Obiettivo del fondo

The investment objective of the Sub-Fund is to maximise total returns, meaning income from its investments along with capital appreciation. The Sub-fund invests primarily in Euro & Sterling denominated bonds which are rated below investment grade by one or more of the main ratings agencies and the bonds are issued by companies that are based or have significant operations in Europe. The Sub-fund invests in bonds of companies in any industry or market sector. The Sub-fund may also invest in any bonds denominated in any currency and of any credit rating, issued by companies or governments globally, money market instruments, convertible bonds (i.e. bonds that may at some point convert to equities), hybrid bonds and contingent convertible bonds. The Manager selects investments and creates the portfolio with reference to a benchmark, the ICE BAML European Currency High Yield Constrained Excluding Sub Financials Index. The Manager utilises both qualitative and quantitative analysis of the creditworthiness of bond issuers and their future repayment capacity in consideration of general economic factors, market conditions and estimates of the company's financial performance. The Sub-Fund may use derivatives for investment purposes, to reduce various risks or for efficient portfolio management. Benchmark Information: The Sub-fund is actively managed. The Manager, considering the degree of representativeness of the underlying markets and their liquidity, strategically selects a benchmark (the “Benchmark”) appropriate to the Sub-Fund’s investment policies, which is used as performance comparison. The selected Benchmark is ICE BAML European Currency High Yield Constrained Excluding Sub Financials Index . The Sub-fund does not aim to track or replicate the performance of the Benchmark and therefore investors should be aware that the Sub-fund may underperform the Benchmark. 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. Investors can ask for full or partial redemption 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
■ 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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