sustainable and social responsible investments januar 2007 the kbc am approach geert heuninck –...
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Sustainable and social responsible investments
Januar 2007
The KBC AM approachGeert Heuninck – Head of SRI department
+32 2 429 33 92
Best fund managerOpen-end funds on 1 year
Innovative Portfolio
Bausteine
Agenda
1. Introduction
2. SRI Market
3. KBC approach
4. Sustainability research
5. Our products
6. Transparency
7. Conclusions
KBC AM overview
An independent asset manager More than 50 year experience in asset managing
The largest operator in Belgium
- occupying a prominent position in Western Europe
- a dominant force in Central Europe
A leader in capital protected products (click funds, etc.)
Offices in Brussels, Dublin, Luxemburg, Prague,
Budapest and Warsaw
Representative office in New York & Shanghai
153 bln EUR assets under management (31-12-2006)
KBC Asset Management profile
Market leader in capital protected funds Market share in Belgium: 60,94% (30-06-2006)
Top 3 player in pension funds in Belgium, Ireland
and Czechia
Amongst the first European asset managers to have
launched sector & theme funds
Europartners Multi Investment Fund (EMIF): a European partnership for management and distribution
Pioneer in SRI since 1992
Definitions: Corporate Social Responsibility
SUSTAINABILITY: attention and care for the coming generations:
“Our common future”: Brundtland Commission report 1987:
"Sustainable development is development that meets the needs
of the present without compromising the ability of future
generations to meet their own needs"
SOCIAL RESPONSIBILITY: attention and care for existing
or potential inequalities within current generations, both in and
outside one’s own environment (solidarity)
Key elements
Continuous improvement
Voluntary
Triple bottom-line
Communication and transparency
2. From CSR to SRI?
Socially Responsible Investment combines traditional financial values with social, ethical, governance and environmental criteria
by including them in investment management (saving and
investing) in a
- Structural,
- Voluntary and
- Transparent Process.
Consultation with the stakeholders is an important part of this
process.
2. SRI growing interest
Total SRI (€ mln)
15 180 169 163 211 306
1016 1099 11401397
3030
99 00 01 02 03 04 05 Q1 Q2 Q3 Q4
Equity (€ mln)
15
163 14281 99 100
148208
251313
376
99 00 01 02 03 04 05 Q1 Q2 Q3 Q4
Bonds (€ mln)
0 0 0 10 23 43
683 691 693 733
2028
99 00 01 02 03 04 05 Q1 Q2 Q3 Q4
Structured products (€ mln)
0 17 27 30 31 28 34 35 32
178
459
99 00 01 02 03 04 05 Q1 Q2 Q3 Q4
KBC SRI funds
AUM in mln euro (12/06) (12/05) 1y gr
Open equity: KBC Eco World 36 49 -26%
KBC Eco Water 161 20 720%
KBC Eco Alt. Energy 123 29 324%
KBC Eco Climate Change
KBC Eco Sust. Euroland 11 11 0%
KBC IF Ethical Euro Eq. 45 24 88%
Bonds: KBC Ethical Euro Bds. 736 685 7%
KBC Renta (7) 1,000
KBC Obli Euro 285
Mixed: KBC Global Ethic. Def. 167 146 21%
Structured: KBC Sustainables (6) 427
KBC Eco Water
Tailor made* 43 33 30%
Total: 3,034 997 204%
3. KBC AM approach
SRI funds since 1992: KBC Eco Fund World (1992)
is the oldest sustainable investment fund in
Belgium
Since 2002: First financial institution in Belgium
to carry out research via own sustainable and
socially responsible investment department to screen the relative sustainable and socially
responsible character of companies and countries
for inclusion in sustainable investment funds.
