DPAM CAPITAL B SA Prospectus January 2022 - Degroof Petercam Asset ...
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DPAM CAPITAL B SA Prospectus January 2022 SICAV with an umbrella structure (multiple sub-funds) under Belgian law opting for investments meeting the conditions of Directive 2009/65/EC Appendices attached to this prospectus: q Articles of Association q Periodic reports
DPAM CAPITAL B SA
TABLE OF CONTENTS
PREAMBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
PRESENTATION OF THE SICAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
INFORMATION ON THE RISK PROFILE AND THE INTEGRATION OF SUSTAINABILITY RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
INFORMATION ABOUT THE SHARES AND THEIR TRADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
FEES AND CHARGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES EUROPE INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES US INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES JAPAN INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES EMU INDEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES WORLD ex JAPAN, EUROPE & USA INDEX . . . . . . . . . . . . . . . . . . . 42
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES EMU BEHAVIORAL VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES US BEHAVIORAL VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B REAL ESTATE EMU DIVIDEND SUSTAINABLE . . . . . . . . . . . . . . . . . . . . . . . . . . 55
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B BONDS EUR MEDIUM TERM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B EQUITIES US DIVIDEND SUSTAINABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B CORPORATE BONDS EUR 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
INFORMATION ABOUT THE SUB-FUND DPAM CAPITAL B REAL ESTATE EMU SUSTAINABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
INFORMATION ABOUT THE DPAM CAPITAL B EQUITIES US ESG LEADERS INDEX SUB-FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
DPAM CAPITAL B SA 2
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
PREAMBLE
Restrictions on subscription to and transfer of or (b) who, in the opinion of the Board of Directors of the
shares SICAV, may cause harm to the SICAV which it would not
otherwise have suffered or sustained.
General Shareholders who become "U.S. Persons" are obliged to
This Prospectus does not constitute an offer or solicitation forthwith notify the SICAV to that effect.
in any country in which such offer or solicitation is not Shareholders who become U.S. Persons shall no longer be
lawful, or in which the person making such offer or permitted to acquire new Shares and can even be asked at
solicitation is not authorized to do so. any time to alienate their Shares in favour of persons who
Potential subscribers should consult their legal, tax or do not have the capacity of "U.S. Person".
other professional adviser before deciding to subscribe to The Board of Directors of the SICAV reserves the right to
or acquire shares in the SICAV. proceed to the compulsory redemption of any Shares held
by a "U.S. Person", whether directly or indirectly, or in
United States and U.S. Persons cases where ownership of the Share(s) by any person is
The Shares have not and shall not be registered on foot of contrary to the law or to the interests of the SICAV.
the "U.S. Securities Act" of 1933 (hereinafter, "the Act of
1933"), or on foot of any other law prevailing within a U.S.
State, and the Shares cannot be transferred, offered or
sold, whether directly or indirectly, to/in the United States
of America (including its territories and possessions), to
any citizen of the United States of America (hereinafter "
U.S. Person") as this term has been defined by the main
U.S. securities regulator, i.e., the "Securities and Exchange
Commission" or "SEC".
The SICAV is not and shall not be registered on foot of the
U.S. Investment Company Act of 1940, its amendments, or
on foot of any other securities-related legislation. Any
resale or transfer of Shares to the United States of
America or to a "U.S. Person" may be construed as being
in violation of U.S. law.
Neither SEC nor the specialist committees of the various
U.S. States or any other U.S. regulatory body permit the
offering of Shares and neither did these bodies rule on or
sanction the merits of this offer, or the accuracy or the
adequacy of the documents relating to this offer. Any
claim to that effect is against the law.
The Board of Directors of the SICAV is vested with the
powers to impose restrictions:
i) (i) with regard to the Shares held by a "U.S. Person"
and may proceed to the compulsory redemption of
the Units / Shares thus held; or
ii) (ii) on the transfer of Units / Shares to a "U.S.
Person".
These powers also extend to any person (a) who, whether
directly or indirectly, appears to be acting in breach of the
laws and regulations of any country or government body,
DPAM CAPITAL B SA 3
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
PRESENTATION OF THE SICAV
Name: DPAM CAPITAL B Class A USD:
distribution shares which differ from class A shares due to
Legal form: Limited Liability Company the fact that they are denominated in United States
Formation date: 8 May 1991 dollars.
Class E:
Term: unlimited
distribution shares which differ from class A shares due to
Registered office: Rue Guimard 18 - 1040 Brussels, the fact that (i) they are reserved for eligible investors*
Belgium dealing on behalf of their own name, (ii) they have a
minimum initial subscription amount, (iii) a different
Status: management fee and (iv) a different annual tax.
SICAV (société d'investissement à capital variable or open-
ended collective investment company) with multiple sub- Class E USD:
funds having opted for investments meeting the conditions distribution shares which differ from class E shares due to
of Directive 2009/65/EC and governed, as regards its the fact that they are denominated in United States
operation and investments, by the Law of 3 August 2012 dollars.
on Undertakings for Collective Investment meeting the
conditions of Directive 2009/65/EC and credit institutions Class V:
issuing covered bonds (hereinafter the Law of 2012) and distribution shares which differ from class A shares due to
by the Royal Decree of 12 November 2012 on the fact that (i) at the discretion of the Management
Undertakings for Collective Investment meeting the Company they may be offered to distributors and
conditions of Directive 2009/65/EC (hereinafter the Royal platforms in the United Kingdom, Switzerland and
Decree of 2012). European Union Member States, excluding Banque Degroof
Petercam Belgium and Banque Degroof Petercam
List of sub-funds marketed by the SICAV: Luxembourg, (ii) they may be offered by distributors and
DPAM CAPITAL B Equities US Behavioral Value platforms that have entered into separate remuneration
DPAM CAPITAL B Equities Europe Index agreements with their customers that are not subject to
any rebate, and (iii) they are not subject to a rebate on
DPAM CAPITAL B Real Estate EMU Dividend Sustainable
management fees.
DPAM CAPITAL B Equities US Index
Class M:
DPAM CAPITAL B Bonds EUR Medium Term
distribution shares which differ from class A shares due to
DPAM CAPITAL B Equities Japan Index
the fact that (i) they are reserved for investors having one
DPAM CAPITAL B Equities World ex Japan, Europe & USA or more current discretionary management mandates with
Index one or more companies belonging to Degroof Petercam
DPAM CAPITAL B Equities EMU Index Group, (ii) they are reserved for the account(s) to which
DPAM CAPITAL B Equities US Dividend Sustainable these discretionary management mandates apply, (iii) they
are reserved for mandates with “all in” pricing and in that
DPAM CAPITAL B Equities EMU Behavioral Value
(iv) they have a different management fee.
