Inès Barahhou (Quantitative Analyst at Kepler Cheuvreux Solutions) and Philippe Ferreira (Deputy Head of Economics & Cross-Asset Strategy at Kepler Cheuvreux), published a new landmark white paper on sovereign bond portfolio construction with environmental constraints.

In this academic paper, they develop a framework to align sovereign bond portfolios with net zero carbon trajectories, reviewing definitions, databases, metrics, and models.

One of the key conclusions is that unless sovereigns make significant progress towards decarbonisation, fixed income investors will face hard choices. Aligning their portfolio with net zero trajectories involves significant deviations from existing benchmarks and this generates substantial financial risks such as concentration and liquidity risks.

This subject is particularly topical since institutional investors are heavily exposed to government bonds and are the most advanced in net zero investing.

Find the white paper here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4515462

The views expressed in the white paper are those of the author(s) and do not necessarily represent the views of Kepler Cheuvreux or Kepler Cheuvreux Solutions.

Kepler Cheuvreux is proud to announce the results of the 2023 Institutional Investor Survey for Europe (Research).

Kepler Cheuvreux confirms its leading position in European Research:

• 1 Country Broker (combines rankings for Research, SMID, Corporate Access, Sales, Trading & Execution)
• 1 for Europe Country Research
• 1 for Non-Deal Roadshows

Best ranked independent Research with 10 sectors in top 10.

Best Country Broker:

• 1 for Austria
• 2 for France
• 2 for Germany
• 2 for Switzerland
• 3 for Benelux
• 3 for Italy
• 4 for Iberia

Best Country Research:

• 1 for Austria Research
• 2 for France Research
• 3 for Benelux Research
• 3 for Germany Research
• 3 for Iberia Research
• 3 for Italy Research
• 3 for Switzerland Research

15 Kepler Cheuvreux analysts in the top 10 for country voting category.

Congratulations to our outstanding staff!

Thank you to our clients and partners for their continued support and to corporates for their trust.

Paris, July 10th, 2023

Shortly after joining the Kepler Cheuvreux group, Ellipsis AM, a renowned European and global convertible bond manager, launched its first thematic fund, Ellipsis Disruption Convertible Fund. Since its launch on July 5^th 2022, this fund has invested in convertible bonds issued by a selection of innovative and disruptive companies.

Ellipsis Disruption Convertible Fund offers active directional management on the international convertible bonds market, focusing on securities identified by the management team as being exposed to a “disruption” theme. The portfolio thus focuses on convertible issuers involved in structural changes in economic, social, and environmental practices.

This fund is centered around a thematic bias within the convertible asset class, with a higher risk/return objective[1] than a traditional convertible fund, over a recommended investment period of five years. It is classified article 8 – SFDR[2].

One year after its launch, Ellipsis Disruption Convertible Fund posted a performance of +4.6%[3]. Its year-to-date performance to June 30^th is +9.6%, placing the fund in first place in its Peer Group over the period[4]. Past performance is no guarantee of future results.

As of July 5^th, 2023, the fund held 39 positions, with around 60% in US issuers and 20% in European issuers, with an average rating of BB+. Assets under management total €66m.

Nicolas SCHRAMECK, Head of Convertibles & Credit, explains: “We invest in companies whose revenue and earnings growth potential we believe to be far superior to that of all companies in their respective sectors. As of June 30^th, 2023, the expected average annual sales growth of the portfolio’s underlyings is 25% for the period 2023-2025, compared with 4% for the S&P 500 and 8% for the Nasdaq.”

Sébastien CARON, Chairman of Ellipsis AM’s Management Board, adds: “The theme of disruption is centuries old, and we also complement our selection with our financial and extra-financial filters, aimed at managing the risk inherent in this type of selection. Ellipsis Disruption Convertible Fund incorporates all the expertise that Ellipsis AM has acquired in the convertible market over almost 20 years”.

About Ellipsis AM

With a track record spanning almost 20 years and nearly €2.5 billion under management (as of 31/12/2022), Ellipsis AM is a recognised European and global convertible bond manager. The company has also developed specialised management expertise in credit, volatility, and listed derivatives.

