Informazioni chiave per gli investitori

Transcript

1 Informazioni chiave per gli investitori Il presente documento contiene le informazioni chiave di cui tutti gli investitori devono disporre in relazione a questo OICVM. Non si tratta di un documento promozionale. Le informazioni contenute nel presente documento, richieste dalla legge, hanno lo scopo di aiutarvi a capire la natura di questo OICVM e i rischi ad esso connessi. Si raccomanda di prenderne visione, in modo da operare una scelta informata in merito all opportunità di investire. Obiettivi e politica d investimento ASTORG ACTIONS EUROPE Azione I, C - Codice ISIN: FR Questo OICVM è gestito da Groupama Asset Management. È soggetto al diritto francese. Classificazione: OICVM Azioni internazionali Obiettivo di gestione: L'OICVM è un fondo feeder dell'oicvm Groupama Europe Stock. Il suo obiettivo di gestione è analogo a quello del relativo fondo master, vale a dire il conseguimento di un rendimento superiore a quello dell'indice di riferimento, l' MSCI Europe chiusura (dividendi netti reinvestiti). Tenuto conto delle relative spese di gestione, il rendimento dell'oicvm potrà essere inferiore a quello del relativo fondo master, Groupama Europe Stock. Indice di riferimento: MSCI Europe in chiusura (dividendi netti reinvestiti). L'OICVM è interamente e sempre composto da quote M dell'oicvm Groupama Europe Stock e, a titolo accessorio, da liquidità. Sintesi dell'obiettivo di gestione dell'oicvm master: Obiettivo di gestione: Conseguire un rendimento superiore a quello dell'indice di riferimento, MSCI Europe chiusura (dividendi netti reinvestiti). Sintesi della politica d'investimento dell'oicvm master: Al fine di conseguire il suo obiettivo di gestione, l OICVM adotta uno stile di gestione attivo. Il gestore utilizzerà la combinazione di due approcci: L'approccio discendente, che utilizza i fondamentali macroeconomici per zona o per paese quali il tasso di disoccupazione, il livello d'inflazione, la crescita del PIL e i tassi d'interesse. Un approccio di tipo ascendente (bottom up), che si concentra sulle qualità intrinseche di una società e della sua valutazione. I mercati azionari dell Unione europea costituiscono l universo d investimento privilegiato. Almeno il 75% del patrimonio netto è investito in titoli i cui emittenti hanno sede legale in un paese dell Unione europea. La quota rimanente del portafoglio potrà essere investita nello Spazio Economico Europeo. La selezione dei titoli non è vincolata alla capitalizzazione delle società emittenti. La ponderazione delle grandi capitalizzazioni rispetto alle capitalizzazioni medie non è fissa, ma varia in funzione delle opportunità di mercato e delle valutazioni dei diversi titoli. L esposizione minima al rischio azionario è pari al 75%. L OICVM potrà investire fino al 10% del suo patrimonio netto in quote o azioni di OICVM francesi o europei armonizzati al fine di diversificare il portafoglio. L OICVM potrà ricorrere a strumenti derivati negoziati su mercati regolamentati, organizzati e over the counter, al fine di esporre il portafoglio al rischio azionario e al rischio di cambio o a fini di copertura, entro il limite di un impegno massimo pari al 100% del patrimonio netto. Alfine di gestire la liquidità e a titolo accessorio, l OICVM potrà effettuare depositi e acquisizioni a pronti contro termine, ricorrere a OICVM monetari e, in via straordinaria e temporanea, effettuare prestiti in contanti. Destinazione dei proventi: Capitalizzazione Durata minima d investimento consigliata: Superiore a 5 anni. Potete richiedere il rimborso delle vostre quote su base giornaliera, secondo le modalità descritte qui sotto, nella sezione delle informazioni pratiche. Ora limite di centralizzazione degli ordini di sottoscrizione/rimborso: Ogni giorno lavorativo fino alle ore 10:00 Frequenza della valutazione: Ogni giorno di borsa ad eccezione dei giorni festivi legali (borsa di Parigi). Profilo di rischio e di rendimento Rischio più basso, rendimento potenzialmente più basso Rischio più elevato, rendimento potenzialmente più elevato Questo indicatore consente di misurare il livello di volatilità e il rischio al quale è esposto il vostro capitale. Le performance passate non sono indicative delle performance future. Non sono costanti nel tempo. La categoria di rischio associata a questo OICVM non è garantita e potrebbe variare nel tempo. L appartenenza alla categoria più bassa non significa "senza rischio". L OICVM ha un livello di rischio pari a 6, a causa della sua forte esposizione al rischio azionario. L'OICVM ha un livello di rischio pari a 6, analogo a quello dell'oicvm master. Sintesi del profilo di rischio dell'oicvm master. L OICVM ha un livello di rischio pari a 6, a causa della sua forte esposizione al rischio azionario e al rischio di cambio. Il capitale inizialmente investito non beneficia di alcuna garanzia. I rischi importanti per l OICVM non presi in considerazione nell indicatore sono: Utilizzo di strumenti finanziari derivati: Potrà aumentare o diminuire la volatilità dell OICVM. In caso di andamento sfavorevole dei mercati, il valore liquidativo potrà diminuire. Le disposizioni in materia di sottoscrizione/rimborso dell'oicvm master in cui investe il vostro fondo sono riportate alla sezione "modalità di sottoscrizione e di rimborso" del relativo prospetto. 1 / 2

