Mandarine Valeur Prospectus - April 2021
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Mandarine Valeur
Prospectus
April 2021
French Mutual Fund (Fonds Commun de Placement Français)
UCITS governed by French law covered by Directive 2014/91/EU - UCITS VMandarine Valeur -Prospectus
I. GENERAL CHARACTERISTICS 4
I.1 TYPE OF UCITS 4
I.2 NAME 4
I.3 LEGAL FORM AND MEMBER STATE IN WHICH THE UCITS WAS ESTABLISHED 4
I.4 DATE OF CREATION AND INTENDED DURATION 4
I.5 OVERVIEW OF THE MANAGEMENT OFFER 4
I.6 INDICATION OF THE PLACE WHERE THE LATEST ANNUAL REPORT AND THE LATEST INTERIM REPORT CAN
BE OBTAINED 5
I.7 Publication of sustainability information 5
II. PARTICIPANTS 7
II.1 MANAGEMENT COMPANY 7
II.2 DEPOSITARY AND CUSTODIAN 7
II.3 STATUTORY AUDITOR 8
II.4 MARKETER 8
II.5 CENTRALISING AGENT 8
II.6 APPOINTED REPRESENTATIVES 8
III. OPERATING AND MANAGEMENT PROCEDURES 9
III.1 GENERAL CHARACTERISTICS 9
III.1.1 Features of the units or shares 9
III.1.2 Closing date 9
III.1.3 Information on the tax system 9
III.2 SPECIAL PROVISIONS 10
III.2.1 ISIN codes 10
III.2.2 Management objective 10
III.2.3 Benchmark index 10
III.2.4 Information to be communicated to UCI investors on the management style 11
III.2.5 Investment strategy 11
IV. COMMERCIAL INFORMATION 21
V. INVESTMENT RULES 21
VI. GLOBAL RISK 21
VII. RULES FOR ASSET ACCOUNTING METHODS AND VALUATION 22
VII.1 ASSET VALUATION RULES 22
VII.2 ACCOUNTING METHOD 23
VIII. REMUNERATION 23
IX. REGULATIONS 24
SECTION I - ASSETS AND UNITS 24
ARTICLE 1 - CO-OWNERSHIP UNITS 24
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
ARTICLE 2 - MINIMUM AMOUNT OF ASSETS 24
ARTICLE 3 - ISSUE AND REDEMPTION OF UNITS 24
ARTICLE 4 - CALCULATION OF THE NET ASSET VALUE 26
SECTION II – FUND OPERATION 26
ARTICLE 5 - THE MANAGEMENT COMPANY 26
ARTICLE 5A - OPERATING RULES 26
ARTICLE 6 - THE DEPOSITARY 26
ARTICLE 7 - THE STATUTORY AUDITOR 26
ARTICLE 8 - FINANCIAL STATEMENTS AND MANAGEMENT REPORT 26
SECTION III – INCOME ALLOCATION PROCEDURES 27
ARTICLE 9 – PROCEDURES FOR ALLOCATING INCOME AND AMOUNTS AVAILABLE FOR DISTRIBUTION 27
SECTION IV - MERGERS - DEMERGERS - DISSOLUTION - LIQUIDATION 27
ARTICLE 10 - MERGERS - DEMERGERS 27
ARTICLE 11 - DISSOLUTION - EXTENSION 27
ARTICLE 12 - LIQUIDATION 28
SECTION V - DISPUTES 28
ARTICLE 13 - JURISDICTION - CHOICE OF DOMICILE 28
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
I. GENERAL CHARACTERISTICS
I.1 TYPE OF UCITS
UCITS governed by French law covered by Directive 2014/91/EU
I.2 NAME
Mandarine Valeur(hereinafter referred to as the “Fund”).
I.3 LEGAL FORM AND MEMBER STATE IN WHICH THE UCITS WAS
ESTABLISHED
Mutual fund (Fonds Commun de Placement) under French law.
I.4 DATE OF CREATION AND INTENDED DURATION
This Fund was created on 20 December 2007 for a period of 99 years.
I.5 OVERVIEW OF THE MANAGEMENT OFFER
Allocation Curren Minimum
Minimum Initial
Code of cy Target initial Decimalis
subsequent net asset
ISIN distributable denomi investors subscription ation
subscription value
sums nation (2)
All EUR 1/10,000th EUR
R units FR0010554303 Capitalisation EUR 1/10,000
subscribers 50 of the unit 500
EUR 1/10,000th EUR
F units FR0013140092 Capitalisation EUR Reserved (6) 1/10,000
50 of the unit 500
Spanish EUR 1/10,000th EUR
S units FR0011008796 Capitalisation EUR 1/10,000
and Italian subscribers (3) 300,000 of the unit 5,000
Institutional investors EUR 1/10,000th EUR
I units FR0010558841 Capitalisation EUR 1/10,000
and equivalent investors 1,000,000 of the unit 5,000
Institutions governed by EUR 1/10,000th EUR
G units FR0010806778 Capitalisation EUR 1/10,000
German and Austrian law (1) 1,000,000 of the unit 5,000
EUR 1/10,000th EUR
M units FR0010606814 Capitalisation EUR Institutional and equivalent (2) 1/10,000
40,000,000 of the unit 50,000
Institutional
EUR 1/10,000th EUR
P units FR0011679018 Capitalisation EUR PensionKassen 1/10,000
50,000,000 (5) of the unit 100,000
Austrian (4)
Institutional investors EUR 1/10,000th EUR
L units FR0010865592 Capitalisation EUR 1/10,000
and equivalent investors 40,000,000 of the unit 50,000
I (D) Capitalisation/ Institutional investors EUR 1/10,000th EUR
FR0011759414 EUR 1/10,000
units Distribution and equivalent investors 1,000,000 of the unit 5,000
Institutional investors EUR 1/10,000th EUR
T units FR0011908169 Capitalisation EUR 1/10,000
and equivalent investors 10,000,000 of the unit 50,000
Unit reserved to Mandarine EUR 1/10,000th EUR
O units FR0012217057 Capitalisation EUR 1/10,000
Funds SICAV sub-funds (5) 500,000 of the unit 1,000
L units Institutions governed by EUR 1/10,000th EUR
FR0014001K72 Capitalisation EUR 1/10,000
(g) German and Austrian law (1) 40,000,000 of the unit 50,000
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
(1) Legal persons subject to German legal and tax rules, especially those relating to the provisions of § 5
Investmentsteuergesesetz and also legal persons governed by Austrian law.
