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OYSTER

The data and information featured on this website are provided free of charge and solely for information purposes. The information contained herein constitutes neither an offer to purchase nor a solicitation to sell and may not be construed as an investment recommendation on the part of iM Global Partner Asset Management or other entities of the group iM Global Partner, its affiliates, managers, officers, or employees (hereafter « iMGP ») and has no legal or contractual value. Furthermore, any reference to a specific security in any published material is included by way of illustrative example and should not be construed as a recommendation to purchase, hold or sell such a security nor does it in any manner constitute the provision of investment advice in relation to same. OYSTER ( hereafter « OYSTER », « OYSTER Funds » or « Fund ») has not taken any measures to adapt to each individual investor who remains responsible for his own independent decisions. Any investment in the funds presented on the website must be made in conformity with the related legal documentation in force (prospectus, key investor information documents), as approved, where applicable, by the regulatory authority in your country. Oyster is an open-ended umbrella investment company established and regulated in Luxembourg. OYSTER is not open to citizens or residents of the USA or to any other party deemed to be a US person. OYSTER’s current prospectus, key investor information document, by-laws and the annual and, if any subsequent, the semi-annual reports of the Fund can be obtained on this website or from the OYSTER offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific

jurisdictions where OYSTER is registered. Investors are advised that they should consult the Prospectus before seeking to subscribe and for further details on the risks involved. Moreover, investors are also advised to consult their legal, financial or tax advisors before taking any investment decisions.

Investors are reminded that past performance is not an indicator of future returns, nor does it guarantee future profits, and that they risk, in some cases, losing all or part of the amount initially invested. An investment may increase or decrease by virtue, in particular, of market fluctuations and exchange rate variations in the currency in which the Sub-fund is invested where this differs from the currency of the shareholder.

Disclosure in respect of iM Global Partner Asset Management

Any reference to iM Global Partner Asset Management (« iMGP AM ») or iM Global Partner (« iMGP ») in the material published on this website should be construed as being a reference to one or more of the legal entities, listed below, dependent on the particular jurisdiction in which it is being accessed.

iMGP AM is the Luxembourg management company of OYSTER.

iMGP is a French regulated entity which represents and distributes OYSTER that have been registered in France having branches in Italy, Spain, Germany and also subsidiaries in Switzerland and in the UK for that purpose. iMGP AM is also a subsidiary of iMGP.

Use of links

This website may direct you to automatic links to other websites. Use of these links is made at your own risk. iMGP and the Fund will not have developed, verified the accuracy or scrutinised the data contained in the aforementioned links. iMGP and the Fund may not be held responsible for damage or losses caused by delays, defects or omissions that may exist in the real, indicated or indirect services, information or other content provided on this site. iMGP and the Fund give no guarantee, makes no declaration and will not be held responsible for any content transmitted by electronic means to a third party, including the accuracy, subject, quality or the appropriate character of said content.

Copyrights and Trademarks

The entire content of this website is subject to copyright with all rights reserved to iMGP and the Fund. You may download or print out a hard copy of individual pages and/or sections of the website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the website without the prior written permission of iMGP.

By clicking on the « Accept » button, you expressly acknowledge that you have read the aforementioned and that you are authorized by the applicable law to access this website.

YOUR USE OF THIS WEBSITE REQUIRES FULL ACCEPTANCE WITHOUT RESERVATION ON YOUR PART OF THE CONDITIONS OUTLINED BELOW. IF YOU DO NOT ACCEPT THESE CONDITIONS, DO NOT ACCESS THE WEB SITE OR ANY OF ITS PAGES.

Important Information

The content of this website is intended to Professional Investors. If you are a Private Investor, you should ensure to select the correct investor category when you enter this site, as failure to do so may result in you accessing material about investment funds and investment services which may not be suitable for you and/or may not be available for you to invest in.

Limited access

The information provided herein is also intended for Users in territories where it is permissible for Users to access information. This website may indeed contain information about funds established in different jurisdictions and/or investment services offered too. Please consult the specific sections and material to obtain more information. Users are responsible for ascertaining they are legally authorized to consult the information herein and should therefore ensure the investor category chosen to enter this website is correct.

