Maia FERRAND
Co-Head of External Multi-Management
Candriam M Impact Finance (in liquidation)
Fund details
AUM - 31 JAN 2024
USD 27,974,414.07
SFDR Category
“Sustainable Finance Disclosure Regulation” : Regulation 2019/2088 on sustainability-related disclosures in the financial services sector
Article 9
Last NAV - 31 JAN 2024
USD 110.53
Morningstar™ category
EAA Fund Other Bond
Marketing Communication. Please refer to the prospectus of the fund and to the key investor information document before making any investment decision. The documents can be obtained free of charge.
Risks
Lower Risk
Potentially lower return
Higher Risk
Potentially higher return
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5
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7
Definition
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.
The summary risk indicator ("SRI") 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.;
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.<br>The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.<br> 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.
Legal documents
Download documents
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About this fund
Candriam M Impact Finance (hereafter "the fund"), a sub-fund of the Candriam M sicav, pursues a dual objective, by aiming to deliver a positive sustainable impact and an attractive financial return by investing primarily in Emerging and Frontier Economies (EFE) private or listed debt instruments instruments. The fund aims to invest principally in asset delivering a positive sustainable impact as currently illustrated by the United Nations Sustainable Development Goals (SDGs) 2030 adopted by all United Nations Member States in 2015, and aims to promote among other goals, SDG 1 – No Poverty, SDG 5 – Gender Equality, SDG 8 – Decent Work and Economic Growth, and SDG 10 – Reduced Inequalities. The securities selection is based on an analysis of the securities characteristic and their growth prospects. The investment horizon is 5 years. The Sub-Fund is not managed with reference to any index, it is actively managed on a discretionary basis. For further information on the risks or the benchmark and its use, please consult the fund’s key information document (KID).
Principal assets traded:
Impact Finance (the "Sub-Fund") pursues investment dual objective by aiming to deliver a positive sustainable impact and an attractive financial return by investing in fixed income instruments primarily Emerging and Frontier Economies.
Investment strategy:
The Sub-Fund aims to invest principally in sustainable positive impact investments as currently illustrated by the United Nations Sustainable Development Goals (SDGs) 2030 adopted by all United Nations Member States in 2015, and aims to promote among other goals, SDG 1- No Poverty, SDG 2 - Zero Hunger, SDG 5 - Gender Equality, SDG 7 - Affordable and Clean Energy, SDG 8 - Decent Work and Economic Growth, and SDG 11 - Sustainable Cities and Communities.
The Sub-Fund will pursue its investment strategy principally through the purchase of fixed income instruments issued by Finance Institutions which provide financial products or services which pursue sustainable development goals ("FI"), principally in Emerging and Frontier Economies, with specific emphasis on Microfinance Institutions with a view to financing their micro, small and medium enterprises ("MSME") and/or low or middle income household ("LMIH") clientele.
The Sub-Fund will primarily reach the FIs through direct lending but may also invest indirectly via investment vehicles, networks or pool of intermediaries. The Sub-Fund will invest principally directly or indirectly, in term loans, promissory notes, notes, certificates of deposit, commercial papers or similar debt instruments, which will, in principle, be held until maturity.
The Sub-Fund will primarily target short to mid-term maturities (6 to 60 months). On an ancillary basis, the Sub-Fund may also hold directly or indirectly: equity instruments such as listed and unlisted equity shares, common stock and preferred shares including participations in specialized structures to manage the foreign exchange risk of the Sub-Fund or the conversion of a portion of the Sub-Fund's debt into equity instrument in the context of the bankruptcy, default or inter-creditor discussion related to a non performing loan ; cash or cash equivalents; and/or money market funds up to 30% of its Net Assets.
The Sub-Fund may invest up to 10% of its Net Asset Value in loans or debt securities issued by the same Investee, or FI (this ratio is calculated by transparency if the investment involves the use of an investment vehicle) with up to 20% of its Net Asset Value in loans or debt securities issued by FIs within the same group.
The Sub-Fund will not acquire more than 20% of total assets of any single investee or FI. These limits have to be considered at the time of the investment. However, due to external circumstances which may occur after investments are made, these limits could be exceeded. In such event, the Sub-Fund may continue to hold such investments.
The Sub-Fund may invest up to 20% of its Net Asset Value in any single currency, provided that this limit shall not apply to the EUR and USD.
The Sub-Fund may invest up to 15% of its Net Assets in any one country. For the avoidance of doubt, the geographical exposure is defined by the domicile of underlying investee and not the jurisdiction of the investment vehicle or instrument in which the Sub-Fund invests. To ensure maximum security within the legal framework and a stable financial background, the Sub-Fund shall select FIs which have an acceptable legal status (the FIs must have a status which offers the Sub-Fund adequate protection irrespective of the type of indebtedness) and suitable financial background.