DPAM CAPITAL B Corporate Bonds EUR 2023
In this context, "all in" includes at least the management
DPAM CAPITAL B Real Estate EMU Sustainable fees and custody fees charged to the account (s) to which
DPAM CAPITAL B Equities US ESG Leaders Index these "all in" discretionary management mandates apply.
Types of shares: Class M USD:
Distribution shares. distribution shares which differ from class M shares due to
the fact that they are denominated in United States dollar.
Capitalisation shares.
Class B: capitalisation shares offered to the public
Share classes:
Class A: distribution shares offered to the public
DPAM CAPITAL B SA 4
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
Class L: Investors are advised that carrying out an exchange risk
capitalisation shares which differ from class B shares due hedging policy may result in additional costs as mentioned
to the fact (i) they have a minimum initial subscription and in the information on the sub-fund.
(ii) a management fee that may be different. Class F:
Class B LC: capitalisation shares which differ from class B shares due
to the fact that (i) they are reserved for eligible
capitalisation shares which differ from class B shares due
investors*dealing on behalf of their own name, (ii) they
to the fact that (i) they are reserved for investors affected,
have a minimum initial subscription amount, (iii) a
directly or indirectly, by one or more current “Services
different management fee and (iv) a different annual tax.
Agreement Life Cycle” contracts with Degroof Petercam
Asset Management, and (ii) that they have a different Class F LC:
management fee. capitalisation shares which differ from class F shares due
Class B USD: to the fact that (i) they are reserved for investors affected,
directly or indirectly, by one or more current “Services
capitalisation shares which differ from class B shares due
Agreement Life Cycle” contracts with Degroof Petercam
to the fact that they are denominated in United States
Asset Management, (ii) they have no minimum initial
dollars.
subscription amount and (iii) that they have a different
Class B EUR Hedged: management fee.
capitalisation shares which differ from class B shares due
Class F USD:
to the fact that the exchange risk against the euro is
hedged. The manager must take measures to capitalisation shares which differ from class F shares due
systematically hedge the exchange risk in relation to the to the fact they are denominated in United States dollars.
sub-fund's reference currency within a tolerance threshold Class F EUR Hedged:
defined in the information on the sub-fund. capitalisation shares which differ from class F shares due
Investors are advised that carrying out an exchange risk to the fact that the exchange risk against the euro is
hedging policy may result in additional costs as mentioned hedged. The manager must take measures to
in the information on the sub-fund. systematically hedge the exchange risk in relation to the
sub-fund's reference currency within a tolerance threshold
Class L USD:
defined in the information on the sub-fund.
capitalisation shares which differ from class L shares due
Investors are advised that carrying out an exchange risk
to the fact they are denominated in United States dollars.
hedging policy may result in additional costs as mentioned
Class W: in the information on the sub-fund.
capitalisation shares which differ from class B shares due Class J:
to the fact that (i) at the discretion of the Management capitalisation shares which differ from class F shares due
Company they may be offered to distributors and to the fact that (i) they are reserved for investors for
platforms in the United Kingdom, Switzerland and which there are currently one or more discretionary
European Union Member States, excluding Banque Degroof management mandates with one or several companies of
Petercam Belgium and Banque Degroof Petercam the Degroof Petercam Group, (ii) accounts to which these
Luxembourg, (ii) they may be offered by distributors and discretionary management mandates apply, due to the fact
platforms that have entered into separate remuneration that (iii) they have no minimum initial subscription amount
agreements with their customers that are not subject to and (iv) they have a different management fee.
any rebate, and (iii) they are not subject to a rebate on
management fees. Class N:
Class W EUR Hedged: capitalisation shares which differ from class B shares due
to the fact that (i) they are reserved for investors for
capitalisation shares which differ from class W shares due
which there are currently one or more discretionary
to the fact that the exchange risk against the euro is
management mandates with one or several companies of
hedged. The manager must take measures to
the Degroof Petercam Group, and (ii) accounts to which
systematically hedge the exchange risk in relation to the
these discretionary management mandates apply, (iii) they
sub-fund's reference currency within a tolerance threshold
are reserved for mandates with “all in” pricing and in that
defined in the information on the sub-fund.
(iv) they have a different management fee.
DPAM CAPITAL B SA 5
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
In this context, “all in” includes at least the management q Ms Caroline TUBEUF, Head of Legal and General
fees and custody fees charged to the account (s) to which Secretary - Degroof Petercam Asset Management SA,
these "all in" discretionary management mandates apply. Member of the Executive Committee of Degroof
Petercam Asset Management SA
Class N USD:
q Mr Philippe DENEF, Head of Quantitative Equity &
capitalisation shares which differ from class N shares due
to the fact that they are denominated in United States Asymmetric Asset Management, Member of the
dollar. Executive Committee of Degroof Petercam Asset
Management SA
Class P: q Mr Jeroen SIONCKE, Chief Risk Officer, Member of the
capitalisation shares which differ from class F shares by Executive Committee of Degroof Petercam Asset
the absence of (i) a management fee and (ii) a minimum Management SA
initial subscription amount, due to the fact that (iii) they
are reserved for investors that have one of more Individuals responsible for effective
discretionary mandates with Degroof Petercam Asset management:
Management and (iv) they are reserved for the accounts q Mr Philippe DENEF, Head of Quantitative Equity &
where this discretionary mandates are applicable. Asymmetric Asset Management, Member of the
*"eligible investors" are investors within the meaning of Executive Committee of Degroof Petercam Asset
Article 5 of the Law of 3 August 2012, namely the Management SA, Director in various UCI.
corporate customers referred to in Appendix A of the Royal q Mr Jeroen SIONCKE, Chief Risk Officer, Member of the
Decree of 3 June 2007 on the rules transposing the Executive Committee of Degroof Petercam Asset
Directive on markets in financial instruments (MiFID), as Management SA, Director in various UCI.