Use of Cookies

Cookies help us collect data about you and how you use our website. For example, we are interested in knowing which internet browser is used, how long you visited the website and which pages you looked at. Information gathered are used to understand how we can improve the design and functionality of our website to better serve you in future. However, if you wish to restrict the cookies set by us or by any third-party sites, you may generally disable cookies in your internet browser. Your browser help function should let you know how to do this. Please keep in mind that restricting cookies may impact your experience and the functionality on this website.

The Interactive Advertising Bureau has produced a guide which explains how cookies work and how they are managed. Please visit www.allaboutcookies.org to read more on this subject.

OYSTER

The data and information featured on this website are provided free of charge and solely for information purposes. The information contained herein constitutes neither an offer to purchase nor a solicitation to sell and may not be construed as an investment recommendation on the part of iM Global Partner Asset Management or other entities of the group iM Global Partner, its affiliates, managers, officers, or employees (hereafter « iMGP ») and has no legal or contractual value. Furthermore, any reference to a specific security in any published material is included by way of illustrative example and should not be construed as a recommendation to purchase, hold or sell such a security nor does it in any manner constitute the provision of investment advice in relation to same. OYSTER ( hereafter « OYSTER », « OYSTER Funds » or « Fund ») has not taken any measures to adapt to each individual investor who remains responsible for his own independent decisions. Any investment in the funds presented on the website must be made in conformity with the related legal documentation in force (prospectus, key investor information documents), as approved, where applicable, by the regulatory authority in your country. Oyster is an open-ended umbrella investment company established and regulated in Luxembourg. OYSTER is not open to citizens or residents of the USA or to any other party deemed to be a US person. OYSTER’s current prospectus, key investor information document, by-laws and the annual and, if any subsequent, the semi-annual reports of the Fund can be obtained on this website or from the OYSTER offices at 5, Allée Scheffer, L-2520 Luxembourg or from the Agents and Representatives listed on this website for the specific

jurisdictions where OYSTER is registered. Investors are advised that they should consult the Prospectus before seeking to subscribe and for further details on the risks involved. Moreover, investors are also advised to consult their legal, financial or tax advisors before taking any investment decisions.

Investors are reminded that past performance is not an indicator of future returns, nor does it guarantee future profits, and that they risk, in some cases, losing all or part of the amount initially invested. An investment may increase or decrease by virtue, in particular, of market fluctuations and exchange rate variations in the currency in which the Sub-fund is invested where this differs from the currency of the shareholder.

Disclosure in respect of iM Global Partner Asset Management

Any reference to iM Global Partner Asset Management (« iMGP AM ») or iM Global Partner (« iMGP ») in the material published on this website should be construed as being a reference to one or more of the legal entities, listed below, dependent on the particular jurisdiction in which it is being accessed.

iMGP AM is the Luxembourg management company of OYSTER.

iMGP is a French regulated entity which represents and distributes OYSTER that have been registered in France having branches in Italy, Spain, Germany and also subsidiaries in Switzerland and in the UK for that purpose. iMGP AM is also a subsidiary of iMGP.

Use of links

This website may direct you to automatic links to other websites. Use of these links is made at your own risk. iMGP and the Fund will not have developed, verified the accuracy or scrutinised the data contained in the aforementioned links. iMGP and the Fund may not be held responsible for damage or losses caused by delays, defects or omissions that may exist in the real, indicated or indirect services, information or other content provided on this site. iMGP and the Fund give no guarantee, makes no declaration and will not be held responsible for any content transmitted by electronic means to a third party, including the accuracy, subject, quality or the appropriate character of said content.

Copyrights and Trademarks

The entire content of this website is subject to copyright with all rights reserved to iMGP and the Fund. You may download or print out a hard copy of individual pages and/or sections of the website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose the website without the prior written permission of iMGP.

By clicking on the « Accept » button, you expressly acknowledge that you have read the aforementioned and that you are authorized by the applicable law to access this website.

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OYSTER
Sustainable Europe

Louis Larere
Codirector de estrategias de ISR, Zadig Asset Management

Sostenibilidad a un precio razonable (SARP)

¿Qué hace que el enfoque de Zadig a la inversión sostenible sea tan diferente de sus homólogos? Alberto Martínez Peláez, de iM Global Partner, pregunta a Louis Larère, cogestor del fondo OYSTER Sustainable Europe, sobre el enfoque de inversión del equipo.

AMP: ¿Qué hace que su enfoque a la inversión sostenible sea diferente?

