ECOFI INVESTISSEMENTS SA — 13F Portfolio

ECOFI INVESTISSEMENTS SA is a Paris-based asset management company and the investment management arm historically linked to Crédit Coopératif, itself part of the BPCE group. The firm manages a range of UCITS and alternative funds as well as segregated mandates for institutional investors, distribution partners, and private clients. It is authorized and supervised by the French Autorité des Marchés Financiers (AMF). Ecofi has a long-standing focus on responsible investment and socially responsible investing (SRI), positioning itself as a specialist in ESG-integrated strategies across equities, fixed income, and multi-asset solutions. The firm’s product range includes SRI-labelled mutual funds, thematic strategies, and tailored institutional mandates with specific sustainability objectives. In the U.S. regulatory framework, ECOFI INVESTISSEMENTS SA appears as an institutional investment manager and files Form 13F under CIK #0002034064. The 13F obligation arises because Ecofi exercises investment discretion over portfolios that hold U.S.-listed equities and certain equity-like instruments above the reporting threshold. These filings aggregate the long U.S.-listed positions from relevant funds and mandates into a single quarterly snapshot, providing a partial view of Ecofi’s global equity implementation. Within an advanced analytics platform, this stream of filings is transformed into a continuous 13F Portfolio Composition history, while the SEC submissions remain the authoritative source for holdings data.

Ecofi’s investment strategy is fundamentally driven and explicitly anchored in ESG and SRI principles. At the group level, the firm manages diversified strategies across asset classes, but the sleeve visible in Form 13F is the long-only U.S. equity component within its global and regional equity mandates and multi-asset funds. For equities, Ecofi typically applies a two-step process: 1. ESG and SRI filtering: The investment universe is screened using exclusion criteria (e.g., controversial weapons, severe environmental or social controversies), sectoral and norms-based exclusions, and positive selection based on ESG ratings or proprietary assessments. This yields a universe of issuers aligned with the firm’s sustainability standards or SRI labels. 2. Fundamental bottom-up selection: Within the ESG-screened universe, portfolio managers and analysts conduct detailed company analysis. They focus on business quality, competitive positioning, balance-sheet strength, cash-flow durability, and governance, integrating financially material environmental and social risks into valuation work. Emphasis is placed on: - Understandable, cash-generative business models. - Sensible capital allocation and shareholder alignment. - Visibility on growth drivers and margins. In practice, this leads to portfolios that are diversified across sectors but structurally tilted toward quality issuers and ESG leaders. Sector weights in the U.S.-listed sleeve emerge from stock-by-stock decisions rather than top-down sector targets. Ecofi’s holding periods tend to be multi-year, reflecting its long-term, responsible-investor stance. Turnover in the U.S. equity sleeve, as inferred from 13F filings, is generally low to moderate: core positions often persist across multiple quarters, while changes mainly arise from valuation discipline, fundamental reassessments, or index and liquidity considerations. Beyond standalone equity mandates, Ecofi embeds equities within multi-asset and balanced strategies. In those cases, the U.S.-listed holdings that appear in 13F filings represent the equity building blocks of broader portfolios that also include euro and global bonds, money market instruments, and potentially alternative exposures, none of which are visible in the 13F dataset. Within a Portfolio Simulator or Backtesting Service, Ecofi’s disclosed holdings can be mapped to market prices and normalized to a user-defined notional to construct an approximate Historical Track Record for the U.S.-listed sleeve. This enables allocators to analyze how Ecofi’s combination of fundamental selection and ESG integration would have interacted with different U.S. equity regimes, while recognizing that non-U.S. and fixed income exposures, along with intra-quarter trading, are outside the 13F lens.

