten oder in FIA französischen Rechts, bei denen es sich um allgemeine Investmentfonds, insbesondere Aktienfonds, „Investment Grade“-Anleihenfonds, „High Yield“-Anleihenfonds (d. h. Fonds für Anleihen mit spekulativem Charakter), Geldmarkt- oder dynamische Fonds handelt. Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Finanzkontrakte:
Der Teilfonds kann zur Absicherung seiner Aktiva und/oder zur Verfolgung seines Anlageziels Finanzkontrakte einsetzen, die an geregelten Märkten (börsennotierte Futures, Optionen) oder außerbörslich (Optionen, Swaps...) gehandelt werden. In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Zu diesem Zweck kann der Teilfonds Investitionen tätigen, um das Portfolio gegen bestimmte Risiken (Aktien-, Zins-, Kredit-, Wechselkurs- und Rohstoffrisiken) abzusichern oder sich Zins-, Kredit-, Aktien-, Devisen- und Rohstoff-Futures- Risiken usw. auszusetzen. In diesem Rahmen kann der Anlageverwalter Strategien verfolgen, die in erster Linie darauf abzielen, Ausfallrisiken eines oder mehrerer Emittenten vorwegzunehmen oder den Teilfonds dagegen abzusichern oder das Portfolio gegenüber den Kreditrisiken eines oder mehrerer Emittenten zu engagieren. Diese Strategien werden insbesondere über den Kauf oder Verkauf von Absicherungen über Kreditderivate vom Typ Credit Default Swap auf einen Referenzwert oder auf Indizes (iTraxx oder CDX) umgesetzt.
Außerdem kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 25 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Anleihen, Anleihenindizes und/oder Anleihenkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 10 %.
Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.

###### Risiken, gegenüber denen der Anlageverwalter ein Engagement aufbauen möchte:
- Zinsrisiko
- Aktienrisiko
- Wechselkursrisiko (insbesondere in Bezug auf nicht konvertierbare Devisen)
- Kreditrisiko
- Rohstoffrisiko (bis zu 10 % des Vermögens)sowie Komponenten/Parameter dieser Risiken (insbesondere Volatilität).


###### Art der Transaktionen:
- Absicherung;
- Engagement;
- Arbitrage.

Der Teilfonds kann Positionen in allen Arten von Finanzkontrakten, die auf internationalen, geregelten, organisierten Märkten oder außerbörslich gehandelt werden, aufbauen.

###### Derivatestrategie:
- Absicherung des Portfolios gegenüber bestimmten Risiken oder Engagement gegenüber bestimmten Risiken/Anlageklassen
- Aufbau	eines	synthetischen	Engagements	gegenüber	Aktiva	und	Risiken	und/oder Parametern/Komponenten dieser Anlageklassen und Risiken;
- Stärkere Beteiligung am Markt.

Das maximale Engagement aus diesen Transaktionen bewegt sich innerhalb der gemäß der Value-at-Risk- Methode in Bezug auf den absoluten VaR festgelegten Grenzen, begrenzt durch die aufsichtsrechtlichen Regelungen auf 20 % des Vermögens mit einer Schwelle von 99 % über 20 Geschäftstage.
Titel mit eingebetteten Derivaten:
Zur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann ausschließlich in Folgendes investieren:
- in kündbare oder rückzahlungspflichtige Schuldverschreibungen bis zu 100 % des Nettovermögens,
- in Wandelanleihen bis zu 25 % des Nettovermögens.

Aufnahme von Barmitteln:
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % seines Nettovermögens vorliegen.
Vorübergehender Kauf und Verkauf von Wertpapieren:
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds im Rahmen von bis zu 100 % seines Nettovermögens Geschäfte über den vorübergehenden Kauf oder Verkauf von Wertpapieren abschließen, die sich auf zulässige Finanzwerte oder auf Geldmarktinstrumente beziehen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kredittiteln von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
Einlagen:
Der Teilfonds kann bei der Verwahrstelle Einlagen bis zu einer Höhe von 20 % seines Nettovermögens tätigen.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird. Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit Anlagen an Schwellenmärkten verbundenes Risiko:
Der Fonds kann Schwellenmärkten ausgesetzt sein. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können. Folglich kann der etwaige Besitz dieser Wertpapiere das Portfoliorisiko erhöhen. Da sich die Marktrückläufigkeit deutlicher und rasanter darstellen kann als in den Industrieländern, kann der Nettoinventarwert stärker und schneller fallen, und die im Portfolio gehaltenen Unternehmen können einen Staat als Aktionär haben.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko im Zusammenhang mit Arbitragestrategien:
Der Teilfonds kann in OGA investieren, die Positionen auf den Terminmärkten eingehen können. Die Finanzmärkte können sich jedoch anders entwickeln als von den Hilfsmitteln, die die zugrunde liegenden OGA einsetzen, vorgesehen, was zu einem Rückgang des Nettoinventarwerts führen kann.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total ReturnSwaps:
Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Es besteht das Risiko einer unzureichenden Ausarbeitung der mit den Gegenparteien von Geschäften im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR, A CHF (H) und A USD (H): Alle Anleger.

Aktienklassen R EUR: Alle Anleger. Die Anteile werden insbesondere durch Vertriebsstellen in Umlauf gebracht, die von der Verwaltungsgesellschaft ausgewählt wurden.
I EUR-, I CHF (H)-, J EUR-, N EUR- und I USD (H)-Aktien: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter sowie die Gesamtheit der Aktionäre, die vor dem 21.03.2019 den Teilfonds gezeichnet haben.
Aktienklasse P EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter Aktienklassen CR EUR und CR USD (H): Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Dieser Teilfonds richtet sich insbesondere an Anleger, die eine diversifizierte Anlage suchen, die über den empfohlenen Anlagehorizont nicht mit den Hauptaktien- und Anleihenmärkten korreliert.
Natürlichen Personen wird empfohlen, dass die Anlage in diesen Teilfonds im Rahmen einer diversifizierten Portfoliozusammensetzung erfolgt, die auch Aktien- und Anleihenmarktengagements umfasst. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: 18 Monate
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „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“ und „R EUR“ | Aktienklasse „J EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über 12 Aktienklassen: Aktienklassen „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“ und „R EUR“.

| Die Aktienklasse A CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| --- |
| Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse A USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse CR USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse I CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse N EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse P EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |

- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

Anfänglicher Nettoinventarwert:
| Aktienklasse A CHF (H): | 98,01 CHF |
| --- | --- |
| Aktienklasse A EUR: | 547,00 € |
| Aktienklasse A USD (H): | 104,94 USD |
| Aktienklasse CR EUR: | 99,31 € |
| Aktienklasse CR USD (H): | 100 USD |
| Aktienklasse I CHF (H): | 98,86 CHF |
| Aktienklasse I EUR: | 5.864,81 € |

| Aktienklasse I USD (H): | 1.119,28 USD |
| --- | --- |
| Aktienklasse J EUR: | 100 EUR |
| Aktienklasse N EUR: | 1.080,97 € |
| Aktienklasse P EUR: | 100 EUR |
| Aktienklasse R EUR: | 100,61 € |

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A CHF (H): | 1 Aktie |
| --- | --- |
| Aktienklasse A EUR: | 1 Aktie |
| Aktienklasse A USD (H): | 1 Aktie |
| Aktienklasse CR EUR: | 1 Aktie |
| Aktienklasse CR USD (H): | 1 Aktie |
| Aktienklasse I CHF (H): | 500.000 Schweizer Franken |
| Aktienklasse I EUR: | 500.000 EUR |
| Aktienklasse I USD (H): | 500.000 USD |
| Aktienklasse J EUR: | 500.000 EUR |
| Aktienklasse N EUR: | 10.000.000 EUR |
| Aktienklasse P EUR: | 60.000.000 € |
| Aktienklasse R EUR: | 1 Aktie |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A CHF (H): | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse A USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse I USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse J EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse N EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse P EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse R EUR: | 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Zeichnungen und Rücknahmen der Aktienklassen „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“ und „R EUR“ werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften von der besonderen Situation des Zeichners und/oder von der Gerichtsbarkeit, der der FCP unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der
Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Satz |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Start nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A CHF (H): max. 1 % |
| Aktienklasse A EUR: max. 1 % |
| Aktienklasse A USD (H): max. 1 % |
| Aktienklasse CR EUR: max. 1 % |
| Aktienklasse CR USD (H): max. 1 % |
| Aktienklasse I CHF (H): entfällt |
| Aktienklasse I EUR: entfällt |
| Aktienklasse I USD (H): entfällt |
| Aktienklasse J EUR: entfällt |
| Aktienklasse N EUR: entfällt |
| Aktienklasse P EUR: max. 4 % |
| Aktienklasse R EUR: max. 1 % |
| Durch den Teilfonds EdR SICAV - Start vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Start nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Start vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 0,65 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 0,65 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,45 % inkl. aller Steuern* |
| Aktienklasse CR USD (H): max. 0,45 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,30 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,30 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,25 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,30 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,20 % inkl. aller Steuern* |
| Aktienklasse P EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,95 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse P EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,10 % inkl. aller Steuern* |
| Dienstleister,	die	Transaktions- provisionen erhalten: Depotbank zwischen 0 % und 50 % Verwaltungsgesellschaft	zwischen 50 % und 100 % | Anfallend je Transaktion | Auf Transaktionen: max. 0,35 % inkl. aller Steuern Bei Coupon-Inkasso: max. 1,20 % inkl. aller Steuern |

| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex LIBOR CHF 1 Monat. |
| --- | --- | --- |
| Aktienklasse A EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex Kapitalisierter €STR |
| Aktienklasse A USD (H): 15 % der Outperformance im Verhältnis zum Referenzindex Federal Funds Effective Rate (thesauriert) |
| Aktienklasse CR EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex Kapitalisierter €STR |
| Aktienklasse CR USD (H): 15 % der Outperformance im Verhältnis zum Referenzindex Federal Funds Effective Rate (thesauriert) |
| Aktienklasse I CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex LIBOR CHF 1 Monat. |
| Aktienklasse I EUR: 15 % der Outperformance im Verhältnis zum Referenzindex €STR thesauriert. |
| Aktienklasse I USD (H): 15 % der Outperformance im Verhältnis zum Referenzindex Federal Funds Effective Rate (thesauriert) |
| Aktienklasse J EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex Kapitalisierter €STR |
| Aktienklasse N EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex Kapitalisierter €STR |
| Aktienklasse P EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex Kapitalisierter €STR |
| Aktienklasse R EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex Kapitalisierter €STR |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben:
Referenzwert: der thesaurierte €STR für Aktienklassen in Euro und die thesaurierte Federal Funds Effective Rate für Aktienklassen in Dollar.
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder mehr beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode festgestellt. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
|  | Periode | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | Ziel-NV | 100 | 104 | 98 |  |  |  |  |
|  | NV | 100 | 102 | 106 |  |  |  |  |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |  |  |  |  |
| Period e | Kumulierte Wertentwicklu ng der Aktienklasse* | Kumulierte Wertentwicklu ng des Index* | Kumulierte relative Wertentwicklu ng* | Wertentwicklu ng der Aktienklasse im letzten Jahr | Wertentwicklu ng des Index im letzten Jahr | Relative Wertentwicklu ng im letzten Jahr | Vereinnahmu ng einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschobe n („A“) |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |

Periode	0	1	2	3	4	5	6
Kumulierte
Kumulierte
Kumulierte
Wertentwicklung
Wertentwicklung
Relative
Peri erneue
Periode
Wertentwicklung
Wertentwicklung
relative
der Aktienklasse
des Index im
Wertentwicklung
Vereinnahmung
/ verlä
der
des Index*
Wertentwicklung*
im letzten Jahr
letzten Jahr
im letzten Jahr
einer Provision
(„V“)
Aktienklasse*	aufgesc
(„A
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Research-Kosten im Sinne von Artikel 314-21 des allgemeinen Reglements der französischen Finanzmarktaufsicht (Règlement Général AMF) können dem Teilfonds in Höhe von bis zu 0,01 % seines Nettovermögens in Rechnung gestellt werden.
Vom Teilfonds EdR SICAV - Start vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV.
Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowie fürjegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Europe Midcaps
- Auflegungsdatum:Der Teilfonds wurde am Freitag, 4. Januar 2019 von der AMF zugelassen.

Der Teilfonds wurde am Donnerstag, 21. März 2019 durch Zusammenlegung durch Aufnahme des folgenden FCP aufgelegt:
-	Edmond de Rothschild Europe Midcaps wurde am 10. Mai 2005 gegründet
- ISIN-Code

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

- Besondere steuerliche Behandlung:Erfüllt die Voraussetzungen für Aktiensparpläne (PEA)
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- 
###### Mit der Finanzverwaltung beauftragte Stelle:

Edmond de Rothschild Asset Management (France) delegiert die Finanzverwaltung der SICAV teilweise an: Edmond de Rothschild (Suisse) S.A.
Diese Delegierung der Finanzverwaltung bezieht sich auf die Devisenabsicherung der abgesicherten Aktienklassen.
- AnlagezielDas Teilfondsmanagement strebt bei einem empfohlenen Anlagehorizont von mindestens fünf Jahren eine Steigerung des Nettoinventarwerts an. Dies soll mittels Anlagen in Unternehmen mit mittlerer Marktkapitalisierung in Europa erfolgen.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDer Teilfonds hat keinen Referenzindex. Sein Anlageuniversum ist nicht in vollem Umfang mit vorhandenen Indizes vergleichbar.

Das Anlageziel wird nicht in Abhängigkeit von einem Referenzindex bewertet. Zu Informationszwecken kann die Performance des Teilfonds nachträglich und über seinen Anlagehorizont von fünf Jahren hinweg mit dem Index Stoxx Europe Small 200 ex UK (NR) (Bloomberg-Ticker SCXG), ausgedrückt in Euro für die in Euro ausgegebenen Aktien und in US-Dollar für die in US-Dollar ausgegebenen Aktien mit Wiederanlage der Nettodividenden, verglichen werden. Dieser Index bildet 200 europäische Titel mit mittlerer Marktkapitalisierung ab.
Der Verwalter Stoxx Limited (Website: www.stoxx.com) des Referenzindex Stoxx Europe Small 200 ex UK (NR) ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die
Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte StrategienDer Teilfonds wird aktiv verwaltet und wählt Aktien aus einem Universum von überwiegend europäischen Werten außerhalb des Vereinigten Königreichs aus („Stock-Picking“). Die Auswahl der Aktien basiert auf dem Wertentwicklungspotenzial der einzelnen Aktien und erfolgt nicht nach sektoriellen oder geographischen Gesichtspunkten. Die europäischen Aktien außerhalb des Vereinigten Königreichs machen zwischen 75 % und 100% des Nettovermögens aus und werden nach der unten beschriebenen Strategie ausgewählt:
- Das Wertpapieruniversum, in das der Teilfonds investiert, umfasst hauptsächlich europäische Aktien außerhalb des Vereinigten Königreichs von Unternehmen mit kleiner und mittlerer Kapitalisierung.
- Die Heranziehung von Berichten externer Analysten soll dem Anlageverwalter dabei helfen, seine eigene Recherche auf eine kleinere Anzahl von dem Anlageuniversum entsprechenden Titeln zu beschränken. Auch die Auswahl der externen Analysten ist Gegenstand eines Selektionsprozesses, der von der Verwaltungsgesellschaft vorgegeben wird.
- Die auf diese Weise ausgewählten Wertpapiere werden anschließend einer quantitativen und dann qualitativen Analyse unterzogen. Für die Finanzanalyse der Wertpapiere werden insbesondere, jedoch nicht ausschließlich, folgende Koeffizienten herangezogen: Unternehmenswert/Umsatz, Unternehmenswert/Betriebsergebnis, Preis/neu berechnetes Nettovermögen, Wertpapierkurs/Nettorendite pro Aktie (KGB), KGV/Ergebniswachstum. Anschließend wählt der Anlageverwalter die Wertpapiere mit dem besten Wertentwicklungspotenzial aus.

Da der FCP auch Wertpapiere enthalten kann, die auf eine andere Währung als Euro lauten, kann er bis in Höhe des einfachen Nettovermögens dem Wechselkursrisiko ausgesetzt sein. Je nach den Vorausschätzungen des Anlageverwalters zur Baisse-Entwicklung der Kursschwankungen kann der Teilfonds zur Absicherung der Wertentwicklung (Deckung des Wechselkursrisikos) auf Devisenterminkontrakte oder Devisenswaps zurückgreifen.
Der Anlageverwalter bezieht systematisch ESG-Faktoren in seine Finanzanalyse ein, um die Unternehmen mit den besten Ratings auszuwählen.
Mindestens 90 % der Unternehmen im Portfolio haben ein ESG-Rating. Dabei handelt es sich entweder um ein eigenes ESG-Rating oder um ein Rating, das von einer externen Agentur für nichtfinanzielle Daten bereitgestellt wird. Am Ende dieses Verfahrens hat der Teilfonds ein ESG-Rating, das höher ist als das seines Anlageuniversums.
Umweltbezogene, soziale und Governance-Kriterien (ESG) sind eine der Komponenten der Anlageverwaltung, wobei ihre Gewichtung in der endgültigen Anlageentscheidung vorab nicht feststeht.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
. Verwendete VermögenswerteAktien:
Das Portfolio wird dauerhaft und/oder zu mindestens 75 % in europäische Aktien außerhalb des Vereinigten Königreichs kleinerer oder mittlerer Kapitalisierungen und in vergleichbare Wertpapiere investiert (z. B. Zeichnungsscheine).
Das Portfolio ist zu mindestens 60 % in Aktien der Europäischen Union investiert.
Mindestens 75 % des Portfolios sind dauerhaft in Wertpapiere investiert, die für Aktiensparpläne (PEA) zugelassen sind.
Forderungspapiere und Geldmarktinstrumente:
Die handelbaren Forderungspapiere und Geldmarktinstrumente werden zur Verwaltung der liquiden Mittel verwendet. Die Anlagen des Portfolios in Forderungspapieren und Geldmarktinstrumenten betragen 25 % des Portfolios. Diese im Rahmen der Barmittelverwaltung genutzten auf Euro lautenden Instrumente, deren Restlaufzeit in der Regel geringer als drei Monate ist, werden ohne Einschränkung des Verhältnisses Staatsanleihen/Unternehmensanleihen von souveränen Staaten, gleichwertigen Institutionen oder auch Unternehmen begeben, deren Rating A2 oder höher ist (Rating von Standard & Poor's oder ein anderes gleichwertiges und von einer anderen unabhängigen Agentur erteiltes Rating oder ein internes entsprechendes Rating der Verwaltungsgesellschaft).
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung in Form von Aktienfonds handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren oder um Positionen in spezialisierteren Sektoren aufzubauen (etwa im Technologie- oder Gesundheitsbereich), um Renten- und Geldmarktfonds einschließlich notierter Index-Fonds, um Barmittel zu verwalten, oder um Geldmarkt- und Rentenfonds, insbesondere um kurzfristige Investitionen zu tätigen.
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Derivate:
Der Teilfonds kann maximal in Höhe des einfachen Vermögens in Finanzkontrakte investieren, die an geregelten oder organisierten europäischen Märkten oder außerbörslich gehandelt werden, um zu Zwecken der Absicherung Devisenterminkontrakte oder Devisenswaps abzuschließen.
Darüber hinaus kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 50 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Aktien investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 20 %.
Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Titel mit eingebetteten Derivaten:
Entfällt. Einlagen:
Entfällt.
Aufnahme von Barmitteln:
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehender Kauf und Verkauf von Wertpapieren:
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds bis zu 20 % seines Nettovermögens für vorübergehende Ankäufe von Wertpapieren in Bezug auf zulässige Finanzwerte oder Geldmarktinstrumente abschließen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kredittiteln
von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Verbindung mit der Währung von Anteilen, die auf eine andere Währung als die des Teilfonds lauten: Der Aktionär bzw. Zeichner anderer Währungen als der Referenzwährung des Fonds (Euro) kann dem Wechselkursrisiko ausgesetzt sein, wenn dieses nicht abgesichert ist. Der Vermögenswert des Teilfonds kann bei Zinssatzschwankungen sinken, mit der Folge eines sinkenden Nettoinventarwerts des Teilfonds.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps(TRS):
Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Dabei handelt es sich um das Risiko einer mangelhaften Ausfertigung der mit den Gegenparteien von Geschäften im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR, A USD und A USD (H): Alle AnlegerAktienklasse R EUR : Alle Anleger, insbesondere ist jedoch die Vermarktung durch Vertriebsstellen vorgesehen, die zu diesem Zweck von der Verwaltungsgesellschaft ausgewählt werden, sowie an die Gesamtheit der Aktionäre, die den Teilfonds vor dem 21.03.2019 gezeichnet haben.

Aktienklassen I EUR, K EUR und I USD (H): Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter
Die Aktienklassen CR USD und CR EUR stehen allen Anlegern offen; diese Aktien können ausschließlich in den folgenden Fällen an Privatanleger (nicht professionelle Anleger oder professionelle Anleger auf Option) vermarktet werden:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Der Teilfonds richtet sich insbesondere an Anleger, die ihre Ersparnisse durch Anlagen an den europäischen Aktienmärkten, hauptsächlich in der Europäischen Union, dynamisieren möchten. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 5 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „A USD“, „A USD (H)“, „CR EUR“, „CR USD“, „I EUR“, „I USD (H)“, „K EUR“ und „R EUR“ |
| --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung |

| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung |
| --- | --- |

- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslos
- Merkmale der Aktien:Der Teilfonds verfügt über 9 Aktienklassen: Aktienklassen „A EUR“, „A USD“, „A USD (H)“, „CR EUR“, „CR USD“,„I EUR“, „I USD (H)“, „K EUR“ und „R EUR“

| Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| --- |
| Die Aktienklasse A USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse A USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse CR USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse I USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |
| Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. |

- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

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

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A EUR: | 1 Aktie |
| --- | --- |
| Aktienklasse A USD: | 1 Aktie |
| Aktienklasse A USD (H): | 1 Aktie |
| Aktienklasse CR EUR: | 1 Aktie |
| Aktienklasse CR USD: | 1 Aktie |
| Aktienklasse I EUR: | 500.000 EUR |
| Aktienklasse I USD (H): | 500.000 USD |
| Aktienklasse K EUR: | 500.000 EUR |
| Aktienklasse R EUR: | 1 Aktie |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A EUR: | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse A USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse I USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse R EUR: | 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben.
Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Zeichnungen und Rücknahmen der Aktienklassen „A EUR“, „A USD“, „A USD (H)“, „CR USD“, „CR EUR“, „R EUR“,
„I EUR“, „I USD (H)“ und „K EUR“ werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Satz |  |
| --- | --- | --- | --- |
|  | Durch den Teilfonds EdR SICAV - Europe Midcaps nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A EUR: max. 3 % |
| Aktienklasse A USD: max. 3 % |
| Aktienklasse A USD (H): max. 3 % |
| Aktienklasse CR EUR: max. 3 % |
| Aktienklasse CR USD: max. 3 % |
| Aktienklasse I EUR: entfällt |
| Aktienklasse I USD (H): entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse R EUR: max. 3 % |
| Durch den Teilfonds EdR SICAV - Europe Midcaps vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

| Durch den Teilfonds EdR SICAV - Europe Midcaps nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Europe Midcaps vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 1,95 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 1,95 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 1,65 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 1,65 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,95 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 1,10 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 2,35 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,15 % inkl. aller Steuern* |
| Dienstleister, die Transaktions- provisionen erhalten: Depotbank zwischen 0 % und 50 % Verwaltungsgesellschaft zwischen 50 % und 100 % | Anfallend je Transaktion | Variabel in Abhängigkeit des Instruments und insbesondere: - Pro Transaktion: von 0 bis 0,50 % max. + MwSt., (mindestens 0 € bis 200 € in Abhängigkeit vom Börsenplatz des Instruments) - Bei Vereinnahmung der Kupons: von 0 bis 5 % max. + MwSt. |

| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| --- | --- | --- |
| Aktienklasse A USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| Aktienklasse A USD (H): 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| Aktienklasse I EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| Aktienklasse I USD (H): 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |
| Aktienklasse K EUR: entfällt |
| Aktienklasse R EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex Stoxx Europe Small 200 ex UK mit Wiederanlage der Nettodividenden. |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex: Stoxx Europe Small 200 ex UK
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode t:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt. Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrundlag e: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Ziel-NV | 100 | 104 | 98 |  |  |  |  |
|  | NV | 100 | 102 | 106 |  |  |  |  |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |  |  |  |  |
| Perio- de | Kumulierte Wertentwick- lung der Aktienklas- se* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneu- ert („E“) / ver- längert („V“) oder aufge- schoben („A“) |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
| Peri- ode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wert- entwick- lung* | Wertent- wicklung der Aktien- klasse im letzten Jahr | Wertentwick- lung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnah- mung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz- NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Ja | E | Ja |

Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Europe Midcaps vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV.
Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowiefür jegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV - Equity US Solve
- Auflegungsdatum:Der Teilfonds wurde am Dienstag, 2. April 2019 von der AMF zugelassen. Der Teilfonds wurde am 24. April 2019 aufgelegt.
- ISIN-Code

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

- Besondere steuerliche Behandlung:entfällt
- 
###### Mit der Finanzverwaltung beauftragte Stelle:

Edmond de Rothschild Asset Management (France) delegiert die Finanzverwaltung der SICAV teilweise an: Edmond de Rothschild (Suisse) S.A.
Diese Delegierung der Finanzverwaltung bezieht sich auf die Devisenabsicherung der abgesicherten Aktienklassen.
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds verfolgt das Ziel, über seinen empfohlenen Anlagehorizont teilweise an der Entwicklung der nordamerikanischen Aktienmärkte teilzuhaben und dabei in Abhängigkeit von den Vorausschätzungen des Anlageverwalters auf den Termin- und Optionsmärkten eine ständige vollständige oder teilweise Absicherung gegen das Aktienrisiko vorzunehmen.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDas Anlageziel des Teilfonds steht mit keinem Marktindikator in Beziehung, sofern der Teilfonds Absicherungsstrategien gegen Aktienrisiken verfolgt.

Jedoch kann die Wertentwicklung der Aktien der Klassen A EUR (H), B EUR (H), CR EUR (H), CRD EUR (H), I EUR (H), J EUR (H) und K EUR (H) des Teilfonds im Nachhinein mit einem Referenzindex verglichen werden, der
sich zu 56 % aus dem Index S&P 500 mit Wiederanlage der Nettodividenden, abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt.
Der €STR (Euro Short Term Rate) ist ein Zinssatz, der von der Europäischen Zentralbank berechnet und verwaltet wird. Er spiegelt den Tagesgeldsatz in Euro für Darlehen von ausgewählten Banken der Eurozone wider.
Alle Informationen zum Index €STR (Euro Short Term Rate) sind auf der Website der Europäischen Zentralbank (EZB) verfügbar: https://www.ecb.europa.eu/.
Der Index Standard & Poor's 500 (S&P 500) repräsentiert 500 US-Gesellschaften mit hoher Marktkapitalisierung. Weitere Informationen zur Zusammensetzung und zu den Funktionsregeln des Index sind auf www.standardandpoors.com verfügbar.
Der Administrator S&P Dow Jones Indices LLC (Website: www.standardandpoors.com) des Referenzindex Standard & Poor’s 500 ist in das von der ESMA geführte Register der Administratoren und Benchmarks eingetragen.
„Die Wertentwicklung der Aktien der Klassen A CHF (H), B CHF (H), I CHF (H) und J CHF (H) kann im Nachhinein mit einem Referenzindex verglichen werden, der sich zu 56 % aus dem Index S&P 500 mit Wiederanlage der Nettodividenden, abgesichert in CHF, und zu 44 % aus dem thesaurierten CHF LIBOR Overnight zusammensetzt. Der Verwalter ICE Benchmark Administration Limited (Website: https://www.theice.com/iba) des Referenzindex LIBOR CHF Overnight (kapitalisiert) ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen. Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener seiner Referenzindizes abweichen, die lediglich als Vergleichsindizes dienen.
Die Wertentwicklung der Aktien der Klasse A GBP (H) kann im Nachhinein mit einem Referenzindex verglichen werden, der sich zu 56 % aus dem Index S&P 500 mit Wiederanlage der Nettodividenden, abgesichert in GBP, und zu 44 % aus dem thesaurierten LIBOR GBP Overnight zusammensetzt. Der Verwalter ICE Benchmark Administration Limited (Website: https://www.theice.com/iba) des Referenzindex LIBOR GBP Overnight (kapitalisiert) ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen. Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener seiner Referenzindizes abweichen, die lediglich als Vergleichsindizes dienen.
Die Wertentwicklung der Aktien der Klassen A USD, B USD, CR USD, CRD USD I USD , J USD und K USD kann im Nachhinein mit einem Referenzindex verglichen werden, der sich zu 56 % aus dem Index S&P 500 mit Wiederanlage de Nettodividenden und zu 44 % aus der thesaurierten Federal Funds Effective Rate zusammensetzt. Die thesaurierte Federal Funds Effective Rate entspricht dem Durchschnitt der Tagesgeldzinssätze der Dollar-Zone, wird von der US-Notenbank in New York berechnet und stellt den risikofreien Zinssatz der Dollar-Zone dar.
Zum Datum der letzten Aktualisierung dieses Prospekts fällt der von der US-Notenbank verwaltete Referenzindex Federal Funds Effective Rate (Website: https://www.federalreserve.gov/) unter die Ausnahmeregelung gemäß Artikel 2.2 der Referenzwerte-Verordnung für Zentralbanken und wurde demnach nicht bei der ESMA registriert.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- Anlagestrategie. Eingesetzte StrategienDer Teilfonds nutzt eine diskretionäre Verwaltung, die auf ein Engagement in den nordamerikanischen Aktienmärkten abzielt, indem sie in nordamerikanische Aktien oder über derivative Instrumente in nordamerikanische Aktien oder Aktienindizes oder über OGA investiert. Die Verwaltungsgesellschaft steuert das Engagement im Aktienrisiko zwischen 0 % und 90 % des Nettovermögens, indem sie Absicherungsstrategien mittels Anlagen auf den Termin- und Optionsmärkten umsetzt. Das Engagement in den Aktienmärkten wird mittels einer „Kern“-Verwaltung erzielt, die sich auf Futures auf Indizes, nordamerikanische Aktien, die Bestandteil des Index S&P 500 sein können, oder ETF stützt. Dieser zur Seite steht ein „Satelliten“-Ansatz, der aktiv mit dem Ziel der Diversifizierung verwaltet wird. Mittels dieses „Satelliten“-Bereichs kann der Anlageverwalter bestimmte Sektorschwerpunkte in Abhängigkeit von den Markterwartungen betonen oder abschwächen. Diese Anlagen können über verbriefte Wertpapiere, OGA, Futures oder Optionen auf Indizes erfolgen.

Der Anlageverwalter bezieht systematisch ESG-Faktoren in seine Finanzanalyse ein, um die Unternehmen mit den besten Ratings auszuwählen.
Mindestens 90 % der Unternehmen im Portfolio haben ein ESG-Rating. Dabei handelt es sich entweder um ein eigenes ESG-Rating oder um ein Rating, das von einer externen Agentur für nichtfinanzielle Daten bereitgestellt
wird. Am Ende dieses Verfahrens hat der Teilfonds ein ESG-Rating, das höher ist als das seines Anlageuniversums.
Umweltbezogene, soziale und Governance-Kriterien (ESG) sind eine der Komponenten der Anlageverwaltung, wobei ihre Gewichtung in der endgültigen Anlageentscheidung vorab nicht feststeht.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein. Die Auswahl der Aktien erfolgt gemäß nachstehend beschriebener Strategie:
- Bei der Auswahl des Anlageuniversums werden quantitative Filter verwendet, anhand derer die nordamerikanischen Werte bestimmt werden, die als akzeptabel erachtet und Gegenstand zusätzlicherAnalysen sein werden. Diese Filter ermöglichen es, das Universum aus Titeln gemäß der Analyse der Verwaltungsgesellschaft zu definieren, ohne Beschränkungen hinsichtlich der Sektoren oder Regionen vorzunehmen.
- Die Heranziehung externer Analysen soll dem Anlageverwalter dabei helfen, seine eigene Recherche auf eine kleinere Anzahl von dem Anlageuniversum entsprechenden Titeln zu beschränken. Auch die Auswahl der externen Analysten ist Gegenstand eines Selektionsprozesses, der von der Verwaltungsgesellschaft vorgegeben wird.
- Die so ausgewählten Titel werden schließlich einer quantitativen und dann qualitativen Analyse unterzogen. Der Anlageverwalter stellt aus den Titeln, die gemäß der Analyse der Verwaltungsgesellschaft das beste Wachstums- und Performancepotenzial aufweisen, ein konzentriertes Portfolio zusammen.

