Vincent Meuleman
Fund Manager
4 Years of experience
Marketing Communication. Please refer to the prospectus of the fund and to the key investor information document before making any investment decision. The documents can be obtained free of charge.
Marouane Bouchriha
Senior Fund Manager
8 Years of experience
ISIN
LU1932634295
NAV - 15 APR 2024
USD 1,564.57
AUM - 15 APR 2024
USD 1,050,328,690.98
SFDR Category
“Sustainable Finance Disclosure Regulation” : Regulation 2019/2088 on sustainability-related disclosures in the financial services sector
Article 9
Morningstar sustainability
Morningstar launched the Morningstar Sustainability Rating (MSR) to help investors consider Environmental, Social and Corporate Governance (ESG) criteria when assessing their investments. Morningstar Sustainability globes are calculated using bottom-up assessments of the underlying securities of a portfolio, supported by the Sustainalytics methodology for assessing the ESG risk of companies and sovereigns. The Morningstar Sustainability Rating has several steps to accurately represent the relative risk within each portfolio. The result of the rating is a category of 1 to 5 “globes” for each eligible portfolio, indicating the fund’s ESG positioning relative to its peer group.
29 FEB 2024
Morningstar Sustainability Rating
Important information
© 2022 Sustainalytics. All Rights Reserved. The information, data, analyses and opinions contained here: (1) includes the proprietary information of Sustainalytics; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice nor an endorsement of any product or project; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Sustainalytics is not responsible for any trading decisions, damages or other losses related to it or its use. The use of the data is subject to conditions available at https://s21.q4cdn.com/198919461/files/doc_downloads/press_kits/2016/Morningstar-Sustainability-Rating-Methodology.pdf .
About this fund
Candriam Sustainable Equity Climate Action (hereafter "the fund"), a sub-fund of the Candriam Sustainable SICAV, invests primarily in equities, and/or securities equivalent to equities, of companies throughout the world which are considered to become the future leaders of Climate change actions. Companies involved in activities which enable the mitigation of, or the adaptation to Climate change. This is, companies for whom providing Climate change solutions is central to their growth story and whose products, process, technologies and/or services rightly address climate challenges through innovations and solutions in renewable energy, energy efficiency and storage, and/or Climate change and pollution adaptation. The fund’s sustainability objective is to contribute to the reduction of greenhouse gases and the achievement of the Paris Agreement objectives. The Sub-Fund is intended for investors who are prepared to accept the risks of participating in equity market developments, together with the level of volatility generally associated therewith. The investment horizon is 6 years. The fund is managed actively, with reference to the index mentioned on the section "characteristics". For further information about this index and its use, please consult the fund’s key information document (KID).
Principal assets traded:
Shares of mid and large cap companies throughout the world that target to be the future leaders of climate change actions.
Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and selecting companies involved in activities which enable the mitigation of, or the adaptation to climate change. In this context, the benchmark below will be used as investment universe.
The management team makes discretionary investment choices on the basis of an economic/financial analysis process as well as on a Candriam’s proprietary analysis of Environmental, Social and Governance (ESG) considerations, both indicative of risks and long-term opportunities, along with a specific screening based on climate change thematic considerations.
Firstly, investment ideas are screened and scored. All selected companies have been identified as a provider of direct and tangible solutions to tackle climate change and/or global warming. Secondly, each company is assessed through a financial framework according to five fundamental criteria: quality of management, business growth, competitive advantage, value creation, and financial leverage. Issuers are evaluated on the basis of an analysis of the business activities (how companies' activities address the key sustainable challenges…) and of the stakeholders (how companies manage material stakeholder issues including employees, environment…). In addition, issuers deemed to prone to controversies are also excluded.The fund’s sustainable investment objective is to invest in companies and sectors presenting a significant impact on ability to mitigate climate change or adapt to its physical consequences. Some of the companies identified as bringing solution to climate change might achieve this whilst at the same time themselves emitting a certain amount of greenhouse gases. Essential for this strategy is to consider not just individualcompanies’ carbon emissions, but their overall contribution to the Paris Agreement objectives through their alignment with a 2 degree global warming low carbon scenario. More specifically, the Fund aims to achieve an overall portfolio alignment with a temperature scenario equal or lower than 2.5 degrees (2 degrees by January 1st 2025). In line with this objective, the Sub-Fund aims to invest a higher share of its assets in high stake companies than the Benchmark. High stake companies are defined by the EU Climate Benchmark regulation as those belonging to one of the sectors considered to play the biggest role in achieving the Paris Agreement objectives.
