Informazioni chiave per gli investitori GROUPAMA ETAT

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 ETAT EURO CT
Quota O, C - Codice ISIN: FR0010890939
Questo OICVM è gestito da Groupama Asset Management. È soggetto al diritto francese.
Obiettivi e politica d’investimento
Classificazione: OICVM "Obbligazioni e altri titoli di credito denominati in
euro"
Obiettivo di gestione : Conseguire un rendimento superiore a quello
dell’indice di riferimento, l'Indice EuroMTS 1-3 anni chiusura.
Indice di riferimento: EuroMTS 1-3 anni chiusura.
Al fine di conseguire il suo obiettivo di gestione, l’OICVM adotta uno stile
di gestione attivo. Il gestore utilizzerà la combinazione di due approcci:
L’approccio discendente, che utilizza i fondamentali macroeconomici
per zona o per paese quali il tasso di disoccupazione, il livello
d’inflazione, la crescita del PIL e i tassi d'interesse.
L’approccio ascendente, che si concentra sulle qualità intrinseche di
una società e della sua valutazione.
L’indice di riferimento costituisce l’universo d'investimento privilegiato
dell'OICVM. Il portafoglio dell'OICVM sarà composto principalmente da
obbligazioni di Stato, con garanzia statale, pubbliche o assimilate, o
sovranazionali a tasso fisso, EMTN, TCN, BTAN e obbligazioni a tasso
variabile e indicizzate all'inflazione e obbligazioni fondiarie.
La forbice di sensibilità si colloca tra 0 e 3.
L’OICVM potrà detenere fino al 10% del patrimonio netto in quote o azioni
di OICVM di diritto francese o europeo al fine di diversificare il portafoglio.
L’OICVM potrà ricorrere a strumenti derivati negoziati su mercati
regolamentati, organizzati e over the counter, al fine di esporre il
portafoglio al rischio di tasso o a fini di copertura, entro il limite di un
impegno massimo pari al 100% del patrimonio netto.
Al fine di gestire la liquidità e a titolo accessorio, l’OICVM potrà effettuare
depositi, utilizzare OICVM monetari e, in via straordinaria e temporanea,
effettuare prestiti in contanti.
L’OICVM potrà realizzare operazioni di cessione temporanea di titoli entro
il limite del 50% del patrimonio netto e di acquisizione temporanea di titoli
entro il 10% del patrimonio netto.
Destinazione dei proventi: Capitalizzazione
Durata minima d’investimento consigliata: Superiore a 1 anno.
Potete richiedere il rimborso delle vostre quote su base giornaliera,
secondo le modalità descritte qui sotto, nella sezione delle informazioni
pratiche.
Ora limite di centralizzazione degli ordini di sottoscrizione/rimborso:
Ogni giorno lavorativo fino alle ore 11.00, ora di Parigi.
Frequenza di 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 2, a causa della sua esposizione al
rischio di tasso.
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 credito: Un eventuale downgrading del rating o
l'insolvenza dell’emittente potrebbero comportare un impatto negativo
sulla quotazione del titolo.
Rischio di controparte: Si tratta del rischio di insolvenza di una
controparte, che la conduce al mancato adempimento degli obblighi
di pagamento, che potrebbe comportare la riduzione del valore di
liquidazione.
Utilizzo di strumenti finanziari derivati: Potrà aumentare o diminuire la
volatilità dell’OICVM. In caso di andamento sfavorevole dei mercati, il
valore liquidativo potrà diminuire.
1/2
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
4,00%
Spese di rimborso
2,50%
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 30 settembre 2014. Tale percentuale può variare da un esercizio
all'altro. Essa esclude:
le commissioni legate alla sovraperformance
le spese d'intermediazione, ad eccezione delle spese di
sottoscrizione e rimborso pagate dall’OICVM al momento
dell’acquisto/vendita delle quote di un altro veicolo di gestione
collettiva.
Spese prelevate dall'OICVM in uno stesso anno
Spese correnti
0,15%
Spese prelevate dall’OICVM in determinate condizioni specifiche
Commissioni legate alla
sovraperformance
Nessuna
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.