(2) except the Management Company, which may only take out one unit.
(3) Unit reserved for institutional and equivalent investors whose registered office or place of residence is located in Italy or Spain.
(4) Units reserved for Austrian Pensionkassen.
(5) O units exclusively reserved for the feeder fund Mandarine Valeur Funds, sub-fund of the SICAV Mandarine Funds SICAV
governed by Part I of the Law of 17 December 2010, as amended.
(6) For F units: shares reserved for all investors and, in the context of subscription or distribution within the European Union, that
are intended solely for:
• Financial intermediaries who are not authorised, in virtue of the regulations applicable to them, to receive and/or hold on to any
commissions or non-monetary benefits; or
• Subscribers subscribing to portfolio management services on behalf of third-parties (management mandate) and/or
independently-provided investment advice within the meaning of Directive 2014/65/EU of the European Parliament and of the
Council of 15 May 2014 on markets in financial instruments within the European Union (the MiFID II Directive);
• Distributors subscribing in the context of investment advice not considered to be independent within the meaning of Directive
MiFID II on the basis of a contract with their customer, and/or where such a distributor neither receives nor holds on to any
commission or other non-monetary benefit under MiFID II Directive.
I.6 INDICATION OF THE PLACE WHERE THE LATEST ANNUAL REPORT
AND THE LATEST INTERIM REPORT CAN BE OBTAINED
The Fund's prospectus, the annual and interim reports and the breakdown of assets are sent, within eight (8) business days, free of
charge upon written request to:
MANDARINE GESTION - 40, Avenue George V - 75008 Paris
email: serviceclient@mandarine-gestion.com
The Fund’s prospectus, as well as the annual and interim documents are available at www.mandarine-gestion.com.
Dissemination of the portfolios
The management company may be required to transmit all or part of the information concerning the breakdown of the UCITS
portfolio to enable some of its investors, in particular institutional investors, to comply with their obligations derived notably from
Directive 2009/138/EC “Solvency II”) with respect to transparency(SCR - Solvency Capital Requirement). The Management
Company will ensure that each investor who is a recipient of this information has established procedures for managing sensitive
information prior to the transmission of the composition of the portfolio so that such information is used only for calculating
prudential requirements. These procedures must also prevent the practices of market timing orlate trading. .
I.7 Publication of sustainability information
Regulations(EU)2019/2088 on thepublicationof information on sustainability in financialservicessector(referred to as
the“Disclosure Regulation”)
Asafinancial services provider,themanagementcompanyof theUCIissubject toRegulation2019/2088of27November 2019 on the
publication of information onsustainability in the financial services sector (referred to as the“Disclosure Regulation”).
ThisRegulationestablishesharmonisedrulesforfinancialmarket stakeholders relating to transparency withregardto the
integrationofrisksin mattersof sustainability (Article 6 of the Regulation), taking account ofnegative impacts on sustainability,
promotingenvironmental or social characteristics in theinvestment process (Article 8 of the Regulation) or
thesustainableinvestmentobjectives (Article9of theRegulation)
The sustainableinvestmentcorrespondstoaninvestmentinaneconomic activitythatcontributes
toanenvironmental objectivemeasuredfor examplebykey indicatorsinterms of effectiveuse ofresourcesinvolvingthe useof
energy,renewable energy, raw materials, water and land, interms of waste production and greenhouse gas emissionsor in terms
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
of effects on biodiversity and the circular economy, or an investment in an economic activitythat contribute to a social objective, in
particularan investment that contributes to the fight against inequalityor that promotes social cohesion, social integration
andlabourrelationsoraninvestmentinhuman capitaloreconomicallyorsociallydisadvantagedcommunitiestothe
extentthattheseinvestments do not cause material damage to anyoftheseobjectivesandthatthecompanies inwhichtheinvestments
are made applygood governance practices, in particular with regard tothe healthofmanagement structures,relations withstaff,
remuneration of qualified staff and compliance withtaxobligations.
Theriskinmattersofsustainabilityisdefinedasanevent orasituationinTheenvironmental,socialorgovernancesectorwhich,if it occurs,
could have a material negative impact,realor potential,on thevalueof the investment.
It should be noted that this risk can therefore be understood as aspecific categoryof financial risk(measured byitspotential
negative impacton theyieldof the portfolio).
Consideration ofthesustainability riskis manifestedmainlyas follows intheimplementationof portfolio management:
• Likeanyotherriskwith a potentially majorimpact ontheportfolio yield, the sustainability risk is taken into consideration by
management before acquiring a security andthroughout the investment process. To achieve this objective, managementcan,in
particular, rely uponthe expertiseofMandarine Gestion’steam of ESG analysts.
• A summary sustainability risk indicator (ISRD) hasbeen developed and is used to measure the exposure ofeach portfolio to the
sustainability risk. Limits areplaced on the Fund on the basis of this indicator and mayrequireadjustmentsto the portfolioin
theevent thatthey arebreached.
• Exclusion lists are maintained by the ESG risk and analysis, with the purpose of prohibiting the purchaseof securities presenting
a particularly high sustainability risk. Inparticular,issuersthat are subject toserious controversy may be placed under surveillance
orbannedfrominvestment.
The Fund'ssustainabilityrisk exposureismeasuredonascale ofrisk exposurefrom1to5(from negligible to severe risk), based on the
level of the ISRD calculated for theFund.At the date of publication of the prospectus, theFundpresents,based on the
Management Company's analysis,a level 3sustainability risk exposure,which representsamoderate risk.
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
II. PARTICIPANTS
II.1 MANAGEMENT COMPANY The primary objective of the Depositary is to protect the
interests of the unitholders/investors in the UCITS, which
MANDARINE GESTION always prevail over commercial interests.
Société Anonyme - 40, Avenue George V - 75008 PARIS Potential conflicts of interest may be identified, in particular if
Portfolio management company approved by the Autorité des the Management Company also maintains commercial
marchés financiers (AMF – Financial Markets Authority) on 28 relations with BNP Paribas Securities Services SCA in parallel
February 2008 under no. GP 0800 0008. to its appointment as Depositary (which may be the case if
BNP Paribas Securities Services calculates, by delegation of
II.2 DEPOSITARY AND the Management Company, the NAV of the UCITS for which
BNP Paribas Securities Services is the Depositary, or when a
CUSTODIAN group relationship exists between the Management Company
BNP PARIBAS SECURITIES SERVICES and the Depositary).
