Objective & Strategy

The investment objective of the Sub-Fund is to provide long-term income and capital growth. The Sub-Fund may invest up to 100% of its value in either bonds and/or shares. The Sub-Fund may also invest in money market instruments, deposits, ABS, MBS, Contingent Convertible Bonds and units in other collective investment schemes. The Sub-Fund may invest principally in debt rated below investment grade. In managing the Sub-Fund, the Investment Manager follows a three-stage process, involving formulating a macro- economic view, deciding on asset class weightings and risk-driven portfolio construction. The Manager forms a macroeconomic view based on fundamentals; sentiment; monetary and fiscal policy; and absolute and relative valuation metrics. The Investment Manager weights assets at the portoflio level (e.g. holds more shares than bonds or vice versa) based on this macro-economic view. These elements are complemented by risk-driven portfolio construction whereby the Investment Manager considers each investment position with regard to their macro-economic view and the objectives of the strategy as well as the size of each investment relative to the other holdings. The Sub-fund is actively managed and does not follow a benchmark. The Sub-fund may invest in emerging markets and may invest in derivatives for investment, efficient portfolio management and hedging purposes. 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 3 to 5 years This is a distributing Share class. Investment income is distributed. Investors may sell on demand on any business day in Luxembourg.

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