3 %
Data di creazione dell’OICVM: 20 luglio 1994.
2,7
2.5
I rendimenti sono stati calcolati in euro.
1,9
2
1,8
1,8
1.5
1
0.5
0
2010
2011
2012
2013
2014
EuroMTS 1-3 anni chiusura
GROUPAMA ETAT EURO CT - O
Informazioni pratiche
Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori, più in particolare è destinata agli OIC e mandati gestiti da
Groupama Asset Management o dalle sue filiali.
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 16 febbraio 2015.
2/2
Quota S, C/D - Codice ISIN: FR0010890913
euro"
Destinazione dei proventi: Capitalizzazione e/o Distribuzione e/o
riporto. Possibilità di versare acconti sui dividendi
pratiche.
Parigi).
Rischio più basso,
rischio di tasso.
da rischi.
sono:
liquidazione.
1/2
Spese
4,00%
Spese di rimborso
Nessuna
Le spese correnti sono basate sui dati dell’esercizio precedente, chiuso
in data 11 luglio 2013. Tale percentuale può variare da un esercizio
all'altro. Essa non comprende:
collettiva.
Spese correnti
0,16 %
sovraperformance
Nessuna
Questo OICVM non dispone ancora di dati relativi ad un anno
completo, tali da consentire la visualizzazione del grafico dei suoi
rendimenti.
Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori, più in particolare è destinata alle compagnie e filiali di Groupama
SA.
2/2
Quota M, C - Codice ISIN: FR0010693101
euro"
pratiche.
Frequenza della valutazione: Ogni giorno di borsa ad eccezione dei
giorni festivi legali (borsa di Parigi).
Rischio più basso,
rischio di tasso.
da rischi.
sono:
liquidazione.
1/2
Spese
4,00%
Spese di rimborso
Nessuna
collettiva.
Spese correnti
0,39%
sovraperformance
Nessuna
5 %
4,4
4.5
4,6
4,5
4
3,7
3.5
3
2,4
2.5
2,2
2
1,8
1,8
2013
2014
1,7
1.5
1
0,6
0,6
0,5
2010
2011
0.5
0
2005
2006
2007
2008
2009
2012
GROUPAMA ETAT EURO CT - 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: FR0010693093
euro"
pratiche.
Parigi).
Rischio più basso,
rischio di tasso.
da rischi.
sono:
liquidazione.
1/2
Spese
2,75%
Spese di rimborso
Nessuna
collettiva.
Spese correnti
0,74%
sovraperformance
Nessuna
5 %
4,6
4,5
4.5
4,0
4
3,4
3.5
3
2.5
2,1
1,9
2
1,8
1,8
2013
2014
1,3
1.5
1
0,6
0,5
2010
2011
0,3
0.5
0
2005
2006
2007
2008
2009
2012
GROUPAMA ETAT EURO CT - N
Forma giuridica: FCI di diritto francese, questa quota è aperta a tutti i sottoscrittori.
2/2
Quota I, D - Codice ISIN: FR0000989642
euro"
Destinazione dei proventi:
versare acconti sui dividendi
Distribuzione e/o riporto. Possibilità di
pratiche.
Parigi).
Rischio più basso,
rischio di tasso.
da rischi.
sono:
liquidazione.
1/2
Spese
2,75%
Spese di rimborso
Nessuna
collettiva.
Spese correnti
0,39%
sovraperformance
Nessuna
7 %
6,7
6,1
6
5
4,4
4,6
4,5
3,8
4
3,7
3,4
3
2
1,9
2,4
2,2
2,0
1,5
1,7
1,8
1,8
2013
2014
1,7
1
0,6
0,6
0,5
2010
2011
0
2005
2006
2007
2008
2009
2012
GROUPAMA ETAT EURO CT - I
2/2
Quota I, C - Codice ISIN: FR0000989634
euro"
pratiche.
Frequenza della valutazione: Ogni giorno di borsa ad eccezione dei
giorni festivi legali (borsa di Parigi).
Rischio più basso,
rischio di tasso.
da rischi.
sono:
liquidazione.
