Etoile Gestion, an asset management subsidiary of French group Amundi, is to largely amend the investment policy of its Etoile Actions US strategy as from 9 November 2017.
According to a shareholder letter, the fund is due to be transformed from an AIFMD-compliant structure into a Ucits-compliant structure (OPCVM) on 9 November 2017.
The management of the Etoile Actions US fund has been delegated to Amundi Asset Management on 6 November.
If the objective of the strategy remains the same – outperforming its benchmark, the MSCI USA index, over a five-year investment period – its composition will change in accordance with the requirements of a Ucits structure.
Currently, the Etoile Actions US fund has between 85% and 100% of its net assets invested in shares of funds eligible to PEA savings plans and replicating North American equity indices of all caps and sectors.
In addition, up to 15% of the fund’s net assets are invested in other funds of all asset classes and all geographical zones.
As from 9 November, at least 90% of the fund’s assets will be exposed directly to equity markets, primarily stocks from the US market.
Another change is that 75% of the portfolio will be permanently invested in European equities eligible to PEA savings plans. Its exposure to other funds, all asset classes confounded, will be capped to 10%.