This analysis and selection process is enriched by the results of dialogs led with issuers.
This investment approach will cause the fund to avoid certain issuers due to their poor contribution to attaining the sustainability objective of the Fund. Whilst the manager believes that such issuers are likely to lose out to more sustainable ones over the long term, market volatility and short term market trends could result in such issuers outperforming more sustainable ones over shorter periods.
For further information, please refer to Candriam’s website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: MSCI ACWI (Net Return).
The fund is actively managed and the investment approach implies a reference to a benchmark.
Benchmark definition: The index measures the performance of the large and mid-capitalization equity segment across developed and emerging markets worldwide.
Use of the benchmark:
- as investment universe. In general, the majority of the fund’s financial instruments are part of the benchmark. This said, investments outside this benchmark are admitted,
- in the determination of risk levels/parameters.
- for performance fees calculation for certain share classes if applicable.
Deviation level of the portfolio composition from the benchmark:
The fund being managed actively, its objective is not to invest in all constituents of the benchmark, nor to invest to the same extent in the constituents of the benchmark. Under normal market conditions, the tracking error of the fund will be important this is more than 4%.
This measure is an estimation of the deviation of the fund’s performance compared to the performance of the benchmark. The more the tracking error is important, the more deviations compared to the benchmark are important. The effective tracking error depends notably on the market conditions (volatility and correlations between financial instruments) and can deviate from the expected tracking error.
NAV & Performances
Historical values graph
Candriam Sustainable Equity Climate Action I - Cap - USD
This graph represents the synthetic net asset value of the fund. It is provided for information and illustrative purposes only. The synthetic net asset value is obtained by a recalculation of the values of the fund’s assets by leveling out the effect of securities transactions (split, coupon, dividend distribution...) in order to reflect the real performance of the fund share or unit. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses.
Performance
Past performance is not a reliable indicator of future performances. Markets could develop very differently in the future.
It can help you assess how the fund has been managed in the past.
Actuarial Yield
Annualised return
| 1 year | 3 years | |
|---|---|---|
| Share class | 0.24 % | -2.27 % |
| Benchmark | 23.15 % | 6.94 % |
| Difference | -22.91 % | -9.21 % |
Annual return over the last years (%)
This chart shows the fund’s performance as the percentage loss or gain per year over the last 4 years.
It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
The index composition may change over time. The performance reported may therefore differ from the performance of the relevant index before its change. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change. If for one year, there is no performance information, it is because there is no data or the data is insufficient to provide investors with useful or reliable indications on this performance.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Share class | 53.40 % | 14.13 % | -26.62 % | 4.92 % | |
| Benchmark | 16.25 % | 18.54 % | -18.36 % | 22.20 % | |
| Difference | 37.14 % | -4.41 % | -8.25 % | -17.28 % |
Excluding fees/taxes: taxes are not part of the performance calculation
Additional information
The returns listed above are provided on the basis of the Net Asset Value (NAV), net of commissions and reinvested income. All management fees and commissions are included in the calculation of past performance except for any entry and exit charges. Taxes are not included in the calculation of returns. The value or price converted into euros may be reduced or increased depending on fluctuations in the exchange rate. The fund is not a guaranteed investment. The NAVs are net of fees and are provided by the accounting department and the benchmark by the official providers.