1/2
Spese
2,75%
Spese di rimborso
Nessuna
collettiva.
Spese correnti
0,39%
sovraperformance
Nessuna
7 %
6,7
6,1
6
5
4,4
4,6
4,5
3,8
4
3,7
3,4
3
2
1,9
2,4
2,2
2,0
1,5
1,7
1,8
1,8
2013
2014
1,7
1
0,6
0,6
0,5
2010
2011
0
2005
2006
2007
2008
2009
2012
GROUPAMA ETAT EURO CT - I
2/2
Compliant with European
standards
UCITS governed by the amended
European Directive 2009/65/EC
PROSPECTUS
The shares or units of the fund 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 .................................................................................................................................. 4
4 Commercial information ........................................................................................................................... 15
5 Investment rules ....................................................................................................................................... 15
6 Total risk: .................................................................................................................................................. 15
7 Asset valuation and accounting rules ..................................................................................................... 15
7.1 Valuation methods ............................................................................................................................... 15
7.2 Method used to recognise income from fixed-income securities ............................................................ 17
7.3 Method used to recognise expenses .................................................................................................... 17
1
GENERAL CHARACTERISTICS
Name:
Legal form and Member State in which the Fund was incorporated:
French-law mutual fund (Fonds Commun de Placement, FCP).
Formation date and planned term:
20 July 1994
Fund initially formed for a 99-year term.
1/17
Prospectus / published on 16/02/2015
Summary of the management offer:
Unit class
ISIN code
Distribution of
distributable
income
Curren
cy of
expres
sion
Eligible subscribers
Minimum
initial
subscription
Fractioning
Maximum
managemen
t fee
Net asset
value at
launch
IC class
FR0000989634*
Accumulation
Euro
All subscribers
1 unit
Ten-thousandths
1.00%
€1,524.49
ID class
FR0000989642*
Distribution and/or
carry forward
Euro
All subscribers
1 unit
Ten-thousandths
1.00%
€1,524.49
N class
FR0010693093
Accumulation
Euro
All subscribers
1 unit
Thousandths
1.20%
€500
Euro
All subscribers;
particularly intended
for institutional
investors from Europe
and Canada
One
thousandth of a
unit
Thousandths
1.00%
Euro
All subscribers;
for dedicated UCIs and
mandates managed by
Groupama Asset
Management or its
subsidiaries
One
thousandth of a
unit
Thousandths
0.10%
€10,000
Euro
All subscribers;
Reserved for
Groupama SA's
companies and
subsidiaries
€1,000,000
Thousandths
0.80%
€10,000
M class
O class
S class
FR0010693101
FR0010890939
Accumulation
Accumulation
FR0010890913
Distribution
and/or carry
forward
€100
NAV split by
100 on 26
February
2009
* Including all unitholders who subscribed to the Fund before classes were created.
Place where the Fund regulations, if they are not attached, and the latest annual report and interim
financial statement may be obtained:
The latest annual reports and details on the composition of the Fund's assets will be sent to shareholders within
eight working days upon written request to:
Groupama Asset Management, 25, rue de la Ville l'Evêque - 75008 Paris - France.
The documents are also available on the company’s website at www.groupama-am.fr.
Contact details:
For corporate and institutional investors: Groupama Asset Management’s Business Development Department
(sales office: 01 44 56 76 76).
For individual investors: Your distributor (GROUPAMA SA’s distribution networks; external distributors approved
by Groupama Asset Management).
Any additional information, if necessary, may be obtained from the Groupama Asset Management Business
Development Department: 01 44 56 76 76).
2
ADMINISTRATORS
Management company:
Groupama Asset Management, 25, rue de la Ville de l'Evêque - 75008 Paris - France, a portfolio management
company authorised by the Commission des opérations de bourse, now superseded by the Autorité des
marchés financiers (French financial markets authority - AMF), under number GP 93-02 on 5 January 1993.
2/17
Depositary – Custodian – Delegated clearing of subscriptions/redemption for the Management Company
- Fund Accounting:
CACEIS Bank 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 in relation to whom it provides custody-account keeping services.