to assist its clients in their choice of sustainable
investments
3. KBC AM approach sustainable investments
from ‘ethical’ to ‘sustainable’ investments
ethical investments
• boycotts, ethical motivation
• exclusion of certain
sectors
• focus on tight selection of
social and environmental
criteria
• get even with the past
(rather negative approach)
sustainable investments
• creation of shareholder
value
• best-in-class approach
• integration of economic,
social and environmental
criteria
• forward-looking
(rather positive approach)
3. KBC AM approach Concept
1. Screening: Multicriteria referring to People Planet Profit
Negative scoring on involvement with questionable practices
Independency by • data provider EIRiS (independent research institute)
• methodology approved and guaranteed by External
advisory board
• based on mathematic scoring model
2. Composition sustainable universe: Best-in-class per sector
No exclusions (except aerospace & defense and tobacco)
In house screening expertise
3. Stock picking: Independent from sustainability scores
4. Fund management: no difference with classical funds
5. Control / audit: Compliance server
Regular checks by VED (KBC Bank)
Yearly audit by Deloitte
3. KBC AM approach External advisory board
1. External Advisory Board
Independent body of experts, all academics from various Belgian and Dutch universities. Each member is a specialist in
his/her particular discipline.
Independent
• Quality assurance of the methodology and research
• Objective assessment of company and country profiles
• Credibility
2. Environmental Advisory Committee (EAC) (since early ‘90s)
Belgian environmental experts (four academics, one research
director and one consultant),
Screening of companies for the KBC Eco Fund family
Expertise on composition of
the criterion ‘environment’
3. KBC AM approach External advisory board
Composition of the External Advisory Board
• president : Jaak Stokx, honorary director of Kredietbank, president of Hefboom, fellow-worker of of the Centre of Economisc and Ethics at the University of Leuven
• Prof. Dr. Eva Brems, teaches Human Rights at the University of Gent • Prof. Dr. Hans Bruyninckx, teaches durable development at the University of
Leuven • Prof. Dr. Luc Hens, director of the department Human Ecology at the University of
Brussels and member of the federal council of durable development • Prof. Dr. Stefan Marysse, teaches International Relations in the Third World at the
University of Antwerp • Prof. Dr. ir. Eric Tollens, teaches Agricultural Economy at the University of Leuven • Prof. Dr. emeritus Henk van Luijk, business ethics at the University of Nijenrode • Prof. Dr. Mieke Van Haegendoren, teaches employee relations at the University of
Hasselt and is Vice-rector of the University Hasselt • Prof.Dr. Xavier Baeten, manager at Vlerick Leuven Ghent Management School • Prof.Dr. Kurt Devooght, teaches at Ehsal and is a worker at the
Centre of Economics and Ethics at the University of Louvain.
Global universe
regulations Strategical allocation
Fund manager composes SRI fund
4. Sustainability research in the investment process
Sustainablecompanies and
countries
Investable stocks and bonds
Sustainableuniverse
4. Sustainability research screening of countries: criteria
Equal weightedcriteria
Independent data
Yearly update
50% best – in -class
economic performance, structure and policy • technological development (WEF)
• public + company efficiency (IMD)
• macro-economic performance (OECD)
• good governance (World Bank)
• corruption perception (Transp. Intl.)
wellfare and security of the population • Human Development Index (3 items) (UN)
• health care (WHO)
• criminal record (UN)
• labor security (ILO)
equality and freedom of the population • Gini index: equality of income (UN)
• Gender Empowerment Index (UN)
• intergenerational solidarity (OECD)
• political rights and civil liberties (FH)
environment • ESI index (50% weight ) (WEF)
• ratification, international environmental treaties (UN)
• ecological footprint (WWF)
international relations • commitment to development (Center for Global Developm.)
