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The Company’s board of directors (the "Board") hereby informs you of the clarification of the Sub-Fund’s investment policy in order to (i) describe how the initial investment universe is constructed when applying the ESG filter and (ii) insert the description of the environmental, social and governance (ESG) criteria applied by the investment manager for the Sub-Fund, which were previously disclosed in the general part of the prospectus, directly in the sub-fund appendix and so to read as follows:
"(…) The sub-fund may invest in, or be exposed to, the following investments up to the percentage of net assets indicated:
- Eurozone equities (including exposure from derivatives): 85% to 105%
- Equities from anywhere in the world, including emerging markets: 10%
- Investment grade bonds: 10%
- Other UCITS/UCIs: 10%
The sub- fund has specific sustainable investment objectives (SFDR Article 9). The Management Company relies on the analysis of the research center "La Française Sustainable Investment Research" (the “Research Center”) of the entity "La Française Group UK Limited" specialised in determining responsible investment criteria. It is specified that there is a risk of conflicts of interest with respect to the provision of ESG scores by the Research Center.
The investment process is based on Integration with significant engagement in the management and thematic.
The initial investment universes are constructed from Eurostoxx TMI (Total Market Index). The possibility of selecting securities outside the initial investment universe is limited to 10%. In selecting securities, the investment manager uses a 3-step investment process:
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