Auditor:
Ernst & Young et Autres, Tour First - 1 Place des Saisons - TSA 14444 - 92037 Paris, La Défense Cedex France.
Distributors:
GROUPAMA SA's distribution networks (8-10 Rue d’Astorg - 75008 Paris - France) and external distributors
approved by Groupama Asset Management.
Accounting representative:
CACEIS FUND ADMINISTRATION France 1-3 Place Valhubert 75013 Paris – France, a credit institution
authorised by the ACPR on 1 April 2005.
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 assets of the Fund 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 units:
Units are registered and/or bearer units.
•
Fractioning:
Units may be subscribed in exact amounts or ten-thousandths of a unit for I class units and in exact amounts
or thousandths of a unit for N, M, O and S classes.
Units may be redeemed in ten-thousandths of a unit for I class units and in thousandths of a unit for N, M, O,
and S classes.
Financial year end:
•
The last Paris Stock Exchange trading day in September.
•
The first financial year ended on the last Paris Stock Exchange trading day in September 1995.
3/17
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 gain or income from holding Fund units depends on tax provisions specific
to the investor’s own particular circumstances and/or on the tax provisions in the country where the investor
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: FR0000989634
•
ID class: FR0000989642
•
N class: FR0010693093
•
M class: FR0010693101
•
O class: FR0010890939
•
S class FR0010890913
Classification:
"Bonds and other debt securities denominated in euros" UCITS
Investment objective:
The Fund's investment objective is to outperform its benchmark, the EuroMTS 1-3Y index, closing price.
Benchmark index:
The benchmark is the EuroMTS 1-3Y index, closing price.
The EuroMTS 1-3Y index is expressed in euros and measures the market performance of eurozone government
bonds with an average maturity of between 1 and 3 years.
The index is calculated and published every 30 seconds between 10:00 am and 5:30 pm (Paris time) from the
gross borrowing costs calculated by MTS and based on the prices of the underlying negotiable securities that
comprise the market reference prices. The prices of the underlying securities are issued by more than 250
independent interbank participants trading fixed-income securities on MTS, a centralised trading platform.
The Fund does not seek to replicate its benchmark index, but to generate a small outperformance. As such, the
performance of the benchmark index may differ from that of the Fund. However, the market risk of the Fund is
similar to that of the benchmark.
Investment Strategy
•
Description of the strategies used
•
Fund strategy:
Performance is sought through the active management of:
the overall sensitivity and distribution over different segments of the curve
the selection of government issues in the eurozone according to their relative value.
4/17
Information on the sensitivity range within which the Fund is managed is given in the table below:
Interest-rate sensitivity range
within which the UCITS is
managed
Geographical area of the issuers of the
securities or the underlying securitisation
products
Exposure range
corresponding to this
area
0 to 3
Eurozone
100%
•
Portfolio composition strategy:
In selecting securities for the portfolio, the manager applies a dual top-down and bottom-up approach.
Top-down: starting from macroeconomic fundamentals of each region or country (unemployment rate,
inflation level, GDP growth, interest rate), managers define a target allocation (sensitivity, choice of curve,
indexed proportion, etc.).
Bottom-up: this is a progressively upward approach that starts by focusing primarily on the intrinsic
qualities of a stock. It then analyses the economic outlook of the sector in which each company operates
as well as the fundamentals of the country or economic region in which the company operates.
For a bonds portfolio, the decisions and major choices are based on the one hand on directional
management that consists of making the portfolio more or less sensitive than its benchmark index,
building the sensitivity on the curve (top-down approach) and on the other hand, on the choice of
signatures put in the portfolio by the manager. The latter relies on his/her own analysis, which may be
based on the expertise of the internal credit analysis team, in order to optimise the risk of issuers in the
portfolio and on credit ratings issued by external entities (“bottom-up” approach).
These two approaches combine to construct the portfolio.
•
Management style:
The Fund adopts an active management style aimed at outperforming its benchmark.
