Objective & Strategy

The investment objective of the Sub-Fund is to achieve long-term capital growth from a portfolio primarily made up of the equity securities of companies around the world. The Investment Manager uses a valuation-focused approach to identify companies with the potential for meaningful share price appreciation. The Investment Manager applies fundamental analysis to seek companies whose intrinsic value is greater than the current price of their securities. This approach includes fundamental analysis of a company's financial statements, profitability, management structure, operations, business strategy, product development, and its position within its industry, among other things. The Investment Manager evaluates investment opportunities on a company-by-company basis. The Investment Manager looks primarily for companies using a "bottom up" strategy, that is, by analyzing individual stocks before considering the impact of general or industry economic trends. The Sub-Fund may hold money market instruments or money market Sub-Funds. 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. 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 6 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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