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Candriam Sustainable Money Market Euro

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.

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Pierre Boyer
Head of Money Market & Short Term
20 Years of experience
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Elodie Brun
Fund Manager
3 Years of experience
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Benjamin Schoofs
Fund Manager Money Market & Short Term
6 Years of experience
  • ISIN
ISIN
LU1434529217
NAV - 30 NOV 2022
EUR 1,158.24
AUM - 30 NOV 2022
EUR 944,754,337.07
SFDR Category 
Article 9

About this fund

Candriam Sustainable Money Market Euro (hereafter "the fund"), a sub-fund of the Candriam Sustainable sicav, invests in money market instruments, cash and financial instruments and bonds with a residual maturity of under 24 months and a minimum rating of A2/P2 or equivalent by one of the 3 ratings agencies. Issues are denominated in EUR or currencies from OECD countries. The fund may use foreign exchange, interest rate and/or credit derivatives for hedging. The fund invests exclusively in companies and countries with the strongest sustainable development positioning. All issuers are compliant with the principles of the UN Global Compact (companies) and with major treaties and conventions (countries). The investment horizon is 3 months. 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 investor information document (KIID).

Principal assets traded:

Money market instruments denominated in euro and/or in currencies of countries members of the Organization for Economic Co-operation and Development (OECD) and issued by all types of issuers rated at least A2/P2 (or equivalent) by one of the rating agencies (i.e. reputedly good quality issuers).

Bonds denominated in euro and/or in currencies of countries members of the OECD with a maximum residual maturity of less than 397 days or with an interest rate which is at least revised annually and issued by any type of issuers of the same quality.

Deposits.

Investment strategy:

The fund seeks to achieve capital growth, associated with a low risk level, by investing in the principal assets traded, and to outperform 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 duration (Weighted Average Maturity - WAM), i.e. the sensitivity of funds to changes in interest rates, will not exceed 6 months and the weighted average life of funds (Weighted Average Life - WAL) will not exceed 12 months.

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 have a carbon footprint below a determined absolute threshold (for corporate issuers). This threshold has been set at around 30% lower than the investment universe and it can be reviewed depending on the evolution of the investment universe. In addition, corporate and sovereign issuers are assessed based on a proprietary ESG analysis and assigned a score, with the aim of keeping the average weighted ESG score of the fund's portfolio above a predetermined threshold.

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. Whenever the fund invests in securities issued by sovereign issuers, these issuers are also selected based on their ESG ranking assessed through a proprietary analysis of their human, social, natural and economic capital management.

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.

The fund has not filed for the French SRI Label.

For further information, please refer to Candriam’s website and/or the prospectus.

The fund may also use derivative products for hedging purposes (taking protection against unfavourable future financial events).

Benchmark: €STR

The fund is actively managed and the investment approach implies a reference to a benchmark.

Benchmark definition: €STR reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area.

Use of the benchmark:

- for performance comparison.

Redemption of shares: On request, every day, in Luxembourg.

Allocation of income: Reinvestment.

Recommendation: This fund may not be suitable for investors who plan to withdraw their capital within the three months.

Category: Standard variable net asset value money market fund..

 

NAV & Performances

Historical values graph

 

 

Candriam Sustainable Money Market Euro 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

This table shows the fund's performance as the percentage of annual loss or gain over the years shown.

Actuarial Yield

  1 year 3 years 5 years 10 years
Share class -0.46 % -0.52 % -0.49 % -0.24 %
Benchmark -0.36 % -0.44 % -0.41 % -0.26 %
Difference -0.10 % -0.08 % -0.08 % 0.02 %

Annual return over the last 10 years (%)

  2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Share class 0.68 % 0.19 % 0.26 % -0.04 % -0.09 % -0.41 % -0.51 % -0.40 % -0.49 % -0.65 %
Benchmark 0.24 % 0.09 % 0.10 % -0.11 % -0.32 % -0.36 % -0.37 % -0.40 % -0.47 % -0.51 %
Difference 0.44 % 0.10 % 0.17 % 0.07 % 0.23 % -0.05 % -0.14 % 0.00 % -0.02 % -0.14 %

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

Additional information

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.

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 Sustainable Money Market Euro
Benchmark
ESTR Capi
SICAV Name
Candriam Sustainable
Currency
EUR
Legal Form
Sub-fund of a SICAV under Luxembourg law
Fund type
UCITS
SFDR Category
Article 9
Creation Date
Term of the fund
The fund has no limited term
Domicile Country
Luxembourg
Management Company
CANDRIAM
Depository Bank
CACEIS Bank, Luxembourg Branch
Transfer Agent
CACEIS Bank, Luxembourg Branch
Recommended investment horizon
3 months
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)
0.15 %
Subscription
0.00 %
Redemption
0.00 %
OCF Date
Last OCF
0.21 %

Instrument

Name
I - Cap
Benchmark
ESTR Capi
Currency
EUR
ISIN
LU1434529217
Bloomberg Ticker
CAMMEIA LX Equity
Morningstar Ticker
N/A
First NAV Date
3/23/2017

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

Lower riskHigher risk
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Potentially lower return Potentially higher return
SRRI Date
SRRI
1
Definition
The risk and reward profile 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 KIID.
The risk category is calculated on the basis of historical performance and is not necessarily a reliable indicator of the fund’s future risk profile.
It may change in the future and is not guaranteed.
The lowest category does not mean no risk.
Main Risks

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.

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.

Other Risks
Conservation risk Delivery risk Derivative risk Interest rate risk Legal risk Liquidity risk Operational risk Risk of conflict of interest Risk of loss of capital Sustainability Risk

Risk and reward indicators 10/31/2022

Fund
Benchmark
Volatility
0.08 %
0.04 %
Tracking error
0.07 %
Sharpe Ratio
-0.34
1.60
Beta
1.01
Information ratio
-1.21

Money Market

Money Market Fund Metrics (11/22/2022)

Weighted Average Maturity, in days (WAM) 28
Weighted Average Life, in days (WAL) 83
Net Yield (%) 1.44
Total value of Assets 959224856.2

ESG

SFDR Category: Article 9

OUR APPROACH TO SELECTING SUSTAINABLE INVESTMENTS FOR FUNDS REFERRED TO IN ARTICLE 9 OF THE SFDR*:

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: https://www.candriam.com/en/professional/sfdr/) and the fund prospectus (available on our website https://www.candriam.com).

* 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 https://www.candriam.com 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

Label

Belgium: Towards sustainability

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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