well as eligible counterparties within the meaning of
Article 3, §1 of the above-mentioned Royal Decree of 3 Management Company:
June 2007 and legal entities which are not considered SICAV which has appointed a Management Company of
corporate investors and which have asked to be entered in undertakings for collective investment:
the FSMA register of eligible investors. The natural person,
Degroof Petercam Asset Management SA with the
also the legal person that are not part of the definition
abbreviation Degroof Petercam AM or DPAM (hereinafter
eligible investors as mentioned above, have no access to
DPAM)
this share class, also if the subscription are made in the
context of a discretionary mandate. Registered office: rue Guimard 18, 1040 Brussels
Minimum initial subscription per sub-fund: Formation: 29 December 2006
Class L: €1,000 Term: unlimited
Class L USD: amount in USD equivalent to €1,000 Board of Directors:
Class E, F: €25,000
Chairman:
Class F USD, E USD: amount in USD equivalent to €25,000
q Mr Bruno COLMANT, non-executive Director of DPAM,
Minimum holding for all classes: one share
CEO of Banque Degroof Petercam SA
The financial service has a system in place to permanently
check that people who have subscribed to shares in a Members:
share class benefiting, with regard to one or more points, q Mr François WOHRER, non-executive Director of
from more advantageous arrangements, or people who DPAM, Head of Investment Banking, Financial Markets
have acquired such shares, meet the stated criteria.
q Mr Yves CEELEN, Head of Institutional Portfolio
Board of Directors of the SICAV: Management, Member of the Executive Committee of
DPAM
Chairman: q Mr Jean-Baptiste DOUVILLE de FRANSSU, non-
q Mr Yvon LAURET, Independent director, Partner of executive Director of DPAM
Adeis (Luxembourg) SA q Mr Laurent DE MEYERE, independent Director (UCITS
V)
DPAM CAPITAL B SA 6
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
q Ms Véronique JEANNOT, Director-General Banque DPAM INVEST B SA
Degroof Petercam France DPAM HORIZON B SA
q Mr Jean-Michel LOEHR, independent Director (UCITS OMEGA PRESERVATION FUND SA
V) ERGO FUND, public common fund
q Ms Sylvie HURET, Non-executive Director of DPAM,
Chair of the Management Board of DPAS Delegation of the administration:
q Mr Frank van BELLINGEN, Non-executive Director of Degroof Petercam Asset Services SA- 12 rue Eugène
DPAM Ruppert – L-2453 Luxembourg
q Mr Hugo LASAT, CEO, Chairman of the Executive
Financial service:
Committee and CEO of DPAM
Bank Degroof Petercam SA – Rue de l’Industrie 44 – 1040
q Mr Peter DE COENSEL, Head of Fixed Income Brussels
Management, Member of the Executive Committee of
DPAM Distributor(s):
q Mr Philippe DENEF, Head of Quantitative Equity & DPAM, Rue Guimard 18 - 1040 Brussels
Asymmetric Asset Management, Member of the
Executive Committee of DPAM Custodian of the SICAV:
Banque Degroof Petercam Luxembourg S.A, Belgian
q Mr Tomás MURILLO, Head of Institutional Sales and
branch, a credit institution under Luxembourg law with
Distribution International, Member of the Executive
registered office at 12 rue Eugène Ruppert L-2453
Committee of DPAM
Luxembourg, Grand-Duché de Luxembourg acting through
q Mr Johan VAN GEETERUYEN, Head of Conviction its Belgian branch (located at Rue Guimard 19, 1040
Global Balanced Funds, Member of the Executive Brussels) (the "Custodian") has been appointed as the
Committee of DPAM custodian of the SICAV under the terms of a written
q Mr Jeroen SIONCKE, Chief Risk Officer and Member of agreement (the "Custodian Agreement").
the Executive Committee of DPAM The Custodian fulfils the obligations and duties set out
q Madame Caroline TUBEUF, Head of Legal and General under the applicable laws and regulations and, in
Secretary - Degroof Petercam Asset Management S.A. particular, the tasks stipulated in Article 51/1 et seq. of
and Member of the Executive Committee of DPAM the Law of 2012.
Executive Committee: In particular, the Custodian is responsible for the
safekeeping of the SICAV's assets in accordance with
q Mr Hugo LASAT, Chairman of the Executive Committee
applicable legal and regulatory provisions. The Custodian
q Mr Peter DE COENSEL may entrust all or part of the assets of the SICAV that it
q Mr Philippe DENEF holds in custody to sub-custodians as may be determined
q Mr Tomás MURILLO by the Custodian from time to time.
q Mr Johan VAN GEETERUYEN In addition, the Custodian
q Mr Yves CEELEN i) ensures that the assets in its custody correspond to
q Mr Jeroen SIONCKE the assets specified in the SICAV's accounts;
q Ms Caroline TUBEUF ii) ensures that the number of units in circulation
specified in its account corresponds to the number of
Auditor: units in circulation specified in the SICAV's accounts;
PwC Reviseurs d'Entreprises SRL, represented by Mr iii) ensures that the sale, issue, repurchase, redemption,
Damien WALGRAVE, Woluwedal 18, 1932 Zaventem and cancellation of the SICAV's units are carried out in
Capital subscribed: EUR 52,539,353.14 accordance with the applicable legal and regulatory
provisions, the Articles of Association and prospectus
Paid-capital: EUR 52,539,353.14 of the SICAV;
Other undertakings for collective investments for which
the Management Company has been appointed:
DPAM DBI-RDT B SA
DPAM CAPITAL B SA 7
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
iv) ensures that the net asset value of the SICAV's units is Situations that may potentially lead to conflicts of interest
calculated in accordance with applicable legal and for the Custodian in the exercise of its activities include
regulatory provisions, the Articles of Association and the following:
the prospectus; – if the Custodian is likely to make a financial gain or
v) ensures that the investment limits set by applicable avoid a financial loss at the expense of the SICAV;
legal and regulatory provisions, the Articles of – if the Custodian’s interest in exercising its activities is
Association and the prospectus of the SICAV are not in line with the interest of the SICAV;
respected;
– if the Custodian, motivated by financial or other
vi) carries out the instructions of the SICAV or the reasons, puts a client’s interests before those of the
Management Company unless they conflict with the SICAV;
applicable legal and regulatory provisions, the Articles
– if the Custodian receives or will receive a benefit for
of Association or the prospectus of the SICAV;
exercising its activities, in addition to its normal fees,
vii) for transactions involving the SICAV's assets, ensures from a counterparty other than the SICAV;
that the proceeds are sent to it within the normal
– if the Custodian and the management company are
time frames;
directly or indirectly linked to Banque Degroof
viii) ensures that rules on fees and expenses as set by Petercam Luxembourg S.A. and if certain employees of
applicable legal and regulatory provisions, the Articles Banque Degroof Petercam Luxembourg S.A. are
of Association and the prospectus of the SICAV are members of the Board of Directors of the
respected; management company;
ix) ensures that the SICAV's income is allocated in – if the Custodian employs delegates and sub-delegates
accordance with the applicable legal and regulatory to perform its duties;
provisions, the Articles of Association and prospectus
– if the Custodian provides a number of banking services
of the SICAV.
for the SICAV in addition to its custodian services.
