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15 JULY 2014
OMS EUROPE SRI
SRI process and assessment
CONTENTS
• SRI policy
• Exclusion policy
And, for each of the mandates:
• SRI analysis and selection process
• Monitoring portfolio SRI quality
• Engagement activities
• Portfolio details as of 30/06/2014
15 JULY 2014 - OMS EUROPE SRI - SRI PROCESS AND ASSESSMENT
2
SRI POLICY OF THE OMS EUROPE SRI FUND
● OMS Europe SRI has investments in European equities. The fund consists of 3 management
mandates delegated to partners with complementary SRI management styles: Kempen Capital
Management ("Best in Class", small and mid caps), OFI Asset Management ("Best in Class"
large caps), De Pury Pictet Turrettini & Co ("Active Engagement" large caps).
● All securities selected are analysed and assessed in accordance with ESG criteria. To be
selected, the securities must comply with the principles of the UN Global Compact and with
international standards for Human Rights and the Environment. Furthermore, they must not be
involved in activities that are contrary to the fund's exclusion principles as set out in the
document under "Exclusion Policy".
● The 3 mandates:
• Integrate ESG within their investment decisions in accordance with the first principle of the PRI, of which
they are a signatory. A full description of the ESG integration process is available in the document "Code of
Transparency" available on the ofi-am.fr website under "Documentation";
• Apply exclusion criteria as set out on the following page;
• Apply a policy of active engagement which constitutes an essential element of the analytical process.
3
EXCLUSION POLICY OF THE OMS EUROPE SRI FUND
● Excluded from all three mandates are:
• Companies involved in the following activities:
−
−
−
−
−
−
−
Arms and munitions
Gambling
Alcoholic beverages (excluding beer and wine)
Pornography
Tobacco
Nuclear
Pesticides subject to certain prohibitions
−
−
−
−
Pesticides subject to certain prohibitions
GMOs
Racist or antidemocratic media
Products from forests not subject to sustainable
management
− Severe environmental damage
− Harm to endangered species
• Also excluded are companies that make use of:
− Forced labour, human trafficking, child labour as per the ILO definition
− Illegal activities in countries where they are practised.
● The detailed exclusion policy of the fund is available on the www.ofi-am.fr website in the
"Products" tab, followed by "OMS Europe SRI".
● The aforementioned exclusion criteria are common to all three mandates. Each fund manager
reserves the right to apply additional exclusion criteria to those set out in the OMS Europe SRI
exclusion policy.
4
Mandate managed by
KEMPEN CAPITAL MANAGEMENT
MAIN FEATURES OF THE MANDATE
MANDATE COVERING 38% OF THE ASSETS
AT 30/06/14
● Independent management company
created in 1991, a subsidiary of the Dutch
investment bank Kempen & Co
● SRI approach "Best in Class" for European
small and mid caps
● Bottom-up process combining fundamental
analysis of the securities and analysis
based on ESG criteria by ACTIAM – an
independent Dutch company specialising
in ESG analysis
6
MANDATE SRI PROCESS
● Company ESG Assessment
INTEREST
EXPRESSED
BY AN ANALYST
STUDY BY THE ESG
ANALYSIS TEAM
•
Major financial
assessment
•
Annual report,
website
•
Fund manager
meetings with the
company
•
Information
requested from the
company
RESULTS SENT
TO ACTIAM
FOR VALIDATION
DIALOGUE WITH
THE COMPANY
•
Dialogue:
•
with analysts about
weaknesses
•
with fund managers
about critical areas
•
DIALOGUE WITH
THE COMPANY
ACTIAM validates
the research carried
out by Kempen
ACTIAM determines
