Patrick Zeenni
Head of Investment Grade & Credit Arbitrage
26 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.
Guillaume Benoit
Senior Fund Manager
15 Years of experience
Mouine Darwich
Fund Manager - Quantitative Credit Analyst
7 Years of experience
ISIN
FR0011510056
NAV - 18 APR 2024
EUR 111.75
AUM - 18 APR 2024
EUR 422,050,612.55
SFDR Category
“Sustainable Finance Disclosure Regulation” : Regulation 2019/2088 on sustainability-related disclosures in the financial services sector
Article 8
Morningstar
Morningstar is an independent provider of investment analysis. The Morningstar rating is a quantitative assessment of the past performance of a fund taking into account the risk and the costs charged. It does not take into account qualitative elements and is calculated on the basis of a (mathematical) formula. The funds are ranked by category and compared to similar funds, based on their score and receive one to five stars. In each category, the top 10% receive 5 stars, the next 22.5% 4 stars, the following 35% 3 stars, the next 22.5% 2 stars, and the last 10% receive 1 star. The rating is calculated monthly based on historical performance over 3, 5 and 10 years and does not take into account the future.
31 MAR 2024
Category
EAA Fund Global Flexible Bond - CHF Hedged
Morningstar Rating
Morningstar sustainability
Morningstar launched the Morningstar Sustainability Rating (MSR) to help investors consider Environmental, Social and Corporate Governance (ESG) criteria when assessing their investments. Morningstar Sustainability globes are calculated using bottom-up assessments of the underlying securities of a portfolio, supported by the Sustainalytics methodology for assessing the ESG risk of companies and sovereigns. The Morningstar Sustainability Rating has several steps to accurately represent the relative risk within each portfolio. The result of the rating is a category of 1 to 5 “globes” for each eligible portfolio, indicating the fund’s ESG positioning relative to its peer group.
29 FEB 2024
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: https://s21.q4cdn.com/198919461/files/doc_downloads/othe_disclosure_materials/MorningstarRatingforFunds.pdf
© 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 https://s21.q4cdn.com/198919461/files/doc_downloads/press_kits/2016/Morningstar-Sustainability-Rating-Methodology.pdf .
About this fund
Candriam Long Short Credit is an absolute performance UCITS fund, aiming to outperform the benchmark. Mainly by using arbitrage and directional strategies (both long and short) in corporate credit (particularly industrial and financial companies) through bonds and credit derivatives. The fund may also invest in convertible bonds with an initial delta of less than 15%. The investment horizon is 3 years. The fund is actively managed and the investment process implies referring to a benchmark index. For further information on the risks or the benchmark and its use, please consult the fund’s key information document (KID).
Principal assets traded:
Bonds and other debt securities and money market instruments essentially from Europe and North America invested directly or through derivatives and private issuers, in the high grade and high yield investment category, rated at least CCC+ (or equivalent) by one of the rating agencies (i.e. issuers considered to be at very high risk of default). As part of the basic strategy of the portfolio fund: bonds and other debt securities, and money market instruments, of all types of issuers with a rating of at least A-2 when acquired (or equivalent) from one of the rating agencies (i.e. issuers with a very good rating). Instruments are selected on the basis of an internal analysis of the credit risk and on the basis of the analyses by the rating agencies.
Investment strategy:
The management team makes discretionary investment choices.
Portfolio management is built around a prudent basic portfolio foundation via bonds and money market instruments, and a dynamic strategy.
Investment opportunities identified, in connection with the dynamic strategy, are invested in according to a strategy consisting in buying credits with growth potential ("long" position) and in selling ("short" position) credits which the management team expects will depreciate (directional strategy) or according to a strategy consisting in taking advantage of observed (or anticipated) price differentials between markets and/or sectors and/or currencies and/or instruments (arbitrage strategy).
The amounts allocated for each of these strategies correspond to two different segments in the fund's portfolio, with a ratio varying according to the market conditions.
The fund promotes, among other characteristics, environmental and/or social characteristics but does not have sustainable investment as its objective. Environmental, social and governance (ESG) criteria contribute to the asset manager's decision-making but are not a decisive factor in this decision-making. For more information, please see the management company's website and/or the prospectus.
The fund may use derivatives (swaps, futures, options, etc.) or total return swaps linked in particular to interest rate, exchange and credit risks traded on French or foreign regulated markets or over the counter for purposes of exposure, hedging or arbitrage.
Benchmark: Capitalised SARON.
The fund is actively managed and the investment process refers to a benchmark.
Use of the benchmark:
- for the purpose of calculating performance fees for certain share classes,
- for the purpose of performance comparisons.
Investment objectives:
Over the recommended investment period and within the context of its management, the fund seeks, by investing in the main assets traded, to outperform in absolute terms the Capitalised SARON with an annualised target volatility of less than 5% under normal market conditions.
Benchmark: €STR (Euro Short Term Rate) Capitalized.
The fund is actively managed and the investment process refers to a benchmark.
Use of the benchmark:
- for the purpose of calculating performance fees for certain share classes,
- for the purpose of performance comparisons.