2 Spese Le spese e le commissioni corrisposte sono usate per coprire i costi di gestione dell OICVM, compresi i costi legati alla sua commercializzazione e alla distribuzione delle quote. Tali spese riducono la crescita potenziale degli investimenti. Spese una tantum prelevate prima o dopo l investimento Spese di sottoscrizione 2,75% Spese di rimborso Nessuna Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o che siate rimborsati. Spese prelevate dal fondo in uno stesso anno Spese correnti 0,33% Spese prelevate dal fondo a determinate condizioni specifiche Commissioni legate alla sovraperformance Risultati ottenuti nel passato Nessuna Le spese di sottoscrizione e di rimborso indicate sono le spese massime. In taluni casi, le spese pagate possono essere inferiori. Potete richiedere maggiori informazioni al vostro consulente finanziario. Le spese correnti sono basate sui dati dell esercizio precedente chiuso al 30 settembre Tale percentuale può variare da un esercizio all altro. Essa non comprende: le commissioni legate alla sovraperformance le spese di transazione, ad eccezione delle spese di sottoscrizione e rimborso pagate dall OICVM al momento dell acquisto/vendita delle quote di un altro OICVM. Per maggiori informazioni sulle spese dell OICVM, si invita a consultare le sezioni relative alle spese contenute nel prospetto, disponibile sul sito internet Le performance passate non sono indicative delle performance future. Non sono costanti nel tempo. 30 % ,8 12,9 8,4 9,4 26,6 22,8 15,8 16,5 6,6 0,1 22,0 27,2 11,3 10,8-7,3-8,1 I risultati annui presentati in questo grafico sono calcolati per rendimenti netti reinvestiti e al netto di ogni spesa prelevata dall OICVM. Data di creazione dell OICVM: 05 dicembre I rendimenti sono stati calcolati in euro ,4-32,3-37, , MSCI Europe in chiusura (dividendi netti reinvestiti) ASTORG ACTIONS EUROPE - I Informazioni pratiche Forma giuridica: SICAV a vocazione generica. Nome del depositario e agente centrale: GROUPAMA BANQUE Il prospetto informativo completo di questo OICVM e dell'oicvm master e le ultime relazioni annuali e periodiche sono disponibili sul sito internet e possono essere inviati su semplice domanda scritta del sottoscrittore indirizzata a Groupama Asset Management, 58 bis, rue La Boétie Parigi Francia. Il valore di liquidazione è disponibile sul sito internet e su semplice domanda indirizzata a Groupama Asset Management. In base al vostro regime fiscale, eventuali plusvalenze e ricavi collegati al possesso di quote dell OICVM possono essere soggetti a tassazione. Si consiglia a tale riguardo di rivolgersi al proprio consulente fiscale. Groupama Asset Management può essere ritenuta responsabile esclusivamente sulla base di dichiarazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l OICVM. Questo OICVM è autorizzato in Francia e regolamentato dall Autorité des Marchés Financiers (AMF). Groupama Asset Management è autorizzata in Francia e regolamentata dall Autorité des Marchés Financiers (AMF). Le informazioni chiave per gli investitori qui riportate sono esatte alla data del 20 agosto / 2

3 Informazioni chiave per gli investitori Il presente documento contiene le informazioni chiave di cui tutti gli investitori devono disporre in relazione a questo OICVM. Non si tratta di un documento promozionale. Le informazioni contenute nel presente documento, richieste dalla legge, hanno lo scopo di aiutarvi a capire la natura di questo OICVM e i rischi ad esso connessi. Si raccomanda di prenderne visione, in modo da operare una scelta informata in merito all opportunità di investire. Obiettivi e politica d investimento ASTORG ACTIONS EUROPE Azione N, C - Codice ISIN: FR Questo OICVM è gestito da Groupama Asset Management. È soggetto al diritto francese. Classificazione: OICVM Azioni internazionali Obiettivo di gestione: L'OICVM è un fondo feeder dell'oicvm Groupama Europe Stock. Il suo obiettivo di gestione è analogo a quello del relativo fondo master, vale a dire il conseguimento di un rendimento superiore a quello dell'indice di riferimento, l' MSCI Europe chiusura (dividendi netti reinvestiti). Tenuto conto delle relative spese di gestione, il rendimento dell'oicvm potrà essere inferiore a quello del relativo fondo master, Groupama Europe Stock. Indice di riferimento: MSCI Europe in chiusura (dividendi netti reinvestiti). L'OICVM è interamente e sempre composto da quote M dell'oicvm Groupama Europe Stock e, a titolo accessorio, da liquidità. Sintesi dell'obiettivo di gestione dell'oicvm master: Obiettivo di gestione: Conseguire un rendimento superiore a quello dell'indice di riferimento, MSCI Europe chiusura (dividendi netti reinvestiti). Sintesi della politica d'investimento dell'oicvm master. Al fine di conseguire il suo obiettivo di gestione, l OICVM adotta uno stile di gestione attivo. Il gestore utilizzerà la combinazione di due approcci: L'approccio discendente, che utilizza i fondamentali macroeconomici per zona o per paese quali il tasso di disoccupazione, il livello d'inflazione, la crescita del PIL e i tassi d'interesse. Un approccio di tipo ascendente (bottom up), che si concentra sulle qualità intrinseche di una società e della sua valutazione. I mercati azionari delle società dell Unione europea costituiscono l universo d investimento privilegiato. Almeno il 75% del patrimonio netto è investito in titoli i cui emittenti hanno sede legale in un paese dell Unione europea. La quota rimanente del portafoglio potrà essere investita nello Spazio Economico Europeo. La selezione dei titoli non è vincolata alla capitalizzazione delle società emittenti. La ponderazione delle grandi capitalizzazioni rispetto alle capitalizzazioni medie non è fissa, ma varia in funzione delle opportunità di mercato e delle valutazioni dei diversi titoli. L esposizione minima al rischio azionario è pari al 75%. L OICVM potrà investire fino al 10% del suo patrimonio netto in quote o azioni di OICVM francesi o europei armonizzati al fine di diversificare il portafoglio. L OICVM potrà ricorrere a strumenti derivati negoziati su mercati regolamentati, organizzati e over the counter, al fine di esporre il portafoglio al rischio azionario e al rischio di cambio o a fini di copertura, entro il limite di un impegno massimo pari al 100% del patrimonio netto. Alfine di gestire la liquidità e a titolo accessorio, l OICVM potrà effettuare depositi e acquisizioni a pronti contro termine, ricorrere a OICVM monetari e, in via straordinaria e temporanea, effettuare prestiti in contanti. Destinazione dei proventi: Capitalizzazione Durata minima d investimento consigliata: Superiore a 5 anni. Potete richiedere il rimborso delle vostre quote su base giornaliera, secondo le modalità descritte qui sotto, nella sezione delle informazioni pratiche. Ora limite di centralizzazione degli ordini di sottoscrizione/rimborso: Ogni giorno lavorativo fino alle ore 10:00 Frequenza della valutazione: Ogni giorno di borsa ad eccezione dei giorni festivi legali (borsa di Parigi). Profilo di rischio e di rendimento Rischio più basso, rendimento potenzialmente più basso Rischio più elevato, rendimento potenzialmente più elevato Questo indicatore consente di misurare il livello di volatilità e il rischio al quale è esposto il vostro capitale. Le performance passate non sono indicative delle performance future. Non sono costanti nel tempo. La categoria di rischio associata a questo OICVM non è garantita e potrebbe variare nel tempo. L appartenenza alla categoria più bassa non significa "senza rischio". L'OICVM ha un livello di rischio pari a 6, analogo a quello dell'oicvm master. Sintesi del profilo di rischio dell'oicvm master. L OICVM ha un livello di rischio pari a 6, a causa della sua forte esposizione al rischio azionario e al rischio di cambio. Il capitale inizialmente investito non beneficia di alcuna garanzia. Il capitale inizialmente investito non beneficia di alcuna garanzia. I rischi importanti per l OICVM non presi in considerazione nell indicatore sono: Utilizzo di strumenti finanziari derivati: Potrà aumentare o diminuire la volatilità dell OICVM. In caso di andamento sfavorevole dei mercati, il valore liquidativo potrà diminuire. Le disposizioni in materia di sottoscrizione/rimborso dell'oicvm master in cui investe il vostro fondo sono riportate alla sezione "modalità di sottoscrizione e di rimborso" del relativo prospetto. 1 / 2

