Amundi Aktien Rohstoffe

Investment rationale

AMUNDI AKTIEN ROHSTOFFE - A is an equity UCITS fund designed to seek capital growth from companies linked to commodities, energy carriers, agricultural products and food, while taking account of capital-market and commodity-market developments. The fund has a summary risk indicator of 4 on a 1 to 7 scale, classified as medium risk, and the recommended minimum holding period is 6 years. The fund is aimed at investors with basic knowledge and no or limited experience in fund investments who want to increase the value of the investment over the recommended holding period and can bear losses up to the amount invested. Given its specialised natural-resources equity exposure and sector concentration, it is a distinct, thematic allocation rather than a broad market holding.

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How the strategy works

The objective is to achieve an appropriate appreciation in value, taking into account the risks assumed and the development of capital and commodity markets. At least 51% of the fund's assets are invested in equities of companies whose main business is the production, extraction, trading or processing of raw materials, energy carriers, agricultural products or food. The fund may also invest in convertible bonds, warrant-linked bonds and warrants from domestic and foreign issuers where these grant rights to acquire shares of target companies, and it may invest as permitted by its general and special investment conditions. It is an actively managed fund, does not track a securities index, and is not managed against a benchmark; income is accumulated in the fund, units are generally redeemable on each valuation day, and the recommended holding period is 6 years.

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Investment philosophy

• The investment universe is centred on companies whose principal business is the production, extraction, trading or further processing of raw materials, energy carriers, agricultural products or food, with a minimum 51% allocation to equities in these target companies.

• Portfolio construction is active and discretionary: the management company selects assets based on analyses and evaluations of financial instruments together with macroeconomic and political developments, without following a fixed benchmark.

• The fund can complement its equity holdings with convertible bonds, warrant-linked bonds and warrants of domestic and foreign issuers where these instruments provide access to shares of target companies.

• At 31 August 2026, sector positioning excluding derivatives was concentrated in natural-resources-related sectors, led by Basic Materials at 42.05% and Energy at 38.14%, with additional exposure to Consumer Staples at 15.53%, Real Estate at 3.38% and Other/Cash at 0.90%.

• At that date, geographic exposure excluding derivatives was heavily tilted to the United States at 75.81%, followed by Canada at 11.98%, Australia at 7.56% and Brazil at 3.76%; the top 10 issuers account for 44.52% of assets, including Marathon Petroleum, Valero Energy, Phillips 66, Newmont, General Mills and Cheniere Energy.

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Distinctive features

The fund offers a clearly defined natural-resources equity specialism, with exposure spanning raw materials, energy, agricultural products and food rather than a broad global equity remit. It is actively managed without benchmark constraints, allowing the portfolio to be selected entirely on the manager's analysis of financial instruments and macro-political developments. At 31 August 2026, the portfolio combined basic materials and energy as the dominant sector exposures, while also holding consumer staples names such as General Mills and Conagra Brands within the stated remit. Ongoing management and other administrative or operating costs are 0.61%, and there is no redemption fee charged by the product. An entry charge of up to 7% may apply, and an intermediary may charge separate fees.

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Risks

The fund's summary risk indicator is 4 out of 7, classified as medium risk, based on a 6-year holding assumption. Potential losses from future performance are assessed as medium and, under very unfavourable market conditions, the ability to meet redemption requests could be impaired. Market liquidity risk is specifically identified as an additional risk that could amplify performance fluctuations. The structure of the fund also implies concentrated sector and regional exposure, with large allocations to basic materials and energy and a dominant weighting to the United States as at 31 August 2026, while the product provides no capital protection so investors may lose part or all of the capital invested.

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Asset manager

The fund is managed by Amundi Deutschland GmbH, based in Munich, and it belongs to the Amundi group. The fund is a German UCITS contractual fund governed by German law and supervised in Germany by BaFin. The depositary is CACEIS BANK S.A., German branch.

2026-08-31