Anlageziel

The Sub-Fund shall implement, mainly through investments in underlying investment funds, an asset allocation strategy in bonds, other fixed or floating-rate debt securities and short-term debt instruments issued or guaranteed by sovereign or non-sovereign issuers, convertible bonds, equities, currencies and/or Cash and Cash Equivalents, denominated in OECD currencies and/or Emerging Market currencies. The instruments described above may be of any credit quality. The Portfolio Manager uses its discretion with regard to the selection of issuers, markets (in particular, the Sub-Fund may be fully invested in Emerging Markets) and currencies (including Emerging Market currencies). The Portfolio Manager may implement qualitative and/or systematic strategies, such as risk-based methodologies. According to such methodology the weight of any given asset or group of assets is adjusted in order to control its contribution to the total portfolio risk. For each