4 Spese Le spese e le commissioni corrisposte sono usate per coprire i costi di gestione dell OICVM, compresi i costi legati alla sua commercializzazione e alla distribuzione delle quote. Tali spese riducono la crescita potenziale degli investimenti. Spese una tantum prelevate prima o dopo l investimento Spese di sottoscrizione 2,75% Spese di rimborso Nessuna Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o che siate rimborsati. Spese prelevate dal fondo in uno stesso anno Spese correnti 1,90% Spese prelevate dal fondo a determinate condizioni specifiche Commissioni legate alla sovraperformance Risultati ottenuti nel passato Nessuna Le spese di sottoscrizione e di rimborso indicate sono le spese massime. In taluni casi, le spese pagate possono essere inferiori. Potete richiedere maggiori informazioni al vostro consulente finanziario. Le spese correnti sono basate sui dati dell esercizio precedente chiuso al 30 settembre Tale percentuale può variare da un esercizio all altro. Essa non comprende: le commissioni legate alla sovraperformance le spese di transazione, ad eccezione delle spese di sottoscrizione e rimborso pagate dall OICVM al momento dell acquisto/vendita delle quote di un altro OICVM. Per maggiori informazioni sulle spese dell OICVM, si invita a consultare le sezioni relative alle spese contenute nel prospetto, disponibile sul sito internet Le performance passate non sono indicative delle performance future. Non sono costanti nel tempo. 30 % ,7 0,1 20,9 27,2 9,8 10,8-8,7-8,1 I risultati annui presentati in questo grafico sono calcolati per rendimenti netti reinvestiti e al netto di ogni spesa prelevata dall OICVM. Data di creazione dell OICVM: 05 dicembre I rendimenti sono stati calcolati in euro , , MSCI Europe in chiusura (dividendi netti reinvestiti) ASTORG ACTIONS EUROPE - N Informazioni pratiche Forma giuridica: SICAV a vocazione generica. Nome del depositario e agente centrale: GROUPAMA BANQUE Il prospetto informativo completo di questo OICVM e dell'oicvm master e le ultime relazioni annuali e periodiche sono disponibili sul sito internet e possono essere inviati su semplice domanda scritta del sottoscrittore indirizzata a Groupama Asset Management, 58 bis, rue La Boétie Parigi Francia. Il valore di liquidazione è disponibile sul sito internet e su semplice domanda indirizzata a Groupama Asset Management. In base al vostro regime fiscale, eventuali plusvalenze e ricavi collegati al possesso di quote dell OICVM possono essere soggetti a tassazione. Si consiglia a tale riguardo di rivolgersi al proprio consulente fiscale. Groupama Asset Management può essere ritenuta responsabile esclusivamente sulla base di dichiarazioni contenute nel presente documento che risultano fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per l OICVM. Questo OICVM è autorizzato in Francia e regolamentato dall Autorité des Marchés Financiers (AMF). Groupama Asset Management è autorizzata in Francia e regolamentata dall Autorité des Marchés Financiers (AMF). Le informazioni chiave per gli investitori qui riportate sono esatte alla data del 20 agosto / 2

