Evolution of CM‑AM SICAV

	Until November 9, 2023	From November 10, 2023
CM‑AM GLOBAL EMERGING MARKETS	This fund is actively managed on a discretionary basis. Its investment objective is to seek a performance net of fees, linked to the performance of the equity market over the recommended investment period. Asset allocation and performance may differ from those of the comparison indicator.	This UCITS is actively managed on a discretionary basis using fundamental and financial analysis. The fund's objective is to offer a performance linked to equity market trends over the recommended investment period by investing in international companies listed on regulated markets and benefiting from the development and growth of emerging and frontier countries as defined by MSCI. The fund's asset allocation and performance may therefore differ from that of its comparative benchmark index, the MSCI Emerging Markets (dividends reinvested).
	Exposure limits : From 60% to 110% of net assets may be invested in equity markets in all geographic region, in all economic sectors, within the following limits : ‑ from 0% to 20% in companies with market capitalisations < EUR 3 billion From 0% to 10% of net assets may be invested in sovereign public and private debt instruments, regardless of geographic region or credit rating, as determined by the asset management company or a credit‑rating agency From 60% to 110% in equity markets in emerging market counties From 0% to 110% exposure to currency risk on non‑euro currencies	Exposure limits : From 60% to 110% of net assets may be invested in equity markets in all geographic region and frontier countries as defined by the MSCI, in all economic sectors, within the following limits : ‑ from 0% to 20% in companies with market capitalisations < EUR 3 billion From 0% to 10% of net assets may be invested in sovereign public and private debt instruments, regardless of geographic region or credit rating, as determined by the asset management company or a credit‑rating agency From 60% to 110% in equity markets in emerging market counties From 0% to 10% exposure to equity markets in frontier countries as defined by MSCI From 0% to 110% exposure to currency risk on non‑euro currencies
	In order to achieve the investment objective, the fund adopts a selective management style for securities of issuers located in newly industrialised markets or emerging markets, determined through a fundamental analysis of the economic situation, the different business sectors, and economic forecasts carried out by the Management Company.	In order to achieve its management objective, the Fund adopts a selective stock‑picking style, investing in issuers located in emerging and frontier countries as defined by the MSCI. The process for selecting companies is based on fundamental and financial analysis (growth, profitability regular, valuation). Companies selected for their growth potential benefit from economic trends in these countries, such as the development of the middle class, the digitalization of the economy, natural resources, infrastructure development and emerging leaders.
	The non‑financial indicator selected is the average carbon score of the fund, which must be higher than that of its ex post comparison indicator, the MSCI Emerging Markets index.	The extra‑financial indicator used is the average carbon intensity of the fund, which must be lower than that of its benchmark universe.
CM‑AM GLOBAL INNOVATION	From 0% to 10% of net assets may be invested in sovereign, public and private debt instruments, regardless of geographic region (including emerging countries), in all rating categories, as determined by the asset management company or a credit‑rating agency, or that are not rated by a credit‑rating agency, subject to the following limits : ‑ from 0% to 5% in debt instruments that have become speculative, or that are not rate.	From 0% to 10% of net assets may be invested in sovereign, public and private debt instruments, regardless of geographic region (including emerging countries), with an Investment Grade rating when purchased as determined by the asset management company or a credit‑rating agency, or that are not rated by a credit‑rating agency, subject to the following limits : ‑ from 0% to 5% in debt instruments that have become speculative, or that are not rate.
	Stocks are picked from a limited universe of stocks characterised by : ‑ companies in the high‑tech sector that disseminate technological innovation to businesses. ‑ companies in a wide range of sectors (industry, health, finance, services, consumer, energy) that are significantly integrating innovation into their production processes.	Stocks are picked from a limited universe of stocks characterised by : ‑ companies in the high‑tech sector that disseminate technological innovation to businesses. ‑ companies in a wide range of sectors (industry, health, finance, services, consumer, energy, real estate, communications, materials, business services) that are significantly integrating innovation into their production processes.