Zwar soll das Engagement überwiegend auf den Aktienmärkten erfolgen, doch kann der Teilfonds auch bis zu 100 % seines Nettovermögens in Forderungspapiere und Geldmarktinstrumente investieren, die auf Dollar oder andere Währungen lauten.
Der Teilfonds zielt auf Emissionen von staatlichen oder privaten Emittenten ab, die eine Restlaufzeit von maximal
397 Tagen für festverzinsliche Emissionen und maximal zwei Jahre für Emissionen mit variablem Zinssatz aufweisen.
Bei diesen Titeln handelt es sich überwiegend um solche mit Investment-Grade-Rating, d. h. Titel, bei denen das Zahlungsausfallrisiko des Emittenten am geringsten ist (Titel mit einem Rating von mindestens BBB- oder mit einem kurzfristigen Rating von mindestens A-3 gemäß Standard & Poor's oder einer gleichwertigen Agentur oder Titel, die ein gleichwertiges internes Rating der Verwaltungsgesellschaft aufweisen). Titel, die kein Rating einer Ratingagentur aufweisen, aber ein Rating von „Investment Grade“ von der Verwaltungsgesellschaft erhalten haben, sind jedoch auf 15 % des Nettovermögens begrenzt.
Bis zu 10 % des Nettovermögens kann der Teilfonds auch in „High Yield“-Titel investieren, d. h. spekulative Titel, bei denen das Zahlungsausfallrisiko des Emittenten höher ist (Titel mit einem Rating unter BBB- oder einem kurzfristigen Rating von höchstens A-3 gemäß Standard & Poor's oder einer gleichwertigen Agentur oder Titel, die ein gleichwertiges internes Rating der Verwaltungsgesellschaft aufweisen).
Ferner kann der Teilfonds bis zu einer Höhe von 10 % des Nettovermögens in Anteile oder Aktien von OGA oder anderen zulässigen Investmentfonds investieren, unabhängig von deren Klassifizierung, um insbesondere Folgendes zu erreichen:
- um ein stärkeres Engagement in den Aktienmärkten einzugehen oder um das Engagement durch andere Vermögensklassen zu diversifizieren (beispielsweise durch Fonds, die in Titel von Gesellschaften des Rohstoff- oder Immobiliensektors investiert sind);
- oder zu Zwecken der Verwaltung von Barmitteln (Geldmarkt- und Anleihen-OGA).

Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung seiner Anlageziele kann der Teilfonds Pensionsgeschäfte mit Wertpapieren oder zulässigen Geldmarktinstrumenten tätigen, wobei eine Obergrenze von 25 % seines Nettovermögens gilt. Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente
deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Der Teilfonds kann Titel halten, die auf andere Währungen als den Dollar lauten. Er kann insbesondere in auf Euro und Kanadische Dollar lautende Titel investieren. Diese Titel werden gegen das Wechselkursrisiko abgesichert. Trotzdem kann weiterhin ein Restengagement im Währungsrisiko von bis zu 10 % des Nettovermögens bestehen.
Der Teilfonds kann bis zu 100 % seines Nettovermögens in außerbörslich gehandelten derivativen Instrumenten oder an einem geregelten oder organisierten Markt gehandelten Finanzkontrakten anlegen, um insbesondere Folgendes abzuschließen:
- Aktien- und Aktienindexoptionen
- Devisenterminkontrakte
- Devisenswaps und Devisentermingeschäfte
- Aktienindex-Futures
- Futures und/oder Optionen auf VolatilitätsindizesDie Nutzung von derivativen Instrumenten erfolgt zu Zwecken der Absicherung und des Engagements, wobei das Engagement im Aktienrisiko zwischen 0 % und 90 % liegen kann.

Konkret wird die Umsetzung der Absicherung, durch die das Engagement im Aktienrisiko zwischen 0 % und 90 % gehalten werden soll, in diskretionärer Weise durch das Verwaltungsteam in Abhängigkeit von seinen Vorausschätzungen und den Marktbedingungen festgelegt. Das Ziel der Umsetzung dieser Strategien besteht darin, starke Erschütterungen der Aktienmärkte abzufedern. Sie geht mit geringeren Gewinnen in Hausse-Phasen einher, wobei die Kosten der Portfolioabsicherung auf taktische und opportunistische Weise durch das Verwaltungsteam optimiert werden sollen.
Die Anleger werden auf die Tatsache hingewiesen, dass die Hausse- und Baisse-Phasen auf diskretionäre Weise durch die Verwaltungsteams entsprechend ihren Vorausschätzungen hinsichtlich der Entwicklung der Märkte ermittelt werden und daher gegebenenfalls nicht mit den tatsächlichen Markttrends übereinstimmen.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
. Verwendete VermögenswerteAktien:
Im Rahmen der Instrumente, die zum Aufbau eines Engagements in den nordamerikanischen Aktienmärkten genutzt werden, kann das Portfolio bis zu 100 % seines Vermögens in nordamerikanische Aktien investieren.
Forderungspapiere und Geldmarktinstrumente:
Der Teilfonds kann bis zu 100 % des Nettovermögens gleichermaßen in handelbaren Forderungspapieren und Anleihen investiert sein, die in Dollar oder jeder anderen Währung durch private oder staatliche Rechtsträger begeben werden.
Der Teilfonds zielt auf Emissionen von staatlichen oder privaten Emittenten ab, die eine Restlaufzeit von maximal
397 Tagen für festverzinsliche Emissionen und maximal zwei Jahre für Emissionen mit variablem Zinssatz aufweisen.
Bei diesen Titeln handelt es sich überwiegend um solche mit Investment-Grade-Rating, d. h. Titel, bei denen das Zahlungsausfallrisiko des Emittenten am geringsten ist (Titel mit einem Rating von mindestens BBB- oder mit einem kurzfristigen Rating von mindestens A-3 gemäß Standard & Poor's oder einer gleichwertigen Agentur oder Titel, die ein gleichwertiges internes Rating der Verwaltungsgesellschaft aufweisen). Titel, die kein Rating einer Ratingagentur aufweisen, aber ein Rating von „Investment Grade“ von der Verwaltungsgesellschaft erhalten haben, sind jedoch auf 15 % des Nettovermögens begrenzt.
Bis zu 10 % des Nettovermögens kann der Teilfonds auch in „High Yield“-Titel investieren, d. h. spekulative Titel, bei denen das Zahlungsausfallrisiko des Emittenten höher ist (Titel mit einem Rating unter BBB- oder einem kurzfristigen Rating von höchstens A-3 gemäß Standard & Poor's oder einer gleichwertigen Agentur oder Titel, die ein gleichwertiges internes Rating der Verwaltungsgesellschaft aufweisen).
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Titels in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte
Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren, einschließlich notierter Index-Fonds, um das Engagement in den Aktienmärkten oder in anderen Vermögensklassen zu erhöhen (z. B. Rohstoffe oder Immobilien).
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Derivate:
Der Teilfonds kann bis zu einer Höhe von 100 % des Nettovermögens auf Finanzkontrakte zurückgreifen, die an den geregelten, organisierten Märkten oder außerbörslich gehandelt werden, um Folgendes abzuschließen:
- Aktien- und Aktienindexoptionen zu Zwecken der Absicherung und des Engagements in den amerikanischen Aktienmärkten;
- Devisenterminkontrakte, um die Wechselkursrisiken des zugrunde liegenden Portfolios zu begrenzen;
- Devisenswaps und Devisentermingeschäfte;
- Aktienindex-Futures zu Zwecken der Absicherung und des Engagements.
- Futures und/oder Optionen auf VolatilitätsindizesAußerdem kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 80 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Aktien, Aktienindizes und/oder Aktienkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 30 %.

Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Konkret wird die Umsetzung der vollständigen oder teilweisen Absicherung des Aktienrisikos in diskretionärer Weise durch das Verwaltungsteam in Abhängigkeit von seinen Vorausschätzungen und den Marktbedingungen festgelegt.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Im Rahmen der eingesetzten Absicherungsstrategien kann der Teilfonds insbesondere die folgenden Sicherungsgeschäfte nutzen:
- Kauf von Verkaufsoptionen und Verkauf von Kaufoptionen;
- gleichzeitige Verkaufs- und Kauftransaktionen von ähnlichen Optionen auf denselben Basiswert, jedoch zu unterschiedlichen Ausübungspreisen.

Wertpapiere mit eingebetteten Derivaten (bis zu 100 % des Nettovermögens):
Zur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann nur bis zu 100 % des Nettovermögens in kündbare oder rückzahlungspflichtige Schuldverschreibungen investieren.
Einlagen:
Entfällt
Aufnahme von Barmitteln:
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehender Kauf und Verkauf von Wertpapieren:
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds bis zu 25 % seines Nettovermögens für vorübergehende Ankäufe von Wertpapieren in Bezug auf zulässige Finanzwerte oder Geldmarktinstrumente abschließen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kreditprodukten von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte können erhebliche Schwankungen des Nettovermögens verursachen, wodurch die Wertentwicklung des Nettoinventarwerts des Teilfonds negativ beeinflusst werden kann.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total ReturnSwaps:
Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Es besteht das Risiko einer unzureichenden Ausarbeitung der mit den Gegenparteien von Geschäften im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass
diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A CHF (H), A EUR (H), A GBP (H), A USD, B CHF (H), B EUR (H), B USD: Alle AnlegerAktienklassen CR EUR (H), CR USD, CRD EUR (H) und CRD USD: Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Aktienklassen I CHF (H), I EUR (H), I USD, J CHF(H), J EUR (H), J USD, K EUR (H) und K USD: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter Diese Aktien sind jedoch insbesondere für Versicherungsgesellschaften bestimmt, die den Anforderungen der „Solvabilität II“-Richtlinie unterliegen. Absicherungsstrategien werden unter Bedingungen umgesetzt und verwaltet, unter denen sie als
„Risikominderungstechnik“ im Sinne der Richtlinie 2009/138/EG vom 25. November 2009 (der sogenannten
„Solvabilität II-Richtlinie“) angesehen werden können und damit die Verringerung des erforderlichen SRC-Niveaus (Solvency Capital Requirement, Solvenzkapitalanforderung) für die betroffenen Anleger ermöglichen. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 3 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen A CHF (H), „A EUR (H)“, „A GBP (H)“, „A USD“, „CR EUR (H)“, „CR USD“, „I CHF (H)“, „I EUR (H)“, „I USD“, „K EUR (H)“ und „K USD“ | Aktienklassen „B CHF (H)“, „B EUR (H)“, „B USD“, „CRD EUR (H)“, „CRD USD“, „J CHF (H)“, „J EUR (H)“ und „J USD“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über 19 Aktienklassen: Aktienklassen „A CHF (H)“, „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 (H)“,„I USD“, „J CHF (H)“, „J EUR (H)“, „J USD“ „K EUR (H)“ und „K USD“.

Die Aktienklasse A CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A GBP (H) lautet auf Pfund Sterling und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse B USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CRD EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CRD USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse J USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K EUR (H) lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen und amerikanischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A. und der NYSE).

Anfänglicher Nettoinventarwert:
| Aktienklasse A CHF (H): | 100 CHF |
| --- | --- |
| Aktienklasse A EUR (H): | 100 € |
| Aktienklasse A GBP (H): | 100 GBP |
| Aktienklasse A USD: | 100 USD |
| Aktienklasse B CHF (H): | 100 CHF |
| Aktienklasse B EUR (H): | 100 EUR |
| Aktienklasse B USD: | 100 USD |
| Aktienklasse CR EUR (H): | 100 EUR |
| Aktienklasse CR USD: | 100 USD |
| Aktienklasse CRD EUR (H): | 100 EUR |
| Aktienklasse CRD USD: | 100 USD |
| Aktienklasse I CHF (H): | 100 CHF |
| Aktienklasse I EUR (H): | 100 EUR |
| Aktienklasse I USD: | 100 USD |
| Aktienklasse J CHF(H): | 100 CHF |
| Aktienklasse J EUR (H): | 100 EUR |
| Aktienklasse J USD: | 100 USD |
| Aktienklasse K EUR (H): | 100 EUR |
| Aktienklasse K USD: | 100 USD |

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A CHF (H): | 1 Aktie |
| --- | --- |
| Aktienklasse A EUR (H): | 1 Aktie |
| Aktienklasse A GBP (H): | 1 Aktie |
| Aktienklasse A USD: | 1 Aktie |
| Aktienklasse B CHF (H): | 1 Aktie |
| Aktienklasse B EUR (H): | 1 Aktie |
| Aktienklasse B USD: | 1 Aktie |
| Aktienklasse CR EUR (H): | 1 Aktie |
| Aktienklasse CR USD: | 1 Aktie |
| Aktienklasse CRD EUR (H): | 1 Aktie |
| Aktienklasse CRD USD: | 1 Aktie |
| Aktienklasse I CHF (H): | 500.000 CHF |
| Aktienklasse I EUR (H): | 500.000 EUR |
| Aktienklasse I USD: | 500.000 USD |
| Aktienklasse J CHF(H): | 500.000 CHF |
| Aktienklasse J EUR (H): | 500.000 EUR |
| Aktienklasse J USD: | 500.000 USD |
| Aktienklasse K EUR (H): | 500.000 EUR |
| Aktienklasse K USD: | 500.000 USD |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A CHF (H): | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A EUR (H): | 1 Tausendstel eines Anteils. |

| Aktienklasse A GBP (H): | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse B CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse B EUR (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse B USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse CR USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD EUR (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse I CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse J CHF(H): | 1 Tausendstel eines Anteils. |
| Aktienklasse J EUR (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse J USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse K USD: | 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien „A CHF (H)“, „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 (H)“, „I USD“, „J
CHF (H)“, „J EUR (H)“, „J USD“ „K EUR (H)“ und „K USD“ werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften von der besonderen Situation des Zeichners und/oder von der Gerichtsbarkeit, der der FCP unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts:
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich derKosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Satz |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Equity US Solve nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Aktienklasse A CHF (H): max. 3 % |
| Aktienklasse A EUR (H): max. 3 % |
| Aktienklasse A GBP (H): max. 3 % |
| Aktienklasse A USD: max. 3 % |
| Aktienklasse B CHF (H): max. 3 % |
| Aktienklasse B EUR (H): max. 3 % |
| Aktienklasse B USD: max. 3 % |
| Aktienklasse CR EUR (H): max. 3 % |
| Aktienklasse CR USD: max. 3 % |
| Aktienklasse CRD EUR (H): max. 3 % |
| Aktienklasse CRD USD: max. 3 % |
| Aktienklasse I CHF (H): entfällt |
| Aktienklasse I EUR (H): entfällt |
| Aktienklasse I USD: entfällt |
| Aktienklasse J CHF (H): entfällt |
| Aktienklasse J EUR (H): entfällt |
| Aktienklasse J USD: entfällt |
| Aktienklasse K EUR (H): entfällt |
| Aktienklasse K USD: entfällt |
| Durch den Teilfonds EdR SICAV - Equity US Solve vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Equity US Solve nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Equity US Solve vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungsgrundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 1,20 % inkl. aller Steuern* |
| Aktienklasse A EUR (H): max. 1,20 % inkl. aller Steuern* |
| Aktienklasse A GBP (H): max. 1,20 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 1,20 % inkl. aller Steuern* |
| Aktienklasse B CHF (H): max. 1,20 % inkl. aller Steuern* |
| Aktienklasse B EUR (H): max. 1,20 % inkl. aller Steuern* |
| Aktienklasse B USD: max. 1,20 % inkl. aller Steuern* |
| Aktienklasse CR EUR (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse CRD EUR (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse CRD USD: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse I EUR (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse I USD: max. 0,55 % inkl. aller Steuern* |
| Aktienklasse J CHF (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse J EUR (H): max. 0,55 % inkl. aller Steuern* |
| Aktienklasse J USD: max. 0,55 % inkl. aller Steuern* |
| Aktienklasse K EUR (H): max. 0,75 % inkl. aller Steuern* |
| Aktienklasse K USD: max. 0,75 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft* *, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A GBP (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CRD EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CRD USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J USD: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse K EUR (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse K USD: max. 0,10 % inkl. aller Steuern* |
| Transaktionsprovisionen | Auf den Betrag der Transaktion | Entfällt |
| Erfolgsabhängige Provision (1) | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in CHF, und zu 44 % aus dem thesaurierten LIBOR CHF Overnight zusammensetzt |
| Aktienklasse A EUR (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index  S&P  500  mit  wiederangelegten  Nettodividenden, |

|  |  | abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt |
| --- | --- | --- |
| Aktienklasse A GBP (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in GBP, und zu 44 % aus dem thesaurierten LIBOR GBP Overnight zusammensetzt |
| Aktienklasse A USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden und zu 44 % aus dem thesaurierten Federal Funds Effective Rate zusammensetzt |
| Aktienklasse B CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in CHF, und zu 44 % aus dem thesaurierten LIBOR CHF Overnight zusammensetzt |
| Aktienklasse B EUR (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt |
| Aktienklasse B USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden und zu 44 % aus der thesaurierten Federal Funds Effective Rate zusammensetzt |
| Aktienklasse CR EUR (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt |
| Aktienklasse CR USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden und zu 44 % aus der thesaurierten Federal Funds Effective Rate zusammensetzt |
| Aktienklasse CRD EUR (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt |
| Aktienklasse CRD USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden und zu 44 % aus der thesaurierten Federal Funds Effective Rate zusammensetzt |
| Aktienklasse I CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in CHF, und zu 44 % aus dem thesaurierten LIBOR CHF Overnight zusammensetzt |
| I EUR (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt |
| Aktienklasse I USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden und zu |

|  |  | 44 % aus der thesaurierten Federal Funds Effective Rate zusammensetzt |
| --- | --- | --- |
| Aktienklasse J CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in CHF, und zu 44 % aus dem thesaurierten LIBOR CHF Overnight zusammensetzt |
| Aktienklasse J EUR (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden, abgesichert in EUR, und zu 44 % aus dem thesaurierten €STR zusammensetzt |
| Aktienklasse J USD: 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 56 % aus dem Index S&P 500 mit wiederangelegten Nettodividenden und zu 44 % aus der thesaurierten Federal Funds Effective Rate zusammensetzt |
| Aktienklasse K EUR (H): entfällt |
| Aktienklasse K USD: entfällt |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben:
Referenzindex: Zusammengesetzter Index aus 56 % S&P 500 mit wiederangelegten Nettodividenden (abgesichert in EUR) und 44 % thesaurierter €STR
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder mehr beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode festgestellt. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Ziel-NV | 100 | 104 | 98 |  |  |  |  |
|  | NV | 100 | 102 | 106 |  |  |  |  |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |  |  |  |  |
| Perio- de | Kumulierte Wertentwick- lung der Aktienklas- se* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneu- ert („E“) / ver- längert („V“) oder aufge- schoben („A“) |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

| Perio- de | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wert- entwick- lung* | Wertent- wicklung der Aktien- klasse im letzten Jahr | Wertentwick- lung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz- NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Ja | E | Ja |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Equity US Solve vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV.
Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowie fürjegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV – Global Opportunities
- 
###### Auflegungsdatum:

Der Teilfonds wurde am Freitag, 26. Juli 2019 von der AMF zugelassen.
Der Teilfonds wurde am 12. September 2019 durch Einbringung der Anteilsklasse C des folgenden FCP aufgelegt:
- CA EdRAM Opportunités, errichtet am 11. Januar 2008
- 
###### ISIN-Code

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

- Besondere steuerliche Behandlung:Entfällt.
- 
###### Mit der Finanzverwaltung beauftragte Stelle:

Edmond de Rothschild Asset Management (France) delegiert die Finanzverwaltung der SICAV teilweise an: Edmond de Rothschild (Suisse) S.A.
Diese Delegierung der Finanzverwaltung bezieht sich auf die Devisenabsicherung der abgesicherten Aktienklassen.
- 
###### Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen Rechts:

Bis zu 10 % seines Nettovermögens.
- 
###### Anlageziel

Anlageziel ist eine über jener des Referenzindex liegende Wertentwicklung bei einem empfohlenen Anlagehorizont von mehr als fünf Jahren durch die diskretionäre und opportunistische Verwaltung eines diversifizierten Portfolios aus verschiedenen Anlageklassen (darunter Aktien, Zinsen, Währungen) ohne Einschränkungen hinsichtlich des Sektors oder der geografischen Region. Das Anlageziel unterscheidet sich unter Berücksichtigung der Währung, auf die die gezeichnete Aktienklasse lautet:
- Für die Klassen A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR und K EUR: Das Anlageziel besteht in der Erzielung einer annualisierten Nettoperformance, die über den empfohlenen Anlagehorizont den €STR zuzüglich 3 % übertrifft.
- Für die Klassen A CHF (H) und I CHF (H): Das Anlageziel besteht in der Erzielung einer annualisierten Nettoperformance, die über den empfohlenen Anlagehorizont den thesaurierten 1-Monats-CHF-LIBOR zuzüglich 3 % übertrifft.
- Für die Klassen A USD (H) und I USD (H): Das Anlageziel besteht in der Erzielung einer annualisierten Nettoperformance, die über den empfohlenen Anlagehorizont die thesaurierte Federal Funds Effective Rate zuzüglich 3 % übertrifft.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- 
###### Referenzindex

Der Referenzindex, mit dem die Wertentwicklung der Aktienklassen A EUR, B EUR, CR EUR, CRD EUR, I EUR, J EUR und K EUR verglichen werden kann, ist der thesaurierte €STR zuzüglich 3 %. 
Der €STR (Euro Short Term Rate) ist ein Zinssatz, der von der Europäischen Zentralbank berechnet und verwaltet wird. Er spiegelt den Tagesgeldsatz in Euro für Darlehen von ausgewählten Banken der Eurozone wider.
Alle Informationen zum Index €STR (Euro Short Term Rate) sind auf der Website der Europäischen Zentralbank (EZB) verfügbar: https://www.ecb.europa.eu/.
Der Referenzindex, mit dem die Wertentwicklung der Aktienklassen A USD (H) und I USD (H) verglichen werden kann, ist die thesaurierte Federal Funds Effective Rate zuzüglich 3 %. Die Federal Funds Effective Rate entspricht dem Durchschnitt der Tagesgeldzinsen in der US-Dollar-Zone. Er wird von der US-Notenbank berechnet und stellt den risikofreien Zinssatz der US-Dollar-Zone dar. Zum Datum der letzten Aktualisierung dieses Prospekts fällt der von der US-Notenbank verwaltete Referenzindex Federal Funds Effective Rate (Website: https://www.federalreserve.gov/) unter die Ausnahmeregelung gemäß Artikel 2.2 der Referenzwerte-Verordnung für Zentralbanken und wurde demnach nicht bei der ESMA registriert.
Der Referenzindex, mit dem die Wertentwicklung der Aktienklassen A CHF (H) et I CHF (H) verglichen werden kann, ist der thesaurierte 1-Monats-CHF-Libor zuzüglich 3 %. Der Verwalter ICE Benchmark Administration Limited (Website: https://www.theice.com/iba) des Referenzindex Libor CHF 1 Monat (kapitalisiert) ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen. Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener seiner Referenzindizes abweichen, die lediglich als Vergleichsindizes dienen.
Die zugrunde liegenden Zinssätze und Indizes wurden annualisiert. Die Berechnung der Wertentwicklung dieser Indizes berücksichtigt die Kupons.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
- 
###### Anlagestrategie

. Eingesetzte Strategien:
Die Verwaltungsgesellschaft verfügt über ein Verwaltungsmandat mit diskretionärer und opportunistischer Dispositionsbefugnis. Das Vermögen des Teilfonds wird auf direktem Wege oder daneben über das Halten von Anteilen oder Aktien von OGAW französischen oder europäischen Rechts und von AIF französischen Rechts des Typs Fonds d'Investissement à Vocation Générale (FIVG), einschließlich indexgebundener Produkte, in Aktien und Forderungspapiere investiert, ohne Allokationseinschränkung hinsichtlich der verschiedenen Anlageklassen oder Einschränkungen bezüglich des Sektors oder der geografischen Region. Die Überzeugungen können sich auch in der Nutzung derivativer Instrumente zu Zwecken des Engagements, der Absicherung oder der Arbitrage widerspiegeln. (Arbitragestrategien zielen darauf ab, von Bewertungsunterschieden und/oder Abweichungen von Fundamentaldaten und der Positionierung zwischen verschiedenen Marktsegmenten zu profitieren, sowohl an den Aktienmärkten als auch an den Zins-, Kredit- und Devisenmärkten. Diese Strategien ermöglichen es, die Korrelation des Fonds zu den verschiedenen Anlageklassen zu verringern, indem sie eine geringere Abhängigkeit von rein direktionalen Strategien bewirken). Das Gesamtengagement des Portfolios in den verschiedenen Anlageklassen, einschließlich der Nutzung derivativer Finanzinstrumente, erfolgt innerhalb der Grenzen, die bezüglich des absoluten VaR unter Anwendung der Value-at-Risk-Berechnungsmethode festgelegt wurden.
Die Allokation von Vermögenswerten erfolgt in Abhängigkeit von folgenden Ansätzen:
Top-Down-Ansatz: Der Top-Down-Ansatz beruht vor allem auf einer makroökonomischen Analyse der verschiedenen Anlageklassen, Marktsegmente, Sektoren oder Länder im Rahmen der Portfolioallokation. Mithilfe dieser Analyse werden Marktszenarien bestimmt, die ausgehend von den Einschätzungen des Verwaltungsteams festgelegt werden. Es besteht keine vorgegebene Einschränkung, so dass das Managementteam die Möglichkeit hat, seinen Überzeugungen entsprechend zu investieren.
Diese wird durch einen Selektionsprozess von Wertpapieren vervollständigt (Bottom-Up-Ansatz).
Bottom-Up-Ansatz: Dieser Prozess zielt darauf ab, innerhalb einer Anlageklasse, eines Marktsegments, eines Sektors oder eines Landes die Instrumente und/oder Emittenten zu identifizieren, die gegenüber den anderen einen relativ höheren Wert aufweisen und somit gemäß den internen Kriterien der Verwaltungsgesellschaft am attraktivsten scheinen. Das Auswahlverfahren für die Instrumente und/oder Emissionen beruht auf einer Analyse der Fundamentaldaten und der Bewertung eines jeden Emittenten unter Berücksichtigung der Besonderheiten seines Universums.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds integriert keine anderen ökologischen oder sozialen Merkmale in das Anlageauswahlverfahren und strebt keine nachhaltige Anlage an (wie durch Artikel 8 oder 9 der Verordnung (EU) 2019/2088, die sogenannte
„Offenlegungsverordnung“ bzw. 
„
SFDR“-Verordnung, vorgesehen.
Der Anlageverwalter berücksichtigt nicht die negativen Auswirkungen von Anlageentscheidungen auf die Nachhaltigkeitsfaktoren dieses Produkts.
. Verwendete VermögenswerteAktien:
Der Teilfonds kann im Rahmen seines Anlageziels bis zu 100 % direkt in Aktien investiert sein, ohne Einschränkung hinsichtlich der geografischen Region oder der Marktkapitalisierung. Die Auswahl der Titel bevorzugt Investitionspolitiken mit einer Ausrichtung auf die Suche nach Aktien, deren Kurspotential höher als der Marktdurchschnitt eingeschätzt wird. Die geografische Allokation erfolgt zwischen den verschiedenen weltweiten Börsenplätzen, einschließlich der Schwellenmärkte. Ferner werden bestimmte besondere Themen im Zusammenhang mit ökonomischen Schlussfolgerungen und der Analyse von Gesellschaften betrachtet, deren Ergebnis sektorielle Unter- oder Übergewichtungen und Aufteilungen zwischen den Unternehmensgrößen sind.
Somit wird das Aktienengagement zwischen 0 % und 100 % liegen. Forderungspapiere und Geldmarktinstrumente:
Der Teilfonds kann im Rahmen seines Anlageziels bis zu 100 % seines Vermögens direkt in Forderungspapieren und Geldmarktinstrumenten investiert sein. Die Titel werden ohne Einschränkung hinsichtlich des Ratings ausgewählt. Sie können der Kategorie „Investment Grade“ (d. h. Titel, bei denen das Risiko des Zahlungsausfalls des Emittenten am geringsten ist) oder „High Yield“ („hochrentierlich“: spekulative Titel, bei denen das Risiko des Zahlungsausfalls des Emittenten höher ist) angehören oder auch kein Rating aufweisen.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Die Zinssensitivität des Teilfonds kann zwischen -10 und +10 schwanken.
Der Teilfonds kann EMTN-Anteile (Euro Medium Term Note) oder Indexanleihen kaufen. Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder
ausländischen Rechts halten oder in FIA französischen Rechts, bei denen es sich um allgemeine Investmentfonds, insbesondere Aktienfonds, „Investment Grade“-Anleihenfonds, „High Yield“-Anleihenfonds (d. h. Fonds für Anleihen mit spekulativem Charakter), Geldmarkt- oder dynamische Fonds handelt. Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Währungen:
Der Teilfonds kann bis zu 100 % seines Nettovermögens in andere Währungen als den Euro investieren. Derivate:
Der Einsatz von Finanzkontrakten ist im Rahmen einer Strategie zur Absicherung, zum Engagement und/oder zur Hebelung an den Aktien-, Zins-, Devisen- und Indexmärkten und/oder bezüglich bestimmter ihrer Parameter oder Komponenten (Volatilität, Kurse, Sektoren usw.) vorgesehen.
Somit hat die Strategie für den Einsatz von Derivaten Folgendes zum Ziel:
- Absicherung des Portfolios gegenüber bestimmten Risiken oder Engagement gegenüber bestimmten Risiken/Anlageklassen
- Aufbau	eines	synthetischen	Engagements	gegenüber	Aktiva	und	Risiken	und/oder Parametern/Komponenten dieser Anlageklassen und Risiken;
- Erhöhung des Engagement in einem bestimmten Markt;
- Umsetzung von Arbitragestrategien zur Ausnutzung der Bewertungsunterschiede zwischen Instrumenten, Anlageklassen, Marktsegmenten, Sektoren oder Ländern.

Insbesondere greift der Verwalter zurück auf:
- Devisenterminkontrakte bzw. Devisentermingeschäfte oder Devisenswaps, zur Absicherung des Engagements im Wechselkursrisikos oder zu Zwecken des Engagements oder der Arbitrage.
- auf organisierten oder geregelten Aktien- und Zinsmärkten gehandelte Terminkontrakte oder Optionen, Aktienswaps, um die Aktiengewichtung zu erhöhen oder zu vermindern;
- Zinsswaps und Optionen auf Zinsswaps zur Erhöhung oder Verringerung des Zinsrisikos;
- Credit Default Swaps auf einzelne Referenzschuldner oder Indizes (iTraxx oder CDX) und Optionen auf CDS auf Indizes zur Erhöhung oder Verringerung des Engagements im Kreditrisiko.

Darüber hinaus kann der Teilfonds zu Zwecken der Absicherung oder des Engagements bis zu 50 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Aktien, Anleihen, Anleihenindizes und/oder Anleihenkörbe investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 15 %.
Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Die maximale Nettohebelung des Teilfonds kann bis zu 10 betragen.
Das maximale Engagement aus diesen Transaktionen bewegt sich innerhalb der gemäß der Value-at-Risk- Methode in Bezug auf den absoluten VaR festgelegten Grenzen, begrenzt durch die aufsichtsrechtlichen Regelungen auf 20 % des Vermögens mit einer Schwelle von 99 % über 20 Geschäftstage.
Der Teilfonds kann Positionen in allen Arten von Finanzkontrakten, die auf internationalen, geregelten, organisierten Märkten oder außerbörslich gehandelt werden, aufbauen.
Instrumente mit eingebetteten Derivaten:
Zur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann in Folgendes investieren:
- Callable- oder Putable-Bonds bis zu 100 % seines Nettovermögens;
- Optionsscheine bis zu 100 % seines Nettovermögens;
- Zeichnungsscheine bis zu 100 % seines Nettovermögens;Einlagen:EntfälltAufnahme von Barmitteln:Der Teilfonds darf bis zu einer Höhe von 10 % seines Nettovermögens Barmittel aufnehmen, insbesondere um vorübergehend die Verwaltung seiner liquiden Mittel zu optimieren.