• relative policy priorities (UN)
• ratification, international HR & labour treaties (UN)
4. Sustainability research screening of countries: results
TurkeyMexico
RomaniaKorea SGreece
United StatesBulgariaPolandCroatia
ItalyLithuania
Czech Rep.Latvia
SlovakiaEstonia
HungaryPortugal
SpainJapan
FranceBelgiumSlovenia
UKAustralia
New ZeelandGermany
CanadaIrelandAustria
LuxembourgNetherlandsSwitzerland
DenmarkFinland
SwedenNorwayIceland
4. Sustainability research screening of companies: criteria
Economic performanceCustomers/supplier relationsCommunity involvementCode of ethicsProblems with legal frameworkComposition of the boardDeontologyStakeholder engagementPolicyManagementReporting
BiodiversityPerformance
Equal opportunitiesTrade unions and employee participationJob CreationTraining
Wage structureHealth & safetyGlobal HR responsibilityHR responsibility concerning own staffSupply Chain responsibilityBribery & corruptionAlcoholTobaccoGamblingAnimal testingGenetic EngeneeringMilitary IndustryNuclear power
+
-
Economic policy
Corporate governance
+
+
+
+
Environment
Internal Social policy
Human Rights
Controversial practices
Equal weightedcriteria
Independent data
Yearly update
Continuousmonitoring
Specific weightingsubcriteria
4. Sustainability research screening of companies: selection
Global SRI universe
Researchuniverse Exclusion of:
All tobacco- and defense companies
“worst-in-class”-companies, • Score on corporate governance, environment, internal social policy
OR human rights within 10% worse in the whole universe OR Score
controversial practices < -14,5%
Admitted companies: “best-in-class”-approach, • 40 % best scoring per sector
• Oil & gas and mining: 20 % best
The External Advisory Board can decide to exclude
companies (temporarily) because of involvement
in scandals or serious violations of one
of the screening criteria.
4. Sustainability research Example
Company
To
tal s
co
re
To
tal s
co
re w
hith
ou
t co
ntro
ve
rsia
l p
rac
tise
s
Ec
on
om
ic p
olic
y
Co
rpo
rate
go
ve
rna
nc
e
an
d b
us
ine
ss
eth
ics
En
viro
nm
en
t
Inte
rna
l so
cia
l po
licy
Hu
ma
n rig
hts
Qu
es
tion
ab
le p
rac
tice
s
an
d te
ch
no
log
ies
Stora Enso 79% 79% 88% 75% 88% 75% 71% 70%
Bayer 74% 84% 80% 92% 94% 92% 61% -10%
Nippon Steel Corp. 56% 58% 71% 65% 70% 67% 17% -2%
Du Pont de Nemours 50% 64% 80% 70% 74% 42% 56% -15%
Dyson Group 16% 20% 17% 25% 9% 8% 38% -3%
40%
60%
4. Sustainability research Global SRI Universe
Sector EUR JAP NAM PAC RoEUR ROW Total
Energy 3 2 7 3 8 2 25
Materials 16 17 16 9 22 2 82
Industrials 27 34 21 8 65 1 156
Cons. Discr. 30 27 44 7 63 171
Cons. Staples 16 14 8 4 19 61
Health Care 7 12 22 2 21 64
Financials 53 20 48 27 65 4 217
Inform. Techn. 13 33 38 2 19 1 106
Telecom 9 3 4 2 6 2 26
Utilities 15 8 5 1 13 42
Total 189 170 213 65 301 12 950
Transparency Example
DanoneSector: Food, Beverage & TobaccoCompany webpage: www.danone.frIs Danone part of the sustainable investment universe?