Public limited company registered with the Registre du
Commerce et des Sociétés (Trade and Companies Register) To manage these situations, the Depositary has implemented
of Paris under number 552 108 011. and maintains a management policy for conflicts of interest
Credit establishment approved by the Autorité de Contrôle with the following objectives:
Prudentiel et de Résolution. - Identifying and analysing situations involving potential
Registered office: 3, Rue d’Antin - 75002 PARIS conflicts of interest
Postal address: Grands Moulins de Pantin, 9, rue du - Recording, managing and monitoring situations involving
Débarcadère, 93500 PANTIN potential conflicts of interest:
◦ based on permanent measures in place to manage conflicts
BNP PARIBAS SECURITIES SERVICES, a partnership of interest, such as segregation of duties, separation of
limited by shares (société en commandite par actions), hierarchical and functional lines, monitoring of internal
registered at the Trade and Companies Register under insider lists, and dedicated IT environments;
number 552 108 011, is an insitution approved by the Autorité ◦ by implementing on a case-by-case basis:
de Contrôle Prudentiel et de Résolution (ACPR) and subject ✔ preventive and appropriate measures such as the creation
to the supervision of the Financial Markets Authority (AMF), of ad hoc watchlists, new Chinese walls, or verifying that
whose registered office is at 3, rue d'Antin, 75002 Paris. transactions are properly processed and/or informing
affected customers
As part of the Fund's liabilities management, the subscription, ✔ or by refusing to manage activities that may give rise to
redemption and issuer account holding processing functions conflicts of interest.
are carried out by the depositary in connection with Euroclear
France, through which the units are registered. Description of any custodial functions delegated by the
Depositary, list of delegates and sub-delegates and
Description of the responsibilities of the Depositary and identifying conflicts of interest likely to arise from such
potential conflicts of interest delegation
The UCITS Depositary, BNP Paribas Securities Services
Directive 2009/65/EC, as amended by Directive 2014/91/EU, SCA, is responsible for the custody of the assets (as defined
referred to as "UCITS 5", specifies the responsibilities of in Article 22.5 of Directive 2009/65/EC, as amended by
UCITS depositories. It entered into force on 18 March 2016. Directive 2014/91/EU). In order to provide services related to
The Depositary has three types of responsibilities: monitoring the safekeeping of assets in a large number of countries,
the compliance of the decisions of the Management Company enabling the UCITS to achieve their investment objectives,
(as defined in Article 22.3 of the Directive), monitoring of cash BNP Paribas Securities Services SCA has appointed sub-
flows of the UCITS (as defined in Article 22.4), and custody of custodians in countries where BNP Paribas Securities SCA
the UCITS' assets (as defined in Article 22.5). All of these services would have no local presence. These entities are
responsibilities are set out in a written contract between the listed on the following website:
Management Company, MANDARINE GESTION, and the http://securities.bnpparibas.com/solutions/asset-fund-
Depositary, BNP PARIBAS SECURITIES SERVICES. services/depositary-bank-and-trustee-serv.html
The process of appointment and supervision of the sub-
custodians is carried out in accordance with the highest
quality standards, including the management of potential
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
conflicts of interest that may arise in connection with these
appointments.
II.5 CENTRALISING AGENT
• Centralising agent for subscription and redemption
Up-to-date information on the above-mentioned points will be orders by delegation:
sent to the investor upon request. BNP PARIBAS SECURITIES SERVICES
Public limited company registered with the Registre du
Establishment in charge of holding the issue account: BNP Commerce et des Sociétés (Trade and Companies Register)
Paribas Securities Services. of Paris under number 552 108 011.
Credit establishment approved by the Autorité de Contrôle
Prudentiel et de Résolution.
II.3 STATUTORY AUDITOR Registered office: 3, Rue d’Antin - 75002 PARIS
DELOITTE & ASSOCIES Postal address: Grands Moulins de Pantin - 9, Rue du
Represented by Olivier Galienne Débarcadère – 93500 PANTIN CEDEX
Tour Majunga Credit establishment approved by the Autorité de Contrôle
6 place de la Pyramide Prudentiel et de Résolution.
92908 Paris-La Défense cedex
II.6 APPOINTED
II.4 MARKETER
MANDARINE GESTION
REPRESENTATIVES
40, Avenue George V - 75008 PARIS • Administrative management and accounting:
BNP PARIBAS SECURITIES SERVICES
The Fund is registered with Euroclear France and its units Petits Moulins de Pantin - 9, Rue du Débarcadère - 93761
may be subscribed or redeemed through financial PANTIN CEDEX
intermediaries who are not known to the management
company. The delegation agreement covers the accounting
management, including accounting updates, the net asset
value calculation, the preparation and presentation of the file
required for the audit carried out by the statutory auditor, and
the keeping of accounting records.
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
III. OPERATING AND MANAGEMENT PROCEDURES
III.1 GENERAL the Fund depend on the tax provisions applicable to the
investor's particular situation and their tax residency. Thus,
CHARACTERISTICS certain revenue distributed in France by the Fund to non-
residents is liable to withholding tax in this state.
III.1.1 Features of the units or shares Abroad (in the fund’s investment countries), capital gains
- ISIN codes: realised on the sale of foreign transferable securities and
R units: FR0010554303 income from foreign sources earned by the fund as part of its
F units: FR0013140092 management may, where applicable, be subject to taxation
I units: FR0010558841 (usually in the form of a withholding tax). Taxation abroad
G units: FR0010806778 may, in certain limited cases, be reduced or nullified in the
M units: FR0010606814
event of applicable tax agreements.
S units: FR0011008796
L units: FR0010865592
With regards to unitholders of the Fund:
P units: FR0011679018
- Unitholders resident in France: Capital gains or losses
I (D) units: FR0011759414
T units: FR0011908169 realised by the Fund, revenue distributed by the Fund and
O units: FR0012217057 capital gains or losses recorded by the unitholder are subject
to current tax legislation.
L (g) units: FR0014001K72
- Unitholders residing outside of France: Subject to tax
agreements, the taxation provided for in Article 150-0 A of the
- Nature of the right attached to the category of units: Each
CGI is not applicable to capital gains earned on the
unitholder has a right of co-ownership to Fund assets in
redemption or sale of units of the Fund by persons not fiscally
proportion to the number of units held.
resident in France under Article 4 B of the CGI or whose
- Entry on a register or specification of the methods for
registered office is located outside of France, on condition that
managing liabilities: Liabilities are managed by the BNP
such persons have not held, directly or indirectly, more than
PARIBAS SECURITIES SERVICES.
