Objective & Strategy

Objectives and Investment Policy The Sub-Fund's investment objective is to achieve capital appreciation over its life. The Sub-Fund's life can be divided into these phases: i) Subscription Period, ii) Initial Strategies and iii) Longer Term Strategies, as described below. After the Subscription Period (during which the Sub- Fund will invest in Underlying Funds with exposure to short term instruments and/or debt instruments with a maturity similar to the Sub-Fund - the so called "Initial Strategies"), the Fund seeks to achieve its objective by rotating out of the Initial Strategies into the Longer Term Strategies (i.e. Averaging Out). This Averaging Out will continue, on a monthly basis, for approximately 22 months up to the Maturity Date. The Manager can alter the "Avering Out" monthly amount by accelerating the reduction to the Initial Strategies, according to their view of the market conditions. Exposure to the Longer Term Strategies may be achieved by purchasing Underlying Funds with exposure to: i) equities issued by world-wide companies which take into account environmental, social responsibility and governance (“ESG”) elements, as described in the supplement; ii) investment grade and below-investment grade debt securities of companies and governments issued anywhere in the world; iii) money market instruments and iv) absolute return/alternative investment strategies, including Underlying Funds with indirect exposure to commodities. Investments in Underlying Funds will be selected based on a number of factors, including investment policy and objectives, investment strategy and process, performance track record, team structure and risk management. The Manager uses in-house qualitative and quantitative techniques to evaluate, select and perform on-going monitoring of Underlying Funds and their investment managers. The Sub-Fund may use derivatives to reduce various risks, for hedging and investment purposes. The Sub-Fund is not managed in reference to any benchmark. The portfolio composition is determined based on active investment decisions and hence the Sub-Fund is actively managed. There can be no guarantee that the investment objective will actually be attained. 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
■ For investors who can afford to set aside capital for the recommended holding period of 2 years;
■ Seeking to increase value of their investment over the recommended holding period of 2 years;
■ Who understand the risk of losing some or all of the capital invested;
■ This Sub-Fund may not be appropriate for investors who plan to withdraw their money within the recommended holding period of 2 years. This is a non-distributing share class. Any investment income is re-invested. Investors may sell on demand on any business day in Luxembourg

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