•
Assets, excluding embedded derivatives
Debt securities and money market instruments:
Legal types of instruments used:
The Fund's assets are primarily composed of government bonds, with a fixed-rate public or similar
government guarantee, supranational guarantee, EMTNs (Euro Medium Term Notes), negotiable debt
securities, fixed-rate annual-interest treasury bills, as well as variable-rate bonds, inflation-indexed
funds and mortgage bonds.
Breakdown of private/public debt:
The benchmark index is the favoured investment universe of the Fund. The Fund is primarily invested
in government issuers from the eurozone or with a government guarantee from the same area, as well
as in supranational issuers from the eurozone.
Level of credit risk envisaged:
The insolvency risk of a eurozone sovereign state is extremely low.
Duration:
The duration of the selected securities ensures that the Fund's overall sensitivity is maintained
between 0 and 3.
•
•
Holding of shares or units of other UCITS, AIFs or foreign investment funds
•
:
The Fund may hold up to 10% of its net assets in the units or shares of UCITS of the following type: "Bond
and other debt securities denominated in euros", "International bonds and other debt securities", "Money
Market" or French or European "Short-term Money Market" or similar.
5/17
Money market UCITS will be used to optimise the Fund's cash management.
•
•
•
Trackers (listed index entities) may be used.
•
For each of the above-listed classes:
Holding ranges:
Debt securities and money market instruments: up to 100% of net assets, broken down as
follows:
- Government issues or issues with a government guarantee: minimum of 75% of the Fund's
net assets.
- Supranational issues: maximum of 25% of the Fund's net assets.
Shares or units of other UCITS: not more than 10% of net assets.
Derivative instruments
The use of derivatives is authorised with a maximum commitment of 100% of the net assets of the UCITS
and therefore has an impact both on the performance and investment risk of the UCITS. However, these make
it possible to become exposed to or hedge against a specific risk, and in that respect they increase the
strategy’s flexibility. They are used occasionally to maximise performance.
•
Types of markets targeted
The Fund may trade in all types of derivatives markets:
Regulated markets
Organised markets
Over-the-counter markets
•
Risks in which the manager intends to trade
The manager will trade in:
Interest rate risk
•
Types of trades
The manager will buy or sell derivatives for the purpose of:
Hedging
Exposure
Arbitrage (on an ancillary basis)
•
Types of derivatives used
On regulated markets, the following instruments are used in particular:
Futures contracts: a contract traded on a regulated market that guarantees or commits to a specific
price for a specific quantity of a given product (the underlying product) at a future date.
The manager will use these futures contracts to trade in markets quickly to adjust interest rate risk or
rate curve risk.
Options on futures contracts: a contract that, upon the immediate payment or receipt of a premium,
confers the right to buy or sell, for a limited period, at a price set in advance, a given quantity of
financial instruments listed on a standard futures market.
Options on futures contracts will allow the manager to adjust the portfolio's exposure to interest rates
(to expose or hedge the portfolio) while taking volatility into account.
6/17
On over-the-counter markets, the manager may trade in the following on an ancillary basis, in particular:
Options: see the preceding paragraph.
Interest rate swaps: an exchange agreement between two entities for a certain period of time.
Caps and floors: In the context of a variable-rate loan, a cap gives the borrower a specific guarantee
against a rise in interest rates. The cap specifies a nominal rate that cannot be exceeded. Conversely,
a floor gives the lender a specific guarantee against a drop in interest rates.
The manager will use options, interest rate swaps and caps and floors in order to increase or decrease
the portfolio's exposure to interest rate risk.
Derivatives transactions are subject to a maximum commitment of 100% of the Fund’s asset value. These
transactions shall be conducted by strictly adhering to the sensitivity range of between 0 and 3.
•
Counterparty selection criteria
Counterparties on over-the-counter instruments (over-the-counter derivatives and effective management
techniques) are selected through a specific procedure in force within the management company; the main
selection procedures relate to their financial solidity, their expertise on the types of transactions
envisaged, general contractual clauses and specific clauses relating to techniques for mitigating
counterparty risk.
