LA FRANÇAISE LUX -
MULTISTRATÉGIES
OBLIGATAIRES
EXTRACTING BOND MARKET ALPHA
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS
ONLY 1
SEPTEMBER 2018
CONTENTS
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 2
ABOUT LA FRANÇAISE
MAIN CHARACTERISTICS
TRACK RECORD
INVESTMENT PROCESS
RISK MONITORING
INVESTMENT THEMES & CURRENT POSITIONING
CONCLUSION
APPENDICES
LA FRANÇAISE
A MULTI-SPECIALIST ASSET MANAGER
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 3
SOLID MAJORITY SHAREHOLDERCrédit Mutuel Nord Europe, a French banking & insurance group(Crédit Mutuel has `A/A-1’ S&P credit ratings, Jan. 2018)
A RESPONSIBLE FINANCIAL PLAYERESG, an integral part of our corporate culture & investment philosophy(Strategically Aware Investing)
GLOBAL REACH, LOCAL MARKET EXPERTISE
Since
1975
596 professionals
as at 30/06/2018
Over
€70bnIn Assets
As at 30/06/2018
GLOBAL ASSET MANAGEMENT
GLOBAL REAL ESTATE
INVESTMENT MANAGERS
GLOBAL INVESTMENT
SOLUTIONS
GLOBAL DIRECT FINANCING
LA FRANÇAISE ASSET MANAGEMENTA RECOGNIZED EXPERTISE IN FIXED INCOME MANAGEMENT
4THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
Institutional barometer Indefi 2018
(213 interviewed institutional investors, 139 asset managers)
La Française AM: 3rd most cited asset manager
Fixed Income segregated mandates: 3rd place
Open-ended Fixed Income funds: 5th place
Reporting quality: 3rd place
Value for money: 2nd place
Source: La Française, Data as at
June 30, 2018. Past awards and
rankings are not a reliable
indication of future results.
Recognized expertise in
directional and absolute
return Fixed Income
strategiesRewards for portfolio management
Securities
€37 Bn
Fixed Income and money market:
€24 Bn
93% Institutional clients
59% mandates / segregated accounts
20 dedicated portfolio managers
Absolute Return Fixed Income: €2.8 Bn
2017: Global Investment Forum – Best
Director of Investments
2017 : “Trophée d’or Le Revenu” for the
SICAV fund range and European bond funds
over 3 years
2018: Camradata - La Française LUX -
Multistratégies Obligataires named best fund
in the “Multi Sector Fixed Income Absolute
Return (EUR)” category.
MAIN CHARACTERISTICS
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 5
6
Objective
Product
Deliver a net return higher than 3-month Euribor3 +3.5% over 3 years
Total return: non-benchmarked; risk monitored
Modified duration: [ -3 ; +5 ]
Ex-ante volatility: max. 5%1
Equity exposure2: [ 0% ; +5% ]
FX risk: [ 0 ; 10% ]
Active management of global bonds (OECD)
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
Note: 1 Depending on the UCITS investment strategy, these data might differ from those mentioned in the prospectus. It shall be reminded that such internal data are not binding, the Management
Company remains at liberty to modify them without prior notice within prospectus guidelines, which alone shall prevail. As a consequence, investors are reminded that all data shown in this document and
not mentioned in the prospectus are meant for information purposes only. Investors must form their investment decision based only on the information mentioned in the prospectus. In the event of an
infringement or change of internal data, the Management Company will not proceed to any specific disclosure as long as these modifications have no impact on the prospectus. By “internal data”, the
Management Company means a set of elements including but not limited to: fund management internal guidelines, economic analysis, market and/or fund management commentaries. 2 Equity exposure
achieved through convertible bonds and derivatives 3 For EUR-denominated share classes; the index is GBP-Libor for GBP-denominated share classes and CHF-Libor for CHF-denominated share classes.
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESMAIN CHARACTERISTICS
3 performance driver:
Government Debt Corporate Debt Diversification
LA FRANÇAISE LUX – MULTISTRATEGIES OBLIGATAIRES CONTEXT AND KEY POINTS
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Money market rates are currently negative
Low-yield environment, with prospects for rising rates
Increasing rates negatively affect “long only” bond strategies and “Investment Grade” corporate debt carry
Based on this hypothesis, traditional Fixed Income investment rationales (carry) are no longer strong incentives
Context
Our solutions
It is necessary to approach the investment strategies through both relative value and directional approaches (bullish or bearish)
Robust investment process, with significant internal resources to support management decisions (20 portfolio managers and 4 financial engineers) across all Fixed Income sub-asset classes
Focusing on asset allocation and fundamental views through a well-reasoned risk approach
Combining qualitative and quantitative approaches by using our proprietary Risk Unit Premium model (R.U.P model)
Source: La Française. June 2018.
Current investment team, susceptible to change over time. Up-to-date information is available on La Française’s website (www.la-francaise.com).
TRACK RECORD
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-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
-5%
0%
5%
10%
15%
20%
25%
Dec-13 Jul-14 Feb-15 Sep-15 Apr-16 Nov-16 Jun-17 Jan-18 Aug-18
La Française LUX - Multistratégies Obligataires I (LHS) German 10-year Government bond yield (RHS)
Source : Bloomberg. Data as at August 31, 2018. Past returns are not a reliable indication of future results. Risks related to La Française LUX – Multistratégies Obligataires: Risk of capital
loss, discretionary management, interest rate, credit, speculative high yield securities, deflation, counterparty, convertible bonds, currency. For further information regarding the risks related
to this investment, please refer to the SICAV prospectus.1 Inception date of the I share class of the Luxembourg SICAV La Française LUX – Multistratégies Obligataires – I share class
December 17, 2013.