Inherent risks to convertible bonds: The Fund is exposed to credit, liquidity, and counterparty risks, as well as to risks associated with the use of forward financial instruments. These various factors may lead to a fall in the net asset value of the fund, which is not guaranteed or protected in any way.

IMPORTANT INFORMATION

This advertising document is designed for information purposes only and does not constitute an investment advice on financial products. Due to its simplified nature, the information contained in this document may only be partial. It may be subjective and is subject to change without notice. All data has been compiled in good faith on the basis of market information. The accuracy of any such information obtained from external sources cannot be guaranteed. The investment is in units of a collective investment scheme and not in the underlying assets. UCIs do not offer a capital guarantee. The offering of mutual fund units may be restricted or prohibited by law in certain jurisdictions. Before making any offer, you should check in which countries the UCI(s) referred to in this document are registered for marketing. The UCI may not be subscribed to or held by a Non-Eligible Person or a Non-Eligible Intermediary (see the section on “Relevant subscribers” in the prospectus). This document may not be reproduced in any form or transmitted to any person other than the person to whom it is addressed without the prior written consent of Ellipsis AM.

www.ellipsis-am.com

[1] The objective of the Ellipsis Disruption Convertible Fund is to achieve, over the recommended investment period of 5 years, an average annual performance net of management fees in excess of the benchmark money market capitalized rate + 5%. Benchmark money market index for the currency of the corresponding unit: capitalized €STR (EUR units) – capitalized SARON (CHF units) – capitalized SOFR (USD units). In particular, the Fund is exposed to the risk of changes in the value of convertible bonds held in the portfolio, which depends on several factors: interest rate levels, changes in the price of the underlying shares, or changes in the price of the derivative embedded in the convertible bond.

[2] European regulation (EU) No 2019/2088 known as Sustainable Finance Disclosure (SFDR). For more information on our ESG policy (environmental, social and governance criteria): https://www.ellipsis-am.com/publication/ComplianceDoc/En_Rapport-LEC-Ellipsis-AM.pdf

^[3] For the benchmark EUR I share, from July 5^th, 2022 to July 5^th, 2023. Performance net of fees (after deduction of current expenses), dividends and coupons reinvested.

[4] Source: Ellipsis AM, as of July 5^th, 2023. Ranking based on the peer group of euro-denominated funds, belonging to the Morningstar “Global Convertibles” category and meeting the criteria described in our methodology, available on our website https://www.ellipsis-am.com/publication/ComplianceDoc/En_Peer-group-methodology.pdf

Kepler Cheuvreux, through its Execution activity KCx, is proud to be a new member of Sustainable Trading.

Sustainable Trading is a non-profit membership network, dedicated to transforming environmental, social and governance (ESG) practices within the financial markets trading industry. The network brings firms together to devise practical solutions to industry-specific ESG issues as well as providing a mechanism for self-assessment and benchmarking.

Stéphane Bouret, Deputy Group General Manager & Global Head of Equity Brokerage, Kepler Cheuvreux, says: “As one of the leading brokers in Europe, Kepler Cheuvreux recognises the importance of developing ESG best practices (whether it is through our market leading ESG research or with our Foundation). Our membership of Sustainable Trading allows us to go one step further & work with our peers to drive change within our industry”

Paris, 7 March 2023

Kepler Cheuvreux announces a major new appointment to continue to grow the firm’s footprint and further develop its activities: Stéphane BOURET has been appointed Deputy Group General Manager, Global Head of Equity Brokerage, reporting to Grégoire VARENNE, Group General Manager.

Kepler Cheuvreux’s Equity Brokerage business, built around its historically very strong Research products, has positioned the Group as the number-one independent Equity Brokerage firm in continental Europe. Kepler Cheuvreux Research has also been the bedrock upon which other businesses have been developed.

As part of its extended responsibilities, Stéphane, one of the Group’s top executives and a key member of the management team, will participate in the strategic decisions and actions that will define Kepler Cheuvreux’s trajectory and positioning for the coming years.

About Stéphane BOURET

After spending five years as a sell-side analyst at HSBC, Stéphane joined the Kepler Cheuvreux Group 23 years ago, first working as a salesman for French clients, later as Head of Sales for the Continental European Client Zone and in the last few years as Managing Director, Global Head of Sales. He was appointed Global Head of Equity Brokerage early last year. Based in Paris, Stéphane graduated from the ISG Business School and the CFAF (Financial Analysis Training Centre).