yes43.4% Average Food, Beverage & Tobacco80.1% Maximum Food, Beverage & Tobacco80.1% Score Danone
81%BCA
86%AA
C
A73%
BACDB
78%CA LegendC 1 Economic policyA 2 Corporate governance & Business EthicsE 3 EnvironmentA 4 Internal Social Policy
82% 5 Human RightsA Danone
no Sector averageno Sector maximum
A A: Best D: Under averageno B: Above average E: Weak
A C: Average
E
0%00000
Food, Beverage &
Tobacco
0
Code of ethicsProblems with the legal framework/deontology
Composition and working practices of management bodies
1. Economic policy
Customer/ supplier relationsCommunity involvement
2. Corporate governance & Business
Economic Performance
Stakeholder engagement3. Environment
PolicyManagement
ReportingBiodiversity
Environmental performance4. Internal social Policy
Equal opportunitiesTrade unions and employee participation
Job creation and security
TrainingWage structure and working conditions
Health and safety5. Human Rights
Global responsibility for human rightsBreaches human rights principles
Supply chain responsability
Birbery and corruption
Contacts with government authorities/areas in conflict
Breaches ILO conventions in supply chain
Breaches ILO conventions
If a company is involved in one of the eight
AlcoholGambling
Tobacco
questionable practices, than this company is given a negative score depending on the grade of involvement. The grade of involvement is determined by codes. The codes were drawn up by the External advisory board.
Involvement in questionable
Animal Testing
Military industryGenetic Engeneering
Nuclear power
0%
20%
40%
60%
80%
100%1
2
34
5
Pernod-RicardSector: Food, Beverage & TobaccoCompany webpage: www.pernod-ricard.frIs Pernod-Ricard part of the sustainable investment universe?
no43.4% Average Food, Beverage & Tobacco80.1% Maximum Food, Beverage & Tobacco43.4% Score Pernod-Ricard
54%
CCC
40%
CA
C
E28%
BBCED
64%
CA LegendC 1 Economic policyC 2 Corporate governance & Business EthicsE 3 EnvironmentA 4 Internal Social Policy
46% 5 Human RightsB Pernod-Ricard
no Sector averageno Sector maximum
D A: Best D: Under averageno B: Above average E: Weak
E C: Average
C
-3%
00030
Food, Beverage &
Tobacco
0
Code of ethicsProblems with the legal framework/deontology
Composition and working practices of management bodies
1. Economic policy
Customer/ supplier relationsCommunity involvement
2. Corporate governance & Business
Economic Performance
Stakeholder engagement3. Environment
PolicyManagement
ReportingBiodiversity
Environmental performance4. Internal social Policy
Equal opportunitiesTrade unions and employee participation
Job creation and security
TrainingWage structure and working conditions
Health and safety5. Human Rights
Global responsibility for human rightsBreaches human rights principles
Supply chain responsability
Birbery and corruption
Contacts with government authorities/areas in conflict
Breaches ILO conventions in supply chain
Breaches ILO conventions
If a company is involved in one of the eight
AlcoholGambling
Tobacco
questionable practices, than this company is given a negative score depending on the grade of involvement. The grade of involvement is determined by codes. The codes were drawn up by the External advisory board.
Involvement in questionable
Animal Testing
Military industryGenetic Engeneering
Nuclear power
0%
20%
40%
60%
80%
100%1
2
34
5
5. Our SRI products overview
Bond or mixed funds:
KBC IF Ethical Euro Bonds
KBC Obli Euro – KBC Renta