Geschäfte des vorübergehenden Kaufs und Verkaufs von Wertpapieren:
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds bis zu 10 % seines Nettovermögens für vorübergehende Ankäufe von Wertpapieren in Bezug auf zulässige Finanzwerte oder Geldmarktinstrumente abschließen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kredittiteln von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- 
###### Anlagen zwischen Teilfonds

Der Teilfonds kann bis zu 10 % seines Nettovermögens in einen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.
Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- 
###### Risikoprofil:

Ihr Geld wird hauptsächlich in Finanzinstrumenten angelegt, die von der
Verwaltungsteams. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.
Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls in Bezug auf alle relevanten Fragen von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit Anlagen an Schwellenmärkten verbundenes Risiko:
Der Fonds kann Schwellenmärkten ausgesetzt sein. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können. Folglich kann der etwaige Besitz dieser Wertpapiere das Portfoliorisiko erhöhen. Da sich die Marktrückläufigkeit deutlicher und rasanter darstellen kann als in den Industrieländern, kann der Nettoinventarwert stärker und schneller fallen, und die im Portfolio gehaltenen Unternehmen können einen Staat als Aktionär haben.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps (TRS): Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Dabei handelt es sich um das Risiko einer mangelhaften Ausfertigung der mit den Gegenparteien von Geschäften im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total Return Swaps abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte.
- 
###### Garantie oder Schutz:

Entfällt
- 
###### Zulässige Anleger und Profil des typischen Anlegers:

Aktienklassen A EUR, A CHF (H), A USD (H), B EUR: Alle Anleger.
Aktienklassen CR EUR, CRD EUR: Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Aktienklasse J EUR, I EUR, I CHF (H), I USD (H), K EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter
Dieser Teilfonds richtet sich an Anleger, die ihre Portfolios auf der Grundlage eines diversifizierten Instruments dynamisieren möchten, das sowohl an den Aktienmärkten als auch an den Zinsmärkten der Welt eine Performance erzielen kann.
Die Anteile des Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Anteile dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Dem Anteilinhaber wird deshalb empfohlen, sich bezüglich der Höhe der Anlage von einem Experten beraten zu lassen. Im Rahmen einer Beratung können insbesondere Überlegungen in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Anteilinhaber unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Mindestanlagehorizont: mindestens 5 Jahre.
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###### Modalitäten der Feststellung und Verwendung der ausschüttungsfähigen Beträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „A CHF (H)“, „A USD (H)“, „CR EUR“, „I EUR“, „I CHF (H)“, „I USD (H)“, „K EUR“ | Aktienklassen „B EUR“, „CRD EUR“, „J EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Netto- gewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- 
###### Ausschüttungshäufigkeit:

Thesaurierende Aktienklassen: gegenstandslos
Ausschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- 
###### Merkmale der Aktien:

Der Teilfonds verfügt über 11 Aktienklassen: Aktienklassen „A EUR“, „A CHF (H)“, „A USD (H)“, „B EUR“, „CR EUR“, „CRD EUR“, „I EUR“, „I CHF (H)“, „I USD (H)“, „J EUR“ und „K EUR“.
Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
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###### Zeichnungs- und Rücknahmemodalitäten:

Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:
Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).
Anfänglicher Nettoinventarwert:
| Aktienklasse A EUR: | 97,55 € |
| --- | --- |
| Aktienklasse A CHF (H): | 100 CHF |
| Aktienklasse A USD (H): | 100 USD |
| Aktienklasse B EUR: | 100 EUR |
| Aktienklasse CR EUR: | 100 EUR |
| Aktienklasse CRD EUR: | 100 EUR |
| Aktienklasse I EUR: | 100 EUR |
| Aktienklasse I CHF (H): | 100 CHF |
| Aktienklasse I USD (H): | 100 USD |
| Aktienklasse J EUR: Aktienklasse K EUR : | 100 EUR 100 EUR |

Mindestanlage bei der Erstzeichnung:
| Aktienklasse A EUR: | 1 Aktie |
| --- | --- |
| Aktienklasse A CHF (H): | 1 Aktie |
| Aktienklasse A USD (H): | 1 Aktie |
| Aktienklasse B EUR: | 1 Aktie |
| Aktienklasse CR EUR: | 1 Aktie |
| Aktienklasse CRD EUR | 1 Aktie |
| Aktienklasse I EUR: | 500.000 Euro |
| Aktienklasse I CHF (H): | 500.000 CHF |
| Aktienklasse I USD (H): | 500.000 USD |
| Aktienklasse J EUR: | 500.000 Euro |
| Aktienklasse K EUR: | 500.000 Euro |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A EUR: | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse A USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse B EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD EUR | 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR : | 1 Tausendstel eines Anteils. |
| Aktienklasse I CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse J EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: | 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| J vor 12:30 Uhr | J vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Zeichnungen und Rücknahmen der Aktienklassen „A EUR“, „A CHF (H)“, „A USD (H)“, „B EUR“, „CR EUR“, „CRD EUR“, „I CHF (H)“, „I USD (H)“, „J EUR“ und „K (EUR)“ werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts:
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft:
EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France) - 47, rue du Faubourg Saint-Honoré - 75401 - Paris Cedex 08, Frankreich
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###### Kosten und Gebühren:

Zeichnungs- und Rücknahmegebühren:
Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.
| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungsgrundlage | Satz |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Global Opportunities nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: max. 4,50 % |
| Durch den Teilfonds EdR SICAV - Global Opportunities vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Global Opportunities nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Global Opportunities vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- Eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffend.

Weitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).
| Der SICAV berechnete Kosten | Bemessungs- grundlage | Satz |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 1,45 % inkl. aller Steuern* |
| Aktienklasse A CHF (H): max. 1,45 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 1,45 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,45 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,80 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,80 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,80 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,10 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,10 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,10 % inkl. aller Steuern* |
| Transaktionsprovisionen | Auf den Betrag der Transaktion | entfällt |
| Erfolgsabhängige Provision Nettovermögen des Teilfonds (1) | Aktienklasse A EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex €STR (thesauriert) +3 % |
| Aktienklasse A CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex LIBOR CHF 1 Monat +3 % |
| Aktienklasse A USD (H): 15 % p. a. der Outperformance im Verhältnis zum Referenzwert Federal Funds Effective Rate thesauriert +3 % |
| Aktienklasse B EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex €STR (thesauriert) +3 % |
| Aktienklasse CR EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex €STR (thesauriert) +3 % |
| Aktienklasse CRD EUR 15 % p. a. der Outperformance gegenüber dem Referenzindex €STR (thesauriert) +3 % |
| Aktienklasse I EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex €STR (thesauriert) +3 % |
| Aktienklasse I CHF (H): 15 % p. a. der Outperformance gegenüber dem Referenzindex LIBOR CHF 1 Monat +3 % |
| Aktienklasse I USD (H): 15 % p. a. der Outperformance im Verhältnis zum Referenzwert Federal Funds Effective Rate thesauriert +3 % |

|  | Aktienklasse J EUR: 15 % p. a. der Outperformance gegenüber dem Referenzindex €STR (thesauriert) +3 % |
| --- | --- |
| Aktienklasse K EUR: entfällt |

*  TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu berechnen.
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
*** ohne eventuelle erfolgsabhängige Provisionen
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex:
- Der thesaurierte €STR + 3 % für Aktienklassen in Euro
- Die thesaurierte Federal Funds Effective Rate + 3 % für Aktienklassen in DollarDie erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.

Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum Referenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt. Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Ziel-NV | 100 | 104 | 98 |  |  |  |  |
|  | NV | 100 | 102 | 106 |  |  |  |  |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |  |  |  |  |
| Perio- de | Kumulierte Wertentwick- lung der Aktienklas- se* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneu- ert („E“) / ver- längert („V“) oder aufge- schoben („A“) |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

| Perio- de | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wert- entwick- lung* | Wertent- wicklung der Aktien- klasse im letzten Jahr | Wertentwick- lung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz- NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Ja | E | Ja |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Global Opportunities vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV.
Selektionsverfahren für Makler:
In Übereinstimmung mit dem Allgemeinen Reglement der AMF hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowiefür jegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV – Short Duration Credit
- Auflegungsdatum:Der Teilfonds wurde am Freitag, 27. Dezember 2019 von der AMF zugelassen. Der Teilfonds wurde am 20. Januar 2020 aufgelegt.
- ISIN-Code

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

- Besondere steuerliche Behandlung:Entfällt
- KlassifizierungAnleihen und andere auf EUR lautende Forderungspapiere
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDer Teilfonds ist bestrebt, über den empfohlenen Anlagehorizont durch Anlagen an den Märkten für Unternehmensanleihen eine höhere Performance als sein Referenzindex zu erzielen, der zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index mit wiederangelegten Kupons und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index mit wiederangelegten Kupons besteht. Zur Erreichung dieses Ziels wird versucht, für das Anleihenportfolio eine zusätzliche Rendite durch eine aktive Steuerung des Zins- und Kreditrisikos zu erzielen.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexDer Teilfonds nutzt als Referenzindex einen Index, der sich aus 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index mit wiederangelegten Kupons und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index mit wiederangelegten Kupons zusammensetzt. Beide Indizes werden durch ICE Benchmark Administration Limited berechnet und veröffentlicht. Sie stellen jeweils die Performance der festverzinslichen, auf Euro lautenden Anleihen dar, die von Emittenten mit einem Mindestrating von BBB- begeben werden und eine Restlaufzeit von mehr als einem Jahr und weniger als fünf Jahren haben,und der festverzinslichen, auf Euro lautenden Anleihen, die von Emittenten mit einem Mindestrating von CCC begeben werden und eine Laufzeit von mehr als einem Jahr und weniger als drei Jahren haben.

Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann seine Wertentwicklung von jener seines Referenzindex abweichen, der lediglich als Vergleichsindex dient.
Die zugrunde liegenden Zinssätze und Indizes wurden annualisiert. Bei der Berechnung der Performance dieser beiden Indizes werden Kupons einbezogen.
Der Administrator ICE Benchmark Administration Limited (Website: https://www.theice.com/iba) der Referenzindizes ICE BofAML 1-5 Year A-BBB Euro Corporate Index und ICE BofAML 1-3 Year Euro Developed Markets High Yield Constrained Index ist in das von der ESMA geführte Register der Verwalter und Referenzwert eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
Die Performance der Aktien der Klassen A CHF (H), B CHF (H), I CHF (H) und J CHF (H) kann im Nachhinein zu Referenzzwecken mit einem Referenzindex verglichen werden, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in CHF (mit wiederangelegten Kupons), und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in CHF (mit wiederangelegten Kupons), zusammensetzt. Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener seiner Referenzindizes abweichen, die lediglich als Vergleichsindizes dienen.
Die Performance der Aktien der Klassen A USD (H), B USD (H), CR USD (H), CRD USD (H), I USD (H) und J USD
(H) kann im Nachhinein zu Referenzzwecken mit einem Referenzindex verglichen werden, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD (mit wiederangelegten Kupons), und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD (mit wiederangelegten Kupons), zusammensetzt. Da die Verwaltung des Teilfonds nicht indexgebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener seiner Referenzindizes abweichen, die lediglich als Vergleichsindizes dienen.
- Anlagestrategie. Eingesetzte Strategien:Um sein Anlageziel zu erreichen, investiert der Anlageverwalter bis zu 100 % des Portfolios diskretionär in Anleihen, die von staatlichen oder privaten Gesellschaften begeben werden.

Der Anlageverwalter bezieht systematisch ESG-Faktoren in seine Finanzanalyse ein, um die Wertpapiere für das Portfolio auszuwählen.
Mindestens 90 % der Schuldtitel und Geldmarktinstrumente mit einem Investment-Grade-Rating und 75 % der Schuldtitel und Geldmarktinstrumente mit einem High-Yield-Rating haben ein ESG-Rating auf Portfolioebene. Dabei handelt es sich entweder um ein eigenes ESG-Rating oder um ein Rating, das von einer externen Agentur für nichtfinanzielle Daten bereitgestellt wird. Am Ende dieses Verfahrens hat der Teilfonds ein ESG-Rating, das höher ist als das seines Anlageuniversums.
Umweltbezogene, soziale und Governance-Kriterien (ESG) sind eine der Komponenten der Anlageverwaltung, wobei ihre Gewichtung in der endgültigen Anlageentscheidung vorab nicht feststeht.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 8 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
Der Teilfonds wird wie folgt investieren:
- mindestens 30 % seines Nettovermögens in Anleihen mit einem Mindestrating von BBB- (gemäß Standard and Poor's oder gleichwertig oder mit einem vergleichbaren internen Rating der Verwaltungsgesellschaft), die von staatlichen oder privaten Gesellschaften begeben werden.
- mindestens 30 % seines Nettovermögens in High-Yield-Anleihen (Rating unter BBB- gemäß Standard and Poor's oder gleichwertig, oder vergleichbare interne Bewertung der Verwaltungsgesellschaft; spekulative Titel mit einem höheren Ausfallrisiko als Investment-Grade-Anleihen)
- maximal 10 % seines Nettovermögens in Anleihen ohne Rating
- maximal 10 % seines Vermögens in Anleihen, die von staatlichen oder privaten Gesellschaften mit Sitz in Nicht- OECD-Ländern begeben werden
- maximal 10 % seines Vermögens in Anleihen mit einer Restlaufzeit von mehr als 5 Jahren.

Der Anlageverwalter wird sich bemühen, die ihm nach seiner Überzeugung am attraktivsten erscheinenden Emissionen zu wählen, um zu versuchen, das Rendite-Risiko-Verhältnis des Portfolios zu maximieren.
Zur Verfolgung des Anlageziels verbindet die Strategie eine Top-Down-Sektorenauswahl und eine Kreditanalyse zur Auswahl der attraktivsten Emittenten mithilfe eines Bottom-Up-Verfahrens.
Top-Down-Ansatz
Der Top Down-Ansatz beruht vor allem auf einer makroökonomischen Analyse der verschiedenen Sektoren oder Länder im Rahmen der Portfolioallokation. Mithilfe dieser Analyse werden Marktszenarien bestimmt, die ausgehend von den Einschätzungen des Verwaltungsteams festgelegt werden.
Diese Analyse ermöglicht es insbesondere, folgende Faktoren festzulegen:
- die Höhe des Engagements in verschiedenen wirtschaftlichen Sektoren
- die Verteilung zwischen den Kategorien „Investment Grade“ und „High Yield“ (spekulative Titel mit einem erhöhten Ausfallrisiko des Emittenten, die ein Rating von Standard & Poor's oder vergleichbar unter BBB- oder ein internes entsprechendes Rating der Verwaltungsgesellschaft aufweisen) und zwischen den verschiedenen Ratings innerhalb dieser Kategorien.

Die Top-down-Analyse ermöglicht eine ganzheitliche Sicht des Portfolios. Diese wird durch einen Selektionsprozess von Wertpapieren vervollständigt (Bottom-Up-Ansatz).
Bottom-Up-Ansatz
Dieser Prozess zielt darauf ab, innerhalb eines Sektors die Emittenten zu identifizieren, die gegenüber den anderen einen relativ höheren Wert aufweisen und somit am attraktivsten scheinen.
Die Auswahl der Emittenten beruht auf einer Fundamentalanalyse der einzelnen Unternehmen. Die Fundamentalanalyse erfolgt anhand der Bewertung von Kriterien wie z. B.:
- der Transparenz der Unternehmensstrategie
- der finanziellen Gesundheit (regelmäßige Cashflows über verschiedene Konjunkturzyklen hinweg, Fähigkeit, seinen Schulden nachzukommen …)
- dem „strategischen“ Charakter des Unternehmens, der auf eine staatliche Intervention im Falle eines Ausfalls oder einer erheblichen Verschlechterung seiner Finanzlage schließen lässtInnerhalb des Universums der ausgewählten Emittenten erfolgt die Wahl der Engagements abhängig von Merkmalen wie dem Rating des Emittenten, der Liquidität der Wertpapiere oder ihrer Fälligkeit.

Das Fundamentalanalysemodell zur Identifizierung der Wertpapiere mit dem stärksten Wertsteigerungspotenzial basiert auf einer auf die Kreditmärkte spezialisierten Analystenstruktur. Im Anschluss an die tiefgreifende Analyse der verschiedenen Unternehmen wird der Bottom-Up-Prozess erneut verfeinert. Durch dieses Vorgehen können die bevorzugt anzuwendenden Anlageinstrumente (verbriefte Wertpapiere, Credit Default Swaps, iTraxx usw.) für ein Engagement in die ausgewählten Titel ausgewählt werden.
Zur Absicherung seines Nettovermögens und/oder zur Umsetzung seines Anlageziels – ohne jedoch ein übermäßiges Engagement anzustreben – kann der Teilfonds in Finanzderivate investieren, die auf geregelten Märkten (Futures, gelistete Optionen) oder außerbörslich (Optionen, Swaps usw.) gehandelt werden. In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Hierbei kann der Teilfonds Positionen eingehen, um
das Portfolio gegenüber bestimmte Risiken (Zinssätze, Kredit, Wechselkurse) abzusichern oder ein Engagement gegenüber Zins- und Kreditrisiken aufzubauen. In diesem Rahmen kann der Anlageverwalter Strategien verfolgen, die in erster Linie darauf abzielen, Ausfallrisiken eines oder mehrerer Emittenten vorwegzunehmen oder den Teilfonds dagegen abzusichern oder das Portfolio gegenüber den Kreditrisiken eines oder mehrerer Emittenten bis zu einem Engagement von 10 % zu engagieren. Diese Strategien werden insbesondere über den Kauf oder Verkauf von Absicherungen über Kreditderivate vom Typ „Credit Default Swap“ auf einen Referenzwert oder auf Indizes (iTraxx oder CDX) umgesetzt.
Er kann außerdem Strategien einsetzen, die darauf abzielen, durch den Einsatz von Finanzkontrakten und insbesondere Futures, Optionen, Devisentermingeschäfte oder Swaps die Wechselkursrisiken zu reduzieren und/oder das Zinsrisiko zu steuern.
Der Anlageverwalter verwaltet darüber hinaus die aktive Zinssensitivität des Teilfonds, die zwischen 0 und 4 schwanken kann.
Engagement an den Aktienmärkten
Der Teilfonds kann im Umfang von bis zu 10 % seines Nettovermögens über eventuelle Käufe von Wandelanleihen gegenüber den Aktienmärkten engagiert sein.
Währungen
Der Teilfonds darf indirekt max. 10 % an Wertpapieren halten, die in ausländischen Währungen ausgegeben wurden und deren Wechselkursrisiko abgesichert ist. Dennoch kann ein Restrisiko in Bezug auf den Wechselkurs fortbestehen.
. Aktiva:
Forderungspapiere und Geldmarktinstrumente (bis 100 % des Nettovermögens, davon max. 100 % direkt inWertpapieren)

##### Allgemeine Merkmale
| Zinssensitivität | - | [0 ; 4] |
| --- | --- | --- |
| Geografische Zone der Emittenten | OECD, Europäischer Wirtschaftsraum oder Europäische Union, G20 | Maximal 100 % des Nettovermögens |
| Alle sonstigen geografischen Regionen | Maximal 10 % des Nettovermögens |

Aufteilung private Schulden/öffentliche Schulden
Bis zu 100 % des Portfolios „Forderungspapiere“ in Unternehmensanleihen von Emittenten mit Sitz in einem Mitgliedstaat der OECD, der Europäischen Union, des Europäischen Wirtschaftsraums oder der G20.
Das Portfolio wird nicht in Staatsanleihen investiert.

##### Kriterien in Bezug auf das Kreditrating
Die gewählten Titel müssen beim Kauf ein langfristiges Rating von mindestens BBB- oder ein kurzfristiges Rating von A3 für 30 % des Nettovermögens des Teilfonds aufweisen (Standard and Poor’s oder vergleichbar oder ein entsprechendes internes Rating der Verwaltungsgesellschaft). Die ausgewählten Titel müssen nicht von einer Ratingagentur bewertet sein, verfügen jedoch über eine vergleichbare Bewertung der Verwaltungsgesellschaft.
Der Teilfonds investiert mindestens 30 % seines Nettovermögens und die Titel können ein niedrigeres Rating aufweisen, das der Kategorie „High Yield“ entspricht (spekulative Titel mit einem Rating unterhalb BBB- durch Standard & Poor's oder vergleichbar oder einem vergleichbaren Rating der Verwaltungsgesellschaft).
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.

##### Rechtliche Natur der verwendeten Instrumente
Forderungspapiere jeglicher Art, darunter insbesondere:
- festverzinsliche oder variabel verzinsliche Anleihen
- inflationsindexierte Anleihen
- Handelbare Schuldtitel
- Schuldverschreibungen
- Euro Commercial Papers (von einem ausländischen Emittenten in Euro begebene kurzfristig handelbare Titel)Das Portfolio kann in PIK Notes investieren (die „payment in kind notes“ sind Anleihen, bei denen die Zahlung der Zinsen nicht systematisch in bar erfolgt).

Aktien
- Engagement über Direktanlagen in Aktien: entfällt
- Engagement über Wandelanleihen: bis zu 10 % des NettovermögensDas maximale Engagement des Portfolios gegenüber den Aktienmärkten über das Delta der Wandelanleihen darf nicht mehr als 10 % des Nettovermögens des Teilfonds betragen.

Aktien oder Anteile anderer kollektiver Kapitalanlagen französischen Rechts oder anderer OGAW, FIA oderInvestmentfonds ausländischen Rechts
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung einschließlich notierter Index-Fonds handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren, oder bei denen es sich um Geldmarkt- und Rentenfonds handelt, insbesondere um kurzfristige Investitionen zu tätigen.
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von FIA ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Finanzkontrakte
Der Teilfonds kann zur Absicherung seiner Aktiva und/oder zur Verfolgung seines Anlageziels ohne Hebelung und innerhalb der Grenze von 100 % seines Vermögens Finanzkontrakte einsetzen, die an geregelten Märkten (börsennotierte Futures, Optionen) oder außerbörslich (Optionen, Swaps...) gehandelt werden In diesem Rahmen kann der Anlageverwalter ein synthetisches Engagement oder eine synthetische Absicherung auf Indizes, Wirtschaftssektoren oder geografische Regionen aufbauen. Hierbei kann der Teilfonds Positionen eingehen, um das Portfolio gegenüber bestimmte Risiken (Zinssätze, Kredit, Wechselkurse) abzusichern oder ein Engagement gegenüber Zins- und Kreditrisiken aufzubauen.

##### Beschaffenheit der Anlagenmärkte
- geregelte Märkte
- organisierte Märkte
- OTC-Märkte


##### Risiken, in Bezug auf die der Anlageverwalter zur Absicherung und zu Anlagezwecken Geschäfte tätigen möchte
- Aktienrisiko ausschließlich aus dem möglichen Engagement gegenüber Wandelanleihen
- Zinsrisiko
- Wechselkursrisiko
- Kreditrisiko


##### Die Art der Interventionen und die Gesamtheit der Transaktionen sind auf die Realisierung des Anlageziels zu begrenzen
- Absicherung
- Engagement
- Arbitrage


##### Verwendete Instrumente
- Zinsoptionen
- Zinstermingeschäfte
- Zinsfutures
- Kreditderivate (Credit Default Swaps)
- Kreditoptionen
- Währungsoptionen
- Währungsswaps
- Zinsswaps (feste Verzinsung/variable Verzinsung, alle Kombinationen und Inflation)
- Devisentermingeschäfte
- Warrants
- Zinsswap-Optionen-Optionen auf CDSDarüber hinaus kann die SICAV zu Zwecken der Absicherung oder des Engagements bis zu 10 % seines Nettovermögens in außerbörslich gehandelte Devisenterminkontrakte in Form von Total Return Swaps (TRS) auf Zinsen investieren. Der erwartete auf die Wertpapierfinanzierung entfallende Anteil solcher Kontrakte liegt bei 3 %. Die Gegenparteien bei Geschäften mit diesen Kontrakten sind Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).

Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios der SICAV.

##### Derivate-Strategie zur Verfolgung des Anlageziels
- allgemeine Absicherung bestimmter Risiken (Zinsen, Kredit, Wechselkurs)
- Eingehen von Zins-, Kredit- und Aktienrisiken
- Wiederherstellung eines synthetischen Engagements in Vermögenswerte und Risiken (Zinsen, Kredit)Das Engagement gegenüber diesen Finanzinstrumenten, Märkten, Zinssätzen und/oder bestimmten ihrer Parameter oder Komponenten aus dem Einsatz der Finanzkontrakte darf nicht mehr als 100 % des Nettovermögens betragen.

Der Anlageverwalter kann Strategien verfolgen, die in erster Linie darauf abzielen, Ausfallrisiken eines oder mehrerer Emittenten vorwegzunehmen oder den Teilfonds dagegen abzusichern oder das Portfolio gegenüber den Kreditrisiken eines oder mehrerer Emittenten bis zu einem Engagement von 10 % zu engagieren. Diese Strategien werden insbesondere über den Kauf oder Verkauf von Absicherungen über Kreditderivate vom Typ Credit Default Swap auf einen Referenzwert oder auf Indizes (iTraxx oder CDX) umgesetzt.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Wertpapiere mit eingebetteten Derivaten (bis zu 100 % des Nettovermögens)
Zur Erreichung seines Verwaltungsziels kann der Teilfonds auch in Finanzinstrumente investieren, die eingebettete Derivate enthalten. Der Teilfonds kann ausschließlich in Folgendes investieren:
- in kündbare oder rückzahlungspflichtige Schuldverschreibungen bis zu 100 % des Nettovermögens,
- in Wandelanleihen bis zu 10 % des Nettovermögens,
- in CoCos bis zu 10 % des Nettovermögens.

Aufnahme von Barmitteln
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % seines Nettovermögens vorliegen.
Einlagen:
Entfällt
Vorübergehende Käufe und Veräußerungen von Wertpapieren
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds im Rahmen von bis zu 25 % seines Nettovermögens Geschäfte über den vorübergehenden Kauf oder Verkauf von Wertpapieren abschließen, die sich auf zulässige Finanzwerte oder auf Geldmarktinstrumente beziehen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kredittiteln von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
- Risiko in Verbindung mit hybriden Kapitalinstrumenten (Wandelanleihen):
Da Wandelanleihen in Aktien umgewandelt werden können, führen sie bei einem Portfolio aus Anleihen zu einem Aktienrisiko. Durch Wandelanleihen wird das Portfolio ebenfalls der Volatilität der Aktienmärkte ausgesetzt, die höher ist als bei Rentenmärkten. Der Besitz solcher Instrumente erhöht folglich das Risiko des Portfolios, das jedoch je nach Beschaffenheit des Marktes durch die Anleihenkomponente der hybriden Wertpapiere abgeschwächt werden kann.
Risiken im Zusammenhang mit dem vorübergehenden Kauf und Verkauf von Wertpapieren und Total ReturnSwaps:
Der Einsatz von Wertpapierfinanzierungsgeschäften und Total Return Swaps sowie die Verwaltung der entsprechenden Sicherheiten können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Dabei handelt es sich um das Risiko einer mangelhaften Ausfertigung der mit den Gegenparteien von Geschäften im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren abgeschlossenen Kontrakte.
Risiken im Zusammenhang mit bedingten Pflichtwandelanleihen (CoCo-Anleihen):
CoCos sind nachrangige Schuldtitel, die von Kreditinstituten oder Versicherungs- bzw. Rückversicherungsunternehmen ausgegeben werden und für das regulatorische Kapital zugelassen sind und die die Besonderheit haben, in Aktien wandelbar zu sein, oder deren Nennwert im Falle des Eintretens eines zuvor im Prospekt definierten „Trigger“ herabgesetzt werden kann („Herabschreibungsmechanismus“). Eine CoCo beinhaltet die Option, im Falle einer Verschlechterung der finanziellen Situation des Emittenten auf Initiative des Emittenten eine Wandlung in Aktien vorzunehmen. Zusätzlich zum Kredit- und Zinsänderungsrisiko von Anleihen kann die Aktivierung der Wandlungsoption dazu führen, dass der Wert der CoCo-Anleihe den Wert der anderen traditionellen Anleihen des Emittenten übersteigt. Abhängig von den für die jeweilige CoCo festgelegten Bedingungen können bestimmte auslösende Ereignisse zu einer dauerhaften Herabschreibung der Kapitalanlage und/oder aufgelaufenen Zinsen auf null oder zu einer Wandlung der Anleihe in Aktien führen.
Konversionsschwellenrisiko bei CoCo-Anleihen:
Die Umwandlungsschwelle einer CoCo hängt von der Solvenzquote des Emittenten ab. Dies ist das Ereignis, das die Wandlung der Anleihe in Stammaktien bestimmt. Je niedriger die Solvenzquote, desto höher ist die Wahrscheinlichkeit der Umwandlung.
Risiko des Verlusts oder der Aussetzung des Kupons:
Je nach Eigenschaften der CoCos sind die Kuponzahlungen diskretionär und können vom Emittenten jederzeit und auf unbestimmte Zeit gekündigt oder ausgesetzt werden.
Risiko des Eingreifens einer Regulierungsbehörde zum Zeitpunkt der „fehlenden Bestandsfähigkeit“:
Eine Regulierungsbehörde bestimmt zu einem beliebigen Zeitpunkt diskretionär die „fehlende Bestandsfähigkeit“ einer Institution. Dies bedeutet, dass die emittierende Bank die Unterstützung der öffentlichen Hand benötigt, um zu verhindern, dass der Emittent zahlungsunfähig wird, in Konkurs geht, den Großteil seiner Schulden bei Fälligkeit nicht begleichen kann oder anderweitig geschäftlich tätig ist, und die Umwandlung der Wandelanleihe in Aktien unter gewissen Umständen, die außerhalb der Kontrolle des Emittenten liegen, vorschreibt oder beantragt.
Risiko einer Umkehrung der Kapitalstruktur:
Im Gegensatz zur konventionellen Kapitalstruktur können Anleger in CoCos einen Kapitalverlust erleiden, der keine Auswirkungen auf die Aktionäre hat. In bestimmten Situationen werden die Inhaber von CoCos vor den Aktionären Verluste erleiden.
Ausfallrisiko bei Rückzahlungen:
Die meisten CoCos werden in Form von unbefristeten Instrumenten ausgegeben, die nur mit Zustimmung der zuständigen Behörde zu einem vorher festgelegten Betrag zurückgezahlt werden können. Es kann nicht davon ausgegangen werden, dass unbefristete CoCos am Tag des Rückkaufs erstattet werden. Die CoCos sind eine Form von langfristigem Kapital. Es ist möglich, dass der Anleger die Rückzahlung des Kapitals nicht wie erwartet am Tag des Rückkaufs oder an einem bestimmten Tag erhält.
Liquiditätsrisiko:
Unter bestimmten Umständen kann es schwierig sein, einen Käufer für CoCos zu finden, und der Verkäufer kann gezwungen sein, einen erheblichen Abschlag von dem erwarteten Wert der Anleihe zu akzeptieren, um sie zu verkaufen.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von
Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Aktienklassen A EUR, A CHF (H), A USD (H), B EUR, B CHF (H), B USD (H): Alle AnlegerAktienklassen CR EUR, CR USD (H), CRD EUR, CRD USD (H): Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde.
Aktienklassen I CHF (H), I EUR, I USD (H), J CHF (H), J EUR, J USD (H), N EUR, O EUR und K EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter
Dieser Teilfonds richtet sich insbesondere an Anleger, die ihre Anleihenanlagen über eine aktive Verwaltung von auf Euro lautenden Kreditinstrumenten optimieren möchten.
Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt
„Risikoprofil“ dargelegt sind.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf
nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 2 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A CHF (H)“, „A EUR“, „A USD (H)“, „CR EUR“, „CR USD (H)“, „I CHF (H)“, „I EUR“, „I USD (H)“, „K EUR“ und „N EUR“ | Aktienklassen „B CHF (H)“, „B EUR“, „B USD (H)“, „CRD EUR“, „CRD USD (H)“, „J CHF (H)“, „J EUR“, „J USD (H)“ und „O EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über 19 Aktienklassen: Aktienklassen „A CHF (H)“, „A EUR“, „A USD (H)“, „B CHF (H)“, „B EUR“, „B USD (H)“, „CR EUR“, „CR USD (H)“, „CRD EUR“, „CRD USD (H)“, „I CHF (H)“, „I EUR“, „I USD (H)“, „J CHF (H)“, „J EUR“, „J USD (H)“, „K EUR“, „N EUR“ und „O EUR“.

Die Aktienklasse A CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J CHF (H) lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J USD (H) lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse N EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse O EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A.).

