The Risk & Reward Profile includes a "synthetic risk and reward indicator" (SRRI), as defined by the European Securities and Markets Authority (ESMA). This risk measure is calculated based on volatility of returns, in other words fluctuations in the net asset value (NAV) of the fund. The indicator is presented on a numerical scale of 1 to 7, where 1 is low and 7 high. All investing involves risk including risk of loss of capital.
", "Morningstar Ratings": "The Morningstar Rating is calculated for funds with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.
© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
", "Risk Measures definitions": "The risk measures below are calculated for funds with at least a three-year history.
Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). Alpha is often seen as a measure of the value added or subtracted by a portfolio manager.
Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market.
R-squared reflects the percentage of a fund's movements that are explained by movements in its benchmark, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant.
The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.
Standard deviation is a statistical measure of the volatility of the fund's returns.
Tracking Error is reported as a standard deviation percentage difference between the performance of the portfolio and the performance of the reference index. The lower the Tracking Error, the more the fund performance resembles to the performance of its reference index.
The Information Ratio is the difference between the fund’s average annualized performance and that of the reference index divided by the standard deviation of the Tracking Error. The information ratio measures the portfolio manager's ability to generate excess returns relative to the reference index.
", "Credit Quality Definition": "Credit Quality reflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch; ratings are subject to change. Index data is based on country rating.", "Minimum Initial Investment Disclaimer": "Minimum initial investment is provided in the reference currency of the Fund and varies for share classes available in other currencies. Please refer to the fund prospectus or the KIID for more information.", "Fees and Expenses Disclaimer": "For more information about potential charges such as charges relating to excessive trading or market-timing practices please refer to the Fund’s prospectus and, where available, the KID.
", "Performance Disclaimer": "PERFORMANCE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF, AND NOT INDICATIVE OF, FUTURE RESULTS. More recent performance may be lower or higher. Principal value and returns fluctuate over time (mainly as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges, taxation or paying agent charges, and assumes reinvestment of dividends. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. For further information on the performance data, including calculation of performance during periods of share class inactivity, please refer to the Fund Factsheet available under Fund Documents section.
", "CFA Disclaimer": "CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.
", "Performance Disclaimer - Short": "Performance data shown represents past performance and is not a guarantee of, and not indicative of, future results.
", "Sustainability Risk": "The Fund is subject to sustainability risks as defined in the Regulation 2019/2088 (article 2(22)) by environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment. More information on the framework related to the incorporation of Sustainability can be found on the website of the Management Company and the Delegated Investment Manager.
", "Growth of 10K Disclaimer": "The graph compares the performance of a hypothetical investment in the Fund with the Fund's Reference Index. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. The index is an unmanaged portfolio of specified securities and cannot be invested in directly. The index does not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is chosen by the fund manager.", "Ongoing charges Disclaimer": "The Ongoing charges/Total Expense Ratio (TER) are based on figures for the previous financial year. It excludes the portfolio performance fees (if applicable to the fund), transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For further information about charges, please refer to the Fund’s prospectus and the KIID.", "Reference Index SFDR Disclaimer": "The Reference index does not intend to be consistent with the environmental or social characteristics promoted by the fund.
", "PRIIPs Ongoing Costs": "The ongoing costs quoted under the Packaged Retail and Insurance-Based Investment Products (PRIIPS) regulation are based on figures for the previous financial year.
", "Bottom Country Specific Disclaimer": "Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. Please read the prospectus and, where available, the Key Information Document carefully before investing.
", "SRI Definition": "The Summary Risk Indicator is a guide to the level of risk of this Product compared to other Products. It shows how likely it is that the Product will lose money because of movements in the markets or because we are not able to pay you.
", "Reference Index Disclaimer": "For indicative purposes only, the Fund’s performance may be compared to the Reference Index. The Fund is unconstrained by the index and may therefore significantly deviate from it.", "SFDR Classification Website Info Icon": "The Sustainable Finance Disclosure Regulation (SFDR) is a European regulation, which sets out rules for classifying and reporting on sustainability and ESG factors in investments. It was introduced to improve transparency in the market for sustainable investment products, to prevent greenwashing and to increase transparency around sustainability claims made by financial market participants and hence direct capital towards more sustainable investments.
The SFDR regulation requires asset managers to sort their products into different categories based on the product's extra-financial characteristics, with disclosure obligations being proportionate to the product’s ESG ambition. The regulation’s aims are to enable the end-user to clearly understand and compare the underlying sustainability characteristics of any investment fund. This forms part of a wider challenge in preventing 'greenwashing' – where a fund claims to be sustainable when in fact it is not.
Under SFDR, products are categorised as articles 6, 8 or 9:
Article 6 is the default classification for products with no ESG focus. These products may consider ESG risks as part of the investment process but they do not promote any kind of extra-financial features and do not consider ESG criteria in a binding manner in the investment process.