KBC IF Global Ethical Defensive 1 (80/20)
Open Equity: KBC Eco Fund: • World
• Alternative Energy
• Water
• Sustainable Euroland
KBC IF Ethical Euro Equities
Closed-end: KBC Equisafe Sustainables (institutional)
KBC Equisafe Sustainables World (retail)
Tailor-made sustainability or
ethical screening
KBC IF Ethical Euro Bonds (733 mio €)
KBC Obli Euro (236 mio €)
KBC IF Global Ethical Defensive 1 (80/20) (173 mio €)
SRI-strategy: Gov. Bonds: Country selection
Corporate bonds: Global SRI universe
Equities: Global SRI universe
Supranationals: automatically allowed
Management strategy: Identical to ‘classic’ funds
top-down approach
5. Our SRI products bond or mixed funds
Ethical Def Ethical Bonds2006 2.70% 0.12%2005 8.56% 4.12%2004 6.35% 7.46%2003 5.84% 4.41%
Return
5. Our SRI products equity funds: KBC Eco Fund World
MSCI Eco World MSCI Eco World2006 5% 7% 0.51 0.782005 24% 13% 2.44 1.402004 5% 0% 0.41 0.022003 5% 15% 0.30 0.79
Return Sharpe
SRI-strategy: Best-in-class on total SRI score
Best-in-class on “environment”:
• 40% best companies on environment ”
• minimum “environmental score” of 60%
no negative appreciation by Environmental Advisory Board
Sustainable universe of 477 companies (since 2006)
Management strategy: Benchmark MSCI World
Top-down approach:
• Regional allocation
• Sectoral allocation
• Stock picking
Eco WorldGlobal
SRI
SRI-strategy: Screening by Environmental Advisory Board
Substantial part of corporate activity in “water”
Not affected by controversial practices concerning SRI
No bottling companies
Water universe: 89 companies
Management strategy: Top-down approach
Long term assessments quarterly
Investing in IPO’s
Stock picking:
• Investment Requirements • Regulatory Environment
• New Legislation • Emerging Technology
• Valuation
5. Our SRI products equity funds: KBC Eco Fund Water
Eco WaterGlobal
SRI
0
5
10
15
20
25
30
35
% of Fund 22,8 11,4 7,8 25,1 33
Water Technology
Engineering Env ControlMisc
EquipmentWater/Wast
ewater
5. Our SRI products equity funds: KBC Eco Fund Water
MSCI Eco Water Pictet SAM Water2006 5% 15% 22% 18%2005 24% 28% 27% 22%2004 5% 22% 18% 15%2003 5% 12% 8% 15%2002 -30% -29% -31% -25%
ReturnMSCI Eco Water Pictet SAM Water
2006 0.51 1.22 2.03 1.582005 2.44 2.65 3.00 2.542004 0.41 2.23 1.81 1.542003 0.30 0.79 0.50 1.092002 -1.24 -1.59 -1.71 -1.62
Sharpe
SRI-strategy: Screening by Environmental Advisory Board
Substantial part of corporate activity in “alternative energy”
Not affected by controversial practices concerning SRI
Alt. en. universe: 106 companies
Management strategy: Top-down approach
Long term assessments quarterly
Investing in IPO’s
Stock picking:
• Current Trends
• Government Subsidies
• New Legislation
• Emerging Technology
• Valuation
5. Our SRI products equity funds: KBC Eco Fund Alternative Energy
Eco Alt.Ene.Global
SRI
Current Allocation of Fund
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Sector
%
Current Portfolio
29.2% 17.8% 15.1% 19.7% 3.8% 14.3%
Longterm Targets
40% 20% 10% 15% 10% 5%
Utilities Wind Energy Solar Fuel Cells Microturbines Other
5. Our SRI products equity funds: KBC Eco Fund Alternative Energy
-18%-11%
1%8% 8%
-30%
-20%
-10%
0%
10%
20%
30%
2001 2002 2003 2004 2005 2006
KBC Eco Fund Alternative Energy
Performance to benchmark
25%
MSCI Eco Alt. En MSCI Eco Alt. En2006 5% 14% 0.51 0.652005 24% 48% 2.44 3.322004 5% 13% 0.41 1.142003 5% 6% 0.30 0.452002 -30% -41% -1.24 -2.022001 -12% -30% -0.62 -1.35
Return Sharpe