Date Fund
2018 -2.0%
2017 +2.6%
2016 +5.3%
2015 +3.4%
2014 +9.6%
20131 -0.1%
Date Fund
1 year -1.0%
3 years(investment horizon)
+7.3%
Since inception1 +19.8%
Rising interest rates
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 9
A proven track record
which confirms our
approach
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESCAPACITY TO DELIVER PERFORMANCE IN ANY INTEREST RATE ENVIRONMENT
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESPERFORMANCE DRIVERS
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 10
Sources: La Française, Bloomberg. YTD Data as at August 31, 2018. Past returns are not a reliable indication of future results.
2015 2016 2017 2018 YTD
Government Debt 2.67% 2.09% 1.14% -0.43%
Core Euro 0.08% 0.39% -0.31% -0.59%
Peripheral 1.92% 0.28% 1.18% -0.21%
Europe 0.54% 0.62% -0.11% 0.18%
US 0.14% 0.72% 0.38% 0.26%
Other developed countries 0.00% 0.09% 0.01% -0.08%
Corporate debt 1.30% 3.76% 2.50% -0.51%
Investment Grade 0.13% 0.43% 0.21% -0.05%
High Yield 0.70% 2.33% 0.60% -0.13%
Subordinated 0.48% 1.00% 1.68% -0.28%
Diversification 0.24% 0.83% 0.29% 0.05%
Convertible bonds 0.50% -0.01% 0.05% 0.04%
Emerging -0.11% 0.55% 0.25% -0.07%
FX Exposure -0.15% 0.29% -0.01% 0.09%
Fees and other expenses -0.82% -1.38% -1.29% -1.15%
Total 3.39% 5.30% 2.64% -2.04%
0.0%
2.5%
5.0%
7.5%
10.0%
12.5%
15.0%
17.5%
20.0%
22.5%
25.0%
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRES1-YEAR ROLLING RETURN DISTRIBUTION SINCE INCEPTION1
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Sources: La Française, Bloomberg. Data as at August 31, 2018. 1. Inception date of the I share class of the Luxembourg SICAV sub-fund December 17, 2013. Past
returns are not a reliable indication of future results.
Since 2013: 92% positive
1-year rolling returns
Over 3-year investment horizon
Average return: +12.3%
Max. drawdown: none
Over 1-year investment horizon
Average return: +4.1%
Max. drawdown: -2.3% (Feb. 2016)
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESEX-ANTE VOLATILITY AND MODIFIED DURATION BREAKDOWN
12
Source: La Française. Data as at August 30, 2018. Past performance is no guarantee of future results.
Modified duration breakdownEx-ante volatility breakdown
Historically, full use of
the fund’s flexible
allocation by asset class
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LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESMODIFIED DURATION: FOCUS ON CORE GOVERNMENT DEBT ALLOCATION
13
Source: La Française. Data as at August 30, 2018. Past performance is no guarantee of future results.
The fund is positioned to
take advantage of a
potential increase in core
government debt yields
(Euro, US)
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
Core government debt allocation
(contribution to duration)
INVESTMENT PROCESS
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Quantitative support
External and
Local Debt
Convertible
Bonds High Yield
Subordinated
Debt
Investment
Grade
Georges FarréHead of Emerging Market Debt
(3 portfolio managers - analysts)
Paul GurzalHead of Corporate Debt
(8 portfolio managers - analysts)
Emerging
FX
Source: La Française. Sept. 2018.
Current investment team,
susceptible to change over time.
Up-to-date information is
available on La Française’s
website (www.la-francaise.com).
Maud MinuitHead of Government Debt & Absolute Return
Portfolio allocation between the different strategies
Bond selection
Maud Minuit(9 portfolio managers - analysts including 5
dedicated to absolute return)
Sovereign
DebtCurrenciesInflation
Directly by the allocation managers Through delegation of Fixed Income sub-asset classes to specialized teams
François RimeuPortfolio Manager & Strategist
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 15
Maïté CoudercHead of Engineering, Risk and Reporting
(4 financial engineers, 4 risk managers)
A collaborative process
which integrates and
highlights the full range
of Fixed Income expertise
LA FRANÇAISE LUX - MULTISTRATÉGIES OBLIGATAIRESSIGNIFICANT INTERNAL RESOURCES TO SUPPORT MANAGEMENT DECISIONS
Global universe
Emerging market universe
16
LFAM ABSOLUTE RETURN FIXED INCOME MANAGEMENTTOOLS AND RESOURCES DEDICATED TO RESEARCH
Investment process
combining qualitative and
quantitative analysis
Macroeconomic research
Coe-RexecodeRiches Flores Research“Les cahiers verts de l’économie”Gavekal
Independent credit analysis providers
Spread ResearchCredit SightsLucror AnalyticsDebtwire
Investment banking research (within the scope of MiFID II)
Qualitative analysis Quantitative analysis
R.U.P model (Risk Unit Premium)
Reviewing all Fixed Income asset classes
Preasm (PREmium AnticipationS Model)
Valuation of corporate debt asset classes
CARRS (Credit Attractiveness Risk Reward Score)
Scoring tool for financial debt
The management team relies on both fundamental research and proprietary quantitative tools
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
INVESTMENT PROCESSOVERVIEW
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Fundamental
macro research
Fixed Income
convictions
Portfolio
construction &
risk monitoring
Convictions on major
economic trends
Strategic allocation and
bond selection in the most
attractive sectors
Combination and
calibration of positions
within a defined risk budget
Comprehensive review of macro indicators and insights over 6 to 18 months
Determination of in-house views on major market drivers
LFAM positioning versus consensus over 3/6 months
Monetary policy & market expectations on central bank statements
Level of yields (real & nominal), curve distortions, forward, term premium, inflation expectations analysis
Identification of potential investment themes within each FI/FX asset class
Quantitative analysis: Risk Unit Premium model (RUP model)
Correlation and volatility level analysis
Weighting by unit of risk, monitoring of each unit contribution to total risk and weighting of positions
Strategy implementation within the portfolio’s constraints
Monthly review Daily monitoring
Source: La Française.