Finally, the Custodian shall ensure that the SICAV's cash
The Custodian may exercise this type of activity provided
flows are properly monitored and, more specifically, that
that it has separated, according to function and hierarchy,
all payments made by or on behalf of participants in the
its custodian duties and its other tasks that could give rise
subscription for units of the SICAV have been received and
to a potential conflict of interests and if the potential
that all cash held by the SICAV has been booked to a cash
conflicts of interest have been duly detected, managed,
account in accordance with the legal provisions.
monitored and notified to the SICAV’s shareholders.
The Custodian must act honestly, fairly, professionally,
The Custodian has implemented procedures and measures
independently and solely in the interest of the SICAV and
on conflicts of interest to mitigate, identify, prevent and
of the shareholders of the SICAV.
ease potential conflicts of interest, to ensure, in particular,
The Custodian shall not carry out activities with regard to that in the event of a conflict of interest, the Custodian’s
the SICAV or the management company acting on behalf interest is not unjustly favoured.
of the SICAV that may create conflicts of interest between
To that end:
the SICAV, the shareholders, the management company
and itself. An interest is a source of incentive of any – employees of Banque Degroof Petercam Luxembourg
nature whatsoever and a conflict of interest is a situation S.A. who are members of the Board of Directors of the
in which the Custodian’s interests, when carrying out its SICAV shall not participate in the management of the
activities, are not in line with those of the SICAV, the SICAV. This duty shall continue to be the responsibility
shareholders and/or the management company. of the management company, which will either
perform or delegate the task, in accordance with its
The Custodian may provide a number of banking services
own procedures and code of conduct;
for the SICAV, either directly or indirectly, in addition to its
custodian services, in the strict meaning of the term. – no employee of Banque Degroof Petercam
Luxembourg S.A. performing or participating in
The provision of additional services, and capital links
safekeeping, surveillance and/or monitoring of cash
between the Custodian and some of the SICAV’s partners,
flow duties may be a member of the Board of
may lead to conflicts of interest between the SICAV and
Directors of the SICAV;
the Custodian.
DPAM CAPITAL B SA 8
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
The current list of sub-custodians and other delegates which is inconsistent with the risk profiles or the
used by the Custodian is available at www.dpamfunds.com instruments constituting the AIFs and UCITS managed
('Regulatory information' tab). by DPAM;
The Custodian shall manage any conflicts of interest that q In particular, the remuneration policy promotes sound
may arise with its sub-delegates. The Custodian has not and effective risk management with regard to
observed any conflicts of interest with its sub-delegates to sustainability risks, while the remuneration structure
date. does not encourage excessive risk-taking;
If a potential conflict of interest arises with the Custodian, q The remuneration policy is in line with the economic
despite the measures put in place to mitigate, identify, strategy, objectives, values and interests of the
prevent and ease them, the Custodian must comply with Management Company, SICAV and investors and
its legal and contractual obligations to the SICAV at all incorporates measures to avoid conflicts of interest;
times. q The remuneration policy within the Degroof Petercam
If a conflict of interest is likely to have a significant Group and its subsidiaries promotes equal treatment
adverse effect on the SICAV or the shareholders of the of remuneration packages and other benefits granted
SICAV and cannot be resolved, the Custodian shall duly to staff members based on the functions and
inform the SICAV, which will take appropriate action. responsibilities assumed, as well as a balance in line
Updated information relating to the Custodian, its tasks, with market practices between fixed and variable
any conflicts of interest, any delegated custodial duties, as remuneration based on performance objectives. The
well as the list of delegates and sub-delegates and the remuneration package is composed of a fixed salary,
identification of conflicts of interest that may arise from mainly based on skills and experience, a group
such delegation, can be obtained at the shareholders' insurance plan or a supplementary pension and
request. variable remuneration;
The remuneration of the Custodian with respect to the q A performance assessment is carried out based on
different sub-funds of the SICAV is described in the financial and nonfinancial, individual and collective
appendices detailing the sub-funds. criteria as part of the annual Individual Appraisal
process (Performance Management Cycle)
Auditor: implemented within the Group by the GHR (Human
PwC Reviseurs d'Entreprise SRL having its registered office Resources Department of Banque Degroof Petercam);
at 1932 Sint-Stevens-Woluwe, Woluwedal 18, represented the remuneration policy implemented by DPAM
by Mr Brieuc LEFRANCQ, statutory auditor. includes appropriate qualitative criteria that seek to
The auditor's responsibilities include the examination of align the risks and interests of employees with those
accounting data contained in the SICAV's annual report. of the investment funds (UCITS and AIF) they manage,
of the investors of those funds and the Management
Financial Group promoter of the SICAV: Company, and sound and effective management of
Group Degroof Petercam sustainability risks in the short, medium and long
term. These qualitative criteria include compliance
Remuneration policy: with internal procedures and regulatory requirements,
The remuneration policy has been established by DPAM in equitable treatment of investors and their level of
accordance with the requirements of the rules on satisfaction;
remuneration policy in AIF and UCITS management q The assessment of performance is set in a multi-year
companies. framework which is adapted to the holding period
Since DPAM is a subsidiary of a credit institution providing recommended to the shareholders of the SICAV, in
investment services, the remuneration policy also takes order that the assessment process is based on longer
into account certain rules and regulations applicable to its term performance of the SICAV and investment risks
parent company. and that the actual payment of performance-based
The remuneration policy may be summarised as follows: components of remuneration is spread over the same
period;
q The remuneration policy promotes sound and effective
q The remuneration policy ensures an appropriate
risk management and does not encourage risk-taking
that exceeds the level of risk tolerated by DPAM and balance between fixed and variable components of the
total remuneration; the fixed component always
DPAM CAPITAL B SA 9
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
represents a sufficiently high proportion of the total market, the valuation is based on the probably
remuneration; the policy on variable components of realization value estimated prudently and in good
the remuneration is flexible enough and makes the faith;