Anfänglicher Nettoinventarwert:
| Aktienklasse A CHF (H): | 100 CHF |
| --- | --- |
| Aktienklasse A EUR: | 100 EUR |
| Aktienklasse A USD (H): | 102,02 USD |
| Aktienklasse B CHF (H): | 100 CHF |
| Aktienklasse B EUR: | 86,69 EUR |
| Aktienklasse B USD (H): | 100 USD |
| Aktienklasse CR EUR: | 100 EUR |
| Aktienklasse CR USD (H): | 100 USD |
| Aktienklasse CRD EUR | 100 EUR |
| Aktienklasse CRD USD (H): | 100 USD |
| Aktienklasse I CHF (H): | 95,07 CHF |
| Aktienklasse I EUR : | 11 072,59 EUR |
| Aktienklasse I USD (H): | 100 USD |
| Aktienklasse J CHF (H): | 100 CHF |
| Aktienklasse J EUR: | 100 EUR |
| Aktienklasse J USD (H): | 100 USD |
| Aktienklasse K EUR: | 100 EUR |
| Aktienklasse N EUR: | 11 088,87 EUR |
| Aktienklasse O EUR: | 8 879,45 EUR |

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A CHF (H): | 1 Aktie |
| --- | --- |
| Aktienklasse A EUR: | 1 Aktie |
| Aktienklasse A USD (H): | 1 Aktie |
| Aktienklasse B CHF (H): | 1 Aktie |
| Aktienklasse B EUR: | 1 Aktie |
| Aktienklasse B USD (H): | 1 Aktie |
| Aktienklasse CR EUR: | 1 Aktie |
| Aktienklasse CR USD (H): | 1 Aktie |
| Aktienklasse CRD EUR | 1 Aktie |
| Aktienklasse CRD USD (H): | 1 Aktie |
| Aktienklasse I CHF (H): | 500.000 CHF |
| Aktienklasse I EUR: | 500.000 EUR |
| Aktienklasse I USD (H): | 500.000 USD |
| Aktienklasse J CHF (H): | 500.000 CHF |
| Aktienklasse J EUR: | 500.000 EUR |
| Aktienklasse J USD (H): | 500.000 USD |
| Aktienklasse K EUR: | 500.000 EUR |
| Aktienklasse N EUR: | 10.000.000 EUR |
| Aktienklasse O EUR: | 10.000.000 EUR |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A CHF (H): | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse A USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse B CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse B EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse B USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR : | 1 Tausendstel eines Anteils. |
| Aktienklasse I USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse J CHF (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse J EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse J USD (H): | 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse N EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse O EUR: | 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum für Auftrag | Veröffentlichung des Nettoinventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr** | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
** Die Zeichnungsfrist für die Aktienklassen A USD (H), B EUR, I CHF (H), I EUR, N EUR und O EUR beginnt am 30.10.2020.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts
:
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle usw.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Short Duration Credit nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A CHF (H): max. 1 % |
| Aktienklasse A EUR: max. 1 % |
| Aktienklasse A USD (H): max. 1 % |
| Aktienklasse B CHF (H): max. 1 % |
| Aktienklasse B EUR: max. 1 % |
| Aktienklasse B USD (H): max. 1 % |
| Aktienklasse CR EUR: max. 1 % |
| Aktienklasse CR USD (H): max. 1 % |
| Aktienklasse CRD EUR max. 1 % |
| Aktienklasse CRD USD (H): max. 1 % |
| Aktienklasse I CHF (H): entfällt |
| Aktienklasse I EUR: entfällt |
| Aktienklasse I USD (H): entfällt |
| Aktienklasse J CHF (H): entfällt |
| Aktienklasse J EUR: entfällt |
| Aktienklasse J USD (H): entfällt |
| Aktienklasse K EUR: entfällt |
| Aktienklasse N EUR: entfällt |
| Aktienklasse O EUR: entfällt |
| Durch den Teilfonds EdR SICAV - Short Duration Credit vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Short Duration Credit nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |
| Durch den Teilfonds EdR SICAV - Short Duration Credit vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: entfällt |

Betriebs- und Verwaltungskosten
:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse B CHF (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse B USD (H): max. 0,70 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,45 % inkl. aller Steuern* |
| Aktienklasse CR USD (H): max. 0,45 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,45 % inkl. aller Steuern* |
| Aktienklasse CRD USD (H): max. 0,45 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,35 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,35 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,35 % inkl. aller Steuern* |
| Aktienklasse J CHF (H): max. 0,35 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,35 % inkl. aller Steuern* |
| Aktienklasse J USD (H): max. 0,35 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,45 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,20 % inkl. aller Steuern* |
| Aktienklasse O EUR: max. 0,20 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B CHF (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CRD EUR max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CRD USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I CHF (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J CHF (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J USD (H): max. 0,15 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse O EUR: max. 0,15 % inkl. aller Steuern* |
| Transaktionsprovisionen | Anfallend je Transaktion | entfällt |

| Erfolgsabhängige Provision  (1) | Nettovermögen des Teilfonds | Aktienklasse A CHF (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in CHF, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in CHF, (mit wiederangelegten Kupons) zusammensetzt |
| --- | --- | --- |
| Aktienklasse A EUR: Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse A USD (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse B CHF (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in CHF, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in CHF, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse B EUR: Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse B USD (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse CR EUR: Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse CR USD (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons) zusammensetzt |

|  |  | Aktienklasse CRD EUR Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons) zusammensetzt |
| --- | --- | --- |
| Aktienklasse CRD USD (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse I CHF (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in CHF, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in CHF, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse I EUR: Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse I USD (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse J CHF (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in CHF, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in CHF, (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse J EUR: Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons) zusammensetzt |
| Aktienklasse J USD (H): Maximal 15 % p. a. der Outperformance gegenüber dem Referenzindex, der sich zu 50 % aus dem ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und zu 50 % aus dem ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons) zusammensetzt. |
| Aktienklasse K EUR: entfällt |
| Aktienklasse N EUR: entfällt |
| Aktienklasse O EUR: entfällt |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
*** ohne eventuelle erfolgsabhängige Provisionen
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex:
- zusammengesetzt aus 50 % ICE BofAML 1-5 Year A-BBB Euro Corporate Index (mit wiederangelegten Kupons) und 50 % ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index (mit wiederangelegten Kupons für Aktien in Euro)
- zusammengesetzt aus 50 % ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in CHF, (mit wiederangelegten Kupons) und 50 % ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in CHF, (mit wiederangelegten Kupons für Aktien in CHF)
- zusammengesetzt aus 50 % ICE BofAML 1-5 Year A-BBB Euro Corporate Index, abgesichert in USD, (mit wiederangelegten Kupons) und 50 % ICE BofAML BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, abgesichert in USD, (mit wiederangelegten Kupons für Aktien in US-Dollar)Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.

Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision verbucht und die Referenzperiode wird um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden und kann daher 5 Jahre oder mehr, jedoch in jedem Fall weniger als 6 Jahre betragen.
Liegt die Wertentwicklung der Aktienklasse am Ende einer Referenzperiode von fünf oder mehr Jahren
unter der ihres Referenzindex, wird keine erfolgsabhängige Provision erhoben. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums der Referenzperiode beginnt, an dessen Ende die größte relative Wertentwicklung (größte Outperformance oder geringste Underperformance) verzeichnet wird. „Teilzeiträume“ sind die Teilzeiträume, die mit dem Beginn der Referenzperiode beginnen und mit dem Festschreibungsdatum innerhalb jeder Referenzperiode enden.
über der ihres Referenzindex, wird eine erfolgsabhängige Provision erhoben. Die Referenzperiode wird erneuert und beginnt mit dem Ende der auslaufenden Referenzperiode.
Am Ende einer Referenzperiode t:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses NV wird zum neuenReferenz-NV und am Ende dieser Referenzperiode beginnt eine neue Referenzperiode.
- Wenn die Differenz zwischen dem Nettovermögen des Teilfonds und seinem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, wird die kumulierte Outperformance am Ende jedes Teilzeitraums der Referenzperiode erfasst. Die Teilzeiträume, aus denen sich die Referenzperiode zusammensetzt, sind die folgenden: [t-5;t-4], [t-5;t-3], [t-5;t-2], [t-5;t-1], [t-5;t]. Es wird eine neue Referenzperiode festgelegt, die mit dem Ende des Teilzeitraums mit der höchsten relativen Wertentwicklung beginnt. Das Referenz-NV entspricht dann dem NV der Aktienklasse am Ende dieses Teilzeitraums.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV (t)) x Satz der erfolgsabhängigen Provision
NV (t): Nettovermögen zum Ende des Jahres t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV (t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt.
Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsgrund- lage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulier- te Wert- entwick- lung der Aktien- klasse* | Kumulier- te Wert- entwick- lung des Index* | Kumu- lierte relative Wertent- wick- lung* | Wertent- wicklung der Ak- tienklas- se im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung Pro- vision** | Periode erneuert („E“) / verlängert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | V |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | E |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | V |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | V |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | V |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | V |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | A |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Referenzperiode negativ, es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (105: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Beispiel 3:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |

| Perio- de | Kumulierte Wertentwick- lung der Aktienklas- se* | Kumulierte Wertentwick- lung des Index* | Kumulierte relative Wert- entwick- lung* | Wertentwick- lung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneu- ert („E“) / ver- längert („V“) oder aufge- schoben („A“) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | V |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | E |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Beispiel 4:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 | 6 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 108 | 110 | 118 | 115 | 110 | 111 |
| NV | 100 | 104 | 105 | 117 | 103 | 106 | 114 |
| Referenz-NV | 100 | 100 | 100 | 100 | 100 | 100 | 117 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -4 | -5 | -1 | -12 | -4 | 3 |
|  |  |

* seit Beginn der Referenzperiode
** erfolgsabhängig
*** gerundet
| Perio- de | Kumulierte Wertent- wicklung der Aktien- klasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wert- entwick- lung* | Wertent- wicklung der Aktien- klasse im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wert- entwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert („E“) / verlängert („V“) oder aufgeschoben („A“) | Änderung des Referenz- NV |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 4 | 8 | -4 | 4 | 8 | -4 | Nein | V | Nein |
| 0-2 | 5 | 10 | -5 | 1 | 2 | -1 | Nein | V | Nein |
| 0-3 | 17 | 18 | -1 | 11 | 7 | 4 | Nein | V | Nein |
| 0-4 | 3 | 15 | -12 | -12 | -3 | -9 | Nein | V | Nein |
| 0-5 | 6 | 10 | -4 | 3 | -4 | 7 | Nein | A | Ja |
| 3-6 | -3 | -5 | 3*** | 8 | 2 | 6 | Ja | E | Ja |

Periode 0-1: Die Wertentwicklung der Aktienklasse ist positiv (4), liegt aber unter der des Referenzindex (8) in der Referenzperiode. Es wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-2: Die Wertentwicklung der Aktienklasse ist positiv (5), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-3: Die Wertentwicklung der Aktienklasse ist positiv (17), liegt aber unter der des Referenzindex (18) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-4: Die Wertentwicklung der Aktienklasse ist positiv (3), liegt aber unter der des Referenzindex (15) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt unverändert (100).
Periode 0-5: Die Wertentwicklung der Aktienklasse ist positiv (6), liegt aber unter der des Referenzindex (10) in der Referenzperiode. Daher wird keine erfolgsabhängige Provision erhoben. Die Referenzperiode hat ihre Höchstdauer von fünf Jahren erreicht und kann daher nicht verlängert werden. Es wird eine neue Referenzperiode festgelegt, die am Ende des Jahres 3 beginnt, wobei das NV zum Ende des Jahres 3 als Referenz-NV festgelegt wird (117: NV zum Ende des Jahres in der aktuellen Referenzperiode mit der höchsten kumulierten relativen Wertentwicklung, hier -1).
Periode 3-6: Die Wertentwicklung der Aktienklasse ist negativ (-3), liegt aber über der des Referenzindex (-5). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode, d. h. NV (114) - Ziel-NV (111): 3. Das Referenz-NV wird zum NV zum Ende dieser Referenzperiode (114). Die Referenzperiode wird erneuert.
Research-Kosten im Sinne von Artikel 314-21 des allgemeinen Reglements der französischen Finanzmarktaufsicht (Règlement Général AMF) können dem Teilfonds in Höhe von bis zu 0,01 % seines Nettovermögens in Rechnung gestellt werden.
Vom Teilfonds EdR SICAV - Short Duration Credit vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
Modalitäten der Berechnung und der Aufteilung der Vergütung für Total Return Swap-Transaktionen (TRS) sowie fürjegliche nach ausländischem Recht gleichwertige Transaktion:
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch diese Geschäfte generierten Erträge stehen vollständig dem Teilfonds zu.
EdR SICAV – Tech Impact
- Auflegungsdatum:Der Teilfonds wurde am 5. Juni 2020 von der AMF zugelassen. Der Teilfonds wurde am 29 Juni 2020 aufgelegt.

| - ISIN-Code
 |  |
| --- | --- |
| Aktienklasse A EUR: | FR0013488244 |
| Aktienklasse A USD: | FR0050000720 |
| Aktienklasse B EUR: | FR0013488251 |
| Aktienklasse CR EUR: | FR0013488269 |
| Aktienklasse CR USD: | FR0050000738 |
| Aktienklasse CRD EUR: | FR0013488277 |
| Aktienklasse I EUR: | FR0013488285 |
| Aktienklasse I USD: | FR0050000704 |
| Aktienklasse J EUR: | FR0013519949 |
| Aktienklasse J USD: | FR0050000712 |
| Aktienklasse K EUR: | FR0013488293 |
| Aktienklasse N EUR: | FR0013488301 |
| Aktienklasse S EUR | FR0013532918 |

- Besondere steuerliche Behandlung:Entfällt
- Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen RechtsBis zu 10 % seines Nettovermögens.
- AnlagezielDas Anlageziel des Teilfonds besteht darin, bei einem empfohlenen Anlagehorizont von mindestens 5 Jahren durch Anlagen in Unternehmen an den internationalen Aktienmärkten, bei denen technologische Innovation im Mittelpunkt des Geschäfts steht, nach Abzug der Verwaltungskosten die Wertentwicklung seines Referenzindex und die finanzielle Rentabilität und gute ESG-Praktiken zu verbinden. Diese Unternehmen werden auf der Grundlage einer Analyse ausgewählt, bei der finanzielle Rentabilität und die Einhaltung nicht finanzieller Kriterien kombiniert werden. Der Teilfonds will durch seine Investitionen das globale technologische Ökosystem und insbesondere das europäische technologische Ökosystem entwickeln.

Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile oder auch gar keinen Bestandteil des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann vollständig oder erheblich sein, manchmal jedoch begrenzt.
- ReferenzindexZu Informationszwecken kann die Wertentwicklung des Teilfonds mit dem in Euro ausgedrückten MSCI ACWI Information Technology NR Index, auf US-Dollar lautende Anteile in US-Dollar, verglichen werden.

Der MSCI ACWI Information Technology NR Index spiegelt Veränderungen bei Technologietiteln an den entwickelten und Schwellenmärkten weltweit wider. Dieser Index wird mit Wiederanlage der Nettodividenden berechnet. Weitere Informationen zu diesem Index finden Sie auf der Website www.msci.com.
Der Verwalter MSCI Limited (Website: http://www.msci.com) des MSCI ACWI Information Technology Index in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die
Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
Da die Verwaltung des Teilfonds nicht an die Nachbildung eines Index gebunden ist, kann die Wertentwicklung beträchtlich von jener des Referenzindex abweichen, der lediglich als Vergleichsindex dient.
- Anlagestrategie. Eingesetzte Strategien:Um das Anlageziel zu erreichen, wird der Anlageverwalter eine diskretionäre Verwaltung durch eine Titelauswahl auf der Grundlage einer Analyse von Unternehmen, deren technologische Innovation im Mittelpunkt des Geschäfts steht, umsetzen.

Diese Auswahl erfolgt zugleich anhand finanzieller und außerfinanzieller Kriterien, um den Anforderungen sozial verantwortlichen Investierens gerecht zu werden.
Diese Investments sollen die Strategie und insbesondere die Schaffung und Entwicklung eines französischen und europäischen technologischen Ökosystems begleiten, das insbesondere einen Einfluss bei der Schaffung direkter und indirekter Arbeitsplätze, Investitionen in Forschung & Entwicklung und neuen technologischen Expertisen hat.
Hierzu werden messbare Performanceindikatoren vom Anlageverwalter überwacht: die Anzahl der von den europäischen Unternehmen im Portfolio geschaffenen Arbeitsplätze und die Dynamik der Arbeitsplatzschaffung in Europa, die Ausgaben für Forschung und Entwicklung (F&E) als Prozentsatz des Umsatzes und andere Indikatoren für die Wirkung im Bereich Umwelt, Soziales und Unternehmensführung. Diese Liste der Indikatoren ist nicht erschöpfend. Der Wirkungsbericht des Teilfonds ist auf der Website der Verwaltungsgesellschaft verfügbar.
Die Managementphilosophie des Teilfonds zielt darauf ab, in Unternehmen zu investieren, die ihre strategischen und operativen Entscheidungen auf das Streben nach einer Gesamtperformance ausrichten, die zugleich wirtschaftlichen und finanziellen, sozialen/gesellschaftlichen, Governance- und umweltbezogenen Ansprüchen gerecht wird, mit Respekt ihrer internen und externen Interessenvertreter und Vertrauen in diese.
Das Portfolio wird dynamisch verwaltet: Es wird regelmäßig nachjustiert, um es an die Marktentwicklung und die Überzeugungen des Verwaltungsteams anzupassen.
Das Anlageuniversum des Teilfonds setzt sich aus allen weltweiten Unternehmen mit einer Marktkapitalisierung von über 100 Mio. Euro zusammen, die einer nicht finanziellen Analyse unterzogen wurden.
Im Rahmen des Anlageverfahrens werden zuerst technologische Innovationsthemen identifiziert, die neue Produkte, Aktivitäten oder Dienstleistungen ermöglichen und die Auswirkungen auf das technologische Ökosystem haben. Zu diesen Themen gehören unter anderem Cloud Computing, künstliche Intelligenz und Datenanalyse, Automatisierung und Robotik oder das Internet der Dinge.
Diese Themen gehen weit über den traditionellen Technologiesektor hinaus, wie er sich in den wichtigsten Marktindizes widerspiegelt. Darüber hinaus kann der Teilfonds unter anderem in die Sektoren Industrie (z. B. Robotik), Kommunikationsdienstleistungen (z. B. soziale Netzwerke), Gesundheit (z. B. Genomanalyse), Finanzen (z. B. Zahlungstechniken), Konsum (z. B. E-Commerce) oder Energie (z. B. alternative Energien) investieren. Die Untersuchung jedes Themas ermöglicht es dann, die hauptsächlichen Akteure oder Begünstigten der Innovation zu identifizieren. Zum Anlageuniversum zählende Gesellschaften werden anhand einer Analyse ausgewählt, die nachfolgend beschriebene nicht-finanziellen Kriterien beachtet.
Analyse der außerfinanziellen Kriterien:
Diese Analyse ermöglicht die Auswahl von Wertpapieren gemäß einem eigenen ESG-Rating-Raster der Verwaltungsgesellschaft,
das die Titel nach den unten aufgeführten Kriterien Umwelt, sozial/gesellschaftlich und Unternehmensführung für Unternehmen klassifiziert:
Umwelt:	Energieverbrauch,	Ausstoß	von	Treibhausgasen,	Wasser,	Abfall,	Umweltverschmutzung, Umweltmanagementstrategie, Umweltauswirkungen;
Soziales: Arbeitsplatzqualität, Personalmanagement, soziale Auswirkungen, Gesundheit und Sicherheit;
Governance: Struktur der Leitungsorgane, Vergütungspolitik, Prüfungen und interne Kontrolle, Interesse der Aktionäre.
Das ESG-Bewertungsmodell setzt sich folgendermaßen zusammen:
- nach einem Best-in-Universe-Ansatz, d. h. Bevorzugung der leistungsfähigsten Unternehmen unabhängig von Rating, Größe oder Branche.
- mit unterschiedlichen Gewichtungen der drei ESG-Säulen nach Tätigkeitsbereichen entsprechend ihren spezifischen Herausforderungen: die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt. Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt.

Um festzustellen, ob das analysierte Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung auf einer 7-stufigen Skala von AAA bis CCC erstellt wird. Die Bewertung ist die Gesamtnote der Ergebnisse, die nach den verschiedenen Kriterien E (Umwelt – Environment), S (Soziales) und G (Unternehmensführung – Governance) des von den Analysten bestimmten Bewertungsrasters erzielt wurden.
Falls kein internes Rating vorhanden ist, stützt sich der Anlageverwalter auf ein ESG-Rating von „Sustainalytics“, einer außerfinanziellen Ratingagentur.
Mindestens 90 % des Nettovermögens des Portfolios weisen ein internes oder durch eines externe Ratingagentur bereitgestelltes ESG-Rating auf.
Die Methodik für Sustainalytics-Ratings ist möglicherweise nicht identisch mit dem methodischen Ansatz, der für die Berechnung proprietärer Ratings verwendet wird. Im Allgemeinen ist der Anlageverwalter für die Auswahl von Wertpapieren verantwortlich, die die nicht-finanziellen Kriterien erfüllen, die dem Ansatz der Verwaltungsgesellschaft am besten entsprechen.
Nach Anwendung dieses Verfahrens wird das Anlageuniversum um 20 % reduziert, indem die schlechtesten nicht finanziellen Ratings ausgeschlossen werden.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds wird zwischen 60 % und 100 % seines Nettovermögens direkt oder indirekt über OGA, Finanzkontrakte, ADR (American Depositary Receipts), GDR (Global Depositary Receipts) und P-Notes (Participatory Notes) an den internationalen Aktienmärkten (einschließlich Unternehmen mit geringer und mittlerer Kapitalisierung, d. h. Unternehmen mit einer Kapitalisierung zwischen 100 Millionen Euro und 10 Milliarden Euro) investiert sein. ADR/GDR sind handelbare Zertifikate, die von Depotbanken ausgegeben werden und eine bestimmte Anzahl von Aktien eines Unternehmens repräsentieren. P-Notes sind Finanzinstrumente, die von zugelassenen Anlegern auf dem indischen Markt ausgegeben werden und das Recht auf die Wertentwicklung der Aktie eines bestimmten Unternehmens verbriefen.
Die Aktien werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die nicht finanziellen Kriterien erfüllen.
Das Engagement in französischen und/oder europäischen Unternehmen wird mindestens 15 % des Nettovermögens bei der Erstellung des Portfolios ausmachen. Diese wird ab dem dritten Jahr der Laufzeit des Portfolios (dem ersten Tag nach zwei rollierenden Jahren nach dem Datum der Portfoliokonstruktion) ein Minimum von 30 % erreichen und ab dem fünften Jahr (dem ersten Tag nach vier rollierenden Jahren nach dem Datum der Portfoliokonstruktion) auf mindestens 50 % festgelegt. Das Endziel der Strategie besteht darin, die technologische Innovation französischer und/oder europäischer Unternehmen im Laufe der Zeit und je nach Tiefe des genannten Marktes zu unterstützen. Der Teilfonds kann über die Programme Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock Connect bis zu 20 % seines Vermögens in Wertpapiere investieren, die in Shanghai und Shenzhen notiert sind. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können.
Gemäß seiner Anlagestrategie kann der Teilfonds in den ersten zwei Jahren der Laufzeit des Portfolios bis zu 85 % seines Nettovermögens, in den folgenden zwei Jahren bis zu 70 % seines Nettovermögens und ab dem fünften
Jahr der Laufzeit des Portfolios bis zu 50 % seines Nettovermögens an den Aktienmärkten der Schwellenländer engagiert sein.
Anlagen über OGA werden auf 10 % des Nettovermögens begrenzt.
Der Teilfonds kann bis zu 40 % des Nettovermögens in Forderungspapiere und Geldmarktinstrumente von Emittenten der öffentlichen Hand oder gleichwertigen Organismen sowie Unternehmen mit fester und/oder variabler Verzinsung investieren, ohne geografische Einschränkungen oder Einschränkungen der Laufzeit. Diese Instrumente werden in der von unabhängigen Ratingagenturen definierten Kategorie „Investment Grade“ (die für Titel mit dem niedrigsten Emittentenausfallrisiko steht) begeben oder besitzen ein gleichwertiges internes Rating der Verwaltungsgesellschaft.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Bis zu 10 % des Nettovermögens kann der Teilfonds auch in Wertpapiere ohne Rating investieren, die jedoch ein internes Rating der Verwaltungsgesellschaft aufweisen, oder in Wertpapiere mit „High Yield“-Rating (spekulative Wertpapiere mit einem höheren Emittentenausfallrisiko, ein Rating von Standard and Poor's oder ein gleichwertiges Rating oder ein gleichwertiges internes Rating der Verwaltungsgesellschaft, d. h. unter BBB-).
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Der Teilfonds kann maximal in Höhe des einfachen Nettovermögens in Finanzkontrakte investieren, die auf geregelten, organisierten internationalen Märkten oder außerbörslich gehandelt werden.
Der Teilfonds kann zusätzlich bis zu 10 % seines Nettovermögens eingebettete Derivate halten. Die Nutzung von Instrumenten mit eingebetteten Derivaten darf nicht dazu führen, dass das Gesamtaktienrisiko des Fonds auf über 100 % seines Nettovermögens steigt.
Der Teilfonds, dessen Ziel es ist, ohne Unterscheidung nach geografischen Regionen in Titel zu investieren, kann Wertpapiere halten, die nicht auf Euro lauten, und kann daher in den ersten zwei Jahren der Laufzeit des Portfolios bis zu 85 % seines Nettovermögens, in den folgenden zwei Jahren bis zu 70 % seines Nettovermögens und ab dem fünften Jahr der Laufzeit des Portfolios bis zu 50 % seines Nettovermögens einem Wechselkursrisiko ausgesetzt sein. . Je nach Einschätzung des Fondsverwalters zur rückläufigen Entwicklung der Wechselkursschwankungen kann der Teilfonds zur Absicherung der Wertentwicklung auf Devisenterminkontrakte oder Devisenswaps zurückgreifen.
Alle diese Wertpapiere werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die oben beschriebenen nicht finanziellen Kriterien erfüllen.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 9 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
. Verwendete Vermögenswerte:
Aktien
Das Portfolio ist zu 60 % bis 100 % seines Nettovermögens in internationalen Aktien und ähnlichen Wertpapieren (ADR, GDR, P-Notes) aller Kapitalisierungen investiert, bei denen technologische Innovation im Mittelpunkt des Geschäfts steht. Die Auswahl der Titel bevorzugt Investitionspolitiken mit einer Ausrichtung auf die Suche nach
Aktien, deren Kurspotential höher als der Marktdurchschnitt eingeschätzt wird. Die geografische Allokation erfolgt zwischen den verschiedenen weltweiten Börsenplätzen, einschließlich der Schwellenmärkte. Die Aktien werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Forderungspapiere und Geldmarktinstrumente
Der Teilfonds kann bis zu 40 % des Nettovermögens in Forderungspapiere und Geldmarktinstrumente von Emittenten der öffentlichen Hand oder gleichwertigen Organismen sowie Unternehmen mit fester und/oder variabler Verzinsung investieren, ohne geografische Einschränkungen oder Einschränkungen der Laufzeit. Diese Instrumente werden in der Kategorie „High Yield“ (d. h. das Risiko eines Emittentenausfalls ist am geringsten), die von unabhängigen Ratingagenturen definiert wird, oder mit einem gleichwertigen internen Rating der Verwaltungsgesellschaft ausgegeben, können aber auch bis zu einem Maximum von 10 % kein Rating aufweisen, jedoch ein internes Rating der Verwaltungsgesellschaft haben, oder mit „High Yield“ (spekulative Wertpapiere, bei denen das Ausfallrisiko des Emittenten größer ist, Rating von Standard and Poor's oder gleichwertig oder mit einem gleichwertigen internen Rating der Verwaltungsgesellschaft, unter BBB-) bewertet sein.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte. Die Instrumente werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren oder sich in spezifischeren Sektoren (z. B. Technologie, Gesundheit, Umwelt) zu engagieren, einschließlich notierter Index-Fonds, um das Engagement in den Aktienmärkten zu erhöhen oder das Engagement in anderen Vermögensklassen zu diversifizieren (z. B. Rohstoffe oder Immobilien).
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Die Anteile oder Aktien der ausgewählten OGA werden keiner nicht finanziellen Analyse unterzogen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Derivate
Bis in Höhe des einfachen Vermögens kann der Teilfonds Positionen in Finanzkontrakten aufbauen, die auf geregelten, organisierten internationalen Märkten oder außerbörslich gehandelt werden, um Folgendes abzuschließen:
- Aktien- und Aktienindexoptionen, sowohl um die Volatilität der Aktien zu verringern als auch um das Engagement des Teilfonds zu erhöhen
- Futures-Kontrakte zur Lenkung des Aktienrisikos und Indexkontrakte
- Devisenterminkontrakte und Devisenswaps, um das Risiko für Aktien außerhalb der Eurozone gegenüber bestimmten Währungen abzusichernDer Einsatz von Finanzkontrakten darf das globale Aktienrisiko des Teilfonds nicht über 100 % erhöhen. Die Optionen und Futures-Kontrakte werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.

Der Teilfonds nutzt keine Total Return Swaps.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Titel mit eingebetteten Derivaten
Der Teilfonds kann Papiere mit eingebetteten Derivaten bis in Höhe von 10 % des Nettovermögens einsetzen. Die Strategie des Einsatzes eingebetteter Derivate entspricht der Beschreibung der Strategie für Derivate.
Es handelt sich dabei um Optionsscheine, Zeichnungsscheine oder kündbare Anleihen.
Diese Instrumente werden auf der Grundlage der Stufen zur Identifizierung von Titeln ausgewählt, die die vorgenannten nicht finanziellen Kriterien erfüllen.
Einlagen
Der Teilfonds kann Einlagen bis zu einer Höhe von 10 % seines Nettovermögens bei der Verwahrstelle tätigen.
Aufnahme von Barmitteln
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehende Käufe und Veräußerungen von Wertpapieren Entfällt.
- Anlagen zwischen TeilfondsDer Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.

Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- RisikoprofilIhr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.

Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Gesellschaften mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”,
spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit Anlagen an Schwellenmärkten verbundenes Risiko:
Der Teilfonds kann Schwellenmärkten ausgesetzt sein. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können. Folglich kann der etwaige Besitz dieser Wertpapiere das Portfoliorisiko erhöhen.
Da sich die Marktrückläufigkeit deutlicher und rasanter darstellen kann als in den Industrieländern, kann der Nettoinventarwert stärker und schneller fallen, und die im Portfolio gehaltenen Unternehmen können einen Staat als Aktionär haben.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit der entsprechenden Gesellschaft zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine
ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- Garantie oder Schutz:Entfällt.
- Zulässige Anleger und Profil des typischen Anlegers:Der Teilfonds richtet sich insbesondere an Anleger, die ihre Mittel dynamisch in Gesellschaften der Eurozone anlegen möchten, bei denen technologische Innovation im Mittelpunkt des Geschäfts steht und die eine aktive Politik der nachhaltigen Entwicklung verfolgen.

Aktienklassen A EUR, A USD und B EUR : Alle Anleger
Aktienklassen CR EUR, CR USD und CRD EUR: Alle Anleger, wobei diese Aktien nur in den folgenden Fällen an Privatanleger (die nicht automatisch oder auf Wahl als professionelle Anleger anzusehen sind) vertrieben werden dürfen:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Aktienklassen I EUR, I USD, J EUR, J USD, K EUR, N EUR und S EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums
eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 5 Jahre
- Modalitäten der Feststellung und Verwendung der Erträge:

| Ausschüttungsfähige Beträge | Aktienklassen „A EUR“, „A USD“, „CR EUR“, „I EUR“, „I USD“, „K EUR“, „N EUR“ und „S EUR“ | Aktienklassen „B EUR“, „CRD EUR“, „J EUR“ und „J USD“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder teilweise) oder Wiederanlage (gesamt oder teilweise) auf Beschluss der Verwaltungsgesellschaft |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- Ausschüttungshäufigkeit:Thesaurierende Aktienklassen: gegenstandslosAusschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- Merkmale der Aktien:Der Teilfonds verfügt über 13 Aktienklassen: Aktienklassen „A EUR“, „A USD“, „B EUR“, „CR EUR“, „CR USD“,„CRD EUR“, „I EUR“, „I USD“, „J EUR“, „J USD“, „K EUR“, „N EUR“ und „S EUR“Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.

Die Aktienklasse A USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CR USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse N EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse S EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- Zeichnungs- und Rücknahmemodalitäten:Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen und amerikanischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A. und der NYSE).

