Information intended for investors in undertakings for collective investment managed by GERIFONDS (Luxembourg) SA (hereinafter “the Company”)
- Legal and regulatory framework
Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector (“SFDR”) lays down harmonised rules for financial market participants in the European Union on transparency with regard to the integration of sustainability risks and the consideration of adverse sustainability impacts in their processes and the provision of sustainability‐related information with respect to financial products.
Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending the SFDR, aims to inform investors on whether an economic activity is environmentally sustainable by setting common European Union-wide criteria.
The purpose of these regulations is to provide greater transparency and to differentiate financial products according to their degree of sustainability.
- Disclosure requirements of the Company
According to Article 3 of the SFDR, the Company is required to publish on its website information about its policies on the integration of sustainability risks in its investment decision‐making process.
The Company has established a policy on the integration of sustainability risk in its investment decision-making process. This policy provides a description of the Company’s approaches to the integration of sustainability risk, as defined by the SFDR and Taxonomy regulations, in the management of the investments of the funds or sub-funds for which GERIFONDS (Luxembourg) SA is the management company.
The Company has integrated sustainability risks into its overall risk management.
A “sustainability risk” means an environmental, social or governance event or condition that, if it occurs, could have a significant negative impact, actual or potential, on the value of the investment.
- Adverse sustainability impacts
In accordance with Article 4 of the SFDR, the Company must report whether, and how, it considers the principal adverse impacts (PAIs) of investment decisions on sustainability factors.
Where it does not, which is the case of GERIFONDS (Luxembourg) SA, the Company must explain the reasons.
In general, and with the exception of the funds or sub-funds categorised under Article 8 or 9 of the SFDR, for which this is specified, GERIFONDS (Luxembourg) SA does not consider the principle adverse impacts of investment decisions on sustainability factors.
This is mainly due to the size, organisation, nature and scope of the activities carried out by the Company as well as the type of financial products it offers.
GERIFONDS (Luxembourg) SA delegates the portfolio management. When the principal adverse impacts of investment decisions on sustainability factors are taken into account, the Company carries out the assessment, monitoring, validation and reporting/disclosure of the PAIs in accordance with the investment strategy and applicable laws and regulations.
- Integration of sustainability risks into the remuneration policy
Pursuant to Article 5 of the SFDR, the Company has included sustainability risks in its remuneration policy.
These principles apply both to the remuneration model of GERIFONDS (Luxembourg) SA and to the model adopted by its delegated asset managers.
Sustainability risks are considered in particular within the general framework of good governance practices, and through performance assessment in the case of variable remuneration. All employees receiving variable remuneration are assessed on the basis of qualitative criteria corresponding to their duties and responsibilities.
Employees’ performance is thus measured according to their results in terms of compliance and risks, including sustainability risks, which require compliance with regulatory or even self-regulatory obligations set out in our internal policies.
- Integration of sustainability risks
Pursuant to Article 6 of the SFDR, the Company must also describe how potential sustainability risks are integrated into its investment decisions.
Most funds or sub-funds managed by GERIFONDS (Luxembourg) SA are categorised according to Article 6 of the SFDR. For these funds, in light of the diversity of the investments and the strategies implemented, sustainability risks can be considered in the investment decision among other components of the analysis, but are not the decisive criteria defining the framework of the investments actually held.
- This approach is applicable generally, with the exception of funds or sub-funds categorised as Article 8 or 9 of the SFDR for which this is specified in the section below listing the financial products offered by the Company.
- Taxonomy
GERIFONDS (Luxembourg) SA does not take into account the criteria of the European Union Taxonomy Regulation for sustainable economic activities.
Sustainability information for the financial products offered by the Company
- Integration of sustainability risks
Most funds or sub-funds managed by the Company are categorised according to Article 6 of the SFDR. For these funds, in light of the diversity of the investments and the strategies implemented, sustainability risks can be considered in the investment decision among other components of the analysis, but are not the decisive criteria defining the framework of the investments actually held.
The funds or sub-funds managed by the Company and categorised according to Article 8 of the SFDR incorporate certain sustainability characteristics into their investment process.
Lastly, a sub-fund managed by the Company and categorised according to Article 9 of the SFDR has a sustainable investment objective that contributes to an environmental or social objective.
For these last two categories of funds or sub-funds, the following information on transparency requirements with regard to sustainability is available on this website, in the “Documents” section referring to each class of units or shares:
- the corresponding prospectus describing how these characteristics or objectives are integrated;
- the pre-contractual information document appended to the prospectus; and
- the periodic report.
- Taxonomy
The investments of funds or sub-funds managed by GERIFONDS (Luxembourg) SA do not take into account the criteria of the European Union Taxonomy Regulation for sustainable economic activities.