the status of the
company
ESG analysts:
•
Suggest areas
for improvement
•
Hold discussions
with fund managers
POST-VALIDATION
BY ACTIAM
•
ACTIAM assesses
the company's ESG
improvement efforts
● Definition of the Investment universe
~337 COMPANIES EXCLUDED
ESG ANALYSIS
~897 COMPANIES OF INTEREST FROM THE FINANCIAL POINT OF VIEW
DUE TO THEIR BUSINESS ACTIVITIES OR THE WEAKNESS
OF THEIR ESG ASSESSMENT
INVESTMENT UNIVERSE
~396 COMPANIES
7
MANDATE SRI QUALITY MONITORING
SRI CLASSIFICATION OF THE COMPANIES IN
THE UNIVERSE ANALYSED AND OF THE MANDATE
COMPANY CLASSIFICATION
IN PARTNERSHIP WITH ACTIAM
AT 30/06/2014
● Pass status: companies with advanced
CSR practices
80%
● Provisional status: companies only
partially meeting the highest CSR
standards, included in the investment
universe for a period of one year and with
which active engagement has commenced
60%
Univers
Mandat
75%
49%
46%
40%
23%
20%
● Fail status: companies with an
unsatisfactory level of CSR practices or
with controversial business activities
0%
5%
0%
Fail
Provisionnal
Pass
Source:
● 100% of securities held directly are subjected to ESG analysis
● More information on the website: www.kempen.nl
8
ENGAGEMENT ACTIVITIES
● An example of subject-oriented engagement: Palm Oil since 2009
● Action has been taken with companies such as:
Jardine Matheson Holdings Limited and Astra International
● Progress has been made, notably through environmental impact studies including biodiversity
and dialogue with local populations.
● In general terms, producers are becoming more involved by promoting sustainable palm oil
and some companies are commencing the certification process - Roundtable on Sustainable
Palm Oil (RSPO) or Indonesian Sustainable Palm Oil (ISPO), for example.
● Main areas of focus for forthcoming engagement activities:
• Improvement in transparency, notably regarding medium-term and long-term impact reduction objectives
and in terms of progress reporting and the adoption of GRI reporting standards
• The formal adoption of policies regarding compliance with environmental standards and the rights of local
populations
• Improving dialogue with stakeholders, notably the resolution of any conflicts with local populations
• Participation in sector-specific certification initiatives
● More information at: http://www.kempen.nl/asset_management.aspx?id=25151
9
PORTFOLIO DETAILS
● Mandate managed by KEMPEN CAPITAL MANAGEMENT (at 30/06/2014): 38% of assets
COMPANY
% OF ASSETS
COMPANY
% OF ASSETS
ASHTEAD GROUP PLC
1.00%
LEM HOLDING SA
0.84%
AXEL SPRINGER AG
1.43%
MEKONOMEN AB
0.65%
AXFOOD AB
0.01%
NOBIA AB
0.55%
BANCA IFIS SPA
0.94%
OPERA SOFTWARE ASA
2.02%
BELIMO HOLDING AG
0.50%
PKC GROUP OYJ
0.69%
COMPUGROUP HOLDING AG
1.03%
POSTNL
1.02%
CONSTRUCC Y AUX DE FERROCARR
1.62%
RIETER HOLDING AG
1.40%
DIGNITY PLC
1.84%
1.07%
ROTORK PLC
DOMINO PRINTING SCIENCES PLC
0.90%
DUERR AG
1.17%
STAGECOACH GROUP PLC
1.03%
DUNELM GROUP LTD-W/I
2.06%
TAKKT AG
0.96%
ELEKTA AB
1.21%
TECAN GROUP AG
1.14%
HUHTAMAKI VAN LEER OYJ
2.05%
TGS NOPEC GEOPHYSICAL CO ASA
0.02%
IMPLENIA AG
1.54%
TOM TAILOR HOLDING AG
1.00%
INGENICO
1.06%
TRYGVESTA AS
0.65%
KCOM GROUP PLC
0.86%
VALEO SA
2.07%
KONINKLIJKE BAM GROEP NV
0.95%
VISCOFAN SA
1.15%
KRONES AG
1.18%
LIQUIDITIES
0.87%
10
Mandate managed by
OFI ASSET MANAGEMENT
MANDATE COVERING 26% OF TOTAL ASSETS
AT 30/06/14
● The OFI Group has a 15-year track record
in responsible investment
● SRI approach "Best in Class" for European
large caps (Eurostoxx index)
● Non-financial analysis carried out by an
internal team of 5 analysts, based on
multiple external information sources
(MSCI, Vigéo, etc.)
