DPAM HORIZON B SA Prospectus August 2021
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DPAM HORIZON B SA Prospectus August 2021 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 HORIZON B SA
TABLE OF CONTENTS
PREAMBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
PRESENTATION OF THE SICAV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
INFORMATION ON THE RISK PROFILE AND THE INTEGRATION OF SUSTAINABILITY RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
INFORMATION ON THE INVESTMENT OBJECTIVE AND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
INFORMATION ABOUT THE SHARES AND THEIR TRADING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
FEES AND CHARGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B BALANCED GROWTH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B BALANCED FLEXIBLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B BONDS GLOBAL INFLATION LINKED . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B BONDS EUR QUALITY SHORT TERM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B DEFENSIVE STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B BALANCED LOW STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B BALANCED STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B ACTIVE STRATEGY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
INFORMATION ABOUT THE SUB-FUND DPAM HORIZON B GLOBAL DIVERSIFIED WORLD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
DPAM HORIZON B SA 2
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
PREAMBLE
Restrictions on subscription and transfer of These restrictions apply without prejudice to other
shares restrictions, including in particular those arising from legal
and/or regulatory requirements associated with the
General implementation of FATCA (as defined hereunder). Investors
This Prospectus does not constitute an offer or solicitation are urged to read attentively the sections "Application of
in any country in which such offer or solicitation is not FATCA in Belgium" and "Restrictions on subscription to
lawful, or in which the person making such offer or and holding of shares" before subscribing to shares of the
solicitation is not authorized to do so. SICAV.
Potential subscribers should consult their legal, tax or
other professional adviser before deciding to subscribe to
or acquire shares in the SICAV.
United States and U.S. Persons
The shares of the SICAV have not been and will not be
registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act") or any other similar law
promulgated by the United States including any state or
other political subdivision of the United States or its
territories, possessions or other regions subject to United
States jurisdiction (hereinafter referred to collectively
under the term "United States"). Furthermore, the SICAV
has not been and will not be registered in accordance with
the requirements of the U.S. Investment Company Act of
1940.
Consequently, the shares of the SICAV may not be offered,
sold or assigned in the United States or to U.S. Persons as
defined by Regulation S.
For the purposes of this prospectus, the term "U.S.
Resident as defined by Regulation S" shall be understood
to comprise the persons referred to in Regulation S of the
Securities Act, and refers in particular to any natural
person resident in the United States, and any legal person
(partnership, joint stock company, limited liability company
or any similar entity) or any other entity incorporated or
organized under the laws of the United States (including
any estate or trust of such a person created in the United
States or organized under the laws of the United States or
any investor acting on behalf of such persons).
Investors are obliged to inform the SICAV immediately if
they are or if they become U.S. Residents as defined by
Regulation S. If the SICAV learns that an investor is a U.S.
Resident as defined by Regulation S, the SICAV shall be
entitled to carry out the forced reimbursement of the
shares concerned in accordance with the provisions of the
Articles of Association and of this prospectus.
DPAM HORIZON B SA 3
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
PRESENTATION OF THE SICAV
Name: DPAM HORIZON B Share classes:
Legal form: Société anonyme (public limited company) Class A: distribution shares offered to the public.
Formation date: 22 December 1998 Class V:
distribution shares which differ from class A shares due to
Term: indefinite the fact that (i) at the discretion of the management
company they may be offered to distributors and
Registered office: Rue Guimard 18, 1040 Brussels
platforms in the United Kingdom, Switzerland and
Status: European Union Member States, excluding Bank Degroof
public SICAV (société d'investissement à capital variable or Petercam Belgium and Bank Degroof Petercam
open-ended collective investment company) with multiple Luxembourg, (ii) they may be offered by distributors and
sub-funds having opted for investments meeting the platforms that have entered into separate remuneration
conditions of Directive 2009/65/EC and governed, as agreements with their customers that are not subject to
regards its operation and investments, by the law of 3 any rebate, and (iii) they are not subject to a rebate on
August 2012 on Undertakings for Collective Investment management fees.
meeting the conditions of Directive 2009/65/EC and credit Class V EUR HEDGED:
institutions issuing covered bonds (hereinafter the Law of
distribution shares which differ from class V shares due to
2012) and by the Royal Decree of 12 November 2012 on
the fact that the exchange risk against the euro is hedged.
Undertakings for Collective Investment meeting the
The manager must take measures to systematically hedge
conditions of Directive 2009/65/EC (hereinafter the Royal
the exchange risk in relation to the sub-fund's reference
Decree of 2012).
currency within a tolerance threshold defined in the
List of sub-funds marketed by the SICAV (launch information on the sub-fund. Investors are advised that
carrying out an exchange risk hedging policy may result in
date): additional costs as mentioned in the information on the
DPAM HORIZON B Balanced Growth (30/07/1999) sub-fund.
DPAM HORIZON B Balanced Flexible (07/04/2003)
Class E:
DPAM HORIZON B Bonds Global Inflation Linked (17/09/
2009) distribution shares which differ from class A shares due to
the fact that (i) they are reserved for eligible investors 1
DPAM HORIZON B Bonds EUR Quality Short Term (01/02/ acting on their own account, (ii) they have a minimum
2011) initial subscription amount, (iii) a different management
DPAM HORIZON B Defensive Strategy (02/11/2011) fee and (iv) a different annual tax.
DPAM HORIZON B Balanced Strategy (02/11/2011) Class A EUR HEDGED:
DPAM HORIZON B Active Strategy (02/11/2011) distribution shares which differ from class A shares due to
DPAM HORIZON B Balanced Low Strategy (31/03/2014) the fact that the exchange risk against the euro is hedged.
