Objective & Strategy

Objectives and Investment Policy The investment objective of the Sub-Fund is to achieve capital appreciation over the medium to long term. The Sub-Fund invests primarily in Euro denominated debt such as corporate bonds and government bonds. The Investment Manager selects the corporate bonds to be acquired by focusing on fundamental credit analysis of corporate issuers on both an absolute and a relative basis. Quantitative and qualitative methods are used to analyse the credit standing of corporate issuers and the Investment Manager uses the output of this analysis to identify investment opportunities, taking into consideration factors such as the level of credit spreads, market supply and demand imbalances of credits, and liquidity. The Sub-Fund may invest principally in Non-investment Grade bonds and may invest significantly in high yield bonds that are lowly rated. The Sub- Fund also invests in securities that are convertible into equity securities. The Sub-Fund may use derivatives for investment purposes, to reduce various risks or for efficient portfolio management. The Fund is actively Managed. The Fund does not aim to track the performance of a benchmark. Portfolio composition is determined based on active and discretionary investment decisions and choices. There can be no guarantee that the investment objective will actually be attained and investors are explicitly warned that this Sub-Fund is not a capital guaranteed product. Investors can redeem their Shares on any business day in Luxembourg. Investors can ask for full or partial redemption of the Shares held. Recommended for retail investors
■ With a basic knowledge of investing in funds and no or limited experience of investing in the Sub-Fund or similar funds
■ Who understand the risk of losing some or all of the capital invested
■ Seeking to increase the value of their investment and provide income over the recommended holding period of 4 years This is a non-distributing unit class. Investment income is re-invested. Investors may sell on demand on any business day in Luxembourg.

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