The mutual fund Montségur Defensif, is a dynamic cash fund, targeting a regular superior performance to the EONIA (Euro OverNight Interest Average) index (index close to monetary rates).

The higher performance is obtained by investing a part of its assets in European listed companies with a high dividend yield profile (similarly to Montségur Rendement).

Equity portfolio key points

1- Money Market Products

Mostly invested (minimum 70%) in monetary products and bonds in order to secure a major part of the invested assets.

The Fund uses short term (<3 months) treasury bonds (State or Private), as long as they at least rate BBB, in order to increase the output without taking any extra risks on interest rates. Thereby, any increase in the rates is directly intergraded (sent back to) in the portfolio.

2- Shares

The shares part in the Fund cannot exceed 30% of the Funds assets. The listed companies selected will have the following characteristics: attractive evaluation and high dividend yields (dividend per share/stock price).

Considering that the Funds objective is to be on the safe side, the Montségur Trésorerie may use forward financial instruments in order to hedge the portfolio against a risk of a fall in the equity market as well as reducing volatility.

Characteristics

• Code ISIN : FR0010121137
• Pricing frequency : daily, except public holidays
• Initial net asset value : 100 €
• Minimum subscription amount : one thousandth
• Date of Creation : 01/11/2004
• Depositary : CM-CIC SECURITIES
• Conditions of subscriptions and redemptions : the subscriptions and redemption orders are centralised through CM-CIC Securities until 11:00am and are executed on the closing price.
• Classification : Diversified
• Taxation System : Linked with life insurance contracts