DPAM HORIZON B Global Diversified World (15/12/2015) The manager must take measures to systematically hedge
the exchange risk in relation to the sub-fund's reference
Types of shares: currency within a tolerance threshold defined in the
Category «A»: distribution shares.. information on the sub-fund. Investors are advised that
Category «B»: capitalisation shares. carrying out an exchange risk hedging policy may result in
additional costs as mentioned in the information on the
sub-fund.
1 "eligible investors" are investors, within the meaning of Article 5 of the Law of 3 August 2012, namely the corporate customers referred to in Appendix A of the Royal
Decree of 3 June 2007 on the rules transposing the Directive on markets in financial instruments (MiFID), as well as eligible counterparties within the meaning of Article 3,
§1 of the above-mentioned Royal Decree of 3 June 2007 and legal entities which are not considered corporate investors and which have asked to be entered in the FSMA
register of eligible investors. The natural person, also the legal person that are not part of the definition eligible investors as mentioned above, have no access to this share
class, also if the subscription are made in the context of a discretionary mandate.
DPAM HORIZON B SA 4
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
Class E EUR HEDGED: remuneration agreements with their customers that are
distribution shares which differ from class E shares in that not subject to any rebate and (iii) they are not subject to
the exchange risk against the euro is hedged. The manager a rebate on management fees.
must take measures to systematically hedge the exchange Class W EUR HEDGED:
risk in relation to the sub-fund's reference currency within
capitalisation shares which differ from class W shares in
a tolerance threshold defined in the information on the
that the exchange risk against the euro is hedged. The
sub-fund. Investors are advised that carrying out an
manager must take measures to systematically hedge the
exchange risk hedging policy may result in additional costs
exchange risk in relation to the sub-fund's reference
as mentioned in the information on the sub-fund.
currency within a tolerance threshold defined in the
Class M: information on the sub-fund. Investors are advised that
distribution shares which differ from class A shares due to carrying out an exchange risk hedging policy may result in
the fact that they (i) are reserved for investors currently additional costs as mentioned in the information on the
holding one or more discretionary management mandates sub-fund.
with one or more Degroof Petercam Group companies, (ii) Class F:
they are reserved for the account(s) to which these
capitalisation shares which differ from class B shares due
discretionary management mandates apply, (iii) they are
to the fact that (i) they are reserved for eligible investors
reserved for all-in mandates and due to the fact that (iv)
acting on their own account (ii) they require a minimum
they have a different management fee. In this context, "all
initial subscription, (iii) they have a different management
in" includes at least the management fees and custody
fee and (iv) a different annual tax.
fees charged on the account (s) to which these "all in"
discretionary management mandates apply. Class F LC:
Class M EUR HEDGED: capitalisation shares which differ from class F shares due
to the fact that (i) they are reserved for investors affected,
distribution shares which differ from class M shares due to
directly or indirectly, by one or more current “Services
the fact that the exchange risk against the euro is hedged.
Agreement Life Cycle” contracts with Degroof Petercam
The manager must take measures to systematically hedge Asset Management, (ii) they have no minimum initial
the exchange risk in relation to the sub-fund's reference subscription amount and (iii) that they have a different
currency within a tolerance threshold defined in the management fee.
information on the sub-fund. Investors are advised that
carrying out an exchange risk hedging policy may result in Class B EUR HEDGED:
additional costs as mentioned in the information on the capitalisation shares which differ from class B shares due
sub-fund. to the fact that the exchange risk against the euro is
hedged.
Class B: capitalisation shares offered to the public.
The manager must take measures to systematically hedge
Class B LC: the exchange risk in relation to the sub-fund's reference
capitalisation shares which differ from class B shares due currency within a tolerance threshold defined in the
to the fact that (i) they are reserved for investors affected, information on the sub-fund. Investors are advised that
directly or indirectly, by one or more current “Services carrying out an exchange risk hedging policy may result in
Agreement Life Cycle” contracts with Degroof Petercam additional costs as mentioned in the information on the
Asset Management, and (ii) that they have a different sub-fund.
management fee.
Class F EUR HEDGED:
Class W: capitalisation shares which differ from class F shares in
capitalisation shares which differ from class B shares in that the exchange risk against the euro is hedged. The
that (i) at the discretion of the management company they manager must take measures to systematically hedge the
may be offered to distributors and platforms in the United exchange risk in relation to the sub-fund's reference
Kingdom, Switzerland and European Union Member States, currency within a tolerance threshold defined in the
excluding Banque Degroof Petercam Belgium and Banque information on the sub-fund. Investors are advised that
Degroof Petercam Luxembourg, (ii) they may be offered by carrying out an exchange risk hedging policy may result in
distributors and platforms which have separate additional costs as mentioned in the information on the
sub-fund.
DPAM HORIZON B SA 5
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
Class J: reserved for investors currently holding one or more
capitalisation shares which differ from shares of class F discretionary management mandates with Degroof
due to the fact that (i) they are reserved for investors for Petercam Asset Management and (iv) they are reserved for
which there are currently one or more discretionary the account(s) to which these discretionary management
management mandates with one or several companies of mandates apply.
the Degroof Petercam Group, (ii) they are reserved for Class P EUR HEDGED:
accounts to which these discretionary management
capitalisation shares which differ from class P shares due
mandates apply, (iii) that they have no minimum
to the fact that the exchange risk against the euro is
subscription amount and in that (iv) they have a different
hedged.
management fee.
