SYCOMORE EUROPE HAPPY@WORK X/  LU1301026461  /

The objective of the Sub-fund is to outperform the Euro Stoxx Total Return index (with dividend reinvested) over a minimum recommended five-year investment horizon. Stock-picking draws on an in-depth analysis of fundamentals to identify quality companies which are undervalued, i.e. the stock-market price does not represent the estimated intrinsic value of the company, without any sector or market capitalisation restrictions for the targeted companies. The portfolio structure does not need to reflect the composition of the benchmark index. The weighting of each company in the portfolio is therefore entirely independent from the weight of the same company in the index, and it may well be that a company whose securities are held in the portfolio is not a benchmark index component, or equally, that a company which is heavily weighted in the benchmark is not included in the Fund portfolio. Stocks are selected without sector or market capitalisation restrictions. The portfolio's exposure to European Union equities varies between 60% and 100%, stocks issued in other international markets may represent up to 40% of the portfolio with a sub limit of 10% for stocks issued in countries generally considered as emerging economies. The management team includes non-financial criteria in their fundamental analysis of companies in the investment universe and favour those who target sustainable growth. This refers to all companies who take into account the long term growth prospects of all their stakeholders (clients, suppliers, environment, employees, local authorities). Environmental and Governance aspects are analysed through exclusion filters in order to blacklist companies that may not be compliant in those areas (industrial accidents, environmental pollution, accounting or tax fraud...) Focus is then given to the analysis of the Social aspects which are the main selection criteria for the stocks held in the portfolio. The additional filter used for this purpose leads to a further 50% reduction of the initial investment universe. For each company, the management team, through additional selection and exclusion filters, is able to value the human capital and the well-being of the employees as a commitment factor for their company and therefore as an indicator of performance and long term growth.

The objective of the Sub-fund is to outperform the Euro Stoxx Total Return index (with dividend reinvested) over a minimum recommended five-year investment horizon. Stock-picking draws on an in-depth analysis of fundamentals to identify quality companies which are undervalued, i.e. the stock-market price does not represent the estimated intrinsic value of the company, without any sector or market capitalisation restrictions for the targeted companies. The portfolio structure does not need to reflect the composition of the benchmark index. The weighting of each company in the portfolio is therefore entirely independent from the weight of the same company in the index, and it may well be that a company whose securities are held in the portfolio is not a benchmark index component, or equally, that a company which is heavily weighted in the benchmark is not included in the Fund portfolio. Stocks are selected without sector or market capitalisation restrictions. The portfolio's exposure to European Union equities varies between 60% and 100%, stocks issued in other international markets may represent up to 40% of the portfolio with a sub limit of 10% for stocks issued in countries generally considered as emerging economies.