About Kepler Cheuvreux

Kepler Cheuvreux is a leading independent European financial services company that specialises in Research, Execution, Fixed Income and Credit, Structured Solutions, Corporate Finance, and Asset Management.

The Group employs around 600 people and is present in 13 major financial centres in Europe and the US: Amsterdam, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Paris, Stockholm, Vienna, and Zurich.

Group key figures:

* 1^st independent European equity broker.
* EUR2bn of equities traded on average daily.
* 1^st equity research coverage in Continental Europe.
* 1^st country research (Institutional Investor 2022).
* 13 major financial centres in Europe and the US.
* 600 employees.
* 1,300 institutional clients.

Kepler Cheuvreux Solutions is pleased to announce the appointment of Jérémy Sayada as Deputy Head of Kepler Cheuvreux Solutions, Head of Sales, reporting to Nicolas Miara-Godet, Founder & Head of Kepler Cheuvreux Solutions.

Jérémy joined Kepler Cheuvreux Solutions in 2013 after three years as Head of Product Offering at Derivatives Capital and experience at Société Générale as a Cross Asset Structured Products Financial Engineer. He is a graduate of Paris Dauphine University and ENSAE Paris.

Jérémy has been a key player in the development of Kepler Cheuvreux Solutions for almost ten years, making the business line the leading independent provider of structured products in Europe. In his new role, he will be responsible for the entire Kepler Cheuvreux Solutions sales force covering France, Switzerland, Italy, Benelux, Monaco, Israel, the UK, the Nordic countries, and LATAM.

In view of the undeniable success of their partnership over the past five years, Belfius and the leading independent European broker Kepler Cheuvreux have decided to renew their strategic partnership for a further five years. Belfius and Kepler Cheuvreux will continue to develop their equity offering in Equity Capital Market (ECM transactions), Equity Research, Equity Sales & Brokerage.

As part of this ECM partnership, Belfius is responsible for origination and structuring services for ECM transactions in Belgium, while Kepler Cheuvreux provides equity research, brokerage, and institutional sales. The partnership will therefore continue to offer Belgian listed companies and IPO candidates the best equity and ECM platform, ensuring continuous access and visibility with respect to institutional investors both in Belgium and abroad (Continental Europe, the United Kingdom, and the United States).

Thanks to this partnership, Belfius and Kepler Cheuvreux rose to first place for ECM transactions in Belgium in 2022 (in terms of value). Between 2018 and 2022, Belfius and Kepler Cheuvreux advised and assisted Belgian listed companies in 59 ECM transactions (including five IPOs), raising capital in a total amount of around €7.990 billion. In 2022, Belfius and Kepler Cheuvreux were involved in 13 transactions raising nearly €1.853 billion.

Belfius and Kepler Cheuvreux have more than 110 equity analysts and extensive equity research coverage in Belgium (more than 90% of market capitalisation). Kepler Cheuvreux’s Benelux research was ranked second in the Institutional Investor Survey 2022.

In addition to the success in ECM, Belfius continues to maintain a tradition of excellence in Debt Capital Markets as the undisputed leader, as was the case in 2022. In this respect, Belfius received two prestigious awards from Euronext Brussels: “Bond Finance House of the Year” and “ESG Bond Finance House of the Year”.

This strategic alliance has also been reinforced since 2017 through Belfius’ acquisition of a stake in Kepler Cheuvreux (5.02%). Belfius also has a seat on the supervisory board of Kepler Cheuvreux.

Dirk Gyselinck, Member of the Board of Directors of Belfius: “We are pleased to renew our strategic partnership with Kepler Cheuvreux, which allows us to further strengthen our ECM offering and continue to develop and expand our financial services to corporate, institutional and wealth management clients. Through this innovative partnership with Kepler Cheuvreux, Belfius has been able to build a leading position in equity and expertise, which allows us to cost-effectively expand our offering and further diversify our distribution capabilities.”