LL: Nuestro enfoque comenzó a principios de 2019, con el eslogan «Sostenibilidad a un precio razonable» (SARP). Queríamos diferenciarnos de los actores existentes en inversión socialmente responsable (ISR) con un enfoque centrado en nuestras convicciones de mayor solidez y diversificado en términos de estilos de inversión. Creemos que hay muchas inversiones ISR interesantes más allá de los sectores de «crecimiento» del mercado. De hecho, los inversores en ISR suelen pasar por alto muchas empresas cíclicas o de valor de calidad . Estructuramos una cartera equilibrada de líderes en sostenibilidad y empresas en transición. Otros inversores también pasan por alto muchas de estas empresas, por lo que cotizan con múltiplos muy interesantes. Esto nos ayuda a batir al mercado, al tiempo que mantenemos la exposición a los Objetivos de Desarrollo Sostenible de las Naciones Unidas.

Alberto Martínez Peláez,
Director Distribution Iberia

¿Por qué el fondo está tan concentrado (con 25 valores de media)?

La concentración es el resultado de nuestras convicciones; sencillamente creemos que resulta complicado tener 100 ideas de inversión buenas. Cuanto menos concentrado esté, más se parecerá a un fondo indexado. No creemos que la concentración sea antónimo de diversificación y gestión del riesgo. De hecho, somos muy cuidadosos a la hora de invertir en diferentes factores, para que ninguno domine la cartera, y conocemos a la perfección cada empresa participada. Zadig Asset Management lleva quince años aplicando con éxito este enfoque de concentración y gestión del riesgo.

Cuanto menos concentrado esté, más se parecerá a un fondo indexado

¿Cómo está posicionada la cartera en términos de estilo?

Intentamos lograr el mayor equilibrio posible en cuanto a la exposición a los diferentes estilos de inversión: valor, crecimiento, momentum, etc,. para que nuestro fondo pueda obtener un buen comportamiento en cualquier entorno. En este sentido, somos muy diferentes de otros fondos ISR, que suelen tener un marcado sesgo hacia las empresas de crecimiento. Creemos que este sesgo ha contribuido a la rentabilidad positiva de muchos fondos ISR en los últimos años, ya que los valores de crecimiento se han disparado.
Sin embargo, desde los anuncios sobre la vacuna de Pfizer el 9 de noviembre de 2020, los títulos de sesgo valor han comenzado a obtener una rentabilidad mayor y a batir a los valores de crecimiento. Nuestro fondo ha registrado un comportamiento excelente en fechas recientes, sobre todo gracias a nuestras inversiones más cíclicas.

La transparencia ha pasado a ser una cuestión clave en la ISR, ¿cuál es su metodología?

Somos conscientes de los numerosos debates en torno a las calificaciones relativas a los criterios medioambientales, sociales y de buen gobierno (ESG, por sus siglas en inglés), los frecuentes desacuerdos entre las distintas agencias de calificación y la opacidad de los procesos. Hemos optado por ser pragmáticos anticipándonos a los cambios en la clasificación europea. En la actualidad, las agencias de calificación solo tienen en cuenta la «parte verde» de las actividades de una empresa. Sin embargo, nosotros adoptamos un enfoque más amplio y calculamos el porcentaje de exposición de una empresa a los Objetivos de Desarrollo Sostenible de la ONU. Obviamente, el medio ambiente y el cambio climático están incluidos, pero también la sanidad, la educación, el acceso a la información, etc. El fondo cuenta con el sello ISR francés desde 2020 y cumplirá también los requisitos de transparencia del artículo 9 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (SFDR, por sus siglas en inglés).

Hemos optado por ser pragmáticos anticipándonos a los cambios en la clasificación europea

¿ Quieres saber más sobre OYSTER Sustainable Europe ?

La filosofía de inversión

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Rentabilidad de los fondos

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Fundada en 2005, Zadig es una gestora de activos con sede en Londres y Luxemburgo, con 2.300 millones de dólares en activos bajo gestión a finales de marzo de 2021. Especializada en acciones europeas de larga duración y neutrales en el mercado, la empresa aplica un enfoque de gestión basado en la convicción, con un enfoque fundamental y agnóstico en cuanto al estilo de gestión.

2.500 millones de dólares en activos bajo gestión a finales de abril de 2021

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