Lazard Credit 2027 PAC H-EUR/  FR001400F141  /

Objectives: specifiqueThe Fund"s investment strategy will mainly entail a carry strategy (purchase of securities to hold them in the portfolio until maturity). Nevertheless, the manager has leeway to actively manage the portfolio by selling and buying securities. The fund"s turnover rate will therefore be low. It is estimated at an average of 10% per year. The Fund"s modified duration is between 0 and 5,5. The investment strategy consists of applying a quantitative filter to isolate the bonds and money market debt securities that correspond to the Fund"s investment strategy by their first end maturity or early repayment date (March 31st, 2028) and the issuance currency. To build his portfolio, the portfolio manager conducts his own qualitative analysis of the bonds. It also refers to agency ratings without relying exclusively and mechanically on them. Up to 100% of the Fund"s net assets will be invested in bonds and money market instruments that are unrated or rated investment grade and speculative (High Yield) by the rating agencies or equivalent based on the Management Company"s analysis. The securities will be denominated in euros, US dollars or pounds sterling and will be hedged against foreign exchange risk with a residual foreign exchange risk of a maximum of 5% of the Fund"s net assets. The Fund may invest up to the amount of the net assets in forward financial instruments traded on French or foreign regulated, organised or over-the-counter markets for the sole purpose of hedging currency risk. Hedging will be discretionary. These market assumptions include the risk of default or downgrading of one or more issuers in the portfolio as well as currency hedging costs where applicable. A maximum of 10% of the net assets may be invested in all categories of UCI that meet the four criteria of Article R 214-13 of the French Monetary and Financial Code. This investment may solely concern UCIs that in turn invest less than 10% of their assets in other UCIs. All of these UCIs may be managed by the management company. The Management Company has introduced a swing pricing mechanism for the valuation of the Fund. For further details, please refer to the Fund prospectus. The manager may invest up to 100% of the assets in securities with embedded derivatives.

Objectives: specifiqueThe Fund"s investment strategy will mainly entail a carry strategy (purchase of securities to hold them in the portfolio until maturity). Nevertheless, the manager has leeway to actively manage the portfolio by selling and buying securities. The fund"s turnover rate will therefore be low. It is estimated at an average of 10% per year. The Fund"s modified duration is between 0 and 5,5. The investment strategy consists of applying a quantitative filter to isolate the bonds and money market debt securities that correspond to the Fund"s investment strategy by their first end maturity or early repayment date (March 31st, 2028) and the issuance currency. To build his portfolio, the portfolio manager conducts his own qualitative analysis of the bonds. It also refers to agency ratings without relying exclusively and mechanically on them.