Objective & Strategy

Objectives and Investment Policy The investment objective of the Sub-Fund is to achieve long-term capital appreciation. The Sub-Fund seeks to achieve its investment objective by primarily investing in Underlying Funds. The Sub-Fund may invest in Underlying Funds that provide exposure to equities issued by companies incorporated anywhere in the world, in Underlying Funds with exposure to investment grade and below-investment grade debt securities of companies and governments issued anywhere in the world, in Underlying Funds with exposure to money market instruments, and in Underlying Funds that are managed with absolute return/alternative investment strategies, including in Underlying Funds with indirect exposure to commodities. Investment in Underlying Funds will be made based on the examination of a number of factors including the investment policy and objectives, investment strategy and process, performance track record, team structure and risk management. The Management Company uses inhouse qualitative and quantitative techniques to evaluate, select and perform on-going monitoring of Underlying Funds and their investment managers. Throughout the process, Underlying Funds will be compared to other available opportunities in the market place. The Management Company may give preference to Underlying Funds for which it has an increased level of risk oversight, including Underlying Funds also being managed by the Management Company. It will also look to invest in Underlying Funds which have a low cost such as passive index-tracking funds, for example ETF products, and have a preference to invest in such low cost Underlying Funds. The Sub-Fund may from time to time invest in deposits and hold cash. The Sub-Fund may also invest in ETCs to gain indirect exposure to gold. The Sub-Fund may use listed and/or over the counter financial derivative instruments for hedging, risk reduction, or investment purposes. Benchmark Information : The Sub-Fund is actively managed. The Sub-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 and ask for full or partial redemption of the Shares held.

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