The manager must take measures to systematically hedge
Class J EUR HEDGED: the exchange risk in relation to the sub-fund's reference
capitalisation shares which differ from class J shares due currency within a tolerance threshold defined in the
to the fact that the exchange risk against the euro is information on the sub-fund. Investors are advised that
hedged. carrying out an exchange risk hedging policy may result in
The manager must take measures to systematically hedge additional costs as mentioned in the information on the
the exchange risk in relation to the sub-fund's reference sub-fund.
currency within a tolerance threshold defined in the
information on the sub-fund. Investors are advised that
Minimum initial subscription per sub-fund:
carrying out an exchange risk hedging policy may result in Class E, F, E EUR HEDGED, F EUR HEDGED: € 25,000.00.
additional costs as mentioned in the information on the Minimum holding for all classes: one share
sub-fund. The financial service has a system in place to permanently
Class N: check that people who have subscribed to shares in a
share class benefiting, with regard to one or more points,
capitalisation shares which differ from class B shares due from more advantageous arrangements, or people who
to the fact that (i) they are reserved for investors having have acquired such shares, meet the stated criteria.
one or more current discretionary management mandates
with one or more companies belonging to Degroof Board of Directors of the SICAV:
Petercam Group, and (ii) they are reserved to the account
(s) to which these discretionary management mandates Chairman:
apply, and (iii) they are reserved for all-in mandates and in q Mr Yvon LAURET, Independent director of the SICAV,
that (iv) they have a different management fee. In this Associé de Adeis (Luxembourg) SA
context, "all in" includes at least the management fees and
Board Members:
custody fees charged on the account (s) to which these "all
in" discretionary management mandates apply. q Mr Philippe DENEF, Head of Quantitative Equity &
Asymmetric Asset Management, Member of the
Class N EUR HEDGED: Executive Committee of Degroof Petercam Asset
capitalisation shares which differ from class N shares due Management SA
to the fact that the exchange risk against the euro is q Mr Jeroen SIONCKE, Chief Risk Officer, Member of the
hedged. Executive Committee of Degroof Petercam Asset
The manager must take measures to systematically hedge Management SA
the exchange risk in relation to the sub-fund's reference q Ms Caroline TUBEUF, Head of Legal & General
currency within a tolerance threshold defined in the Secretary Degroof Petercam Asset Management SA
information on the sub-fund. Investors are advised that
q Mr Tomás MURILLO, Member of the Management
carrying out an exchange risk hedging policy may result in
Committee of Degroof Petercam Asset Management
additional costs as mentioned in the information on the
SA
sub-fund.
Class P:
capitalisation shares which differ from class F shares due
to the absence of (i) a management fee and (ii) a
minimum initial subscription and in that (iii) they are
DPAM HORIZON B SA 6
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
Individuals responsible for effective q Mr Johan VAN GEETERUYEN, Head of Conviction
management: Global Balanced Funds, Member of the Management
q Mr Philippe DENEF, Head of Quantitative Equity & Board
Asymmetric Asset Management, Member of the q Mr Yves CEELEN, Head of Institutional Portfolio
Executive Committee of Degroof Petercam Asset Management, Member of the Management Board
Management SA, director in various mutual funds. q Mr Jeroen SIONCKE, Chief Risk Officer, Member of the
q Mr Jeroen SIONCKE, Chief Risk Officer, Member of the Management Board
Executive Committee of Degroof Petercam Asset Composition of the Management Committee of the
Management SA, director in various mutual funds. Management Company:
Management company: q Mr Hugo LASAT, Chairman of the Management Board
The SICAV which has appointed a Management Company q Mr Peter DE COENSEL
of undertakings for collective investment: q Mr Philippe DENEF
Degroof Petercam Asset Management SA with the q Mr Tomás MURILLO
abbreviation Degroof Petercam AM or DPAM (hereinafter q Mr Johan VAN GEETERUYEN
DPAM)
q Mr Yves CEELEN
Registered office: Rue Guimard 18, 1040 Brussels q Mr Jeroen SIONCKE
Formation: 29 December 2006 Auditors to the Management Company:
Term: unlimited PwC Reviseurs d’Entreprises, SRL, represented by Mr
Damien WALGRAVE, Woluwedal 18, 1932 Zaventem.
Composition of the Board of Directors of the
Management Company: Subscribed capital of the Management Company: €
q Chairman: 52,539,353.14
q Mr Bruno COLMANT, non-executive Director, CEO of Paid-capital of the Management Company: €
Banque Degroof Petercam SA 52,539,353.14
q Members: Other undertakings for collective investment for which
q Mr François WOHRER, non-executive Director, Head of the management company is appointed:
Investment Banking, Financial Markets DPAM INVEST B SA
q Mr Jean-Baptiste DOUVILLE de FRANSSU, non- OMEGA PRESERVATION FUND SA
executive Director
ERGO FUND, public common fund
q Mr Laurent DE MEYERE, non-executive Director (UCITS
DPAM CAPITAL B SA
V)
DPAM DBI-RDT B SA
q Mrs. Véronique JEANNOT, Director-General Banque
Degroof Petercam France Delegation of the management of the SICAV:
q Mr. Jean-Michel LOEHR, Independent Director (UCITS DEGROOF PETERCAM ASSET SERVICES S.A. - 12, rue
V) Eugène Ruppert at L-2453 Luxembourg.
q Mr Hugo LASAT, Chairman of the Management Board
and CEO Financial Service(s):
BANQUE DEGROOF PETERCAM SA, Rue de l’Industrie 44,
q Mr Peter DE COENSEL, Head of Fixed Income
1040 Brussels
Management, Member of the Management Board
q Mr Philippe DENEF, Head of Quantitative Equity & Distributor:
Asymmetric Asset Management, Member of the DPAM, Rue Guimard 18, 1040 Brussels.