18
INVESTMENT PROCESS ADDED VALUELENGTHY EXPERIENCE AND STABILITY OF THE INVESTMENT PROCESS AND AREAS OF EXPERTISE
Over 10 years of experience in absolute return Fixed Income strategies
The investment process has been improved over the years, but the investment philosophy remains unchanged:
Conviction-based portfolio construction
Through uncorrelated investment themes
Based on top-down market analysis
Various Fixed Income expertise built for many years within La Française Asset Management:
2001: Convertible bonds
2004: Emerging market debt
2011: Peripheral debt
2002: Inflation-linked bonds
2008: Subordinated debt
2012: Global high yield bonds
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
2018 YTD
Government Debt -0.43%
Core Euro -0.59%
Peripheral -0.21%
Europe 0.18%
US 0.26%
Other developed countries -0.08%
INVESTMENT EXAMPLETOP-DOWN APPROACH COMBINING QUALITATIVE AND QUANTITATIVE FACTORS
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 19
Source: La Française. YTD Performance contribution through August 31, 2018.
RUP Spread - Portuguese vs
Spanish 10-year bonds
RUP - Spanish 10-year
bondsRUP - Portuguese
10-year bonds
Macroeconomic and monetary analysis through 4 indicators:
Growth
Inflation
Budgetary policy
Monetary policy
Analyzing every investable asset class from a fundamental, technical and valuation point of view
Qualitative views compared to our proprietary quantitative analysis model: Risk Unit Premium (R.U.P.)
In 2017, our positioning in
peripheral debt contributed
+1.18% to the portfolio’s
performance
R.U.P. model:
Case study in Portuguese and Spanish interest rates
INVESTMENT EXAMPLECOMBINING DIRECTIONAL AND RELATIVE VALUE STRATEGIES
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Source: La Française, Bloomberg. Data as at August 30, 2018.
Active management of the overall duration and the contribution of various Fixed Income asset classes
Improving risk/return ratio through the implementation of relative value strategies
Low structural correlation between various bond indices
Active duration management and allocation
RISK MONITORING
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RISK MONITORINGORGANIZATION
22THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
Source : La Française. June 2018
Cross-functional risk management
Consolidation of quantitative skills across La Française AM
Use of a unique and reliable database by the entire risk andmanagement teams
Better inclusion of regulatory changes
Consolidated department
allowing for continuous
risk monitoring
Contribution to ex ante risk indicators (volatility, beta,tracking error…) of each position (Monte Carlo simulations)
Correlation analysis within different market environments
Historical and parametric stress test scenarios, extreme riskmodelling (CVar)
Simulations in real time
A team of 15 professionals
Engineering – Risk - Reporting
Risk Management
4 professionals
Engineering
4 professionals
Performance Analysis & Reporting
4 professionals
Scientific research & modelling
3 professionals
INVESTMENT THEMES
& CURRENT POSITIONING
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MACROECONOMIC OUTLOOKGOOD DYNAMICS OVERALL WITH SOME HETEROGENEITY
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Growth is expected at 2.1%,
with a slight downward
revision possible
Decrease in growth
momentum, but advanced
indicators remain at
satisfactory levels
2018 inflation outlook
has been revised upward
to 1.7% (from 1.5%)
Growth is forecast at 2.9%,
consistent with
our expectations
Consumption remains solid,
due in part to the tax breaks.
Advanced indicators still in
good shape
2018 inflation outlook
has been revised upward
to 2.5% (from 2.1%)
Main Risks:
Trade wars
Italian budget
Brexit and the risk of a
“No Deal” scenario
Emerging markets
Source: La Française. Data as at
September 2018.
Less homogeneity in
global growth observed
Nevertheless, 2018 GDP
growth should be close
to 3.8% overall, thus the
same level as the
previous year
INVESTMENT THEMESCURRENT CONVICTIONS
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Positioning
Strong Buy
Buy
Neutral
Sell
Strong Sell
Strategy Sub asset class Positioning
Government
Debt
Core Euro ST rates
Core Euro LT rates
Portuguese bonds
United States ST rates
United States LT rates
United Kingdom
Australia
Japan
Inflation linked
Corporate
Debt
Europe IG
United States IG
Europe HY
United States HY
Financial Subordinated
Diversification
Convertible bonds
Emerging Markets
Currencies EUR/USD
USD/JPY
EUR/GBP
Source: La Française. Data as at
September 2018.
Observed volatility
High
Low
Uncertainty level
High
Low
Risk budget
Max
Min
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESCURRENT POSITIONING
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Source: La Française. Data as at
August 31, 2018
52W Vol.Ex ante
1.87%
Modified
Duration
0.95
Valuation Valuation (%) Net exposure (%)Contribution to
Modified Duration
Cash & Cash Equivalents €100,323,632 11.9% 11.9% 0.00
Corporate debt €171,219,044 20.2% 20.2% 0.81
CDS -€3,596,075 -0.4% -0.4% -0.01
CDS Indice iTraxx Europe S29 €3,631,065 0.4% 0.4% 0.01
CDS Indice iTraxx Xover S29 -€7,227,140 -0.9% -0.9% -0.02
SUB €146,455,685 17.3% 17.3% 0.70
EUR €137,196,305 16.2% 16.2% 0.64
USD €9,259,380 1.1% 1.1% 0.06
HY €8,577,070 1.0% 1.0% 0.04
EUR €8,577,070 1.0% 1.0% 0.04
IG €19,782,365 2.3% 2.3% 0.09
EUR €17,039,234 2.0% 2.0% 0.08
USD €2,743,131 0.3% 0.3% 0.01
Government debt €566,489,449 67.0% 13.9% 0.09
USA €148,586,787 17.6% -5.5% 0.02
Core Euro €128,008,299 15.1% -14.8% -0.89
Germany €128,883,253 15.2% -14.9% -0.89
France -€874,954 -0.1% 0.1% 0.00
Peripheral countries €289,894,364 34.3% 34.3% 0.95
Spain €125,940,641 14.9% 14.9% 0.35
Portugal €95,728,492 11.3% 11.3% 0.59
Italy €68,225,231 8.1% 8.1% 0.01
Diversification €7,850,008 0.9% -0.2% 0.04
Convertible bonds €2,548,388 0.3% 0.3% 0.00
Emerging €8,435,413 1.0% 1.0% 0.04
Forex -€3,133,794 -0.4% -1.5% 0.00
La Française LUX – Multistratégies Obligataires €845,882,133 100.0% 45.8% 0.95
27THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
Risk budget allocation by strategy
(Weighted volatility)
Source: La Française. Data as at September 7, 2018.