SRI-strategy: Global SRI universe
Management strategy: benchmark MSCI EMU
Top-down approach
Identical investment strategy to KBC IF Euro Equities (since 2006)
EMUGlobal
SRI
5. Our SRI products
5. Our SRI products equity funds: KBC IF Ethical Euro Equities
90
100
110
120
130
140
150
Dez04
Apr 05 Jul 05 Nov05
Feb06
Jun06
Sep06
40
50
60
70
80
90
100
110
Dez01
Mai 02Okt 02Feb 03 Jul 03 Dez03
Apr 04 Sep04
KBC IF Ethical Euro Equities
KBC IF Euro Equities
Ethical Euro Ethical EuroReturn -6.59% -3.92% 27.04% 27.10%St. deviation 24.04% 23.55% 12.39% 12.05%Sharpe -0.40 -0.25 2.18 2.25
2001-2004 2005 - nu
Period 2001-2004 Since 2005
Client defines own CSR criteria/ethical screens: Exclusion list (weapons,tobacco, engineering, human rights
violations, breaches of conventions,…)
Tailor made sustainable universe:
• Additional screening criteria
• Different selection criteria (best-in-class 20%)
• Best-in-class (regional and small vs large cap neutral)
Closed-end funds with capital protection:
• Individualised baskets of companies
• Selection criteria to be defined by customer
5. Our SRI products tailor made products
Criteria: Basic SRI conditions plus:
+ BIC environment
+ no/low involvement ozone depleting chemicals
+ use of alternative energy
+ No unaddressed environmental allegations
5. Our SRI products simulation 1: Green universe
SIMULATION 1 Total EUR ROE NAM JAP PACBasic conditions 950 183 318 219 166 64BIC Environment -227 -35 -71 -88 -15 -18No ozone depletion -6 -3 -2 -1 0 0Alternative energy -595 -113 -200 -107 -139 -36No Env. breaches 0 0 0 0 0 0
Green Fund 122 32 45 23 12 10
Criteria: Basic SRI conditions plus:
+ BIC business ethics & corp governance
+ no gambling
+ no anticonception/abortus related activities/products:
+ Pornography: no ‘adult entertainment’ services
5. Our SRI products Simulation 2: Business ethics universe
SIMULATION 2 Total EUR ROE NAM JAP PACBasic conditions 950 183 318 219 166 64BIC Corp Gov -54 -15 -15 -2 -20 -2Gambling -7 0 -3 -2 0 -2Anticonception -6 -2 -2 -2 0 0Pornography -15 -6 -3 -1 -5 0
Ethical Fund 868 160 295 212 141 60
Eurosif Transparency Guidelines
web application: www.kbc.be/duurzaambeleggen
Sector ranking with the possibility to sort on the different partial
scores
Company fact sheet
• sustainability scores
• sustainability graph
Studies: sector specific studies or studies
on specific CSR-issues
NGO - breakfast
Biannual publication of
‘Monitor Duurzaam Beleggen’
6. Transparency
SRI works: Growing demand for SRI funds
SRI does not result in underperformance
Tailor made products are possible
KBC is pioneer in SRI and has a
splendid track record
Conclusions
Ansprechpartner für Deutschland
KBC Bank Deutschland AGFondsvertrieb/Asset Management
Zentrale Bremen Niederlassung FrankfurtWachtstr. 16 Voltastr. 8128195 Bremen 60486 Frankfurt / MainTel: + 49 (0) 421 - 36 84 - 363Fax: + 49 (0) 421 - 36 84 - 489Internet www.kbcfonds.de
Zentrale Bremen
Rainer Ottemann Thomas Meyer Tel: + 49 (0) 421 - 36 84 - 320 Tel: + 49 (0) 421 - 36 84 - 331eMail: [email protected] eMail: [email protected]
Niederlassung FrankfurtArend van Itterbeek Axel UllmannTel.: + 49 (0) 69 - 75 61 93 - 10 Tel.: + 49 (0) 69 - 75 61 93 - 28eMail: [email protected] eMail: [email protected]
Peter KruyniersTel: +49 (0) 69 - 75 61 93 - 35eMail: [email protected]
Ansprechpartner für Österreich
KBC Bank Deutschland AGFondsvertrieb/Asset Management
