Notice to unit-holders of the UCITS: introduction swing pricing

As mentioned in its first communication to unitholders on 1 April 2026, Dorval Asset Management chose to supplement the gates redemption cap mechanism already in place in the aforementioned funds, by introducing a swing pricing mechanism. These amendments, which will not be approved by the Autorité des marchés financiers (French Financial Markets Authority), do not require any action on your part.

This swing pricing mechanism will be introduced for all of the aforementioned funds on 20 April 2026.

About the swing pricing mechanism

Swing pricing is a mechanism whereby the net asset value is adjusted, upwards or downwards, in cases where the total net subscription/redemption orders from investors, based on a net asset value, exceed a pre-established threshold determined by the Management Company. This ensures that entering or exiting unitholders bear the cost of rebalancing the portfolio to manage these inflows and outflows. This mechanism protects the unitholders remaining in the Fund.

The Funds’ regulatory documents are available upon request from the Management Company: DORVAL ASSET MANAGEMENT, 111, boulevard Pereire, 75017 Paris, France, Tel.: +33 (0)1 44 69 90 44, email: informations@dorval-am.com, and on its website www.dorval-am.com, which we invite you to consult.

In the same vein, please contact your usual advisor for any further information you require. Please also remember that you must familiarise yourself with the prospectus, Key Information Document (KID) and, where applicable, pre-contractual SFDR annex of any fund in which you are investing or are going to invest.