25% of the units at any time during the five years preceding
- The Fund is registered with Euroclear France.
the redemption or sale of their units (CGI Article 244a C).
- Voting rights: no voting rights are attached to units, as
Unitholders residing outside France shall be subject to the
decisions are taken by the management company.
provisions of tax legislation in effect in their own country of
However, information on changes in the operation of the
residence.
Fund is provided to the unitholders either personally,
Investors benefiting from the Fund as part of a life insurance
through the press or by any other means in accordance with
contract shall be subject to taxation applicable to life
the regulations.
insurance contracts.
- Form of units: all units are in bearer form.
- Decimalisation of the units: ✔ Yes: ✗ No TaxsysteminGermany:
Number of decimal places: TheFundisqualifiedas an"Aktienfonds”in themeaningof
German tax legislation(§2Abs.6InvStG);investing
✗ tenths ✗ hundredths ✗ thousand ✔ ten
in"Kapitalbeteiligungen" according to §2Abs. 8 InvStG will
ths thousandths continuously exceed 50% of net assets.
III.1.2 Closing date NB:depending on your tax system, any capital gains and
income associated with holding units in the Fund could be
Last trading day of December.
subject to taxation. We recommend that you consult your
usual tax adviser for information on this matter.
III.1.3 Information on the tax system
The Fund itself is not subject to taxation. However, unitholders ✔ Eligible for ✗ DSK ✗ Madelin law ✗ PERP
may incur taxation on any revenue distributed by the Fund, PEA (equity contract
where paid, or when selling the securities. savings
plan)
The tax regime applicable to the amounts distributed by the
Fund or any realised or unrealised capital gains or losses of
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
III.2 SPECIAL PROVISIONS However, the Fund's objective is not to reproduce the
performance of this index in any manner. The Fund's
III.2.1 ISIN codes investments are made on the basis of criteria that could result
R units: FR0010554303 in significant variations compared to the performance of this
F units: FR0013140092 index. Investments in companies are made on the basis of
I units: FR0010558841 weightings that are not based on the relative weighting of
G units: FR0010806778 each company in the Index.
M units: FR0010606814
S units: FR0011008796 Information concerning the benchmark indicator used
L units: FR0010865592 by the Fund carried out in accordance with the
P units: FR0011679018 provisions of EU Regulation 2016/1011.
I (D) units: FR0011759414
T units: FR0011908169 Pursuant to Article 52 of Regulation (EU) 2016/1011 of the
O units: FR0012217057 European Parliament and of the Council of 8 June 2016 on
indices used as indices or benchmarks relating to financial
L (g) units: FR0014001K72
instruments or contracts or to measure the performance of
investment funds and amending Directives 2008/45/EU and
UCITS of UCITS or AIF (meeting the criteria of Article R.214-
2014/17/EU and EU Regulation No 596/2014 (hereinafter
13 of the Monetary and Financial Code): less than 10% of net
referred to asthe “Benchmark Regulation”orBMR , as the
assets.
Management Company uses benchmarks within the meaning
of the BMR regulations, it is deemed to be a “User” of
III.2.2 Management objective benchmarks:
The objective of the Fund is to outperform the STOXX® (i) to ensure that the benchmark indices it uses within the
Europe 600 Net Return EUR index over the recommended European Union are supplied by administrators that are
investment period by selecting, through an active “stock legally authorised or registered with the European Union as
picking” strategy, European companies that positively meet benchmark index Administrators, including the Administrator
certain criteria. ESG(Best-in-universeapproach). (Article 29); or to ensure that those originating from third
countries respect the principle of equivalence and the
The Fund takes sustainability risks and ESG characteristics regulatory requirements (Article 30-33);
into account in its selection process. In this regard, the Fund (ii) to establish a suitable monitoring procedure for benchmark
promotes environmental or social characteristics within the indices allowing it to substitute a new index in the event that
meaning of Article 8 of the SFDR Regulation. The Fund is one or more of the benchmark indices, including that of the
subject to a sustainability risk as defined in the risk profile of index provided by the Administrator, that it uses should be
the prospectus. substantially modified or cease to be published (Article 28).
On the date of the latest update to this Prospectus, which is
III.2.3 Benchmark index the date specified on the first page, the Administrator has
The Fund's performances are compared to the performance obtained recognition status under Article 32 and is therefore
of the STOXX® Europe 600 Net Return EUR Index. This listed in the publication of administrators and publication of
index is the global benchmark for the European markets. It is benchmarks maintained by ESMA (hereinafter referred to
composed of 600 securities selected from the 16 eurozone as “Benchmark Register - List of EU benchmark
countries and the UK, Denmark, Switzerland, Norway and administrators and third country benchmarks” ).
Sweden. Codes: ISIN: EU0009658210 Reuters: STOXXR;
Bloomberg: SXXR Index; the benchmark index is For information purposes, the ESMA website “Benchmark
denominated in euros. Administrators” (https://www.esma.europa.eu/databases-
library/registers-and-data) contains, on the one hand, the list
The performance of the STOXX® Europe 600 EUR Net of “EU & EEA benchmark administrators”, in other words, and
Return benchmark includes dividends from the equities that more specifically, the list of administrators located in the
make up the benchmark: www.stoxx.com. European Union who have been authorised or registered (Art.
34), the administrators meeting the conditions set out in Art.
Information following ESMA's Q&A 34-43-362 "Actively 30(1) of the same regulation, and on the other hand, the list of
Managed Fund" “third country benchmarks”, in other words the list of
administrators located outside the European Union (Article
The Fund is actively managed. 30(1)(c)).
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
In accordance with Article 28.2 of the BMR Regulation, the management philosophy that can be qualified as “Value with
Management Company has a monitoring procedure for the Catalyst”.
benchmark indices used describing the measures to
implement in the case of substantial modifications made to an ESG selection process
index or in the event that this index is no longer available.
To accommodate the quest for performance with the
Information concerning the benchmark indicator used development of socially responsible practices, ESG criteria
by the Fund carried out in accordance with the are included and considered according to a Best-in-Universe
provisions of EU Regulation 2019/2088, the “Disclosure approach.