12
THE FUNDAMENTALS
OF OFI GROUP SRI ANALYSIS
● Our conviction: issuers integrating sustainable development issues within their strategy offer
better long-term prospects
● SRI analysis complements traditional financial analysis by including non-financial risks which
may have an impact on issuers' results
● The integration of sustainable development issues within their strategy can support issuers'
development
ENVIRONMENT
SOCIAL
IDENTIFICATION
OF AREAS OF RISK
GOVERNANCE
STRATEGY
ISSUER ESG QUALITY
INTEGRATION OF SUSTAINABLE
DEVELOPMENT ISSUES
13
ESG ANALYSIS METHODOLOGY
● 3-Stage ESG analysis methodology
1
Identification of the Environmental, Social and Governance issues based on reference
documents (e.g. Universal Declaration of Human Rights, UN Global Compact, ILO, etc.)
2
Determination of sector-specific key issues
3
Issue management analysis by the company
● On completion of this phase, an ESG score out of 10 is allotted to the company
14
ANALYSIS PROCESS,
CALCULATION OF ESG SCORE
SECTOR REFERENCE
ISSUER EVALUATION
Calculation of ESG score
from the key issue scores
for each issuer
Construction
of a sector reference document
of key issues and weightings
ESG SCORE
BY ISSUER
(OUT OF 10)
Inclusion of qualitative elements
• Controversies
• Analysis of CSR management
15
SRI SCORE BY ISSUER
COMPANY CLASSIFICATION
● "Best-In-Class" classification of issuers according to their ESG score
● Calculation of an SRI Score reflecting the classification on a scale of 0 to 5
● Companies divided into SRI categories within the Eurostoxx index
LEADERS
Companies most advanced in the inclusion of ESG issues
PARTICIPANTS
Companies actively incorporating ESG issues
FOLLOWERS
Companies with an average level of ESG issue management
UNCERTAIN
Companies with a low level of ESG issue management
UNDER SURVEILLANCE
Companies lagging behind as far as ESG issue management is concerned (at least 15% of the
companies in the investment universe) these companies are excluded from the investable
universe
16
SRI SELECTION PROCESS
MANDATE MANAGED BY OFI AM
EUROSTOXX SRI CATEGORIES IN %
OF THE NUMBER OF COMPANIES
UNIVERSE OF EQUITIES
ON THE EUROSTOXX INDEX
AROUND 290 SECURITIES
SRI FILTER
EXCLUSION OF CONTROVERSIAL ACTIVITIES
In accordance with fund policy
STAGE 1
FINANCIAL ANALYSIS
NON-FINANCIAL ANALYSIS
FINANCIAL ASSESSMENT
Exclusion of at least 15% of the companies
most lagging behind in their sector
ESG ASSESSMENT
Leaders
Participants
Followers
SECURITY SELECTION
DECISION-MAKING MATRIX
PORTFOLIO CONSTRUCTION
MANDATE MANAGED BY OFI AM
22%
Uncertain
20%
Participant
15%
Under
surveillance
19%
Follower
++
+
0
Max weighting/ security
5%
3%
1.5%
1%
0.8% 0.6% 0.5%
• Leaders: Companies most advanced in the inclusion of ESG issues
• Participants: ESG issues actively incorporated
• Followers: ESG issues moderately managed
• Uncertain: ESG issues poorly managed
STAGE 3
Leader
Uncertain
Company classifications:
STAGE 2
24%
Tracking error <5%
Maximum sector variance vs index: 20%
CONTROL OR RISK
Position monitoring and control of risks
by an independent Risk Management team
Within the framework of its fund management
objectives, the mandate incorporates the result
of the SRI analysis at two levels:
• At least 15% of the companies most lagging
behind in terms of CSR risk management
are excluded from the investment universe
(SRI category "Under surveillance")
• The maximum investment in a company
depends on its SRI category and financial
assessment as per the investment matrix
opposite
• Finally, 100% of the companies in the
portfolio must be analysed.
