Prospectus Groupama Entreprises_EN 15.10.2015

Transcript

Informazioni chiave per gli investitori
Il presente documento contiene le informazioni chiave di cui tutti gli investitori devono disporre in relazione a questo OICVM. Non si tratta di
un documento promozionale. Le informazioni contenute nel presente documento, richieste dalla legge, hanno lo scopo di aiutarvi a capire la
natura di questo OICVM e i rischi ad esso connessi. Si raccomanda di prenderne visione, in modo da operare una scelta informata in merito
all’opportunità di investire.
GROUPAMA ENTREPRISES
Quota I, D - Codice ISIN: FR0010914978
Questo OICVM è gestito da Groupama Asset Management. È soggetto al diritto francese.
Obiettivi e politica d’investimento
Classificazione: OICVM "Monetario a breve termine"
Obiettivo di gestione: L'obiettivo di gestione è conseguire, per la durata
d'investimento consigliata, un rendimento superiore a quello dell'indice
EONIA capitalizzato, al netto delle spese di gestione.
En el caso de un nivel muy bajo de los tipos de interés del mercado
monetario, el rendimiento emitido por el OPCVM no sería suficiente para
cubrir los gastos de gestión y el OPCVM vería descender su valor
liquidativo de forma estructural.
Indice di riferimento: EONIA Capitalizzato.
Al fine di conseguire il suo obiettivo di gestione, l’OICVM adotta uno stile
di gestione attivo.
I suoi rendimenti derivano dalle seguenti fonti principali:
- Sensibilità creditizia, determinata, nello specifico, in funzione della
nostra analisi dell'andamento dei premi di rischio, della pendenza dei
rendimenti proposti oppure delle previsioni d'intervento da parte delle
banche centrali.
- Sensibilità ai tassi, risultante, nello specifico, dalla nostra analisi della
politica monetaria delle banche centrali e dall'andamento degli indici di
tasso a breve termine.
- Ripartizione geografica, basata soprattutto sulle conclusioni dei comitati
interni.
Il patrimonio dell'OICVM è investito in strumenti obbligazionari e monetari
ritenuti dalla società di gestione di qualità elevata e in depositi effettuati
presso istituti di credito.
La sensibilità del portafoglio ai tassi d'interesse è compresa in una forbice
da 0 a 0,5.
L’OICVM potrà anche investire fino al 110% in titoli del settore privato.
L’OICVM potrà detenere, fino al 10% del suo patrimonio netto, quote o
azioni di OICVM o di FIA Monetari a breve termine di diritto francese o
europeo che possono essere loro assimilati.
L’OICVM potrà intervenire in strumenti derivati negoziati su mercati
regolamentati, organizzati e over the counter, al fine di coprire o esporre il
portafoglio al rischio di tasso, entro il limite di un impegno massimo pari al
100% del patrimonio netto dell’OICVM.
Al fine di gestire la liquidità, il Fondo potrà effettuare depositi fino a un
massimo del 30% del patrimonio netto, acquisizioni a pronti contro
termine e cessioni temporanee di titoli fino a un massimo del 100% del
patrimonio netto e, in via straordinaria e temporanea, effettuare prestiti in
contanti.
Destinazione dei proventi: Distribuzione e/o riporto. Possibilità di
versare acconti sui dividendi.
Durata minima d’investimento consigliata: 1 mesi.
Potete richiedere il rimborso delle vostre quote secondo le modalità
descritte qui sotto.
Ora limite di centralizzazione degli ordini di sottoscrizione/rimborso:
Ogni giorno lavorativo fino alle ore 12:00, ora di Parigi.
Frequenza della valutazione: Ogni giorno di borsa ad eccezione dei
giorni festivi legali (borsa di Parigi).
Profilo di rischio e di rendimento
Rischio più basso,
rendimento potenzialmente più basso
Rischio più elevato
rendimento potenzialmente più elevato
L’OICVM ha un livello di rischio pari a 1, a causa della sua esposizione al
rischio di tasso sul mercato monetario Euro.
Il capitale inizialmente investito non beneficia di alcuna garanzia.
Questo indicatore consente di misurare il livello di volatilità e il rischio al
quale è esposto il vostro capitale.
I dati storici utilizzati per calcolare l'indicatore sintetico potrebbero non
costituire un'indicazione affidabile del profilo di rischio futuro dell'OICVM.
La categoria di rischio associata a questo OICVM non è garantita e
potrebbe variare nel tempo.
La categoria di rischio più bassa non garantisce un investimento esente
da rischi.
I rischi importanti per l’OICVM non presi in considerazione nell’indicatore
sono:
Rischio di controparte: Si tratta del rischio d'insolvenza di una
controparte, che la conduce al mancato adempimento degli obblighi
di pagamento, il quale, a sua volta, potrebbe comportare la riduzione
del valore patrimoniale netto.
Rischio di credito: Un eventuale downgrading del rating o l'insolvenza
dell’emittente potrebbero comportare una flessione della quotazione
del titolo e al contempo una diminuzione del valore patrimoniale
netto.
Utilizzo di strumenti finanziari derivati: Potrà aumentare o diminuire la
volatilità dell'OICVM. In caso di andamento sfavorevole dei mercati, il
valore di liquidazione potrà diminuire.
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Spese
Le spese e commissioni corrisposte sono usate per coprire i costi di gestione dell'OICVM, compresi i costi legati alla commercializzazione e alla
distribuzione delle quote. Tali spese riducono la crescita potenziale del vostro investimento.
Le spese di sottoscrizione e di rimborso indicate sono le spese
massime. In taluni casi, le spese pagate possono essere inferiori. Potete
richiedere maggiori informazioni al vostro consulente finanziario.
Spese una tantum prelevate prima o dopo l’investimento
Spese di sottoscrizione
0,50%
Spese di rimborso
0,50%
Percentuale massima che può essere prelevata dal vostro capitale
prima che venga investito o che siate rimborsati.
Le spese correnti sono basate sui dati dell’esercizio precedente chiuso
al 31 marzo 2015. Tale percentuale può variare da un esercizio all'altro.
Essa non comprende:
le commissioni legate alla sovraperformance
le spese di intermediazione, salvo in caso di spese di
sottoscrizione/rimborso pagate dall'OICVM quando si acquistano o
vendono quote di un altro veicolo di gestione collettiva.