* Breakeven Inflation
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESCURRENT PORTFOLIO BREAKDOWN BY STRATEGY
Portfolio breakdown by strategy
US BEI*, 0.63
EUR BEI*, 0.53
Sub. Debt, 0.59
PIGS, 0.60
Japan BEI*, 0.21
CDS, 0.10
Emerging Markets, 0.10
Category Valuation
(% of NAV)
Relative
Value (% of
exposure)
Modified Duration (0.9)
Directional Relative Value
CORPORATE DEBT 20.2% 0.76
Subordinated debt 17.4% 0.65
LT2 4.4% 0.24
CoCos 9.4% 0.22
Sub. Insurance Debt 2.4% 0.14
Corporate Hybrids 1.2% 0.05
Investment grade 2.3% 0.08
High yield 1.0% 0.04
CDS iTraxx Xover S29 -8.9% -
CDS iTraxx Europe S29 25.1% -
GOVERNMENT DEBT 67.1% 0.04
DIRECTIONAL 24.0% 0.04
Eurozone 24.0% 0.05
Core Eurozone 0.0% -0.25
PIGS 24.0% 0.30
BREAKEVEN INFLATION 34.1% 3.76
Eurozone 16.5% 2.12
Core Eurozone 15.2% 2.00
PIGS 1.3% 0.12
USA 17.5% 1.64
RELATIVE VALUE 9.0% 0.54
Eurozone 9.0% 0.54
Core Eurozone - -
PIGS 9.0% 0.54
DIVERSIFICATION 1.3% 0.05
DIRECTIONAL 1.3% 0.05
Emerging 1.0% 0.04
Turkey 1.0% 0.04
Forex - -
Convertible bonds 0.3% 0.01
Money Market 7.7% 0.02
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY
CONCLUSION
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 28
LA FRANÇAISE LUX - MULTISTRATÉGIES OBLIGATAIRES KEY POINTS
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Source: La Française. Past returns are not a reliable indication of future results.
Access to all Fixed
Income and FX markets
as well as to experts of
La Française AM
Combination of
quantitative and
qualitative approaches
taking into account in-
house convictions and
RUP model
Robust investment
results since inception
La Française LUX – Multistratégies Obligataires
A robust
investment process
Diversification &
selection
Solid long-term
track record
Risk of capital loss
Investors are informed that their capital is not guaranteed and that it may not be returned
The following risks could lead to a decrease in the fund’s NAV per share
Discretionary management risk
Interest rate risk
Credit risk
Risk associated with investments in speculative high yield securities
Risk of a fall in the rate of inflation
Counterparty risk
Equity risk associated with investments in convertible bonds
Foreign exchange risk
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESRELATED RISKS1
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 30
1 For further information regarding the risks related to this investment, please refer to the mutual fund prospectus or to the SICAV prospectus.
APPENDICES
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 31
LA FRANÇAISE LUX - MULTISTRATÉGIES OBLIGATAIRESSIGNIFICANT INTERNAL RESOURCES FOR DECISION SUPPORT
Source: La Française.
The description reflects, for illustrative
purposes, the expertise of the
management team as currently
organized. The Management Company
reserves the right to change its
approach, for example in the event of
changes in the market and / or the
investment universe, without prior
notice and within the limits of the
prospectus. Investors should base their
investment decisions only on the
information contained in the
prospectus. By "internal data“, the
Management Company means
elements such as: economic analysis,
management commentary. This list is
not exhaustive.
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 32
Lead portfolio manager classifies asset
classes according to their expected
return and their volatility level
Each specialist chooses bonds in their
asset class and builds their portfolio
Provide the lead portfolio manager with
their views on each asset class
Fund managers-analysts’
convictions
Main asset class scoring by
the lead portfolio manager
Risk budget allocation
Bond selection by fund
managers-analysts
Lead portfolio manager provides the risk
budget to the specialized teams to
manage their allocations
DECISION MAKING TOOLRISK UNIT PREMIUM (RUP) VALUATION MODEL
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 33
Objective
Empirical
Valuation
Economic
AnalysisMethodology
Assessing asset attractiveness
Model combining:
FormulaRisk UnitPremium
Instrument Yield – 3-year Risk Free Rate
180-day Historical Volatility with Decay Factor
Assumptions
Monetary cycles last less than 3 years
Stable and strong correlation between long and short 3-year forward yields
Yield curves relatively flat nearing end of hawkish cycles
Beyond 3 years, term premia show the anticipated volatility level of interest rates and Central Banks’ ability to meet their objectives
Excess Yield
Volatility=
Quantitative approach : yield surplus per unit of risk
Decision support tool :
To manage our risk budget
To identify the most attractive bond on yield curves
To improve market timing to enter and exit trades
Characteristics
Source: La Française.
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESINVESTMENT GUIDELINES
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 34
* Depending on the UCITS investment strategy, these data might differ from those mentioned in the prospectus. It shall be reminded that such internal data are not binding, the Management Company
remains at liberty to modify them without prior notice within prospectus guidelines, which alone shall prevail. As a consequence, investors are reminded that all data shown in this document and not
mentioned in the prospectus are meant for information purposes only. Investors must form their investment decision based only on the information mentioned in the prospectus. In the event of an
infringement or change of internal data, the Management Company will not proceed to any specific disclosure as long as these modifications have no impact on the prospectus. By “internal data”, the
Management Company means a set of elements including but not limited to: fund management internal guidelines, economic analysis, market and/or fund management commentaries.