•
Deposits:
Up to 10% 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:
On an exceptional basis, with the aim of investing in anticipation of a market rise or on a temporary basis as
part of managing large redemptions, the Manager may borrow cash up to the value of 10% of the net assets
of the Fund from the custodian, CACEIS Bank France.
•
Temporary purchases and sales of securities:
Types of transactions:
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 trades:
They shall mainly aim to allow:
Adjustment of the breakdown of sensitivity on the curve
Arbitrages of curves
Investment of liquidities.
•
•
These transactions shall be conducted in strict adherence to the 0-to-3 sensitivity range.
Level of use envisaged and authorised:
Temporary sales of securities: 50% maximum of net assets.
Temporary purchases of securities:
Reverse repurchase agreements: 10% maximum of net assets. This limit is raised to 100% of
net assets for reverse repurchases against cash and there is no sale, even temporary, of
repurchased securities.
Reverse repurchase agreements represent a common management tactic in order to obtain
remuneration for uninvested liquidities (i.e. assets, excluding integrated derivatives).
Borrowing of securities: 10% maximum of net assets.
7/17
For further information on the conditions of remuneration from temporary sales and purchases of
securities, please refer to the "Fees and charges" section.
Information relating to the financial guarantees of the UCITS:
In the context of temporary purchases and sales of securities and derivatives transactions traded over-thecounter, the UCITS 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:
•
Capital risk:
Investors will be exposed to the risk of losing their invested capital, since the Fund does not offer a capital
guarantee.
•
Interest rate risk:
Investors are exposed to interest rate risk. Interest rate risk is the risk that bond market interest rates may
rise, which would cause bond prices to fall and consequently the net asset value of the Fund to fall. This risk
is low due to the low sensitivity of the fund, between 0 and 3.
•
Credit risk:
Government issuers and supranational organisations from the eurozone present a low credit risk.
•
Counterparty risk:
Counterparty risk consists of assessing the risks for an entity in terms of the commitments linking it to a
counterparty. This therefore refers to the default risk of a counterparty, causing it to default on payment. In
accordance with regulations, this risk may not exceed 10% of net assets by counterparty.
•
Use of derivatives:
The use of derivative financial instruments for hedging or substitution of securities does not create additional
risk insofar as the interest rate risk associated with such derivatives is fully accounted for in the limitations of
the 0-to-3 sensitivity range that is imposed.
•
Sensitivity range:
Between 0 and 3.
Guarantee or protection:
None.
Eligible subscribers and typical investor profile:
IC, ID and N classes: open to all subscribers.
M class: open to all subscribers; particularly intended for institutional investors from Europe and Canada
O class: open to all subscribers; particularly intended for UCIs and mandates managed by Groupama Asset
Management or its subsidiaries
S class: open to all subscribers; particularly intended for Groupama SA's companies and subsidiaries.
Minimum initial subscription:
IC, ID and N class: one unit.
M class: One thousandth of a unit.
O class: One thousandth of a unit.
S class: 1,000,000 euros.
8/17
FCP GROUPAMA ETAT EURO CT is aimed at investors seeking an actively managed portfolio of short/medium
term bonds issued principally by sovereign or public-sector or similar entities in the eurozone.
The recommended investment horizon is more than one year.
Proportion suitable for investment in the UCITS: all bond investments are subject to interest rate fluctuations,
and private-sector corporate issuers carry a risk of default. The amount that might reasonably be invested in
FCP GROUPAMA ETAT EURO CT should be determined with reference to the investor's personal situation. To
determine this, investors should take into consideration their personal wealth, their current needs and over the
next year, and the level of risk they are willing to accept.
Investors are also advised to diversify their investments sufficiently to avoid being exposed exclusively to the
risks of this Fund.
Investment diversification: this should be achieved by investing in different classes of assets (money market
instruments, bonds and equities), and in different sectors and geographical regions so as to spread the risks
more effectively and optimise portfolio management by taking market trends into account.
Income calculation and appropriation methods:
This is a multi-class Fund:
•
•
•
•
IC class: accumulation.
ID class: distribution. Interim dividend payments are authorised. Option to carry forward earnings in full or in
part.
M, N and O classes: accumulation.