17
SRI ANALYSIS OF THE MANDATE
AND OF THE EUROSTOXX INDEX
MANDATE MANAGED BY OFI AM AND EUROSTOXX INDEX
AT 30/06/2014
50%
Eurostoxx
Mandat
42%
% OF ASSETS
40%
30%
26%
18%
20%
21%
22%
25%
24%
12%
10%
10%
0%
0%
Under surveillance
Uncertain
Follower
Participant
Leader
Source:
18
● Main focus of engagement: CSR management tools
• Every two years, we investigate large companies with the objective of establishing the precise means by
which they effectively perform their obligations of social responsibility. A genuine strategic desire is
meaningless without an associated process involving the main decision-making bodies or in the absence of
the provision of suitable resources for collecting and monitoring the essential data. Through questioning
and the critical analysis of results, we are able to enhance our appreciation of the reality of companies'
stated aims beyond their Sustainable Development reports, which are frequently simply an exercise in
communication. We inform companies of the results in order to enable them to place themselves relative to
their peers and to provide them with a potential benchmark against which they can instigate or complete an
improvement initiative.
• This assessment is carried out via a questionnaire broken down into four main areas:
−
−
−
−
Organisation of CSR within the entity: level of commitment, tools deployed, scope, etc.
Anticipated costs and benefits
CSR strategy implementation monitoring tools
Existence of variable remuneration associated with CSR criteria
● The results of the engagement are integrated within the company's ESG assessment in the
form of a bonus of between 0.25 to 1 added to the company's ESG score (out of 10)
19
PORTFOLIO DETAILS
● Mandate managed by OFI ASSET MANAGEMENT (at 30/06/2014): 26% of assets
COMPANY
ADIDAS AG
AIR LIQUIDE
ALLIANZ SE
AMER SPORTS OYJ
ARKEMA
AXA SA
BBVA
BANCO SANTANDER SA
BASF SE
BMW
BNP PARIBAS
CAP GEMINI SA
COMPAGNIE DE SAINT-GOBAIN
DANONE
DEUTSCHE BOERSE AG
DEUTSCHE POST AG
DEUTSCHE TELEKOM AG
ENEL GREEN POWER SPA
ENEL SPA
ESSILOR INTERNATIONAL
FRAPORT AG
Future DJ Euro Stoxx 50 SEPT14
GALP ENERGIA SGPS SA
GDF SUEZ
IBERDROLA SA
INBEV NV
INDITEX
ING GROEP NV
INTESA SANPAOLO
KBC GROEP NV
% OF ASSETS
0.22%
0.27%
0.77%
0.37%
0.30%
0.70%
1.18%
0.00%
0.91%
0.26%
0.67%
0.78%
0.15%
0.41%
0.14%
0.24%
0.25%
0.21%
0.28%
0.46%
0.38%
-0.01%
0.52%
0.21%
0.53%
0.76%
0.43%
0.41%
0.61%
0.52%
COMPANY
KONINKLIJKE DSM NV
LINDE AG
MICHELIN (CGDE)
MUENCHENER RUECKVER AG
OFI TRESOR ISR PART C
ORANGE
PHILIPS ELECTRONICS NV
PUBLICIS GROUPE
RENAULT SA
REPSOL SA
REXEL SA
SANOFI
SAP AG
SCHNEIDER ELECTRIC
SCOR SE
SES
SIEMENS AG
SMURFIT KAPPA GROUP PLC
SOCIETE GENERALE
SUEZ ENVIRONNEMENT SA
TECHNIP SA
TELEFONICA DEUTSCHLAND HOLDING
TELEFONICA SA
UNICREDIT SPA
UNILEVER NV
VALEO SA
VINCI SA
VOLKSWAGEN AG
LIQUIDITIES
% OF ASSETS
0.28%
0.69%
0.38%
0.35%
1.85%
0.28%
0.29%
0.22%
0.11%
0.32%
0.29%
0.91%
0.38%
0.31%
0.32%
0.22%
0.75%
0.19%
0.19%
0.31%
1.08%
0.42%
0.47%
0.21%
0.47%
0.54%
0.75%
0.34%
0.09%
20
Mandate managed by
DE PURY PICTET TURRETTINI & Cie SA
MANDATE COVERING 34% OF THE ASSETS
AT 30/06/14
● An independent company founded in 1996
● SRI approach "Active Engagement"
with European large caps in excess
of €5b capitalisation
● Original SRI approach via Fondation Guilé,
a mandate advisor, whose mission since 1997
has been to meet the challenges posed by the
issue of corporate ethics.
Fondation Guilé assesses companies' progress
in terms of the effective implementation of the
Global Compact and establishes dialogue with
the companies accordingly.
22
MANDATE SRI ANALYSIS PROCESS