5 UCITS in compliance with European standards PROSPECTUS Les actions ou parts de l OPCVM mentionné ci-dessous («l OPCVM») n'ont pas été enregistrées conformément à l US Securities Act de 1933 et ne peuvent pas être offertes ou vendues directement ou indirectement dans les États-Unis d'amérique (incluant ses territoires et propriétés), aux personnes américaines, telles que définies dans le Règlement S («US persons»). (The shares or units of the fund mentioned herein ("the Fund") have not been registered under the US Securities Act of 1933 and may not be offered or sold directly or indirectly in the United States of America (including its territories and possessions), to US persons, as defined in Regulation S ("US persons"). 1 General Characteristics Fund type Administrators Management principles General Characteristics Special Provisions Commercial information Investment rules Asset valuation and accounting rules Method used to recognise income from fixed-income securities Method used to recognise expenses GENERAL CHARACTERISTICS 1.1 Fund type Name: ASTORG ACTIONS EUROPE 58 bis Rue La Boétie, Paris, France. Legal form and Member State in which the UCITS was incorporated: French-law open ended investment company with variable capital (Société d Investissement à Capital Variable, SICAV) Formation date: 5 December Planned term: Fund initially formed for a 99-year term. ASTORG ACTIONS EUROPE 1/12 Detailed memorandum / publication date 20/08/2012

6 Summary of the management offer: Share class ISIN code Appropriation of earnings Currency of expressio n Eligible subscribers Minimum initial subscription Net asset value at launch I class FR * Accumulation Euro All subscribers 150, N class FR Accumulation Euro All subscribers * including all shareholders who subscribed to the Fund before share classes were created. Place where the latest annual report and interim financial statement may be obtained: Investors will be sent the Fund s latest annual and interim documents within one week of requesting them in writing from: Groupama Asset Management, 58 bis Rue La Boétie Paris - France. Contact details: For corporate and institutional investors: Groupama Asset Management s Business Development Department (Sales office: +33 (0) ). For individual investors: your distributor (GROUPAMA's distribution networks; external distributors approved by Groupama Asset Management). Further information is available, if required, from Groupama Asset Management s Business Development Department (Sales office: +33 (0) ). 1.2 Administrators Representative: The financial, administrative and accounting representative for all managed assets is Groupama Asset Management, 58 bis Rue La Boétie Paris - France, a portfolio management company authorised by the Commission des opérations de bourse now superseded by the Autorité des marchés financiers (French financial markets authority - AMF) under number GP on 5 January Depositary Custodian Clearing Fund Accounting: Groupama Banque, 67 Rue Robespierre Montreuil Cedex France, a credit institution authorised by the CECEI on 23 July Deputy custodian for foreign assets: BNP Paribas Securities Services 3 Rue d Antin Paris France, credit institution authorised by the CECEI under number Primary and deputy auditors: Ernst & Young et Autres, 41 Rue Ybry Neuilly-sur-Seine France, primary auditor. Constantin Associés 26 Rue Marignan Paris - France, represented by Mrs Brigitte Drème, deputy auditors. Distributors: GROUPAMA's distribution networks based at 8-10 Rue d Astorg, Paris, France and external distributors approved by Groupama Asset Management Information about the composition of the Board of Directors and about management activities that are significant in terms of the Fund is provided in the annual report, which is updated once a year. ASTORG ACTIONS EUROPE 2/12 Detailed memorandum / publication date 20/08/2012

7 2 MANAGEMENT PRINCIPLES 2.1 General Characteristics Characteristics of shares: Type of right attached to the share class. Shareholder rights are expressed as shares. Each share corresponds to an equal fraction of the Fund s assets. Each shareholder has a right of ownership in the Fund s assets in proportion to the number of shares held. Shareholder Register and Fund Accounting: Fund accounting is provided by the custodian, Groupama Banque. Share administration is performed by Euroclear France. Voting rights: Voting rights confer the right to vote at ordinary and extraordinary general meetings. The articles of association specify how voting rights can be exercised. Types of shares: Shares are registered and/or bearer shares. Fractions: Shares may be subscribed or redeemed in ten-thousandths of a share. Financial year end: The last Paris Stock Exchange trading day in September. The first financial year end was the last Paris Stock Exchange trading day in December Tax system: The Fund is eligible for PEA (personal equity savings plans) for individual investors. The Fund is not subject to corporation tax. In accordance with the principle of transparency, the tax authorities consider the shareholder to be the direct owner of a proportion of the financial instruments and cash held in the Fund. The tax treatment of any capital gain or income from owning Fund shares depends on the tax provisions specific to the investor s own particular circumstances and/or on the tax provisions in the country where the investor resides. Investors should seek professional financial advice. Switching from one unit class to another equates to a sale and may be subject to capital gains tax. 2.2 Special Provisions ISIN codes of the share classes: I class: Accumulation FR N class: Accumulation FR Classification: "International Equities" UCITS Investment objective: The Fund is a feeder fund of the Groupama Europe Stock UCITS. Its investment objective is the same as its master fund, namely to outperform its benchmark, the MSCI Europe closing price (net dividends reinvested). ASTORG ACTIONS EUROPE 3/12 Detailed memorandum / publication date 20/08/2012

