Natixis SA

BFT IM follows a dynamic growth-oriented investment approach emphasizing flexibility, reactivity and innovation. The firm invests globally in fixed-income and equity, as well as in money-market instruments and alternative investments. Their investment process combines bottom-up and top-down considerations. Determinant criteria include earnings growth, quality business quality, balance sheet soundness and management's abilities. Research is conducted primarily in-house and includes company visits.

Axiom is an active, long-term manager which focuses on purchasing Basel 2 tier 1 and Tier 2 securities issued by European financial institutions, seeking to achieve a return equal to or greater than its benchmark (IBOXX EURO TIER 1). The firm selects bonds or debt securities issued by European financial institutions with a long track record and strong market presence. They construct diversified portfolios based on risk allocation and securities and prepare detailed scenarios and stress tests for different interest rates and credit spreads. The fund is not sector-specific and may hedge against credit risk through the use of credit default swaps or cash exposure in the credit market.

ARBEVEL is an active, long-term, fundamental research-based manager which aims to create value and preserve capital. They are a small and mid-cap specialist which also follows a pragmatic, opportunistic and theme-based approach, investing in growth companies, companies which they consider undervalued by the market or companies undergoing restructuring. They also seek to identify the companies best positioned to benefit from major structural trends including technological breakthroughs, biotechnology stakes, security, aging of the population, in order to accompany them in their development.The firm performs bottom-up, fundamental and strategic analysis of companies, including business analysis, the competitive environment, financial situation, management and valuation of the company.