Mirova Thematic Safety
Equity · Global · Thematic
Figures refer to the share class ISIN LU1923621996, currency USD, clean share class.
Fund documents
For the share class shown above.
Factsheet (PDF, 31.08.2026)KID (PDF, 13.04.2026)All documents on fundinfoKey facts
- Management company
- Natixis Investment Managers S.A.
- Asset class
- Equity
- Geography
- Global
- Strategy
- Thematic
- Share class currency
- USD
- Share class inception
- 20.12.2018
- Fund size
- 343 million (as at 14.09.2026)
- Management fee
- 0.95%
- Performance fee
- No
- Liquidity
- Daily
- UCITS
- Yes
- Risk grade (SRRI)
- 5 (WSP fund database, as at 22.08.2026)
- Registered in Switzerland
- Yes
Price history
Fund and benchmark rebased to 100 at 30.09.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 03.10.2025 | 107.2 | 114.8 |
| 3Y | 29.09.2023 | 151.2 | 179.6 |
| 5Y | 30.09.2021 | 111.6 | 176.0 |
| Since 2018 | 20.12.2018 | 245.4 | 294.4 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LU1923621996, currency USD, clean share class | 5.33 | 5.50 | 15.13 | 16.11 | 4.60 | 11.36 | 29.99 | 10.46 | 13.68 | 1.57 | 17.69 | 0.56 | -13.67 |
| BenchmarkMSCI World NR USD | 2.58 | 2.36 | 9.82 | 13.10 | 21.09 | 18.67 | 23.79 | 20.37 | 20.11 | 11.21 | 12.24 | 1.20 | -6.37 |
| Differencefund minus benchmark, in percentage points | 2.75 | 3.13 | 5.31 | 3.02 | -16.49 | -7.31 | 6.21 | -9.91 | -6.42 | -9.64 | – | – | – |
Within the list: OpenList — Long Only
Compared with the equity funds on OpenList — Long Only (10 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 10.46 | 20.16 | 7 of 10 |
| Return 3Y p.a. | 13.68 | 18.90 | 8 of 10 |
| 3Y p.a. over its own benchmark | -6.42 | -2.39 | 8 of 10 |
| Volatility 3Y | 17.69 | 14.80 | 8 of 10 |
| Sharpe ratio 3Y | 0.56 | 0.90 | 9 of 10 |
| Max drawdown 3Y | -13.67 | -10.23 | 8 of 10 |
| Management fee | 0.95% | 0.75% | 9 of 10 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
Share classes on the OpenList
| ISIN | Currency | Type | Mgmt fee | 1Y | 3Y |
|---|---|---|---|---|---|
| LU1923621996 (shown above) | USD | Clean share class | 0.95% | 10.46 | 13.68 |
| LU1923622291 | USD | Retail share class | 1.75% | 9.54 | 12.74 |
Back to the list: OpenList — Long Only
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
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. The documents describe it for institutional investors in the factsheet, while the KID also states it may 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.
Investment strategy
The fund’s stated 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 named in the factsheet is the MSCI ACWI Net TR USD Index, and the KID states performance may be compared indicatively with MSCI World while the portfolio may diverge significantly from an index.
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 described as 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.
• Current 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%; the KID also states derivatives may be used only on an ancillary basis for hedging.
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.
The asset manager
The management company is Natixis Investment Managers International and the investment manager is Mirova; the KID states Natixis Investment Managers International is part of Groupe BPCE. Mirova is described as an affiliate of Natixis Investment Managers and as 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 the firm 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.
Strengths
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 holdings 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 noted in the KID. 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.
Risks
The summary risk indicator shown for the product is 5 out of 7, and the documents state that, 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. The KID additionally flags currency risk because amounts paid may be in a different currency, and identifies liquidity risk and Stock Connect risk as 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.