Mirova Thematic Safety

Investment rationale

Mirova Thematic Safety is a global equity UCITS fund seeking long-term capital growth through an investment process that systematically includes environmental, social and governance considerations. The share class has a summary risk indicator of 5 out of 7 and a recommended investment period of more than 5 years, which positions it for investors able to tolerate meaningful equity-market volatility over a medium- to long-term horizon. It is intended for institutional investors and may also suit institutional and retail investors seeking global equity exposure through a relatively concentrated portfolio. Its thematic focus on physical and digital protection for individuals, businesses and governments makes it a distinct satellite allocation rather than a broad market holding.

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How the strategy works

The fund’s objective is long-term growth of capital through an investment process systematically including ESG considerations. It invests mainly in global equity securities of companies identified as participating in or exposed to the Safety investment theme, and at least two thirds of total assets are invested in equities of companies located worldwide; up to 30% of total assets may be invested in emerging-market equities, including certain eligible China A-shares, and up to one third may be invested in other securities, money-market instruments, cash and cash equivalents. The fund is actively managed, is not constrained by sector, index, currency, geography or market capitalisation, and may use derivatives on an ancillary basis for hedging. Income is reinvested, the reference index is the MSCI ACWI Net TR USD Index, and performance may be compared indicatively with MSCI World while the portfolio may diverge significantly from an index.

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Investment philosophy

• The portfolio is built around the Safety theme, investing in companies that offer products and services for the physical and digital protection of individuals, businesses and governments, and in companies identified as participating in or exposed to that theme.

• The approach is unconstrained, concentrated and high conviction, with a high active share relative to major global equity indices and a focus on companies judged to have an attractive risk/return profile driven by secular trends.

• ESG is embedded systematically through a responsible thematic approach complemented by sector exclusion, engagement and voting policies, with each company assessed against sustainable ESG criteria and against contribution to the UN Sustainable Development Goals.

• As of 31/08/2026 the portfolio was 100% in equities and held 42 issuers; the largest positions were Axon Enterprise, CrowdStrike, JFrog, Palo Alto Networks, API Group, Motorola Solutions, Samsara, Zscaler, Experian and OSI Systems, which together represented 32.3% of assets.

• At 31 August 2026, positioning was concentrated in developed markets, especially the Americas at 86.2%, with sector weights led by Information Technology at 41.8%, Industrials at 36.9%, Health Care at 11.2% and Real Estate at 7.3%; derivatives may be used only on an ancillary basis for hedging.

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Management team

The portfolio managers are Frederic Dupraz and Matthieu Rolin, both portfolio managers at Mirova. Frederic Dupraz joined the firm in 2019 and began his career in 2000; before Mirova he held positions at Pictet AM, PWC and IBM, and he holds a Master’s degree in Econometrics from the Université de Genève, a BA in Engineering from HES Genève, the CFA charter and the CFA Sustainable Investing Certificate. Matthieu Rolin joined Mirova in 2019 and began his career in 2004; before Mirova he worked at Aviva Investors, Swiss Life Banque Privée and Olympia Capital Management. He holds a Master’s degree in Management from SKEMA Business School and a Master’s degree in Banking & Finance from Lyon II University.

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Distinctive features

The fund combines a narrow thematic focus on safety with a global equity remit and an explicitly sustainable investment framework. It is managed as a concentrated, unconstrained portfolio, with 42 issuers at 31 August 2026 and no stated constraints by sector, geography, currency or market capitalisation, which gives the managers scope to express convictions within the theme. The sustainability framework is formalised through SFDR Article 8 classification, a minimum commitment of 30% sustainable investments, and stated environmental and social objective thresholds, while the fund also carries the French ISR label. On fund terms, the I/A (USD) class offers daily valuation and dealing, no maximum sales or redemption charge, and ongoing charges of 1.21%, with a minimum investment of USD 100,000 or equivalent.

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Risks

The summary risk indicator is 5 out of 7, and due to its exposure to equity markets, the fund may experience significant volatility. Named risks include equity securities risk, exchange-rate risk, geographic concentration risk, global investing risk, emerging-markets risk, large-cap and smaller-cap company risk, portfolio concentration risk, Stock Connect risk, real estate securities and REIT risk, ESG-driven investment risk, sustainability risk, and changes in laws and/or tax regimes. Currency risk arises because amounts paid may be in a different currency, and liquidity risk and Stock Connect risk are important risks not included in the summary risk indicator. These risks are linked to the fund’s concentrated global equity structure, thematic exposure, ability to invest up to 30% in emerging-market equities, and optional ancillary use of derivatives for hedging.

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Asset manager

The management company is Natixis Investment Managers International and the investment manager is Mirova; Natixis Investment Managers International is part of Groupe BPCE. Mirova is an affiliate of Natixis Investment Managers and a management company dedicated to sustainable investing. Its aim is to combine long-term value creation with sustainable development through a conviction-based investment approach, and it highlights expertise in sustainable finance and product innovation. Mirova is headquartered in Paris, was founded in 2014, and had assets under management of USD 39.4 billion / EUR 34.2 billion as of 31/07/2026.

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