The Investment Manager integrates ESG criteria and sustainability risk management into the core investment process of the Sub-Fund through its research, analysis and decision making processes. The Sub-Fund may, for efficient portfolio management or hedging purposes, use listed or over-the-counter (OTC) financial derivative instruments such as credit, foreign exchange and interest rate futures, options or swaps, within the limits set forth in the section "Use of financial derivative instruments" of the Prospectus and any applicable legal provisions.
The Sub-Fund may borrow up to 35% of its assets on a temporary basis, primarily in order to handle the deferred payment procedures related to investor subscriptions and redemptions of the Sub-Fund's shares.
The Reference currency of the Sub-Fund is the USD.
Benchmark: /.
The Sub-Fund is not managed with reference to any index, it is actively managed on a discretionary basis.
Impact Finance (the "Sub-Fund") pursues investment dual objective by aiming to deliver a positive sustainable impact and an attractive financial return by investing in fixed income instruments primarily Emerging and Frontier Economies.
Investment strategy:
The Sub-Fund aims to invest principally in sustainable positive impact investments as currently illustrated by the United Nations Sustainable Development Goals (SDGs) 2030 adopted by all United Nations Member States in 2015, and aims to promote among other goals, SDG 1- No Poverty, SDG 2 - Zero Hunger, SDG 5 - Gender Equality, SDG 7 - Affordable and Clean Energy, SDG 8 - Decent Work and Economic Growth, and SDG 11 - Sustainable Cities and Communities.
The Sub-Fund will pursue its investment strategy principally through the purchase of fixed income instruments issued by Finance Institutions which provide financial products or services which pursue sustainable development goals ("FI"), principally in Emerging and Frontier Economies, with specific emphasis on Microfinance Institutions with a view to financing their micro, small and medium enterprises ("MSME") and/or low or middle income household ("LMIH") clientele.
The Sub-Fund will primarily reach the FIs through direct lending but may also invest indirectly via investment vehicles, networks or pool of intermediaries. The Sub-Fund will invest principally directly or indirectly, in term loans, promissory notes, notes, certificates of deposit, commercial papers or similar debt instruments, which will, in principle, be held until maturity.
The Sub-Fund will primarily target short to mid-term maturities (6 to 60 months). On an ancillary basis, the Sub-Fund may also hold directly or indirectly: equity instruments such as listed and unlisted equity shares, common stock and preferred shares including participations in specialized structures to manage the foreign exchange risk of the Sub-Fund or the conversion of a portion of the Sub-Fund's debt into equity instrument in the context of the bankruptcy, default or inter-creditor discussion related to a non performing loan ; cash or cash equivalents; and/or money market funds up to 30% of its Net Assets.
The Sub-Fund may invest up to 10% of its Net Asset Value in loans or debt securities issued by the same Investee, or FI (this ratio is calculated by transparency if the investment involves the use of an investment vehicle) with up to 20% of its Net Asset Value in loans or debt securities issued by FIs within the same group.
The Sub-Fund will not acquire more than 20% of total assets of any single investee or FI. These limits have to be considered at the time of the investment. However, due to external circumstances which may occur after investments are made, these limits could be exceeded. In such event, the Sub-Fund may continue to hold such investments.
The Sub-Fund may invest up to 20% of its Net Asset Value in any single currency, provided that this limit shall not apply to the EUR and USD.
The Sub-Fund may invest up to 15% of its Net Assets in any one country. For the avoidance of doubt, the geographical exposure is defined by the domicile of underlying investee and not the jurisdiction of the investment vehicle or instrument in which the Sub-Fund invests. To ensure maximum security within the legal framework and a stable financial background, the Sub-Fund shall select FIs which have an acceptable legal status (the FIs must have a status which offers the Sub-Fund adequate protection irrespective of the type of indebtedness) and suitable financial background.
The Investment Manager integrates ESG criteria and sustainability risk management into the core investment process of the Sub-Fund through its research, analysis and decision making processes. The Sub-Fund may, for efficient portfolio management or hedging purposes, use listed or over-the-counter (OTC) financial derivative instruments such as credit, foreign exchange and interest rate futures, options or swaps, within the limits set forth in the section "Use of financial derivative instruments" of the Prospectus and any applicable legal provisions.
The Sub-Fund may borrow up to 35% of its assets on a temporary basis, primarily in order to handle the deferred payment procedures related to investor subscriptions and redemptions of the Sub-Fund's shares.
The Reference currency of the Sub-Fund is the USD.
Benchmark: /.
The Sub-Fund is not managed with reference to any index, it is actively managed on a discretionary basis.
