EdR SICAV - Millesima World 2028 PWM EUR/  FR0014008WI4  /

Millesima World 2028 aims to achieve, over an investment period commencing at the launch of the Product until 31 December 2028, an annual net performance greater than 3.30%. This performance will be linked to trends on the international bond markets, particularly through exposure to high-yield securities maturing no later than December 2028. This objective is based on the materialisation of market assumptions determined by the Management Company. In no way does it constitute a promise of the Product's yield or performance. It takes into account the estimated default risk, the cost of hedging and management fees. The management company reminds investors that there is a risk that issuers' actual financial positions may be worse than predicted, and consequently that these unfavourable conditions (for example, a greater number of defaults and lower recovery rates) may negatively affect the Product's performance. The Management Company reminds investors that: -there is a risk that issuers' actual financial positions may be worse than predicted, and, - these unfavourable conditions (for example, a greater number of defaults and lower recovery rates) may negatively affect the Product's performance. This could result in failure to achieve the management objective. In order to achieve its management objective, the manager will invest in bond securities - on a discretionary basis, in particular through a carry trade strategy - issued by companies in any geographical region and maturing no later than 31 December 2028, reflecting the expectations of the Management Company's bond team on the Investment Grade and High Yield credit markets (speculative securities for which the risk of issuer default is higher). The strategy is not limited to carrying bonds, and the Management Company may conduct arbitrages in the interest of unitholders in the event of new market opportunities, or if an increase in the risk of a future default of any issuer in the portfolio is identified. The Product may invest up to 50% of its net assets in bond securities issued by companies domiciled in emerging countries. However, these bonds will be denominated in a currency of so-called developed countries (EUR, GBP, CHF, USD, JPY). The Product may invest up to 100% of its net assets in sovereign bonds issued by developed countries, and up to 10% of its net assets in sovereign bonds issued by emerging countries, provided that these bonds are denominated in the currency of a developed country (EUR, GBP, CHF, USD, JPY), and that the Product's overall investment in emerging countries does not exceed 50% of its net assets. The Product's sensitivity to interest rates may fluctuate between 0 and 7. The portfolio may invest up to 100% of its assets in Investment Grade or High Yield securities, which may be considered speculative (i.e., having a Standard & Poor's (or equivalent) rating below BBB-, or an equivalent internal rating assigned by the Management Company). In addition, the Product may invest up to 15% of its net assets in securities rated between CCC+ and CCC- and up to 5% of its net assets in distressed securities. With a view to achieving the management objective and exposing and/or hedging the assets, the manager may invest up to 100% of its net assets in financial contracts traded on regulated, organised or over-the-counter markets (futures, options, forward contracts, credit derivatives or swaps etc.). The Euro currency risk will be hedged. However, there may still be a residual currency risk of up to no more than 2% of the net assets. As the Product nears maturity, it will be managed on the money market with reference to the €STR. After approval from the AMF, the Product will then opt either for a new investment strategy or for dissolution, or will be merged with another UCITS. The Product may invest up to 50% of its net assets in over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on interest rates and credit for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 25%.

Millesima World 2028 aims to achieve, over an investment period commencing at the launch of the Product until 31 December 2028, an annual net performance greater than 3.30%. This performance will be linked to trends on the international bond markets, particularly through exposure to high-yield securities maturing no later than December 2028. This objective is based on the materialisation of market assumptions determined by the Management Company. In no way does it constitute a promise of the Product's yield or performance. It takes into account the estimated default risk, the cost of hedging and management fees. The management company reminds investors that there is a risk that issuers' actual financial positions may be worse than predicted, and consequently that these unfavourable conditions (for example, a greater number of defaults and lower recovery rates) may negatively affect the Product's performance. The Management Company reminds investors that: -there is a risk that issuers' actual financial positions may be worse than predicted, and, - these unfavourable conditions (for example, a greater number of defaults and lower recovery rates) may negatively affect the Product's performance. This could result in failure to achieve the management objective.