non-payment of the variable component possible.The q for liquid assets: at nominal value plus accrued
determination of the annual variable remuneration for interest;
the identified staff, except for the control functions,
q unmatured loans and advances will be determined pro
involves establishing a target bonus expressed as a
rata temporis based on their exact amount when
percentage of the fixed salary and is currently based
known or, failing this, on the basis of their estimated
on the following elements:
amount;
q Development of the gross operating profit of the
q securities expressed in a currency other than that of
Degroof Petercam Group;
the sub-fund concerned will be converted into the
q Development of the gross operating profit of currency of the sub-fund on the basis of the most
Institutional Asset Management; recent known exchange rates;
q Individual performance of the person. q the notional amount of the future contracts will be
Details of the up-to-date remuneration policy and the recorded in Off-balance sheet heading “III, Notional
composition of the remuneration committee are available Amount of the future contracts”. The future contracts
at: https://www.dpamfunds.com/files/live/sites/ are accounted for in the off-balance sheet captions on
degroofpetercam/files/guide/regulatory_disclosures/EN/ the basis of the following calculation: number of
EN_RemunerationPolicy.pdf ('Regulatory Information' tab). contracts multiplied by the price at acquisition date
A printed copy is available, free-of-charge, on request from multiplied by the lot size; to be converted into the
Degroof Petercam Asset Management SA, Rue Guimard, currency of the sub-fund concerned based on the last
18, 1040 Brussels or the following e-mail address: known exchange rates where the futures are
DPAM@degroofpetercam.com. expressed in a currency other than that of the sub-
fund. Futures are valued whenever the net asset value
Person(s) bearing the costs in the situations is calculated, on the basis of the last known market
described in articles 115, §3, paragraphs 3, 149, price, except where this is not representative. The
differences resulting from price variations are imputed
152, 156, 157 §1, paragraphs 3, 165, 179,
to the income statement are not realized capital gains
paragraph 3 and 180, paragraph 3 of the Royal or depreciation in caption ii. Future contracts” of the
Decree of 2012: relevant captions in the heading “I. Depreciation,
DPAM SA, Rue Guimard 18, 1040 Brussels capital loss and capital gain – F. Financial derivatives”
or in the heading “I. Depreciation, capital loss and
Capital: capital gain – H. Foreign exchange positions and
The share capital is always equal to the net asset value. It transactions – a. Financial derivatives – ii. Future
may not be less than € 1,200,000. contracts” if the underlying value concerns currencies.
q option contracts are valued whenever the net asset
Accounts and inventories:
value is calculated, on the basis of the last known
Unless otherwise stated in the information for the sub-
market price, except where this is not representative.
fund, the accounts and inventories are in euros.
The differences resulting from variations in the value
Asset valuation rules: of the contract premiums are imputed to the income
The valuation of the UCIT’s assets, subdivided by sub- statement as depreciation or unrealized capital gains in
funds, is determined as follows: caption “i. Option contracts” of the relevant captions
in the heading I. Depreciation, capital loss and capital
q for securities which are officially listed on a stock gain – F. Financial derivatives” or in the heading “I.
exchange or traded on another organized market: at Depreciation, capital loss and capital gain – H. Foreign
the last known stock exchange or market price, unless exchange positions and transactions – a. Financial
this price is not representative; derivatives – i. Option contracts” if the underlying
q for securities of which the latest price is not value concerns currencies. Where option contracts are
representative or for securities not officially listed on a exercised, the premiums are recorded as part of the
stock exchange or traded on another organized purchase or sales price of the underlying securities.
DPAM CAPITAL B SA 10
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
The underlying values of the option contracts are In respect of the SICAV:
accounted for in the off-balance sheet heading “II. The SICAV benefits from the alternative tax base reserved
Underlying values of the option contracts and for certain investment companies established in Belgium.
warrants” on the basis of the following calculation: Its corporate income tax expense is therefore negligible or
number of contracts multiplied by the exercise price even non-existent.
multiplied by the quantity of underlying assets.
Belgian-source revenue received by the SICAV is not
q the notional amount of the swap contracts will be subject to Belgian withholding tax at source, except as
recorded in Off-balance sheet heading “IV, Notional regards Belgian dividends, to which a non-attributable and
Amount of the swap contracts”. The swap contracts non-recoverable withholding tax at source of 30% applies.
are valued whenever the net asset value is calculated,
Foreign-source revenue received by the SICAV may be
on the basis of the last known market price, except
subject to foreign withholding tax at source, the rate of
where this is not representative. The differences
which is generally limited in accordance with double
resulting from variations in the value of the swap
taxation treaties.
contracts are imputed to the income statement as
depreciation or unrealized capital gains in caption “iii. The SICAV is also subject to a Subscription Tax applicable
Swap contracts” of the relevant captions in the depending on the share class:
heading I. Depreciation, capital loss and capital gain – q Class A, A USD, B, B LC, B USD, B EUR Hedged, L, L
F. Financial derivatives” or in the heading “I. USD, M, M USD, N, N USD, V, W and W EUR Hedged
Depreciation, capital loss and capital gain – H. Foreign shares: 0.0925%
exchange positions and transactions – a. Financial q Class E, E USD, F, F LC, F USD, F EUR Hedged, P and J
derivatives – iii. Swap contracts” if the underlying shares: 0.01%
value concerns currencies.
of the net amounts invested in Belgium.
q underlying UCIs are valued whenever the net asset
value is calculated, on the basis of the last known net In respect of private individual investors resident in
asset values, except where these prices are not Belgium:
representative. Taxation of dividends
Accounting year end date: Dividends distributed by the SICAV to Belgian private
31 December individual investors are subject to Belgian withholding tax
(précompte mobilier) at the rate of 30%.
Rules regarding the allocation of net income:
Taxation of capital gains realised by the investor
A dividend will, in principle, be paid for distribution shares:
Without prejudice to the tax regime explained hereunder,
– either by decision of the board of directors during the
capital gains realised upon redemption of shares in the
fiscal year, as a down payment on dividends
SICAV or on the total or partial distribution of its assets
– either at the decision of ordinary General Meeting (liquidation) are not subject to personal income tax if the
if the distributable revenues allow it. investor is acting in the "normal management of his
private estate".