Spese prelevate dall'OICVM in uno stesso anno
Spese correnti
0,13%
Spese prelevate dall’OICVM in determinate condizioni specifiche
20% del rendimento superiore
all’indice EONIA Capitalizzato*.
Nessuno sull'ultimo esercizio.
Commissioni legate alla
sovraperformance
*- Se il rendimento dell'EONIA è positivo, 20% del rendimento superiore
all’indice EONIA capitalizzato.
- Se il rendimento dell'EONIA è negativo, 20% del rendimento superiore a
0.
Per maggiori informazioni sulle spese dell’OICVM, si invita a consultare le
sezioni relative alle spese contenute nel prospetto, disponibile sul sito
internet www.groupama-am.fr.
Risultati ottenuti nel passato
Le performance passate non sono indicative delle performance future.
I risultati annui presentati in questo grafico sono calcolati per rendimenti
netti reinvestiti e al netto di ogni spesa prelevata dall’OICVM.
1,2
Data di creazione dell’OICVM: 9 marzo 1998.
Data di creazione della quota: 30 giugno 2010
1.2 %
1
0,9
I rendimenti sono stati calcolati in euro.
0,8
0.8
0.6
0.4
0,3
0,2
0.2
0,2
0,1
0,1
0
2010
2011
2012
2013
2014
EONIA Capitalizzato
GROUPAMA ENTREPRISES - ID
Informazioni pratiche
Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori.
Nome del depositario e agente centrale: CACEIS BANK France
Il prospetto di questo OICVM e le ultime relazioni annuali e periodiche sono disponibili sul sito internet www.groupama-am.fr e possono essere inviati
su semplice richiesta scritta del sottoscrittore indirizzata a Groupama Asset Management, 25 rue de la Ville l'Evêque - 75008 PARIGI - Francia.
Il valore di liquidazione è disponibile sul sito internet www.groupama-am.fr e su semplice domanda indirizzata a Groupama Asset Management.
In funzione del regime fiscale applicato, le plusvalenze e i ricavi eventualmente derivanti dal possesso di quote dell’OICVM possono essere soggetti a
tassazione. A tale riguardo vi consigliamo di rivolgervi al vostro consulente.
Groupama Asset Management può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che
risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l'OICVM.
Questo OICVM è autorizzato in Francia e regolamentato dall’Autorité des Marchés Financiers (AMF).
Groupama Asset Management è autorizzata in Francia e regolamentata dall’Autorité des Marchés Financiers (AMF).
Le informazioni chiave per gli investitori qui riportate sono esatte alla data del 15 ottobre 2015.
2/2
Quota M, C - Codice ISIN: FR0010693051
di gestione attivo.
banche centrali.
interni.
da 0 a 0,5.
contanti.
Destinazione dei proventi: Capitalizzazione
Rischio più basso,
da rischi.
sono:
Rischio di controparte: Si tratta del rischio di insolvenza di una
di pagamento, che potrebbe comportare la riduzione del valore di
liquidazione.
netto.
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Spese
4,00%
Spese di rimborso
0,50%
Essa non comprende:
Spese correnti
0,12%
sovraperformance
0.
1.6
1,4
Data di creazione della quota: 19 dicembre 2008
1.4 %
1,2
1.2
1
0,9
0,8
0.8
0,7
0,6
0.6
0,4
0.4
0,3
0,3
0,2
0.2
0,1
0,1
2013
2014
0
2005
2006
2007
2008
2009
2010
2011
2012
EONIA Capitalizzato
GROUPAMA ENTREPRISES - M
Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori, più in particolare è destinata agli investitori istituzionali di Europa e
Canada.
2/2
Quota N, C - Codice ISIN: FR0010288316
di gestione attivo.
banche centrali.
interni.
da 0 a 0,5.
contanti.
Rischio più basso,
da rischi.
sono:
Rischio di controparte: Si tratta del rischio d'insolvenza di una
di pagamento, il quale, a sua volta, potrebbe comportare la riduzione
del valore patrimoniale netto.
netto.
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Spese
0,50%
Spese di rimborso
0,50%
Spese correnti
0,23%
sovraperformance
Essa non comprende:
*- Se il rendimento dell'EONIA è positivo, 20% del rendimento
superiore all’indice EONIA capitalizzato.
- Se il rendimento dell'EONIA è positivo, 20% del rendimento
superiore a 0.
4.5 %
4,3
4,0
Data di creazione della quota: 14 marzo 2006
4,0
4
3,5
3.5
3
2.5
2
1.5
1,2
1,0
1
0,9
0,7
0,6
0,4
0.5
0,4
0,2
0,1
0,1
0,1
0
0,0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
EONIA Capitalizzato
GROUPAMA ENTREPRISES - N
2/2
Quota I, C - Codice ISIN: FR0010213355
di gestione attivo.
banche centrali.
interni.
da 0 a 0,5.
portafoglio al rischio di tasso, entro il limite di un impegno massimo pari
al 100% del patrimonio netto dell’OICVM.
termine e cessioni temporanee di titoli fino al 100% del patrimonio netto e,
in via straordinaria e temporanea, effettuare prestiti in contanti.
Rischio più basso,
da rischi.
sono:
Rischio di controparte: Si tratta del rischio di insolvenza di una
di pagamento, che potrebbe comportare la riduzione del valore di
liquidazione.
netto.
1/2
Spese
0,50%
Spese di rimborso
0,50%
Essa non comprende:
Spese correnti
0,13%
sovraperformance
0.
5 %
Data di creazione della quota:
9 marzo 1998
4,6
4.5
3,9
4
4,0
4,0
3.5
2,9
3
2.5
2,2
2,9
2,1
2
1,4
1.5
1,2
0,9
1
0,7
0,8
0,6
0,4
0.5
0,2
0,3
0,1
0,2
0,1
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
EONIA Capitalizzato
GROUPAMA ENTREPRISES - IC
2/2
UCITS as relevant to European
Directive 2009/65/EC
PROSPECTUS
The shares or units of the UCITS mentioned herein (“the Fund”) have not been registered under the US
Securities Act of 1933 and may not be offered or sold directly or indirectly in the United States of
America (including its territories and possessions), to US persons, as defined in Regulation S “US
persons”.