S class: accumulation and/or distribution. Interim dividend payments are authorised. Option to carry forward
earnings in full or in part.
Characteristics of units:
•
Net asset value at launch of the units:
•
IC and ID classes: €1,524.49
•
N class: €500.
•
M class: €100 (NAV split by 100 on 26 February 2009)
•
O class: €10,000
•
S class: €10,000
•
Currency of units: Euro.
•
Split into ten-thousandths of a unit for I class units and thousandths of a unit for N, M, O and S classes.
Subscription and redemption procedures:
• Subscription and redemption requests are cleared by CACEIS Bank France and may be received every bank
business day up to 11:00 am at CACEIS Bank France and Groupama Banque, for those clients for whom it
provides custody-account keeping services.
For IC and ID class units, they are executed on an unknown net asset value basis with settlement on D+3
Euronext Paris (settlement on D when reinvesting the dividend on the coupon detachment date).
For N, M, O and S classes, they are executed on an unknown net asset value basis, with settlement on D+3
Euronext Paris.
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 applies to these marketing agents. Consequently, these marketing agents may stipulate an earlier
cut-off time of their own, which may precede the time mentioned above, so that instructions can be sent to
CACEIS Bank France on time.
•
The Fund's net asset value is calculated on every trading day except for official French public holidays. The
reference calendar is that of the Paris Stock Exchange.
9/17
•
The net asset value may be obtained from: the offices of Groupama Asset Management.
•
Units may be subscribed in exact amounts or ten-thousandths of a unit for IC and ID class units and in exact
amounts or thousandths of a unit for N, M, O and S classes.
Units may be redeemed in ten-thousandths of a unit for IC and ID class units and in thousandths of a unit for
N and M classes.
•
Minimum initial subscription:
IC, ID and N classes: 1 unit
•
M class: One thousandth of a unit
•
O class: One thousandth of a unit.
•
S class: €1,000,000
•
Fees and charges:
•
Subscription and redemption fees:
Subscription fees increase the subscription price paid by the investor, while redemption fees decrease the
redemption price. The fees accruing to the Fund compensate it for the costs it has to pay to invest or divest
the holdings of the Fund. The remaining fees accrue to the management company, distributor, etc.
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
2.75%
Subscription fees not accruing to the Fund
Net asset value x
Subscription fees accruing to the Fund
None
Net asset value x
None
Redemption fees not accruing to the Fund
Net asset value x
Redemption fees accruing to the Fund
None
M and S classes:
Base
Rate
Net asset value x
Maximum rate
4%
Subscription fees not accruing to the Fund
Net asset value x
None
Net asset value x
None
Redemption fees not accruing to the Fund
Net asset value x
None
10/17
U
O class:
Base
Rate
Net asset value x
Maximum rate:
4%
Subscription fees not accruing to the Fund*
Net asset value x
None
Net asset value x
Maximum rate:
2.50%
Redemption fees not accruing to the Fund*
Net asset value x
None
•
Operating and management fees:
These fees include all those charged directly to the Fund, except for transaction fees. Transaction fees
include intermediary fees (e.g. brokerage fees, stock market taxes, etc.) and the transaction fee, if any, that
may be charged, notably by the custodian and the management company.
The following fees may be charged in addition to the operating and management fees:
•
Outperformance commissions. These reward the management company if the Fund's performance
exceeds its objectives. They are therefore charged to the Fund;
•
Transaction 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)
11/17
IC, ID and M classes:
Fees charged to the UCITS
Base
Management and administration fees
Deducted from Fund units
or shares
Rate
Net assets
(statutory auditor, custodian, distribution and lawyers)
Maximum rate
1% inc. tax
Maximum rate:
Maximum indirect fees:
Net assets
(Management fees and charges)
Transaction fee
Deducted from each
transaction
accruing to CACEIS Bank France
*
€0 to €63.38 inc. tax*
By type of instrument (taxes included):
Equities and similar: max. 0.1%
Transaction fee
Deducted from each
transaction
accruing to the management company
Bonds and similar: max. 0.03%
Futures and options: max. €1 per lot
Transaction fee
Deducted from each
transaction
U
* Not significant, the Funds held in the portfolio are below 20%.