8 The Fund s performance may be lower than that of its master fund, Groupama Europe Stock, due to its own management fees. Benchmark index: The benchmark is the MSCI Europe index closing price (net dividends reinvested) defined by Morgan Stanley Capital International. This index is composed of approximately 600 securities representing the principal listed European companies. The benchmark calculation takes into account the market capitalisation of the companies, as well as their public float. This index is only a point of reference, and the manager does not seek to correlate with it precisely, although the behavioural profiles of the portfolio and the index are generally comparable. As such, the performance of the index may be different from that of the Fund. However, the market risk of the Fund is similar to that of the benchmark. Investment Strategy The SICAV is a feeder fund of the Groupama Europe Stock fund. The SICAV s assets are entirely made up of M units of the Groupama Europe Stock fund at all times. Recap of the master fund s investment objective: The Fund's investment objective is to outperform its benchmark, the MSCI Europe closing price (net dividends reinvested). Recap of the master fund s investment rules Description of the strategies used Portfolio composition strategy: In selecting securities for the portfolio, the manager applies a dual top-down and bottom-up approach. Top-down: fund managers start from the macroeconomic fundamentals of each country (i.e. unemployment rate, inflation level, GDP growth and interest rates) and progressively work down to the level of individual securities, having studied beforehand the potential of each economic sector. Bottom-up: this is a progressively upward approach that starts by examining the intrinsic qualities of a company and its valuation. It then analyses the economic outlook of the sector in which each company operates as well as the fundamentals of the country or economic region in which the company operates. Each approach produces an identifiable source of profit or return, to which must be added the ideal time to invest, referred to as market timing. To profit from market movements, the Fund balances these two approaches as much as possible but does not structurally favour either one in principle. These two approaches combine to construct the portfolio. These approaches activate the various other value-adding services covering economic analysis, financial planning, financial analysis, and management. The Fund's performance is driven by both the country and sector allocation as well as the stock selection. To a lesser degree, liquidity management may also contribute to this added value. Lastly, in managing the Fund, although equities are the preferred financial instruments, we may also use, on a marginal basis, derivatives whose underlying assets are closely tied to the assets in the portfolio or to assets that the manager wishes to bring into the portfolio. Although the manager does not exclude investment outside of the European market, the majority of investments are European. The portfolio may be frequently invested exclusively in European securities that represent the greater part of the benchmark index. Management style: The Fund adopts an active management style whereby risk is regularly and rigorously monitored as it seeks to outperform its benchmark. Equity Markets: In terms of portfolio management, the equity markets of the European Union constitute the preferred investment universe. In fact, at least 75% of the Fund's assets are invested in markets whose issuers are based in a country of the European Union. ASTORG ACTIONS EUROPE 4/12 Detailed memorandum / publication date 20/08/2012

9 The remainder may be invested in the European economic area (including Switzerland, Denmark, etc.). The minimum equity risk exposure is 75% of the Fund's net assets. Company size is not a stock selection principle. In line with the securities represented in the benchmark indicator, the manager does not invest solely in large-capitalization companies (such as those comprising the Europe Stoxx 50), although they remain preponderant in the portfolio, but also in medium-sized companies. The relative weighting of large-cap companies versus medium-cap companies is not fixed but varies according to market opportunities and the relative valuations of the various securities. UCITS units or shares: Up to 10% of the Fund may be invested in the shares or units of other UCITS. The following UCITS may be used: "French equities", "Eurozone equities", European Union country equities, and coordinated French or European Money market UCITS, or similar funds. Money market UCITS will be used to optimise the Fund's cash management. Trackers (listed index entities) may be used. Derivatives Derivatives are used to a limited extent and have only a slight impact on performance and investment risk. However, they may be used from time to time to support the Fund's investment strategy while slightly improving performance. They are used occasionally to maximise performance. Types of markets targeted: The Fund may trade in all types of derivatives markets: Regulated markets Organised markets Over-the-counter markets Risks in which the manager intends to trade: The manager will trade in: Equity risk (exposure and hedging) Exchange rate risk (exposure and hedging) Types of trades: The manager will buy or sell derivatives for the purpose of: Hedging Exposure Types of derivatives used: The manager may trade in particular in: Options: agreement between two parties by which one gives the other the right to purchase from him/her (i.e. a buy or call option) or sell to him/her (i.e. a sell or put option) a financial asset subject to the payment or receipt of a sum of money (the option price): Sales of covered calls to capitalise on positions held in equities. Sales of puts covered by cash or cash equivalents corresponding to the securities that the manager wishes to acquire. Swaps (a financial flow exchange agreement between two entities over a given period). They many be used occasionally for the same purpose as options. Purchases or sales of index futures to temporarily manage the overall exposure of the portfolio. ASTORG ACTIONS EUROPE 5/12 Detailed memorandum / publication date 20/08/2012

10 Currency futures (sales or purchases). Derivatives transactions are subject to a maximum commitment of 100% of the Fund s assets. Deposits: Up to 10% of the Fund's net assets may be in the form of deposits at a credit institution based in a Member State of the European Union or the European Economic Area, with a term of less than 12 months, as a store of cash to be used as needed. Cash borrowings: On an exceptional basis, with the aim of investing in anticipation of a market rise or on a temporary basis as part of managing large redemptions, the Manager may borrow cash in an amount up to 10% of the Fund s assets from the custodian, Caceis Bank France. Temporary purchases and sales of securities: The Fund does not anticipate leveraging as a structural approach. Securities lending is no longer envisaged. From time to time, equity exposure may slightly exceed 100% and create a negative cash position. This type of unusual situation would be short-lived, and direct equity exposure will not exceed 110%. Reverse repurchase agreements may be entered into for cash management purposes. Risk profile The risk profile of the feeder SICAV is the same as the risk profile of the master fund, Groupama Europe Stock, as defined below: The performance of the feeder SICAV will be the same as the master s less the management fees of the feeder fund. The net performance may consequently be lower than the benchmark indicator MSCI Europe close (net dividends reinvested). Recap of the master fund s investment profile Capital risk: Investors will be exposed to the risk of losing their invested capital, since the Fund does not offer a capital guarantee. Equity risk: The UCITS is principally subject to equity market risk, as more than 75% of the Fund is invested in European equities. The value of an investment and the income from it may go up as well as down and investors may not recover the capital initially invested in the company. The value of the portfolio may be impacted by external factors such as political and economic developments or political changes in certain governments. Use of derivative financial instruments: Using derivatives may increase or decrease the volatility of the Fund by respectively increasing or decreasing its exposure. However, the Fund s volatility should remain relatively close to its benchmark index, although it may vary from time to time. Exchange rate risk: Exchange rate risk exists because the SICAV trades in countries outside the eurozone, which means it is exposed to the risk of changes in the British pound, the Swiss franc, the Swedish krona, and the Danish or Norwegian krone. Non-eurozone countries currently represent approximately half of the benchmark. This relative weighting may change in line with fluctuations in stock market prices and exchange rates. Credit risk This refers to the default risk of a counterparty, causing it to default on payment. It is limited to the cash segment and will not exceed 10% of the net assets. ASTORG ACTIONS EUROPE 6/12 Detailed memorandum / publication date 20/08/2012

