Varenne Valeur A EUR/  LU2358392376  /

The objective of the Sub-Fund is to seek an annualised performance in excess of the Capitalised Euro Short Term Rate (€STR) (average over 12 rolling months) over the recommended investment period, by relying on discretionary management. The Sub-Fund is actively managed and references the Capitalised Euro Short Term Rate (€STR) (average over 12 rolling months) for comparison purposes and for Performance fee calculation purposes. Using all the categories of financial assets Eurozone and non-Eurozone, described below, the Sub-Fund implements a discretionary strategy. However, the Sub-Fund will be permanently invested in at least 75% of its net assets in securities eligible for the French Equities Savings Plan (Plan d'Epargne en Actions - PEA). For the equity component: our Enterprise Picking strategy draws on techniques applied in private equity to construct a relatively concentrated portfolio of companies enjoying a sustainable competitive advantage and presenting a deep discount to our intrinsic value estimate, the investment management team carries out weekly fundamental and performance screenings via its proprietary data bases. For the avoidance of any doubt, this does not involve investments in non-listed companies, but refers only to the use of investment techniques which are common for exposure to unlisted companies. The Absolute Short strategy aims to identify companies that are likely to face capital event, i.e., a recapitalisation, a capital restructuring, or a liquidation. For the special situations component: the management team focuses exclusively on announced friendly mergers & acquisitions and capital restructurings.

The objective of the Sub-Fund is to seek an annualised performance in excess of the Capitalised Euro Short Term Rate (€STR) (average over 12 rolling months) over the recommended investment period, by relying on discretionary management. The Sub-Fund is actively managed and references the Capitalised Euro Short Term Rate (€STR) (average over 12 rolling months) for comparison purposes and for Performance fee calculation purposes.