Regulation”
The Best-in-Universe approachis a type of ESG selection
The attention of unitholders is drawn to the fact that the Index and restrictive screening thatthat prioritises, within the
was selected prior to the entry into force of the Disclosure investment universe, issuers with the best ratings from a non-
Regulation; this Index does not take into account financial point of view,regardless of their sector of activity.
environmental, social or governance considerations.
The process of selecting ESG securities is based on the
III.2.4 Information to be collection of non-financial information on companies in the
Fund's investment universe, made up of European issuers
communicated to UCI investors with a capitalisation greater than 1 billion euros (at the time of
the investment).
on the management style
Mandarine Gestion’s ESG unit performs a non-financial
In accordance with Commission Regulation (EU) No 583/2010 analysis of companies, which results in a five-step ESG score
(“UCITS regulation”), as specified in particular by the answer from A (best score) to E (worst score).
to question 8 of section II of the ESMA Q&A relating thereto
and the "Details of the information to be transmitted to This ESG rating is made up of a “static” rating and a “dynamic”
investors of UCIs referring to a benchmark index” published component (Best Effort)which takes account of the existence
by the AMF (October 2019 version), it is specified that the and improvement of best ESG practices over time.
Fund's strategy is an active strategy, i.e. the management
objective is in no way to replicate the performance of any The following are therefore excluded from the Fund's
index. investment universe:
-Voluntary exclusions:
In addition, although the Fund is managed – for comparison oissuers with the worst ESG score ("E" score), which thus
purposes only – with reference to the STOXX® Europe 600 makes it possible to establish a list of securities in which the
Net Return EUR index, it is not subject to any management Manager may invest;
constraint aimed at significantly limiting the difference it can oissuers impacted by level 5 controversies (on a scale of 1 to
have with this index, neither in terms of portfolio composition 5 according to Sustainalytics) and validated by the ESG team;
(investment universe, sector allocation), nor in terms of oProven transgression of one of the 10 principles of the
deviation of the Fund's performance compared to the index United Nations Global Compact.
(Tracking Error).
-Normative exclusions:
In order to allow the Unitholders to assess how the Fund is oControversial weapons: cluster munitions, anti-personnel
actively managed in relation to its benchmark indicator, mines, chemical and biological weapons according to
holders may refer to the information as contained in the Mandarine Gestion's policy in force.
monthly reports of the fund and the annual report and
indicators of ex-post measurement (volatility of the Fund, Shareholder engagement practices are carried out with
volatility of the Index, Tracking Error, Sharp ratio, information companies present in the portfolio which:
ratio, etc.).
-exceed the coal exposure thresholds (energy production or
III.2.5 Investment strategy extractors) according to the thresholds defined in Mandarine
Gestion's coal policy in force;
III.2.5.1. Strategy used
-are impacted by level 4 controversies (on a scale of 1 to 5
according to Sustainalytics).
The investment strategy of this Fund is to gain dynamic
exposure to the European equity markets following a
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
The use of this selection process results in a minimum 20% The Fund's portfolio consists of the following categories of
reduction in the ESG investment universe. assets and financial instruments:
Extra-financial scores may go up or down over time. They are
reviewed at leastevery 12 months. They may lead to - Shares
investment or divestment decisions.
Due to its eligibility for the PEA tax regime, the Fund invests at
The proportion of ESG-rated issuers in the Fund's portfolio least 75% of its net assets in securities issued by issuers with
(excluding public debt and liquidity)will be constantly higher their company headquarters in the European Union or in one
than 90%. of the countries party to the European Economic Area.
Financial Strategy Opportunistic investments will be made at the discretion of the
Fund Manager, without any geographical, sector or market
The portfolio is built and managed on the basis of capitalisation constraints. Only the potential for appreciation
aqualitativeandquantitative will determine the selection and weighting of securities in the
analysisofcompanieswhosethevalueisassessed as portfolio.
“discounted” or “undervalued” and offer potential for
appreciation with regard to the identification of catalysts Besides the shares that constitute at least 75% of the Fund's
(balance sheet consolidation, stress reduction, factors of assets, the following assets are likely to be included in the
change or cyclical recovery, extra-financial dynamics, etc.) portfolio, up to a maximum of 25%:
which, according to the analysis of the Management
Company, would allow a market revaluation.The analyses - Debt securities and money market instruments
carried outare usedtodeterminetheindustrial valueof the
company and to anticipate a reduction inthe measured As part of the cash management of the Fund, the Fund
discount (higher economic value duringstock exchange). Manager may use bonds, convertible bonds, debt securities,
deposits and money market instruments.
The qualitative analysisis carried outindividuallyby a The distribution of private/public debt is not determined in
companybelongingtothe investment advance, as it will be based on the market opportunities.
universe.Eachsecurity,without neglecting the sectoral and Similarly, the Fund Manager will determine the duration and
economic environment, thereforeundergoes an analysis to the sensitivity of bonds held in the portfolio based on the
enable the manager to understandthe management objectives and market opportunities. Issuers of
potentialrating,thequalityof themanagement,thecompetitive securities in the portfolio must have an “Investment Grade”
position, capital situation, creationof industrial social rating from at least one recognised agency (e.g. at least BBB-
valueand, therefore, the potential catalysts for upgrading. from S&P, Moody's or Fitch), or their creditworthiness
estimated by the management company must correspond to
A quantitative analysisalso this level (failing that, an equivalent short-term rating issued
allowsthemanagertomeasure theprofitabilityof the by one of the three aforementioned agencies).
equity funds,the net assetvalue,turnover,profitability,
etc.
- UCITS, AIF, investment funds and trackers or Exchange
Traded Funds (ETF)
“Value” stylemanagement isdiscretionaryandbased
onconviction, thus allowing a high-level autonomy in
In order to manage the cash flow or gain access to markets or
the choice ofinvestmentsandtheconcentrationof the
specific management styles (sectoral, geographical, etc.), the
portfolioonalimited numberof securities.
Fund may invest up to 10% of its net assets in UCITS/AIFs.
The Fund may invest in UCITS managed by Mandarine
UCITSdo not usethe exemptionratioslisted inArticle Gestion.
R.214-22of themonetaryandfinancial code. Investments will be made within the regulatory limits in:
• French or foreign UCITS (UCITS);
On thecategoriesof assets andfinancial • alternative investment funds (AIF) meeting the criteria set out
contractsinwhichthe“Fund”intends toinvest: in Article R. 214-13 of the Monetary and Financial Code.