Zentrale Bremen Niederlassung FrankfurtWachtstr. 16 Voltastr. 8128195 Bremen 60486 Frankfurt / MainTel: + 49 (0) 421 - 36 84 - 363Fax: + 49 (0) 421 - 36 84 - 489Internet www.kbcfonds.at
Niederlassung Frankfurt
Wilfried Marco ThoernerTel.: + 49 (0) 69 - 75 61 93 - 46 eMail: [email protected]
Zentrale Bremen
Rainer Ottemann Sandra Eichler Tel: + 49 (0) 421 - 36 84 - 320 Tel: + 49 (0) 421 - 36 84 - 266eMail: [email protected] eMail: [email protected]
Disclaimer
Die Angaben in diesen Unterlagen gelten nicht als Angebot und dienen lediglich der Information. Für die Richtigkeit und Vollständigkeit des Inhalts wird keine Haftung oder Gewähr übernommen. Empfehlungen und Meinungen zu Fonds, Teilfonds oder Anteilsklassen, Märkten, zur generellen Marktentwicklung oder anderer Art sind die subjektive Ansicht der Verfasser und sind für KBC Asset Management NV nicht verpflichtend. Die Umsetzung von in diesen Unterlagen enthaltenen Fondsempfehlungen liegt immer in der alleinigen Verantwortung des Intermediärs bzw. Anlegers. Anlagen sollen erst nach der gründlichen Lektüre der aktuellen Versionen des ausführlichen Verkaufsprospektes, des Kurzprospektes (vereinfachter Prospekt), der Satzungen, der Jahresberichte und ggf. nachfolgender Halbjahresberichte sowie nach einer Beratung durch einen unabhängigen Finanz- und Steuerspezialisten getätigt werden. Die erwähnten Dokumente erhalten Sie kostenlos bei KBC Asset Management NV, Havenlaan 2, 1080 Brüssel (Belgien), im Internet (www.kbcfonds.de/www.kbcfonds.at) oder bei den unten angegebenen Adressen.
Der Wert und die Rendite der Anteile können fallen und steigen. Sie werden durch die Marktvolatilität sowie durch Wechselkursschwankungen beeinflusst. Die vergangene Performance ist kein Indikator für die laufende oder künftige Wertentwicklung. Die Performancewerte sind ohne die bei Ausgabe und Rücknahme von Anteilen anfallenden Kommissionen und Kosten gerechnet. Die Aufteilung nach Branchen, Ländern und Währungen und die einzelnen Positionen sowie ggf. angegebene Benchmarks können sich jederzeit im Rahmen der im ausführlichen Verkaufsprospekt festgelegten Anlagepolitik ändern.
Die folgenden Umbrella-Fonds sind grundsätzlich zum Vertrieb in Deutschland und Österreich zugelassen: KBC Bonds Sicav, KBC Renta Sicav, ACCESS Fund Sicav, Europartners Multi Investment Fund Sicav, KBC Eco Fund Bevek und KBC Equity Fund Bevek (letzterer ist nicht in Österreich zum öffentlichen Vertrieb registriert). In Ländern, in denen ein Fonds oder Teilfonds noch nicht zum öffentlichen Vertrieb registriert ist, ist der Verkauf von Anteilen nur im Rahmen von Privatplatzierungen bzw. im institutionellen Bereich und unter Beachtung der anwendbaren lokalen Gesetzgebung möglich. Namentlich sind die Fonds der KBC Asset Management NV nicht in den Vereinigten Staaten und ihren abhängigen Territorien registriert und dürfen daher dort weder angeboten noch verkauft werden.
DEUTSCHLAND: Die zuvor genannten EU-harmonisierten Fonds der KBC Asset Management NV nach Luxemburger Recht (Sicav) und nach Belgischem Recht (Bevek) sind in Deutschland zum öffentlichen Vertrieb berechtigt.Zahl- und Informationsstelle: KBC Bank Deutschland AG, Wachtstr. 16, 28195 Bremen.
ÖSTERREICH: Die zuvor genannten EU-harmonisierten Fonds der KBC Asset Management NV nach Luxemburger Recht (Sicav) und nach Belgischem Recht (Bevek) sind mit Ausnahme des KBC Equity Fund in Österreich zum öffentlichen Vertrieb berechtigt. Zahlstelle: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, 1010 Wien.