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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.

Torna indietro

OYSTER
Sustainable Europe

Louis Larere
Co-responsabile delle strategie ISR, Zadig Asset Management

Sostenibilità a un prezzo ragionevole (SARP)

Cosa rende l'approccio di Zadig agli investimenti sostenibili così diverso dai suoi competitor? Marco Orsi di iM Global Partner interroga Louis Larère, co-gestore del fondo OYSTER Sustainable Europe, sull'approccio di investimento del team.

MO: Cosa rende diverso il vostro approccio agli investimenti sostenibili?

LL : Il nostro approccio è iniziato nel 2019, con il motto "Sostenibilità a un prezzo ragionevole" (SARP). Volevamo differenziarci dagli attori esistenti in ambito ISR(1) con un approccio incentrato sulle nostre convinzioni più forti e diversificato in termini di stili di investimento. Crediamo che ci siano molti investimenti ISR interessanti al di fuori dei settori "growth" del mercato. Infatti, molte buone aziende cicliche o value sono spesso trascurate dagli investitori ISR. Costruiamo un portafoglio equilibrato di leader della sostenibilità e di aziende che sono in transizione. Molte di queste aziende sono trascurate dagli altri investitori e vengono scambiate a multipli molto interessanti. Questo ci aiuta a sovraperformare il mercato pur mantenendo l'esposizione agli obiettivi di sviluppo sostenibile delle Nazioni Unite.

Marco Orsi,
Director Distribution Italy, Greece & Ticino

Perché il fondo è così concentrato (con 25 titoli in media)?

La concentrazione è il risultato delle nostre convinzioni; semplicemente crediamo che sia difficile avere 100 buone idee di investimento! Meno si è concentrati, più si è simili a un fondo indice. Non crediamo che la concentrazione sia nemica della diversificazione e della gestione del rischio. Infatti, siamo molto attenti a investire in diversi tipi di titoli e conosciamo a fondo ogni azione del portafoglio. Queste caratteristiche di concentrazione e gestione del rischio sono state utilizzate con successo per 15 anni da Zadig Asset Management.

Meno si è concentrati, più si è simili a un fondo indice.

Come è posizionato il portafoglio in termini di stile?

Cerchiamo di essere il più equilibrati possibile in termini di esposizione ai diversi stili d’nvestimento: value(2), growth(2), momentum(2), ecc. in modo che il nostro fondo possa performare in qualsiasi regime. In questo senso, siamo molto diversi dagli altri fondi ISR, che generalmente hanno una forte inclinazione verso le società growth. Questo orientamento, a nostro avviso, ha contribuito alla buona performance di molti fondi ISR negli ultimi anni, quando i titoli growth sono saliti alle stelle.
Tuttavia, dopo gli annunci relativi al vaccino Pfizer del 9 novembre 2020, i titoli value hanno iniziato a performare meglio e a sostituire i titoli growth. Il nostro fondo ha avuto un'ottima performance di recente, in particolare grazie ai nostri investimenti più ciclici(2).

La trasparenza è diventata una questione chiave nell'ISR, qual è la vostra metodologia?

Siamo consapevoli dei numerosi dibattiti sui rating ESG(3), dei frequenti disaccordi tra le varie agenzie di rating e dell'opacità dei processi. Abbiamo scelto di essere pragmatici anticipando i cambiamenti della classificazione europea. Attualmente le agenzie di rating prendono di mira solo la "quota verde" delle attività di un'azienda. Tuttavia, noi adottiamo un approccio più ampio, calcolando la percentuale di esposizione di un titolo agli Obiettivi di Sviluppo Sostenibile dell'ONU. L'ambiente e il cambiamento climatico sono ovviamente inclusi, ma anche la salute, l'istruzione, l'accesso all'informazione, ecc. Il fondo ha l'etichetta ISR francese(4) dal 2020 e rispetterà anche i requisiti di trasparenza dell'articolo 9 della SFDR(5).

Abbiamo scelto di essere pragmatici anticipando i cambiamenti della classificazione europea

Volete saperne di più su OYSTER Sustainable Europe

La filosofia d'investimento

Approfondisci

Performancce del fondo

Clicca qui

Gestito da

Fondata nel 2005, Zadig è una società di gestione patrimoniale con sede a Londra e in Lussemburgo, con 2,3 miliardi di dollari in gestione alla fine di marzo 2021. Specializzata in azioni europee long-only e market neutral, la società implementa un approccio gestionale basato sulle proprie convinzioni, con un approccio fondamentale e agnostico in termini di stile di gestione

2,5 miliardi di dollari in gestione alla fine di aprile 2021

Visita Zadig Asset Management

Volete saperne di più su l’intera gamma OYSTER

Contattateci

1-ISR: Investimenti Sostenibili e Responsabili: mirano a creare valore per l’investitore e per la società nel suo complesso attraverso una strategia d’investimento orientata al medio-lungo periodo che, nella valutazione di imprese e istituzioni, integra l’analisi finanziaria con quella ambientale, sociale e di buon governo.

2-Titoli Value, growth, ciclici e momentum: Termini con i quali si indicano due tipologie di titoli e cioè quelli che hanno un potenziale elevato di crescita (growth) e quindi un rapporto prezzo su utili (price/earnings ratio) molto alto e quelli che, al contrario, hanno un determinato valore intrinseco (value), in quanto sottovalutati dal mercato e dunque caratterizzati da un p/e molto basso. I primi sono generalmente più voltatiti e maggiormente soggetti a variazioni di prezzo consistenti, anche in un arco temporale assai ridotto. I secondi, invece, vantano una maggiore stabilità di prezzo nel tempo.I titoli ciclici sono quelli economicamente sensibili. Ciò significa che seguono gli alti e bassi dell’economia nel suo complesso, diventando redditizi durante i periodi di prosperità e inattivi durante le fasi di flessione. Il Momentum, in alaisi tecnica, consiste in un oscillatore il quale, calcolato come rapporto tra il prezzo più recente ed il prezzo di una certa data precedente, cerca di individuare la velocità del trend seguito dal mercato.

3-ESG: Environmental, Social and Governance.

4-Label ISR: L'etichetta ISR, assegnata a seguito di un rigoroso processo di verifica condotto da organismi indipendenti, è un punto di riferimento unico per gli investitori che desiderano partecipare a un'economia più sostenibile

5-Sustainable Finance Disclosure Regulation (SFDR): Art.9: Si deve avere un obiettivo di investimento sostenibile: 1) Attività economiche che contribuiscono a un obiettivo ambientale :indicatori chiave di efficienza delle risorse (uso di energia, energie rinnovabili, materie prime, acqua e terra, produzione di rifiuti, emissioni di gas serra, impatto sulla biodiversità ed economia circolare) oppure 2) Attività economiche che contribuiscono a un obiettivo sociale :affrontare le disuguaglianze o favorire la coesione sociale, integrazione sociale e relazioni di lavoro, investimenti in capitale umano o comunità economicamente o socialmente svantaggiate 3) Il principio di « non arrecare un danno significativo » (DNSH Do No Significant Harm) : 50 indicatori di impatto negativo da prendere in considerazione 4) Seguire pratiche di buon governo, in particolare per quanto riguarda strutture di gestione solide, relazioni tra dipendenti, retribuzione del personale, conformità fiscale (fonte : ESMA)