Market developments (currency conversion, coupon, split, …) have an influence on the chart. This graph is provided for information purposes only and does not precisely illustrate the evolution of the fund's net assets. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses
Characteristics
Fund Characteristics
- Fund name
- Candriam Sustainable Equity Climate Action
- Benchmark
- MSCI ACWI (Net Return)
- SICAV Name
- Candriam Sustainable
- Currency
- USD
- Legal Form
- Sub-fund of a SICAV under Luxembourg law
- Fund type
- UCITS
- SFDR Category
- Article 9
- Creation Date
- Term of the fund
- The fund has no limited term
- Domicile Country
- Luxembourg
- Management Company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Depository Bank
- CACEIS Bank, Luxembourg Branch
- Transfer Agent
- CACEIS Bank, Luxembourg Branch
- Recommended investment horizon
- 6 years
- Swing Pricing System
- yes
- Swing Pricing Description
-
Swing Pricing is a mechanism by which the net asset value is adjusted upwards (or downwards) if the change in liabilities is positive (or negative) in such a way as to reduce for existing investors the portfolio restructuring costs linked to subscription/ redemption movements in the fund. On valuation days where the difference between the amount of subscriptions and the amount of redemptions of a sub-fund (i.e. net transactions) exceeds a threshold set beforehand by the Board of Directors, the latter shall be entitled to:
- value the net asset value by adding to the assets (in the case of net subscriptions) or deducting from assets (at net redemptions) a fixed percentage of the fees corresponding to market practices and reflecting the fees and/or conditions of liquidity when buying or selling securities; - value the securities portfolio on the basis of bid or ask prices;
- assess the net asset value by setting a level of spreads representative of the relevant market;
- The dilution mechanism must not exceed 2% of the net asset value, except in exceptional circumstances, as in the event of a sharp decrease in liquidity, which would then be detailed for the sub-fund concerned in the annual (semi-) annual report of the SICAV.
Tax, Charges & Fees
- Management fees (max)
- 0.80 %
- Subscription
- 0.00 %
- Redemption
- 0.00 %
- Ongoing charges Date
-
Ongoing charges
Ongoing charges represent all operating and management costs invoiced to the UCI net of retrocessions.
- 1.00 %
Instrument
- Name
- I - Cap
- Benchmark
- MSCI ACWI (Net Return)
- Currency
- USD
- ISIN
- LU1932634295
- Bloomberg Ticker
- CSECIAU LX Equity
- Morningstar Ticker
- N/A
- First NAV Date
- 20/5/19
- Marketing Authorisation
- Austria; France; Germany; Italy; Korea Republic of; Luxembourg; Spain; Sweden; Switzerland; United Kingdom
Orders
- NAV Date
- D
- NAV Calculation Day
- D+1
- Frequency valuation
- daily
- Subscription Cut off
- D 12:00
- Redemption Cut off
- D 12:00
The corresponding time zone is the one associated with the fund's domicile.
Risks
- SRI Date
- SRI Value
- 5
- Definition
-
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.
The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.
It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. - Main Risks
-
Currency risk: Funds may hold exposure to a currency different from its valuation currency. Changes in the exchange rate of this currency may negatively affect the value of assets in the portfolio.
Emerging market risk: These markets are characterized by higher volatility issues and a lower liquidity because of legal, political and structural matters. Market movements can be stronger and faster on emerging markets than on “developed markets”, which can lead to a substantial decline in the net asset value in the event of the adverse movements relative to the positions taken.
Equity Risk: Some funds may be exposed to equity market risk through direct investment (through transferable securities and/or derivative products), meaning submitted to the positive or negative evolution of stock exchanges. These evolutions can be huge and be mainly driven by expectations relative to macro-economy and company results, speculation and irrational factors (including trends, opinions or rumours).