- Adverse sustainability impacts
In general, and with the exception of the funds or sub-funds listed below, for which this is specified, the principal adverse impacts (PAIs) on sustainability factors of investment decisions are not taken into account.
| Funds | Sub-fund | SFDR Classification | Consideration of "PAIs" in investment decisions |
| BCV FUND (LUX) | BCV Liquid Alternative Beta Selection | 8 | Non |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) CHF Bond Fund | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) EUR Bond Fund | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) USD Bond Fund | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) Liquoptimum (EUR) | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) Liquoptimum (USD) | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) World Credit Opportunities | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) Swiss All Caps (CHF) | 8 | Oui |
| SYNCHRONY (LU) FUNDS | Synchrony (LU) Swiss Small & Mid Caps (CHF) | 8 | Oui |
| BCV FUND (LUX) | Ethos Climate ESG Ambition | 9 | Oui |
Investors should note that it is very difficult to assess with reasonable certainty the existence or probable outcome of a sustainability risk for the investments and/or its impact on the funds.
Each fund or sub-fund must comply with its investment policy and objectives, as well as the general investment restrictions described in their respective prospectuses and investment rules.
- BCV FUND (LUX)
BCV FUND (LUX) is an umbrella fund. It comprises 11 sub-funds, including:
- Nine sub-funds categorised under Article 6 of the SFDR. These sub-funds integrate sustainability risks into their investment process, but do not make binding commitments, promote environmental and/or social characteristics and do not have sustainable investment as an objective;
- 1 sub-fund is categorised according to Article 8 of the SFDR. This sub-fund promotes social and/or environmental characteristics, invests in companies that respect good governance, makes binding commitments, but has no sustainable investment objective;
- 1 sub-fund is categorised according to Article 9 of the SFDR. The objective of this sub-fund is to invest sustainably or reduce carbon emissions and makes binding commitments.
- BCV Liquid Alternative Beta Selection (Article 8 SFDR)
In accordance with Article 8 of the SFDR, the sub-fund promotes a combination of environmental and social characteristics, while complying with good governance rules, above all through exposure to best-in-class ESG (environmental, social and governance) indices produced by MSCI.
Furthermore, the sub-fund seeks to increase the share of investments aligned with E/S characteristics by investing in money market instruments, short-term debt securities/bonds (i.e. with a residual life of three years or less), money market UCITS/other UCIs, short-term strategy bond UCITS/other UCIs that take into account ESG best practices.
The integration of ESG criteria in the BCV Liquid Alternative Beta Selection sub-fund is therefore applied through its exposure to ESG indices produced by MSCI via total return swaps (TRS).
MSCI uses the following approaches in its index construction:
- partial and conditional exclusion within the meaning of the MSCI methodology of serious controversies and controversial sectors such as (non-exhaustive list): alcohol, gambling, tobacco, nuclear energy, conventional weapons, nuclear weapons, controversial weapons, civilian firearms, fossil fuel extraction and thermal coal, energy production from thermal coal, palm oil production, oil/gas production in the Arctic;
- best-in-class: only securities with the best ESG profiles (on average 50% of the market capitalisation/market value of each sector and region within the parent index, based on ESG ratings) are selected from the indices.
In all selected ESG indices:
- the securities must have an MSCI ESG rating of “BB” or higher to remain in the index;
- the securities must have an MSCI ESG "Controversies" score of 1 or higher to remain in the index.
It should also be noted that issuers whose ESG rating and/or "Controversies" score are downgraded below the defined threshold are only removed from the MSCI indices during the periodic index reviews.
The ESG profile of each security chosen for the selected indices is assessed by MSCI according to a proprietary methodology.
For more details on the MSCI Selection Indexes Methodology, please visit: https://www.msci.com/index/methodology/latest/Selection.
For other instruments that can be used to increase the portfolio’s overall ESG exposure, the E/S characteristics promoted by the sub-fund result from the investment manager’s allocation strategy, which promotes these characteristics by applying the following conditions to investment decisions:
- instruments in the form of UCITS must comply with Articles 8 or 9 according to the “SFDR”;
- the exclusion of financial instruments issued by entities that:
- are involved in the production of nuclear weapons from countries that are not signatories to the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), and in the production of controversial weapons;
- violate the principles of the United Nations Global Compact on human rights, labour standards, environmental protection and anti-corruption;
- the instruments must have an MSCI ESG rating of at least BB. MSCI ESG ratings are generally updated annually, but may be reviewed more frequently if deemed necessary by MSCI.
Non-ESG investments are those for which the factors used in the investment model (e.g. currency pairs or government bonds of developed countries) do not have “investable” alternatives based on these criteria. The fund’s cash invested in, inter alia, demand and/or term deposits, is also not subject to an ESG approach.
Additional information on the sub-fund's environmental or social characteristics is available in the fund’s "Pre-contractual information" annexes of the prospectus and the "Periodic reports", which can be viewed on this same website.