Management Board
q Mr Tomás MURILLO, Head of Institutional Sales and Custodian of the SICAV:
Distribution International, Member of the Banque Degroof Petercam Luxembourg S.A, Belgian
Management Board branch, a credit institution under Luxembourg law with
registered office at 12 rue Eugène Ruppert L-2453
DPAM HORIZON B SA 7
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
Luxembourg, Grand-Duché de Luxembourg acting through Finally, the Custodian shall ensure that the SICAV's cash
its Belgian branch (located at Rue Guimard 19, 1040 flows are properly monitored and, more specifically, that
Brussels) (the "Custodian") has been appointed as the all payments made by or on behalf of participants in the
custodian of the SICAV under the terms of a written subscription for units of the SICAV have been received and
agreement (the "Custodian Agreement"). that all cash held by the SICAV has been booked to a cash
The Custodian fulfils the obligations and duties set out account in accordance with the legal provisions.
under the applicable laws and regulations and, in The Custodian must act honestly, fairly, professionally,
particular, the tasks stipulated in the Law of 2012. independently and solely in the interest of the SICAV and
In particular, the Custodian is responsible for the of the shareholders of the SICAV.
safekeeping of the SICAV's assets in accordance with The Custodian shall not carry out activities with regard to
applicable legal and regulatory provisions. The Custodian the SICAV or the management company acting on behalf
may entrust all or part of the assets of the SICAV that it of the SICAV that may create conflicts of interest between
holds in custody to sub-custodians as may be determined the SICAV, the shareholders, the management company
by the Custodian from time to time. and itself. An interest is a source of incentive of any
In addition, the Custodian nature whatsoever and a conflict of interest is a situation
in which the Custodian’s interests, when carrying out its
i) ensures that the assets in its custody correspond to
activities, are not in line with those of the SICAV, the
the assets specified in the SICAV's accounts;
shareholders and/or the management company.
ii) ensures that the number of units in circulation
The Custodian may provide a number of banking services
specified in its account corresponds to the number of
for the SICAV, either directly or indirectly, in addition to its
units in circulation specified in the SICAV's accounts;
custodian services, in the strict meaning of the term.
iii) ensures that the sale, issue, repurchase, redemption,
The provision of additional services, and capital links
and cancellation of the SICAV's units are carried out in
between the Custodian and some of the SICAV’s partners,
accordance with the applicable legal and regulatory
may lead to conflicts of interest between the SICAV and
provisions, the Articles of Association and prospectus
the Custodian.
of the SICAV;
Situations that may potentially lead to conflicts of interest
iv) ensures that the net asset value of the SICAV's units is
for the Custodian in the exercise of its activities include
calculated in accordance with applicable legal and
the following:
regulatory provisions, the Articles of Association and
the prospectus; – if the Custodian is likely to make a financial gain or
avoid a financial loss at the expense of the SICAV;
v) ensures that the investment limits set by applicable
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.
DPAM HORIZON B SA 8
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
The Custodian may exercise this type of activity provided Auditor of the SICAV:
that it has separated, according to function and hierarchy, PwC Reviseurs d'Entreprises, SRL, with registered office at
its custodian duties and its other tasks that could give rise Woluwedal 18, 1932 Sint-Stevens-Woluwe, represented by
to a potential conflict of interests and if the potential Mr Brieuc LEFRANCQ, independent auditor.
conflicts of interest have been duly detected, managed, The auditor’s responsibilities include the examination of
monitored and notified to the SICAV’s shareholders. accounting data contained in the SICAV's annual report.
The Custodian has implemented procedures and measures
on conflicts of interest to mitigate, identify, prevent and Financial Group promoter of the SICAV:
ease potential conflicts of interest, to ensure, in particular, Degroof Petercam.
that in the event of a conflict of interest, the Custodian’s
interest is not unjustly favoured. Remuneration policy:
To that end: The remuneration policy has been established by DPAM in
accordance with the requirements of the rules on
– employees of Banque Degroof Petercam Luxembourg
remuneration policy in AIF and UCITS management
S.A. who are members of the Board of Directors of the
companies. Since DPAM is a subsidiary of a credit
SICAV shall not participate in the management of the
institution providing investment services, the remuneration
SICAV. This duty shall continue to be the responsibility
policy also takes into account certain rules and regulations
of the management company, which will either
applicable to its parent company.
perform or delegate the task, in accordance with its
own procedures and code of conduct; The remuneration policy may be summarised as follows:
– no employee of Banque Degroof Petercam q The remuneration policy promotes sound and effective
Luxembourg S.A. performing or participating in risk management and does not encourage risk-taking
safekeeping, surveillance and/or monitoring of cash that exceeds the level of risk tolerated by DPAM and
flow duties may be a member of the Board of which is inconsistent with the risk profiles or the
Directors of the SICAV. instruments constituting the AIFs and UCITS managed
by DPAM;
The current list of sub-custodians and other delegates
used by the Custodian is available at www.dpamfunds.com q In particular, the remuneration policy promotes sound
(‘Regulatory information’ tab). and effective risk management with regard to
sustainability risks, while the remuneration structure
The Custodian shall manage any conflicts of interest that
does not encourage excessive risk-taking;
may arise with its sub-delegates. The Custodian has not
observed any conflicts of interest with its sub-delegates to q The remuneration policy is in line with the economic
date. strategy, objectives, values and interests of the
If a potential conflict of interest arises with the Custodian, Management Company, SICAV and investors and
despite the measures put in place to mitigate, identify, incorporates measures to avoid conflicts of interest;
prevent and ease them, the Custodian must comply with q The remuneration policy within the Degroof Petercam
its legal and contractual obligations to the SICAV at all Group and its subsidiaries promotes equal treatment
times. of remuneration packages and other benefits granted
If a conflict of interest is likely to have a significant to staff members based on the functions and
adverse effect on the SICAV or the shareholders of the responsibilities assumed, as well as a balance in line
SICAV and cannot be resolved, the Custodian shall duly with market practices between fixed and variable
inform the SICAV, which will take appropriate action. remuneration based on performance objectives. The
remuneration package is composed of a fixed salary,
Updated information relating to the Custodian, its tasks, mainly based on skills and experience, a group
any conflicts of interest, any delegated custodial duties, as insurance plan or a supplementary pension and
well as the list of delegates and sub-delegates and the variable remuneration;
identification of conflicts of interest that may arise from
such delegation, can be obtained at the shareholders' q A performance assessment is carried out based on
request. financial and nonfinancial, individual and collective
criteria as part of the annual Individual Appraisal
The remuneration of the Custodian with respect to the process (Performance Management Cycle)
different sub-funds of the SICAV is described in the implemented within the Group by the GHR (Human
appendices detailing the sub-funds. Resources Department of Bank Degroof Petercam); the
DPAM HORIZON B SA 9
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
remuneration policy implemented by DPAM includes Person(s) bearing the costs in the situations
appropriate qualitative criteria that seek to align the described in articles 115, §3, paragraphs 3, 149,
risks and interests of employees with those of the
investment funds (UCITS and AIF) they manage, of the
152, 156, 157 §1, paragraphs 3, 165 and 179,
investors of those funds and the Management paragraph 3 of the Royal Decree of 2012:
Company, and the sound and effective management of The Management Company.