Investment Team
Annual return
This chart shows the fund’s performance as the percentage loss or gain per year over the last 4 years.
It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
The index composition may change over time. The performance reported may therefore differ from the performance of the relevant index before its change. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change. If for one year, there is no performance information, it is because there is no data or the data is insufficient to provide investors with useful or reliable indications on this performance.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fund | 3.38 % | 2.06 % | 2.02 % | 2.19 % | |
| Benchmark | |||||
| Difference |
Additional information
The returns listed above are provided on the basis of the Net Asset Value (NAV), net of commissions and reinvested income. All management fees and commissions are included in the calculation of past performance except for any entry and exit charges. Taxes are not included in the calculation of returns. The value or price converted into euros may be reduced or increased depending on fluctuations in the exchange rate. The fund is not a guaranteed investment. The NAVs are net of fees and are provided by the accounting department and the benchmark by the official providers.
Market developments (currency conversion, coupon, split, …) have an influence on the chart. This graph is provided for information purposes only and does not precisely illustrate the evolution of the fund's net assets. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses
Risk And Reward Indicators
Lower Risk
Potentially lower return
Higher Risk
Potentially higher return
1
2
3
4
5
6
7
Definition
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.<br>The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.<br> 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.- SRI Value
- 3
Main Risks
Other Risks
Risk And Reward Indicators
Companies
Other Controversial Activity Exclusion
Candriam's Controversial Activities Analysis excludes companies involved in harmful or controversial activities. Involvement is assessed using activity-specific revenuebased threshold levels.
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Min sustainable investments rate -
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Min sustainable investments environmental rate -
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Min sustainable investments social rate
Fund Characteristics
- Fund name
- Candriam M Impact Finance (in liquidation)
- SICAV Name
- Candriam M
- Currency
- USD
- Legal Form
- Sub-fund of a SICAV under Luxembourg law
- Legal status
- AIF
- SFDR Category
- Article 9
- Creation Date
- Domicile Country
- Luxembourg
- Management company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Depository bank
- CACEIS Bank, Luxembourg Branch
- Delegated management company
- SYMBIOTICS SA
- Transfer agent
- CACEIS Bank, Luxembourg Branch
- Term of fund
- The fund has no limited term
- Anti Dilution system
- no
Swing Pricing is a mechanism by which the net asset value is adjusted upwards (or downwards) if the change in liabilities is positive (or negative) in such a way as to reduce for existing investors the portfolio restructuring costs linked to subscription/ redemption movements in the fund. On valuation days where the difference between the amount of subscriptions and the amount of redemptions of a sub-fund (i.e. net transactions) exceeds a threshold set beforehand by the Board of Directors, the latter shall be entitled to:
- value the net asset value by adding to the assets (in the case of net subscriptions) or deducting from assets (at net redemptions) a fixed percentage of the fees corresponding to market practices and reflecting the fees and/or conditions of liquidity when buying or selling securities;
- value the securities portfolio on the basis of bid or ask prices;
- assess the net asset value by setting a level of spreads representative of the relevant market;
- The dilution mechanism must not exceed 2% of the net asset value, except in exceptional circumstances, as in the event of a sharp decrease in liquidity, which would then be detailed for the sub-fund concerned in the annual (semi-) annual report of the SICAV.
Instrument characteristics
- Share Class
- C - Cap
- Benchmark
- /
- Currency
- USD
- First NAV Date
- 6/9/19
- ISIN
- LU2016895976
- Recommended investment horizon
- 5 years
- Bloomberg ticker
- RCOIFCU LX Equity
- Morningstar ticker
- F0000145WJ
Tax, Charges & Fees
- Management fees (max)
- 2.15 %
- Subscription
- 0.00 %
- Redemption
- 0.00 %
- Entry Costs
- 0.00%
- Exit Costs
- 0.00%
Transaction Fees
- Portfolio transaction costs
- 0.00%
Ongoing cost
- Ongoing cost value
- 2.20%
Orders
Order Subscription
- Subscription cut off
- D-2 17:00
Order redemption
- Redemption cut off
- D-90 17:00
The corresponding time zone is the one associated with the fund's domicile.
NAV
Nav Specification
- Frequency valuation
- Monthly
- NAV date
- D
- NAV calculation Day
- D
Nav Aum
- Aum currency
- USD
- Aum value
- 27,974,414.07
- Aum date
- 1/31/2024
Nav aum for share class
- Last nav date
- 1/31/2024
- Last nav value
- 110.53
Awards
Other information
This is a marketing communication. Please refer to the prospectus of the funds and to the key information document before making any investment decision. This marketing communication does not constitute an offer to buy or sell financial instruments, nor does it represent an investment recommendation or confirm any kind of transaction, except where expressly agreed. Although Candriam selects carefully the data and sources within this document, errors or omissions cannot be excluded a priori. Candriam cannot be held liable for any direct or indirect losses as a result of the use of this document. The intellectual property rights of Candriam must be respected at all times, contents of this document may not be reproduced without prior written approval.