1 Equity exposure achieved through convertible bonds and derivatives.
Ex-ante volatilitymaximum contribution by sovereign issuer
AAA/AA 2.5%
< AA 1.25%
Emerging market debt 0.5%
Corporate issuersmaximum exposure by issuer as % of asset value
Investment Grade 5%
BB 2.5%
B 1%
Diversificationmaximum exposure as % of asset value
Emerging market debt 25%
ForEx 10%
Equities1 5%
Ex-ante volatility*maximum contribution by category
Government debt 5%
Corporate debt 2.5%
Diversification 1.25%Fixed Income
diversification aimed at
limiting single-strategy
risk-taking
Maud Minuit
Head of Absolute Return / Government debt
Experience: 19 years
Since 2017: La Française Asset Management: Head of Government Debt
From 1999 to 2017: Groupama AM
Head of Government Debt and FX
Head of Government Debt, Directional and Aggregate
Fixed Income portfolio manager
Education
DESS Financial Strategy and Mutual Savings, University of Poitiers (1994)
APPENDICESPORTFOLIO MANAGER
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 35
Source: La Française. July 2018. Up-to-date information is available on La Française’s website (www.la-francaise.com).
François Rimeu
Portfolio Manager & Strategist
Experience: 16 years
Since 2010: La Française Asset Management: Head of FoHF, then Head of Multi-Asset
From 2002 to 2010: Alteram– FoHF Analyst, then FoHF Portfolio Manager
Education
CAIA holder
Post Graduate in Portfolio Management & Financial Analysis – ESA
Master Degree in Economics, Majored in Finance - Ottawa & Rennes Universities
APPENDICESPORTFOLIO MANAGER
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 36
Source: La Française. July 2018. Up-to-date information is available on La Française’s website (www.la-francaise.com).
Fabien de la Gastine
Portfolio Manager / Analyst
Experience: 20 years
Since 2000: La Française Asset Management – Fixed Income Analyst/Portfolio Manager
From 1998 to 2000: Tessenderlo Group (Brussel) – Group Treasurer Assistant
Education
Graduated from the French Society of Financial Analysts, SFAF (2004)
Master of Finance and Financial Management, Paris Dauphine University (1998)
Master's degree in MASS (Applied mathematics and social sciences), Paris Dauphine University (1997)
APPENDICESBACK UP PORTFOLIO MANAGER
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 37
Source: La Française. July 2018. Up-to-date information is available on La Française’s website (www.la-francaise.com).
APPENDICESINVESTMENT TEAM
Source: La Française. September 2018. Current investment team, susceptible to change over time. Up-to-date information is available on La Française’s website
(www.la-francaise.com).
Note: Head of team in bold.
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 38
Jean-Luc HivertChief Investment Officer
MULTI-ASSET /
ABSOLUTE RETURN / GOV’T DEBT
Maud MINUIT
MULTI-ASSET
François RIMEU
Hervé CHATOT
Jean-François
JOLIVALT
Gilles SEURAT
ABSOLUTE
RETURN
Maud MINUIT
François RIMEU
Gilles SEURAT
Fabien
DE LA GASTINE
Yohanne LEVY
GOV’T DEBT
Maud MINUIT
Audrey BISMUTH
Fabien
DE LA GASTINE
Yohanne LEVY
Philippe OUVRE
EMERGING MARKET DEBT
Georges FARRE
EMERGING
MARKET DEBT
Gaël BINOT
Marine MARCIANO
CORPORATE DEBT
Paul GURZAL
INVESTMENT
GRADE
Jérémie
BOUDINET
Anrieta
CHUPRENSKA
HIGH YIELD /
CONVERTIBLES
Akram GHARBI
Thibault CHRAPATY
Gabriel CRABOS
Jaafar IBARAGHEN
Raphaël VALLADON
La Française LUX –
Multistratégies Obligataires
BOND PICKING EXAMPLELONG HUNGARIAN SOVEREIGN DEBT
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 39
Source: La Française. Past
performance is not a reliable
indication of future results.
Entry point / Exit point
Combination of
quantitative and
qualitative approaches
for security selection
To weaken the HUF, in non-conventional easing mode, the Central Bank
has considerably flattened the curve since end of 2011.
From January to March 2017: establishment of the position on 2027 bond
issue.
Growing gap between scoring of 2025 and 2027-maturity bonds leading to
a more attractive scoring for 2025: exited 2027 in favor of 2025 in April.
Steepening of the curve thereafter on this segment.
Fundamental view of the EM debt team: elections in 2018 and central bankgovernor is pro Viktor Orban; we consider that inflation risk isunderestimated with an extremely stretched labor marketRisk Unit Premium model: scoring of 2025 bond went from 60 to less than40Profit taken on the position: performance of 10.16% on the trade
Context
Quantitative
Qualitative
Management objective: deliver a net of fees return higher than…
… 3-month Euribor +3.5% for EUR-denominated share classes
… 3-month GBP-Libor +3.5% for GBP-denominated share classes
… 3-month CHF-Libor +3.5% for CHF-denominated share classes
Ex-ante Volatility*:
5% (excluding outstanding market conditions, this volatility level is not guaranteed though)
Synthetic Risk Return Indicator:
Recommended investment horizon:
3 years
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESKEY FACTS
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 40
* Depending on the UCITS investment strategy, these data might differ from those mentioned in the prospectus. It shall be reminded that such internal data are not
binding, the Management Company remains at liberty to modify them without prior notice within prospectus guidelines, which alone shall prevail. As a consequence,
investors are reminded that all data shown in this document and not mentioned in the prospectus are meant for information purposes only. Investors must form their
investment decision based only on the information mentioned in the prospectus. In the event of an infringement or change of internal data, the Management
Company will not proceed to any specific disclosure as long as these modifications have no impact on the prospectus. By “internal data”, the Management Company
means a set of elements including but not limited to: fund management internal guidelines, economic analysis, market and/or fund management commentaries.
