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The Sub-Fund is actively managed. The Investment Objective of the Sub-Fund is to earn current income and seeks mid-term capital appreciation by investing mainly in fixed income and equity mainly issued in OECD countries. The Sub-Fund is managed following a geographical as well as sectorial diversification, based on a value investing methodology combined with the disciplined decision-taking process typically used in the analysis of private equity assets. The Sub-Fund is invested mainly in bonds (up to 100%, including but not limited to convertible bonds, fixed-rate or floating securities, zero-coupon bonds and treasury bonds, high yield bonds and as well as to CoCos (with a maximum exposure of 10% of the SubFund’s total net assets), money market instruments issued or dealt on the Eurozone and other international regulated markets, deposits and on ancillary basis in equities. Direct investment in equity securities will be limited to 30% of the Sub-Fund’s total net assets.
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