Warning: Past performance of a given financial instrument or index or an investment service or strategy, or simulations of past performance, or forecasts of future performance does not predict future returns. Gross performances may be impacted by commissions, fees and other expenses. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change.
In respect to money market funds, please be aware that an investment in a fund is different from an investment in deposits and that the investment’s principal is capable of fluctuation. The fund does not rely on external support for guaranteeing its liquidity or stabilizing its NAV per unit or share. The risk of loss of the principal is borne by the investor.
Candriam consistently recommends investors to consult via our website https://www.candriam.com the key information document, prospectus, and all other relevant information prior to investing in one of our funds, including the net asset value (“NAV) of the funds. Investor rights and complaints procedure, are accessible on Candriam’s dedicated regulatory webpages https://www.candriam.com/en/professional/legal-information/regulatory-information/. This information is available either in English or in local languages for each country where the fund’s marketing is approved.
According to the applicable laws and regulations, Candriam may decide to terminate the arrangements made for the marketing of a relevant fund at any time.
Information on sustainability-related aspects: the information on sustainability-related aspects contained in this communication are available on Candriam webpage https://www.candriam.com/en/professional/sfdr/. The decision to invest in the promoted product should take into account all the characteristics or objectives of the promoted product as described in its prospectus, or in the information documents which are to be disclosed to investors in accordance with the applicable law.
ESG Assessment
The Sub-Fund will pursue its investment strategy principally through the purchase of fixed income instruments issued by Finance Institutions (“FIs”), principally in Emerging and Frontier Economies, with specific emphasis on Microfinance Institutions with a view to financing their MSME and/or Low and Middle Income Households (LMIH) clientele.
The Sub-Fund will primarily reach the FIs through direct lending but may also invest indirectly via investment vehicles, networks or pool of intermediaries.
The investment strategy is implemented following a well defined investment process and a strict risk framework.
In addition, the ESG assessment aims to monitor that the Investee is not preventing the Sub-Fund from achieving it sustainable investment objective while not doing significant harm to sustainability factors.
a. ESG selection criteria:
For corporates, the internal analysis of ESG criteria consists in selecting the issuers:
• that are the best positioned to meet the challenges of sustainable development;
• that comply with the principles of the United Nations Global Compact (i.e. human rights, labour law, the environment, anti-corruption), and which are therefore less exposed to the risks associated with these themes; and
• that are not engaged in controversial activities such as armament (securities of a company whose activity consists of manufacturing, the use or possession of anti-personnel mines, cluster bombs and/or depleted uranium weapons), tobacco, thermal coal.
For sovereign issuers, the internal analysis of ESG criteria consists in selecting:
• Countries that perform best across our four categories of sustainable development criteria: Human Capital, Natural Capital, Social Capital and Economic Capital;
• Countries that are not part of our highly Oppressive Regimes or dictatorships, based on the Freedom House Freedom in the World Index and the World Bank Voice & Accountability Index.
b. Selection methodology:
The companies selected by the management company are subject to a dual analysis:
• Analysis of their activity to assess their alignment with the major challenges of sustainable development. For example, regarding the transition to a circular economy, the management company will consider a company producing recycled steel to be more sustainable than a company producing steel exclusively from iron ore; and
• Analysis of how the company manages players interacting with the company: its employees, its customers, its shareholders, its suppliers and the environment. Here too, the management company will favour companies that adopt the most sustainable practices given their sector. For example, with regard to relations with its clients, the management company will favour pharmaceutical companies with balanced pricing practices and commercial policies. Similarly, with regard to relations with their employees, the management company attaches great importance to the fight against discrimination and compliance with social standards.
Our sovereign investible universe consists of those countries which perform best across our four categories of sustainable development criteria:
• Natural Capital: stock of naturel resources managed by the country;
• Social Capital: trust, norms and institutions which people can rely on to solve common problems and create social cohesion;
• Human Capital: human productivity to which the country participates through education and other initiatives;
• Economic Capital: assessing the level of economic activity viability.
c. A team of ESG analysts is responsible for assessing the selection criteria:
The analysis and selection of sustainable investments is carried out by a dedicated team of ESG analysts within Candriam. This team is made up of specialists whose mission is to analyse the exposure of companies and governments to the risks and opportunities associated with sustainable development.
Selection criteria are expected to evolve over time, based on advances in ESG research and changes in company practices.