ESG Investment Risk: ESG investment risk refers to the risks arising from the inclusion of ESG factors in the management process, such as the exclusion of activities or issuers and the inclusion of sustainability risks in the selection and/or allocation of issuers in the portfolio.
Risk of loss of capital: Investors are advised that any capital they invest is not guaranteed and that they may therefore not receive back the full amount invested. They may thus suffer a loss.
- Other Risks
-
Concentration riskThis risk is related to a significant concentration of investments in a specific asset class or certain markets. The greater the diversification of the fund is, the lesser the concentration risk will be.Counterparty RiskWhen the fund carry out over-the-counter transactions (i.e. involving instruments not listed on the markets), they are exposed to a risk of default by the counterparty to the transaction.Derivative riskDerivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Sub-Fund to lose more money than it would have lost had it invested in the underlying instrument. Using derivatives may result in a higher portfolio volatility related to this underlying asset and an increase of the counterparty risk.Liquidity risklt occurs when a portfolio position cannot be sold, liquidated or closed at a limited cost and within a sufficiently short time, which jeopardizing the fund's ability to comply at any time with its obligations to redeem the shares of investors at their request.Risk on A-Shares (China)The Chinese equity market holds structural risks that are considered in our regulation. Its specific market access system and its trading program may affect market liquidity and custody process. Taxing and monetary policies hold also uncertainties and do not meet necessary requirements to contain all related risks.Sustainability RiskThe sustainability risk refers to any environmental, social or governance event or condition that could affect the performance and / or the reputation of issuers in the portfolio. It may be issuer specific, in line with their activities and practices, but may also be due to external factors.
Risk and reward indicators 29/3/24
-
Fund
-
Alpha
Alpha represents the performance of a fund relative to its reference index, it is often considered to represent the value that a portfolio manager adds to or subtracts from a fund's return. It is the return on a fund that is not a result of general movement in the greater market. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
-0.09
-
Beta
Beta measures the sensitivity of fund returns to changes in returns of its reference index. A beta greater than 1 indicates the fund is more volatile, thus more risky than the reference index.
-
1.19
-
Information ratio
The information ratio is the ratio of a portfolio’s “active” return to its benchmark to the volatility of the active return (also known as “active risk”).
-
-0.97
-
Sharpe Ratio
The Sharpe Ratio measures the level of compensation an investment in the fund offered for the risk taken. It is calculated by subtracting the risk-free rate from the return of the fund and dividing that result by the volatility. The higher the Sharpe ratio the better, a negative ratio has no significance other than that the fund underperformed the risk-free rate. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
-0.23
-
Tracking error
The Tracking Error is a statistical measure of dispersion of the excess returns of the fund around the mean, making it the volatility of the difference between the fund's return and its reference index return. A higher tracking error indicates a higher deviation from the reference index. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
9.04 %
-
Volatility
The Volatility is the statistical measure of dispersion of returns for a fund around the mean. A higher volatility means that a fund's value can potentially be spread out over a larger range of values and makes the fund a riskier investment. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
19.85 %
-
Active share
It is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the fund and the weight of each holding in the reference index and dividing by two. The greater the difference between the composition of the fund and its reference index, the greater the active share.
-
91.82 %
-
Dividend Yield
The Dividend Yield of a fund is determined by dividing the total amount of the annual dividends received for all shares in the fund by the current market value of the fund. Index derivatives are excluded.
-
1.43 %
-
Equity exposure
The Equity Exposure of a fund is expressed as a percentage of total portfolio holdings, taking into account the leverage of derivative instruments. It represents the amount an investor can lose from the risks unique to a particular investment. The Equity Exposure is the sum of exposures to equity instruments, including derivatives.
-
99.18 %
-
Number of Issues
The Number of Issues represents the total number of instruments in position.
-
55
-
Price Earning Ratio
The Price/Earnings Ratio of a fund is calculated by dividing the market value of the fund by the total amount of the underlying company's realized earnings per share. Index derivatives are excluded.