Investment objectives:
Over the recommended investment period and within the context of its management, the fund seeks, by investing in the main assets traded, to outperform in absolute terms the €STR (Euro Short Term Rate) Capitalized with an annualised target volatility of less than 5% under normal market conditions.
NAV & Performances
Historical values graph
Candriam Long Short Credit R - 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.
Performance
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
Annualised return
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Share class | 5.43 % | 1.91 % | 1.64 % | 1.08 % |
| Benchmark | 3.71 % | 1.28 % | 0.59 % | 0.17 % |
| Difference | 1.72 % | 0.62 % | 1.05 % | 0.91 % |
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.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Share class | 0.91 % | 0.79 % | 0.53 % | -0.97 % | 1.25 % | 1.68 % | 0.02 % | 0.42 % | 3.93 % | |
| Benchmark | -0.11 % | -0.32 % | -0.36 % | -0.37 % | -0.40 % | -0.47 % | -0.49 % | -0.01 % | 3.29 % | |
| Difference | 1.02 % | 1.12 % | 0.89 % | -0.60 % | 1.64 % | 2.14 % | 0.51 % | 0.43 % | 0.64 % |
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 Long Short Credit
- Benchmark
- €STR (Euro Short Term Rate) Capitalized
- Currency
- EUR
- Legal Form
- FCP under French law
- Fund type
- UCITS
- SFDR Category
- Article 8
- Creation Date
- Term of the fund
- The fund has no limited term
- Domicile Country
- France
- Regulator Name
- AMF
- Management Company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Depository Bank
- CACEIS Bank
- Transfer Agent
- CACEIS Bank
- Recommended investment horizon
- 3 years
- Swing Pricing System
- yes
- 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)
- 0.70 %
- Subscription
- 1.00 %
- Redemption
- 1.00 %
- Ongoing charges Date
-
Ongoing charges
Ongoing charges represent all operating and management costs invoiced to the UCI net of retrocessions.
- 0.30 %
Instrument
- Name
- R - Cap
- Benchmark
- €STR (Euro Short Term Rate) Capitalized
- Currency
- EUR
- ISIN
- FR0011510056
- Bloomberg Ticker
- DEXLREU FP Equity
- Morningstar Ticker
- F00000QCH9
- First NAV Date
- 23/2/14
- Marketing Authorisation
- Austria; France; Germany; Italy; Luxembourg; Netherlands; Portugal; Spain; Switzerland; United Kingdom
Orders
- NAV Date
- D
- NAV Calculation Day
- D+1
- Frequency valuation
- daily
- 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.
Risks
- SRI Date
- SRI Value
- 3
- 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.
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.
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.
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.
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.
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.
- Other Risks
-
Conservation riskThe insolvency, negligence or fraudulent acts of a custodian or a sub-custodian may result in the loss of assets. This risk is mitigated by the regulatory obligations of the depositaries.Currency riskFunds 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.Delivery riskIn case of liquidation of assets that are subject to a transaction with a counterparty, this last, although contractually obliged, may not be able in operational terms to return the assets quickly enough to allow the fund to honour the sale of these instruments on the market..Emerging market riskThese 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 RiskSome 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 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.Legal riskLitigations of all kinds can occur with a counterparty or a third party. The Management Company aims to reduce these risks by putting in place controls and procedures.Operational riskOperational risk encompasses the risks of direct or indirect loss related to a number of factors (eg human errors, fraud and malicious acts, information system failures and external events, etc.) that could have an impact on the fund and / or the investors. The Management Company aims to reduce this risk through the implementation of controls and procedures.Risk of conflict of interestThe selection of a counterparty based on reasons other than the sole interest of the fund and/or unequal treatment in the management of similar portfolios can result in conflicts of interest.Risk on CocosCoCos – or subordinated contingent capital securities – are instruments issued by banking institutions to increase their equity capital buffers in order to comply with new banking regulations which require them to increase their capital margins. These instruments are holding specific risks related to their financial structure. When a thresholds are reached the securities are converted to shares. Coupons can be cancelled at the discretion of the issuer. With the approval of competent authority, CoCos can be redeemed on a determined date and they may not be repaid.Volatility riskA 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.
Risk and reward indicators 31/3/23
-
Fund
-
Volatility
The Volatility is the statistical measure of dispersion of returns for a fund around the mean. A higher volatility means that a fund's value can potentially be spread out over a larger range of values and makes the fund a riskier investment. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
1.04 %
-
Sharpe Ratio
The Sharpe Ratio measures the level of compensation an investment in the fund offered for the risk taken. It is calculated by subtracting the risk-free rate from the return of the fund and dividing that result by the volatility. The higher the Sharpe ratio the better, a negative ratio has no significance other than that the fund underperformed the risk-free rate. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
0.63
-
Average Rating
The Average Rating is calculated using the Weighted Average Rating Factor (WARF) and is a measure to indicate the credit quality of the fund. The measure aggregates the credit ratings of the fund's holdings into a single rating.
