The particularity of solidarity funds? Between 5% and 10% of the assets are placed in solidarity companies not listed on the stock exchange, mainly companies approved “social utility company” (ESUS), working for integration through employment, housing, environment, international solidarity, etc. Hence their nickname “90/10 fund”.
“This solidarity pocket is not there to generate financial performance but extra-financial, explains Laurent Vidal, director of development for the management company Ecofi. But its contribution should not be negative, which is why we only invest in viable projects, giving priority to companies with a few years of existence. “
The remaining 90% to 95% are invested more traditionally in markets, in stocks or in bonds. “The limited proportion of solidarity investments, which are by nature illiquid [dont on ne pas se retirer à tout moment], allows 90/10 type funds to support withdrawals without penalizing solidarity projects which require long-term capital ”, explains Anne-Laurence Roucher, Deputy Managing Director of Mirova, another management company.
Mechanical effect on collection
On the listed “pocket”, the investment strategy varies depending on the product.
Thus, the Ecofi Agir pour le climat fund, labeled Finansol (certification dedicated to solidarity products), LSR (socially responsible investment) and Greenfin (label identifying products contributing to the energy and ecological transition), is made up of a maximum of 30% green bonds. As for Sycomore AM’s new fund, Sycomore Inclusive Jobs, it focuses on sustainable employment, as does Mirova’s Dynamic Job Insertion fund.
“The solidarity part invests in companies allowing the integration of people far from the job market, relates Frédéric Ponchon, the fund manager. But this orientation is also implemented on the listed part of the fund, via the development of a score allowing the identification of the most virtuous companies in terms of the creation of sustainable and quality jobs for all. “
While solidarity funds can be subscribed directly, they are most often done through employee savings plans. However, a new era is dawning for this family of products: from 1er January 2022, the Pacte law (Action Plan for the Growth and Transformation of Businesses, voted in 2019) indeed requires life insurance contracts to reference at least one solidarity fund among their units of account (their financial supports). ‘investments that do not offer a capital guarantee).
You have 32.52% of this article left to read. The rest is for subscribers only.