1 General characteristics............................................................................................................................... 1
2 Administrators ............................................................................................................................................ 2
3 Management principles .............................................................................................................................. 3
3.1 General characteristics........................................................................................................................... 3
3.2 Special provisions .................................................................................................................................. 3
4 Commercial information ........................................................................................................................... 13
5 Investment rules ....................................................................................................................................... 13
6 Overall risk ................................................................................................................................................ 13
7 Asset valuation and accounting rules ..................................................................................................... 13
7.1 Valuation methods ............................................................................................................................... 14
7.2 Method used to recognise income from fixed-income securities ............................................................ 15
7.3 Method used to recognise expenses .................................................................................................... 15
1
GENERAL CHARACTERISTICS
Name:
Legal form and Member State in which the UCITS was incorporated:
French mutual fund (fonds commun de placement, FCP).
Formation date:
9 March 1998
Planned term:
Fund initially formed for a 99-year term.
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Prospectus/published on 15/10/2015
Summary of the management offer:
Class
ISIN code
Appropriation of
distributable amounts
Curren
cy of
expres
sion
Eligible subscribers
Fractioning
Minimum initial
subscription
Net asset value at
launch
IC class*
FR0010213355
Accumulation
Euro
All subscribers
Tenthousandths
of a unit
€150,000
€152,449.02
(NAV split by 100 on
2 October 2002)
ID class
FR0010914978
Distribution and/or
deferment
May pay interim
dividends
Euro
All subscribers
Tenthousandths
of a unit
€150,000
€10,000
N class
FR0010288316
Accumulation
Euro
All subscribers
Tenthousandths
of a unit
€500
€500
All subscribers, more
specifically targeted at
Thousandths
M class
FR0010693051
Accumulation
Euro
institutional investors
1 thousandth of a unit
of a unit
from Europe and
Canada
*Including all unitholders who subscribed to the Fund before different classes were created.
€1,000
NAV split by 10 on 10
March 2009
Place where the latest annual report and interim financial statement may be obtained:
Investors will be sent the Fund’s latest annual and interim documents within one week of requesting them in
writing from:
Groupama Asset Management, 25 rue de la Ville l’Evêque, 75008 Paris, France.
Contact details:
For corporate and institutional investors: Groupama Asset Management’s Business Development Department
(sales office: +33 (0)1 44 56 76 76).
For individual investors: your distributor (GROUPAMA SA’s distribution networks; external distributors approved
by Groupama Asset Management).
Additional information, if necessary, may be obtained from the Groupama Asset Management Business
Development Department: (sales office: +33 (0)1 44 56 76 76).
2
ADMINISTRATORS
Management company:
Groupama Asset Management, 25 rue de la Ville l’Evêque, 75008 Paris, France, a portfolio management
company authorised by the Commission des operations de bourse, now superseded by the Autorité des
marchés financiers (French financial markets authority - AMF) under number GP 93-02 on 5 January 1993.
Depositary – custodian – clearing of subscriptions/redemptions – Fund accounting:
CACEIS Bank France, 1-3 place Valhubert, 75013 Paris, France, a credit institution authorised by ACPR on 1
April 2005.
Accounting representative
CACEIS FUND ADMINISTRATION France 1-3 place Valhubert 75013 Paris – France, a credit institution
authorised by the ACPR on 1 April 2005.
Institutions appointed to receive subscriptions and make redemptions, and responsible for respecting
the clearing deadlines indicated in the prospectus:
- CACEIS Bank France.
- Groupama Banque on behalf of clients for whom it provides custody and account-keeping services.
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Groupama Banque, 67 rue Robespierre, 93107 Montreuil Cedex, France, a credit establishment authorised by
the ACPR on 23 July 1999.
Auditor:
Ernst & Young, Tour First 1-2 Place des Saisons - 92400 Courbevoie - Paris la Défense 1.
Distributors:
GROUPAMA SA’s distribution networks (8-10 rue d’Astorg, 75008 Paris, France) and external distributors
approved by Groupama Asset Management.
3
3.1
MANAGEMENT PRINCIPLES
General characteristics
Characteristics of units:
• Type of right attached to the unit class:
Each unitholder has a shared ownership right in the Fund’s assets in proportion to the number of units held.
• Shareholder register and Fund accounting:
Fund accounting is provided by the custodian, CACEIS Bank France.
Unit administration is performed by Euroclear France.
• Voting rights:
No voting rights are attached to the units, as decisions are made by the management company.
• Types of unit:
Units are registered and/or bearer units.
• Fractions:
Subscriptions can be in exact amounts or ten-thousandths of a unit for IC, ID and N classes and in exact
amounts or thousandths of a unit for M class.
Redemptions can be in ten-thousandths of a unit for IC, ID and N classes and in thousandths of a unit for M
class.
Financial year-end:
• The last Paris Stock Exchange trading day in March.
• The first financial year-end was the last Paris Stock Exchange trading day in March 1999.
Tax system:
• The Fund is not subject to corporation tax. In accordance with the principle of transparency, the tax
authorities consider the unitholder to be the direct owner of a share of the financial instruments and cash held
in the Fund.
• The tax treatment of any capital gains or income from holding Fund units depends on tax provisions specific
to the unitholder’s own particular circumstances and/or on the tax provisions in the country where the
unitholder resides. Investors should seek professional financial advice.
• The French tax system considers a switch from one unit class to another unit class to be a sale subject to
capital gains tax.
3.2
Special provisions
ISIN codes of the unit classes:
• IC class: FR0010213355
• ID class: FR0010914978
• N class: FR0010288316
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• M class: FR0010693051
Classification:
Short-term money-market UCITS.
Investment in UCIs: less than 10% of net assets.
Investment objective:
The Fund’s investment objective is to realise a return that outperforms the capitalised EONIA benchmark index,
after deduction of management fees over the recommended term of investment.
If money-market interest rates are very low, the return generated by the Fund may be insufficient to cover the
management fees, in which case the net asset value of the Fund will see a structural decline.
Benchmark index:
The benchmark is the EONIA capitalised index.
The EONIA (Euro Overnight Index Average) is the average of the daily transactions on the interbank market in
euros. It corresponds to the average overnight interbank rate communicated to the European Central Bank
(ECB) by the reference banks and weighted by the volume of transactions processed, is calculated by the
European Central Bank and is published by the European Banking Federation.
Bloomberg reference code: EONIA index.
The Fund does not seek to replicate the benchmark but to generate an outperformance. As such, the
performance of the index may differ from that of the Fund. However, the Fund’s market risk is similar to that of its
benchmark.