Viewed through its Form 13F filings under CIK #0002034064, ECOFI INVESTISSEMENTS SA appears as an ESG- and SRI-focused French asset manager whose U.S.-listed holdings form a diversified, quality-tilted equity sleeve within broader global strategies. The 13F record shows long-only exposure across sectors, modest turnover consistent with multi-quarter to multi-year horizons, and a holdings profile that differs from simple market-cap index replication due to both fundamental and ESG filters. For allocators employing a 13F analytics lens, the most informative angles include: - The stability and evolution of Ecofi’s 13F Portfolio Composition: persistence of core holdings, changes in sector weights, and adjustments in response to ESG controversies or re-ratings. - The interaction of quality and ESG tilts with macro regimes: for example, how the reconstructed U.S. equity sleeve behaved in periods of rate rises, growth–value rotations, or shifts in sentiment toward sustainable investing. By feeding the time series of disclosed holdings into a Backtesting Service or Portfolio Simulator and running Performance Backtests Online, users can derive a proxy Historical Track Record for Ecofi’s U.S.-listed sleeve and evaluate volatility characteristics, Max Drawdown Depth, and Sharpe Ratio relative to appropriate U.S. equity benchmarks. These outputs provide a structured, data-driven view of the firm’s observable compounding behavior in public U.S. markets. Because Form 13F captures only long U.S.-listed positions at quarter-end and omits the bulk of Ecofi’s euro-denominated fixed income, non-U.S. equities, and other holdings, the analysis should be treated as a complementary, not exhaustive, view of its investment platform. A central open question for further due diligence is how Ecofi’s ESG-integrated, long-term fundamental process and multi-asset portfolio construction will respond to prolonged shifts in macro and regulatory regimes—such as sustained higher interest rates, evolving climate policy, and changes in EU and global sustainable-finance rules—and how those dynamics may influence the robustness of its risk-adjusted outcomes going forward.

The risk profile implied by ECOFI INVESTISSEMENTS SA’s 13F disclosures is that of a diversified, long-only equity allocation embedded within a broader multi-asset, ESG-oriented platform. Several dimensions are particularly relevant: - Market risk: As a long-only investor in U.S.-listed equities, the 13F sleeve is exposed to broad equity market cycles, participating in both upturns and downturns. Overall volatility is driven by equity beta, sector mix, and capitalization profile. - Sector and factor exposures: Ecofi’s quality- and ESG-focused approach typically results in tilts toward quality and, in many cases, growth-at-a-reasonable-price characteristics, with a relative underweight to highly cyclical or controversial segments. Such tilts can support resilience in risk-off environments that reward balance-sheet strength and governance, but may lag in narrow rallies driven by deep value or highly speculative segments. - Idiosyncratic risk: Portfolios are constructed from individual stocks rather than solely from broad index trackers, so company-specific events—earnings surprises, regulatory changes, governance developments, or ESG controversies—can affect returns. Diversification across issuers and sectors helps mitigate, but not eliminate, single-name risk. - ESG and policy risk: By design, Ecofi’s portfolios incorporate climate and social considerations. This can reduce exposure to transition risks in carbon-intensive sectors, but also introduces sensitivity to evolving ESG regulation, taxonomy definitions, and investor sentiment around sustainable investing. Because the strategy visible in 13F is long-only, it experiences drawdowns during major equity selloffs. The depth of these drawdowns is influenced by the interaction of equity beta and factor tilts. Within a 13F-based risk-analytics framework, allocators can reconstruct quarter-end Ecofi portfolios and estimate volatility, beta versus relevant U.S. benchmarks, and downside characteristics in historical shock periods. Metrics such as Max Drawdown Depth provide a concise view of peak-to-trough equity impairment in the U.S.-listed sleeve, while risk-adjusted outcome measures like Sharpe Ratio—computed on a notional portfolio built from the disclosed holdings—summarize the balance between long-term compounding and volatility. It is important to note that these analytics address only the U.S.-equity portion of Ecofi’s activity. Euro and global fixed income, non-U.S. equities, cash, and other asset classes that are central to client portfolios and to SRI-labelled funds are not captured in Form 13F, and may materially alter the risk profile at the total-portfolio level.