The participation rate for the Offer proposed by H2O AM LLP, which was launched on 15 October 2024 and closed on 24 January 2025, has reached 79.54% of the side-pocketed funds’ assets under management. Participating unitholders remain eligible for any future reimbursements, a process to which H2O AM remains fully committed.
As a result, unitholders who sold their FCP units on 14 October 2020 and accepted the Offer will recover, depending on the fund, at least between 87.10% and 93.56%* of the value of their total investment on the suspension date, 28 August 2020.
H2O AM wishes to thank unitholders who took part in the Offer as well as its stakeholders, who played an essential role in supporting participating unitholders throughout the process. Finally, our H2O AM teams wish to highlight the involvement of the custodians, securities intermediaries and Euroclear France members.
The price per unit in the Offer is available on H2O AM’s website and the payment date to Euroclear France members remains scheduled for the end of March 2025. Depending on the steps required by the various intermediaries to process the transaction, receipt of payments may take some days thereafter.
If you have any questions, please do not hesitate to contact your usual advisor or H2O AM representative.
* Calculation based on R -EUR shares, including the two reimbursements of side-pocketed funds.







Participation Rate: The rate of participation in the Offer, calculated for each SP Fund by reference to the value of the Units held by Participating Unitholders as a proportion of the total value of that SP Fund in the course of the side pocketing process, as described in Annex 1.B of the Settlement Agreement.
Transfer Price: The price determined in accordance with the terms and conditions described in the document entitled “Determination of the Transfer Price” contained in Annex 1.B of the Settlement Agreement.
About H2O AM
Founded in 2010 and with offices in Paris, Monaco, London, Geneva and Singapore, H2O AM is an independent asset management firm specialising mainly in Global Macro strategies.
Using an investment process developed over more than thirty years and incorporating proprietary quantitative engineering, the team applies a discretionary, top-down and value management approach.
Through relative value strategies on bonds, currencies and equities, H2O AM offers its clients the benefits of diversified alpha with controlled, assumed risk over a defined time horizon.
www.h2o-am.com
Press contacts
Mélodie Blondel – H2O AM
Mail: melodie.blondel@h2o-am.com | Tel : +33 6 78 63 98 30
Kristell Le Nadan – Citigate Dewe Rogerson Agency
Mail: Kristell. LeNadan@citigatedewerogerson.com | Tel : +33 6 98 49 22 27
Gaspard Gantzer – Gantzer Agency
Mail: gantzergaspard@gmail.com | Tel : +33 6 60 58 45 90
Disclaimer
This document has been prepared by H2O AM LLP.
H2O AM LLP is authorised and regulated by the Financial Conduct Authority (FCA) and is registered with the UK Financial Services Authority under reference number 529105, http://www.fca.org.uk/. Company name and registered office: H2O AM LLP, 6th Floor, 33 Cavendish Square, London W1G 0PW, United Kingdom. Company number: OC356207