HIGHER RISK
TYPICALLY HIGHER REWARDS
LOWER RISK
TYPICALLY LOWER REWARDS
ISIN code ................................................................................ ............Legal form ......................................................................... ..... ..........CSSF authorization ............................................................. .... .........Sub-fund inception ............................................................... .... .....Share class inception ............................................................... ................Allocation of amounts available for distribution ............. ....................Classification ..................................................................... ........................Management company ..................................................... ........................Investment manager ........................................................... ......................Marketers .......................................................................... ........................Account Manager ..........................................................................Valuation frequency and currency ............................................Custodian ....................................................................................Cut-off ..........................................................................................NAV / share applied to subscription / redemption orders . .................Settlement ........................................................................ .......................Unit division ........................................................................ ....................Minimum value of initial subscription ............................. ..........................Entry fees ............................................................................ .....................Exit fees ........................................................................ .... ........................................Ongoing charges ........................................................ ............................Management fees ..........................................................................Operating costs ........................................................... ...............................Performance fees .......................................................... .............................
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESMAIN FEATURES - LUXEMBOURG SICAV SUB-FUND
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 41
LU0970532437 – I (C) EUR Share ClassUCITS in relation to Directive 2009/65/CESeptember 10th 2013December 11th 2013December 17th 2013CapitalizationGlobal bondsLa Française AM InternationalLa Française Asset ManagementLa Française AM Finance Services, La Française AM InternationalBNP Paribas Fund Services, Luxembourg branchDaily | EURBNP Paribas Securities Services, Luxembourg branch11:00 a.m., every business dayD+1D+2
Thousandth€ 100,0003% maximumNone0.75%*0.48% maximum0.25%0.00%*
* Stated above are expenses incurred for the year ended December 31, 2017 and may vary from year to year. Ongoing charges include management fees and operating costs (audit, custody,
distribution…) as well as indirect fees related to investments made in other UCITS or investment vehicles. The performance fees shall amount to a maximum of 25% of the excess return of the fund vs.
350 basis points over 3-month Euribor. La Française AM Finance Services receives a commission for the distribution of this product in conformance with a distribution agreement signed between La
Française AM Finance Services and La Française AM International.
ISIN code ................................................................................ ............Legal form ......................................................................... ..... ..........CSSF authorization ............................................................. .... .........Sub-fund inception ............................................................... .... .....Share class inception ............................................................... ................Allocation of amounts available for distribution ............. ....................Classification ..................................................................... ........................Management company ..................................................... ........................Investment manager ........................................................... ......................Marketers .......................................................................... ........................Account Manager ..........................................................................Valuation frequency and currency ............................................Custodian ....................................................................................Cut-off ..........................................................................................NAV / share applied to subscription / redemption orders . .................Settlement ........................................................................ .......................Unit division ........................................................................ ....................Minimum value of initial subscription ............................. ..........................Entry fees ............................................................................ .....................Exit fees ........................................................................ .... ........................................Ongoing charges ........................................................ ............................Management fees ..........................................................................Operating costs ........................................................... ...............................Performance fees .......................................................... .............................
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESMAIN FEATURES - LUXEMBOURG SICAV SUB-FUND
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 42
LU1439994754 – I (D) EUR Share ClassUCITS in relation to Directive 2009/65/CESeptember 10th 2013December 11th 2013July 13th 2016DistributionGlobal bondsLa Française AM InternationalLa Française Asset ManagementLa Française AM Finance Services, La Française AM InternationalBNP Paribas Fund Services, Luxembourg branchDaily | EURBNP Paribas Securities Services, Luxembourg branch11:00 a.m., every business dayD+1D+2
Thousandth€25,000,0003% maximumNone0.40%*0.48% maximum0.25%0.00%*
* Stated above are expenses incurred for the year ended December 31, 2017 and may vary from year to year. Ongoing charges include management fees and operating costs (audit, custody,
distribution…) as well as indirect fees related to investments made in other UCITS or investment vehicles. The performance fees shall amount to a maximum of 25% of the excess return of the fund vs.
350 basis points over 3-month Euribor. La Française AM Finance Services receives a commission for the distribution of this product in conformance with a distribution agreement signed between La
Française AM Finance Services and La Française AM International.
ISIN code ...................................................................................Legal form ...................................................................................CSSF authorization ......................................................................Sub-fund inception ....................................................................Share class inception .................................................................Allocation of amounts available for distribution ...................Classification ...............................................................................Management company ...............................................................Investment manager ...................................................................Marketers ....................................................................................Account Manager ..........................................................................Valuation frequency and currency ............................................Custodian ....................................................................................Cut-off ..........................................................................................NAV / share applied to subscription / redemption orders ....Settlement .................................................................................Unit division ..............................................................................Minimum value of initial subscription .........................................Entry fees ...................................................................................Exit fees ........................................................................................Ongoing charges ......................................................................Management fees ..........................................................................Operating costs ............................................................................Performance fees .........................................................................
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESMAIN FEATURES - LUXEMBOURG SICAV SUB-FUND
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 43
LU1744646420 – T (C) EURUCITS in relation to Directive 2009/65/CESeptember 10th 2013December 11th 2013December 29th 2017CapitalizationGlobal bondsLa Française AM InternationalLa Française Asset ManagementLa Française AM Finance Services, La Française AM InternationalBNP Paribas Fund Services, Luxembourg branchDaily | EURBNP Paribas Securities Services, Luxembourg branch11:00 a.m., every business dayD+1D+2ThousandthNoneNoneNone0.78%*0.48% max0.25%**0% (the first year)
*Stated above are expenses incurred for the year ended December 31, 2017 and may vary from year to year. Ongoing charges include management fees and operating costs (audit, custody,
distribution…) as well as indirect fees related to investments made in other UCITS or investment vehicles. The performance fees shall amount to a maximum of 25% of the excess return of the fund vs.