** In accordance with the current rate of VAT.
12/17
N class:
Base
Deducted from Fund units
or shares
Rate
Net assets
Maximum rate
1.20% (taxes included)*
Maximum rate:
Net assets
Transaction fee
Deducted from each
transaction
**
€0 to €63.38 inc. tax***
Transaction fee
Deducted from each
transaction
Outperformance commission
Net assets
None
Base
Rate
Net assets
Maximum rate
* Of which 1% is the financial management fee.
* * Not significant, the Funds held in the portfolio are below 20%.
*** In accordance with the current rate of VAT.
O class:
0.10% inc. tax
Maximum rate:
Net assets
Transaction fee
Deducted from each
transaction
*
€0 to €63.38 inc. tax**
Transaction fee
Deducted from each
transaction
Net assets
None
U
13/17
S class:
Base
Rate
Net assets
Maximum rate
0.80% inc. tax
Maximum rate:
Net assets
Transaction fee
*
Deducted from each
transaction
€0 to €63.38 inc. tax**
Transaction fee
Deducted from each
transaction
Net assets
None
U
Total income from transactions involving the temporary acquisition and sale 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 etc., and
to justify the inclusion of new brokers and/or exclusion of others.
Based on their expertise, each manager reports in terms of the following criteria:
•
Quality of price execution
•
Liquidity offered
•
Quality of research
•
Broker's longevity
•
Quality of operations, 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.
•
14/17
4
COMMERCIAL INFORMATION
All 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: http//www.groupama-am.fr
The net asset value of the Fund 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 by CACEIS Bank France 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 complies with the regulatory ratios applicable to coordinated UCITS, as defined by the French
Monetary and Financial Code.
6
TOTAL RISK:
The total 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
UCITS.
The accounting currency is the euro.
7.1
Valuation methods
Transferable securities traded on a French or foreign regulated market:
•
Securities traded in the eurozone:
=> Last price on valuation day.
15/17
Transferable securities whose price has not been calculated on valuation day are valued at the last officially
published price. Securities whose prices have been adjusted are valued at their probable market value under the
sole responsibility of the Fund’s manager or management company.
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 free market are valued at their last traded market
price.
Fund shares and securities:
These are valued at their last known net asset value.
Negotiable debt securities:
Negotiable debt securities are valued according to the following rules:
•
French annual interest treasury bills (BTAN) and fixed-rate treasury bills (BTF) are based on the same day's
price published by the Bank of France.
•
Other negotiable debt securities (e.g. certificates of deposit, commercial paper, bonds issued by financial
companies, bonds issued by specialist financial institutions) are valued:
•
On the basis of the 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. If the situation of the issuer changes
significantly, this margin may be adjusted over the period during which the security is held.
Negotiable debt securities with a residual duration of up to three months are valued on a straight-line basis.
Over-the-counter 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 their market value.
Futures and options contracts:
•
Futures contracts on derivatives markets are valued at the same day settlement price.
•
Options on derivatives markets are valued at the same day closing price.
Temporary acquisitions and sales of securities:
•
Reverse repurchase agreements
Reverse repurchase agreements are recognised at their contractual value plus interest.
•
Repurchase agreements
The receivable representing securities given under repurchase agreements is valued at market value. The
debt representing securities given under repurchase agreements 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.
Valuation methods for off-balance-sheet commitments:
•
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.
16/17
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.
***********
17/17
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 (with its consent) 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.
***

Informazioni chiave per gli investitori GROUPAMA ETAT

Transcript

Documenti analoghi

fr0010213298_groupama euro stock i_200611_ita

fr0000171985_groupama europe stock i_200611_ita

INFORMAZIONI CHIAVE PER GLI INVESTITORI

Documento informativo

La Française LUX - Forum Global Real Estate

KIID

Informazioni chiave per gli investitori GROUPAMA ETAT EURO

Informazioni chiave per l`investitore AMUNDI ETF NASDAQ

Key Investor Information