- Ethos Climate ESG Ambition (Article 9 SFDR)
The sub-fund has a sustainable investment objective within the meaning of Article 9 of the SFDR.
The objective of the Ethos Climate ESG Ambition sub-fund is to apply a capital growth strategy by investing primarily, with no geographical constraints, in shares of companies whose products and services have a positive environmental impact and contribute directly or indirectly to the energy and ecological transition and to reducing the impacts of climate change.
The sub-fund invests in business sectors considered crucial for the energy and ecological transition, in the form of products and services. These activities are mainly grouped into the following themes considered by Ethos (the Investment Advisor) to have a positive environmental and/or social impact and to play a key role in the transition to a sustainable economy:
- sustainable energy;
- low-carbon mobility;
- sustainable real estate;
- resilient agriculture, aquaculture and forestry;
- circular economy;
- sustainable water management;
- pollution control.
In carrying out its assessment, Ethos takes into account the principal adverse impacts (PAIs), in accordance with Annex I of Commission Delegated Regulation (EU) 2022/1288, as well as the Do No Significant Harm (DNSH) principle.
Ethos applies a three-step process to identify companies with a positive impact, described below:
First step: exclusion criteria
The sub-fund applies a strict sector exclusion policy based on criteria defined by two institutions:
- The Ethos Foundation, in its principles for socially responsible investment;
- The European Union, as defined in Article 12(1)(a) to (g) of Commission Delegated Regulation (EU) 2020/1818 on “Paris-Aligned Benchmarks” (hereinafter “PAB”).
The exclusion thresholds are based on the percentage of turnover from the sector in question. When different thresholds are set for the same activity or sector by these institutions, the sub-fund systematically applies the strictest threshold, i.e. the lowest percentage. This approach ensures alignment with the highest standards in terms of sustainability.
|
Business sectors considered |
Thresholds applied by the sub-fund | Ethos Fondation | EU PAB |
|---|---|---|---|
| Controversial or unconventional weapons | 0% | 0% | 0% |
| Conventional weapons | 5% | 5% | — |
| Growing or producing tobacco | 0% | 5% | 0% |
| Betting or gambling | 5% | 5% | — |
| Pornography or adult entertainment | 5% | 5% | — |
| Genetically modified organisms (“GMOs”) in agrochemicals | 5% | 5% | — |
| Nuclear energy | 5% | 5% | — |
| Thermal coal | 1% | 5% | 1% |
| Unconventional fossil energy sources or unconventional oil and gas (i.e. shale gas and oil, Arctic gas and oil, oil sands, unconventional gas or oil pipelines) | 5% | 5% | — |
| Conventional oil or conventional source | 10% | — | 10% |
| Conventional gas or conventional source | 50% | — | 50% |
| Companies generating at least 50% of their turnover from electricity generation activities with a greenhouse gas (“GHG”) emission intensity greater than 100g CO2eq/kWh (CO2 equivalent per kilowatt hour) | 0% | — | 50% |
Second step: through a best-in-class approach
Ethos assesses companies based on a standard, multi-criteria quantitative approach using approximately 100 ESG data points divided into three main categories: governance, strategy and reporting, and stakeholders. Each company is assigned an ESG score based on the above criteria.
Third step: positive impact assessment
Ethos identifies companies whose products and services have a positive environmental impact and contribute directly or indirectly to the energy and ecological transition and reducing the impacts of climate change. The measurement of the positive impact is determined on the basis of an estimate of each company's revenue generated in the various themes (mentioned above) contributing to the energy and ecological transition and the fight against climate change.
The sub-fund invests only in companies that are considered sustainable. These investments represent at least 90% of the sub-fund’s assets.
In addition, the sub-fund complies with the following investment constraints:
- at least 33% of the sub-fund’s investments (i.e. at least 30% of the sub-fund’s assets) are in companies that generate more than 50% of their turnover in activities related to the energy and ecological transition and the fight against climate change;
- at least 66% of the sub-fund’s investments (i.e. at least 60% of the sub-fund’s assets) are in companies that derive more than 20% of their turnover from activities involved in the energy and ecological transition and the fight against climate change.
Additional information on the environmental or social characteristics and the ESG analysis and rating methodology used by the sub-fund is available in the fund’s "Pre-contractual information" annexes of the prospectus and the "Periodic reports", which can be viewed on this same website.
- SYNCHRONY (LU) FUNDS
SYNCHRONY (LU) FUNDS is an umbrella fund. This fund comprises 11 sub-funds, including:
- Three sub-funds categorised under Article 6 of the SFDR. These sub-funds integrate sustainability risks into their investment process, but do not make binding commitments, promote environmental and/or social characteristics and do not have sustainable investment as an objective;
- 8 are categorised under Article 8 of the SFDR. These sub-funds promote social and/or environmental characteristics, invest in companies that comply with good governance, make binding commitments, but have no sustainable investment objective.