Investment strategy:
• Description of the strategies used
Fund strategy:
The main sources of performance are:
1. Credit sensitivity determined in particular by our analysis of changes to prime risks, proposed yield
gradients or anticipating intervention by central banks
2. Rate sensitivity, resulting in particular from our analysis of central bank monetary policy and the
change in the short-term index rates
3. Geographic allocation, principally based on the conclusions made by internal committees.
Portfolio composition strategy:
The strategies implemented aim to realise a net return of the management fees that outperforms the
EONIA capitalised indicator over the recommended investment term. Its construction is based on the
analysis of the money-market environment using a combination of top down and bottom up approaches.
The top-down approach is dedicated to the analysis of strong macroeconomic and political tendencies and
the resonances of these in central bank monetary policies.
The bottom-up approach allows us to identify the actual opportunities and risks within certain sectors or
with specific issuers.
The selection of issuers that the manager includes in the portfolio is based on his/her own analysis, which
may be primarily based on the assessment of our internal credit analysis team, in order to optimise the
risk of issuers in the portfolio and in credit quality ratings issued by external entity.
Optimising our selection of issuers enables us to increase the return on our portfolio while controlling risk.
These two approaches are combined in constructing the portfolio.
4/15
Management style:
The Fund takes an active management approach to seek performance close to that of the eurozone
money market, with market risk comparable to that of its capitalised EONIA benchmark, while maintaining
a steady increase in net asset value.
• Assets, excluding embedded derivatives
Debt securities and money-market instruments:
Legal types of instrument used:
The Fund’s assets are invested in bond and monetary instruments analysed as being of a high quality
of credit by the Management Company and in deposits made with credit establishments which respect
the following criteria:
Maximum Weighted Average Life
1
120 days
2
Maximum Weighted Average Maturity
60 days
Maximum residual life of securities and instruments
397 days
Instrument ratings *
Eligible assets must have one of the two
highest ratings from one or more ratings
agencies, or be assessed by the
Management Company as being of high
credit quality.
*In case of deterioration in the rating for a security such that it falls below the rating limits set above, the
Management Company will undertake specific analysis of the credit risk of the selected instruments and
may decide to sell this security under conditions that are in the best interests of unitholders.
The Fund’s sensitivity to interest rates is within a range of 0 to 0.5.
Legal nature of the instruments used:
The assets of the Fund may hold both negotiable debt securities and bonds issued in euros or in any
other currency by public or private entities.
It may invest in the following instruments:
•
Certificates of deposit
•
Commercial paper
•
Euro Commercial Paper
•
Fixed-Rate Treasury Bills
•
BTAN
•
Mid-term negiotiable bonds
•
Fixed-rate bonds with residual maturity of less than 397 days.
•
Variable-rate bonds with a residual maturity of less than 397 days.
Breakdown of private/public debt:
1
Weighted Average Life (WAL) Weighted average of the remaining terms until full repayment of the principal of the securities
held by the UCITS.
2
Weighted Average Maturity (WAM) Weighted average of the remaining terms until the next revision of the money market
rate rather than the time remaining to repayment of the principal.
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Up to 110% of the Fund may be invested in private and public sector securities.
Selection criteria based on ratings agencies:
The Fund is invested in securities analysed by the Management Company as being of ‘high credit
quality’.
Duration: the duration of the securities in the portfolio will be less than 397 days.
Possession of units or shares in other UCITS, AIF, investment funds of foreign investment funds:
The Fund may invest up to 10% of net assets in units or shares of UCIs.
The following UCIs may be used:
Short-term money-market UCITS under French or European law or similar.
The UCIs may be those managed directly or indirectly by Groupama Asset Management.
External UCIs will be subjected to a close review of their management procedures, performance, risk and
any other qualitative or quantitative criteria that may enhance the quality of management in the short,
medium or long term.
For each of the above-listed classes:
Holding ranges:
- Debt securities and money-market instruments: up to 110% of net assets.
- Government bonds, fixed- or variable-rate bonds: up to 50% of net assets.
- Shares or units in other UCIs: up to 10% of net assets.
• Derivatives
The manager may use derivatives to:
- Hedge the portfolio subject to a maximum commitment of 100% of the net assets
- Expose the portfolio to interest-rate risk of less than one year, subject to a maximum
commitment of 100% of the net assets.
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x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Other
x
Credit
Arbitrage
Exposure
Foreign exchange
Hedging
x
Types of trades
Over the counter
Interest rates
Organised
Equities
Types of markets
targeted
Regulated
Risks in which the manager intends to trade
Types of instruments used
Futures
- Equities
- Interest rates
- Currencies
Options
- Equities
- Interest rates
- Foreign exchange
Swaps
- Equities
- Interest rates
- Inflation
- Foreign exchange
- Total return swap
Forward currency contracts
- Forward currency contracts
Credit derivatives
- Single entity credit default swaps and basket
default swap(s)
- Credit-linked notes (CLN)
- Indices
- Index options
- Structuring for basket credit derivatives (CDO
tranches, iTraxx tranches, FTD, NTD, etc.)
Other
-Options on futures
- Equity
Warrants
- Equities
- Interest rates
- Foreign exchange
- Credit
EMTN
- EMTN
Subscription warrants
- Equities
- Interest rates
x
x
Selection criteria for counterparties:
Counterparties for over-the-counter instruments (over-the-counter derivatives and effective portfolio
management techniques) are selected through a specific procedure applied within the management
company: the main selection criteria relate to their financial strength, their expertise on the types of
transactions planned, the general contractual clauses and the specific clauses relating to counterparty risk
mitigation techniques.
• Deposits:
Up to 30% of the Fund’s net assets may be in the form of deposits at a credit establishment based in a
Member State of the European Union or European Economic Area, with a term of less than 12 months, as a
store of cash to be used as needed.
• Cash borrowings:
7/15
In the event of high-value redemptions, the manager may, on an exceptional and temporary basis, borrow
cash up to 10% of the Fund's net assets.
• Temporary purchases and sales of securities:
Types of trade:
Repurchase or reverse-repurchase agreements in compliance with the French Monetary and Financial
Code.
Loans and borrowings of securities in compliance with the French Monetary and Financial Code.
Types of trade:
These are primarily used to adjust the portfolio to compensate for variations in assets under management.
Level of use envisaged and authorised:
Temporary sale of securities: maximum 100% of net assets.
