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Candriam Sustainable Equity Emerging Markets

Marketing Communication. Please refer to the prospectus of the fund and to the key investor information document before making any investment decision. The documents can be obtained free of charge.

Team member image
Lamine Saidi
Senior Fund Manager
17 Years of experience
Team member image
Paulo Salazar
Head of Emerging Markets Equities
15 Years of experience
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Galina Besedina
Senior Analyst/Fund Manager
13 Years of experience
  • ISIN
NAV - 17 JAN 2023
EUR 119,63
AUM - 17 JAN 2023
EUR 3.070.409.120,44
SFDR Category 
Article 9
31 DEC 2022
EAA Fund Global Emerging Markets Equity
Morningstar Rating
Morningstar sustainability 
30 NOV 2022
Morningstar Sustainability Rating

Important information

© 2022 Morningstar. All Rights Reserved. The information contained here: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about the Morningstar Rating, including its methodology, please go to:

© 2022 Sustainalytics. All Rights Reserved. The information, data, analyses and opinions contained here: (1) includes the proprietary information of Sustainalytics; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice nor an endorsement of any product or project; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Sustainalytics is not responsible for any trading decisions, damages or other losses related to it or its use. The use of the data is subject to conditions available at .

About this fund

Candriam Sustainable Equity Emerging Markets (hereafter "the fund"), a sub-fund of the Candriam Sustainable Sicav, aims to enable shareholders to benefit from the growth potential of the emerging equity markets with an investment in equities selected by the portfolio management team on a discretionary basis and to outperform the benchmark. The fund’s sustainable investment objective is to contribute to reducing greenhouse gas emissions through specific targets as well as the integration of climate related indicators in equity securities analysis and aims to have long-term positive impact on environment and social domains. More specifically the fund aims to achieve overall greenhouse gas emissions at least 30% lower than those of the benchmark. The investment horizon is 6 years. The fund is actively managed, and the investment process implies referring to a benchmark index. The Fund is intended for investors who are prepared to accept the risks of participating in emerging equity markets, together with the level of volatility generally associated therewith. For further information on the risks or the benchmark and its use, please consult the fund’s key information document (KID).

Principal assets traded:
Shares of companies with their registered office and/or their principal activities in the emerging countries.

Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and to ouperform the benchmark.
The management team makes discretionary investment choices on the basis of an economic/financial analysis process as well as on a Candriam’s proprietary analysis of Environmental, Social and Governance (ESG) considerations, both indicative of risks and long-term opportunities.
The fund’s sustainable investment objective is to contribute to reducing greenhouse gas emissions through specific targets as well as the integration of climate related indicators in issuer and securities analysis. The fund also aims to have long-term positive impact on environment and social objectives. More specifically the fund aims to achieve overall greenhouse gas emissions at least 30% lower than those of the benchmark.
To achieve these objectives the fund implements a combination of positive selection of the best issuers based on ESG criteria, exclusion of issuers detrimental to these objectives or deemed to prone to controversies.
Issuers are subject to a two-pronged analysis considering how issuers activities contribute to achieving sustainable objectives on the one hand, and how issuers’ operations and policies align with the interests of their key stakeholders on the other hand.
The result of this analysis forms the basis to define the investable universe and guide fund managers in their portfolio construction.
This analysis is enriched by the results of dialogs led with issuers.
This investment approach will cause the fund to avoid certain issuers due to their poor ESG quality or contribution to attaining sustainability objectives. Whilst the manager believes that such issuers are likely to lose out to more sustainable ones over the long term, market volatility and short term market trends could result in such issuers outperforming more sustainable ones over shorter periods.
For further information, please refer to Candriam’s website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).

Benchmark: MSCI Emerging Markets (Net Return).
The fund is actively managed and the investment approach implies a reference to a benchmark.
Benchmark definition: The index measures the performance of the large and mid-capitalization equity segment across emerging markets countries.
Use of the benchmark:
- as investment universe. In general, the majority of the fund’s financial instruments are part of the benchmark. This said, investments outside this benchmark are admitted,
- in the determination of risk levels/parameters,
- for performance comparison.
Deviation level of the portfolio composition from the benchmark:
The fund being managed actively, its objective is not to invest in all constituents of the benchmark, nor to invest to the same extent in the constituents of the benchmark. Under normal market conditions, the tracking error of the fund will be moderate to important this is comprised between 2% and 6%.
This measure is an estimation of the deviation of the fund’s performance compared to the performance of the benchmark. The more the tracking error is important, the more deviations compared to the benchmark are important. The effective tracking error depends notably on the market conditions (volatility and correlations between financial instruments) and can deviate from the expected tracking error.