● ESG analysis carried out by Fondation Guilé is based on compliance with the principles of the
Global Compact
● Reminder of the principles of the Global Compact
• Human rights
− Companies are invited to promote and protect international law relating to human rights within their sphere of
influence
− They must ensure that their own companies are not complicit in any infringement of human rights
• Labour law
− Companies are invited to respect freedom of association and to recognise the right to collective bargaining
 to eliminate of all forms of forced or compulsory labour
 to effectively abolish child labour
 to eliminate discrimination in employment and occupation
• Environment
− Companies are invited to apply a precautionary approach to environmental challenges
 to undertake initiatives to promote environmental responsibility
 to encourage the development and diffusion of environmentally friendly technologies
• Fight against corruption
− Companies are invited to work against corruption in all its forms, including extortion and bribery
23
MANDATE SRI ANALYSIS PROCESS
● Fondation Guilé assesses company performance in terms of the principles of the Global
Compact, in 2 stages:
1
Analysis of completeness of information
• This analysis aims to define the implementation of each principle throughout the management cycle
according to 8 criteria:
−
−
−
−
−
−
−
−
2
How does the company describe the importance of the principle?
To what extent has the company made a commitment vis-à-vis the principle?
How is the principle integrated within the company's strategy?
Are the objectives clearly defined?
Are the necessary measures correctly described?
What performance measurement indicators has the company identified?
Is a control system in place?
What is the impact of the measures taken?
Analysis of information quality
• This analysis aims to define whether or not the information provided by the company is credible. 6 criteria with varying weightings - are taken into account to judge the quality of the information provided:
− Accessibility
− Clarity
15%
15%
− Comparability
− Accuracy
10%
25%
− Reliability
− Rapidity
25%
10%
● The various analyses are subsequently used as a basis to establish dialogue with the
companies
24
MANDATE SRI QUALITY MONITORING
● Portfolio management is based on a medium to long-term strategy. The turnover rate of the
portfolio is very low
On average each company is retained in the portfolio for 4 years against a market average of around
2 years for all SRI funds
● The engagement approach is fully consistent with this type of management: all the companies
within the portfolio are subject to engagement over a minimum period of 3 years
The companies are the subject of a detailed analytical report, reviewed annually
● Divestment process on non-financial grounds
Fund managers may decide to sell their holdings in companies:
• With which dialogue is difficult or impossible
• Which continue to refuse to sign the Global Compact or to improve the adoption of its principles
• Which are at risk from the ESG issues they face, either generally or in response to major controversies
● Voting rights exercised for the entire portfolio
25
● Example of ESG assessment and engagement carried out by Fondation Guilé during Q2 2014:
● Vallourec: earlier publication of next year's COP*
• Vallourec has been in the GEEF portfolio since 2009. The company joined the UNGC in 2010. En 2014, Fondation
Guilé analysed the Vallourec COP for the fourth time. Four meetings have taken place to this date. The Guilé team
met a Vallourec representative in France to discuss the results of the analysis in detail.