Reverse-repurchase agreements: up to 100% of net assets for reverse repurchases for cash where
there is no sale, even temporary, of repurchased securities (otherwise, up to 10%).
Reverse-repurchase agreements represent a common management tactic to obtain some
remuneration for uninvested liquidities (i.e. assets excluding integrated derivatives).
Borrowing of securities: maximum 10% net assets.
For further information on the conditions of remuneration from the temporary sale and purchase of
securities, please refer to the “Fees and commissions” section.
Information relating to the financial guarantees of the Fund:
In the context of temporary purchases and sales of securities and derivatives transactions traded over-thecounter, the Fund may receive securities or cash as collateral.
Cash collateral is reinvested in accordance with the applicable rules.
All of these assets have to be issued by high-quality, liquid, diversified issuers with low volatility that are not an
entity of the counterparty or its group.
The discounts applied to collateral received take into account the quality of credit, the price volatility of the
securities and the result of stress tests carried out in accordance with the regulatory provisions.
The level of financial guarantees and the discount policy are determined in accordance with the regulations in
force.
Risk profile:
Interest-rate risk:
The interest-rate risk linked to money markets is very low. Interest-rate risk is the risk that bond market interest
rates may rise, which would cause bond prices to fall and consequently the Fund’s net asset value to fall.
Sensitivity range:
0 to 0.5.
Capital loss risk:
By its nature, the net asset value of a money-market UCITS is regularly assessed every day; however, there is a
risk that the capital invested will not be fully returned since the Fund does not include a capital guarantee.
Possible impact of using derivatives:
Using derivatives may increase or decrease the Fund’s volatility by respectively increasing or decreasing its
exposure. In the event of adverse market developments, the net asset value may fall.
Credit risk:
A downgrading of the issuer’s credit rating or default by the issuer may have a negative impact on the share
price and, at the same time, the net asset value may fall.
Credit (or issuer) risk exists, but is minimised by the soundness of our process for managing short-term
investments.
8/15
Any new issuer is analysed by our financial and credit analysts and then approved by a committee that
determines the list of approved issuers.
Counterparty risk:
Counterparty risk relates to the conclusion of financial forward contracts or the temporary sale and purchase of
securities. It consists of assessing the risks for an entity in terms of its commitments in respect of the
counterparty with which the contract has been concluded. It therefore refers to the default risk of a counterparty,
causing it to default on payment. In accordance with the regulations, this risk may not exceed 10% of net assets
per counterparty.
Guarantee or protection:
None.
Eligible subscribers and typical investor profile:
IC, ID and N classes: open to all subscribers.
M class: all subscribers, particularly intended for institutional investors from Europe and Canada.
Minimum initial subscription:
IC class: €150,000.
ID class: €150,000.
N class: €500.
M class: 1 thousandth of a unit.
The GROUPAMA ENTERPRISES FCP is aimed at investors seeking an investment that provides returns close
to those of eurozone money markets. This Fund may especially be used for short-term investments with a
minimum recommended investment period of one month.
Investment diversification: this should be achieved by investing in different asset classes (money-market
instruments, bonds and equities) and in different sectors and geographical regions so as to spread risks more
effectively and optimise portfolio management by taking market trends into account.
Income calculation and appropriation methods:
• IC, ID, and M classes: Accumulation.
• ID class: Distribution. Option for total or partial deferment. Interim dividend payments are authorised.
Characteristics of units:
• Initial net asset value of each unit:
IC class: €152,449.02 (NAV split by 100 on 2 October 2002).
ID class: €10,000.
N class: €500.
M class: €1,000 (NAV split by 10 on 10 March 2009).
• Currency of units: euro.
• Fractions: ten-thousandth of a unit for IC, ID and N class and one-thousandth of a unit for M class.
Subscription and redemption procedures:
Subscription and redemption requests are cleared by CACEIS Bank France and may be received all
•
working days until 12 a.m. at CACEIS Bank France, and at Groupama Banque for those clients for whom the
latter provides custody and account-keeping services. They are executed on a known net asset value basis with
settlement on D Euronext Paris for IC, ID and N classes and on D+3 Euronext Paris for M class.
Investors are reminded that, when sending instructions to marketing agents other than the organisations
indicated above, they must take into account that the cut-off time for clearing imposed by CACEIS Bank France
also applies to these marketing agents. Consequently, these latter may stipulate their own earlier cut-off time,
9/15
which may precede the cut-off time mentioned above so that instructions can be sent to CACEIS Bank France
on time.
• The Fund’s net asset value is calculated every trading day except for official French public holidays. The
reference calendar is that of the Paris Stock Exchange.
• The net asset value may be obtained from the offices of Groupama Asset Management.
• Subscriptions can be in exact amounts or ten-thousandths of a unit for IC, ID and N class and in exact
amounts or thousandths of a unit for M class.
Redemptions can be in ten-thousandths of a unit for the IC, ID and N classes and in thousandths of a unit
for the M class.
• Minimum initial subscription:
IC class: €150,000
ID class: €150,000
N class: €500
M class: 1 thousandth of a unit.
Fees and commissions:
• Subscription and redemption fees:
Subscription fees increase the subscription price paid by the investor, while redemption fees decrease the
redemption price. Fees paid to the Fund are used to compensate the latter for the expenses for investment or
divestment of the Fund’s assets. The remaining fees accrue to the management company, distributor and so
on.
IC, ID and N classes
Charges borne by the investor, collected at the time of
subscription or redemption
Base
Rate
Net asset value x
Maximum rate:
Number of units or shares
0.50%
Subscription fees not accruing to the Fund
Net asset value x
Subscription fees accruing to the Fund
None
Net asset value x
Maximum rate:
0.50%
Redemption fees not accruing to the Fund
Net asset value x
Redemption fees accruing to the Fund
None
M class
Charges borne by the investor, collected at the time of
subscription or redemption
Base
Rate
Net asset value x
Maximum rate:
4%
Subscription fees not accruing to the Fund
Net asset value x
Subscription fees accruing to the Fund
None
Redemption fees not accruing to the Fund
Net asset value x
10/15
Maximum rate:
0.50%
Net asset value x
Redemption fees accruing to the Fund
None
• Operating and management fees:
These fees include all those charged directly to the Fund, except for transaction charges, which include
intermediary fees (e.g. brokerage fees, stock market taxes etc.) and the activity fee, if any, which may be
charged, notably by the custodian and the management company.
