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Objective & Strategy

The investment objective of the Sub-Fund is to achieve long-term capital growth from a portfolio made up of at least 70% of the Net Asset Value of equity securities of companies around the world which are involved in the design, manufacture, or sale of products and services used for or in connection with the water and waste management sectors and/or that in the opinion of the Investment Manager demonstrate effective governance and “superior management” of environmental, social and governance issues (“ESG Considerations”), as described in more detail in the Sub-Fund’s supplement. The equity securities in which the Sub-Fund will invest may include common stock, preferred stock, rights and warrants, and depositary receipts (traded on Recognised Markets, listed in Schedule I to the prospectus). By investing in companies which are world-wide based, the Sub-Fund may also take exposure to emerging markets for up to 20% of its Net Asset Value. This includes indirect exposure to China, India and Russia through investment in the abovementioned securities. The Sub-Fund may hold money market instruments or invest, within the limit of 10% of the Net Asset Value, in money market funds, for ancillary purposes only. The Sub-Fund may also invest up to 30% of its Net Asset Value in deposits and hold cash for ancillary purposes within the limits set out in the supplement and the prospectus. The Sub-Fund may use derivatives for investment purposes, to reduce various risks or for efficient portfolio management. Benchmark Information: This Sub-Fund is actively managed. The Investment Manager may from time to time select a benchmark appropriate to the investment policies, in reference to which the Sub-Fund is then managed and compared to which the Sub-Fund may seek to achieve a similar rate of return, gross of fees. The Sub-Fund currently references the MSCI All Country World Index, used as a performance comparator (the “Benchmark”). As this is an actively managed Sub-Fund, the Investment Manager has full discretion over the composition of the assets in the portfolio and it can always invest in assets which are not components of the Benchmark. Hence, there are no restrictions on the extent to which the portfolio’s performance may deviate from the one of the Benchmark. Investors can request to buy back their Shares on any business day in Luxembourg. Investors can ask for full or partial repayment 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 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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