• The Vallourec reporting system, which provides moderate coverage of the principles of the Global
Compact, is of good quality. The new responsible purchasing policy could be used as a code of conduct for
suppliers and replace previous documents. However, although the reporting system has been improved in
may areas, information about the fight against corruption lags behind. Furthermore, the COP is only
published in September, over 6 months after the close of the reporting period.
• The Vallourec representative was very open and showed great interest during the discussion about the
assessment results. He explained that the delay in the publication of the COP was due to constraints with
resources and that the problem would be solved in the future. He was also honest by stating the difficulties
he faces to further improve the company's CSR activities.
● More information on the website: www.ppt.ch
* COP: Communication On Progress for the Global Compact
26
PORTFOLIO DETAILS
● Mandate managed by DE PURY PICTET TURRETTINI & Cie SA (at 30/06/2014): 36% of assets
COMPANY
% OF ASSETS
COMPANY
% OF ASSETS
ABB LTD
0.57%
LINDE AG
1.02%
ARCELORMITTAL
0.67%
NESTLE SA-REG
1.16%
AXA SA
0.77%
NOVARTIS AG
1.22%
BBVA
0.92%
NOVO NORDISK A/S
1.30%
BMW
0.86%
PUBLICIS GROUPE
0.88%
BG GROUP PLC
0.83%
RECKITT BENCKISER GROUP PLC
0.96%
BNP PARIBAS
0.90%
ROYAL DUTCH SHELL PLC
0.96%
BP PLC
0.88%
SAP AG
0.90%
COLOPLAST-B
0.58%
COMPAGNIE DE SAINT-GOBAIN
1.08%
SCHNEIDER ELECTRIC
0.96%
COMPASS GROUP PLC
1.29%
SCOR SE
1.04%
CREDIT SUISSE GROUP AG
0.66%
SGS SA
0.86%
DANONE
1.12%
SOCIETE GENERALE
1.00%
ESSILOR INTERNATIONAL
1.13%
STANDARD CHARTERED PLC
0.72%
FRESENIUS MEDICAL CARE
0.62%
SWISS RE LTD
0.65%
GDF SUEZ
0.58%
TELEFONICA SA
0.67%
GEBERIT
0.91%
TOTAL SA
0.92%
HENNES ET MAURITZ AB
1.00%
UBS AG
0.92%
HOLCIM LTD
0.09%
UNICREDIT SPA
0.58%
HSBC HOLDINGS PLC
0.83%
VALLOUREC
0.63%
L OREAL
1.10%
LIQUIDITIES
0.97%
27
DOCUMENT D'INFORMATION NON CONTRACTUEL
DOCUMENT D'INFORMATION NON CONTRACTUEL
Le présent document ne vise que les :
- clients professionnels au sens de l'article D. 533-11 du Code monétaire et financier ;
Le
présent
document
ne vise
les : indépendants (CGPI) ;
- les
conseillers
en gestion
deque
patrimoine
- clients
professionnels
au sens de l'article
D. 533-11
dusens
Code
financier
;
les conseillers
en investissements
financiers
(CIF) au
demonétaire
l'article L.et
541-1
et suivants
du Code monétaire et financier.