The following fees may be charged in addition to operating and management fees:
Outperformance fees: these reward the management company if the Fund's performance exceeds its
objectives. They are therefore charged to the Fund;
Activity fees charged to the Fund;
Regarding ongoing charges invoiced to the Fund, please refer to the “Charges” section of the Key Investor
Information Document (KIID)
IC, ID and M classes:
Fees charged to the Fund
Base
Management fees including external management fees
Rate
Net assets
Maximum rate:
(statutory auditor, custodian, distribution and legal fees)
Deducted from UCI units or
shares
0.25% incl. tax
Outperformance fee
Net assets
20% of the performance
above that of the capitalised
EONIA index**
Activity fee
Deducted from each
transaction
From 0 to €27.50 (incl. tax)*
Deducted from each
transaction
None
accruing to CACEIS Bank France
Transaction fees
*In accordance with the current VAT rate as at 22 February 2012.
** - If the value of the EONIA is positive, 20% of the performance above the capitalised EONIA.
- If the performance of the EONIA is negative, 20% of the performance above 0.
The performance supplement represents the difference between the Fund’s net assets excluding provisions for variable
management fees and the value of an investment with an annualised performance equivalent to the capitalised EONIA
(0 if the EONIA is negative) over the calculation period.
This investment is readjusted by the amounts subscribed and the number of units redeemed in the Fund.
11/15
N class:
Fees charged to the Fund
Base
Management fees including external management fees
Rate
Net assets
Maximum rate:
(statutory auditor, custodian, distribution and legal fees)
Deducted from UCI units or
shares
1.00% incl. tax*
Outperformance fee
Net assets
20% of the performance
above that of the capitalised
EONIA index**
Activity fee
Deducted from each
transaction
From 0 to €27.50 (incl. tax)*
Deducted from each
transaction
None
accruing to CACEIS Bank
Transaction fees
*In accordance with the current VAT rate as at 22 February 2012.
** - If the value of the EONIA is positive, 20% of the performance above the capitalised EONIA.
- If the performance of the EONIA is negative, 20% of the performance above 0.
The performance supplement represents the difference between the Fund’s net assets excluding provisions for variable
management fees and the value of an investment with an annualised performance equivalent to the capitalised EONIA
(0 if the EONIA is negative) over the calculation period.
This investment is readjusted by the amounts subscribed and the number of units redeemed in the Fund.
The outperformance fee will be subject to a provision for variable management fees during net asset value
calculation.
If, between two consecutive net asset values, the Fund’s performance is negative, all previous provisions will be
adjusted by a writeback up to the amount of the underperformance. The writebacks are capped at the level of
previous previsions.
The total amount of operating, management and outperformance fees cannot exceed a total set at the beginning
of each financial year by the management company, subject to the maximum rates indicated above.
For redemptions, the portion of the provision for variable management fees corresponding to the number of units
redeemed accrues to the management company.
The variable portion at the end of the financial year will be equal to the cumulative total of provisions and
writebacks made for each net asset value. All or part of this variable portion may be carried forward to the next
financial year.
Further details about the method for calculating variable management fees are available from Groupama Asset
Management.
Income from transactions involving the temporary purchases and sales of securities accrues to the Fund.
• Selection of intermediaries:
Managers have a list of authorised brokers. A Broker Committee meets every six months to assess
managers’ evaluations of brokers and the entire value-adding chain covering analysts, middle office and so
on, and to justify the inclusion of new brokers and/or the exclusion of others.
Based on their expertise, each manager reports regarding the following criteria:
Quality of price execution
12/15
Liquidity offered
Broker's longevity
Quality of analysis etc.
• Tax system:
Note: depending on your tax system, capital gains and income resulting from ownership of the Fund’s
units may be subject to tax. We recommend that you seek advice on this subject from your tax advisor.
Switching from one unit class to another equates to a redemption and may be subject to capital gains tax.
4
COMMERCIAL INFORMATION
Information relating to the Fund may be obtained by writing to:
Groupama Asset Management
25 rue de la Ville l’Evêque, 75008 Paris, France
or by going to the website: www.groupama-am.fr.
The Fund’s net asset value is available on the website: www.groupama-am.fr.
The latest annual and interim documents are available to unitholders by writing to:
Groupama Asset Management
25 rue de la Ville l’Evêque, 75008 Paris, France
Subscription and redemption requests are cleared at the following address:
CACEIS Bank France
1-3 place Valhubert, 75206 Paris Cedex 13, France.
Information on environmental, social and governance quality criteria (ESG):
Additional information on the management company’s procedures for taking ESG criteria into account is
available in the Fund’s annual report and on the management company’s website: Groupama Asset
Management (www.groupama-am.fr)
5
INVESTMENT RULES
The Fund respects the regulatory ratios applicable to UCITS, as defined by the French Monetary and Financial
Code.
6
OVERALL RISK
The overall risk of this Fund is determined using the commitment approach.
7
ASSET VALUATION AND ACCOUNTING RULES
The Fund complies with the accounting rules prescribed by current regulations, in particular those applying to
UCI.
The accounting currency is the euro.
13/15
7.1
Valuation methods
Transferable securities traded on a French or foreign regulated market:
• Securities traded in the Eurozone:
=> First price on the valuation day
Transferable securities whose price has not been calculated on the valuation day are valued at the last officially
published price. Securities whose prices have been corrected are valued at their probable market value, under
the sole responsibility of the Fund’s manager or management company.
For fixed-income products, the management company reserves the right to use consensus prices when these
are more representative of their market value.
Securities not traded on a regulated market:
• Unlisted securities are valued at their probable market value, under the responsibility of the Fund’s manager
or management company. Such valuations are communicated to the statutory auditor during audits.
• Securities traded on an unregulated market such as a spot market are valued at their last traded market
price.
UCI shares and units:
These are valued at their last known net asset value.
Negotiable debt securities:
Negotiable debt securities are valued according to the following rules:
• Annual-interest treasury bills and fixed-rate treasury bills are based on the previous day's price published by
the Bank of France.
• Other negotiable debt securities (e.g. deposit certificates, commercial paper, bonds issued by financial
companies and bonds issued by specialist financial institutions) are valued on the basis of:
Actual market traded price;
In the absence of a significant market price, by applying an actuarial method to increase the reference
price by a margin reflecting the intrinsic characteristics of the issuer. In the event that the issuer changes
significantly, this margin may be adjusted over the period of the security’s holding.