11 Counterparty risk: Counterparty risk consists of assessing the risks for an entity in terms of its commitments with regard to a counterparty. This refers therefore to the default risk of a counterparty, causing it to default on payment. In accordance with regulations, this risk may not exceed 10% of net assets per counterparty. Volatility of the net asset value: The Fund s volatility is similar to that of European equity markets, which are the main investment basis. Relative risk: Relative risk exists in relation to equity risk and the risk of net asset value volatility. As the manager seeks to outperform the benchmark index, he/she may construct room for manoeuvre that may lead to performance that varies significantly from that of the benchmark and therefore underperformance cannot be excluded. Liquidity risk: Liquidity risk is minimal due to the use of liquid instruments. Liquidity restriction: Liquidity risk is minimal due to the use of liquid instruments. If markets fail or shut, force majeure may be invoked to justify liquidity restrictions. Eligible subscribers and typical investor profile: The Fund is open to all subscribers. The recommended investment term is more than five years. The ASTORG ACTIONS EUROPE SICAV is aimed at investors seeking to enhance their savings by investing in the equity markets of the European Community. Investors should have an aggressive approach to equity investment. Proportion suitable for investment in the UCITS: All equity investments may be subject to significant fluctuations. The amount that might reasonably be invested in the ASTORG ACTIONS EUROPE SICAV should be determined with reference to the investor's personal situation. To determine this, investors should take into consideration their personal wealth, their needs at the present time and over the next five years, and the level of risk they are willing to accept. Investors are also recommended to sufficiently diversify their investments to prevent complete exposure to the inherent risks of the Fund. Investors accepting only slight risk will have less than 30% of their total portfolio exposed to equities, investors seeking a compromise between risk and performance will have approximately 50% of their total portfolio exposed to equities, and investors seeking maximum performance combined with risk will have up to 70% or more of their total portfolio exposed to equities. Investment diversification: this should be achieved by investing in different classes of assets (money market instruments, bonds and equities), and in different sectors and geographical regions so as to spread risks more effectively and optimise portfolio management by taking market trends into account. Income calculation and appropriation methods This is a multi-class Fund: I class: Accumulation N class: Accumulation Characteristics of shares: Initial net asset value of each share: I class: 152,45 N class: 500. ASTORG ACTIONS EUROPE 7/12 Detailed memorandum / publication date 20/08/2012

12 Currency of expression of shares: Euro. Fractioning: split into ten-thousandths of shares. Subscription and redemption procedures: Subscription and redemption requests are cleared daily until 10 a.m. by Groupama Banque. They are executed on an unknown net asset value basis with settlement on D+3. The Fund s net asset value is calculated every trading day except for official French public holidays. The reference calendar is that of the Paris Stock Exchange. Fractioning: Subscriptions and redemptions may be made in ten-thousandths of a unit. The net asset value may be obtained from the offices of Groupama Asset Management. Fees and commissions: Subscription and redemption fees: Subscription fees increase the subscription price paid by the investor, while redemption fees decrease the redemption price. Fees paid to the Fund are used to compensate the Fund for the expenses incurred in the investment or divestment of the Fund s assets. The remaining fees accrue to the management company, distributor, etc. Charges borne by the investor, collected at the time of subscription or redemption Base Rate Subscription fees not accruing to the Fund* Net asset value x Number of units or shares Maximum rate: 2.75% (returned in full to third parties) Subscription fees accruing to the Fund Net asset value x Number of units or shares None Redemption fees not accruing to the Fund* Net asset value x Number of units or shares None Net asset value x Redemption fees accruing to the Fund Number of units or shares (*) Bank charges of up to 50 per transaction are added to these fees in Italy. None Operating and management fees: These fees include all those charged directly to the Fund, except for transaction charges. Transaction charges include intermediary fees (e.g. brokerage fees, stock market taxes, etc.) and the transaction fee, if any, that may be charged, notably by the custodian and the management company. The following fees may be charged in addition to the operating and management fees: Outperformance commissions. These reward the management company if the Fund's performance exceeds its objectives. They are therefore charged to the Fund; Transaction fees charged to the Fund; A portion of the income from transactions involving the temporary purchase and sale of securities. Regarding ongoing charges invoiced to the Fund, please refer to the Charges Section of the Key Investor Information Document (KIID) ASTORG ACTIONS EUROPE 8/12 Detailed memorandum / publication date 20/08/2012

13 I class: Fees charged to the UCITS Base Rate Management fees including external management fees (statutory auditor, custodian, distribution, lawyers) Net assets Maximum rate 0.40% (taxes included)* Maximum indirect fees (commissions and management fees) Maximum rate 0.60% (taxes included)* Outperformance commission Net assets None Transaction fee accruing to Groupama Banque Transaction fee accruing to the management company *In accordance with the current VAT rate Deducted from each transaction Deducted from each transaction Eurozone securities: (taxes included) Non-eurozone securities: (taxes included) By type of instrument (taxes included): Equities and similar: maximum 0.07% Bonds and similar: maximum 0.01% Futures and options: maximum 1 per lot N class: Fees charged to the UCITS Base Rate Management fees including external management fees (statutory auditor, custodian, distribution, lawyers) Net assets Maximum rate: 1.40% (taxes included)* Maximum indirect fees (commissions and management fees) Maximum rate 0.60% (taxes included)* Outperformance commission Net assets None Transaction fee accruing to Groupama Banque Transaction fee accruing to the management company *In accordance with the current VAT rate Deducted from each transaction Deducted from each transaction Eurozone securities: (taxes included) Non-eurozone securities: (taxes included) By type of instrument (taxes included): Equities and similar: maximum 0.07% Bonds and similar: maximum 0.01% Futures and options: maximum 1 per lot Income from transactions involving the temporary purchase and sales of securities accrues to the Fund. ASTORG ACTIONS EUROPE 9/12 Detailed memorandum / publication date 20/08/2012