Anfänglicher Nettoinventarwert:
Aktienklasse A EUR: 100 EUR Aktienklasse A USD: 100 USD Aktienklasse B EUR: 100 EUR Aktienklasse CR EUR: 100 EUR Aktienklasse CR USD: 100 USD Aktienklasse CRD EUR: 100 EUR Aktienklasse I EUR: 100 EUR Aktienklasse I USD: 100 USD Aktienklasse 
J EUR: 
100 EUR Aktienklasse 
J USD: 
100 USD Aktienklasse K EUR: 100 EUR Aktienklasse N EUR: 100 EUR Aktienklasse S EUR: 100 EUR
Mindestanlagebetrag bei Erstzeichnung:
Aktienklasse A EUR: 1 Aktie Aktienklasse A USD: 1 Aktie Aktienklasse B EUR: 1 Aktie Aktienklasse CR EUR: 1 Aktie Aktienklasse CR USD: 1 Aktie Aktienklasse CRD EUR: 1 Aktie Aktienklasse I EUR: 500.000 EUR Aktienklasse I USD: 500.000 USD Aktienklasse J EUR: 500.000 EUR Aktienklasse J USD: 500.000 USD Aktienklasse K EUR: 500.000 EUR Aktienklasse N EUR: 15.000.000 EUR Aktienklasse S EUR: 15.000.000 EUR
Dieser Betrag gilt nicht für Zeichnungen durch die Vertriebsstelle, den Anlageverwalter, die Depotbank oder deren jeweilige Mitarbeiter.
Mindestanlagebetrag bei Folgezeichnungen: Aktienklasse A EUR: 1 Tausendstel eines Anteils. Aktienklasse A USD: 1 Tausendstel eines Anteils. Aktienklasse B EUR: 1 Tausendstel eines Anteils. Aktienklasse CR EUR: 1 Tausendstel eines Anteils. Aktienklasse CR USD: 1 Tausendstel eines Anteils. Aktienklasse CRD EUR: 1 Tausendstel eines Anteils. Aktienklasse I EUR: 1 Tausendstel eines Anteils.
Aktienklasse I USD: 1 Tausendstel eines Anteils. Aktienklasse J EUR: 1 Tausendstel eines Anteils. Aktienklasse J USD: 1 Tausendstel eines Anteils. Aktienklasse K EUR: 1 Tausendstel eines Anteils. Aktienklasse N EUR: 1 Tausendstel eines Anteils.
Aktienklasse S EUR: 1 Tausendstel eines Anteils. Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammen- legung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum für Auftrag | Veröffentlichung des Netto- inventarwerts | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | T | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktien werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften sowohl von der besonderen Situation des Zeichners und/oder von den Gesetzen, denen die SICAV unterliegt, ab.
In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Möglichkeit der Begrenzung oder Einstellung der Zeichnungen:
Die SICAV beendet die Ausgabe neuer S-Anteile EUR, sobald diese 200 Millionen Euro erreicht haben. Die Aktienklasse S EUR kann demnach ab diesem Betrag nicht mehr gezeichnet werden.
Ort und Form der Veröffentlichung des Nettoinventarwerts :
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- Kosten und Gebühren:Zeichnungs- und Rücknahmegebühren:Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle etc.

| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Tech Impact nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Aktienklasse A EUR: max. 3% |
| Aktienklasse A USD: max. 3% |
| Aktienklasse B EUR: max. 3% |
| Aktienklasse CR EUR: max. 3% |
| Aktienklasse CR USD: max. 3% |
| Aktienklasse CRD EUR: max. 3% |
| Aktienklasse I EUR: Entfällt |
| Aktienklasse I USD : Entfällt |
| Aktienklasse J EUR: Entfällt |
| Aktienklasse J USD: Entfällt |
| Aktienklasse K EUR: Entfällt |
| Aktienklasse N EUR: Entfällt |
| Anteilsklasse S EUR: Entfällt |
| Durch den Teilfonds EdR SICAV - Tech Impact vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: Entfällt |
| Durch den Teilfonds EdR SICAV - Tech Impact	nicht	vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: Entfällt |
| Durch den Teilfonds EdR SICAV - Tech Impact vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl der Aktien | Alle Aktienklassen: Entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Der SICAV berechnete Kosten | Bemessungsgrundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 1,80 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 1,80 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,80 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 1,05 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 1,05 % inkl. aller Steuern* |
| Aktienklasse CRD EUR: max. 1,05 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,90 % inkl. aller Steuern* |
| Aktienklasse I USD: max. 0,90 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,90 % inkl. aller Steuern* |
| Aktienklasse J USD: max. 0,90 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 1,00 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,70 % inkl. aller Steuern* |
| Aktienklasse S EUR: max. 0,70 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CRD EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse N EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse S EUR: max. 0,15 % inkl. aller Steuern* |
| Transaktionsprovisionen | Anfallend je Transaktion | entfällt |
| Erfolgsabhängige Provision (1) | Nettovermögen des Teilfonds | Aktienklasse A EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse A USD: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse B EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR USD: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CRD EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse I EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |

|  |  | Aktienklasse I USD: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| --- | --- | --- |
| Aktienklasse J EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse J USD: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |
| Aktienklasse K EUR: Entfällt |
| Aktienklasse N EUR: Entfällt |
| Aktienklasse S EUR: max. 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI ACWI Information Technology Index, mit Wiederanlage der Nettodividenden. |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1)  Erfolgsabhängige Provision:
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben:
Referenzindex: MSCI ACWI Information Technology Index in Euro und/oder US Dollar für auf diese Währungen lautende Aktienklasse.
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Im Falle einer negativen absoluten Wertentwicklung der Aktienklasse über die Referenzperiode kann eine erfolgsabhängige Provision erhoben werden.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperiode für die Berechnung der erfolgsabhängigen Provision endet mit dem letzten Nettoinventarwert im September Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision erhoben und die Referenzperiode um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden.
Am Ende einer Referenzperiode von fünf Jahren oder mehr wird die Referenzperiode nicht verlängert, wenn die Wertentwicklung der Aktienklasse geringer ist als die ihres Referenzindex. Es wird dann eine neue Referenzperiode festgelegt, die mit dem Ende der auslaufenden Referenzperiode beginnt.
Am Ende einer Referenzperiode:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses Nettovermögen wird das neue Referenz-Nettovermögen (Referenz-NV).
- Wenn die Differenz zwischen dem Nettovermögen der Aktienklasse und ihrem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
- Wenn die Referenzperiode 5 Jahre oder länger beträgt, endet die Referenzperiode und das Nettovermögen zum Ende der Referenzperiode wird zum neuen Referenz-Nettovermögen.

Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV)(t)) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Datum t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV(t) = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt. Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsg rundlage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumu- lierte Wertent- wicklung der Aktien- klasse* | Kumu- lierte Wertent- wicklung des Index* | Kumu- lierte relative Wertent- wicklung* | Wert- entwick- lung der Aktien- klasse im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung einer Provision** | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | Verlängerung |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | Erneuerung |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertent- wicklung der Aktienklasse* | Kumulierte Wertent- wicklung des Index* | Kumulierte relative Wertent- wicklung* | Wertent- wicklung der Aktienklasse im letzten Jahr | Wertent- wicklung des Index im letzten Jahr | Relative Wertent- wicklung im letzten Jahr | Vereinnah- mung einer Provision | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | Verlän- gerung |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | Verlän- gerung |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | Verläng- erung |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | Verlän- gerung |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | Erneue- rung |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-5: Relative Wertentwicklung über Periode negativ, keine erfolgsabhängige Provision, Referenzperiode erneuert, da die Referenzperiode bereits 4 Mal verlängert wurde. Das neue Referenz-NV wird auf 107 festgelegt.
Beispiel 3:
| PERIODE | 0 | 1 | 2 |
| --- | --- | --- | --- |
| ZIEL-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |

| Period e | Kumulierte Wertentwicklu ng	der Aktienklasse* | Kumulierte Wertentwicklu ng des Index* | Kumulierte relative Wertentwicklu ng* | Wertentwicklu ng	der Aktienklasse im letzten Jahr | Wertentwicklu ng des Index im letzten Jahr | Relative Wertentwicklu ng im letzten Jahr | Vereinnahmu ng	einer Provision | Periode erneuert	/ verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | Verlängerung |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | Erneuerung |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Tech Impact vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV.
Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
EdR SICAV – Green New Deal
- 
###### Auflegungsdatum

Der Teilfonds wurde am 19. Mai 2020 von der AMF zugelassen. Der Teilfonds wurde am 24. Mai 2020 aufgelegt.
- 
###### ISIN-Code

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

- Besondere steuerliche BehandlungEntfällt
- 
###### Höhe eines Engagements in anderen OGAW, FIA und Investmentfonds ausländischen Rechts

Bis zu 10 % seines Nettovermögens.
- 
###### Anlageziel

Der Teilfonds zielt darauf ab, über einen empfohlenen Anlagehorizont von mehr als fünf Jahren die Wertentwicklung seines Referenzindex, des MSCI World (NR) EUR, zu übertreffen, indem er an den internationalen Aktienmärkten in Unternehmen investiert, die im Zusammenhang mit der Thematik des Klimawandels stehen. Diese Unternehmen werden auf der Grundlage einer proprietären Analyse ausgewählt, bei der finanzielle Rentabilität, eine thematische Analyse und die Einhaltung nichtfinanzieller Kriterien kombiniert werden.
Der Teilfonds wird aktiv verwaltet, was bedeutet, dass der Anlageverwalter Anlageentscheidungen mit dem Ziel trifft, das Anlageziel und die Anlagepolitik des Teilfonds umzusetzen. Diese aktive Verwaltung umfasst es, Entscheidungen hinsichtlich der Auswahl der Vermögenswerte, der regionalen Allokation, der sektoriellen Prognosen und der Gesamthöhe des Marktengagements zu treffen. Der Anlageverwalter unterliegt keinerlei Beschränkungen durch die Bestandteile des Referenzindex bei der Positionierung seines Portfolios, und der Teilfonds umfasst möglicherweise nicht alle Bestandteile des Referenzindex. Die Abweichung hinsichtlich des Referenzindex kann erheblich sein, manchmal jedoch begrenzt.
- 
###### Referenzindex

Die Wertentwicklung des Teilfonds kann zu Informationszwecken mit dem MSCI World (NR) Index (mit Wiederanlage der Dividenden) verglichen werden, der für auf Euro lautende Anteile in Euro, auf US-Dollar lautende Anteile in US-Dollar und auf Schweizer Franken lautende Anteile in CHF ausgedrückt wird. Der Index MSCI World bildet die Schwankungen der größten internationalen Märkte ab. Weitere Informationen zu diesem Index finden Sie auf der Website www.msci.com.
Der Verwalter MSCI Limited (Website: http://www.msci.com) des MSCI World ist in das von der ESMA geführte Register der Administratoren und Referenzwerte eingetragen.
Gemäß der Verordnung (EU) 2016/1011 des Europäischen Parlaments und des Rates vom 8. Juni 2016 verfügt die Verwaltungsgesellschaft über ein Verfahren zur Überwachung der verwendeten Referenzindizes, in dem die Maßnahmen beschrieben sind, die bei wesentlichen Änderungen eines Index oder bei Aussetzung des Index durchzuführen sind.
Da die Verwaltung des Teilfonds nicht an die Nachbildung eines Index gebunden ist, kann die Wertentwicklung des Teilfonds beträchtlich von jener des Referenzindex abweichen, der lediglich als Vergleichsindex dient.
- 
###### Anlagestrategie

. Eingesetzte Strategien
Um sein Ziel zu erreichen, setzt der Anlageverwalter eine diskretionäre Verwaltung durch die Auswahl von Unternehmen und/oder OGA um, die im Bereich der Thematik des Klimawandels investieren. Grundlage ist dabei eine fundamentaldatenbasierte Finanzanalyse sowie die kumulative Anwendung der folgenden nichtfinanziellen Ansätze: (i) einer thematischen Anlage im Aktienanteil des Teilfonds, die dauerhaft mindestens 75 % des Nettovermögens darstellt, und (ii) eines nichtfinanziellen thematischen Filters bezüglich der Emittenten der Wertpapiere (angewendet auf die Aktien und die Forderungspapiere/Anleihen). Der Teilfonds ist zu mindestens 75 % dauerhaft in Aktien investiert. Für jedes Unternehmen im Portfolio wird eine Schätzung des Anteils an der Geschäftstätigkeit vorgenommen, der direkt oder indirekt zur Energie- oder Umweltwende beiträgt (grüner Anteil). Die verwendeten Daten stammen aus einer internen Analyse und werden durch externe Dienstleister ergänzt.
Diese Kennzahl wird auf der Grundlage einer Schätzung der Aktivitäten des Unternehmens im Zusammenhang mit elf umweltbezogenen Aktivitäten festgelegt:
Saubere Luft, grüne Gebäude, grüne Chemie, Kreislaufwirtschaft, Energieeffizienz, saubere Energie, Finanzierung der Wende, nachhaltige Mobilität, nachhaltige Ernährung, Gesundheit und Analyse und grüne Informations- und Kommunikationstechnologien (IKT).
Eine Aktivität, die einen indirekten Beitrag leistet, kann z. B. in der Finanzierung, in Kapitalbeteiligungen an den beteiligten Unternehmen, in der Herstellung von Komponenten und Software, die bei umweltbezogenen Aktivitäten verwendet werden, oder im Verbrauch von Produkten aus umweltbezogenen Aktivitäten bestehen.
Der grüne Teil wird im Zusammenhang mit den oben beschriebenen umweltbezogenen Aktivitäten definiert. Er entspricht einem Prozentsatz des Umsatzes, dem EBITDA oder einer branchenspezifischen Kennzahl (z. B. eingesetzte Kapazitäten für einen Energieerzeuger).
Jedes Unternehmen im Portfolio wird einer thematischen Klassifizierung unterzogen. Der Fonds investiert mindestens 30 % und höchstens 100 % des Aktienanteils in Unternehmen, die gemäß einer proprietären Analyse der Verwaltungsgesellschaft eine unmittelbare Verbindung zu dieser Thematik aufweisen (Core). Die Core- Unternehmen sind in den Bereichen Klimaschutz, Anpassung an den Klimawandel, nachhaltige Nutzung und Schutz von Wasser- und Meeresressourcen, Übergang zu einer Kreislaufwirtschaft, Abfallvermeidung und - recycling, Kontrolle und Vermeidung von Umweltverschmutzung sowie Schutz gesunder Ökosysteme tätig. Die Core-Unternehmen weisen einen grünen Anteil von mindestens 50 % auf. Der Teilfonds kann auch mit bis zu 30 % des Aktienanteils in Unternehmen investiert sein, die die Umsetzung dieser Aktivitäten durch Finanzierungen, Versicherungsprodukte oder IT-Dienstleistungen (Enablers) vorantreiben und deren grüner Anteil schwieriger zu messen ist. Der Teilfonds kann auch bis zu 40 % des Aktienanteils in Unternehmen mit einer bedeutenden Entwicklungsstrategie in Bezug auf das Thema investieren, ohne dass diese Strategie ihre Haupttätigkeit darstellt (Leaders of tomorrow) und die einen grünen Anteil von 10 % bis 50 % aufweisen.
Das Portfolio wird dynamisch verwaltet: Es wird regelmäßig nachjustiert, um es an die Marktentwicklung und die Überzeugungen des Verwaltungsteams anzupassen. Die Schritte für die Identifizierung der Emittenten, die dieser Thematik zuzuordnen sind und die nichtfinanzielle Kriterien erfüllen, lassen sich wie folgt zusammenfassen:
Das Anlageuniversum des Portfolios (Ausgangsuniversum) setzt sich aus den Werten zusammen, aus denen sich der MSCI World zusammensetzt. Darüber hinaus kann der Teilfonds Unternehmen umfassen, die nicht im MSCI World enthalten sind, zum Beispiel Unternehmen aus Schwellenländern. Diese Unternehmen haben zum Zeitpunkt des Kaufs eine Kapitalisierung von mindestens 100 Millionen Euro. Dennoch müssen diese Unternehmen den gleichen nichtfinanziellen Analyseprozess durchlaufen wie die Bestandteile des MSCI World. Darüber hinaus ist
der Prozentsatz eines im Portfolio gehaltenen Wertes unabhängig von der Gewichtung dieses Wertes in diesem Index und es müssen nicht alle Werte im Portfolio gehalten werden, die Bestandteil des Referenzindex sind.
Alle Titel, aus denen sich das Anlageuniversum des Portfolios (Ausgangsuniversum) zusammensetzt, werden einer nichtfinanziellen Analyse, wie im Folgenden erläutert, unterzogen. Das Anlageuniversum wird reduziert, indem 20 % der schlechtesten Emittenten ausgeschlossen werden.
- Ein erster Filter wird eingerichtet, um Unternehmen auszuschließen, deren Aktivitäten der Energie- und Umweltwende zuwiderlaufen. Dazu gehören Unternehmen, die den MSCI GICS-Sektoren Ölgesellschaften, Exploration und Produktion, Zemente und Zuschlagstoffe, Kohleförderung, Fluggesellschaften und Lufttransportgesellschaften angehören.

Die Verwaltung des Teilfonds verfolgt das Ziel der Investition in Unternehmen, die ihre strategischen und betrieblichen Entscheidungen unter dem Gesichtspunkt einer nachhaltigen Entwicklung treffen. So streben diese bei ihrer Geschäftstätigkeit eine umfassende Wertentwicklung an, die zugleich ökonomischen und finanziellen, gesellschaftlich-unternehmerischen und ökologischen Ansprüchen gerecht wird, mit Respekt und Vertrauen ihrer internen und externen Interessenvertreter und mit den Beschränkungen methodischer Grenzen im Zusammenhang mit Datenzugänglichkeit, Unternehmenstransparenz und Unsicherheit über die langfristigen Auswirkungen des Klimawandels.
-  Die gefilterten Werte werden einer Analyse der nichtfinanziellen Kriterien unterzogen.

Es handelt sich dabei um eine qualitative Analyse, die es ermöglicht, Werte nach einem für die Verwaltungsgesellschaft spezifischen ESG-Bewertungsraster auszuwählen, das die Wertpapiere nach umweltbezogenen, sozialen/gesellschaftlichen und Governance-Kriterien klassifiziert, insbesondere nach den unten aufgeführten:
Umwelt: Energieverbrauch, Ausstoß von Treibhausgasen, Wasser, Abfall, Umweltverschmutzung, Umweltmanagementstrategie, Umweltauswirkungen;
Soziales: Arbeitsplatzqualität, Personalmanagement, soziale Auswirkungen, Gesundheit und Sicherheit; Governance: Struktur der Leitungsorgane, Vergütungspolitik, Prüfungen und interne Kontrolle, Aktionäre.
Das ESG-Bewertungsmodell setzt sich folgendermaßen zusammen:
- nach einem Best-in-Universe-Ansatz, d. h. Bevorzugung der leistungsfähigsten Unternehmen unabhängig von Rating, Größe oder Branche.
- mit unterschiedlichen Gewichtungen der drei ESG-Säulen nach Tätigkeitsbereichen entsprechend ihren spezifischen Herausforderungen: die drei außerfinanziellen Säulen werden je nach betrachtetem Sektor jeweils mehr oder weniger gewichtet, was zu einer unterschiedlichen Gewichtung der einzelnen Säulen führt. Bei einem Chemieunternehmen wird die Gewichtung beispielsweise mehr auf Umweltaspekten liegen, während bei einem Unternehmen im Bereich der Unternehmensdienstleistungen ein stärkerer Fokus auf sozialen Faktoren liegt.

Um festzustellen, ob das analysierte Unternehmen die von der Verwaltungsgesellschaft definierten Merkmale eines verantwortlichen und nachhaltigen Unternehmens verkörpert, führt diese eine Prüfung durch, mit der eine interne ESG-Bewertung auf einer 7-stufigen Skala von AAA bis CCC erstellt wird. Die Bewertung ist die Gesamtnote der Ergebnisse, die nach den verschiedenen Kriterien E (Umwelt – Environment), S (Soziales) und G (Governance) des von den Analysten bestimmten Bewertungsrasters erzielt wurden.
Falls kein internes Rating vorhanden ist, stützt sich der Anlageverwalter auf ein ESG-Rating einer außerfinanziellen Ratingagentur.
Die Methodik für Sustainalytics-Ratings ist möglicherweise nicht identisch mit dem methodischen Ansatz, der für die Berechnung proprietärer Ratings verwendet wird. Im Allgemeinen ist der Anlageverwalter für die Auswahl von Wertpapieren verantwortlich, die die nichtfinanziellen Kriterien erfüllen, die dem Ansatz der Verwaltungsgesellschaft am besten entsprechen.
- Nach Anwendung dieses Verfahrens wird das Anlageuniversum reduziert, indem 20 % der schlechtesten Emittenten des Referenzindex des Fonds, dem MSCI World (NR), ausgeschlossen werden.
- Anschließend legt der Anlageverwalter die Zusammensetzung des Portfolios fest, indem er Wertpapiere mithilfe einer Kombination aus finanziellen Kriterien zur Identifizierung von Werten mit erheblichen Wachstumsaussichten und nichtfinanziellen Kriterien auswählt.

Der Teilfonds ist zu 75 % bis 110 % seines Nettovermögens direkt oder indirekt über OGA und/oder Finanzkontrakte in den internationalen Aktienmärkten engagiert. Das Engagement über OGA wird auf 10 % des Nettovermögens begrenzt.
Die im Portfolio vertretenen Unternehmen werden in den Bereichen Energie, Grundstoffe, Versorger, Informationstechnologie, Industrie und Konsumgüter, insbesondere Transport, tätig sein.
In Übereinstimmung mit seiner Anlagestrategie kann der Teilfonds mit bis zu 100 % seines Nettovermögens in den Aktienmärkten der Schwellenländer engagiert sein.
Der Teilfonds kann über die Programme Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock Connect bis zu 20 % seines Vermögens in Wertpapiere investieren, die in Shanghai und Shenzhen notiert sind. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können.
Zu Zwecken der Barmittelverwaltung kann der Teilfonds bis zu 25 % des Nettovermögens direkt und/oder bis zu 10 % des Nettovermögens über OGA in Forderungspapiere und Geldmarktinstrumente investiert sein, die an den internationalen Märkten, einschließlich der Schwellenmärkte, gehandelt werden. Diese Wertpapiere, bei denen es sich hauptsächlich um Investment-Grade-Papiere handelt (d. h. bei denen das Risiko eines Zahlungsausfalls der Emittenten am geringsten ist, die von Standard & Poor's oder einer gleichwertigen Agentur mit BBB- oder höher eingestuft werden und von der Verwaltungsgesellschaft ein gleichwertiges internes Rating erhalten haben), die jedoch keine Laufzeitbeschränkung haben, werden nach ihrer erwarteten Rendite ausgewählt.
Bis zu einer Obergrenze von 10 % des Nettovermögens (ohne kurzfristige Wertpapiere) kann der Teilfonds auch in „hochrentierliche“ Wertpapiere (spekulative Papiere mit einem Rating von weniger als BBB- gemäß Standard & Poor's oder einer gleichwertigen Agentur und einem gleichwertigen internen Rating der Verwaltungsgesellschaft, Papiere mit einer höheren Ausfallwahrscheinlichkeit als Investment-Grade-Anleihen) oder in auf „hochrentierliche“ Anleihen spezialisierte OGA (spekulative Papiere) investieren.
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Der Teilfonds kann maximal in Höhe des einfachen Nettovermögens in Finanzkontrakte investieren, die auf geregelten, organisierten internationalen Märkten oder außerbörslich gehandelt werden.
Der Teilfonds kann zusätzlich bis zu 10 % seines Vermögens in eingebettete Derivate (Warrants oder Zertifikate) investieren. Die Nutzung von Instrumenten mit eingebetteten Derivaten darf nicht dazu führen, dass das Gesamtaktienrisiko des Fonds auf über 110 % seines Nettovermögens steigt.
Der Teilfonds, dessen Ziel die Anlage in Unternehmen ohne geografische Einschränkung ist, kann Wertpapiere halten, die nicht auf Euro lauten, und so bis zu einer Höhe von 100 % des Nettovermögens dem Wechselkursrisiko ausgesetzt sein. Je nach Einschätzung des Fondsverwalters zur rückläufigen Entwicklung der Wechselkursschwankungen kann der Teilfonds zur Absicherung der Wertentwicklung auf Devisenterminkontrakte oder Devisenswaps zurückgreifen.
Darüber hinaus umfasst das Titelauswahlverfahren auch ein Negativscreening zum Ausschluss von Unternehmen, die gemäß der Definition in den einschlägigen internationalen Konventionen an der Herstellung kontroverser Waffen beteiligt sind, sowie von Unternehmen, die in Thermalkohle und Tabak engagiert sind, in Übereinstimmung mit der auf der Website von Edmond de Rothschild Asset Management (France) verfügbaren Ausschlusspolitik. Dieses Negativscreening führt zu einer Verminderung des Nachhaltigkeitsrisikos.
Der Teilfonds bewirbt ökologische, soziale und Unternehmensführungskriterien (ESG) im Sinne von Artikel 9 der Verordnung (EU) 2019/2088, die sogenannte „Offenlegungsverordnung“ bzw. „SFDR“-Verordnung, und unterliegt einem Nachhaltigkeitsrisiko, wie im Risikoprofil im Prospekt definiert.
Der Teilfonds bezieht das Nachhaltigkeitsrisiko in seine Anlageentscheidungen ein.
. Verwendete VermögenswerteAktien:
Das Portfolio ist zwischen 75 % und 110 % seines Nettovermögens in Aktien von Unternehmen aus allen Sektoren und geografischen Regionen investiert, die direkt oder indirekt auf eine Klimawende hinarbeiten. Der Teilfonds investiert in Wertpapiere von Unternehmen, die zum Zeitpunkt des Kaufs eine Marktkapitalisierung von mindestens 100 Millionen Euro aufweisen. Bei den ausgewählten Wertpapieren kann es sich um Titel mit oder ohne Stimmrecht handeln.
Forderungspapiere und Geldmarktinstrumente:
Der Teilfonds kann bis zu 25 % seines Nettovermögens in handelbare Forderungspapiere und Anleihen investieren, die auf US-Dollar oder eine andere Währung lauten und von Unternehmen oder öffentlichen Einrichtungen direkt und/oder über OGA (bis zu einer Obergrenze von 10 % des Nettovermögens) ausgegeben werden.
Die Emittenten werden auf der Grundlage der Schritte ausgewählt, die zur Identifizierung von Werten im Einklang mit dem Thema und zur Erfüllung der oben erwähnten nichtfinanziellen Kriterien erforderlich sind.
Zugelassene Instrumente müssen hauptsächlich ein „Investment Grade“-Rating aufweisen (Wertpapiere mit einem langfristigen Rating von mindestens BBB- oder einem kurzfristigen Rating von mindestens A-3 gemäß Standard & Poor's oder einer gleichwertigen Agentur oder mit einem von der Verwaltungsgesellschaft als gleichwertig erachteten Rating), wobei bis zu 10 % des Nettovermögens des Teilfonds in „hochrentierliche“ Wertpapiere (spekulative Wertpapiere mit einem langfristigen Rating unter BBB- oder mit einem kurzfristigen Rating unter A-3 nach Standard & Poor's oder einer gleichwertigen Agentur oder mit einem gleichwertigen internen Rating der Verwaltungsgesellschaft, Wertpapiere mit einer höheren Ausfallwahrscheinlichkeit als Investment-Grade-Anleihen) investiert werden können. Der Teilfonds kann auch bis zu 10 % in Wertpapiere investieren, die nicht durch ein öffentliches, von einer Finanzrating-Agentur vergebenes Rating abgedeckt sind, die jedoch ein internes Rating der Verwaltungsgesellschaft aufweisen.
Aktien oder Anteile anderer OGAW, FIA oder Investmentfonds ausländischen Rechts:
Der Teilfonds kann bis zu 10 % seines Vermögens in Anteilen oder Aktien von OGAW französischen oder ausländischen Rechts oder FIA französischen Rechts halten, bei denen es sich um Investmentfonds allgemeiner Ausrichtung und mit beliebiger Klassifizierung handelt, um das Engagement in anderen Vermögensklassen zu diversifizieren, einschließlich notierter Index-Fonds, um das Engagement in den Aktienmärkten oder in anderen Vermögensklassen zu erhöhen (z. B. Rohstoffe oder Immobilien).
Bis zu dieser Obergrenze von 10 % kann der Teilfonds auch in Aktien oder Anteile von AIF ausländischen Rechts und/oder in Investmentfonds ausländischen Rechts investieren, die den regulatorischen Zulassungskriterien entsprechen.
Diese OGA und Investmentfonds können von der Verwaltungsgesellschaft oder einer verbundenen Gesellschaft verwaltet werden.
Derivate:
Bis in Höhe des einfachen Vermögens kann der Teilfonds Positionen in Finanzkontrakten aufbauen, die auf geregelten, organisierten internationalen Märkten oder außerbörslich gehandelt werden, um Folgendes abzuschließen:
- Aktien- und Aktienindexoptionen, sowohl um die Volatilität der Aktien zu verringern als auch um das Engagement des Teilfonds zu erhöhen;
- Futures-Kontrakte zur Lenkung des Aktienrisikos und Indexkontrakte;
- Devisenterminkontrakte und Devisenswaps, um das Risiko für Aktien außerhalb der Eurozone gegenüber bestimmten Währungen abzusichern.

Die Optionen und Futures-Kontrakte werden auf der Grundlage der Stufen zur Identifizierung von Werten ausgewählt, die unter das Thema fallen und die die vorgenannten nichtfinanziellen Kriterien erfüllen.
Der Einsatz von Finanzkontrakten darf das globale Aktienrisiko des Teilfonds nicht über 110 % erhöhen. Der Teilfonds nutzt keine Total Return Swaps.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Titel mit eingebetteten Derivaten:
Der Teilfonds kann zusätzlich bis zu 10 % seines Vermögens in Finanzinstrumente investieren, die eingebettete Derivate (Warrants oder Zertifikate) enthalten. Die Nutzung von Instrumenten mit eingebetteten Derivaten darf nicht dazu führen, dass das Gesamtaktienrisiko des Teilfonds auf über 110 % seines Nettovermögens steigt.
Einlagen:
Der Teilfonds kann Einlagen bis zu einer Höhe von 20 % seines Nettovermögens bei der Verwahrstelle tätigen.
Aufnahme von Barmitteln:
Der Teilfonds ist nicht zur Aufnahme von Barmitteln berechtigt. Aufgrund von Transaktionen in Verbindung mit dem Zahlungsstrom des Teilfonds (laufende Investitionen und Desinvestitionen, Zeichnungen/Rückkäufe usw.) kann dennoch eine punktuelle Schuldnerposition von max. 10 % des Nettovermögens vorliegen.
Vorübergehender Kauf und Verkauf von Wertpapieren:
Zum Zweck einer effektiven Portfolioverwaltung und unter Einhaltung der Anlageziele kann der Teilfonds bis zu 25 % seines Nettovermögens für vorübergehende Ankäufe von Wertpapieren in Bezug auf zulässige Finanzwerte oder Geldmarktinstrumente abschließen. Hierzu zählen insbesondere Pensionsgeschäfte mit Zins- oder Kreditprodukten von Ländern der Eurozone, die im Rahmen der Verwaltung der liquiden Mittel und/oder der Optimierung der Erträge des Teilfonds durchgeführt werden.
Der auf diese Geschäfte entfallende erwartete Anteil des verwalteten Vermögens liegt bei 10 % des Nettovermögens.
Die Gegenparteien dieser Geschäfte sind führende Finanzinstitute mit Sitz in Ländern der OECD mit einem Mindestrating von Investment Grade (Rating höher oder gleich BBB- von Standard and Poor's oder vergleichbar oder vergleichbares internes Rating der Verwaltungsgesellschaft).
Diese Gegenparteien haben keinerlei Einfluss auf die Zusammensetzung oder Verwaltung des Portfolios des Teilfonds.
Um das globale Gegenparteirisiko der außerbörslich gehandelten Instrumente deutlich zu senken, kann die Verwaltungsgesellschaft Barsicherheiten annehmen, die bei der Depotbank hinterlegt und nicht reinvestiert werden.
Weitere Informationen über die Vergütungen der vorübergehenden Käufe und Veräußerungen von Wertpapieren finden Sie im Abschnitt Kosten und Gebühren.
- 
###### Anlagen zwischen Teilfonds

Der Teilfonds kann bis zu 10 % seines Nettovermögens in einen anderen Teilfonds der SICAV Edmond de Rothschild SICAV investieren.
Die Gesamtanlage in anderen Teilfonds der SICAV ist auf 10 % des Nettovermögens beschränkt.
- 
###### Risikoprofil