Tax regime:
The tax regime described hereunder is linked to the Taxation at the rate of 30% of the portion of the capital
holding of shares in the SICAV by an investor and to their gain 1 deriving from accrued interest and capital gains or
redemption by the SICAV, excluding any capital gains losses on the fund's underlying debt securities 2, realised on
realised on a secondary market, since there is none. redemption of shares in the SICAV or upon the total or
partial distribution of the assets of the SICAV (liquidation)
The tax regime applied depends on the date on which the
shares of the SICAV are acquired:
a) Acquisition of a share until 31. 12.2017
1 The taxable base cannot be more than the capital gain realised by the investor on the transaction, it being understood that if the investor has acquired the shares by
donation, the value of the share at the time of its acquisition by the donor..
2 This refers to debt claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate in the debtor's profits, and in particular,
income from government securities and from bonds and debentures, including premiums and prizes attaching to such securities, irrespective of their issue date.
DPAM CAPITAL B SA 11
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
q The sub-fund invests less than 25% of its assets in In respect of an investor which is a Belgian tax resident
debt securities. The investor will not be taxed on company:
income arising directly or indirectly, in the form of
interest, capital gains or capital losses, from the Taxation of dividends and capital gains realised upon
return on the fund's underlying debt securities; redemption of shares by the SICAV - Ordinary regime
q The sub-fund invests more than 25% of its assets Tax (précompte mobilier) is withheld at 30% on dividends
in debt securities. The investor will be subject to distributed by the SICAV to corporate investors. However,
Belgian withholding tax (précompte mobilier) of in principle this withholding tax is attributable or
30% on the portion of the capital gain recoverable for the company.
representing income arising directly or indirectly, Dividends and capital gains realised on redemption are
in the form of interest, capital gains or capital subject to corporation tax at:
losses, from the return on the fund's underlying – 29.58% (from tax year 2019 relating to a taxable
debt securities; period which begins at the earliest on 1 January 2018)
q The sub-fund is likely to invest more than 25% of – 25% (from tax year 2021 relating to a taxable period
its assets in debt securities. The investor may be which begins at the earliest on 1 January 2020)
subject to Belgian withholding tax (précompte – An investment in capitalisation shares of a SICAV may
mobilier) of 30% on the portion of the capital gain also have consequences for the basis of calculation of
representing income arising directly or indirectly, incremental notional interest and entail the loss of the
in the form of interest, capital gains or capital reduced corporate income tax rate on the first tranche
losses, from the return on the fund's underlying of €100,000.
debt securities.
b) Acquisition of a share from 01.01.2018 Tax on stock exchange transactions
q The sub-fund invests less than 10% of its assets in A tax of 1.32% is applied in the case of redemption of
debt securities. The investor will not be taxed on capitalisation shares by the SICAV. The tax is charged on
income arising directly or indirectly, in the form of the selling price, with a maximum of €4,000 per
interest, capital gains or capital losses, from the transaction.
return on the fund's underlying debt securities; In respect of non-resident private individual or corporate
q The sub-fund invests more than 10% of its assets investors:
in debt securities. The investor will be subject to
Belgian withholding tax (précompte mobilier) of Taxation of dividends
30% on the portion of the capital gain Except insofar as more favorable provisions of double
representing income arising directly or indirectly, taxation treaties apply, dividends distributed by the SICAV
in the form of interest, capital gains or capital to non-resident private individual investors are subject to
losses, from the return on the fund's underlying Belgian withholding tax at the rate of 30%.
debt securities;
German taxation
q The sub-fund is likely to invest more than 10% of
its assets in debt securities. The investor may be The following sub-funds will permanently invest at least
subject to Belgian withholding tax (précompte 51% of their assets in equities, as defined in section 2
mobilier) of 30% on the portion of the capital gain para. 8 of the German Investment Tax Act (2018), and
representing income arising directly or indirectly, therefore guarantee eligibility for partial exemption of
in the form of interest, capital gains or capital equity funds for German resident investors:
losses, from the return on the fund's underlying DPAM CAPITAL B Equities US Behavioral Value
debt securities. DPAM CAPITAL B Equities Europe Index
Tax on stock exchange transactions DPAM CAPITAL B Equities US Index
A tax of 1.32% on the sale price is applied in the case of DPAM CAPITAL B Equities Japan Index
redemption of capitalisation shares by the SICAV, with a DPAM CAPITAL B Equities World ex Japan, Europe & USA
maximum of €4,000 per transaction. Index
DPAM CAPITAL B Equities EMU Index
DPAM CAPITAL B Equities US Dividend Sustainable
DPAM CAPITAL B SA 12
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
DPAM CAPITAL B Equities EMU Behavioral Value In view of the guarantees in place, the risk arising
DPAM CAPITAL B Equities US ESG Leaders Index from the securities lending programme is relatively
low.
The following sub-funds will permanently invest at least
25% of their assets in equities, as defined in section 2 2) The type of assets that are eligible for the securities
para. 8 of the German Investment Tax Act (2018), and lending programme is limited to shares. The sub-funds
therefore guarantee eligibility for the partial exemption to which the securities lending programme applies are
from tax on balanced funds for German resident investors: listed in the periodic reports of the SICAV.
DPAM CAPITAL B Real Estate EMU Dividend Sustainable 3) The maximum proportion of assets under
management that may be included in the securities
DPAM CAPITAL B Real Estate EMU Sustainable
lending programme is limited to 20%.
The tax treatment of income and capital gains of non-
4) The expected proportion of assets under management
resident private individual and corporate investors depends
that may be included in the securities lending
on the tax legislation applicable in accordance with each
programme is difficult to determine. Investors may use
investor's personal situation and/or the place where the
the figures from last year in the most recent periodic
capital is invested or the registered office established. If an
(annual) report of the SICAV. The proportion of assets
investor is not sure of his tax situation, it is therefore
under management of a sub-fund of the SICAV lent
incumbent on him to seek information from professionals
must not exceed 20%
or, if applicable, local organisations.
5) Criteria used to select counterparties: securities
Securities lending programme: lending counterparties are first selected by the lending
The following information is sent to investors as part of agent. After this primary evaluation, the Management
Regulation (EU) 2015/2365 on transparency of securities Company selects the eligible counterparties. The
financing transactions and of reuse. counterparties are selected on the basis of the internal
1) U A securities lending programme has been set up in rating system which takes into account external ratings
order to increase revenues from the sub-funds of the and Credit Default Swap (CDS) spreads. The
SICAV. counterparty must have a minimum rating of A- (or
equivalent). The counterparty must be located in a
In an agreement between J.P. Morgan Bank jurisdiction in which the applicable law authorises the
Luxembourg S.A., a public limited company governed mechanism for reducing counterparty risk (normally
by Luxembourg law, having its registered office at 6, "set-off", "close-out netting" and "outrights transfer"
Route de Trèves, L-2633 Senningerberg, Grand Duchy clauses in CSA agreements). Counterparties in Europe
of Luxembourg, and the SICAV, J.P. Morgan Bank and North America are encouraged but exceptions
Luxembourg has been appointed agent of all sub-funds may be made.
of the SICAV, addressing a sole borrower or several
6) Acceptable collateral: only approved collateral is
borrowers to whom ownership of the securities is
acceptable, for instance:
transferred.