14 Groupama Asset Management does not receive any commission in kind from intermediaries (in accordance with current regulations). Recap of subscription and redemption fees applicable to the master fund (Groupama Europe Stock). Subscription fees increase the subscription price paid by the investor, while redemption fees decrease the redemption price. Fees paid to the Fund are used to compensate the Fund for the expenses for investment or divestment of the Fund s assets. The remaining fees accrue to the management company, distributor, etc. I, N and M classes: Charges borne by the investor, collected at the time of subscription or redemption Base Rate Subscription fees not accruing to the Fund* Net asset value x Number of units or shares Maximum rate: 2.75% Subscription fees accruing to the Fund Redemption fees not accruing to the Fund* Redemption fees accruing to the Fund Net asset value x Number of units or shares Net asset value x Number of units or shares Net asset value x Number of units or shares None None None (*) Bank charges of up to 50 per transaction are added to these fees in Italy. Recap of operating and management fees applicable to the master fund (Groupama Europe Stock). M Class Fees charged to the UCITS Base Rate Management fees including external management fees (statutory auditor, custodian, distribution, lawyers) Net assets Maximum rate 0.60% (taxes included)** Maximum indirect fees (commissions and management fees) None* Outperformance commission Net assets None Transaction fee accruing to Groupama Banque Transaction fee accruing to the management company Deducted from each transaction Deducted from each transaction Eurozone securities: (taxes included) Non-eurozone securities: (taxes included) By type of instrument (taxes included): Equities and similar: maximum 0.1% Bonds and similar: maximum 0.03% Futures and options: maximum 1 per lot ASTORG ACTIONS EUROPE 10/12 Detailed memorandum / publication date 20/08/2012

15 *Not significant, the UCITS held in the portfolio are below 20%. *In accordance with the current VAT rate Selection of intermediaries: Managers have a list of authorised brokers. A Broker Committee meets every six months to assess managers evaluations of brokers and the entire value-adding chain covering analysts, middle office etc., and to justify the inclusion of new brokers and/or the exclusion of others. Based on their expertise, each manager reports in terms of the following criteria: Quality of price execution Liquidity offered Quality of research Broker's longevity Quality of analysis, etc. Tax system: Note: depending on your tax system, capital gains and income resulting from ownership of the Fund s shares may be subject to tax. We recommend that you seek advice on this subject from your tax advisor. The Fund is eligible for PEA (personal equity savings plans) for individual investors. Switching from one unit class to another equates to a sale and may be subject to capital gains tax. 3 COMMERCIAL INFORMATION All information relating to the ASTORG ACTIONS EUROPE SICAV may be obtained by writing to: Groupama Asset Management 58 bis Rue La Boétie Paris France, or by going to the website: http// The net asset value of the Fund is available on the website: The latest annual and interim documents are available to unitholders by writing to: Groupama Asset Management 58 bis Rue La Boétie Paris - France Subscription and redemption requests are cleared by Groupama Banque at the following address: Groupama Banque 67 Rue Robespierre Montreuil Cedex France 4 INVESTMENT RULES The SICAV is fully invested in the master fund. 5 ASSET VALUATION AND ACCOUNTING RULES The Fund complies with the accounting rules prescribed by current regulations, in particular those applying to UCITS. Since 1 January 1999, the accounting currency has been the euro. ASTORG ACTIONS EUROPE 11/12 Detailed memorandum / publication date 20/08/2012

16 ASTORG ACTIONS EUROPE Société d Investissement à Capital Variable SICAV (Open-end Investment Fund) Registered Office: 58 bis, Rue La Boétie Paris - France RCS PARIS Updated following the Combined General Meeting of 1 February 2010 ARTICLES OF ASSOCIATION

17 Article 1 Form PART 1 FORM, OBJECT, NAME, REGISTERED OFFICE, TERM A variable-capital open-ended investment company (Société d Investissement à Capital Variable or SICAV) has been formed between the shareholders created hereunder and those that will be subsequently created, governed in particular by the provisions of the French commercial Code (Code de Commerce) relating to commercial companies (Book II Part II Chapters V and VI), by the French Monetary and Financial Code (Code monétaire et financier) (Book II Part I Chapter IV), their implementation orders and subsequent texts, and by these articles of association. Upon decision by the Board of Directors, the SICAV may issue various classes of shares representing assets allocated to various separate subfunds. Article 2 Object The object of the Company is the creation and management of a portfolio of financial instruments and deposits. Article 3 Name The name of the Company is Astorg Actions Europe followed by the words "Société d'investissement à Capital Variable" with or without the term "SICAV". Article 4 Registered office The registered office is 58 bis Rue La Boétie, Paris, France, as of 1 April It may be moved to any other place in the same département or in an adjoining département, by simple decision of the Board of Directors, subject to approval by the next ordinary general meeting of shareholders, and to any other place pursuant to an extraordinary decision of the shareholders, subject to current legislation. Article 5 Term The term of the Company is 99 years from the day it was registered in the Trade and Companies Register, unless the Company is dissolved early or extended in accordance with these articles of association. PART 2 CAPITAL, CHANGES IN CAPITAL, CHARACTERISTICS OF SHARES Article 6 Share capital