Laurent Quirin, Chairman of the Supervisory Board of Kepler Cheuvreux, added: “The renewal of the partnership with Belfius demonstrates our model’s performance and highlights the solid position of the Kepler Cheuvreux Group in the European market. We look forward to continuing this collaboration agreement with Belfius, once again looking to the future.”

About Kepler Cheuvreux

Kepler Cheuvreux is a leading independent European financial services company that specialises in Research, Execution, Fixed Income and Credit, Structured Solutions, Corporate Finance, and Asset Management.

The group employs around 600 people and is present in 13 major financial centres in Europe and the US: Amsterdam, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Paris, Stockholm, Vienna, and Zurich.

Group key figures:

* 1^st independent European equity broker.
* €2bn of equities traded on average daily.
* 3^rd in number of ECM deals in Europe.
* 1^st equity research coverage in Continental Europe.
* 1^st country research (Institutional Investor 2022).
* 13 major financial centres in Europe and the US.
* 600 employees.
* 1,300 institutional clients.

About Belfius Bank and Insurance

Belfius is an integrated bank-insurer with strong local roots, which carries out its commercial activities in Belgium in three main areas: retail and commercial banking, private banking and wealth management, financial services to the public and social sector and to corporate clients (wholesale banking) and insurance.

With 150 years of experience in the public sector, Belfius has always been the preferred partner of public and social sector entities as well as many SMEs and Mid-Corps in Belgium. It provides its customers with an integrated and comprehensive range of products and services. Its activities in corporate banking focus mainly on companies active in Belgium, with particular attention to medium-sized companies.

Belfius Bank and Insurance is entirely owned by the Belgian state, via the Federal Holding and Investment Company (SFPI).

For more information, please see www.belfius.be

Paris, 30 January 2023

Kepler Cheuvreux announces a major new appointment to continue growing the firm and developing its activities, harnessing the group’s strengths: Jean-Pierre ANÉ as Managing Director, Deputy Group General Manager, Head of Business Development, reporting to Grégoire VARENNE, Group General Manager. In his new role, Jean-Pierre will be responsible for identifying and executing new projects aimed at generating growth in businesses in which the company already operates or those with which it is closely connected.

Previously, as Deputy Head of Kepler Cheuvreux Solutions (KCS), Jean-Pierre has been instrumental in creating and developing KCS, alongside Nicolas MIARA-GODET, Founder and Head of KCS. They both leveraged the strength and resources of the firm to make the KCS business line the leading independent European provider of structured products.

Kepler Cheuvreux’s goal, and Jean-Pierre’s new mission, is to leverage all the group’s strengths to develop new businesses and realise new synergies to reinforce the group’s growth momentum and make it stronger in the long term.

In parallel, and independent of these new responsibilities, Jean-Pierre will continue to be heavily involved in the ongoing development of Kepler Cheuvreux Solutions.

In addition to Jean-Pierre’s appointment, Kepler Cheuvreux is continuing to develop its footprint through some strategic hires for its Execution activity (KC^X), with the development of its London, New York, and Milan desks. It is also growing through the ongoing development of Kepler Cheuvreux Solutions, the Fixed Income and Credit Business line, developing Distressed High Yield & Special Situations, and Credit Emerging Markets activities, and its Asset Management activities with KC Invest and Ellipsis AM.

About Jean-Pierre ANÉ

Jean-Pierre ANÉ graduated from Ecole Normale Supérieure and L’ENSAE Paris. He worked in Wealth Management Research at UBS, then at Credit Agricole CIB as an Interest Rate and Hybrid Structurer. Jean-Pierre has been working at Kepler Cheuvreux since 2010 as Head of Financial Engineering, Head of the Geneva-based Sales teams, and Deputy Head of Kepler Cheuvreux Solutions.

About Kepler Cheuvreux

Kepler Cheuvreux is a leading independent European financial services company that specialises in Research, Execution, Fixed Income and Credit, Structured Solutions, Corporate Finance, and Asset Management.

The group employs around 600 people and is present in 13 major financial centres in Europe and the US: Amsterdam, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Paris, Stockholm, Vienna, and Zurich.

Group key figures:

* 1^st independent European equity broker.
* €2bn of equities traded on average daily.
* 1^st equity research coverage in Continental Europe.
* 1^st country research (Institutional Investor 2022).
* 13 major financial centres in Europe and the US.
* 600 employees.
* 1,300 institutional clients.