350 basis points over 3-month Euribor. La Française AM Finance Services receives a commission for the distribution of this product in conformance with a distribution agreement signed between La
Française AM Finance Services and La Française AM International. ** The sub-fund for this share class has a minimum operation fee of EUR 50,000. This fee will only apply if the fee calculated under the
percentage shown is less than the minimum amount.
ISIN code ...................................................................................Legal form ...................................................................................CSSF authorization ......................................................................Sub-fund inception ....................................................................Share class inception .................................................................Allocation of amounts available for distribution ...................Classification ...............................................................................Management company ...............................................................Investment manager ...................................................................Marketers ....................................................................................Account Manager ..........................................................................Valuation frequency and currency ............................................Custodian ....................................................................................Cut-off ..........................................................................................NAV / share applied to subscription / redemption orders ....Settlement .................................................................................Unit division ..............................................................................Minimum value of initial subscription .........................................Entry fees ...................................................................................Exit fees ........................................................................................Ongoing charges ......................................................................Management fees ..........................................................................Operating costs ............................................................................Performance fees .........................................................................
LA FRANÇAISE LUX – MULTISTRATÉGIES OBLIGATAIRESMAIN FEATURES - LUXEMBOURG SICAV SUB-FUND
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 44
LU1744646347 – T (D) EURUCITS in relation to Directive 2009/65/CESeptember 10th 2013December 11th 2013December 29th 2017DistributionGlobal bondsLa Française AM InternationalLa Française Asset ManagementLa Française AM Finance Services, La Française AM InternationalBNP Paribas Fund Services, Luxembourg branchDaily | EURBNP Paribas Securities Services, Luxembourg branch11:00 a.m., every business dayD+1D+2ThousandthNoneNoneNone0.78%*0.48% max0.25%**0% (the first year)
*Stated above are expenses incurred for the year ended December 31, 2017 and may vary from year to year. Ongoing charges include management fees and operating costs (audit, custody,
distribution…) as well as indirect fees related to investments made in other UCITS or investment vehicles. The performance fees shall amount to a maximum of 25% of the excess return of the fund vs.
350 basis points over 3-month Euribor. La Française AM Finance Services receives a commission for the distribution of this product in conformance with a distribution agreement signed between La
Française AM Finance Services and La Française AM International. ** The sub-fund for this share class has a minimum operation fee of EUR 50,000. This fee will only apply if the fee calculated under the
percentage shown is less than the minimum amount.
APPENDICESRISK MANAGEMENT UNDERPINNED BY SPECIALIZED PM SUPPORT
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 45
Project organization aimed at supporting portfolio
management
Upstream Downstream
Investment universe definition
Guidelines & return targets
Simulations & stress tests
Quantitative inputs
Cohesiveness of investment proposals
Fu
nd
lau
nch Asset allocation
tools
Risk monitoring tools
Risk budget steering tools
A team of 13 professionals
Engineering – Risk - Reporting
Risk Management
5 professionals
Engineering
4 professionals
Performance Analysis & Reporting
4 professionals
Source: La Française. September 2018.
Control teams directly report to Executive Management
Compliance & Internal Control: 14 professionals, including 5 dedicated to securities
Operational Risks: 3 professionals
Financial Risk Management: 6 professionals
A control framework tailored to fit the specific needs of our clients, businesses and products
APPENDICESRISK MONITORING
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 46
3rd levelPeriodic
inspection
2nd levelOngoing
inspection
1st levelOngoing
inspection
Crédit Mutuel Nord Europe Group Central Auditing
Risk Management
Executive Management
CIOs
Risk Management
Compliance
Internal Control
Operational Risks
Risk Management
Internal Control
Executive Management
CIOs
Market risks Client guidelines Regulatory requirements
Investment Team Heads
Portfolio Managers
Investment Team Heads
Portfolio Managers
Middle Office Head
Middle Officers
Source: La Française. September 2018.
DISCLAIMER
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 47
The information and material provided herein do not in any case represent advice, offer, solicitation orrecommendation to invest in specific investments. All information and data included in this document is consideredas accurate at the date of its preparation considering the economic, financial and stock-exchange related contextat that date and reflect the perspectives of Group La Française on the markets and their evolution. It is subject tochange and does not represent or create contractual obligations. It should be noted that past performance doesnot necessarily determine future performance which may vary over time. With regard to financial, economic andstock-exchange related risks, no guarantee can be issued that the present products will attain their statedobjectives.
These products may be subject to restrictions with regard to certain persons or in certain countries under nationalregulations applicable to such persons or countries. NOTABLY, THIS PRESENTATION IS EXCLUSIVELYINTENDED FOR PERSONS WHO ARE NOT U.S. PERSONS, AS SUCH TERM IS DEFINED IN REGULATIONSOF THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT) AND WHO ARE NOTPHYSICALLY PRESENT IN THE UNITED STATES.
Investment products referenced in this presentation are not directed at and suitable for all types of investors.Potential subscribers are requested to carefully and independently assess the legal and commercialdocumentation provided and notably the risks entailed and to seek appropriate professional advice wherenecessary (including regulatory and fiscal aspects) in order to determine the investment product’s potential toreach predefined investment objectives.
Depending on the strategy of the investment vehicle, data considered as « internal » might differ from thatmentioned in the prospectus. It shall be reminded that such internal data are not binding, the ManagementCompany remains fat liberty to modify them without prior notice within prospectus guidelines, which alone areadmissible. As a consequence, investors are reminded that all data shown in this document and not mentioned inthe prospectus are meant for information purposes only. Investors must form their investment decision based onlyon the information mentioned in the prospectus. In the event of an infringement or change of internal data, theManagement Company will not proceed to any specific disclosure as long as these modifications have no impacton the prospectus. By “internal data”, the Management Company means a set of elements including but not limitedto: fund management internal guidelines, economic analysis, market and/or fund management commentaries.