18 The Company s initial share capital is FF172,001,000 (26,221, euros) divided into 172,001 fully paid-up shares. It has been fully constituted by the payment of cash. If the SICAV is transformed into a UCITS with subfunds, classes of shares will be issued representing the assets allocated to each subfund. In such a case, the provisions of these articles of association which apply to shares shall also apply to the share classes. The Board of Directors of the SICAV may decide to issue various classes of shares whose characteristics and eligibility conditions shall be specified in the detailed memorandum of the SICAV. The various share classes may: - be subject to different regimes of income distribution; - be denominated in different currencies; - be charged for different management fees; - be charged for different subscription and redemption fees; - have different nominal values. An extraordinary general meeting may combine or divide the shares upon recommendation from the Board of Directors. Upon decision of the Board of Directors, shares may be fractioned into tenths, hundredths, thousandths or ten-thousandths, which shall be called share fractions. The provisions of the articles of association governing the issue and redemption of shares are applicable to share fractions; the value of a share fraction shall always be proportional to the value of the share that it represents. All other provisions of the articles of association relating to shares also apply to share fractions without the need to so specify, unless stated otherwise. Article 7 Change in share capital The amount of capital may be increased by the issue of new shares by the Company and reduced by redemptions of existing shares by the Company to or from shareholders who so request. The amount of the capital is, at any time, equal to the value of the net assets of the Company, including capitalisable amounts as defined in Article 27 below. Article 8 Issues and redemptions of shares The Fund may issue shares and units at any time on request from shareholders based on their net asset value plus any subscription fee. Redemptions and subscriptions are conducted under the conditions and according to the procedures set out in the detailed memorandum. All new share subscriptions must be fully paid up to be valid, and the newly issued shares enjoy the same rights as existing shares from the day that they are issued. Pursuant to Article L of the French Monetary and Financial Code, company redemptions of its shares and the issue of new shares, may be suspended on a temporary basis by the Board of Directors when exceptional circumstances and the interests of shareholders so require.

19 When the net assets of the SICAV (or of the subfund, as the case may be) are less than the amount set by regulations, no shares may be redeemed (in the subfund concerned, as the case may be). The Board of Directors of the SICAV can decide minimum subscription terms, in accordance with the methods set out in the detailed memorandum. The Board of Directors of the SICAV can decide that the Fund shall cease issuing shares pursuant to Article L paragraph 2 of the French Monetary and Financial Code in the following cases: - The Fund is aimed at no more than 20 shareholders. - The Fund is aimed at a class of investors whose characteristics are precisely defined in the Fund s full prospectus. - In objective situations that require a halt to new subscriptions, such as a maximum number of units or shares having been reached, a maximum asset value having been reached, or the expiry of a fixed subscription period. Such objective situations are defined in the Fund s detailed memorandum. Article 9 Calculation of net asset value Net asset value is calculated in accordance with the rules set out in the detailed memorandum of the full prospectus. In addition, an indicative spot net asset value is calculated by Euronext in the event that it is admitted for listing. Capital contributions in kind can only be securities, stocks or contracts that are eligible to be Fund assets, and they are valued in accordance with the same rules that apply to the calculation of the net asset value. Article 10 Types of shares Shares may be registered or bearer shares, the subscriber being free to choose the type. Pursuant to Article L of the French Monetary and Financial Code and Decree No of 2 May 1983 relating to transferable securities, the shares must be listed in accounts held either by the issuer or by an authorised intermediary. Shareholders rights are represented by the corresponding entry in the account in their name: with the intermediary of their choice for bearer shares, with the issuer and, if they so wish, with the intermediary of their choice for registered shares. The Company may at any time request, upon payment of a fee, EUROCLEAR France to provide the name, nationality and address of the shareholders of the SICAV, as well as the number of shares held by each shareholder. Article 11 - Listing Shares may be admitted for listing on a stock exchange in accordance with applicable regulations. In such a case, the SICAV is required to put in place a mechanism to ensure that its share price does not vary significantly from its net asset value. Article 12 Rights and obligations attached to shares

20 Each share confers a right of ownership in the Company s assets and a right to share in its profits, in proportion to the proportion of the Company's capital that the share represents. The rights and obligations attached to a share follow the share, to whomsoever it passes. Any time that it is necessary to hold more than one share to exercise a right of any kind, in particular in the case of an exchange between or grouping of separate shareholders, or to make up a required number, the shareholder wishing to exercise the right is solely responsible for grouping or potentially buying or selling the necessary shares. Upon decision of the Board of Directors, the SICAV may be transformed into a feeder fund. In such a case, the shareholders of the feeder fund are entitled to the same information as if they were shareholders or unitholders in the parent fund (see Article 10 of COB Regulation 89-02). Article 13 Indivisibility of shares All joint holders or beneficiaries of a share must agree on and be represented to the Company by only one named person, failing which the presiding judge of the commercial court for the registered office will name the representative. Owners of fractions of shares can combine. If this is the case, they must be represented in accordance with the conditions set out in the paragraph above by only one named person who will exercise, for each group, the rights attached to the ownership of an entire share. PART 3 COMPANY ADMINISTRATION AND MANAGEMENT Article 14 Administration The Company is governed by a Board of Directors composed of a minimum of three members and a maximum of eighteen members, appointed by the General Meeting of Shareholders, who are under the age of 75 on the date of their appointment, whether they are acting as directors on a personal basis or are acting as the permanent representatives of legal entities. Over the term of the Company, the directors are appointed or have their mandates renewed by an ordinary general meeting of shareholders. Directors may be individuals or legal entities. If a legal entity is appointed as director, it must designate a permanent representative who shall be subject to the same terms and obligations and who shall bear the same civil and criminal liability as if he were a member of the Board of Directors in his own name, without prejudice to the liability of the legal entity that he represents. This mandate to represent a legal entity shall run for the term of the mandate of the legal entity that he represents. If the legal entity revokes its representative s mandate, it must notify the SICAV immediately by registered letter of the revocation and the identity of its new permanent representative. The same applies in the case of death, resignation or prolonged inability of the permanent representative. Article 15 Duration of board member mandates Renewal of the Board