Article 8 is applied to products that promote, among other characteristics, environmental and/or social characteristics as part of a broad investment strategy, provided that the companies in which the investments are made follow good governance practices.
Article 9 products are designated as having a sustainable investment as their objective as defined by SFDR Article 2 (17).
Since 1st January 2023, products categorised as Article 8 or Article 9 must publish standardized ESG information in annexes to the pre-contractual documentation, detailing the fund’s ESG strategy, characteristics, indicators, asset allocation and, where applicable, engagement in terms of minimum of sustainable investments and Taxonomy alignment.
Further details (e.g. methodology and tools used for the ESG strategy) are available in mandatory website disclosures for each Article 8 and Article 9 product. Those product’s periodic reports also include a standardized annex for the purpose of disclosing ex-post indicators and commenting on extra-financial aspects.
" }, "fundRisks": { "Credit risk": "credit risk corresponds to the risk that an issuer is unable to honors its commitments.", "Counterparty risk": "Counterparty risk results from over-the-counter transactions (futures contracts, repurchase or reverse-repo transactions and option agreements) underwritten by the same counterparty. The counterparty’s bankruptcy or a downgrade in the counterparty’s creditworthiness may cause a decrease in NAV.", "Risk relating to investments in derivative products": "the use of derivative products may temporarily reduce any sharp moves in the NAV of the sub-fund if it is exposed to the opposite market trend." }, "relatedShareClasses": [ { "isin": "LU1694789451", "shareClassLabel": "A/A (EUR)" }, { "isin": "LU1860994190", "shareClassLabel": "A/A (H-CHF)" }, { "isin": "LU2990522497", "shareClassLabel": "A/A (H-SGD)" }, { "isin": "LU1860994273", "shareClassLabel": "A/A (H-USD)" }, { "isin": "LU1791428136", "shareClassLabel": "AD/D (EUR)" }, { "isin": "LU2882332682", "shareClassLabel": "AFERG/A (EUR)" }, { "isin": "LU3038491737", "shareClassLabel": "B-DMF/D (H-SGD)" }, { "isin": "LU3038491810", "shareClassLabel": "B-DMF/D (H-USD)" }, { "isin": "LU1694789535", "shareClassLabel": "B/A (EUR)" }, { "isin": "LU1908356857", "shareClassLabel": "F/A (EUR)" }, { "isin": "LU1694789378", "shareClassLabel": "I/A (EUR)" }, { "isin": "LU1791428052", "shareClassLabel": "I/A (H-CHF)" }, { "isin": "LU2606030513", "shareClassLabel": "I/A (H-GBP)" }, { "isin": "LU2592086883", "shareClassLabel": "I/A (H-JPY)" }, { "isin": "LU2972983303", "shareClassLabel": "I/A (H-SGD)" }, { "isin": "LU1859213875", "shareClassLabel": "I/A (H-USD)" }, { "isin": "LU1791427914", "shareClassLabel": "ID/D (EUR)" }, { "isin": "LU3225860439", "shareClassLabel": "ID/D (H-CHF)" }, { "isin": "LU3225860603", "shareClassLabel": "ID/D (H-GBP)" }, { "isin": "LU3225861080", "shareClassLabel": "ID/D (H-SGD)" }, { "isin": "LU3225860512", "shareClassLabel": "ID/D (H-USD)" }, { "isin": "LU2403886182", "shareClassLabel": "N-SP/A (EUR)" }, { "isin": "LU1694789709", "shareClassLabel": "N/A (EUR)" }, { "isin": "LU3225860785", "shareClassLabel": "N/A (H-CHF)" }, { "isin": "LU3225860942", "shareClassLabel": "N/A (H-USD)" }, { "isin": "LU1744459667", "shareClassLabel": "ND/D (EUR)" }, { "isin": "LU1728553857", "shareClassLabel": "SI/A (EUR)" }, { "isin": "LU3038492032", "shareClassLabel": "WA-DMF/D (H-SGD)" }, { "isin": "LU3038492115", "shareClassLabel": "WA-DMF/D (H-USD)" }, { "isin": "LU2676310696", "shareClassLabel": "WA/A (H-USD)" }, { "isin": "LU2972983485", "shareClassLabel": "WAD/D (H-SGD)" }, { "isin": "LU2736013769", "shareClassLabel": "WAD/D (H-USD)" }, { "isin": "LU2126051072", "shareClassLabel": "WI/A (EUR)" }, { "isin": "LU2592086966", "shareClassLabel": "WI/A (H-JPY)" }, { "isin": "LU2536832368", "shareClassLabel": "WI/A (H-USD)" }, { "isin": "LU3077229253", "shareClassLabel": "WID/D (H-USD)" }, { "isin": "LU3038491901", "shareClassLabel": "WLR-DMF/D (H-USD)" }, { "isin": "LU2972983568", "shareClassLabel": "WSI/A (H-GBP)" } ], "calendarYearReturns": "", "riskMeasures": { }, "investmentManagement": { "affiliateId": "a1z20000001vGz8AAE", "affiliateName": "DNCA Investments", "affiliateLogo": "https://ngam.file.force.com/servlet/servlet.ImageServer?id=0156M00000EHOTu&oid=00D20000000NrFu&lastMod=1702916155000", "affiliateDescription": "DNCA