Ihr Geld wird in erster Linie in Finanzinstrumenten angelegt, die von der Verwaltungsgesellschaft ausgewählt werden. Diese Instrumente unterliegen den Entwicklungen und Risiken des Marktes.
Die nachstehende Auflistung der Risikofaktoren erhebt keinen Anspruch auf Vollständigkeit. Es bleibt jedem Anleger selbst überlassen, das mit einer solchen Anlage verbundene Risiko zu prüfen und sich unabhängig von der Unternehmensgruppe Edmond de Rothschild seine eigene Meinung zu bilden. Dazu wird den Anlegern empfohlen, sich gegebenenfalls alle relevanten Fragen betreffend von Experten beraten zu lassen, insbesondere um sicherzustellen, dass diese Anlage ihrer individuellen finanziellen und rechtlichen Situation sowie ihrem Anlagehorizont angemessen ist.
Kapitalverlustrisiko:
Da der Teilfonds mit keinerlei Kapitalgarantie oder Schutz ausgestattet ist, ist es möglich, dass der anfängliche Anlagebetrag nicht in vollem Umfang zurückgezahlt wird, selbst wenn der empfohlene Anlagehorizont eingehalten wird.
Risiko der Verwaltung nach eigenem Ermessen:
Der diskretionäre Verwaltungsstil basiert auf der Vorwegnahme der Entwicklung der verschiedenen Märkte (Aktien, Anleihen, Geldmarkt, Rohstoffe, Devisen). Daher besteht das Risiko, dass der Teilfonds nicht immer an den Märkten mit der höchsten Performance investiert ist. Die Performance des Teilfonds kann daher hinter dem Anlageziel zurückbleiben, und sein sinkender Nettoinventarwert kann zu einer negativen Performance führen.
Kreditrisiko:
Das Hauptrisiko in Verbindung mit Forderungspapieren und/oder Geldmarktinstrumenten wie Staatsanleihen (BTF und BTAN) oder kurzfristigen handelbaren Wertpapieren besteht in einem Ausfall des Emittenten, wovon die Zinszahlungen und/oder die Kapitalrückerstattung betroffen sein können. Das Kreditrisiko ist außerdem an die Zurückstufung eines Emittenten gekoppelt. Der Aktionär wird darauf aufmerksam gemacht, dass sich der Nettoinventarwert des Teilfonds verringern kann, falls bei einem Finanzinstrument durch den Ausfall eines Emittenten ein Totalverlust eintritt. Da das Portfolio direkt oder über OGA Forderungspapiere umfassen kann, ist der Teilfonds Auswirkungen von Schwankungen der Kreditwürdigkeit ausgesetzt.
Kreditrisiko im Zusammenhang mit der Anlage in spekulative Wertpapiere:
Der Teilfonds kann in Emissionen von Unternehmen mit einem Rating der Kategorie „Non-Investment-Grade“ (mit einem Rating unter BBB- von Standards & Poor’s oder gleichwertig) oder einem gleichwertigen internen Rating der Verwaltungsgesellschaft investieren. Bei diesen Emissionen handelt es sich um sogenannte spekulative Wertpapiere, bei denen das Ausfallrisiko der Emittenten höher ist. Dieser Teilfonds ist daher zum Teil als spekulativ zu werten und richtet sich insbesondere an Anleger, die sich der Risiken in Verbindung mit Investitionen in diese Art von Wertpapieren bewusst sind. Daher kann das Zurückgreifen auf hochrentierliche Wertpapiere (“High Yield”, spekulative Titel mit höherem Ausfallrisiko) das Risiko eines erheblicheren Verfalls des Nettoinventarwerts nach sich ziehen.
Zinsrisiko:
Das Engagement gegenüber Zinsprodukten (Schuldtitel und Geldmarktinstrumente) macht den Teilfonds anfällig gegenüber Zinssatzschwankungen. Das Zinsrisiko besteht in Form einer eventuellen Verringerung des Werts des Wertpapiers und somit des Nettoinventarwerts des Teilfonds im Falle einer Schwankung der Zinskurve.
Mit Anlagen an Schwellenmärkten verbundenes Risiko:
Der Fonds kann Schwellenmärkten ausgesetzt sein. Zusätzlich zu den Risiken, die sich aufgrund der einzelnen Emittenten ergeben, bestehen ganz besonders auf diesen Märkten weitere exogene Risiken. Die Anleger werden ferner darauf aufmerksam gemacht, dass die Funktionsweise und die Überwachung dieser Märkte von den an den großen internationalen Finanzplätzen üblichen Standards abweichen können. Folglich kann der etwaige Besitz dieser Wertpapiere das Portfoliorisiko erhöhen. Da sich die Marktrückläufigkeit deutlicher und rasanter darstellen kann als in den Industrieländern, kann der Nettoinventarwert stärker und schneller fallen, und die im Portfolio gehaltenen Unternehmen können einen Staat als Aktionär haben.
Wechselkursrisiko:
Das Kapital kann Wechselkursrisiken ausgesetzt sein, falls dessen Titel oder Anlagen auf eine andere Währung lauten als die Währung des Teilfonds. Das Wechselkursrisiko entspricht dem Risiko des Wechselkursverfalls der Notierungswährung der im Portfolio enthaltenen Finanzinstrumente im Vergleich zur Referenzwährung des Teilfonds (Euro) und kann zu einem Rückgang des Nettoinventarwerts führen.
Aktienrisiko:
Der Wert einer Aktie kann sich abhängig von Faktoren entwickeln, die mit dem entsprechenden Unternehmen zusammenhängen, jedoch auch abhängig von externen politischen oder wirtschaftlichen Faktoren. Die Schwankungen der Aktienmärkte sowie der Märkte für Wandelanleihen, deren Entwicklung teilweise von derjenigen der zugrunde liegenden Aktien abhängt, können erhebliche Schwankungen des Nettovermögens verursachen. Dadurch kann die Wertentwicklung des Nettoinventarwerts des Fonds negativ beeinflusst werden.
Risiko im Zusammenhang mit kleinen und mittleren Marktkapitalisierungen:
Die Wertpapiere von Unternehmen mit kleinen und mittleren Marktkapitalisierungen können erheblich weniger liquide und volatiler sein als die von Unternehmen mit höheren Marktkapitalisierungen. Der Nettoinventarwert des Fonds kann daher schneller und stärker schwanken.
Mit dem Einsatz von Finanzkontrakten verbundenes Risiko und Kontrahentenrisiko:
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist. Das Kontrahentenrisiko ergibt sich durch den Rückgriff des Teilfonds auf außerbörslich gehandelte Finanzkontrakte und/oder die vorübergehenden Käufe und Veräußerungen von Wertpapieren. Diese Transaktionen setzen den Teilfonds möglicherweise dem Risiko des Ausfalls eines seiner Kontrahenten und gegebenenfalls eines Rückgangs seines Nettoinventarwerts aus.
Liquiditätsrisiko:
Die Märkte, auf denen sich der Teilfonds engagiert, können gelegentlich von einem Liquiditätsmangel betroffen sein. Diese Marktbedingungen können sich auf die Preise auswirken, zu denen der Teilfonds Positionen auflöst, aufbaut oder ändert.
Derivatrisiko:
Der Teilfonds kann auf Finanztermininstrumente (Derivate) zurückgreifen.
Der Einsatz von Finanzkontrakten kann das Risiko mit sich bringen, dass der Nettoinventarwert stärker und schneller sinkt als jener der Märkte, an denen der Teilfonds investiert ist.
Risiko in Verbindung mit der Währung von Anteilen, die auf eine andere Währung als die des Teilfonds lauten:
Der Aktionär bzw. Zeichner anderer Währungen als der Referenzwährung des Fonds (Euro) kann dem Wechselkursrisiko ausgesetzt sein, wenn dieses nicht abgesichert ist. Der Vermögenswert des Teilfonds kann bei Zinssatzschwankungen sinken, mit der Folge eines sinkenden Nettoinventarwerts des Teilfonds.
Risiken im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren:
Die Nutzung dieser Transaktionen und die Verwaltung ihrer Garantien können gewisse spezifische Risiken bergen, beispielsweise betriebliche oder Verwahrungsrisiken. Somit kann der Rückgriff auf diese Transaktionen negative Auswirkungen auf den Nettoinventarwert des Teilfonds haben.
Rechtliches Risiko:
Dabei handelt es sich um das Risiko einer mangelhaften Ausfertigung der mit den Gegenparteien von Geschäften im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren abgeschlossenen Kontrakte.
Nachhaltigkeitsrisiko:
Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Investition haben könnte. Die Anlagen des Fonds sind einem Nachhaltigkeitsrisiko ausgesetzt, das sich erheblich nachteilig auf den Wert des Fonds auswirken könnte. Aus diesem Grund identifiziert und analysiert der Anlageverwalter Nachhaltigkeitsrisiken als Teil seiner Anlagepolitik und Anlageentscheidungen.
Risiken in Verbindung mit ESG-Kriterien:
Die Einbeziehung von ESG- und Nachhaltigkeitskriterien in das Anlageverfahren kann zum Ausschluss von Wertpapieren bestimmter Emittenten aus anderen Gründen als den klassischen Investitionsgründen führen. Infolgedessen stehen dem Teilfonds bestimmte Marktgelegenheiten möglicherweise nicht zur Verfügung, die anderen Fonds, die keine ESG- oder Nachhaltigkeitskriterien anwenden, zur Verfügung stehen, und die Wertentwicklung des Teilfonds kann zeitweise besser oder schlechter sein als die vergleichbarer Fonds, die keine ESG- oder Nachhaltigkeitskriterien verwenden. Die Auswahl der Anlagen kann zum Teil auf einem eigenen ESG- Ratingverfahren oder auf „Ausschlusslisten“ basieren, die zum Teil auf Daten Dritter beruhen. Da es keine gemeinsamen oder harmonisierten Definitionen und Kennzeichnungen für ESG- und Nachhaltigkeitskriterien auf EU-Ebene gibt, ist es möglich, dass Anlageverwalter bei der Definition von ESG-Zielen und der Feststellung, dass diese Ziele von den von ihnen verwalteten Fonds erreicht wurden, unterschiedliche Ansätze verfolgen. Dies bedeutet auch, dass es schwierig sein kann, Strategien zu vergleichen, die ESG- und Nachhaltigkeitskriterien einbeziehen, da die Auswahl und Gewichtung der ausgewählten Anlagen bis zu einem gewissen Grad subjektiv sein kann oder auf Indikatoren basiert, die zwar gleich heißen, denen aber unterschiedliche Bedeutungen zugrunde liegen. Die Anleger sollten beachten, dass der subjektive Wert, den sie bestimmten Arten von ESG-Kriterien beimessen oder nicht beimessen können, erheblich von der Methodik des Anlageverwalters abweichen kann. Ebenfalls kann die Tatsache, dass es keine harmonisierten Definitionen gibt, dazu führen, dass einige Anlagen nicht von Steuervergünstigungen oder -gutschriften profitieren, weil ESG-Kriterien anders bewertet werden als ursprünglich vorgesehen.
- 
###### Garantie oder Schutz

Entfällt.
- 
###### Zulässige Anleger und Profil des typischen Anlegers

Aktienklassen A CHF, A EUR, A USD, B CHF, B EUR und B USD: Alle Anleger
Aktienklassen I CHF, I EUR, I USD, J CHF, J EUR, J USD, K EUR und KD EUR: Juristische Personen und institutionelle Anleger auf eigene Rechnung oder für Rechnung Dritter.
Die Aktienklassen CR EUR, CR USD, CRD EUR und CRD USD stehen allen Anlegern offen; diese Aktien können ausschließlich in den folgenden Fällen an Privatanleger (nicht professionelle Anleger oder professionelle Anleger auf Option) vermarktet werden:
- Zeichnung im Rahmen einer unabhängigen Beratung durch einen Finanzberater oder ein reguliertes Finanzunternehmen,
- Zeichnung im Rahmen einer nicht unabhängigen Beratung, wenn eine konkrete Vereinbarung besteht, die den Erhalt und das Einbehalten von Rückvergütungen untersagt
- Zeichnung durch ein reguliertes Finanzunternehmen auf Rechnung eines Kunden im Rahmen eines Verwaltungsmandats,Zusätzlich zu den von der Verwaltungsgesellschaft erhobenen Verwaltungsgebühren können die Finanzberater oder regulierten Finanzunternehmen dem jeweiligen Anleger Verwaltungs- oder Beratungsgebühren berechnen. Die Verwaltungsgesellschaft ist nicht an diesen Vereinbarungen beteiligt.

Die Aktien sind nicht in allen Ländern zum Vertrieb zugelassen. Sie stehen Privatanlegern daher nicht in allen Ländern zur Zeichnung zur Verfügung.
Die Person, die dafür verantwortlich ist, sich zu versichern, dass die Kriterien hinsichtlich der Fähigkeit der Zeichner oder des Käufers eingehalten wurden und dass Letztere die erforderlichen Informationen erhalten haben, ist die Person, der die tatsächliche Durchführung der Vermarktung der SICAV anvertraut wurde. Die Anleger werden auf die mit dieser Art von Wertpapieren verbundenen Risiken hingewiesen, die im Abschnitt „Risikoprofil“ dargelegt sind.
Aktienklassen R EUR: Alle Anleger. Die Anteile sind insbesondere dafür bestimmt, von zu diesem Zweck von der Verwaltungsgesellschaft ausgewählten Vertriebsstellen in Umlauf gebracht zu werden.
Der Teilfonds richtet sich insbesondere an Anleger, die ihre Ersparnisse durch Anlagen an den europäischen Aktienmärkten, hauptsächlich in der Europäischen Union, dynamisieren möchten.
Die Aktien dieses Teilfonds sind und werden nicht entsprechend dem U.S. Securities Act von 1933 in seiner geänderten Fassung („Securities Act 1933“) in den Vereinigten Staaten registriert oder kraft eines anderen Gesetzes der Vereinigten Staaten zugelassen. Diese Aktien dürfen weder in den Vereinigten Staaten (einschließlich ihrer Territorien und Besitzungen) angeboten, dort verkauft oder dorthin transferiert werden, noch unmittelbar oder mittelbar einer „US Person“ (im Sinne von Regulation S des Securities Act von 1933) zugutekommen.
Der Teilfonds kann Anteile oder Aktien von Zielfonds zeichnen, die sich an Angeboten von Neuemissionen von US- Wertpapieren („US-Börsengänge“) beteiligen können, oder sich direkt an US-Börsengängen beteiligen. Die Financial Industry Regulatory Authority (FINRA) hat gemäß den FINRA-Regeln 5130 und 5131 (die „Regeln“) Verbote für die Zulässigkeit bestimmter Personen zur Teilnahme an der Zuweisung von US-Börsengängen erlassen, wenn der/die wirtschaftliche(n) Eigentümer dieser Konten in der Finanzdienstleistungsbranche tätig sind (insbesondere ein Eigentümer oder Angestellter eines FINRA-Mitgliedsunternehmens oder eines Fondsmanagers) („eingeschränkte Personen“) oder ein leitender Angestellter oder Mitglied eines Führungs- oder Aufsichtsgremiums eines US-amerikanischen oder nicht US-amerikanischen Unternehmens, das möglicherweise eine Geschäftsbeziehung zu einem FINRA-Mitgliedsunternehmen unterhält („betroffene Personen“). Der Teilfonds darf nicht zugunsten oder im Auftrag einer „US-Person“ im Sinne der „Regulation S“ angeboten oder verkauft werden und darüber hinaus nicht Anlegern angeboten oder an diese verkauft werden, die gemäß den FINRA-Regeln als
„eingeschränkte Personen“ oder „betroffene Personen“ gelten. Bei Zweifeln bezüglich ihres Status sollten Anleger den Rat ihres Rechtsberaters einholen.
Die empfohlene Höhe der Investition in diesen Teilfonds ist von der persönlichen Situation des Anlegers abhängig. Es wird dem Aktionär empfohlen, sich von einem Experten beraten zu lassen, um die Höhe des Betrags zu bestimmen. Im Rahmen einer Beratung können insbesondere in Anbetracht des empfohlenen Anlagehorizonts, der vorstehenden Risiken sowie seines persönlichen Vermögens, seiner Anforderungen und persönlichen Ziele sowohl eine Diversifikation der Anlagen ins Auge gefasst werden als auch das Ausmaß seines Finanzportfolios oder Vermögens bestimmt werden, das in diesen Teilfonds investiert werden soll. Auf alle Fälle wird jedem Aktionär unbedingt empfohlen, sein Portfolio ausreichend zu diversifizieren, um seine Anlagen nicht allein den Risiken dieses Teilfonds auszusetzen.
Empfohlener Anlagehorizont: mindestens 5 Jahre
- 
###### Modalitäten der Feststellung und Verwendung der Erträge

| Ausschüttungsfähige Beträge | Anteilsklassen „A CHF“, „A EUR“, „A USD“, „CR EUR“, „CR USD“, „I CHF“, „I EUR“, „I USD“, „K EUR“ und „R EUR“ | Anteilsklassen „B CHF“, „B EUR“, „B USD“, „CRD EUR“, „CRD USD“, „J CHF“, „J EUR“, „J USD“ und „KD EUR“ |
| --- | --- | --- |
| Zuweisung des Nettoertrags | Kapitalisierung | Ausschüttung |
| Verwendung der realisierten Nettogewinne oder -verluste | Kapitalisierung | Thesaurierung (vollständig oder teilweise) oder Ausschüttung (vollständig oder |

|  |  | teilweise) oder Wiederanlage (vollständig oder teilweise) auf Beschluss der Verwaltungsgesellschaft |
| --- | --- | --- |

Hinsichtlich der ausschüttenden Aktien kann die Verwaltungsgesellschaft des Teilfonds die Durchführung einer oder mehrerer Vorabausschüttungen auf der Grundlage von durch den Abschlussprüfer bescheinigten Situationen beschließen.
- 
###### Ausschüttungshäufigkeit

Thesaurierende Aktienklassen: gegenstandslos
Ausschüttende Aktienklassen: jährlich mit eventuellen Vorausschüttungen. Die Auszahlung der ausschüttungsfähigen Beträge erfolgt binnen maximal fünf Monaten nach Ende des Geschäftsjahres bzw. für Vorabausschüttungen innerhalb eines Monats nach dem Datum des Berichts des Abschlussprüfers über die Vermögens- und Finanzlage.
- 
###### Merkmale der Aktien

Der Teilfonds verfügt über 18 Aktienklassen: Anteilsklassen „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“ und „R EUR“.
Die Aktienklasse A CHF lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse A USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B CHF lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse B USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CR EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CR USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse CRD USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I CHF lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse I USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J CHF lautet auf Schweizer Franken und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse J EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse J USD lautet auf US-Dollar und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse K EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
Die Aktienklasse KD EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt. Die Aktienklasse R EUR lautet auf Euro und wird in ganzen oder Tausendsteln von Aktienanteilen ausgedrückt.
- 
###### Zeichnungs- und Rücknahmemodalitäten

Stichtage und Häufigkeit der Berechnung des Nettoinventarwerts:
Täglich, ausgenommen Feiertage und handelsfreie Tage an französischen und amerikanischen Handelsplätzen (siehe offizieller Kalender von Euronext Paris S.A. und der NYSE).
Anfänglicher Nettoinventarwert:
| Aktienklasse A CHF: | 100 CHF |
| --- | --- |
| Aktienklasse A EUR: | 100 € |
| Aktienklasse A USD: | 100 $ |
| Aktienklasse B CHF: | 100 CHF |
| Aktienklasse B EUR: | 100 € |
| Aktienklasse B USD: | 100 $ |
| Aktienklasse CR EUR: | 100 € |
| Aktienklasse CR USD: | 100 $ |
| Aktienklasse CRD EUR: | 100 EUR |
| Aktienklasse CRD USD: | 100 $ |
| Aktienklasse I CHF: | 100 CHF |
| Aktienklasse I EUR : | 100 € |
| Aktienklasse I USD: | 100 $ |
| Aktienklasse J CHF: | 100 CHF |
| Aktienklasse J EUR: | 100 € |
| Aktienklasse J USD: | 100 $ |
| Aktienklasse K EUR: | 100 € |
| Aktienklasse KD EUR: | 100 € |
| Aktienklasse R EUR: | 100 € |

Mindestanlagebetrag bei Erstzeichnung:
| Aktienklasse A CHF: | 1 Aktie |
| --- | --- |
| Aktienklasse A EUR: | 1 Aktie |
| Aktienklasse A USD: | 1 Aktie |
| Aktienklasse B CHF: | 1 Aktie |
| Aktienklasse B EUR: | 1 Aktie |
| Aktienklasse B USD: | 1 Aktie |
| Aktienklasse CR EUR: | 1 Aktie |
| Aktienklasse CR USD: | 1 Aktie |
| Aktienklasse CRD EUR: | 1 Aktie |
| Aktienklasse CRD USD: | 1 Aktie |
| Aktienklasse I CHF: | 500.000 CHF |
| Aktienklasse I EUR: | 500.000 € |
| Aktienklasse I USD: | 500.000 $ |
| Aktienklasse J CHF: | 500.000 CHF |
| Aktienklasse J EUR: | 500.000 € |
| Aktienklasse J USD: | 500.000 $ |
| Aktienklasse K EUR: | 500.000 € |
| Aktienklasse KD EUR: | 500.000 € |
| Aktienklasse R EUR: | 1 Aktie |

Mindestanlagebetrag bei Folgezeichnungen:
| Aktienklasse A CHF: | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse A EUR: | 1 Tausendstel eines Anteils. |

| Aktienklasse A USD: | 1 Tausendstel eines Anteils. |
| --- | --- |
| Aktienklasse B CHF: | 1 Tausendstel eines Anteils. |
| Aktienklasse B EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse B USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CR USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse CRD USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse I CHF: | 1 Tausendstel eines Anteils. |
| Aktienklasse I EUR : | 1 Tausendstel eines Anteils. |
| Aktienklasse I USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse J CHF: | 1 Tausendstel eines Anteils. |
| Aktienklasse J EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse J USD: | 1 Tausendstel eines Anteils. |
| Aktienklasse K EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse KD EUR: | 1 Tausendstel eines Anteils. |
| Aktienklasse R USD: | 1 Tausendstel eines Anteils. |

Zeichnungs- und Rücknahmebedingungen:
Die Anträge werden gemäß der folgenden Tabelle ausgeführt.
Die Zeichnungs- und Rücknahmemodalitäten werden in Geschäftstagen angegeben. Der Tag der Feststellung des Nettoinventarwerts wird mit „T“ angegeben:
| Zusammenle- gung von Zeichnungs- aufträgen | Zusammen- legung von Rücknahme- anträgen | Ausführungs- datum des Antrags | Veröffentlichung des Nettoinventarwert s | Abwicklung von Zeichnungen | Abwicklung von Rückkäufen |
| --- | --- | --- | --- | --- | --- |
| T vor 12:30 Uhr | T vor 12:30 Uhr | J | T+1 | T+3 | T+3* |

* Im Falle einer Auflösung des Teilfonds werden die Rückkäufe innerhalb einer Frist von maximal fünf Werktagen abgewickelt.
Die Verwaltungsgesellschaft hat eine Anpassungsmethode für den Nettoinventarwert des Teilfonds mit der Bezeichnung „Swing Pricing“ eingeführt. Dieser Mechanismus wird in Abschnitt VII des Verkaufsprospekts näher erläutert: „Regeln für die Bewertung der Aktiva“:
Die Zeichnungen und Rücknahmen der Aktienklassen „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“ und „R EUR“ werden nach Beträgen oder in ganzen Aktien oder in Tausendstelaktien ausgeführt.
Der Wechsel von einer Aktienklasse zu einer anderen Aktienklasse dieses Teilfonds oder eines anderen Teilfonds der SICAV wird steuerlich als Rücknahmevorgang mit anschließender Neuzeichnung angesehen. Demnach hängen die jeweils für den Zeichner zur Anwendung kommenden Steuervorschriften von der besonderen Situation des Zeichners und/oder von der Gerichtsbarkeit, der der FCP unterliegt, ab. In jedem Fall wird den Zeichnern angeraten, sich bei Unklarheiten an ihren Berater zu wenden, um sich über die anwendbaren Steuervorschriften zu informieren.
Die Anteilinhaber werden darauf hingewiesen, dass bei Anträgen, die an die mit der Entgegennahme der Zeichnungs- und Rücknahmeanträge betrauten Stellen übermittelt werden, die Frist für die Zusammenfassung der Anträge bei der zentralen Verwaltungsstelle Edmond de Rothschild (France) maßgeblich ist. Folglich können diese betrauten Stellen unter Berücksichtigung ihres eigenen Zeitaufwands bei der Übermittlung an Edmond de Rothschild (France) eigene Fristen setzen, die vor der nachstehend genannten liegen.
Ort und Form der Veröffentlichung des Nettoinventarwerts:
Verfügbar ist der Nettoinventarwert des Teilfonds über die Verwaltungsgesellschaft: EDMOND DE ROTHSCHILD ASSET MANAGEMENT (France)
47, rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08
- 
###### Kosten und Gebühren

Zeichnungs- und Rücknahmegebühren:
Die Zeichnungs- und Rücknahmegebühren werden auf den vom Anleger bezahlten Ausgabepreis aufgeschlagen bzw. vom Rücknahmepreis abgezogen. Die vom Teilfonds vereinnahmten Gebühren dienen zum Ausgleich der Kosten, die dem Teilfonds bei der Anlage oder Auflösung der Anlage des verwalteten Vermögens entstehen. Die nicht vereinnahmten Gebühren fließen an die Verwaltungsgesellschaft, die Vertriebsstelle etc.
| Bei Zeichnung und Rücknahme anfallende Kosten zulasten des Anlegers | Bemessungs- grundlage | Satz |
| --- | --- | --- |
| Durch den Teilfonds EdR SICAV - Green New Deal nicht vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Aktienklasse A CHF: max. 3 % |
| Aktienklasse A EUR: max. 3 % |
| Aktienklasse A USD: max. 3 % |
| Aktienklasse B CHF: max. 3 % |
| Aktienklasse B EUR: max. 3 % |
| Aktienklasse B USD: max. 3 % |
| Aktienklasse CR EUR: max. 3 % |
| Aktienklasse CR USD: max. 3 % |
| Aktienklasse CRD EUR: max. 3 % |
| Aktienklasse CRD USD: max. 3 % |
| Aktienklasse I CHF: Entfällt |
| Aktienklasse I EUR: Entfällt |
| Aktienklasse I USD: Entfällt |
| Aktienklasse J CHF: Entfällt |
| Aktienklasse J EUR: Entfällt |
| Aktienklasse J USD: Entfällt |
| Aktienklasse K EUR: Entfällt |
| Aktienklasse KD EUR: Entfällt |
| Aktienklasse R EUR: 3 % |
| Durch den Teilfonds EdR SICAV - Green New Deal vereinnahmter Ausgabeaufschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: Entfällt |
| Durch den Teilfonds EdR SICAV - Green New Deal nicht vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: Entfällt |
| Durch den Teilfonds EdR SICAV - Green New Deal vereinnahmter Rücknahmeabschlag | Nettoinventarwert x Anzahl an Aktien | Alle Aktienklassen: Entfällt |

Betriebs- und Verwaltungskosten:
Diese Kosten decken alle dem Teilfonds direkt in Rechnung gestellten Kosten mit Ausnahme der Transaktionskosten ab.
Die Transaktionskosten umfassen die Vermittlungskosten (Maklergebühren, lokale Abgaben usw.) und die gegebenenfalls anfallende Transaktionsprovision, die insbesondere von der Depotbank und der Verwaltungsgesellschaft erhoben werden kann.
Zu diesen Betriebs- und Verwaltungskosten können hinzukommen:
- eine erfolgsabhängige Provision
- dem Teilfonds berechnete Transaktionsprovisionen
- Kosten im Zusammenhang mit vorübergehenden Käufen und Verkäufen von Wertpapieren, falls zutreffendWeitere Informationen zu den Kosten, die dem Anleger in Rechnung gestellt werden, finden Sie in den Dokumenten mit den wesentlichen Anlegerinformationen (KIID).

| Dem Teilfonds berechnete Kosten | Bemessungs- grundlage | Prozentsatz und Bemessungsgrundlage |
| --- | --- | --- |
| Finanzverwaltungskosten | Nettovermögen des Teilfonds | Aktienklasse A CHF: max. 1,70 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 1,70 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 1,70 % inkl. aller Steuern* |
| Aktienklasse B CHF: max. 1,70 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 1,70 % inkl. aller Steuern* |
| Aktienklasse B USD: max. 1,70 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse CRD EUR: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse CRD USD: max. 0,95 % inkl. aller Steuern* |
| Aktienklasse I CHF: max. 0,85 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,85 % inkl. aller Steuern* |
| Aktienklasse I USD: max. 0,85 % inkl. aller Steuern* |
| Aktienklasse J CHF: max. 0,85 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,85 % inkl. aller Steuern* |
| Aktienklasse J USD: max. 0,85 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 1,00 % inkl. aller Steuern* |
| Aktienklasse KD EUR: max. 1,00 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 2,05 % inkl. aller Steuern* |
| Externe Administrationskosten der Verwaltungsgesellschaft**, insbesondere Depotbank-, Fondsbewerter- und Abschlussprüfergebühren usw. | Nettovermögen des Teilfonds | Aktienklasse A CHF: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse A USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B CHF: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse B USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CR USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CRD EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse CRD USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I CHF: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse I USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J CHF: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse J USD: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse K EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse KD EUR: max. 0,15 % inkl. aller Steuern* |
| Aktienklasse R EUR: max. 0,15 % inkl. aller Steuern* |
| Erfolgsabhängige Provision (1) | Nettovermögen des Teilfonds | Aktienklasse A CHF: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse A EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |

|  |  | Aktienklasse A USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| --- | --- | --- |
| Aktienklasse B CHF: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse B EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse B USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CR USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CRD EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse CRD USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse I CHF: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse I EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse I USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse J CHF: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse J EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse J USD: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |
| Aktienklasse K EUR: Entfällt |
| Aktienklasse KD EUR: Entfällt |
| Aktienklasse R EUR: 15 % p. a. der Outperformance im Verhältnis zum Referenzindex MSCI World, mit Wiederanlage der Nettodividenden. |

* TTC = inkl. aller Steuern.
Die Verwaltungsgesellschaft hat entschieden, im Rahmen dieser Tätigkeit keine MwSt. zu fakturieren
** Im Falle einer Erhöhung der externen Administrationskosten der Verwaltungsgesellschaft in Höhe von maximal 0,10 % p. a. inkl. aller Steuern benachrichtigt die Gesellschaft die Aktionäre des Teilfonds auf beliebigem Wege. Im Falle einer Erhöhung, die 0,10 % p. a. inkl. aller Steuern übersteigt, werden die Aktionäre darüber in besonderer Weise informiert und sie erhalten die Möglichkeit, ihre Aktien kostenfrei zurückzugeben.
(1) Erfolgsabhängige Provision
Erfolgsabhängige Provisionen werden zugunsten der Verwaltungsgesellschaft gemäß folgenden Modalitäten erhoben: Referenzindex: MSCI World mit Wiederanlage der Nettodividenden.
Die erfolgsabhängige Provision berechnet sich aus dem Vergleich der Wertentwicklung der Aktienklasse des Teilfonds mit jener eines indizierten Referenzvermögens. Das indizierte Referenzvermögen gibt die Wertentwicklung des Referenzindex nach Anpassung für Zeichnungen, Rücknahmen und ggf. Dividenden wieder.
Sobald die Wertentwicklung der Aktienklasse diejenige ihres Referenzindex überschreitet, wird eine Provision von 15 % auf die Outperformance erhoben.
Im Falle einer überdurchschnittlichen Wertentwicklung der Aktienklasse des Teilfonds über die Referenzperiode unter Bezugnahme auf ihren Referenzindex kann eine erfolgsabhängige Provision erhoben werden, selbst wenn die Wertentwicklung negativ ist.
Bei jeder Berechnung des Nettoinventarwerts wird eine Rückstellung für die erfolgsabhängigen Provisionen gebildet.
Beim Rückkauf von Aktien wird der diesen entsprechende Anteil der erfolgsabhängigen Provision endgültig durch die Verwaltungsgesellschaft vereinnahmt.
Bei einer Underperformance wird die Rückstellung für die erfolgsabhängige Provision über Entnahmen aus Rückstellungen angepasst, wobei die Grenze in Höhe der Zuführungen liegt.
Die Referenzperioden enden mit dem letzten Nettoinventarwert Ende September.
Diese erfolgsabhängige Provision wird jährlich nach der Berechnung des letzten Nettoinventarwerts der Referenzperiode ausbezahlt.
Die Referenzperiode beträgt mindestens ein Jahr. Die erste Referenzperiode erstreckt sich vom Datum der Auflegung der Aktienklasse bis zum ersten Datum des Endes der Referenzperiode, bei dem die Mindestdauer von einem Jahr eingehalten wird.
Wenn die Wertentwicklung der Aktienklasse am Ende der Referenzperiode niedriger ist als die ihres Referenzindex in der Referenzperiode, wird keine Provision erhoben und die Referenzperiode um ein Jahr verlängert. Die Referenzperiode kann viermal verlängert werden.
Am Ende einer Referenzperiode von fünf Jahren oder mehr wird die Referenzperiode nicht verlängert, wenn die Wertentwicklung der Aktienklasse geringer ist als die ihres Referenzindex. Es wird dann eine neue Referenzperiode festgelegt, die mit dem Ende der auslaufenden Referenzperiode beginnt.
Am Ende einer Referenzperiode:
- Wenn die Differenz zwischen dem Nettovermögen (NV) der Aktienklasse und ihrem Ziel-Nettovermögen (Ziel-NV) positiv ist, wird eine erfolgsabhängige Provision festgestellt und vereinnahmt. Dieses Nettovermögen wird das neue Referenz-Nettovermögen (Referenz-NV).
- Wenn die Differenz zwischen dem Nettovermögen der Aktienklasse und ihrem Ziel-Nettovermögen negativ ist, wird keine erfolgsabhängige Provision festgestellt und vereinnahmt, und:
	- Wenn die Referenzperiode der Aktienklasse weniger als 5 Jahre beträgt, wird diese um ein Jahr verlängert. Das Referenz-Nettovermögen bleibt dann unverändert.
	- Wenn die Referenzperiode 5 Jahre oder länger beträgt, endet die Referenzperiode und das Nettovermögen zum Ende der Referenzperiode wird zum neuen Referenz-Nettovermögen.