– EU State Guarantees: Germany, Austria, Belgium,
All securities of the sub-fund may be loaned, provided Finland, France, Luxembourg and the Netherlands,
the lending does not adversely affect the management
of the portfolio by the Fund Manager. It is therefore – UK Gilts,
stipulated that the securities that the fund managers – US Treasury Bills,
of the SICAV intend to sell will not be loaned, and that – OECD State Guarantees: Australia, Canada,
the loaned securities may be recalled if the Fund Denmark, Norway, New Zealand, Sweden and
Manager intends to realise them. Switzerland,
The borrower's securities lending obligations are – Minimum AA- rating.
secured by financial guarantees in the form of cash Only the instruments referred to in Article 12 b of the
collateral or bonds authorised by the regulations. The Royal Decree of 7 March 2006 on loans of securities
market value of the collateral in relation to the market by certain undertakings for collective investment are
value of the loaned assets of the sub-fund must at all accepted as collateral. While there are several issuers,
times exceed the actual value of the securities loaned. the concentration risk may result in a concentration in
European government bonds. A positive correlation
between assets and collateral is encouraged; however,
DPAM CAPITAL B SA 13
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
as a result of the restrictions in terms of eligible the borrower) generated by investments authorised in
collateral, set out in Article 12 of the Royal Decree connection with loans guaranteed in the form of cash
mentioned above, negative correlations may not be and securities lending costs paid or to be paid by the
excluded entirely. borrower for non-guaranteed loans in the form of
7) Collateral valuation: cash.
Collateral is valued daily on the basis of the market The lender (SICAV) shall receive 90% of the income. Of
price. The price sources used are IDC (main source), this 90% of the income, 65% is acquired by the
Loanet, Bloomberg and Reuters. If additional collateral SICAV's sub-funds and 25% is due to Banque Degroof
is required, payment will be requested the same day. Petercam Luxembourg as flat-rate remuneration for
The level of collateral is controlled daily. the operational administration of the securities lending
programme.
8) Risk management:
The lending agent is not a related party of the
Securities lending risks are controlled by the
Management Company.
Management Company and lending agent.
The main risks include: Collateral policy for futures contracts and FX
– Counterparty risk: the possibility that a borrower forwards:
defaults and/or is unable to return the securities If the Sicav concludes any futures contracts and FX
borrowed. Counterparty risk is mitigated by the forwards, each sub-fund concerned must receive a
excess collateral insurance (assessed daily) and guarantee (also known as "collateral") in sufficient
compensation for the counterparty's default by quantity.
the lending agent.
Collateral accepted:
– Collateral risk: the risk that the value of the
For futures contracts and FX forwards, collateral shall take
collateral is, at any time, lower than the value of
the form of cash only.
the securities borrowed. The collateral is not
reinvested. However and only for futures this cash collateral can only
be expressed in EUR.
– Operational risk: the risk linked to all operating
processes associated with securities lending. It Required level of collateral:
may include, but is not limited to, errors in The level of collateral required may vary depending on
transactions between the lending agent and the whether it is a future transaction or FX forward.
borrower, errors and faults in transaction flows,
For futures, there is no minimum amount of collateral.
faults in the IT platforms, etc.
Profits and losses between the Sicav and the counterparty
9) Information on the way in which assets subject to are managed on a daily basis in order to limit the
financial transactions in securities and collateral are counterparty risk for the Sicav.
held:
For FX forwards, the minimum amount of collateral to be
The lending agent may hold the collateral through its provided by the counterparty is at least €500,000. The
network of sub-custodians or directly with the central collateral to be constituted by the Sicav depends on the
securities depository. Collateral is separated from the net asset value, which is determined on the last day of
agent's other assets. Alternatively, collateral may be each quarter:
held by a third-party collateral manager under an – If the net asset value is equal to or greater than
agreement with the agent and borrower. €5,000,000, the Sicav must provide collateral of
Assets subject to securities financing transactions are €500,000;
kept by the SICAV's custodian in a separate lending – If the net asset value is less than €5,000,000, the Sicav
account. must provide collateral of €250,000.
10) Policy on sharing revenue generated by the securities
Discount policy:
lending programme
For FX forwards, the SICAV will apply an 8% discount for
Lending agent (J.P. Morgan Bank Luxembourg S.A.): For collateral in currencies other than EUR, USD or GBP.
each loan described above, the lender (the SICAV) will
pay the lending agent 10% of the revenue (after For futures: no discount.
deducting any rebates given by the lending agent to
DPAM CAPITAL B SA 14
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
Reinvestment policy: THESE FUNDS OR ANY OTHER PERSON OR ENTITY IN
Neither the counterparty nor the SICAV will reinvest the CONNECTION WITH THE ADMINISTRATION, MARKETING
collateral received. OR OFFERING OF THESE FUNDS.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR
Disclaimer of MSCI Inc. (Morgan Stanley Capital INCLUSION IN OR FOR USE IN THE CALCULATION OF THE
International Inc.) related to the sub-funds MSCI INDEXES FROM SOURCES WHICH MSCI CONSIDERS
DPAM CAPITAL B Equities Europe Index, DPAM RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR
GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE
CAPITAL B Equities US Index, DPAM CAPITAL B
COMPLETENESS OF ANY MSCI INDEX OR ANY DATA
Equities Japan Index, DPAM CAPITAL B Equities INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES
EMU Index and DPAM CAPITAL B Equities World ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO
ex Japan, Europe & USA Index and DPAM BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS OR
CAPITAL B Equities US ESG Leaders Index COUNTERPARTIES, ISSUERS OF THESE FUNDS, OWNERS OF
NO FUND MENTIONED ABOVE IS SPONSORED, ENDORSED, THESE FUNDS, OR ANY OTHER PERSON OR ENTITY, FROM
SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED
AFFILIATES, ANY OF ITS DIRECT OR INDIRECT THEREIN IN CONNECTION WITH THE RIGHTS LICENSED
INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY HEREUNDER OR FOR ANY OTHER USE. NONE OF THE MSCI
INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS,
OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION
PARTIES”). WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
FURTHER, NONE OF THE MSCI PARTIES MAKES ANY
THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF
EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE
MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE
MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL
MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
LICENSED FOR USE FOR CERTAIN PURPOSES BY DEGROOF
PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX
FUND MANAGEMENT COMPANY S.A. NONE OF THE MSCI
AND ANY DATA INCLUDED THEREIN.