Negotiable debt securities with a residual duration of up to three months are valued on a straight-line basis.
OTC transactions:
• Interest-rate swaps are valued according to the same rules as negotiable debt securities (other than fixedrate annual-interest treasury bills and fixed-rate treasury bills).
• Other transactions are valued at market value.
Firm and conditional futures contracts:
• Firm futures contracts on derivatives markets are valued at the previous day’s settlement price.
• Options on derivatives markets are valued at the previous day’s closing price.
Temporary purchases and sales of securities:
• Reverse-repurchase agreements
Reverse-repurchase agreements are recognised at their contractual value plus interest.
• Repurchase agreements
The receivable representing the securities in a repurchase agreement is valued at market value. The debt
representing the securities in a repurchase agreement is valued at the contractual value plus interest.
• Securities lending
The debt representing the loaned securities is valued at the market value of the securities plus the
contractual interest.
14/15
Valuation methods for off-balance-sheet commitments:
• Firm futures contracts are valued at nominal value x quantity x settlement price x (currency).
• Options contracts are valued at their underlying equivalent.
• Swaps
Asset-backed or non-asset-backed swaps
Commitment = nominal value + valuation of the fixed-rate leg (if fixed/variable) or the variable-rate leg (if
variable/fixed) at market value.
Other swaps
Commitment = nominal value + market value (if the Fund has adopted a synthetic valuation method).
7.2
Method used to recognise income from fixed-income securities
Accrued interest method.
7.3
Method used to recognise expenses
Transactions are accounted for excluding fees and expenses.
15/15
FONDS COMMUN DE PLACEMENT (MUTUAL FUND) REGULATIONS
******
PART 1
ASSETS AND UNITS
Article 1 – CO-OWNERSHIP UNITS
The rights of co-owners are expressed as units, with each unit corresponding to the same fraction of the assets of the
Fund. Each unitholder has a shared ownership right in the assets of the Fund in proportion to the number of units
held.
The term of the Fund is 99 years from the date it was authorised by the AMF (French Financial Markets Authority),
unless dissolved early or extended in accordance with these regulations.
Classes of units:
The characteristics of the various classes of units and their eligibility rules are specified in the prospectus.
The various unit classes may:
- be subject to different earnings distribution regimes (distribution or accumulation);
- be denominated in different currencies;
- be charged for different management fees;
- be charged for different subscription and redemption fees;
- have different nominal values;
- be matched with a systematic partial or total hedge, which is defined in the prospectus. This hedging is
accomplished using financial instruments and reduces to a minimum the impact of hedging transactions on the other
unit classes of the Fund;
- be limited to one or more marketing channels.
Units may be combined or divided.
Upon decision of the competent body of the management company, units may be fractioned into tenths, hundredths,
thousandths or ten-thousandths, which shall be called unit fractions.
The provisions of the regulations governing the issue and redemption of units are applicable to unit fractions, the
value of which shall always be proportional to the value of the unit that it represents. All other provisions of the
regulations relating to units also apply to unit fractions without the need to so specify, unless stated otherwise.
The competent body of the management company may, at its sole discretion, divide units by creating new units that
are issued to unitholders in exchange for their former units.
Article 2 – MINIMUM ASSETS
Units may not be redeemed if the assets of the Fund fall below 300,000 euros. If the Fund’s assets remain below this
amount for 30 days, the portfolio management company shall take the necessary measures to liquidate the Fund in
question, or execute the transactions cited in Article 411-16 of the AMF [French Financial Markets Authority]
general regulations (transfer of the Fund).
Article 3 – ISSUE AND REDEMPTION OF UNITS
The Fund may issue units at any time on request from unitholders based on their net asset value plus any subscription
fee.
Redemptions and subscriptions are performed under the conditions and according to the arrangements set out in the
prospectus.
Units of the Fund may be admitted for listing on a stock exchange in accordance with the regulations in force.
Subscriptions must be fully paid up at the net asset value calculation date. This can be in cash and/or in the form of
transferable securities. The management company has the right to refuse the securities offered, and has seven days
from the time that they are deposited to make its decision known. If accepted, the securities contributed are valued in
accordance with the rules set out in Article 4 and the subscription is executed on the basis of the first net asset value
following the acceptance of the securities concerned.
Redemptions are executed exclusively in cash, except in the event of the Fund being liquidated when unitholders
have expressed their agreement to be repaid in securities. The redemption price shall be paid by the issuer/custodian
within five days of the unit valuation date.
However, if, in exceptional circumstances, a redemption necessitates the prior realisation of assets included in the
Fund, this deadline may be extended to a maximum of 30 days.
Except in the case of inheritance or living gift, the sale or transfer of units between unitholders, or between
unitholders and a third party, is akin to a redemption followed by a subscription. If a third party is involved, the
amount of the sale or transfer must, if necessary, be supplemented by the beneficiary to reach at least the minimum
subscription required by the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, the Fund's redemptions of its shares and
the issue of new shares, may be suspended on a temporary basis by the management company when exceptional
circumstances and the interests of unitholders so require.
If the net assets of the Fund are less than the amount set by the regulations, no redemptions can be made.
Minimum subscription terms may apply, in accordance with the procedures set out in the prospectus.
The Fund may cease to issue units, in accordance with Article L. 214-8-7, paragraph three, of the French Monetary
and Financial Code when objective circumstances entail the Fund’s closure to further subscriptions, e.g. when a set
maximum number of units or shares has been issued, a set maximum level of assets has been reached, or a set
subscription period has expired. These objective circumstances are defined in the Fund’s prospectus.
Article 4 – CALCULATION OF THE NET ASSET VALUE
The net asset value is calculated in accordance with the valuation rules set out in the prospectus.
Capital contributions in kind can only be securities, stocks or contracts that are eligible to be Fund assets, and they
are valued in accordance with the same rules that apply to the calculation of the net asset value.
PART 2
OPERATION OF THE FUND
Article 5 – MANAGEMENT COMPANY
The management of the Fund is carried out by the management company in accordance with the strategy defined for
the Fund.
The management company acts in all circumstances in the exclusive interest of the unitholders and has sole voting
rights attached to the securities included in the Fund.
Article 5a – OPERATING RULES
Eligible deposits and instruments for the Fund’s assets and the investment rules are described in the prospectus.