sustainability risks in the short, medium and long
term. These qualitative criteria include compliance Capital of the SICAV:
with internal procedures and regulatory requirements, The share capital is always equal to the net asset value. It
equitable treatment of investors and their level of may not be less than € 1,200,000.
satisfaction;
Accounts and inventories:
q The assessment of performance is set in a multi-year Unless otherwise stated in the information for the sub-
framework which is adapted to the holding period fund, the accounts and inventories are in euros.
recommended to the shareholders of the SICAV, in
order that the assessment process is based on longer Valuation procedures applied by the SICAV and
term performance of the SICAV and investment risks rules for valuing assets:
and that the actual payment of performance-based
The Management Company, rather than an external
components of remuneration is spread over the same
valuation assessor, is responsible for the valuation of the
period;
SICAV.
q The remuneration policy ensures an appropriate
The assets of the SICAV are valued in accordance with
balance between fixed and variable components of the
articles 11 to 14 inclusive of the Royal Decree of 10
total remuneration; the fixed component always
November 2006 on the accounting, financial statements
represents a sufficiently high proportion of the total
and interim reports of certain public undertakings for
remuneration; the policy on variable components of
collective investment with a variable number of units.
the remuneration is flexible enough and makes the
non-payment of the variable component possible. The Without setting out the aforementioned articles in full, this
determination of the annual variable remuneration for process may be summarised as follows:
the identified staff, except for the control functions, Assets traded on an active market not operating with the
involves establishing a target bonus expressed as a intervention of third-party financial institutions will be
percentage of the fixed salary and is currently based valued on the basis of the closing price.
on the following elements: Assets traded on an active market operating with the
q Development of the gross operating profit of the intervention of third-party financial institutions will be
Degroof Petercam Group; valued on the basis of the current buying price (for assets)
q Development of the gross operating profit of and selling price (for liabilities).
Institutional Asset Management; In the absence of a buying price, a selling price or a
q Individual performance of the person. closing price, the price of the most recent transaction will
be used to value the aforementioned assets, provided the
q Details of the up-to-date remuneration policy and the
economic situation has not changed in any major way
composition of the remuneration committee are since this transaction.
available at https://www.dpamfunds.com/files/live/
sites/degroofpetercam/files/guide/regulatory_disclo- If the prices on an organised or over-the-counter market
sures/FR/FR Remuneration policy.pdf (tab ‘Regulatory are not representative, or if no organised or over-the-
information’). counter market exists, the current fair value of similar
assets for which an active market exists will be used,
A printed copy is available, free-of-charge, on request from provided this fair value is suitable in view of the
Degroof Petercam Asset Management SA, Rue Guimard, differences between the similar asset components. If the
18, 1040 Brussels or at the following website: fair value of similar assets does not exist for a given asset,
DPAM@degroofpetercam.com. the fair value of the asset in question will be established
using other valuation techniques, subject to certain
conditions.
DPAM HORIZON B SA 10
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
In exceptional cases where the buying and/or selling price Tax regime:
is not available for bonds and other debt securities, but a The tax regime described hereunder is linked to the
mid-market price is known, the mid-market price will be holding of shares in the SICAV by an investor resident in
adjusted using a suitable method to obtain the buying Belgium and to their redemption by the SICAV, excluding
and/or selling price to be applied. This last method will be any capital gains realised on a secondary market, since
explained in the annual and/or semi-annual report. there is none.