PARTIES MAKES ANY REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF WITHOUT LIMITING ANY OF THE FOREGOING, IN NO
THESE FUNDS OR ANY OTHER PERSON OR ENTITY EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY
REGARDING THE ADVISABILITY OF INVESTING IN FUNDS LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE,
GENERALLY OR IN THIS FUND PARTICULARLY OR THE CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING
ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING WITHOUT LIMITATION LOST PROFITS) EVEN IF NOTIFIED
STOCK MARKET PERFORMANCE. OF THE POSSIBILITY OF SUCH DAMAGES.
MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN Information sources:
TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND q Information on the procedures for payments to
OF THE MSCI INDEXES WHICH ARE DETERMINED, investors, redemption and repayments of units and
COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD the distribution of information about the fund may be
TO THESE FUNDS OR THE ISSUER OR OWNER OF THESE obtained: from Bank Degroof Petercam SA or DPAM
FUNDS OR ANY OTHER PERSON OR ENTITY. NONE OF THE SA, Rue Guimard 18, 1040 Brussels.
MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS
OF THE ISSUERS OR OWNERS OF THESE FUNDS OR ANY q The prospectus, the key investor information
OTHER PERSON OR ENTITY INTO CONSIDERATION IN documents, the Articles of Association, the annual and
DETERMINING, COMPOSING OR CALCULATING THE MSCI semi-annual reports and full information about the
INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR sub-funds may be requested, free of charge, before or
OR HAS PARTICIPATED IN THE DETERMINATION OF THE after making shares subscriptions, from Bank Degroof
TIMING OF, PRICES AT, OR QUANTITIES OF THESE FUNDS Petercam SA or DPAM SA, Rue Guimard 18, 1040
TO BE ISSUED OR IN THE DETERMINATION OR Brussels. These documents and data can also be
CALCULATION OF THE EQUATION BY OR OF THE viewed on the website www.dpamfunds.com.
CONSIDERATION INTO WHICH THESE FUNDS ARE q The turnover compares the capital volume of the
REDEEMABLE. NONE OF THE MSCI PARTIES HAS ANY transactions carried out in the portfolio with the
OBLIGATION OR LIABILITY TO THE ISSUERS OR OWNERS OF average net assets taking account of the total
subscriptions and redemptions. The turnover is
DPAM CAPITAL B SA 15
Prospectus
Publication date: 01/01/2022DPAM CAPITAL B SA
calculated using the formula published in the Royal Contact point where additional explanations
Decree of 2012 and can be considered as an concerning the products may be obtained if
additional indicator of the scale of the transaction
fees.
necessary:
Bank Degroof Petercam SA or DPAM SA, Rue Guimard 18,
q The portfolio turnover is shown in the latest annual 1040 Brussels (+32 2 287 93 36) between 8.30 a.m. and 5
report. The figure for previous periods can be obtained p.m. on days on which the financial service is open, or by
from Bank Degroof Petercam SA or DPAM SA, Rue e-mailing: DPAM@degroofpetercam.com.
Guimard 18, 1040 Brussels.
q Ongoing charges are calculated in accordance with the Person responsible for the content of the
provisions of (EU) Directive 583/2010 of the prospectus and the key investor information:
Commission dated 1st July 2010 implementing DPAM SA, Rue Guimard 18, BE 1040 Brussels. To the best
Directive 2009/65/EC of the European Parliament and of its knowledge is the information contained in the
of the Council as regards key investor information prospectus and the key investor information accurate and
documents and conditions to be met when providing has no information been omitted that might alter the
key investor information or the prospectus in a intent of the prospectus and the key investor information.
durable medium other than paper or by means a
website (hereinafter Regulation 583/2010) and are Legal consequences of subscription to shares in
taken in the key investor information documents.. the SICAV - Judicial competence – Applicable
q The ongoing charges include operating costs apart law:
from the transaction and delivery fees inherent to the a) By subscribing to shares in the SICAV, the investor
investments, the financial costs and any performance becomes a shareholder of the SICAV and of the sub-
fees. The ongoing charges are in the form of a single fund concerned.
figure expressed as a percentage of the net assets.
b) The shareholding relationship between the investor
This figure is based on the fees for the previous
and the SICAV is governed by Belgian law and in
financial year except in the case of a change in the
particular by the Law of 2012, as well as by the
fees during the financial year.
Belgian Companies and Associations Code, unless
q Past performance figures are available in the latest otherwise indicated in said Law of 2012. In general
annual report. Investors must be aware that the terms, the Belgian courts are competent to settle any
figures reflect past performance and are not an disputes that might arise between a shareholder and
indicator of future performance. the SICAV.
Regulation (EC) No. 593/2008 of the European Parliament
Annual General Meeting of Shareholders:
and of the Council on the law applicable to contractual
The third Thursday of March at 11.00 at the registered
obligations (Rome I) and Regulation (EC) No. 864/2007 of
office or any other place mentioned in the notice.
the European Parliament and of the Council on the law
Competent authority: applicable to non-contractual obligations (Rome II) (the
Financial Services and Markets Authority, abbreviated "Rome Regulations") have the force of law in Belgium.
FSMA, 12-14 Rue du Congrès, 1000 Brussels Consequently, the choice of applicable law in any contract
is subject to the provisions of the Rome Regulations.
The prospectus is published after the approval of the Regulation (EC) No. 44/2001 of the Council on jurisdiction
FSMA, in accordance with article 60, §1 of the Law of and the recognition and enforcement of judgments in civil
2012 on certain forms of collective investment portfolio and commercial matters has the force of law in Belgium.
management. This approval does not serve as an appraisal In accordance with these provisions, a judgment obtained
of the appropriateness or quality of the offer, or of the before a court in another jurisdiction of the European
offeror's position. The official text of the articles of Union will generally be recognised and enforced in
association was deposited with the clerk's office of the Belgium without its substance being reviewed, except in
commercial court. certain exceptional circumstances.
DPAM CAPITAL B SA 16
Prospectus
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