III.2.5.1.1. In assets (excluding integrated AMF classification of UCITS or alternative investment funds:
derivatives) all AMF classifications as described in the AMF instructions
specifying the operating regulations of the UCITS and AIFs
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
The Fund may invest in trackers, listed index-linked funds and
Exchange Traded Funds on an ad-hoc basis. III.2.5.1.4. Cash loans
As part of its normal operation, the Fund may occasionally find
III.2.5.1.2. Derivative instruments itself in debt and may make use of cash loans in this case, up
to a limit of 10% of its assets.
The Fund may invest in financial futures (traded on regulated
and organised markets, in France and abroad and/or OTC) III.2.5.1.5. Temporary purchases and sales of
within the limits laid down by the regulations. In this context, securities
the Fund may take positions to offset fluctuations in the Not applicable.
market.
The Fund transactions may therefore be:
III.2.5.2. Risk profile
- to hedge equity risk in the portfolio;
Your money will primarily be invested in financial instruments
- or exposing the portfolio to industrial sectors, shares,
selected by the Management Company. These instruments
currencies or market indices through the use of instruments
will be exposed to market trends and risks. The list of risk
such as futures or options contracts.
factors set out below is not exhaustive.
To a lesser extent, transactions may be entered into on the
The investor is primarily exposed to the following risks:
OTC markets as part of treasury management or currency
Capital risk:
transactions.
Investors should be aware that the performance of the Fund
may not be in line with its objectives and, because the Fund is
The Fund may use up to a limit of 100% of the net assets on
not capital protected or guaranteed, investors may not recover
derivative instruments. The portfolio's exposure is not
the full amount of their invested capital.
intended to exceed 100%; however, for significant
subscriptions or redemptions or major market fluctuations, the
Fund may be temporarily exposed beyond 100%.
Equity market risk:
All transactions are carried out within the global limit of the off
Equity risk corresponds to a decline on the equity markets. As
balance sheet commitment of one times the Fund's net
the Fund is exposed to equities, the net asset value may
assets.
decline significantly. If the equity markets fall, the value of the
portfolio may decline.
The Fund will not use Total Return Swaps (TRS).
Exchange-rate risk:
On the embedded derivatives (warrants, credit linked notes,
This is the risk that fluctuations in foreign currencies could
EMTNs, subscription warrants, etc.)
affect the value of securities held in the portfolio. The Fund
may hold, either directly or via UCITS or AIF, securities
Nature of instruments used: Essentially, warrants,
denominated in a currency other than the Fund's designated
subscription warrants, and all types of bonds to which a
currency. Therefore, fluctuations in exchange rates could
conversion or subscription right is attached. In particular, the
result in a lower net asset value. The exchange risk may be
Fund may invest in securities with exposure to shares
hedged through derivatives.
(convertible bonds, exchangeable bonds or equity notes).
Risks linked to investments in small and mid-cap
Strategy for using embedded derivatives to achieve the
securities:
management objective: Transactions involving embedded
Given its management orientation, the Fund may be exposed
derivatives are of the same nature as those for derivative
to small and mid-cap securities, which may carry liquidity risk
instruments. The use of embedded derivatives is subject to
owing to their specific characteristics. Due to the restricted
their potential benefits in terms of cost/efficiency or liquidity.
nature of the market, the performance of such securities is
The Fund may use up to a limit of 100% of the net assets on
more pronounced and may rise or fall sharply. This may result
embedded derivatives.
in an increase in the volatility of the net asset value.
Investments in small-cap companies will represent only a
III.2.5.1.3. Deposits
minor portion of investments.
The Fund may make deposits with a maximum term of 12
months with one or more credit institutions. The aim of these
Interest-rate risk:
deposits is to contribute to the cash holdings. Deposits
Given its management orientation, the Fund may be exposed
denominated in euros or other currencies which adhere to the
to interest rate risk. Interest rate risk is represented by
four conditions of the Monetary and Financial Code can
fluctuations in the yield curve. The interest rate markets move
account for up to 100% of assets.
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
in the opposite direction of interest rates. This risk arises from ESG informationavailable,whether itcomesfrom third-
the fact that, in general, the price of debt securities and bonds partysuppliersfrom third-partydataor from the issuers
falls when interest rates rise. themselvesmay be incomplete, inaccurate,fragmented,or
unavailable,whichmayhaveanegative impact on a portfolio
Credit risk: that relies on this data toassess the appropriate
Credit risk is the risk that the issuer cannot meet its inclusionorexclusionof a security. In addition, it is possible that
commitments. Credit risk is limited to debt securities and a security or a stock could be incorrectly valued.
money-market instruments, which may not make up more
than a maximum of 25% of net assets. Investors are reminded The approach to sustainable finance will have to evolve
that this risk may result in a decrease in the Fund's net asset anddevelopovertime,in parallel withthefine-tuning
value. ofinvestment decision-making processes,aimed at taking into
account ESG factors and risks,butalsodue to
Discretionary management risks: legalandregulatory developments.
The discretionary management style applied by the Fund is
based on the selection of securities and on the expectations No statement has been made and no warranty has been given
of the different markets. There is a risk that the Fund may not regarding the impartiality, accuracy, completeness or
be invested in the best-performing securities at all times. As a coverage of the sustainable or extra-financial features.
result, the Fund's performance may be lower than the
investment objective. Furthermore, the net asset value of the Liquidity risk:
Fund may decline. Performance largely depends on the Fund The drop in price that the Fund may potentially accept in order
Manager's ability to anticipate market movements. to sell certain assets for which there is insufficient demand on
the market.
Sustainability risk:
Environmental, social orgovernanceevent orsituationwhich,if To a lesser extent, they are also exposed to the following
itoccurs, could have a material negative risks:
impact,realorpotential,onthevalueof the investment.
