Candriam Equities L Global Demography

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.

ISIN
ISIN
ISIN
- C Cap (LU0654531184)
- C Dis (LU0654531267)

View KID MIFID Cost Sheet

ISIN

LU0654531341

NAV - 12 APR 2024

EUR 3,502.36

AUM - 12 APR 2024

EUR 1,721,515,926.36

SFDR Category

Article 8

Morningstar

31 MAR 2024

About this fund

Candriam Equities L Global Demography (hereafter "the fund"), a sub-fund of the Candriam Equities L SICAV, invests in global companies that are well positioned to benefit from worldwide demographic evolutions, with a market cap superior to 250 mio USD and mainly headquartered in a developed world country, as defined by MSCI. In a growing world with increasing purchasing power capacities and an increasing average life expectancy; several attractive investment themes can be put forward: increasing demand for scarce energy and raw materials through mining, infrastructure, agriculture or oil and gas, growing number of wealthy consumers through activities in luxury goods, household products and leisure or increasing demand for healthcare services for the elderly. The fund’s sustainability objective is to promote the reduction of greenhouse gases and the achievement of the Paris Agreement objectives. The Sub-Fund is intended for investors who are prepared to accept the risks of participating in equity market developments, together with the level of volatility generally associated therewith.The investment horizon is 6 years. The fund is managed actively, with reference to the index mentioned on the section "characteristics". For further information about this index and its use, please consult the fund’s key information document (KID).

Principal assets traded:
Equities of companies considered to be well positioned to take advantage of global demographic changes and which have their registered office and/or carry out their primary economic activity in developed countries.
Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and to outperform the benchmark.
The management team makes discretionary investment choices based on economic/financial analyses.
The discretionary approach is based on a fundamental analysis aiming to select the best companies according to five criteria: quality of management, growth potential, competitive advantage, value creation and indebtedness. The management team will take into consideration the various aspects of these demographic changes, notably: the growth in the world population which is likely to produce growing demand for raw materials, energy and foodstuffs; the growing trend towards urbanisation and the generalisation of well-being in emerging countries which gives rise to the concept of the "global consumer" (in particular in the luxury goods, tourism and technologies sectors); the gradual ageing of the population in developed countries, and also increasingly in emerging markets, and its correlation with healthcare costs (in particular via pharmaceutical companies and the biotechnology and medical equipment sectors).
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 make use of derivative products for both investment and hedging purposes (to protect against future unfavourable financial events).
Benchmark: MSCI World (Net Return).
The fund is managed actively and the investment approach implies a reference to a benchmark (the index).
Benchmark definition:
The index measures the performance of the large and mid capitalisation equity segment across developed markets countries.
Use of the benchmark:
- as an investment universe. In general, the financial instruments of the sub-fund are mostly contained in the index. However, investments outside this index are authorised;
- in determining risk levels/parameters;
- for performance comparison purposes;
- to calculate the performance fee for some share classes.
As the fund is managed actively, it does not aim to invest in each component of the index nor to invest in the same proportions as the components of the index. In normal market conditions, the expected tracking error of the fund will be limited to moderate, namely between 1% and 3.5%. This measure is an estimation of the divergence of the fund’s performance compared to the performance of the benchmark. The greater the tracking error, the greater the deviations from the index. The actual tracking error depends in particular on market conditions (volatility and correlations between financial instruments) and may therefore differ from the expected tracking error.

NAV & Performances

Historical values graph

Candriam Equities L Global Demography I - 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

	1 year	3 years	5 years	10 years
Share class	22.47 %	9.39 %	12.28 %	11.43 %
Benchmark	25.82 %	11.70 %	12.94 %	12.09 %
Difference	-3.35 %	-2.31 %	-0.66 %	-0.66 %

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. "

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Share class	17.35 %	8.88 %	9.02 %	10.28 %	-4.79 %	30.46 %	10.61 %	30.97 %	-14.55 %	15.40 %
Benchmark	19.50 %	10.42 %	10.73 %	7.51 %	-4.11 %	30.02 %	6.33 %	31.07 %	-12.78 %	19.60 %
Difference	-2.15 %	-1.54 %	-1.71 %	2.77 %	-0.68 %	0.44 %	4.28 %	-0.10 %	-1.77 %	-4.19 %

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 Equities L Global Demography
Benchmark: MSCI World (Net Return)
SICAV Name: Candriam Equities L
Currency: EUR
Legal Form: Sub-fund of a SICAV under Luxembourg law
Fund type: UCITS
SFDR Category: Article 8
Creation Date: 2/1/2012
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: 6 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): 0.75 %
Subscription: 0.00 %
Redemption: 0.00 %
Ongoing charges Date: 1/3/2024
Ongoing charges: 0.80 %

Instrument

Name: I - Cap
Benchmark: MSCI World (Net Return)
Currency: EUR
ISIN: LU0654531341
Bloomberg Ticker: DEXGDEI LX Equity
Morningstar Ticker: F00000PH07
First NAV Date: 27/12/12
Marketing Authorisation: Austria; France; Germany; Italy; Luxembourg; Netherlands; 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

(1/3/24)

Lower riskHigher risk

1
2
3
4
5
6
7

SRI Date

1/3/24

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

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.

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.

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 risk Counterparty Risk Delivery risk Emerging market risk Legal risk Liquidity risk Operational risk Risk of conflict of interest

Risk and reward indicators 29/3/24

: Fund
Alpha: -0.01
Beta: 0.93
Information ratio: -0.71
Sharpe Ratio: 0.65
Tracking error: 3.16 %
Volatility: 12.64 %
Active share: 65.76 %
Dividend Yield: 1.74 %
Equity exposure: 94.86 %
Number of Issues: 71
Price Earning Ratio: 24.61 %
Price to Book Value: 4.31 %
ROE: 21.56 %

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

a. General approach

Sustainability-related disclosures

b. Fund specific features

Companies

Controversial Activities :
Level 2A - Exclusion Policy

Stewardship Active Ownership

Proxy Voting

Engagement

KPI's

Carbon footprint Corporate - Scope 1&2 Lower than bench

Companies	Stewardship Active Ownership	KPI's
Controversial Activities : Level 2A - Exclusion Policy	Proxy Voting	Carbon footprint Corporate - Scope 1&2 Lower than bench
	Engagement

Min Investments Environmental Social characteristics rate

75%

Min Sustainable Investments rate

20%

Min Sustainable Investments Environmental rate

0%

Min Sustainable Investments Social rate

0%


Min Investments Environmental Social characteristics rate 75%	Min Sustainable Investments rate 20%	Min Sustainable Investments Environmental rate 0%	Min Sustainable Investments Social rate 0%

Transparency codes

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

ISIN
ISIN
ISIN
- C Cap (LU0654531184)
- C Dis (LU0654531267)

Languages

en

fr

es

it

de

nl

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.

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About this fund

NAV & Performances

Historical values graph

Performance

Actuarial Yield

Annual return over the last years (%)

Additional information

Characteristics

Fund Characteristics

Tax, Charges & Fees

Instrument

Orders

Risks

Risk and reward indicators 29/3/24

ESG

SFDR Category: Article 8

Sustainability-related disclosures

a. General approach

b. Fund specific features

Documents

Legal documents

ESG documents

Shareholder documents

Annual and semi-annual reports

Factsheets and fund comments

Other important information

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