Marketing Communication
Disclaimer

Groupama Asset Management accepts no liability in the event of alteration, distortion, or falsification of this document. This document is intended solely for its recipients. Any unauthorized modification, use, or distribution, in whole or in part, is prohibited. Groupama Asset Management shall not be held liable for the use of this document by any third party without its prior written consent.
All investments involve a risk of capital loss.
The information contained in this publication is based on sources we consider reliable, but we do not guarantee that it is accurate, complete, valid, or up to date.

This document has been prepared based on projections, estimates, and assumptions that involve a degree of subjective judgment. The analyses and conclusions expressed reflect an independent opinion formed from the information available at a given date and following the application of a methodology specific to Groupama AM. Given the subjective and indicative nature of these analyses, they do not constitute any commitment or guarantee from Groupama AM, nor personalized investment advice.
This non-contractual document does not constitute, under any circumstances, a recommendation, a solicitation of an offer, or an offer to buy, sell, or arbitrate, and should not be interpreted as such.
The sales teams of Groupama Asset Management and its branches are available to provide you with personalized service.

Published by Groupama Asset Management, a portfolio management company authorized by the AMF under number GP 93-02 – Registered office: 25 rue de la Ville l’Évêque, 75008 Paris – Website: www.groupama-am.com