Emerging markets risk:
Risksrelatedto consideration of thesustainability risk: The market practices and monitoring measures in the
Currently there is no universallyrecognised framework or list emerging markets may deviate from the standards prevailing
of factors whichmustbe addressed toensure that investments on the large international markets: information on certain
are sustainable, and the legal and regulatory framework securities may be incomplete and liquidity may be lower. The
governing sustainable finance is stillbeingdeveloped. performance of these securities may therefore be volatile. If
the securities of the emerging markets fall, the net asset value
The applicationof ESG criteriato the investment process in the of the Fund may fall.
context of taking account of sustainability risks,may exclude
thesecuritiesofsomeissuers fornon-financial reasons, which Counterparty risk:
may involve giving upsome market opportunities available to The Fund is exposed to the counterparty risk that results from
otherfunds,thatdo not useESG or sustainability criteria. The the use of financial futures. Contracts for these financial
focus of the fund manager on issuers of securities which have instruments may be concluded with one or more credit
sustainable features may affect the investment performance institution(s) that is/are not able to honour their commitments
of a Sustainable Fund and lead to a return which, at times, will under these instruments. Investors are reminded that this risk
be lower than that of similar funds that have no sustainable may decrease the Fund's NAV.
approach or which would apply non-financial criteria. The
sustainable or non-financial characteristics used in a fund's III.2.5.3. Target investors and typical investor
investment policy may prevent it from buying certain securities
which, in other circumstances, would offer advantages, and/
profile
or from selling securities because of their sustainable - I, L and M units: institutional and equivalent clients.
characteristics despite the harm that could thereby result. In - G and L (g) units: only for legal persons subject to German
the short term, a focus on securities from issuers with legal and tax rules, especially those relating to the
sustainable characteristics could positively or negatively affect provisions of Section 5 Investmentsteuergesesetz and also
the performance of the Fund's investments compared to legal persons governed by Austrian law.
similar funds without this focus. In the long term, this approach - S units: for institutional and equivalent Spanish and Italian
should have a favourable effect, but no guarantee is given in subscribers.
this regard. - R units: all subscribers.
- P units: for institutional investors – Austrian PensionKassen.
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
- I (D) units: for institutional and equivalent investors requires prior written consent from the mutual fund's
- T units: for institutional and equivalent investors management company. Any persons wishing to acquire or
- F units: shares reserved for all investors and, in the context subscribe to the Units will have to certify in writing that they
of subscription or distribution within the European Union, are not "U.S. Persons".
that are intended solely for:
▪ Financial intermediaries who are not authorised, in virtue of The mutual fund's management company has the authority to
the regulations applicable to them, to receive and/or hold on impose restrictions (i) on the ownership of Units for a "U.S.
to any commissions or non-monetary benefits; or Person" and thus proceed with the compulsory redemption of
▪ Subscribers subscribing to portfolio management services the Units held, or (ii) on the transfer of Units to a "U.S.
on behalf of third-parties (management mandate) and/or Person". This authority also extends to any person (a) who
independently-provided investment advice within the appears, directly or indirectly, to be in violation of the laws and
meaning of Directive 2014/65/EU of the European regulations of any country or any government authority, or (b)
Parliament and of the Council of 15 May 2014 on markets in who could, in the mutual fund's management company's
financial instruments within the European Union (the MiFID opinion, cause the mutual fund to suffer damages that it would
II Directive); not otherwise have endured or suffered.
▪ Distributors subscribing in the context of investment advice The offer of Units has not been authorised or rejected by the
not considered to be independent within the meaning of SEC, the specialised commission of a U.S. State or any other
MiFID II Directive on the basis of a contract with their U.S. regulatory body, no more than the aforementioned
customer, and/or where such a distributor neither receives authorities have delivered a verdict or sanctioned the merits of
nor holds on to any commission or other non-monetary this offer, or the accuracy or adequate nature of the
benefit under MiFID II Directive. documents relating to this offer. Any assertion to this effect is
- O units: reserved for the feeder fund Mandarine Valeur against the law.
Funds, sub-fund of the SICAV Mandarine Funds SICAV Any unitholder must inform the mutual fund immediately in the
governed by Part I of the Law of 17 December 2010, as event that they become a "U.S. Person". Any unitholder who
amended. becomes a U.S. Person will no longer be authorised to
acquire new Units and they may be requested to give up their
The Fund is open to any investor seeking a dynamic return Units at any time to the benefit of persons who do not have
who agrees to be exposed to significant equity risk. The "U.S. Person" status. The mutual fund's management
appropriate amount to be invested in the Fund depends on company reserves the right to proceed with the compulsory
each investor's personal situation. To determine this, redemption of any Unit held, directly or indirectly, by a "U.S.
investors must take into account their personal assets, their Person", or, if the ownership of Units by any person
current and future needs, investment horizon, and also their whatsoever is against the law or the interests of the mutual
willingness to take risks or opt instead for a more cautious fund.
investment. Investors are also strongly advised to diversify
their investments in order to avoid exclusive exposure to the Recommended investment period: over 5 years.
risks of this Fund.
III.2.5.4. Methods of determining and
Special warning "US Person" U.S. SEC Regulation S
(Part 230 – 17 CFR 2330.903)/US Investors:
allocating amounts available for
The fund’s units have not been registered under the U.S. distribution
Securities Act of 1933. Consequently, they may not be offered Capitalisation UCITS for some units, in kind: I, R, F, M, G, P,
or sold, directly or indirectly, on behalf of or for the benefit of a T, S, O, and L, L(g) units.
"U.S. person" as defined by the U.S. "Regulation S". The The accounting method is the coupons received method and
definition of “US person(s)” as defined by Regulation S of the the capital gains generated are capitalised in full each year.
SEC (Part 230 - 17 CFR 230.903) is available at the following Allocation of net income of the I (D) unit: capitalisation and/or
address: http://www.sec.gov/about/laws/secrulesregs.htm or distribution. The management company reserves the right to
according to the Foreign Account Tax Compliance Act http:// capitalise and/or distribute net income, in full or in part, or to it
www.irs.gov/Businesses/Corporations/Foreign-Account-Tax- carry forward. Allocation of capital gains realised: The
Compliance-Act-FATCA. management company reserves the right to opt for
capitalisation and/or distribution. Where applicable, net capital
Any resale or transfer of units to the United States of America gains may, at the discretion of the management company, be
or to a “U.S. Person” can constitute a violation of U.S. law and wholly or partly distributed annually or carried forward.
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
III.2.5.5. CHARACTERISTICS OF THE UNITS OR SHARES (CURRENCY DENOMINATION,
FRACTIONING, ETC.)