Berechnungsmethode
Betrag der Provision = MAX (0; NV(t) – Ziel-NV) x Satz der erfolgsabhängigen Provision NV (t): Nettovermögen zum Datum t
Referenz-NV: letztes Nettovermögen der vorherigen Referenzperiode Referenzdatum: Datum des Referenz-NV
Ziel-NV = Referenz-NV x (Wert des Referenzindex zum Datum t/Wert des Referenzindex zum Referenzdatum) angepasst um Zeichnungen, Rücknahmen und Dividenden.
Beispiele:
In den folgenden Beispielen wird davon ausgegangen, dass es keine Zeichnungen, Rücknahmen und Dividenden gibt. Beispiel 1:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 105 | 95 |
| NV | 100 | 101 | 99 |
| Berechnungsg rundlage: NV - Ziel-NV |  | -4 | 4 |

| Periode | Kumulierte Wertentwick lung der Aktienklass e* | Kumulierte Wertentwick lung des Index* | Kumulierte relative Wertentwic klung* | Wertentwic klung der Aktienklass e im letzten Jahr | Wertentwick lung des Index im letzten Jahr | Relative Wertentwick lung im letzten Jahr | Vereinnahmun g Provision** | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 5 | -4 | 1 | 5 | -4 | Nein | Verlängerung |
| 0-2 | -1 | -5 | 4 | -2 | -10 | 8 | Ja | Erneuerung |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Periode 0-1: Das NV am Ende der Referenzperiode liegt unter dem Ziel-NV (101 gegenüber 105, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von -4). Daher wird keine erfolgsabhängige Provision vereinnahmt, und die ursprüngliche Referenzperiode von einem Jahr wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Das NV am Ende der Referenzperiode liegt über dem Ziel-NV (99 gegenüber 95, Abweichung/relative Wertentwicklung seit Beginn der Referenzperiode von 4). Die absolute Wertentwicklung seit dem Beginn der Referenzperiode ist negativ (NV am Ende der Referenzperiode: 99<NV am Anfang der Referenzperiode: 100). Eine erfolgsabhängige Provision wird vereinnahmt, ihre Berechnungsgrundlage ist gleich der kumulierten relativen Wertentwicklung seit dem Beginn der Referenzperiode (4). Ihr Betrag ist gleich dieser Berechnungsgrundlage multipliziert mit dem Satz der erfolgsabhängigen Provision. Die Referenzperiode wird erneuert, und das neue Referenz-NV wird auf 99 festgelegt.
Beispiel 2:
| Periode | 0 | 1 | 2 | 3 | 4 | 5 |
| --- | --- | --- | --- | --- | --- | --- |
| Ziel-NV | 100 | 102 | 104 | 106 | 108 | 110 |
| NV | 100 | 101 | 101 | 105 | 106 | 107 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -1 | -3 | -1 | -2 | -3 |

| Periode | Kumulierte Wertentwicklung der Aktienklasse* | Kumulierte Wertentwicklung des Index* | Kumulierte relative Wertentwicklung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wertentwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 1 | 2 | -1 | 1 | 2 | -1 | Nein | Verlängerung |
| 0-2 | 1 | 4 | -3 | 0 | 2 | -2 | Nein | Verlängerung |
| 0-3 | 5 | 6 | -1 | 4 | 2 | 2 | Nein | Verlängerung |
| 0-4 | 6 | 8 | -2 | 1 | 2 | -1 | Nein | Verlängerung |
| 0-5 | 7 | 10 | -3 | 1 | 2 | -1 | Nein | Erneuerung |

* seit Beginn der Referenzperiode
** erfolgsabhängig
Perioden 0-1 und 0-2: Die über die Periode generierte absolute Wertentwicklung ist positiv (NV>Referenz-NV), aber die relative Wertentwicklung ist negativ (NV<Ziel-NV). Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird am Ende des ersten Jahres um ein Jahr und am Ende des zweiten Jahres um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-3: Die über die Periode generierte absolute Wertentwicklung ist positiv (5), und die über das Jahr generierte relative Wertentwicklung ist positiv (4), aber die kumulierte relative Wertentwicklung seit dem Beginn der Referenzperiode (0-3) ist negativ (-1). Daher wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-4: Relative Wertentwicklung über Referenzperiode negativ, keine erfolgsabhängige Provision, die Referenzperiode wird zum vierten und letzten Mal erneut um ein weiteres Jahr verlängert. Das Referenz-NV bleibt unverändert.
| Periode | Kumulierte Wertentwicklung der Aktienklasse* | Kumulierte Wertentwicklung des Index* | Kumulierte relative Wertentwicklung* | Wertentwicklung der Aktienklasse im letzten Jahr | Wertentwicklung des Index im letzten Jahr | Relative Wertentwicklung im letzten Jahr | Vereinnahmung einer Provision | Periode erneuert / verlängert |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 0-1 | 2 | 4 | -2 | 2 | 4 | -2 | Nein | Verlängerung |
| 0-2 | 6 | -2 | 8 | 4 | -6 | 10 | Ja | Erneuerung |

Periode 0-5: Relative Wertentwicklung über Periode negativ, keine erfolgsabhängige Provision, Referenzperiode erneuert, da die Referenzperiode bereits 4 Mal verlängert wurde. Das neue Referenz-NV wird auf 107 festgelegt.
Beispiel 3:
| Periode | 0 | 1 | 2 |
| --- | --- | --- | --- |
| Ziel-NV | 100 | 104 | 98 |
| NV | 100 | 102 | 106 |
| Berechnungsgrundlage: NV - Ziel-NV |  | -2 | 8 |

Periode 0-1: Positive absolute Wertentwicklung, aber Underperformance von -2 (102-104) in der Referenzperiode. Es wird keine erfolgsabhängige Provision vereinnahmt. Die Referenzperiode wird um ein Jahr verlängert. Das Referenz-NV bleibt unverändert.
Periode 0-2: Positive absolute Wertentwicklung und Outperformance von 8 (106-98). Daher wird eine erfolgsabhängige Provision erhoben, die Berechnungsgrundlage ist 8. Die Referenzperiode wird erneuert, das neue Referenz-NV wird auf 106 festgelegt.
Gebühren im Zusammenhang mit der Aktienanalyse im Sinne von Artikel 314-21 der allgemeinen Vorschriften der AMF werden dem Teilfonds in Rechnung gestellt.
Vom Teilfonds EdR SICAV - Green New Deal vereinnahmte Rückvergütungen von Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds werden wieder dem Teilfonds zugeschlagen. Die Höhe der Verwaltungskosten der zugrunde liegenden OGA und Investmentfonds wird abhängig von eventuellen Rückerstattungen bestimmt, die der Teilfonds erhält.
Sollte eine Unterverwahrstelle für eine spezielle Transaktion ausnahmsweise eine Transaktionsprovision berechnen, die nicht in oben stehenden Modalitäten vorgesehen ist, wird eine Beschreibung der Transaktion sowie der berechneten Transaktionsprovisionen in den Rechenschaftsbericht der SICAV aufgenommen.
Zusätzliche Informationen finden die Aktionäre im Jahresbericht der SICAV. Auswahlverfahren für Makler:
In Übereinstimmung mit dem allgemeinen Reglements der französischen Finanzmarktaufsicht („Règlement Général AMF“) hat die Verwaltungsgesellschaft eine „Best Practice für die Selektion bzw. Orderausführung“ von Vermittlern und Gegenparteien eingeführt.
Diese Leitlinien zielen darauf ab, nach verschiedenen vordefinierten Kriterien jene Verhandlungspartner und Makler auszuwählen, deren Vorgehensweise bei der Antragsausführung das bestmögliche Resultat bei derselben garantiert. Die Leitlinien von Edmond de Rothschild Asset Management (France) sind auf der Website der Gesellschaft verfügbar: www.edram.fr.
Modalitäten der Berechnung und der Aufteilung der Vergütung für den vorübergehenden Kauf und Verkauf vonWertpapieren sowie für jegliche nach ausländischem Recht gleichwertige Transaktion:
Pensionsgeschäfte werden vom Makler von Edmond de Rothschild (France) zu den Marktbedingungen getätigt, die zum Zeitpunkt ihres Abschlusses gelten.
Die mit diesen Geschäften verbundenen Kosten und operativen Aufwendungen übernimmt der Teilfonds. Die durch das Geschäft generierten Erträge stehen vollständig dem Teilfonds zu.
- 
### DEN HANDEL BETREFFENDE INFORMATIONEN
	- 
###### Anlegerinformationen


Die Sammelstelle für Rückkauf- und Zeichnungsanträge von Aktien ist:
Edmond de Rothschild (France) (beauftragte zentrale Verwaltungsstelle)
Aktiengesellschaft (S.A.) mit Vorstand und Aufsichtsrat, von Banque de France-CECEI am 28. September 1970 als Kreditinstitut zugelassen.
Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré – 75401 Paris Cedex 08, Frankreich
Telefon: 33 (0) 1 40 17 25 25
Für alle weiteren Fragen betreffend der SICAV können Sie sich an die Vertriebsstelle wenden.
Die Verwaltungsgesellschaft kann die Zusammenstellung des Portfolios des OGA bestimmten Aktionären oder deren Dienstleistern unter der Maßgabe der Vertraulichkeit zu Berechnungszwecken im Rahmen der aufsichtsrechtlichen Auflagen in Verbindung mit der Richtlinie 2009/138/EG (Solvency II) gemäß den Vorgaben der AMF innerhalb einer Frist von mehr als 48 Stunden nach der Veröffentlichung des Nettoinventarwerts übermitteln.
Informationen zur Berücksichtigung der Kriterien für die Erfüllung sozialer, Umwelt- und Governance-bezogener Ziele bei der Verwaltung dieser SICAV finden sich auf der Website www.edram.fr und sind im Jahresbericht der SICAV für das laufende Geschäftsjahr enthalten.
- 
### ANLAGEREGELN

Die SICAV hält die gesetzlichen Anlageregeln der europäischen Richtlinie 2009/65/EG ein. Die SICAV kann vom 5- 10-40-Verhältnis abweichen, indem er mehr als 35 % seines Nettovermögens in zulässige Finanztitel und Geldmarktinstrumente investiert, die von zugelassenen Staaten oder staatlichen oder quasistaatlichen Stellen begeben oder garantiert werden.
- 
### GESAMTRISIKO

Commitment-Ansatz:
Die nachstehend aufgeführten Teilfonds nutzen zur Berechnung des Gesamtrisikos in Verbindung mit Finanzkontrakten den Commitment-Ansatz:
- 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 DealValue-at-Risk-Methode (absoluter VaR):Die nachstehenden Teilfonds nutzen die Methode zur Berechnung des Value-at-Risk (absoluter VaR) zur Berechnung des Gesamtrisikos des Teilfonds aus Finanzkontrakten:
- EdR SICAV – Start
- EdR SICAV – Global OpportunitiesDas maximale Engagement aus diesen Transaktionen bewegt sich innerhalb der gemäß der Value-at-Risk-Methode in Bezug auf den absoluten VaR festgelegten Grenzen, begrenzt durch die aufsichtsrechtlichen Regelungen auf 20% des Vermögens mit einer Schwelle von 99 % über Geschäftstage. Indikatives Niveau des Hebeleffekts:Das indikative Niveau des Hebeleffekts des Teilfonds EdR SICAV – Start, das sich als Summe des absoluten Werts der Nennwerte der Positionen an Finanzkontrakten errechnet, beträgt 866,18 %. Der Teilfonds kann eine stärkere Hebelung erzielen. Dabei ist zu beachten, dass diese Methode, bei der Nennbeträge zu einem absoluten Wert addiert werden, ein Bruttoengagement ergibt.

Das indikative Niveau des Hebeleffekts des Teilfonds EdR SICAV – Global Opportunities, das sich als Summe des absoluten Werts der Nennwerte der Positionen an Finanzkontrakten errechnet, beträgt 95,33 %. Der Teilfonds kann eine stärkere Hebelung erzielen. Dabei ist zu beachten, dass diese Methode, bei der Nennbeträge zu einem absoluten Wert addiert werden, ein Bruttoengagement ergibt.
- 
### REGELN FÜR DIE BEWERTUNG DER AKTIVA
	- 
###### Regeln für die Bewertung der Aktiva


Der Nettoinventarwert der Aktie wird unter genauer Berücksichtigung nachstehender Bewertungsregeln berechnet, deren Anwendungsmodalitäten im Anhang des Jahresabschlusses präzisiert sind. Die Bewertung erfolgt zum Schlusskurs.
- Wertpapiere, die auf einem geregelten französischen oder ausländischen Markt gehandelt werden, werden zum Marktkurs bewertet. Die Bewertung auf Grundlage des Preises am Referenzmarkt erfolgt gemäß von der Verwaltungsgesellschaft festgelegten und im Anhang des Jahresabschlusses angeführten Regeln.
- Handelbare Forderungspapiere und ähnliche Wertpapiere, die nicht Gegenstand umfangreicher Transaktionen sind, werden nach einer versicherungsmathematischen Methode bewertet, wobei der Zinssatz gleichwertiger Papiere verwendet wird, der gegebenenfalls entsprechend den intrinsischen Merkmalen des Emittenten des zu bewertenden Papiers angepasst wird. Handelbare Forderungspapiere mit einer Restlaufzeit von längstens drei Monaten, die keine besondere Sensitivität aufweisen, können auch nach der Linearmethode bewertet werden. Die Anwendungsmodalitäten dieser Regeln werden von der Verwaltungsgesellschaft festgelegt und im Anhang des Jahresabschlusses präzisiert.
- Bei Wertpapieren, deren Kurs am Bewertungstag nicht festgestellt wurde, sowie anderen Bilanzposten korrigiert die Verwaltungsgesellschaft die Bewertung je nach Schwankungen, die aufgrund der laufenden Ereignisse als wahrscheinlich erscheinen. Die Entscheidung wird dem Abschlussprüfer mitgeteilt.
- Geschäfte mit verbindlichen oder bedingten Finanzkontrakten, die an organisierten französischen oder ausländischen Märkten gehandelt werden, werden unter Anwendung der von der Verwaltungsgesellschaft festgesetzten Modalitäten zum Marktwert bewertet.
- Geschäfte mit verbindlichen oder bedingten Finanzkontrakten oder Swapgeschäfte an OTC-Märkten, die gemäß den für OGAW geltenden gesetzlichen Vorschriften zugelassen sind, werden unter Anwendung der von der Verwaltungsgesellschaft festgesetzten und im Anhang des Jahresabschlusses präzisierten Modalitäten zum Marktwert oder zu ihrem wahrscheinlichen Handelswert bewertet.
- Aktien oder Anteile von SICAV, Fonds Commun de Placement oder OGA werden auf der Grundlage des letzten bekannten Nettoinventarwerts, des letzten am Bewertungstag bekannten Börsenkurses oder des Nettoinventarwerts bewertet, der auf Basis von Informationen, die vom Administrator oder vom Anlageverwalter der SICAV oder des Investmentfonds bereitgestellt wurden, geschätzt wird.
- 
###### Anpassungsmethode für den an das Swing Pricing gebundene Nettoinventarwert mit Auslöseschwelle

Für die Teilfonds 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 und EdR SICAV – Global Opportunities hat die Verwaltungsgesellschaft eine Methode für die Anpassung des Nettoinventarwerts eingerichtet, die als „Swing Pricing“ bezeichnet wird und eine Auslöseschwelle aufweist, um die Interessen der Aktionäre dieser Teilfonds zu wahren. Im Falle einer signifikanten Veränderung der Verbindlichkeiten eines Teilfonds besteht dieser Mechanismus darin, dass die Kosten der durch diese Zeichnungen/Rückkäufe generierten Operationen von allen Aktionären des Fonds (ein- oder austretende) getragen werden.
Übersteigt an einem Tag, an dem der Nettoinventarwert berechnet wird, der Nettowert der Zeichnungs- und Rücknahmeaufträge der Anleger für alle Aktienklassen des Investmentfonds einen von der Verwaltungsgesellschaft festgelegten Schwellenwert (ausgedrückt als Prozentsatz des Nettovermögens des Investmentfonds (Auslöseschwelle)), kann der Nettoinventarwert nach oben oder unten angepasst werden, um die den Netto-Zeichnungs- und Rücknahmeaufträgen zuzurechnenden Anpassungskosten zu berücksichtigen. Der Nettoinventarwert jeder Aktienklasse wird separat berechnet, aber jede Anpassung hat einen identischen prozentualen Einfluss auf die gesamten Nettoinventarwerte jeder Aktienklasse des Investmentfonds.
Die Kosten- und Schwellenwertparameter werden von der Verwaltungsgesellschaft festgelegt und in regelmäßigen Abständen überprüft. Diese Kosten werden von der Verwaltungsgesellschaft auf der Grundlage der Transaktionskosten, der Kauf- und Verkaufsspanne und der für den Investmentfonds geltenden Steuern geschätzt. Soweit diese Anpassung an den Nettowert der Zeichnungs- und Rücknahmeaufträge des Teilfonds gebunden ist, kann nicht genau vorhergesagt werden, ob und wie oft die Verwaltungsgesellschaft das Swing Pricing vornehmen wird oder die Häufigkeit, mit der die Verwaltungsgesellschaft solche Anpassungen vornimmt. In jedem Fall dürfen diese Anpassungen 2 % des Nettoinventarwerts nicht überschreiten.
Die Anleger werden darauf hingewiesen, dass die Volatilität des Nettoinventarwerts des Fonds aufgrund der Anwendung von Swing Pricing nicht ausschließlich die Volatilität der im Portfolio gehaltenen Wertpapiere widerspiegeln kann.
Der bereinigte Nettoinventarwert, der sogenannte „Swung Net Asset Value“, ist der einzige Nettoinventarwert, der den Aktionären des Investmentfonds mitgeteilt wird. Wenn jedoch eine erfolgsabhängige Provision besteht, wird sie auf Basis des Nettoinventarwerts vor Anwendung des Anpassungsmechanismus berechnet.
In Übereinstimmung mit den regulatorischen Bestimmungen teilt die Verwaltungsgesellschaft nicht die Auslöseschwellen mit und stellt sicher, dass die internen Informationswege eingeschränkt sind, um die Vertraulichkeit der Informationen zu wahren.
- 
###### Verbuchungsmethode

Die SICAV Edmond de Rothschild SICAV handelt in Übereinstimmung mit den in der geltenden gesetzlichen Regelung enthaltenen Bilanzierungsvorschriften und insbesondere mit dem zugehörigen Kontenplan.
Für die Rechnungslegung der SICAV Edmond de Rothschild SICAV wird die Referenzwährung Euro verwendet. Zinsen werden nach der Methode der vereinnahmten Zinsen verbucht.
Der Wert aller auf eine andere Währung als den Euro lautenden Wertpapiere wird am Bewertungsdatum in Euro umgerechnet.
Die Gesamtheit der Geschäfte wird unter Ausschluss der Kosten (Kostenausgrenzung) verbucht. Finanzinstrumente, deren Kurs am Bewertungstag nicht festgesetzt wurde oder deren Kurs berichtigt wurde, werden in Verantwortung der Verwaltungsgesellschaft zu ihrem wahrscheinlichen Handelswert bewertet. Diese Bewertungen und ihre Rechtfertigung werden dem Abschlussprüfer bei seiner Kontrolle mitgeteilt.
Für die Rechnungslegung für die nachstehenden Teilfonds wird die Referenzwährung Euro verwendet:
- 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 DealFür die Rechnungslegung für den nachstehenden Teilfonds wird die Referenzwährung US-Dollar verwendet:-	EdR SICAV - Equity US Solve
- 
### VERGÜTUNG

Edmond de Rothschild Asset Management (France) verfügt über eine Vergütungspolitik, die den Vorschriften der europäischen Richtlinie 2009/65/EG („OGAW-V-Richtlinie“) und Artikel 321-125 des Règlement Général AMF entspricht, die auf OGAW angewendet werden. Die Vergütungsrichtlinien befürworten ein solides und effizientes Risikomanagement und fördern nicht das Eingehen von Risiken, die mit den Risikoprofilen des OGAW, den sie verwaltet, unvereinbar wären. Die Verwaltungsgesellschaft hat geeignete Maßnahmen eingeführt, die es ermöglichen, jegliche Interessenkonflikte zu vermeiden.
Die Vergütungspolitik besteht für die Gesamtheit der Mitarbeiter der Verwaltungsgesellschaft, denen ein wesentlicher Einfluss auf das Risikoprofil des OGAW zugeschrieben wird und die jedes Jahr mithilfe eines Verfahrens identifiziert werden, an dem die Personalabteilung, die Risikoabteilung und die Konformitätsabteilung mitwirken, darin, dass ein Teil ihrer Vergütung (der in angemessenem Verhältnis zur festen Vergütung stehen muss) variabel ist und erst nach drei Jahren ausgezahlt wird.
Die Verwaltungsgesellschaft hat beschlossen, keinen Vergütungsausschuss auf der Ebene der Verwaltungsgesellschaft einzusetzen, sondern diese Aufgabe an die Muttergesellschaft Edmond de Rothschild (France) zu delegieren. Der Vergütungsausschuss ist gemäß den Grundsätzen in der Richtlinie 2009/65/EG organisiert.
Einzelheiten zur Vergütungspolitik der Verwaltungsgesellschaft finden Sie auf der Website der Gesellschaft: http://www.edmond-de-rothschild.com/site/France/fr/asset-management. Ein schriftliches Exemplar der Politik ist auf formlose Anfrage an die Verwaltungsgesellschaft kostenfrei erhältlich.
- 
### ZUSÄTZLICHE INFORMATIONEN FÜR ANLEGER IN ÖSTERREICH

Folgende Teilfonds von EDMOND DE ROTHSCHILD SICAV sind in Österreich zum Vertrieb registriert:
- 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
- Zahl- und InformationsstelleDie Société Générale, Zweigniederlassung Wien, Prinz-Eugen-Strasse 32 in 1040 Wien hat die Funktion der Zahl- und Informationsstelle für die Republik Österreich übernommen (die „österreichische Zahl- und Informationsstelle“). Rücknahme- und Rückkaufanträge für die Anteile können bei der österreichischen Zahl- und Informationsstelle eingereicht werden. Die Rücknahme- und Rückkauferlöse, etwaige Ausschüttungen und sonstige Zahlungen an die Anteilinhaber können über die österreichische Zahlstelle geleitet werden.

Bei der Zahl- und Informationsstelle sowie beim Sitz der Verwaltungsgesellschaft sind der jeweils gültige Verkaufsprospekt sowie die wesentlichen Anlegerinformationen, die Satzung, die Jahres- und Halbjahresberichte sowie die Mitteilungen an die Anteilsinhaber kostenlos und in Papierform während der normalen Öffnungszeiten erhältlich.
- Veröffentlichung der PreiseDie Ausgabe-, Rücknahme- und Umtauschpreise der Teilfonds sind bei der Zahl- und Informationsstelle Société Générale, Zweigniederlassung Wien, Prinz-Eugen-Strasse 32 in 1040 Wien, sowie bei der Verwaltungsgesellschaft Edmond de Rothschild Asset Management (France), 47 rue du Faubourg Saint-Honoré 75008 Paris, France kostenlos und auf Wunsch in Papierform erhältlich.

Darüber hinaus sind die Ausgabe-, Rücknahme- und Umtauschpreise der Teilfonds auf folgender Website erhältlich: http://funds.edram.com/en
Steuerlicher Vertreter
Deloitte Tax Wirtschaftsprüfungs GmbH, Renngasse 1/Freyung, Postfach 18, A-1013 Wien, übernimmt die Funktion des steuerlichen Vertreters gemäß § 186 Abs. 2 Z 2 InvFG 2011 in Österreich.
- 
### ZUSÄTZLICHE INFORMATIONEN FÜR ANLEGER IN DEUTSCHLAND
	- Recht zum Vertrieb von Anteilen in DeutschlandDie Gesellschaft hat der Bundesanstalt für Finanzdienstleistungsaufsicht ihre Absicht angezeigt, in Deutschland Anteile zu vertreiben und ist seit dem Abschluss des Anzeigeverfahrens zum Vertrieb berechtigt.


In der Bundesrepublik Deutschland erfüllt die
CACEIS Bank, Germany branch, Lilienthalallee 34-36
D – 80839 Hamburg
die Funktion der Zahl- und Informationsstelle für den Fonds (die „deutsche Zahl- und Informationsstelle“).
Anträge auf Rücknahme und Umtausch von Anteilen eines Teilfonds können bei der deutschen Zahl- und Informationsstelle eingereicht werden.
Sämtliche für einen Anteilinhaber bestimmte Zahlungen, einschließlich der Rücknahmeerlöse, etwaiger Ausschüttungen und sonstiger Zahlungen, können auf seinen Wunsch hin über die deutsche Zahl- und informationsstelle geleitet werden.
Der Verkaufsprospekt, die Wesentlichen Anlegerinformationen, die Satzung sowie die Jahres- und die Halbjahresberichte sind bei der deutschen Zahl- und Informationsstelle kostenlos in Papierform erhältlich. Ferner sind auch die Ausgabe-, Rücknahme-und Umtauschpreise sowie etwaige Mitteilungen an die Anteilinhaber bei der deutschen Zahl- und Informationsstelle kostenlos erhältlich.
Weiterhin stehen die folgenden, am Sitz des Fonds erhältlichen weiteren Unterlagen, bei der deutschen Zahl- und Informationsstelle während der üblichen Geschäftszeiten für die Anteilinhaber kostenlos zur Einsichtnahme zur Verfügung:
- die Verträge des Fonds mit den Anlageverwaltern
- der Vertrag des Fonds mit der Domizilstelle
- der „Dienstleistungsvertrag des Anlagefonds“ mit der Hauptverwaltungsstelle
- der Vertrag des Fonds mit der Depotbank
- weitere praktische Informationen, beispielsweise hinsichtlich des Beschwerdemanagements und der Strategie für die Ausübung von Stimmrechten, die mit vom Fonds gehaltenen Instrumenten einhergehenDie Ausgabe-, Rücknahme- und Umtauschpreise für jeden Teilfonds sowie etwaige Mitteilungen an die Anteilinhaber werden in Deutschland im Bundesanzeiger veröffentlicht.

Gemäß § 298 Absatz 2 KAGB erfolgt die Information von Anlegern in Deutschland in den folgenden Fällen mittels dauerhaftem Datenträger:
- Aussetzung der Rücknahme der Anteile oder Aktien des Fonds
- Kündigung der Verwaltung des Fonds oder dessen Abwicklung
- Änderung der Satzung, sofern diese Änderungen mit den bisherigen Anlagegrundsätzen nicht vereinbar sind, sie wesentliche Anlegerrechte berühren oder die Vergütung und Aufwendungserstattungen betreffen, die aus dem Fondsvermögen entnommen werden können
- Zusammenlegung des Fonds mit einem oder mehreren anderen Fonds
- die Änderung des Fonds in einen Feeder-Fonds oder die Änderung eines Master-Fonds
- Besondere Risiken durch neue steuerliche Nachweispflichten für Deutschland:Der Fonds hat der deutschen Finanzverwaltung auf Anforderung Nachweise zu erbringen, um beispielsweise die Richtigkeit der bekannt gemachten Besteuerungsgrundlagen zu belegen. Die Grundlagen für die Berechnung dieser Angaben können unterschiedlich ausgelegt und es kann keine Zusicherung dahingehend gegeben werden, dass die deutsche Finanzverwaltung die vom Fonds angewandte Methodik für die Berechnung in jedem wesentlichen Aspekt anerkennt. Überdies sollten sich Anleger bewusst sein, dass eine Korrektur grundsätzlich nicht für die Vergangenheit durchgeführt wird, sollten Fehler für die Vergangenheit erkennbar werden, sondern erst für das laufende Geschäftsjahr berücksichtigt wird. Entsprechend kann die Korrektur die Anleger, die im laufenden Geschäftsjahr eine Ausschüttung erhalten bzw. einen ausschüttungsgleichen Ertrag zugerechnet bekommen, belasten oder begünstigen.

SATZUNG
Edmond de Rothschild SICAV

## INVESTMENTGESELLSCHAFT MIT VARIABLEM KAPITAL MIT MEHREREN TEILFONDS
In Form einer Aktiengesellschaft Gesellschaftssitz: 47 rue du Faubourg Saint-Honoré
75008 PARIS
Handelsregister Paris Nr. 850 407 297

#### KAPITEL I - RECHTSFORM – ZWECK – FIRMA – GESELLSCHAFTSSITZ – DAUER DER GESELLSCHAFT ARTIKEL 1 – RECHTSFORM
Von den Inhabern nachstehender und künftiger Aktien wird eine Investmentgesellschaft mit variablem Grundkapital (Société d’Investissement à Capital Variable, SICAV) gegründet, auf die insbesondere die Bestimmungen des Code de Commerce (französisches Handelsgesetzbuch) für Aktiengesellschaften (Buch II – Titel II – Kapitel V), des Code Monétaire et Financier (französisches Währungs- und Finanzgesetzbuch) (Buch II – Titel I – Kapitel IV – Abschnitt I – Unterabschnitt I) und ihre jeweiligen Durchführungsbestimmungen sowie nachfolgende Texte und die vorliegende Satzung Anwendung finden.
Die SICAV umfasst mehrere Teilfonds. Jeder Teilfonds gibt Aktienklassen aus, die die ihm zugeordneten Vermögenswerte der SICAV repräsentieren. In diesem Fall sind die für die Aktien der SICAV geltenden Bestimmungen dieser Satzung auf Aktienklassen anwendbar, die als Verbriefung des Vermögens eines jeden Teilfonds ausgegeben werden.

#### ARTIKEL 2 - ZWECK
Zweck dieser Gesellschaft ist die Bildung und Verwaltung eines aus Finanzinstrumenten und Einlagen bestehenden Portfolios.

#### ARTIKEL 3 – FIRMA
Die Gesellschaft firmiert als: Edmond de Rothschild SICAV
gefolgt von der Bezeichnung „Société d’Investissement à Capital Variable“ und gegebenenfalls dem Begriff
„SICAV“.

#### ARTIKEL 4 – SITZ DER GESELLSCHAFT
Der eingetragene Sitz befindet sich in PARIS (75008), 47 rue du Faubourg Saint-Honoré.

#### ARTIKEL 5 – DAUER
Die Dauer der Gesellschaft ist auf 99 Jahre ab ihrer Eintragung in das französische Handelsregister (Registre du Commerce et des Sociétés, R.C.S.) festgelegt, außer in den Fällen einer vorzeitigen Auflösung oder Verlängerung, wie in dieser Satzung vorgesehen.

#### KAPITEL II - GRUNDKAPITAL – KAPITALVERÄNDERUNGEN – MERKMALE DER AKTIEN
ARTIKEL 6 – GRUNDKAPITAL
Das Grundkapital der SICAV beträgt 2 251 555 571,65 Euro und ist in 10 524 926,11 vollständig einbezahlte Aktien aufgeteilt.
Es bestand aus Sachleistungen.
Für den Teilfonds EdR SICAV - Euro Sustainable Credit:
Das Grundkapital des Teilfonds beträgt 126 085 387,20 Euro und ist in 354 369,97 vollständig einbezahlte Aktien aufgeteilt.
Er wurde am 12.02.2019 durch die Übernahme aller Vermögenswerte des FCP Edmond de Rothschild Euro Sustainable Credit gegründet.
Für den Teilfonds EdR SICAV - Euro Sustainable Growth:
Das Grundkapital des Teilfonds beträgt 158 002 616,77 Euro und ist in 864 362,19 vollständig einbezahlte Aktien aufgeteilt.
Er wurde am 12.02.2019 durch die Übernahme aller Vermögenswerte des FCP Edmond de Rothschild Euro Sustainable Growth gegründet.
Für den Teilfonds EdR SICAV – Financial Bonds:
Das Grundkapital des Teilfonds beträgt 1 967 467 567,68 Euro und ist in 9 306 193,95 vollständig einbezahlte Aktien aufgeteilt.
Er wurde am 12.02.2019 durch die Übernahme aller Vermögenswerte des FCP Edmond de Rothschild Financial Bonds gegründet.
Die SICAV ist eine SICAV mit Teilfonds und jeder Teilfonds gibt Aktienklassen aus, die die ihm zugeordneten Vermögenswerte der SICAV repräsentieren. In diesem Fall sind die für die Aktien der SICAV geltenden Bestimmungen dieser Satzung auf Aktienklassen anwendbar, die als Verbriefung des Vermögens des Teilfonds ausgegeben werden.
Die Merkmale der verschiedenen Aktienklassen und die Bedingungen für deren Erwerb sind im Verkaufsprospekt der SICAV näher erläutert.
Die verschiedenen Aktienklassen können insbesondere:
- unterschiedlichen Regelungen der Ertragsausschüttung unterliegen (Ausschüttung oder Thesaurierung);
- in unterschiedlichen Währungen aufgelegt werden;
- unterschiedlichen Verwaltungskosten unterliegen;
- unterschiedlichen Zeichnungs- und Rücknahmebedingungen unterliegen;
- unterschiedliche Nennwerte vorweisen;
- eine vollständige oder unvollständige systematische Absicherung des Währungsrisikos durchführen, wie im Prospekt festgelegt. Diese Absicherung erfolgt durch Finanzinstrumente, die die Auswirkungen der Absicherungsgeschäfte für die anderen Aktienklassen des OGAW auf ein Mindestmaß reduzieren.