NAV & Performances

Historical values graph



Candriam Sustainable Equity Emerging Markets C - Cap - EUR

This graph represents the synthetic net asset value of the fund. It is provided for information and illustrative purposes only. The synthetic net asset value is obtained by a recalculation of the values of the fund’s assets by leveling out the effect of securities transactions (split, coupon, dividend distribution...) in order to reflect the real performance of the fund share or unit. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses.


Past performance is not a reliable indicator of future performances. Markets could develop very differently in the future.
It can help you assess how the fund has been managed in the past.

Actuarial Yield

  1 year 3 years 5 years 10 years
Share class -27.12 % -1.59 % -0.62 % 4.00 %
Benchmark -14.52 % -1.04 % 0.96 % 3.60 %
Difference -12.60 % -0.55 % -1.58 % 0.40 %

Annual return over the last years (%)

This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
The index composition may change over time. The performance reported may therefore differ from the performance of the relevant index before its change. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change. If no performance is given for a year following the year of creation, this will be because there is not enough data to provide investors with a reliable indication of this performance. "

The performances of the years prior to the material change have been blurred on the graph.

The performance reported before 2017 is that of Candriam Equities L Sustainable Emerging Markets C C - LU0344046742, absorbed on 24/03/2017.

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Share class -3,69 % 13,51 % 1,41 % 5,19 % 30,98 % -18,26 % 24,43 % 24,44 % 5,08 % -27,12 %
Benchmark -6,81 % 11,38 % -5,23 % 14,51 % 20,59 % -10,26 % 20,60 % 7,78 % 5,18 % -14,52 %
Difference 3,12 % 2,13 % 6,63 % -9,32 % 10,40 % -8,00 % 3,83 % 16,67 % -0,10 % -12,60 %

Excluding fees/taxes: taxes are not part of the performance calculation

Additional information

The returns listed above are provided on the basis of the Net Asset Value (NAV), net of commissions and reinvested income. All management fees and commissions are included in the calculation of past performance except for any entry and exit charges. Taxes are not included in the calculation of returns. The value or price converted into euros may be reduced or increased depending on fluctuations in the exchange rate. The fund is not a guaranteed investment. The NAVs are net of fees and are provided by the accounting department and the benchmark by the official providers.

Market developments (currency conversion, coupon, split, …) have an influence on the chart. This graph is provided for information purposes only and does not precisely illustrate the evolution of the fund's net assets. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses


Fund Characteristics

Fund name
Candriam Sustainable Equity Emerging Markets
MSCI Emerging Markets NR
Candriam Sustainable
Legal Form
Sub-fund of a SICAV under Luxembourg law
Fund type
SFDR Category
Article 9
Creation Date
Term of the fund
The fund has no limited term
Domicile Country
Management Company, having its registered office in Luxembourg
Depository Bank
CACEIS Bank, Luxembourg Branch
Transfer Agent
CACEIS Bank, Luxembourg Branch
Recommended investment horizon
6 years
Swing Pricing System
Swing Pricing Description
Swing Pricing is a mechanism by which the net asset value is adjusted upwards (or downwards) if the change in liabilities is positive (or negative) in such a way as to reduce for existing investors the portfolio restructuring costs linked to subscription/ redemption movements in the fund. On valuation days where the difference between the amount of subscriptions and the amount of redemptions of a sub-fund (i.e. net transactions) exceeds a threshold set beforehand by the Board of Directors, the latter shall be entitled to:
- value the net asset value by adding to the assets (in the case of net subscriptions) or deducting from assets (at net redemptions) a fixed percentage of the fees corresponding to market practices and reflecting the fees and/or conditions of liquidity when buying or selling securities; - value the securities portfolio on the basis of bid or ask prices;
- assess the net asset value by setting a level of spreads representative of the relevant market;
- The dilution mechanism must not exceed 2% of the net asset value, except in exceptional circumstances, as in the event of a sharp decrease in liquidity, which would then be detailed for the sub-fund concerned in the annual (semi-) annual report of the SICAV.