Curren
Minimum Minimum
ISIN code cy
Distribution of initial subsequent Initial net
of Target investors Decimalisation
income subscription subscriptio asset value
Denom
(2) n
ination
All EUR 1/10,000th EUR
R units FR0010554303 Capitalisation EUR 1/10,000
subscribers 50 of the unit 500
EUR 1/10,000th EUR
F units FR0013140092 Capitalisation EUR Reserved (6) 1/10,000
50 of the unit 500
Spanish and Italian EUR 1/10,000th EUR
S units FR0011008796 Capitalisation EUR 1/10,000
investors (3) 300,000 of the unit 5,000
Institutional investors EUR 1/10,000th EUR
I units FR0010558841 Capitalisation EUR 1/10,000
and equivalent investors 1,000,000 of the unit 5,000
Institutions governed by
EUR 1/10,000th EUR
G units FR0010806778 Capitalisation EUR German and Austrian law 1/10,000
1,000,000 of the unit 5,000
(1)
Institutional investors EUR 1/10,000th EUR
M units FR0010606814 Capitalisation EUR 1/10,000
and equivalent (2) 40,000,000 of the unit 50,000
Institutional 1/10,000th
EUR EUR
P units FR0011679018 Capitalisation EUR PensionKassen of the unit 1/10,000
50,000,000 (5) 100,000
Austrian (4)
Institutional investors EUR 1/10,000th EUR
L units FR0010865592 Capitalisation EUR 1/10,000
and equivalent investors 40,000,000 of the unit 50,000
I (D) Capitalisation/ Institutional investors EUR 1/10,000th EUR
FR0011759414 EUR 1/10,000
units Distribution and equivalent investors 1,000,000 of the unit 5,000
Institutional investors EUR 1/10,000th EUR
T units FR0011908169 Capitalisation EUR 1/10,000
and equivalent investors 10,000,000 of the unit 50,000
Units reserved for sub-funds
EUR 1/10,000th EUR
O units FR0012217057 Capitalisation EUR of 1/10,000
500,000 of the unit 1,000
Mandarine Funds SICAV (5)
Institutions governed by
L (g) EUR 1/10,000th EUR
FR0014001K72 Capitalisation EUR German and Austrian law 1/10,000
units 40,000,000 of the unit 50,000
(1)
(1) Legal persons subject to German legal and tax rules, Financial intermediaries who are not authorised, under the
especially those relating to the provisions of § 5 applicable regulations, to receive and/or hold on to any
Investmentsteuergesesetz and also legal persons governed commissions or non-monetary benefits; or
by Austrian law. (b) Subscribers subscribing to portfolio management services
(2) except the Management Company, which may only take on behalf of third parties (management by mandate) and/or
out one unit. independently provided investment consulting within the
(3) Unit reserved for institutional and equivalent investors meaning of Directive 2014/65/EU of the European Parliament
whose registered office or place of residence is located in Italy and of the Council of 15 May 2014 on markets in financial
or Spain. instruments within the European Union (the MiFID II
(4) Units reserved for Austrian Pensionkassen Directive);
(5) O units exclusively reserved for the feeder fund Mandarine (c) Distributors subscribing in the context of investment advice
Valeur Funds, sub-fund of the SICAV Mandarine Funds not considered to be independent within the meaning of
SICAV governed by Part I of the Law of 17 December 2010, MiFID II Directive on the basis of a contract with their
as amended. customer, and/or where such a distributor neither receives nor
(6) For F units: shares reserved for all investors and, in the holds on to any commission or other non-monetary benefit
context of subscription or distribution within the European under MiFID II Directive.
Union, that are intended solely for:
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021Mandarine Valeur -Prospectus
III.2.5.6. SUBSCRIPTION AND - MANDARINE GESTION – 40, Avenue George V – 75008
Paris;
REDEMPTION METHODS - or at the following e-mail address:
Subscription and redemption requests are processed each serviceclient@mandarine-gestion.com.
valuation day until 1 p.m. Paris time(cut-off time).with the
processing agent and made on the basis of the next net asset The net asset value is also available on the website:
value, i.e. at an unknown price. Payments relating thereto are www.mandarine-gestion.com.
made on the second trading day following the net asset value
date. Investors wishing to subscribe to units and unitholders wishing
It is possible to invest in whole and/or fractions of units; to redeem units should contact their account holding
redemptions are only made in quantities of units (ten institution regarding the cut-off time for processing their
thousandths). subscription or redemption request. The latter may be before
the processing cut-off time mentioned above.
Fund unit subscriptions and redemptions can be addressed
to: Investment and buy back transactions resulting from a request
transmitted after the time mentioned in the prospectus(late
To the centralising agent by delegation: trading)are prohibited.
BNP PARIBAS SECURITIES SERVICES
Registered office: 3 Rue d’Antin – 75002 PARIS. Pursuant to Article L. 214-8-7 of the Monetary and Financial
Postal address: Grands Moulins de Paris - 9, Rue du Code, both the redemption by the Fund of its units and the
Débarcadère – 93500 PANTIN Cedex. issue of new units may be suspended temporarily by the
Subscriptions and redemptions are processed at 1 p.m., Paris Management Company if required by exceptional
time (cut-off time). circumstances and if this is in the interests of the unitholders.
• To the regional transfer agent in Luxembourg:
BNP PARIBAS SECURITIES SERVICES - Luxembourg
branch
Registered office: 60, Avenue J-F Kennedy L-1855
Luxembourg – Grand Duchy of Luxembourg.
Subscription requests sent to the regional transfer agent must
be pre-processed two hours before thecut-off timementioned
above.
Date and frequency of calculation of the net asset value: daily,
for all units. The net asset value is calculated every business
trading day of the French financial markets (Euronext Paris
S.A. Official Calendar).
The net asset value of the Fund is available on request from:
·Orders are executed in accordance with the table below:
D (working day) in D - (working day) in
D: day on which the
Paris Paris D+1 trading day D+2 trading day D+2 trading day
NAV is established
(Valuation Day) (Valuation Day)
Publication of the
Centralisation Centralisation Execution of the
net asset value Payment of Payment of
before 1 p.m. for before 1 p.m. for order on D at the
(dated Valuation subscriptions redemptions
subscription orders1 redemption orders1 latest
Day)
1 Excluding any specific period agreed with your financial Luxembourg and Paris, which is 2 hours before
institution. Centralisation.
Pre-processing with the Regional Transfer Agent before 11 Time zone: CET (Central European Time) Standardised time
a.m. for subscription and redemption orders on trading days in UTC/GMT + 1 hour – CEST (Central European Summer Time)
UCITS governed by French law covered by Directive 2014/91/EU - UCITS V - April 2021You can also read