- einem oder mehreren Vertriebsnetzen vorbehalten sein
Auf Vorschlag des Verwaltungsrates und nach Zustimmung der außerordentlichen Hauptversammlung können Aktien konsolidiert oder aufgeteilt werden.
Auf Beschluss des Verwaltungsrats können die Aktien in Zehntel, Hundertstel, Tausendstel und Zehntausendstel – sogenannte Teilaktien – gestückelt werden.
Die Vorschriften der Satzung, die die Ausgabe und die Rücknahme von Aktien regeln, gelten auch für Teilaktien, deren Wert sich stets proportional zum Wert der Aktien, die sie repräsentieren, verhalten wird. Sofern nicht anders vereinbart, gelten alle weiteren Bestimmungen der Satzung über die Aktien auch für die Teilaktien, ohne dass es einer weiteren Präzisierung bedarf.

#### ARTIKEL 7 – KAPITALVERÄNDERUNGEN
Das Kapital unterliegt Veränderungen aufgrund der Ausgabe neuer Aktien durch die Gesellschaft sowie Kapitalverringerungen aufgrund der Rücknahme von Aktien durch die Gesellschaft auf entsprechenden Antrag der Aktionäre.

#### ARTIKEL 8 – AUSGABE UND RÜCKNAHME VON AKTIEN
Die Aktien werden jederzeit auf Antrag von Aktionären und auf Grundlage ihres Nettoinventarwerts, zuzüglich etwaiger Zeichnungsgebühren, ausgegeben.
Rücknahmen und Zeichnungen erfolgen gemäß den im Verkaufsprospekt angegebenen Bedingungen und Bestimmungen.
Rücknahmen können in bar und/oder in Form von Sachleistungen erfolgen. Wenn die Rücknahme in Sachwerten einem repräsentativen Anteil der Vermögenswerte im Portfolio entspricht, muss nur die vom ausscheidenden Aktionär unterzeichnete schriftliche Einverständniserklärung von dem OGAW oder der Verwaltungsgesellschaft eingeholt werden. Wenn die Rücknahme in Sachwerten keinem repräsentativen Anteil der Vermögenswerte im Portfolio entspricht, müssen alle Aktionäre ihre schriftliche Zustimmung dazu erteilen, dass der ausscheidende Aktionär seine Aktien für bestimmte Vermögenswerte, die ausdrücklich in der Vereinbarung definiert sind, zurückgeben kann.
Ist der Fonds ein ETF, können Rücknahmen auf dem Primärmarkt mit Zustimmung der Portfolioverwaltungsgesellschaft und unter Berücksichtigung des Interesses der Aktionäre unter den im Verkaufsprospekt oder in den Bestimmungen des Fonds festgelegten Bedingungen erfolgen. Die Vermögenswerte werden dann von der ausgebenden depotführenden Stelle zu den im Prospekt des Fonds festgelegten Bedingungen geliefert.
Allgemein werden die erworbenen Vermögenswerte gemäß den in Artikel 9 festgelegten Regeln bewertet, und die Rücknahme in Sachwerten erfolgt auf Grundlage des ersten Nettoinventarwerts nach Annahme der betreffenden Wertpapiere.
Alle gezeichneten neuen Aktien müssen voll einbezahlt werden, da anderenfalls die Zeichnung ungültig wird, und sind mit der gleichen Gewinnberechtigung ausgestattet wie die zum Zeitpunkt der Zeichnung bereits ausgegebenen Aktien.
Gemäß Artikel L 214-7-4 des Code Monétaire et Financier kann sowohl die Rücknahme von Aktien durch die Gesellschaft als auch die Ausgabe neuer Aktien vom Verwaltungsrat vorläufig ausgesetzt werden, wenn außergewöhnliche Umstände dies erforderlich machen und das Interesse der Aktionäre dies verlangt.
Wenn das Nettovermögen der SICAV (oder gegebenenfalls eines Teilfonds) die vorgeschriebene Höhe unterschreitet, kann keine Aktienrücknahme (gegebenenfalls für den betreffenden Teilfonds) vorgenommen werden.
Es können gemäß den im Prospekt dargelegten Bestimmungen Mindestzeichnungsbeträge festgelegt werden.
Der OGAW kann in objektiven Situationen, die zur Schließung der Zeichnungen führen, wie z. B. das Erreichen einer Höchstzahl begebener Aktien, das Erreichen eines maximalen Vermögens oder der Ablauf einer bestimmten Zeichnungsfrist, die Ausgabe von Aktien gemäß Artikel L. 214-7-4 des Code Monétaire et Financier vorläufig oder endgültig, teilweise oder vollständig einstellen. Die Durchführung dieser Maßnahme erfordert die Benachrichtigung der bestehenden Aktionäre über deren Umsetzung sowie über die Schwelle und die objektive Situation, die zur teilweisen oder vollständigen Schließung geführt hat. Im Falle einer teilweisen Schließung werden in dieser Benachrichtigung ausdrücklich die Bedingungen festgelegt, unter denen bestehende Inhaber während der Dauer einer solchen teilweisen Schließung weiterhin zeichnen können. Die Aktionäre werden auch über den Beschluss des OGAW oder der Verwaltungsgesellschaft informiert, die Zeichnung ganz oder teilweise zu beenden (wenn sie die Auslöseschwelle unterschreitet) bzw. nicht zu beenden (im Falle einer Änderung des Schwellwerts oder einer objektiven Situation, die zur Umsetzung dieser Maßnahme geführt hat). Eine Änderung der vorgebrachten objektiven Situation oder der Auslöseschwelle der Maßnahme muss immer im Interesse der Aktionäre erfolgen. In der Benachrichtigung müssen in jedem Fall die genauen Gründe für diese Änderungen angegeben werden.

#### ARTIKEL 9 – BERECHNUNG DES NETTOINVENTARWERTS DER AKTIEN
Die Berechnung des Nettoinventarwerts der Aktien erfolgt unter Berücksichtigung der im Verkaufsprospekt angeführten Bewertungsregeln.
Darüber hinaus wird im Falle einer Zulassung zum Handel vom Marktbetreiber ein als Richtwert dienender Nettoinventarwert berechnet.

#### ARTIKEL 10 – FORM DER AKTIEN
Die Aktien können in Form von Inhaberaktien ausgegeben werden.
Gemäß Artikel L. 211-4 des Code Monétaire et Financier sind die Wertpapiere in ein Register einzutragen, die entweder vom Emittenten oder von einem bevollmächtigten Vermittler geführt wird.
Die Rechte der Inhaber werden im Fall von Inhaberaktien durch eine Eintragung ihres Namens in das Aktienregister bei einem Vermittler ihrer Wahl dargestellt.
Die Gesellschaft kann auf eigene Kosten den Namen, die Nationalität und die Adresse der Aktionäre der SICAV sowie die Anzahl der von jedem einzelnen gehaltenen Wertpapier gemäß Artikel L. 211-5 des Code Monétaire et Financier erfragen.

#### ARTIKEL 11 – ZULASSUNG ZUM HANDEL AN EINEM GEREGELTEN MARKT
Die Aktien können entsprechend den geltenden Vorschriften zum Handel an einem geregelten Markt und/oder in einem multilateralen Handelssystem zugelassen werden. Falls die SICAV, deren Aktien zum Handel an einem geregelten Markt zugelassen sind, ein Anlageziel hat, das auf einem Index basiert, muss sie einen Mechanismus eingerichtet haben, der sicherstellt, dass der Preis ihrer Aktien nicht deutlich von ihrem Nettoinventarwert abweicht.

#### ARTIKEL 12 – MIT DEN AKTIEN VERBUNDENE RECHTE UND PFLICHTEN
Jede Aktie verleiht in ihrer Eigenschaft als Gesellschaftskapital und als Gewinnbeteiligung Anspruch auf einen proportionalen Anteil am Kapitalanteil, den sie darstellt.
Die mit der Aktie verbundenen Rechte und Pflichten folgen dem Eigentum an der Aktie.
Das Eigentum an einer Aktie bedeutet automatisch die Einhaltung der Satzung der Gesellschaft und der Beschlüsse der Hauptversammlung.
Wenn zur Ausübung eines Rechts der Besitz mehrerer Aktien erforderlich ist, und insbesondere im Falle eines Umtauschs oder einer Zusammenlegung, können die Inhaber von Einzelaktien oder diejenigen, die eine geringere Anzahl als die geforderte innehaben, diese Rechte nur unter der Bedingung ausüben, dass sie sich zur Durchsetzung ihrer persönlichen Interessen zusammenschließen und ggf. die erforderlichen Aktien kaufen oder verkaufen.

#### ARTIKEL 13 – UNTEILBARKEIT DER AKTIEN
Alle gemeinschaftlichen Inhaber einer Aktie bzw. die wirtschaftlich Berechtigten sind verpflichtet, sich gegenüber der Gesellschaft durch eine einzige Person, die sie einvernehmlich bestellt haben oder die ansonsten vom Präsidenten des Handelsgerichts am Sitz der Gesellschaft bestellt wird, vertreten zu lassen.
Inhaber von Teilaktien können sich zusammenschließen. Sie müssen sich in diesem Fall entsprechend der im vorigen Absatz genannten Bedingungen von ein und derselben Person vertreten lassen, die für jede Gruppe die an das Eigentum an einer ganzen Aktie geknüpften Rechte geltend machen wird.
Das mit der Aktie verbundene Stimmrecht steht dem Nießbraucher in der ordentlichen Hauptversammlung und dem bloßen Eigentümer in der außerordentlichen Hauptversammlung zu.

#### KAPITEL III - VERWALTUNG UND GESCHÄFTSLEITUNG DER GESELLSCHAFT ARTIKEL 14 – VERWALTUNG
Die Gesellschaft wird von einem Verwaltungsrat von mindestens drei und höchstens achtzehn Mitgliedern verwaltet, die von der Hauptversammlung ernannt werden.
Während des Bestehens der Gesellschaft werden die Verwaltungsratsmitglieder von der ordentlichen Hauptversammlung der Aktionäre benannt oder in ihren Funktionen bestätigt.
Die Verwaltungsratsmitglieder können natürliche oder juristische Personen sein. Letztere müssen ab ihrer Benennung einen ständigen Vertreter bestimmen, der denselben Bedingungen und Verpflichtungen und der gleichen zivilrechtlichen und strafrechtlichen Verantwortlichkeit unterliegt, als wenn er im eigenen Namen Mitglied des Verwaltungsrates wäre, ohne Ausschluss der Verantwortlichkeit der juristischen Person, die er vertritt.
Dieses Amt als ständiger Vertreter ist ihm für die Zeit verliehen, während der die juristische Person das Amt ausüben muss. Wenn die juristische Person ihrem Vertreter die Aufgabe entzieht, so hat sie diesen Widerruf wie auch die Identität des neuen ständigen Vertreters der SICAV unverzüglich und per Einschreiben mitzuteilen. Gleiches gilt für den Fall des Todes, des Rücktritts oder einer langfristigen Verhinderung des ständigen Vertreters.

#### ARTIKEL	15	–	AMTSDAUER	DER	VERWALTUNGSRATSMITGLIEDER	–	NEUBESETZUNG	DES VERWALTUNGSRATES
Vorbehaltlich der Bestimmungen im letzten Absatz dieses Artikels beträgt die Amtszeit der ersten Verwaltungsratsmitglieder drei Jahre und die der folgenden Verwaltungsratsmitglieder höchstens sechs Jahre, wobei jedes Jahr dem Zeitraum zwischen zwei aufeinanderfolgenden Jahreshauptversammlungen entspricht.
Wenn ein oder mehrere Verwaltungsratsmandate aufgrund von Tod oder Rücktritt zwischen zwei Hauptversammlungen frei werden, kann der Verwaltungsrat vorläufige Benennungen aussprechen.
Das vom Rat als Ersatz eines anderen vorläufig benannte Verwaltungsratsmitglied bleibt nur für die restliche Amtszeit seines Vorgängers im Amt. Seine Bestellung bedarf der Bestätigung durch die nächste Hauptversammlung.
Jedes ausscheidende Verwaltungsratsmitglied kann wiedergewählt werden. Sie können jederzeit von der ordentlichen Hauptversammlung abberufen werden.
Die Ämter der einzelnen Verwaltungsratsmitglieder enden mit Beendigung der ordentlichen Hauptversammlung der Aktionäre, in der über den Jahresabschluss des abgelaufenen Geschäftsjahres entschieden wurde und die in dem Jahr abgehalten wird, in dem das Amt ausläuft, wobei als vereinbart gilt, dass diese Ämter des betreffenden Mitglieds am 31. Dezember desselben Jahres auslaufen, wenn die Versammlung nicht im Laufe dieses Jahres abgehalten wird, vorbehaltlich der nachstehenden Ausnahmen.
Jedes Verwaltungsratsmitglied kann für eine Zeit von weniger als sechs Jahren ernannt werden, wenn dies erforderlich sein sollte, damit die Neubesetzung des Rates so regelmäßig wie möglich und komplett innerhalb jeder Sechsjahresperiode erfolgen kann. Dies gilt insbesondere dann, wenn die Anzahl der Verwaltungsratsmitglieder erhöht oder verringert wurde und die regelmäßige Neubesetzung davon berührt wird.
Fällt die Anzahl der Verwaltungsratsmitglieder unter das gesetzliche Minimum, müssen das bzw. die verbleibende(n) Mitglied(er) umgehend eine ordentliche Hauptversammlung einberufen, damit der Personalbestand des Rates vervollständigt werden kann.
Gemäß den Bestimmungen dürfen nicht mehr als ein Drittel der Verwaltungsratsmitglieder das 70. Lebensjahr vollendet haben.
Der Verwaltungsrat kann zu Teilen neu besetzt werden.
Im Falle der Amtsniederlegung oder des Versterbens eines Verwaltungsratsmitglieds und wenn die Zahl der im Amt verbleibenden Verwaltungsratsmitglieder das satzungsmäßige Minimum unterschreitet oder diesem entspricht, kann der Rat vorläufig und für die Dauer des Mandats einen entsprechenden Ersatz einsetzen.

#### ARTIKEL 16 – VERWALTUNGSRATSVORSITZ
Der Verwaltungsrat wählt aus dem Kreise seiner Mitglieder einen Vorsitzenden, bei dem es sich notwendigerweise um eine natürliche Person handeln muss, für eine vom Verwaltungsrat festgelegte Dauer, die die Amtszeit als Verwaltungsratsmitglied nicht überschreiten darf.
Der Verwaltungsratsvorsitzende organisiert und leitet die Arbeit des Verwaltungsrates und ist diesbezüglich der Hauptversammlung gegenüber rechenschaftspflichtig. Er überwacht das Funktionieren der Organe der Gesellschaft und versichert sich insbesondere, dass die Verwaltungsratsmitglieder in der Lage sind, ihre Aufgaben zu erfüllen.
Falls der Verwaltungsrat es für erforderlich hält, ernennt er auch einen stellvertretenden Vorsitzenden und kann einen Sekretär wählen, der nicht dem Verwaltungsrat angehören muss.
Bei Abwesenheit oder Verhinderung des Vorsitzenden wird die Sitzung des Verwaltungsrats vom stellvertretenden Vorsitzenden geleitet. Im Falle dessen Abwesenheit benennt der Rat den Sitzungsvorsitzenden aus seinen Mitgliedern.

#### ARTIKEL 17 – SITZUNGEN UND BESCHLÜSSE DES RATES
Der Verwaltungsrat tritt auf Einberufung des Vorsitzenden entweder am Sitz der Gesellschaft oder an einem anderen in der Einberufungsmitteilung genannten Ort so oft zusammen, wie es das Interesse der Gesellschaft erforderlich macht.
Wurde der Rat seit mehr als zwei Monaten nicht mehr einberufen, so kann mindestens ein Drittel der Mitglieder den Vorsitzenden auffordern, den Verwaltungsrat zu einer bestimmten Tagesordnung einzuberufen. Auch der Generaldirektor kann den Vorsitzenden auffordern, den Verwaltungsrat zu einer bestimmten Tagesordnung einzuberufen. Der Vorsitzende ist an diese Aufforderungen gebunden.
Im Einklang mit den gesetzlichen Vorschriften und Bestimmungen können die Bedingungen zur Durchführung von Sitzungen des Verwaltungsrats durch eine interne Regelung festgelegt werden. Die Sitzungen können per Videokonferenz abgehalten werden, mit Ausnahme hinsichtlich Beschlüssen, die gemäß dem Code de Commerce ausdrücklich nicht per Videokonferenz gefasst werden dürfen.
Die Einberufungsmitteilungen erfolgen durch einfachen Brief oder auf andere Weise und im Notfall sogar mündlich.
Der Verwaltungsrat ist beschlussfähig, wenn mindestens die Hälfte seiner Mitglieder anwesend ist. Die Beschlüsse werden mit Stimmenmehrheit der anwesenden oder vertretenen Verwaltungsratsmitglieder gefasst.
Jedes Verwaltungsratsmitglied verfügt über eine Stimme. Im Falle der Stimmengleichheit ist die Stimme des Vorsitzenden der Sitzung ausschlaggebend.

#### ARTIKEL 18 - PROTOKOLLE
Es wird Protokoll geführt. Kopien oder Auszüge der Beschlüsse werden gemäß den gesetzlichen Vorschriften ausgefertigt und beglaubigt.

#### ARTIKEL 19 – BEFUGNISSE DES VERWALTUNGSRATES
Der Verwaltungsrat gibt die Leitlinien für die Geschäftstätigkeit der Gesellschaft vor und überwacht deren Durchführung. Er befasst sich im Rahmen des Gesellschaftszwecks und vorbehaltlich der laut Gesetz ausdrücklich der Hauptversammlung vorbehaltenen Befugnisse mit allen Fragen, die den reibungslosen Betriebsgang der Gesellschaft betreffen, und regelt mittels seiner Beschlüsse die diesbezüglichen Angelegenheiten. Der Verwaltungsrat führt die ihm zweckmäßig erscheinenden Kontrollen und Überprüfungen durch. Der Vorsitzende oder der Generaldirektor der Gesellschaft hat jedem Verwaltungsratsmitglied alle Dokumente und Informationen zur Verfügung zu stellen, die zur Erfüllung seiner Aufgabe erforderlich sind.
Verwaltungsratsmitglieder können anderen Verwaltungsratsmitgliedern schriftlich eine Vollmacht erteilen, sie auf einer Sitzung des Verwaltungsrats zu vertreten. Allerdings kann jedes Verwaltungsratsmitglied während derselben Sitzung nur durch einen Bevollmächtigten vertreten sein.

#### ARTIKEL 20 – GESCHÄFTSLEITUNG – PRÜFER
Die Geschäftsleitung der Gesellschaft haftet entweder durch den Verwaltungsratsvorsitzenden oder durch eine andere vom Verwaltungsrat ernannte natürliche Person, die den Titel Generaldirektor trägt.
Die Entscheidung zwischen den beiden Arten der Geschäftsleitung wird unter den von der vorliegenden Satzung festgelegten Bedingungen vom Verwaltungsrat für eine Zeitspanne getroffen, die mit Ende der Amtszeit des amtierenden Vorsitzenden des Verwaltungsrates endet. Die Aktionäre und Dritte werden über die entsprechende Entscheidung gemäß geltenden Gesetzen und Vorschriften informiert.
Gemäß der vom Verwaltungsrat entsprechend den obigen Bestimmungen erfolgten Entscheidung wird die Geschäftsleitung entweder vom Vorsitzenden oder von einem Generaldirektor übernommen.
Wenn der Verwaltungsrat beschließt, die Funktionen des Vorsitzenden und des Generaldirektors zu trennen, so ernennt er einen Generaldirektor und bestimmt seine Amtsdauer.
Wenn die Geschäftsleitung der Gesellschaft vom Vorsitzenden des Verwaltungsrates übernommen wird, sind die folgenden Vorschriften hinsichtlich des Generaldirektors auf ihn anwendbar.
Vorbehaltlich der ausdrücklich der Hauptversammlung vorbehaltenen sowie der speziell dem Verwaltungsrat vorbehaltenen Befugnisse und im Rahmen des Gesellschaftszwecks verfügt der Generaldirektor über weitestgehende Befugnisse, um unter allen Umständen im Namen der Gesellschaft zu handeln. Er übt seine Befugnisse im Rahmen des Gesellschaftszwecks und vorbehaltlich derjenigen Befugnisse aus, die laut Gesetz ausdrücklich den Hauptversammlungen und dem Verwaltungsrat zuerkannt werden. Er vertritt die Gesellschaft gegenüber Dritten.
Der Generaldirektor kann jede teilweise Übertragung seiner Befugnisse auf jede Person seiner Wahl gewähren. Der Generaldirektor kann jederzeit vom Verwaltungsrat abberufen werden.
Auf Vorschlag des Generaldirektors kann der Verwaltungsrat bis zu fünf natürliche Personen benennen, die die Aufgabe haben, dem Generaldirektor zu assistieren und den Titel eines stellvertretenden Generaldirektors tragen.
Die stellvertretenden Generaldirektoren können auf Vorschlag des Generaldirektors jederzeit vom Rat abberufen werden.
Im Einvernehmen mit dem Generaldirektor legt der Verwaltungsrat den Umfang und die Dauer der Befugnisse fest, die den stellvertretenden Generaldirektoren übertragen werden.
Diese Befugnisse können das Recht zur teilweisen Übertragung von Befugnissen beinhalten. Im Falle des Ausscheidens aus dem Amt oder der Verhinderung des Generaldirektors behalten die stellvertretenden Generaldirektoren ihr Amt und ihre Befugnisse bis zur Ernennung eines neuen Generaldirektors bei, es sei denn, es ergeht ein gegenteiliger Beschluss des Rates.
Die stellvertretenden Generaldirektoren verfügen gegenüber Dritten über die gleichen Befugnisse wie der Generaldirektor.
Die Hauptversammlung kann bei der Gesellschaft einen oder mehrere Prüfer bestellen, die aus dem Kreis der Aktionäre ausgewählt werden können.
Der Verwaltungsrat kann Prüfer ernennen, die von der nächstfolgenden Hauptversammlung bestätigt werden müssen.
Die Hauptversammlung kann den Prüfern eine Vergütung gewähren, deren Höhe sie festlegt.
Die Prüfer werden für einen Zeitraum von drei Jahren bestellt, der mit der Hauptversammlung endet, auf der der Jahresabschluss für das dritte Geschäftsjahr nach deren Bestellung genehmigt wird.
Die Prüfer, die für die Überwachung der strikten Anwendung der Satzung verantwortlich sind, werden zu den Sitzungen des Verwaltungsrates einberufen; sie nehmen mit beratender Stimme an den Beschlussfassungen teil.
Der Verwaltungsrat kann beschließen, Ausschüsse zu bilden, die ihn bei seiner Arbeit unterstützen.

#### ARTIKEL 21 – ZULAGEN UND VERGÜTUNGEN DES VERWALTUNGSRATS (ODER DER PRÜFER)
Die Hauptversammlung kann den Verwaltungsratsmitgliedern als Vergütung ihrer Tätigkeit eine feste jährliche Summe als Sitzungsgelder zuweisen, deren Betrag zu den allgemeinen Kosten der Gesellschaft hinzugefügt und nach Ermessen des Rates unter seinen Mitgliedern verteilt wird.
Die Vergütung des Verwaltungsratsvorsitzenden und der stellvertretenden Generaldirektoren sowie das Honorar der Rechnungsprüfer werden vom Verwaltungsrat festgelegt.

#### ARTIKEL 22 – VERWAHRSTELLE
Die Verwahrstelle wird durch den Verwaltungsrat ernannt.
Die Verwahrstelle nimmt die Aufgaben wahr, die ihr durch die geltenden gesetzlichen Vorschriften und Bestimmungen sowie durch vertragliche Vereinbarung von der SICAV oder der Verwaltungsgesellschaft übertragen wurden. Insbesondere vergewissert sie sich, dass die Entscheidungen der Portfolioverwaltungsgesellschaft ordnungsgemäß erfolgen. Sie muss gegebenenfalls alle Vorsichtsmaßnahmen ergreifen, die sie für zweckmäßig hält. Im Falle von Rechtsstreitigkeiten mit der Verwaltungsgesellschaft unterrichtet sie die AMF.

#### ARTIKEL 23 – DER VERKAUFSPROSPEKT
Der Verwaltungsrat oder, falls die SICAV ihre gesamte Verwaltung delegiert hat, die Verwaltungsgesellschaft ist berechtigt, im Rahmen der sich auf SICAV beziehenden Gesetze und Vorschriften alle etwaigen Änderungen vorzunehmen, die zur Sicherstellung einer ordentlichen Verwaltung der Gesellschaft erforderlich sind.

#### KAPITEL IV - ABSCHLUSSPRÜFER
ARTIKEL 24 – BESTELLUNG – BEFUGNISSE – HONORAR
Der Abschlussprüfer wird vom Verwaltungsrat für sechs Geschäftsjahre nach Zustimmung der AMF aus dem Kreis der zur Ausübung dieser Funktionen in Handelsgesellschaften berechtigten Personen bestellt.
Er bescheinigt die ordnungsgemäße und wahrheitsgemäße Darstellung der Abschlüsse. Sein Mandat kann verlängert werden.
Der Abschlussprüfer muss der AMF schnellstmöglich sämtliche Fakten oder Entscheidungen in Bezug auf den Organismus für gemeinsame Anlagen in Wertpapieren melden, von denen er ihm Rahmen seiner Tätigkeit Kenntnis bekommt und die:
- einen Verstoß gegen die für diesen Organismus maßgeblichen Rechtsvorschriften darstellen, der erhebliche Auswirkungen auf die finanzielle Lage, das Ergebnis oder das Vermögen haben kann;
- die Bedingungen oder die Fortführung seines Betriebs beeinträchtigen können;
- Anlass zu Vorbehalten oder zur Verweigerung des Bestätigungsvermerks geben.

Die Bewertungen der Vermögenswerte und die Ermittlung des Umtauschverhältnisses bei Umwandlungen, Verschmelzungen oder Aufspaltungen erfolgen unter der Aufsicht des Abschlussprüfers.
Er schätzt jede Einlage oder Rücknahme in Form von Sachleistungen unter seiner Verantwortung, mit Ausnahme von Rücknahmen in Form von Sachleistungen für einen ETF auf dem Primärmarkt.
Er prüft die Zusammensetzung des Vermögens und der sonstigen Bestandteile vor ihrer Veröffentlichung.
Das Honorar des Abschlussprüfers wird anhand der als erforderlich erachteten Prüfungsaufgaben vom Abschlussprüfer und vom Verwaltungsrat der SICAV einvernehmlich festgelegt.
Der Abschlussprüfer bestätigt die Umstände, die als Grundlage für die Ausschüttung von Zwischendividenden dienen.
Es kann ein stellvertretender Abschlussprüfer ernannt werden, der den Abschlussprüfer im Falle der Verhinderung, der Ablehnung, des Rücktritts oder Todes ersetzt.

#### KAPITEL V - HAUPTVERSAMMLUNGEN ARTIKEL 25 – HAUPTVERSAMMLUNGEN
Die Hauptversammlungen werden unter den gesetzlich vorgeschriebenen Umständen einberufen und abgehalten.
Die Jahreshauptversammlung, die die Abschlüsse der Gesellschaft genehmigt, hat innerhalb der ersten vier Monate nach Ende des Geschäftsjahres stattzufinden.
Die Versammlungen finden entweder am Gesellschaftssitz oder einem anderen in der Einberufungsmitteilung beschriebenen Ort statt.
Jeder Aktionär kann persönlich oder durch einen Stellvertreter an den Hauptversammlungen an dem in der Einberufungsmitteilung genannten Ort teilnehmen, wenn er seine Identität und das Eigentumsrecht an seinen Titeln durch Eintragung im Inhaberaktienregister nachgewiesen hat. Die Frist, innerhalb derer diese Formalitäten zu erledigen sind, endet zwei Tage vor dem Termin der Hauptversammlung.
Ein Aktionär kann sich entsprechend den Bestimmungen von Artikel L.225-106 des Code Monétaire et Financier vertreten lassen.
Den Vorsitz auf den Versammlungen führt der Vorsitzende des Verwaltungsrates oder, in dessen Abwesenheit, ein stellvertretender Vorsitzender oder ein zu diesem Zwecke vom Rat berufenes Verwaltungsratsmitglied. Ist keine dieser Personen anwesend, wählt die Hauptversammlung selbst einen Vorsitzenden.
Die Protokolle der Versammlung werden aufgesetzt und die Kopien werden gemäß den gesetzlichen Vorschriften ausgefertigt und beglaubigt.

#### KAPITEL VI - JAHRESABSCHLUSS ARTIKEL 26 – GESCHÄFTSJAHR DER GESELLSCHAFT
Das Geschäftsjahr beginnt am Tag nach dem Tag des letzten Nettoinventarwertes im Monat September und endet am Tag des letzten Nettoinventarwertes im gleichen Monat des darauffolgenden Jahres.
Ausnahmsweise sind im ersten Geschäftsjahr alle Geschäfte enthalten, die seit dem Gründungsdatum bis zum letzten Börsentag im September 2019 getätigt wurden.

#### ARTIKEL 27 - BESTIMMUNGEN ZUR VERWENDUNG DER AUSSCHÜTTUNGSFÄHIGEN BETRÄGE
Das Nettoergebnis des Geschäftsjahres entspricht dem Betrag der Zinsen, fälligen Zahlungen, Dividenden, Prämien und Gewinnen aus Losanleihen, Sitzungsgeldern sowie jeglicher Erträge aus Wertpapieren im Anlagebestand des Fondsportfolios zuzüglich des Ertrags der aktuell verfügbaren Gelder abzüglich der Verwaltungskosten, der Kosten durch Kreditaufnahmen und etwaiger Zuführungen für Abschreibungen.
Bei den ausschüttungsfähigen Beträgen handelt es sich um:
- Das Nettoergebnis zuzüglich des Vortrags und zu- oder abzüglich des Saldos des Ertragsausgleichskontos;
- Die im Laufe des Geschäftsjahrs erzielten Gewinne ohne Gebühren abzüglich der während des Geschäftsjahrs erzielten Verluste ohne Gebühren zuzüglich von im Laufe von vorhergehenden Geschäftsjahren erfassten Nettogewinnen derselben Art, die noch nicht ausgeschüttet oder thesauriert wurden, abzüglich oder zuzüglich des Saldos des Wertsteigerungsausgleichskontos.

Die in 1. und 2. genannten Beträge können unabhängig voneinander ganz oder teilweise ausgeschüttet werden.
Die Auszahlung der ausschüttungsfähigen Beträge erfolgt innerhalb einer Frist von höchstens fünf Monaten ab dem Ende des Geschäftsjahrs.
Die Verwaltungsgesellschaft entscheidet über die Ausschüttung von Erlösen. Einzelheiten zur Verwendung des Ertrags und der ausschüttungsfähigen Beträge sind im Prospekt angegeben.
Die Verwaltungsgesellschaft der SICAV kann beschließen, für die ausschüttenden Aktien auf Grundlage von durch den Abschlussprüfer bescheinigten Umständen eine oder mehrere Zwischendividenden vorzunehmen.

#### KAPITEL VII - VERLÄNGERUNG – AUFLÖSUNG – LIQUIDATION ARTIKEL 28 – VERLÄNGERUNG ODER VORZEITIGE AUFLÖSUNG
Der Verwaltungsrat kann jederzeit und aus jedem beliebigem Grunde bei einer außerordentlichen Versammlung die Verlängerung oder vorzeitige Auflösung oder die Liquidation der SICAV vorschlagen.
Die Ausgabe neuer Aktien und die Rücknahme von Aktien von Inhabern, die dies beantragen, durch die SICAV enden am Tage der Veröffentlichung der Einladung zur Hauptversammlung, auf der die vorzeitige Auflösung und die Liquidation der Gesellschaft vorgeschlagen werden, oder mit Ablauf der Gesellschaftsdauer.

#### ARTIKEL 29 – LIQUIDATION
Die Liquidation erfolgt gemäß den Bestimmungen von Artikel L. 214-12 des Code Monétaire et Financier.
Der Nettoerlös der Liquidation wird nach Begleichung der Verbindlichkeiten in bar oder in Wertpapieren unter den jeweiligen Aktionären der Teilfonds aufgeteilt.
Die ordnungsgemäß zusammengesetzte Hauptversammlung behält während der Liquidation dieselben Befugnisse wie während des Bestehens der Gesellschaft; sie hat insbesondere die Befugnis, die Liquidationsabrechnung zu genehmigen und dem Liquidator Entlastung zu erteilen.

#### KAPITEL VIII - RECHTSSTREITIGKEITEN ARTIKEL 30 – ZUSTÄNDIGKEIT – GERICHTSSTAND
Alle Rechtsstreitigkeiten, die während des Bestehens der Gesellschaft oder ihrer Liquidation auftreten können, sei es zwischen den Aktionären und der Gesellschaft, sei es zwischen den Aktionären selbst wegen Gesellschaftsangelegenheiten, werden nach dem Gesetz entschieden und dem zuständigen Gericht unterworfen.