-
28.70 %
-
Price to Book Value
The Price/Book Value of a fund is calculated by dividing the market value of the fund by the total amount of the underlying company's published book value per share. Index derivatives are excluded.
-
3.91 %
-
ROE
The Return on Equity is a measure of the profitability. For a fund this is calculated as the average of the underlying company's realized earnings per share divided by their published book value per share. Index derivatives are excluded.
-
20.05 %
ESG
SFDR Category: Article 9
OUR APPROACH TO SELECTING SUSTAINABLE INVESTMENTS FOR FUNDS REFERRED TO IN ARTICLE 9 OF THE SFDR*:
This Sub-Fund's investment strategy is to invest mainly in equities of mid and large cap companies throughout the world which are considered to become the future leaders of climate change action. This is, companies involved in activities which enable the mitigation of, or the adaptation to climate change; companies for whom providing climate change solutions is central to their growth and whose products, process, technologies and/or services rightly address climate challenges through innovations and solutions in renewable energy, energy efficiency ; storage, and/or climate change ; pollution adaptation. The selection is mainly based on the securities financial characteristics and proprietary analysis of ESG criteria. The investment strategy is implemented following a well-defined investment process and a strict risk framework. Respect of these elements are subject to Candriam risk monitoring. With regard to the environmental and social sustainability aspects of the investment strategy, Candriam's proprietary ESG analysis, leading to ESG rating and scoring, as well as the norms-based controversy assessment and controversial activities exclusion policy are implemented as they enable to define the investable universe for the Sub-Fund. In addition, Candriam's ESG analysis, comprising an analysis of the business activities of an issuer and of its interactions with its key stakeholders, is integrated into the financial management of the portfolio to enable the fund manager to identify the risks as well as opportunities that arise from the major challenges of sustainable development. Candriam as a management company has put in place a monitoring framework as described within the sustainability risk policy. Risk monitoring of the investment strategy of the Sub-Fund aims to ensure that investments are aligned with and take into account the environmental, social and governance indicators and sustainability thresholds as explained above.
a. ESG selection criteria:
For corporates, the internal analysis of ESG criteria consists in selecting the issuers:
• that are the best positioned to meet the challenges of sustainable development;
• that comply with the principles of the United Nations Global Compact (i.e. human rights, labour law, the environment, anti-corruption), and which are therefore less exposed to the risks associated with these themes; and
• that are not engaged in controversial activities such as armament (securities of a company whose activity consists of manufacturing, the use or possession of anti-personnel mines, cluster bombs and/or depleted uranium weapons), tobacco, thermal coal.
For sovereign issuers, the internal analysis of ESG criteria consists in selecting:
• Countries that perform best across our four categories of sustainable development criteria: Human Capital, Natural Capital, Social Capital and Economic Capital;
• Countries that are not part of our highly Oppressive Regimes or dictatorships, based on the Freedom House Freedom in the World Index and the World Bank Voice & Accountability Index.
b. Selection methodology:
The companies selected by the management company are subject to a dual analysis:
• Analysis of their activity to assess their alignment with the major challenges of sustainable development. For example, regarding the transition to a circular economy, the management company will consider a company producing recycled steel to be more sustainable than a company producing steel exclusively from iron ore; and
• Analysis of how the company manages players interacting with the company: its employees, its customers, its shareholders, its suppliers and the environment. Here too, the management company will favour companies that adopt the most sustainable practices given their sector. For example, with regard to relations with its clients, the management company will favour pharmaceutical companies with balanced pricing practices and commercial policies. Similarly, with regard to relations with their employees, the management company attaches great importance to the fight against discrimination and compliance with social standards.
