WARNING

The Next Challenge is an educational contest designed to promote a reasoned and reasonable approach to investment and portfolio management. It does not encourage speculation, even if leveraged ETFs are available as part of the challenge, nor is it a recommendation to invest in any company or product whatsoever.

As they build their portfolios, participants should keep in mind a few simple guidelines:
● Do not pay too much importance to past performance, as past performance is not a reliable indicator of future performance.
● There is no high performance without high risk. Diversification is essential to split risk and build sustainable performance.
● Always check the source of the information, i.e. the company or certified product promoter's website. Beware of information from Internet forums and social networks.

Consult the AMF's sections on investment and portfolio management. You can also refer to each company's Universal Registration Document (UDR) to learn more about the risk factors associated. The UDR are available directly on company websites.

Club:

● Reminder of the Next Challenge rules:

Each challenger has the option of taking part as a team in the competition in addition to or instead of their participation as an individual investor. Team members then form Clubs and compete as members of their Club.

The Club's official representative - referred to as "the President" - is by default the individual profile that has received a minimum of 4 positive answers to join its club.

A club joins the competition only when it reaches a total of 5 members, including the President.

It is no longer possible to recruit new members once the number of 7 members has been reached.

A member may quit a club at any time : but if the club drops under 5 members the club has 7 days to recruit new members otherwise the club is automatically excluded from the competition.

An individual profile can only be a member of a single Club and cannot allocate funds to its own Club.

Find out more about the Terms and Conditions of Next Challenge 2023-2024

Next Challenge Terms and Conditions

Club compostion

● 5 members minimum / 7 members maximum
● Each Club starts with a virtual allocation of €200,000
● Decides its investment strategy collectively, : decisions being taken by majority
● Orders must be execute by validation by only the President.
● Only the president can delete an order that has been voted within the time limit of its non-execution.

Diversification Rules

The club is based on the prudential rule of 5/10/40 that applies to management companies:
● ""No more than 10% in any one security,
● And the sum of securities at more than 5% must not exceed 40%.
● This rule results in a minimum number of 16 securities in the portfolio"..

Subcategories:

In the Club category, each team can choose one of the two proposed subcategories based , on their mode of participation in the Next Challenge.

The selection criteria are different depending on the subcategory chosen by the participant.

WARNING:
- Once the category is selected, it will no longer be possible to modify it!
- The choice of subcategory must be made in consultation with the club members, but only the President must select the subcategory in which the club wishes to compete.

● Subcategory Strategy Fund:: pour les équipes qui se concentrent uniquement sur les échanges et la collaboration internes, c'est-à-dire entre les membres du club.

● Subcategory Engagement Fund: for teams that aim to communicate and collaborate with the NextWise community to secure additional funding.pour les équipes qui cherchent à communiquer et collaborer avec la communauté NextWise afin de se voir allouer des fonds supplémentaires.

Selection criteria:

All categorie combined

● Gross performance
● Risk-adjusted performance
● HHI (concentration index)
● Number of lines
● Number of sectors
● Diversification ratio
● UCITS Rules

● Use of information sources
● Quiz

Sucategory Engagement Fund

● Teamwork through activity (action vs reaction) in the Club's Private Chat, with an equitable distribution of tasks among club members in the various actions taken by the club.
● Communication and Marketing through activity (actions vs reactions) in the Club's Public Chat, including an equitable distribution of tasks among club members in the various actions undertaken by the club.
● Use of the Dashboard

Sucategory Strategy Fund

● Teamwork through activity (action vs reaction) in the Club's Private Chat, with an equitable distribution of tasks among club members in the various actions taken by the club.
● Use of the Dashboard

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