Maia Ferrand
Co-Head of External Multi-Management & Impact Investing - Private Assets
33 Years of experience
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.
Jean-Gabriel Nicolay
Co-Head of External Multi-Management & Impact Investing - Private Assets
33 Years of experience
ISIN
LU1115383108
NAV - 31 JAN 2024
EUR 1’273.80
AUM - 31 JAN 2024
EUR 10’523’081.14
About this fund
Candriam M Multistrategies (hereafter "the fund") is a sub-fund of the Candriam M sicav. The investment objective of Candriam M Multi Strategies (the 'Sub-Fund') is to seek an absolute return and to outperform the Capitalised EONIA + 1% over a period of 4 years with a target average annual volatility of 3% (6% maximum) by investing the majority of its net assets in units of Candriam MM Multi Strategies (the 'Master Fund').
Principal assets traded:
Uunits of “Candriam MM Multi Strategies” (the “Master Fund”). The Sub-Fund acts as a feeder fund by investing substantially all of its assets in the Master Fund, with only a small amount of cash held for liquidity purposes. The Master Fund is an AIF regulated by the French Market Authority (“AMF”).
Investment strategy:
The investment objective of Multi Strategies (the “Sub-Fund”) is to seek an absolute return and to outperform the Capitalised €STR + 1% over a period of 4 years with a target average annual volatility of 3% (6% maximum) by investing the majority of its net assets in units of the Master Fund.
Investment policy of the Master Fund:
The Master Fund invests up to 100% of its net assets in collective investment schemes or investment funds that use various kinds of alternative strategies ("long/short", "arbitrage/relative value" "global macro" and "CTA" strategies as well as systematic, discretionary, etc.) applied to all types of financial assets. The Master Fund’s investments are diversified across markets, management methodologies and investment managers. The Master Fund may not invest more than 10% of net assets in any single underlying alternative-management UCI or investment fund. Its management is diversified and discretionary, reflecting the anticipations of the manager.
Investments in collective investment schemes or investment funds include:
- up to 100% of its assets in units or shares of French or European collective investment schemes, governed by directive 2009/65/EC,
- up to 100% of its net assets in units or shares of French AIFs,
- up to 100% of its net assets in units or shares of AIFs established in another EU member State or foreign-law investment funds that meet the criteria set forth in the AMF General Regulations,
- up to 10% of net assets in units or shares of collective investment schemes, alternative investment funds, or investment funds that are themselves invested to the extent of more than 10% in units or shares of other collective investment schemes, alternative investment funds, or investment funds or in units or shares of foreign-law investment funds that do not meet the criteria set forth in the AMF General Regulations.
The Master Fund may invest in French or foreign-law collective investment schemes, AIFs, or investment funds that are managed (directly or by delegation) or advised by the management company.
To make up for a temporary shortage of investment opportunities in UCITS, AIF, or investment funds that are consistent with the Master Fund's management objectives, the Master Fund may also invest on an ancillary basis directly in:
- French or international equity securities; and/or
- Debt securities and money market Instruments: in bonds and other debt securities, of any geographical area, of any rating, of any sector, of any accumulation, the use of which is consistent with its management objectives.
For efficient portfolio management and hedging purposes, the Master Fund may invest in derivatives traded on French or foreign regulated markets or over the counter including but not limited to forward foreign exchange contracts, call and put options on equity or fixed-income indices, futures contracts, etc.
The Master Fund will not use Total Return Swap (TRS). Net commitments arising from such transactions may represent up to 125% of its net assets.
Depending on its liquidity position and the probable timing of its investments, the Master Fund may from time to time invest cash in bank deposits rather than money-market UCI in order to optimise cash management. The Master Fund may make use of cash borrowing, in accordance with applicable regulations, to a maximum of 10% of the assets, either to provide additional liquidity when redemptions are made, or to deal with temporary cash shortfalls in the course of subscriptions.
The Sub-Fund may use financial derivative instruments for hedging purposes (such as futures, options, forward contracts, swaps).
The Sub-Fund may borrow amounts of up to 35% of its Net Asset Value at any one time either to further the investment policy and strategy or to meet temporary cash shortages caused for instance by the need to satisfy requests by Shareholders for the redemption of Shares, to meet timing differences in investment sales and purchases in relation to the Sub-Fund and to meet any currency exposure payments.
The Sub-Fund does not have a sustainable investment objective and does not specifically promote environmental and/or social characteristics.
The Reference currency of the Sub-Fund is the EUR.
Benchmark: €STR (Euro Short Term Rate) Capitalized + 1%.
NAV & Performances
Historical values graph
Candriam M Multi Strategies 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.
Annual return over the last years (%)
This chart shows the fund’s performance as the percentage loss or gain per year over the last 9 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 for one year, there is no performance information, it is because there is no data or the data is insufficient to provide investors with useful or reliable indications on this performance.
The performances of the years prior to the material change have been blurred on the graph.
As of 01/01/2022, the index used as a benchmark, Eonia Capi 7d, has been replaced by €STR (Euro Short Term Rate) Capitalized.