Kepler Cheuvreux Solutions has been ranked the best independent provider of structured products in France for the 8th consecutive year by Gestion de Fortune magazine.

We would like to warmly thank all our clients and partners for their renewed trust in 2022.

The entire team is at your side to accompany you throughout this year. Much is to come, stay tuned!

Paris, 16 January 2023 – Today, Shark Robotics (“Shark”), a technology company specialising in firefighting, defence and nuclear robotics, has announced a EUR10m financing round with pan-European growth equity investor Move Capital Fund I.

This funding will allow Shark to strengthen its position as a global market leader by increasing R&D investments, accelerating the internationalisation already initiated through its subsidiary Shark Asia, and further developing its production facilities.

Founded in 2016 in La Rochelle, France, Shark designs and manufactures unmanned ground vehicles (UGVs) for hostile environments, with expertise in the entire robotics value chain: hardware, software & artificial intelligence, and batteries. Awarded in France and the United States, Shark robots increase operational efficiency, preserve human lives, and reduce environmental impact.

The company has already delivered more than 100 robots in 15 countries. Shark robots are used by public institutions in civil security and defence (French Ministry of Defence, Paris Fire Brigade, and Home Security Ministry) and by the industrial sector (Orano, ArianeGroup). Among its notable robots, Shark created the Colossus, the firefighting robot that intervened for more than ten hours at 800 degrees Celsius during the Notre-Dame cathedral fire in 2019.

“This round of funding will enable Shark to accelerate its development as robotics is gaining momentum in the way operations are being handled. As tools for the common good, our robots provide a lot of efficiencies in operations and protection in dangerous situations. We are delighted to welcome Move Capital, as its expertise and values fully match Shark’s DNA. This investment will also contribute to the process of reindustrialisation in France, and to the creation of high value-added jobs,” commented Cyril Kabbara, founder and CEO of Shark Robotics.

“Shark Robotics combines cutting-edge technology with a positive human and environmental impact.  The company has gained the trust of leading global institutions, and also benefits from a strong international development potential. At a time when terrestrial robotics provides new solutions to human and environmental safety issues, we are delighted to stand alongside Cyril and his teams to support Shark in this new stage of its development and to consolidate its leadership position in its segment,” said Sophie Sursock and Hervé Malaussena, co-founders of Move Capital Fund I.

About Shark Robotics

As a leader in ground robotics in hostile environments, Shark Robotics designs and manufactures catalogue and custom robots for the fire safety, nuclear, security & defence and space end markets. Founded in La Rochelle in 2016, Shark Robotics masters the entire robotics value chain, from hardware, software & AI to batteries for extreme environments. Its multi-mission robots – firefighting, mine clearance, and mule – are now used in more than 15 countries.

About Move Capital Fund I

Move Capital Fund I is managed by KC Invest, an AMF-accredited management company affiliated with the Kepler Cheuvreux group. It invests in growth equity in the field of technology, digital services, and solutions for companies with high scale-up potential (https://move-capital.com/). In addition to its proven track record in technology investment, the Move Capital team has solid experience in entrepreneurship and the operational management of tech companies. Move Capital also relies on a strategic committee of experts including technology specialists who use all their experience and know-how to identify high-potential targets and support companies’ growth in a virtuous way, notably through a rigorous ESG approach.

The portfolio management company KC Invest has chosen Greenly to proactively manage its carbon emissions reduction policy for scopes 1, 2 and 3, i.e. for KC Invest itself and its investment strategy Move Capital, and utmost for portfolio companies.

Through this partnership, which is key to achieve KC Invest’s midterm carbon neutrality objective, KC Invest provides its portfolio companies with an assessment of their greenhouse gas emissions, so that they can draw up an action plan to reduce their impact on the environment.

Founded in 2019, Greenly makes carbon management simple and intuitive for companies of all sizes to let them fast-track the transition to a net-zero-carbon economy. In practice, Greenly’s SaaS enables companies to measure, reduce and offset their carbon footprint based on international carbon accounting standards such as the GHG Protocol, while engaging their entire ecosystem, from employees to suppliers, in their climate journey.

More information: http://www.greenly.earth