Units in undertakings for collective investment with a In respect of the SICAV:
variable number of units that are held by the undertaking
for collective investment will be valued at their fair value The SICAV benefits from the alternative tax base reserved
in accordance with the paragraphs above. By way of to certain investment companies established in Belgium.
exception to the aforementioned, the fair value of units in Its corporate income tax expense is therefore negligible or
undertakings for collective investment with a variable even non-existent.
number of units for which there is neither an organised Belgian-source revenue received by the SICAV is not
nor an over-the-counter market will be calculated on the subject to Belgian withholding tax at source, except as
basis of the net asset value of these units. regards Belgian dividends, to which a non-attributable and
Notwithstanding the method used for accrued interest, non-recoverable withholding tax at source of 30% applies.
sight deposits, current account liabilities, short-term Foreign-source revenue received by the SICAV may be
receivables and payables, tax credits and tax liabilities and subject to foreign withholding tax at source, the rate of
other debts will be valued at their nominal value less the which is generally limited in accordance with double
write-downs applied to them and the redemptions that taxation treaties.
have occurred in the meantime. The SICAV is also subject to a Subscription Tax applicable
In view of the relatively small proportion of term debt depending on the share class:
instruments (other than those stated in the previous
paragraph) which are not represented by transferable Class A, B, B LC, A EUR Hedged, B EUR 0.0925% 2
securities or negotiable money market instruments, they Hedged, M, N, M EUR Hedged, N EUR
will be valued, in terms of the net asset value, at their Hedged, V, W, V EUR Hedged and W EUR
nominal value less the write-downs applied to them and Hedged shares
the redemptions that have occurred in the meantime, Class E, F, F LC, E EUR Hedged, F EUR 0.01% 2
provided the investment policy of the undertaking for Hedged, P, P EUR Hedged, J, J EUR
collective investment is not focused principally on investing Hedged shares
its assets in deposits, cash or money market instruments.
More information about the procedures and methods used In respect of private individual investors resident in
to calculate and value the assets of the SICAV, including Belgium:
the assets which are difficult to value, can be obtained
from the Management Company. Taxation of dividends
Dividends distributed by the SICAV to Belgian private
Accounting year end date: individual investors are subject to Belgian withholding tax
31 December (précompte mobilier) at the rate of 30%.
Rules regarding the allocation of net income: Taxation of capital gains realised upon redemption of
A dividend will, in principle, be paid for distribution shares: shares by the SICAV
Either at the decision of the Board of Directors during the Without prejudice to the tax regime explained hereunder,
financial year, in the form of an interim dividend; capital gains realised upon redemption of shares in the
Or at the decision of the Ordinary General Meeting SICAV or on the total or partial distribution of its assets
(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.”
2 of the net amounts invested in Belgium.
DPAM HORIZON B SA 11
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
Taxation at the rate of 30% of the portion of the capital mobilier) of 30% on the portion of the capital gain
gain 3 deriving from accrued interest and capital gains or representing income arising directly or indirectly,
losses on the fund's underlying debt securities 4, realised on in the form of interest, capital gains or capital
redemption of shares in the SICAV or upon the total or losses, from the return on the fund's underlying
partial distribution of the assets of the SICAV (liquidation) debt securities.
The tax regime applied depends on whether:
Tax on stock exchange transactions
a) Acquisition of a share until 31.12.2017
A tax of 1.32% on the sale price is generally applied in the
q The sub-fund invests less than 25% of its assets in case of redemption of capitalisation shares by the SICAV,
debt securities. The investor will not be taxed on with a maximum of € 4,000 per transaction.
income arising directly or indirectly, in the form of
interest, capital gains or capital losses, from the As regards an investor which is a Belgian tax resident
return on the fund's underlying debt securities; company:
q The sub-fund invests more than 25% of its assets Taxation of dividends and capital gains realised upon
in debt securities. The investor will be subject to redemption of shares by the SICAV for non-RDT sub-funds
Belgian withholding tax (précompte mobilier) of Tax (précompte mobilier) is withheld at 30% on dividends
30% on the portion of the capital gain distributed by the SICAV to corporate investors. However,
representing income arising directly or indirectly, in principle this withholding tax is attributable or
in the form of interest, capital gains or capital recoverable for the company.
losses, from the return on the fund's underlying
debt securities; Dividends and capital gains realised on redemption are
subject to corporation tax at:
q The sub-fund is likely to invest more than 25% of
its assets in debt securities. The investor may be – 33.99% (for financial years before tax year 2019)
subject to Belgian withholding tax (précompte – 29.58% (for tax year 2019 relating to a taxable period
mobilier) of 30% on the portion of the capital gain which begins at the earliest on 1 January 2018).
representing income arising directly or indirectly, – 25% (for tax year 2021 relating to a taxable period
in the form of interest, capital gains or capital which begins at the earliest on 1 January 2020).
losses, from the return on the fund's underlying An investment in capitalisation shares of a SICAV may also
debt securities. have consequences for the basis of calculation of
b) Acquisition of a share from 01.01.2018 incremental notional interest and entail the loss of the
q The sub-fund invests less than 10% of its assets in reduced corporate income tax rate on the first tranche of
debt securities. The investor will not be taxed on €100,000.
income arising directly or indirectly, in the form of
Taxation of dividends and capital gains for sub-funds
interest, capital gains or capital losses, from the
benefiting from the RDT regime
return on the fund's underlying debt securities;
q The sub-fund invests more than 10% of its assets Income that comes from dividends which benefit from the
RDT regime or capital gains that qualify is exempt to the
in debt securities. The investor will be subject to
extent of 100% of its amount from Belgian corporate
Belgian withholding tax (précompte mobilier) of
income tax, without having to meet the conditions of a
30% on the portion of the capital gain
minimum 10% holding in the SICAV or a minimum
representing income arising directly or indirectly,
investment value of €2.5 million and holding in full
in the form of interest, capital gains or capital
ownership for an uninterrupted period of at least one year
losses, from the return on the fund's underlying
(Article 202 of the CIR 92 tax code).
debt securities;
q The sub-fund is likely to invest more than 10% of
its assets in debt securities. The investor may be
subject to Belgian withholding tax (précompte
3 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.