Morningstar and/or Lipper ratings are subjected to copyright. All rights reserved. The present information: (1)belongs to Morningstar and/or Lipper and/or to their information providers, (2) can be neither copied norredistributed, (3) is provided without guarantee of accuracy, completeness or timeliness. Neither Morningstar norLipper, nor their information providers can be held responsible for damages or losses caused by the use of thisinformation.
The legal and commercial documentation is available on the Group La Française website (www.la-francaise.com)and / or upon simple request to your usual financial interlocutor.
In accordance with Directive (n°2014/65/UE) on markets in financial instruments (MIF II), the client is entitled toreceive, upon request, more detailed information regarding the compensation relative to the sale and marketing ofthe present product from the client’s financial advisor.
This document and all information contained within are strictly confidential. The material provided herein is forinformational purposes only and is directed only at the person it has been delivered to by La Française AMInternational (international distribution platform of Group La Française). All distribution / disclosure of any of thecontents of this presentation to third parties in any form is strictly prohibited unless prior written agreement is givenby Group La Française. In addition, all names, trademarks, logos and slogans identifying Group La Françaiseproducts or services are exclusive property of Group La Française and are restricted from use of any kind unlessprior written agreement is provided by Group La Française.
This presentation has been prepared by La Française AM Finance Services, regulated by the “Autorité de ContrôlePrudentiel et de Résolution” as an investment services provider under the number 18673, registered with Registryof Insurance Intermediaries “ORIAS” under N 1300708 since November 4th 2016, approval (i.e. the Carteprofessionnelle) granted by the Paris Ile-de-France “Chambre du Commerce & de l’Industrie” under CPI N 75012016 000 010432 – Transactions on Buildings and Business Assets – affiliate of Group La Française, an assetmanagement group which is comprised of the following asset management companies: CD Partenaires,intermediary in banking and payment services, life insurance broker and tied agent of La Française AM FinanceServices, registered with Registry of Insurance Intermediaries “ORIAS” under N 07022729 since March 14th 2014,approval (i.e. the Carte professionnelle) granted by the Paris Ile-de-France “Chambre du Commerce & del’Industrie” under CPI N 7501 2016 000 013 991 – Transactions on Buildings and Business Assets; La FrançaiseAM International approved by the CSSF on December 20th 2002; La Française Investment Solutions, approved bythe “Autorité des Marchés Financiers” under N GP-13000004 on February 12th 2013; La Française AssetManagement, approved by the “Autorité des Marchés Financiers” under N GP97076 on July 1st 1997 ; LaFrançaise Inflection Point, approved by the “Autorité des Marchés Financiers” under N GP9755 on June 30th1997; La Française Global Real Estate Investment Managers, registered in England and Wales under N 8580051with “Companies House Cardiff” agency; La Française Real Estate Managers, approved by the “Autorité desMarchés Financiers” under N GP07000038 on June 26th 2007, approval (i.e. the Carte professionnelle) granted bythe Paris Ile-de-France “Chambre du Commerce & de l’Industrie” under CPI N 7501 2016000 006 443 –Transactions on Buildings and Business Assets and Real Estate Management; New Alpha Asset Management,approved by the “Autorité des Marchés Financiers” under N GP-05000001 on January 20th 2005; ACOFI Gestion,approved by the “Autorité des Marchés Financiers” under N GP97118 on November 28th 1997; Siparex ProximitéInnovation, approved by the “Autorité des Marchés Financiers” under N GP-04000032 on April 27th 2004. LaGestion Privée du Groupe La Française is an entity composed of two teams : management team dedicated fromLa Française Asset Management and commercial team dedicated from La Française Finance Services.
For Swiss investors: The State of the origin of the Fund is Luxembourg. In Switzerland, the Representative isACOLIN Fund Services AG, Affolternstrasse 56, CH–8050 Zurich, whilst the Paying agent is NPB Neue PrivatBank AG, Limmatquai 1/am Bellevue, P.O. Box, CH-8024 Zurich. The basic documents of the Fund such as theprospectus, the key investor information document (KIID), the fund regulation as well as the semi-annual andannual reports may be obtained free of charge at the office of the Swiss Representative. The current document isintended for informational purposes only and shall not to be used as an offer to buy and/or sell shares.
This presentation is not subject to AMF approval and was not submitted for approval to the AMF. This presentationis not subjected to the approval of the local Regulator.
Internet information for the regulatory authorities Autorité de Contrôle Prudentiel et de Résolutionwww.acp.banque-france.fr, Autorité des Marchés Financiers www.amf-france.org, Registre des Intermédiaires enAssurance ORIAS www.orias.fr, Commission de Surveillance du Secteur Financier www.cssf.lu.
GROUPE LA FRANÇAISERCS Paris 480 871 490
128 boulevard Raspail
75006 Paris – France
Tél. +33 (0)1 73 00 73 00
Fax +33 (0)1 73 00 73 01
www.la-francaise.com
LA FRANÇAISE GROUP
THIS PRESENTATION IS AN INFORMATIVE DOCUMENT AND IS INTENDED FOR PROFESSIONAL AND QUALIFIED INVESTORS ONLY 48
For forty years, La Française has
been developing core
competencies in third party
asset management.
La Française has a multi-expertise
business model organized around four
core activities: securities, real estate,
investment solutions and direct
financing. The group caters to
institutional and private clients throughout
the world.
With 596 professionals and
offices in Paris, Frankfurt,
Geneva, Stamford (CT, USA),
Hong Kong, London,
Luxembourg, Madrid, Milan,
Seoul and Singapore, La
Française manages over €70bn
in assets (as at 30/06/2018).
La Française is owned by Credit Mutuel
Nord Europe (“CMNE”), a banking and
insurance group present in Northern
France and Belgium with total regulatory
capital of €3.3bn as at 31/12/2017.
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