As of 30/06/2020, the fund has become a feeder fund managed without reference to an index. The performances displayed before Candriam M Multi Strategies are those of the historical index.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Share class | 1.45 % | -1.22 % | 4.42 % | -4.05 % | 6.42 % | 5.52 % | -1.70 % | -3.66 % | 1.36 % |
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
Characteristics
Fund Characteristics
- Fund name
- Candriam M Multi Strategies
- Benchmark
- MSCI World LOC
- SICAV Name
- Candriam M
- Currency
- EUR
- Legal Form
- Sub-fund of a SICAV under Luxembourg law
- Fund type
- AIF
- Creation Date
- Term of the fund
- The fund has no limited term
- Domicile Country
- Luxembourg
- Management Company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Depository Bank
- CACEIS Bank, Luxembourg Branch
- Transfer Agent
- CACEIS Bank, Luxembourg Branch
- Recommended investment horizon
- 4 years
- Swing Pricing System
- no
- 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)
- 1.55 %
- Subscription
- 3.00 %
- Redemption
- 0.00 %
- Ongoing charges Date
-
Ongoing charges
Ongoing charges represent all operating and management costs invoiced to the UCI net of retrocessions.
- 3.93 %
Instrument
- Name
- C - Cap
- Benchmark
- €STR (Euro Short Term Rate) Capitalized + 1%
- Currency
- EUR
- ISIN
- LU1115383108
- Bloomberg Ticker
- XIPHIEC LX Equity
- Morningstar Ticker
- N/A
- First NAV Date
- 31/10/11
- Marketing Authorisation
- Luxembourg; Switzerland
Orders
- NAV Date
- D
- Frequency valuation
- daily
- Subscription Cut off
- D 17:00
- Redemption Cut off
- D 17:00
The corresponding time zone is the one associated with the fund's domicile.
Risks
- SRI Date
- SRI Value
- 4
- Definition
-
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
-
Arbitrage risk: Arbitrage is a technique which consists in benefiting from the differences in prices recorded (or anticipated) between markets and/or sectors and/or securities and/or currencies and/or instruments. If such arbitrage transactions perform unfavourably (a rise in sell transactions and/or fall in buy transactions), the funds net asset value may fall.
Commodity risk: Commodities namely energy, metals and agricultural products, could have more closely correlated trends that may differ from traditional securities trends. Unfavourable trends on these markets may cause the net asset value of a sub-fund to fall.
Counterparty Risk: When the fund carry out over-the-counter transactions (i.e. involving instruments not listed on the markets), they are exposed to a risk of default by the counterparty to the transaction.
Credit risk: It constitutes the risk that an issuer or a counterparty default. This risk includes the risk of changes in credit spreads and default risk. The level of credit risk is usually evaluated by using “ratings” representing a comparative assessment of the credit quality (solvency level) of an issuer, issuer or portfolio. “High Yield” investments present the lowest rating levels and therefore a high credit risk.
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.
Derivative risk: Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Sub-Fund to lose more money than it would have lost had it invested in the underlying instrument. Using derivatives may result in a higher portfolio volatility related to this underlying asset and an increase of the counterparty risk.
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).
Interest rate risk: A change in interest rates, resulting notably from inflation, may cause a risk of losses and reduce the net asset value of the fund.
Leverage risk: The use of Leverage tend to magnify returns on underlying assets, both on the upside and downside. Consequently, a minor trend on the market can lead to substantial gains or losses. In some cases, the entire investment can be wiped out.
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.
Model risk: Fund management process relies on establishing a model which is used to identify signals based on past statistical results. Models full efficiency and internally developed strategies may represent a risk.
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.
Sustainability Risk: The sustainability risk refers to any environmental, social or governance event or condition that could affect the performance and / or the reputation of issuers in the portfolio. It may be issuer specific, in line with their activities and practices, but may also be due to external factors.
Volatility risk: A fund may be exposed (taking directional positions or using arbitrage strategies for example) to market volatility risk and could therefore, based on its exposure, suffer losses in the event of changes in the volatility level of these markets.
- Other Risks
-
ESG Investment RiskESG 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.Master Feeder riskA Feeder UCITS invests in a master fund, and as such, the investment of the Feeder UCITS is not diversified. However the master fund investments meet the diversification requirement of the UCITS Directive 2009/65/EC.
Documents
Languages
Legal documents
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 https://www.candriam.com 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 https://www.candriam.com/en/professional/legal-information/regulatory-information/. 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 https://www.candriam.com/en/professional/sfdr/. 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.Notice to investors in Switzerland: The information provided herein does not constitute an offer of financial instruments in Switzerland pursuant to the Swiss Financial Services Act ("FinSA") and its implementing ordinance. This is solely an advertisement pursuant to FinSA and its implementing ordinance for financial instruments.
Swiss representative: CACEIS (Switzerland) SA, Route de Signy 35, CH-1260 Nyon. The legal documents as well as the latest annual and semi-annual financial reports, if any, of the investment funds may be obtained free of charge from the Swiss representative.
Swiss paying agent: CACEIS Bank, Paris, succursale de Nyon/Suisse, Route de Signy, 35, CH-1260 Nyon.
Place of performance: Route de Signy 35, CH-1260 Nyon.
Place of jurisdiction: Route de Signy 35, CH-1260 Nyon.