4 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 HORIZON B SA 12
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
Tax on stock exchange transactions for transmission and automatic exchange of information
A tax of 1.32% is generally applied in the case of concerning "Financial Accounts" held with "Belgian
redemption of capitalisation shares by the SICAV. The tax is Financial Institutions" by
charged on the selling price, with a maximum of €4,000 i) certain U.S. persons,
per transaction. ii) certain non-U.S. entities, the beneficial owners of
The taxation system for income and capital gains received which are U.S. persons,
by individual investors depends on the tax legislation iii) FFIs that do not comply with FATCA or
applicable according to the personal situation of each
iv) persons refusing to provide documentation or
investor and/or the place where the capital is invested. If
information concerning their FATCA status.
an investor is not sure of his tax situation, it is therefore
incumbent on him to seek information from professionals The IGA in force between Belgium and the United States
or, if applicable, local organisations. was transposed into Belgian tax law by the law of 16
December 2015. In addition, Guidance Notes relating to
Application of FATCA in Belgium: these regulations have been published on the FPS Finance
The provisions of the U.S. Foreign Account Tax Compliance website.
Act, the U.S. Hiring Incentives to Restore Employment Act The SICAV has the status of deemed compliant FFI as it
of 2010 and related regulations and directives, more qualifies as a Sponsored Investment Entity within the
generally known under the name "FATCA", have meaning of the IGA. The SICAV has also appointed Bank
introduced a new regime of disclosure of information and Degroof Petercam S.A. as a sponsoring entity. As a
withholding at source applicable to “Sponsoring Entity”, Bank Degroof Petercam S.A. may
i) certain U.S. source payments, i) act on behalf of the SICAV in order to fulfil, where
ii) gross proceeds of disposal of assets that might applicable, the SICAV’s registration obligations with the
generate U.S. source income in the form of interest or IRS;
dividends and ii) fulfil, on behalf of the SICAV, the obligations resulting
iii) certain payments made by, and certain financial from the FATCA regulations, including in particular due
accounts held with, entities considered as foreign diligence, reporting and withholding tax obligations
financial institutions for the purposes of FATCA, each where applicable.
of these entities being a Foreign Financial institution Insofar as the SICAV complies with the conditions of the
("FFI"). IGA (in particular those relating to its FATCA status) and
FATCA was put in place with a view to putting an end to with the law of 16 December 2015 transposing its
non-compliance with U.S. tax laws by U.S. taxpayers obligations into Belgian legislation, no FATCA withholding
investing through foreign financial accounts. With a view at source should apply to the payments it receives.
to receiving information on financial accounts whose To comply with its obligations in the framework of FATCA,
beneficial owners are U.S. taxpayers from FFIs, the FATCA the SICAV may request and obtain certain information,
regime applies a 30% withholding at source to certain U.S. documents and attestations from its shareholders and (if
source payments to FFIs that do not agree to comply with applicable) their beneficial owners, including any
certain disclosure and at-source withholding obligations information relating to their tax status, identity or
with regard to their account holders. residence. The non-disclosure of information requested
A large number of countries have entered into may lead to
intergovernmental agreements transposing FATCA with a i) a liability on the part of the shareholder failing to
view to reducing the burden resulting from the obligations provide the information requested ("Recalcitrant
of compliance and withholding at source weighing on Shareholder") or possibly on the part of the SICAV, for
financial institutions established in these countries. On 23 all resulting U.S. tax withheld at source,
April 2014, the United States and Belgium entered into ii) an increase in the SICAV's disclosure obligations or
such an Intergovernmental Agreement, hereinafter the
iii) a forced redemption or transfer of the shares of the
"IGA".
Recalcitrant Shareholder.
In accordance with the IGA, an entity classified as an FFI,
Shareholders will be deemed, by their subscription or
resident in Belgium, must make available to the Belgian
holding of shares, to have authorised the automatic
tax authorities certain information concerning its
transmission (by the SICAV or any other person) of this
shareholders and the payments it makes. The IGA provides
DPAM HORIZON B SA 13
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
information to the tax authorities. Shareholders who do All potential shareholders should consult their own tax
not provide the required information or who otherwise advisers regarding the possible impact of FATCA on an
prevent the SICAV from fulfilling its disclosure obligations investment in the SICAV.
under FATCA may be subject to forced redemption or
transfer of their shares, a 30% withholding at source on Automatic exchange of information
certain payments and/or other penalties. European Directive 2014/107/EU of 9 December 2014 (the
In relation to the foregoing, but without limiting the "Directive") amending Directive 2011/16/EU regarding the
information, documents or attestations that the SICAV automatic and mandatory exchange of tax information,
requires of a shareholder, each shareholder shall send to along with other international agreements such as those
the SICAV made and to be made within the framework of the
standard in terms of exchanges of information produced
i) if this shareholder is a United States person in the
by the OECD (more generally known under the name of
meaning of the U.S. Internal Revenue Code of 1986 as
"Common Reporting Standards" or "CRS") requires
amended (the "IRC"), an IRS Form W-9 or such other
participating jurisdictions to obtain information from their
form as may replace it, fully and accurately completed
financial institutions and to exchange this information with
("W-9") or,
effect from 1 January 2016. This Directive was transposed
ii) if this shareholder is not a United States Person, an into Belgian law by the Law of 16 December 2015 (“Law
IRS Form W-8 fully and accurately completed regulating the communication of information on financial
(including Form W-8BEN, Form W-8BEN-E, Form W- accounts by Belgian financial institutions and FPS Finance
8ECI, Form W-8EXP or Form W-8IMY or such forms as in the framework of an automatic exchange of information
may replace them, including information concerning at international level and for tax purposes”).
the status of the shareholder under Chapter 4 of the
Pursuant to the Directive transposed into Belgian law,
IRC) ("W-8"), and undertakes to provide the SICAV
investment funds, as financial institutions, are required to
rapidly with an updated Form W-9 or W-8 as the case
collect specific information in order to properly identify
may be when a previous version of the form becomes
their investors.
obsolete or when the SICAV requests it.