Article 5b – LISTING FOR TRADING ON A REGULATED MARKET AND/OR A MULTILATERAL
TRADING SYSTEM
Fund units may be listed for trading on a regulated market and/or a multilateral trading system in accordance with the
regulations in force. If the Fund whose units are listed for trading on a regulated market has a management objective
based on an index, the Fund shall have set up a mechanism to ensure that its unit price does not deviate significantly
from its net asset value.
Article 6 – CUSTODIAN
The custodian shall perform the tasks for which it is responsible under the legal and statutory provisions in force, as
well as those contractually entrusted to it by the management company. In particular, it oversees the compliance of
the decisions of the management company. It undertakes, if necessary, all safekeeping measures that it considers
useful. If a dispute arises with the management company, he shall inform the AMF.
If the Fund is a feeder fund, the custodian will therefore have concluded an information-exchange agreement with
the custodian of the parent fund (or, as the case may be, if it is also custodian of the parent fund, it will have issued
appropriate specifications).
Article 7 – STATUTORY AUDITOR
A statutory auditor is appointed for six financial years, after approval by the AMF, by the governing body of the
management company.
The statutory auditor certifies the consistency and accuracy of financial statements.
The statutory auditor's mandate is renewable.
The auditor is obliged to inform the AMF of any facts or decisions regarding the undertaking for collective
investment in transferable securities that he becomes aware of when performing his duties that:
1. Constitute a violation of the statutory or regulatory provisions applicable to the UCITS that may have a
significant effect on its financial situation, earnings or assets;
2. Undermine its operational conditions or its continued operation;
3. Lead to the issuing of reserves or the financial statements being refused certification.
The valuation of assets and determination of exchange parities in transformation operations, mergers or demergers
are performed under the supervision of the statutory auditor.
The auditor evaluates all contributions in kind under his or her responsibility.
The auditor certifies the accuracy and composition of the assets and other elements before publication.
The auditor’s fees are set by mutual agreement between the auditor and the Board of Directors or management board
of the management company, based on a programme of work detailing the skills considered necessary to carry out
the audit.
The auditor certifies the conditions that form that basis of the distribution of interim dividends.
If the Fund is a feeder fund:
- The auditor concludes an information-exchange agreement with the auditor for the parent fund.
- If he is the auditor for the feeder fund and the parent fund, he draws up an appropriate programme of work.
The auditor’s fees are included in the management fees.
Article 8 – MANAGEMENT REPORT AND FINANCIAL STATEMENTS
At each financial year end, the management company prepares summary documents and draws up a report on the
management of the Fund during the previous year.
The management company establishes, at least every four months and under the supervision of the custodian, an
inventory of the UCI’s assets.
The management company makes these documents available to unitholders within four months of the end of the
financial year and informs them of the amount of income to which they are entitled: these documents are either sent
by post if expressly requested by unitholders, otherwise they are made available to them at the registered office of
the management company.
PART 3
DISTRIBUTABLE INCOME APPROPRIATION METHODS
Article 9 – DISTRIBUTABLE INCOME APPROPRIATION METHODS
The net profit for the financial year is equal to the amount of interest, arrears, dividends, premiums, directors’ fees
and all other income relating to the securities constituting the portfolio of the Fund, plus temporary earnings, and
minus management fees and borrowing expenses.
The distributable income of an undertaking for collective investment in transferable securities is made up of:
1. Net profit plus retained earnings brought forward, plus or minus accruals;
2. Realised capital gains, net of fees, minus realised capital losses, net of fees, observed over the course of the
financial year, plus net capital gains of the same type observed over the course of previous financial years that have
not been distributed or accumulated, and plus or minus accrued capital gains.
The sums mentioned in points 1 and 2 may be distributed, in full or in part, independently of each other.
The distributable income is paid no more than five months after the end of the financial year.
The management company determines the distribution of distributable income.
For each class of units, the Fund may opt for one of the following:
- pure accumulation: the distributable earnings are fully capitalised with the exception of any distributions that are
mandatory by law;
- pure distribution: the earnings are fully distributed subject to rounding differences;
- for funds that wish to retain the capacity to accumulate and/or distribute: the management company determines the
earnings appropriation each year.
Where applicable, it may be distributed from the interim dividends in compliance with applicable regulations.
The full distributable income appropriation methods are outlined in the prospectus.
PART 4
MERGER – DEMERGER – DISSOLUTION – LIQUIDATION
Article 10 – MERGER – DEMERGER
The management company may contribute all or part of the assets in the Fund to another fund, or split the Fund into
two or more other mutual funds.
Unitholders must be given at least one month's prior notice of such a merger or demerger.
They must also receive a new certificate specifying the number of units held by each unitholder.
Article 11 – DISSOLUTION – EXTENSION
If, for 30 days, the Fund’s assets remain below the amount specified in Article 2 above, the management company
must inform the AMF thereof and must merge with another fund or be dissolved.
The management company may dissolve the Fund early. It must inform the unitholders of its decision and as of that
date, subscription or redemption requests can no longer be accepted.
The management company shall also dissolve the Fund if a redemption request is made for all the units of the Fund,
if the custodian ceases operating without a replacement custodian having been designated, or at the expiry of the
Fund’s term if it has not been extended.
The management company informs the AMF by post of the liquidation date and liquidation procedure used. It then
sends the statutory auditor’s report to the AMF.
An extension to the Fund’s existing term may be decided by the management company in agreement with the
custodian. Its decision must be made no later than three months before the expiry of the Fund’s existing term and
unitholders as well as the AMF must be notified thereof.
Article 12 – LIQUIDATION
In the event of the Fund being dissolved, the management company or the custodian shall agree to be responsible for
the liquidation proceedings; otherwise, the liquidator shall be appointed by the courts at the request of any interested
party. For this purpose, they shall receive broader powers to sell the Fund’s assets, settle any liabilities and allocate
the balance in cash or in securities to the unitholders.
The auditor and the custodian continue to exercise their functions until the liquidation operations are completed.
PART 5
DISPUTES
Article 13 – JURISDICTION – ELECTION OF DOMICILE
Any disputes relating to the Fund that may arise during the term of the Fund or at its liquidation, either between
unitholders themselves, or between the unitholders and the management company or the custodian, are subject to the
jurisdiction of the competent courts.
***

Prospectus Groupama Entreprises_EN 15.10.2015

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