Investments specializes in a conviction-driven investment approach. DNCA offers a comprehensive range of funds covering fixed income, absolute return, multi-asset, equity strategies and SRI.", "affiliateLink": "/investment-managers-and-capabilities/dnca-investments", "aumInPounds": "31700000000", "aumInEuros": "39,700,000,000", "aumInDollars": "38400000000", "aumAsOfDate": "31/12/2024", "fundManagers": [ { "image": "https://ngam--c.vf.force.com/servlet/servlet.ImageServer?id=015aT00000EdHk6QAF&oid=00D20000000NrFuEAK", "firstName": "Thibault", "lastName": "Chrapaty", "title": "Portfolio manager", "managedFundSince": "2024", "joinedFirm": "2024", "beganInvestmentCareer": "2007", "fullBio": "Thibault Chrapaty holds a Master's degree in Finance from EM-Lyon. He has 17 years' experience in the high yield markets, not only in Europe but also in the US. He began his career in London in 2006 at Royal Bank of Scotland in the trading room. In 2010, he joined ANAXIS AM, where he managed several HY funds. After that, he joined La Française AM in 2014, where he managed over 2bn in HY bonds (mature funds, insurance equity, pockets of global macro funds...). After that he spent 3 years at TOBAM where he co-managed various HY funds (mainly US). In January 2024, he joined DNCA's Global Macro team." }, { "image": "https://ngam--c.eu7.visual.force.com/servlet/servlet.ImageServer?id=0150J000005Rv2lQAC&oid=00D20000000NrFuEAK", "firstName": "Pascal", "lastName": "Gilbert", "title": "Portfolio Manager", "managedFundSince": "2017", "joinedFirm": "2017", "beganInvestmentCareer": "1987", "fullBio": "Pascal Gilbert joined DNCA Finance in September 2017.\nPascal Gilbert began his career in 1987 at Banque Fédérative du Crédit Mutuel as a prop trader. In 1998, Mr. Gilbert joined Banque de Financement ET DE Trésorerie as Head of Eurozone bond portfolio management. \nHe then joined La Française in 2001 as Head of bond funds where he was in charge of a team of seven and he managed more than €15B, including the Multistratégies Obligataires Fund which was rated 5 stars by Morningstar.\nHe graduated from the AFTE (French Treasurer’s Institute) and holds a post-graduate degree in Statistics from the ParisSorbone University.\nMr. Gilbert was ranked AAA by Citywire in 2016 and 2017." }, { "image": "https://ngam--c.vf.force.com/servlet/servlet.ImageServer?id=0156M00000AMniaQAD&oid=00D20000000NrFuEAK", "firstName": "François", "lastName": "Collet", "title": "Deputy CIO, Portfolio Manager, Fixed Income", "managedFundSince": "2017", "joinedFirm": "2003", "beganInvestmentCareer": "2003", "fullBio": "François Collet joined DNCA Finance in September 2017.\nFrançois Collet began his career in 2003 at Natixis Asset Management as a bond fund manager. \nHe managed Natixis Oblivariable and set up Natixis Euro Inflation. In 2006, François joined La Française as Deputy Head of bond portfolio management, he was more particularly in charge of the inflation theme. He managed five bond strategies with total assets under management of €2.6bn, including the Euro Inflation Fund which was rated 5 stars by Morningstar. He received a Lipper award in 2013.\nFrançois holds a post graduate degree from the University of Paris Dauphine." }, { "image": "https://ngam--c.vf.force.com/servlet/servlet.ImageServer?id=015aT000005ZpJJQA0&oid=00D20000000NrFuEAK", "firstName": "Fabien", "lastName": "Georges", "title": "Portfolio Manager", "managedFundSince": "2019", "joinedFirm": "2019", "beganInvestmentCareer": "2007", "fullBio": "Fabien Georges holds a Master's degree in Applied Economics and a Master II Asset Management 222 from Paris Dauphine University.\n\nFabien Georges began his career at Avenir Finance IM in 2007 in diversified management. In 2011, he joined La Française AM group where he held various management and financial engineering responsibilities. In 2014, he joined Groupama SA as a portfolio manager, which he left a year later for Convictions AM, where he held a position of manager of flexible multi-asset class funds." } ] }, "contactUsLink": "https://www.im.natixis.com/intl/contact-us", "canonicalReference": [ { "type": "Shareclass__c" } ], "lessThan12monthsPerformance": "true", "performanceText": "No performance data will be shown for share classes that are less than 12 months old, or for share classes with null NAV data values.", "defaultIsin": "LU1694789378", "hidePerformanceForFund": true }