The Directive also stipulates that investors' personal and
Furthermore, each shareholder agrees to inform the
financial data 5 are:
SICAV immediately in the event of any change in the
information provided to the SICAV by the shareholder q of natural or legal persons required to make
and to sign and send to the SICAV any form or any other declarations 6 or
additional information that the SICAV might reasonably q passive non-financial entities (NFE) 7 which are
request. controlled by persons who are required to submit
Although the SICAV will strive to preserve its status of declarations 8,
deemed-compliant FFI and to comply with all obligations shall be forwarded by the Financial Institution to the
incumbent upon it to avoid the application of FATCA relevant local tax Authorities which in turn shall notify this
withholding at source, it cannot guarantee that the SICAV information to the tax Authorities in the country or
will be able to meet these obligations and that thus it will countries where the Investor resides.
not be treated by the United States as a non-compliant FFI If the SICAV shares are held in an account with a financial
subject to FATCA withholding at source on payments institution, this organisation entity is responsible for
received by the SICAV. The application of FATCA exchanging information.
withholding at source to payments made to the SICAV
Consequently, the SICAV, whether directly or indirectly (i.e.
could appreciably affect the value of the shares held by all
through a contact appointed for this purpose):
shareholders.
5 Including but not limited to: name, address, country of tax residence, tax identification number, place and date of birth, bank account number, income, value of sales
redemption or repayment proceeds, valuation of the "account" at the end of the calendar year or at the end thereof.
6 Natural or legal persons not residing in the country of incorporation of the Fund but residing in a participating country. The list of countries taking part in the automatic
exchange of information may be consulted on the http://www.oecd.org/tax/automatic-exchange/ site
7 Non-Financial Organisation Entity, that is an Organisation Entity which is not a Financial Organisation Entity according to the Directive.
8 Natural or legal persons not residing in the country of incorporation of the Fund but residing in a participating country. The list of countries taking part in the automatic
exchange of information may be consulted on the http://www.oecd.org/tax/automatic-exchange/ site
DPAM HORIZON B SA 14
Prospectus
Publication date: 16/08/2021DPAM HORIZON B SA
q may, at any time and for whatever reason, ask for and 1) A securities lending programme has been set up in
obtain from each Investor an update of the documents order to increase revenues from the sub-funds of the
and information already provided, as well as any other SICAV.
document or additional information; In an agreement between J.P. Morgan Bank
q is obliged to notify all or part of the information Luxembourg S.A., a public limited company
provided by the Investor regarding the investment in incorporated under Luxembourg law, whose registered
the SICAV to the relevant local tax Authorities. office is located at 6, Route de Trèves, L-2633
The Investor is informed of the potential risk associated Senningerberg, Grand Duchy of Luxembourg and the
with exchanging inaccurate and/or incorrect information if SICAV, JPMORGAN CHASE BANK NATIONAL
the information he has provided is no longer accurate or ASSOCIATION has been appointed agent of all sub-
complete. In the event of any changes affecting the funds of the SICAV, addressing a sole borrower or
information provided, the Investor undertakes to inform several borrowers to whom ownership of the
the SICAV (or any other contact appointed for this securities is transferred.
purpose), as soon as possible and must issue, if applicable, All securities of the sub-fund may be loaned, provided
new certification within 30 days of the event which has the lending does not adversely affect the management
rendered the information inexact or incomplete. of the portfolio by the Fund Manager. It is therefore
The mechanisms and fields of application of this system of stipulated that the securities that the fund managers
exchanging information exchange of information may of the SICAV intend to sell will not be loaned, and that
evolve over time. Each Investor is advised to consult his the loaned securities may be recalled if the Fund
own tax adviser in order to determine the impact that the Manager intends to realise them.
CRS provisions may have on an investment in the SICAV. The borrower's securities lending obligations are
secured by financial guarantees in the form of cash
Data protection collateral or bonds authorised by the regulations. The
In order to comply with its legal and regulatory market value of the collateral in relation to the market
obligations, the SICAV processes information relating to value of the loaned assets of the sub-fund must at all
certain persons with whom it is required to interact and times exceed the actual value of the securities loaned.
which constitute "personal data". The SICAV considers the
protection of this data to be an important matter and has In view of the guarantees in place, the risk arising
therefore adopted a Personal Data Protection Charter from the securities lending programme is relatively
available at the following address www.dpamfunds.com low.
('Regulatory Information' tab). 2) The type of assets that are eligible for the securities
The SICAV invites you to read the Charter on the lending programme is limited to shares. The sub-funds
Protection of Personal Data carefully. It explains in more to which the securities lending programme applies are
detail the context in which the SICAV processes personal listed in the periodic reports of the SICAV.
data as well as the rights of the persons with whom it 3) The maximum proportion of assets under
interacts (including the right of access, rectification and in management that may be included in the securities
certain circumstances, the right to erase data, processing lending programme is limited to 20%..
limitations, data portability and the right to object to 4) The expected proportion of assets under management
certain forms of processing) and the SICAV's obligations in that may be included in the securities lending
this respect. programme is difficult to determine. Investors may use
the figures from last year in the most recent periodic
Securities lending program (annual) report of the SICAV. The proportion of assets
The following information is sent to investors as part of under management of a sub-fund of the SICAV lent
Regulation (EU) 2015/2365 on transparency of securities must not exceed 20%..
financing transactions and of reuse.
5) Criteria used to select counterparties: securities
lending counterparties are first selected by the lending
agent. After this primary evaluation, the Management
Company selects the eligible counterparties. The
counterparties are selected on the basis of the internal
rating system which takes into account external ratings
DPAM HORIZON B SA 15
Prospectus
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