Objective & Strategy

The investment objective of the Sub-Fund is to preserve capital and to provide stable capital growth over the medium to long term. The Sub-Fund invests globally, including in emerging markets, in equities, bonds, money market instruments and currencies. The Sub- fund may invest in bonds issued by companies, institutions or governments and may be rated investment grade or below investment grade by one of the main credit rating agencies. The Sub-Fund may invest in contingent convertible bonds (i.e. bonds that may at some point convert to equities) and mortgage-backed securities and currencies globally. The Investment Manager focuses the investment process on prioritising controllingrisk at all times, rather than targeting the highest investment returns. The Investment Manager selects investments and creates the portfolio by focusing the top level asset allocation on analysis of expected returns of assets and historical analysis correlation and volatility of asset prices, and adjusting the portfolio depending on market conditions. The Sub-Fund may use derivatives for investment purposes, to reduce various risks or for efficient portfolio management. 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 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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