	The non‑financial indicator selected is the average carbon score of the fund, which must be higher than that of its ex post comparison indicator, the MSCI AC World Index.	The extra‑financial indicator used is the average carbon intensity of the fund, which must be lower than that of its benchmark universe.
CM‑AM GLOBAL LEADERS	From 0% to 10% of net assets may be invested in sovereign, public and private debt instruments, regardless of geographic region (including emerging countries), with an Investment Grade rating as determined by the asset management company or a credit‑rating agency, or that are not rated, subject to the following limits : ‑ from 0% to 5% in unlisted debt instruments that have become speculative.	From 0% to 10% of net assets may be invested in sovereign, public and private debt instruments, regardless of geographic region (including emerging countries), with an Investment Grade rating when purchased as determined by the asset management company or a credit‑rating agency, or that are not rated, subject to the following limits : ‑ from 0% to 5% in unlisted debt instruments that have become speculative.
CM‑AM PIERRE	Exposure limits : From 65% to 110% of net assets may be invested in equities, with no restrictions as to geographic region, market capitalisation or economic sector, within the following limits: ‑ at least 65% in property or real estate equities ‑ 60% minimum exposure to the equity markets of European Union countries ‑ from 0% to 30% to equity markets outside the European Union ‑ from 0% to 10% in emerging market countries ‑ from 0% to 10% in property or real estate equities From 0% to 10% of net assets may be invested in sovereign, public and private debt instruments, regardless of geographic region, of Investment Grade, as determined by the asset management company or a credit‑rating From 0% to 10% in convertible bonds. From 0% to 100% to currency risk excluding the euro, with no more than 30% outside European Union countries At least 75% of the Fund is invested in property and real estate securities from the European Union	Exposure limits : From 65% to 110% of net assets may be invested in equities, with no restrictions as to geographic region, market capitalisation or economic sector, within the following limits: ‑ at least 65% in property or real estate equities ‑ 60% minimum exposure to the equity markets of European Union countries, the United Kingdom, Switzerland and Norway ‑ from 0% to 30% to equity markets outside the European Union, the United Kingdom, Switzerland and Norway ‑ from 0% to 10% in emerging market countries ‑ from 0% to 20% in property or real estate equities From 0% to 10% of net assets may be invested in sovereign, public and private debt instruments, regardless of geographic region, of Investment Grade, as determined by the asset management company or a credit‑rating From 0% to 10% in convertible bonds. From 0% to 100% to currency risk excluding the euro, with no more than 30% outside European Union countries, the United Kingdom, Switzerland and Norway At least 75% of the Fund is invested in property and real estate securities from the European Union, the United Kingdom, Switzerland and Norway
	This fund is actively managed on a discretionary basis. Its investment objective is to offer performance linked to developments in the listed European real estate and property market through the selective management of European Union real estate and property securities, over the recommended investment period.	This Fund is actively managed on a discretionary basis in compliance with a qualitative extra‑financial filter in accordance with the policy implemented by Crédit Mutuel Asset Management and in compliance with the requirements of the French SRI label. The objective of this Fund is to increase the value of the portfolio using a stock‑picking approach, by selecting companies that meet sustainable development and social responsibility criteria, as determined by the asset management company, over the recommended investment period. Its management objective is to offer performance linked to trends in the listed European property and real estate market through selective management of European stocks over the recommended investment period.
CM‑AM GLOBAL CLIMATE CHANGE	This rating is established by Crédit Mutuel Asset Management's non‑financial division on the basis of quantitative and qualitative data supplied by a third‑party service provider, Trucost.	This rating is established by Crédit Mutuel Asset Management's extra‑financial division on the basis of quantitative and qualitative data supplied by a thirdparty service provider, ISS.

Furthermore, in order to strengthen the protection of holders, it was decided to integrate liquidity management mechanisms into the funds listed on the linked page below. You will find in this list the mechanisms implemented on the CM‑AM SICAV sub-funds.