Tax, Charges & Fees

Management fees (max)
1.60 %
3.50 %
0.00 %
Ongoing charges Date
Ongoing charges
1.94 %


C - Cap
MSCI Emerging Markets NR
Bloomberg Ticker
Morningstar Ticker
First NAV Date


NAV Date
NAV Calculation Day
Frequency valuation
Subscription Cut off
D 12:00
Redemption Cut off
D 12:00

The corresponding time zone is the one associated with the fund's domicile.


Lower riskHigher risk
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Potentially lower return Potentially higher return
SRI Date
SRI Value
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.
The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.
It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
Main Risks

Currency risk: Funds may hold exposure to a currency different from its valuation currency. Changes in the exchange rate of this currency may negatively affect the value of assets in the portfolio.

Emerging market risk: These markets are characterized by higher volatility issues and a lower liquidity because of legal, political and structural matters. Market movements can be stronger and faster on emerging markets than on “developed markets”, which can lead to a substantial decline in the net asset value in the event of the adverse movements relative to the positions taken.

Equity Risk: Some funds may be exposed to equity market risk through direct investment (through transferable securities and/or derivative products), meaning submitted to the positive or negative evolution of stock exchanges. These evolutions can be huge and be mainly driven by expectations relative to macro-economy and company results, speculation and irrational factors (including trends, opinions or rumours).

ESG Investment Risk: ESG investment risk refers to the risks arising from the inclusion of ESG factors in the management process, such as the exclusion of activities or issuers and the inclusion of sustainability risks in the selection and/or allocation of issuers in the portfolio.

Liquidity risk: lt occurs when a portfolio position cannot be sold, liquidated or closed at a limited cost and within a sufficiently short time, which jeopardizing the fund's ability to comply at any time with its obligations to redeem the shares of investors at their request.

Risk of loss of capital: Investors are advised that any capital they invest is not guaranteed and that they may therefore not receive back the full amount invested. They may thus suffer a loss.

Risk on A-Shares (China): The Chinese equity market holds structural risks that are considered in our regulation. Its specific market access system and its trading program may affect market liquidity and custody process. Taxing and monetary policies hold also uncertainties and do not meet necessary requirements to contain all related risks.

Other Risks
Counterparty Risk Derivative risk Sustainability Risk

Risk and reward indicators 30/12/2022

19.06 %
18.37 %
Tracking error
6.93 %
Sharpe Ratio
Information ratio
Price Earning Ratio
19.59 %
12.56 %
15.26 %
13.84 %
Price to Book Value
2.70 %
12.56 %
Dividend Yield
1.65 %
3.19 %
Total Net Exposure
97.50 %
100.00 %
Active share
75.83 %
Number of Issues


SFDR Category: Article 9


This fund has a sustainable investment objective. It invests in economic activities contributing to an environmental and/or social objective. To achieve this objective, the management team makes discretionary investment choices based on an economic/financial analysis process and an internal analysis of environmental, social and governance (ESG) criteria.

a. ESG selection criteria:

The internal analysis of ESG criteria consists in selecting issuers:
• the best positioned to meet the challenges of sustainable development;
• that comply with the principles of the United Nations Global Compact (i.e. human rights, labour law, the environment, anti-corruption), and which are therefore less exposed to the risks associated with these themes; and
• that are not engaged in controversial activities such as armament (securities of a company whose activity consists of manufacturing, the use or possession of anti-personnel mines, cluster bombs and/or depleted uranium weapons), tobacco, thermal coal;

b. Selection methodology:

The companies selected by the management company are subject to a dual analysis:
• Analysis of their activity to assess their alignment with the major challenges of sustainable development. For example, regarding the transition to a circular economy, the management company will consider a company producing recycled steel to be more sustainable than a company producing steel exclusively from iron ore; and
• Analysis of how the company manages players interacting with the company: its employees, its customers, its shareholders, its suppliers and the environment. Here too, the management company will favour companies that adopt the most sustainable practices given their sector. For example, with regard to relations with its clients, the management company will favour pharmaceutical companies with balanced pricing practices and commercial policies. Similarly, with regard to relations with their employees, the management company attaches great importance to the fight against discrimination and compliance with social standards.

c. A team of ESG analysts is responsible for assessing the selection criteria:

The analysis and selection of sustainable investments is carried out by a dedicated team of ESG analysts within Candriam. This team is made up of specialists whose mission is to analyse the exposure of companies and governments to the risks and opportunities associated with sustainable development. Selection criteria are expected to evolve over time, based on advances in ESG research and changes in company practices.