- les conseillers en gestion de patrimoine indépendants (CGPI) ;
-Il les
conseillers
en investissements
financiers
sens de l'article
541-1 et pas
suivants
du Code les
monétaire
et financier.
n'est
pas destiné
à être remis à des
clients(CIF)
non au
professionnels
ne L.
possédant
l'expérience,
connaissances
et la
compétence nécessaires pour prendre leurs propres décisions d'investissement et évaluer correctement les risques
Il n'est pas destiné à être remis à des clients non professionnels ne possédant pas l'expérience, les connaissances et la
encourus.
compétence nécessaires pour prendre leurs propres décisions d'investissement et évaluer correctement les risques
encourus.
Les informations contenues dans ce document ne sauraient avoir une quelconque valeur contractuelle.
Seuls le prospectus complet de l’OPCVM et ses derniers états financiers font foi.
Les
informations
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ne sauraient
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Avant
d’envisagercontenues
toute souscription,
il est recommandé
deavoir
lire attentivement
le valeur
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prospectus et de consulter le
Seuls
prospectus
complet
de l’OPCVM
et ses disponibles
derniers états
font foi. auprès d’OFI Asset Management 22 rue
dernierle rapport
financier
publié
par l’OPCVM,
surfinanciers
simple demande
Avant
toute
il est
recommandé l’OPCVM.
de lire attentivement le plus récent prospectus et de consulter le
Vernierd’envisager
– 75017 Paris
ousouscription,
des entités qui
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dernier rapport financier publié par l’OPCVM, disponibles sur simple demande auprès d’OFI Asset Management 22 rue
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ou des entités
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Aucune –exploitation
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préalable d’OFI Asset Management ou de ses filiales.
Aucune
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y sont présentées
pourra être
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l'accord
quant àne
l’utilisation
quieffectuée
pourrait être
des
OFI
Asset
Management
et ses sociétés
filiales déclinent
toute qui
responsabilité
préalable d’OFI
Asset Management
ou dedocument
ses filiales.
informations
contenues
dans le présent
et des conséquences qui pourraient en découler. Toute reproduction ou
quant à l’utilisation
qui pourraitd’entraîner
être faite des
OFI Assetnon
Management
et ses
filialesengagera
déclinentlatoute
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utilisation
autorisée des
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responsabilité
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contenues dans le présent document et des conséquences qui pourraient en découler. Toute reproduction ou
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utilisation non autorisée des ces informations engagera la responsabilité de l’utilisateur et sera susceptible d’entraîner des
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Les performances
passées ne sont pas un indicateur fiable des performances futures. Les chiffres cités ont trait aux années
écoulées. La société de gestion ne saurait en conséquence être tenue pour responsable d’une décision d’investissement ou
Les
performances passées
ne sont
pasdes
un indicateur
fiable
des performances
futures. Les chiffres cités ont trait aux années
de désinvestissement
prise sur
la base
informations
contenues
dans ce document.
écoulées. La société de gestion ne saurait en conséquence être tenue pour responsable d’une décision d’investissement ou
de
prise à
surl'investissement
la base des informations
contenues
dans ce document.
Le désinvestissement
traitement fiscal propre
en parts ou
actions d’OPCVM
dépend de la situation individuelle de chaque
client et est susceptible d'être modifié.
Le traitement fiscal propre à l'investissement en parts ou actions d’OPCVM dépend de la situation individuelle de chaque
OFI
ASSET
- 22modifié.
RUE VERNIER 75017 PARIS - TÉL. : + 33 (0) 1 40 68 17 17 - www.ofi-am.fr
client
et estMANAGEMENT
susceptible d'être
OFI ASSET MANAGEMENT - 22 RUE VERNIER 75017 PARIS - TÉL. : + 33 (0) 1 40 68 17 17 - www.ofi-am.fr
OFI GROUPE
OFI MANDATS ● MACIF GESTION ● OFI GESTION PRIVÉE ● PARM ● OFI LUX ● OFI PREMIUM ● OFI INFRAVIA
OFI INVESTMENT SOLUTIONS ● ZENCAP ASSET MANAGEMENT ● OFI REIM

Template produit - OFI Asset Management

Transcription

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