Our sovereign investible universe consists of those countries which perform best across our four categories of sustainable development criteria:
• Natural Capital: stock of naturel resources managed by the country;
• Social Capital: trust, norms and institutions which people can rely on to solve common problems and create social cohesion;
• Human Capital: human productivity to which the country participates through education and other initiatives;
• Economic Capital: assessing the level of economic activity viability.
c. A team of ESG analysts is responsible for assessing the selection criteria:
The analysis and selection of sustainable investments is carried out by a dedicated team of ESG analysts within Candriam. This team is made up of specialists whose mission is to analyse the exposure of companies and governments to the risks and opportunities associated with sustainable development. Selection criteria are expected to evolve over time, based on advances in ESG research and changes in company practices.
Sustainability-related disclosures
- Sustainability-related disclosures
a. General approach
- Transparency codes
b. Fund specific features
For more information on the sustainability of our investments and the integration of sustainability risks, please refer to Candriam’s transparency policies and codes and SFDR Article 9 fund sustainability information (available on our website: https://www.candriam.com/en/professional/sfdr/) and the fund prospectus (available on our website https://www.candriam.com).
* SFDR is the acronym given to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on the publication of sustainability information in the financial services sector
Information on the sustainability aspects of the promoted fund is available on the SFDR* page of the https://www.candriam.com website. The decision to invest in the fund must take into account all the characteristics or objectives of the fund as described in its prospectus.
* European reference of the regulation and title: “Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability related disclosures in the financial services sector
Label
France: ISR
The SRI label was created in 2016 by the French Ministry of the Economy and Finance. Its aim is to enable savers, as well as professional investors, to distinguish between investment funds implementing a robust socially responsible investment (SRI) methodology, resulting in measurable and concrete results. For more information on this subject, see the website https://www.lelabelisr.fr/
This label/rating is valid for a limited term and is subject to reevaluation. Obtaining this label by the fund does not mean that it meets your own sustainability objectives, nor that the label meets the requirements of future national or European rules.
The quality of the ranking, award or label obtained by the fund or the management company depends on the quality of the issuing institution and the ranking, award or label does not guarantee the future results of the fund or the management company.
Documents
Languages
Legal documents
ESG documents
Shareholder documents
Annual and semi-annual reports
Other important information
This is a marketing communication. Please refer to the prospectus of the funds and to the key information document before making any investment decision. This marketing communication does not constitute an offer to buy or sell financial instruments, nor does it represent an investment recommendation or confirm any kind of transaction, except where expressly agreed. Although Candriam selects carefully the data and sources within this document, errors or omissions cannot be excluded a priori. Candriam cannot be held liable for any direct or indirect losses as a result of the use of this document. The intellectual property rights of Candriam must be respected at all times, contents of this document may not be reproduced without prior written approval.
Warning: Past performance of a given financial instrument or index or an investment service or strategy, or simulations of past performance, or forecasts of future performance does not predict future returns. Gross performances may be impacted by commissions, fees and other expenses. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change.
In respect to money market funds, please be aware that an investment in a fund is different from an investment in deposits and that the investment’s principal is capable of fluctuation. The fund does not rely on external support for guaranteeing its liquidity or stabilizing its NAV per unit or share. The risk of loss of the principal is borne by the investor.
Candriam consistently recommends investors to consult via our website https://www.candriam.com the key information document, prospectus, and all other relevant information prior to investing in one of our funds, including the net asset value (“NAV) of the funds. Investor rights and complaints procedure, are accessible on Candriam’s dedicated regulatory webpages https://www.candriam.com/en/professional/legal-information/regulatory-information/. This information is available either in English or in local languages for each country where the fund’s marketing is approved.
According to the applicable laws and regulations, Candriam may decide to terminate the arrangements made for the marketing of a relevant fund at any time.
Information on sustainability-related aspects: the information on sustainability-related aspects contained in this communication are available on Candriam webpage https://www.candriam.com/en/professional/sfdr/. The decision to invest in the promoted product should take into account all the characteristics or objectives of the promoted product as described in its prospectus, or in the information documents which are to be disclosed to investors in accordance with the applicable law.