For more information on the sustainability of our investments and the integration of sustainability risks, please refer to Candriam’s transparency policies and codes and SFDR Article 9 fund sustainability information (available on our website: and the fund prospectus (available on our website

* SFDR is the acronym given to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability information in the financial services sector

Information on the sustainability aspects of the promoted fund is available on the SFDR* page of the website. The decision to invest in the fund must take into account all the characteristics or objectives of the fund as described in its prospectus.
* European reference of the regulation and title: “Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability related disclosures in the financial services sector


France: ISR

Belgium: Towards sustainability

© 2022 Central Labeling Agency (CLA): see
This fund has received the sustainability label Towards Sustainability. Reassessed each year, the label is a quality standard overseen by the Central Labelling Agency of the Belgian SRI Label (CLA). To meet this standard, financial products must meet a number of minimum sustainability requirements, both at the portfolio level and in the investment process. You will find more information about the label on the website
This label/rating is valid for a limited term and is subject to reevaluation. Obtaining this label by the fund does not mean that it meets your own sustainability objectives or that the label meets the requirements of future national or European rules. For more information on this subject, see the website

The quality of the ranking, award or label obtained by the fund or the management company depends on the quality of the issuing institution and the ranking, award or label does not guarantee the future results of the fund or the management company.


References to rankings, awards and/or ratings are not indicators of the future performance of the funds or the asset manager.

Mountain View Fund Award 2021

Event Date
Mountain View
Equity Funds Sustainability Emerging Markets

Pyramides de la gestion de patrimoine d’Investissement Conseils

Event Date
Investissement Conseils
Emerging markets equities


  • ISIN

ESG documents

Shareholder documents

Annual and semi-annual reports

Factsheets and fund comments

Other important information

This is a marketing communication. Please refer to the prospectus of the funds and to the key information document before making any investment decision. This marketing communication does not constitute an offer to buy or sell financial instruments, nor does it represent an investment recommendation or confirm any kind of transaction, except where expressly agreed. Although Candriam selects carefully the data and sources within this document, errors or omissions cannot be excluded a priori. Candriam cannot be held liable for any direct or indirect losses as a result of the use of this document. The intellectual property rights of Candriam must be respected at all times, contents of this document may not be reproduced without prior written approval.
Warning: Past performance of a given financial instrument or index or an investment service or strategy, or simulations of past performance, or forecasts of future performance does not predict future returns. Gross performances may be impacted by commissions, fees and other expenses. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change.
In respect to money market funds, please be aware that an investment in a fund is different from an investment in deposits and that the investment’s principal is capable of fluctuation. The fund does not rely on external support for guaranteeing its liquidity or stabilizing its NAV per unit or share. The risk of loss of the principal is borne by the investor.
Candriam consistently recommends investors to consult via our website the key information document, prospectus, and all other relevant information prior to investing in one of our funds, including the net asset value (“NAV) of the funds. Investor rights and complaints procedure, are accessible on Candriam’s dedicated regulatory webpages This information is available either in English or in local languages for each country where the fund’s marketing is approved.
According to the applicable laws and regulations, Candriam may decide to terminate the arrangements made for the marketing of a relevant fund at any time.
Information on sustainability-related aspects: the information on sustainability-related aspects contained in this communication are available on Candriam webpage The decision to invest in the promoted product should take into account all the characteristics or objectives of the promoted product as described in its prospectus, or in the information documents which are to be disclosed to investors in accordance with the applicable law. This document is a marketing communication and serves exclusively as an information for investors. Under no circumstances may it replace advice regarding the acquisition and disposal of investments which may result in a total loss of the investment. . The appointed Paying and Information Agent in Austria is Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria. The prospectus, the Key Investor Information Documents (KIIDs) relating to the portfolios of the Fund, the Articles, the audited annual accounts, the semi-annual accounts as well as the issuance and redemption prices are available in Austria free of charge (in the German language) at the Austrian Paying and Information Agent.

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