-
BB+
-
Credit Sensitivity
The Credit Sensitivity is a formula that expresses the measurable change in the value of a fixed income instrument in response to a change in credit spread. The credit sensitivity for the fund is calculated as the weighted average credit sensitivity of all underlying fixed income instruments.
-
0.70
-
Gross High Yield Exposure
The Gross High Yield Exposure refers to the absolute level of a fund's investments in high yield fixed income instruments, expressed as a percentage of the fund's total assets. It takes both a fund’s long positions and short positions into account. Gross exposure is a measure that indicates a fund's total exposure to high yield fixed income instruments. An instrument is considered as a high yield instrument if its credit rating is below BBB-.
-
35.25 %
-
Gross Investment Grade Exposure
The Gross Investment Grade Exposure refers to the absolute level of a fund's investments in investment grade fixed income instruments, expressed as a percentage of the fund's total assets. It takes both a fund’s long positions and short positions into account. Gross exposure is a measure that indicates a fund's total exposure to investment grade fixed income instruments. An instrument is considered as an investment grade instrument if its credit rating is above or equal to BBB-.
-
122.75 %
-
Number of Issues
The Number of Issues represents the total number of instruments in position.
-
178
-
Number of Issuers
The Number of Issuers represents the total number of companies in position.
-
94
-
Modified Duration to Worst
The Modified Duration is a formula that expresses the measurable change in the value of a fixed income instrument in response to a change in interest rates. The Modified Duration to Worst is calculated taking into account the call date for callable bonds and the scenario that would provide the worst yield to the holders of fixed income instruments. The Modified Duration to Worst for the fund is calculated as the weighted average MDTW of all underlying fixed income instruments.
-
0.66
-
Net High Yield exposure
The Net High Yield Exposure is the percentage difference between a fund’s long and short exposures to high yield fixed income instruments, including derivatives. An instrument is considered as a high yield instrument if its credit rating is below BBB-.
-
10.58 %
-
Net Investment Grade exposure
The Net Investment Grade Exposure is the percentage difference between a fund’s long and short exposures to investment grade fixed income instruments, including derivatives. An instrument is considered as an investment grade instrument if its credit rating is above or equal to BBB-.
-
17.51 %
-
Total Gross Exposure
The Gross Exposure refers to the absolute level of a fund's investments expressed as a percentage of the fund's total assets. It takes both a fund’s long positions and short positions into account. Gross exposure is a measure that indicates a fund's total exposure to financial markets.
-
162.72 %
-
Total Net Exposure
The Net Exposure is the percentage difference between a fund’s long and short exposures. Net exposure is a measure of the extent to which a fund is exposed to market fluctuations.
-
30.22 %
-
Yield to Worst
The Yield To Worst (YTW) is the lowest potential yield that can be received on all fixed income instruments in a fund without the issuers actually defaulting. It represents the lowest of all yields computed at each call date for callable bonds. The YTW for the fund is calculated as the weighted average YTW of all underlying fixed income instruments.
-
2.98
ESG
SFDR Category: Article 8
Our approach to selecting environmental or social investments for the Candriam funds referred to in Article 8 of the SFDR*:
The fund’s investment strategy aims to promote environmental or social characteristics, or a combination of these characteristics, provided that the entities in which the investments are made apply good governance practices. 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, based in part on data provided by external service providers.
a. ESG selection criteria:
For corporates, the internal analysis of ESG criteria consists in selecting the issuers:
• that are 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.
For sovereign issuers, the internal analysis of ESG criteria consists in selecting:
• Countries that perform best across our four categories of sustainable development criteria: Human Capital, Natural Capital, Social Capital and Economic Capital;
• Countries that are not part of our highly Oppressive Regimes or dictatorships, based on the Freedom House Freedom in the World Index and the World Bank Voice & Accountability Index.
b. Selection methodology:
The issuers favoured 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.
Our sovereign investible universe consists of those countries which perform best across our four categories of sustainable development criteria:
• Natural Capital: stock of naturel resources managed by the country;
• Social Capital: trust, norms and institutions which people can rely on to solve common problems and create social cohesion;
• Human Capital: human productivity to which the country participates through education and other initiatives;
• Economic Capital: assessing the level of economic activity viability.
c. A team of ESG analysts is responsible for assessing the selection criteria:
ESG analysis and selection are 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.
Sustainability-related disclosures
- Sustainability-related disclosures
a. General approach
b. Fund specific features
For more information on the environmental or social characteristics of our investments, as well as the integration of sustainability risks, please refer to Candriam’s transparency policies and codes and SFDR Article 8 fund sustainability information (available on our website: https://www.candriam.com/en/professional/sfdr/) as well as the fund prospectus (available on our website https://www.candriam.com)
* SFDR is the acronym given in 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.
Documents
Languages
ESG documents
Annual and semi-annual reports
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.Specific information for investors in France: the appointed representative and paying agent in France is CACEIS Bank, Luxembourg Branch, sis 1-3, place Valhubert, 75013 Paris, France. The prospectus, the key investor information, the articles of association or as applicable the management rules as well as the annual and semi-annual reports, each in paper form, are made available free of charge at the representative and paying agent in France.