Sub-funds categorised under Article 8 of the SFDR:
- Synchrony (LU) CHF Bond Fund
- Synchrony (LU) EUR Bond Fund
- Synchrony (LU) USD Bond Fund
- Synchrony (LU) Liquoptimum (EUR)
- Synchrony (LU) Liquoptimum (USD)
- Synchrony (LU) World Credit Opportunities
- Synchrony (LU) Swiss All Caps (CHF)
- Synchrony (LU) Swiss Small & Mid Caps (CHF)
The sub-funds mentioned above promote environmental and/or social characteristics within the meaning of Article 8 of the SFDR by defining, for the majority of investments, the materiality of environmental, social and governance (ESG) risks and opportunities. The sub-funds integrate this information into their investment processes in a positive outcomes approach established and monitored by the portfolio manager.
The latter uses a series of indicators to measure the attainment of the environmental and social characteristics promoted. It is based on analyses and data provided mainly by an external and independent service provider: MSCI ESG Research.
- Common characteristics of the methodology applied:
General exclusion criterion:
- elimination of issuers classified as laggards (MSCI ESG rating < BB);
Exclusion criteria for companies:
- coal mining (> 25% of turnover);
- extraction of oil sands (> 25% of turnover);
- shale oil/gas production (> 25% of turnover);
- Arctic oil/gas production (> 25% of turnover);
- production of controversial weapons;
- significant violations of the principles of the United Nations Global Compact on human rights, labour standards, environmental protection and anti-corruption;
- list of “Exclusion recommendations” of the SVVK-ASIR (Swiss Association for Responsible Investment).
In addition, regular checks are carried out on the securities in the portfolio with regard to compliance with the principles of the United Nations “Global Compact”.
Positive screening:
- The objective of the manager is to build a portfolio with a higher ESG rating than that of the market index used for comparison purposes. Each ESG score of the portfolio must be higher than that of a specific market index, as defined in the prospectus of the relevant sub-fund.
- Specific criteria applied to sub-funds investing in equities:
ESG coverage rate for eligible securities:
- At least 90% of the net assets or number of issuers of the sub-fund for large cap equities and at least 75% for small and mid cap equities.
Exercise of voting rights:
- Voting rights are exercised based on the analysis and recommendations provided by Institutional Shareholder Services Inc. (ISS) and provide a high level of transparency through the annual publication of votes.
- Specific criteria applied to sub-funds investing in bonds:
Exclusion criteria by country:
- political stability and absence of violence/terrorism;
- Corruption Perceptions Index (CPI, Transparency International) < 30.
ESG coverage rate for eligible securities:
- at least 90% of the net assets or number of issuers of the sub-fund for investment grade debt securities and money market instruments and sovereign debt securities issued by developed countries;
- at least 75% of the net assets or the number of issuers of the sub-fund for debt securities and money market instruments with a high yield rating and sovereign debt securities issued by emerging countries.
Additional information on the sub-funds’ environmental or social characteristics is available in the fund’s "Pre-contractual information" annexes of the prospectus and the "Periodic reports", which can be viewed on this same website.
- Other funds or sub-funds categorised under Article 6 of the SFDR
All other funds or sub-funds managed by the Company, listed below, do not fall within the scope of Article 8 or Article 9 of the SFDR.
These funds or sub-funds, known as “Article 6”, have no explicit sustainability objective. They are not subject to specific transparency requirements with regard to sustainability. “Article 6” funds or sub-funds may invest in companies and sectors that do not comply with environmental, social and governance (ESG) criteria.
These funds or sub-funds, through their portfolio managers, do not integrate sustainability risks and opportunities into their respective research, analysis and investment decision-making processes. The portfolio managers believe that the consideration of sustainability risks and opportunities does not have a material impact on the long-term strategy of such funds or sub-funds.
These funds or sub-funds do not take into account the principle adverse impacts, or the Do No Significant Harm principle, in their investment decisions with regard to sustainability factors.
The underlying investments of these funds or sub-funds do not take into account the criteria for environmentally sustainable economic activities defined by the European Union Taxonomy Regulation.
| BCV FUND (LUX) |
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| BCV REAL ESTATE FUND |
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| BCVs / WKB (LU) FUNDS |
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| BPSA FONDS LUX |
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| DYNAGEST FUND |
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| PIGUET GLOBAL FUND |
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| SYNCHRONY (LU) FUNDS |
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| SYNCHRONY PRIVATE EQUITY FUND OF FUNDS WORLD |
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| PIGUET STRATEGIES |
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| PIGUET INTERNATIONAL FUND |
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Information updated on 20 November 2025.