This Sub-Fund aims to generate returns via the active asset management of a portfolio of primarily debt securities and Money Market Instruments issued mainly by financial institutions and companies and denominated in OECD currencies.

It is stipulated that any liquid assets held on an ancillary basis will not be taken into account when calculating this limit. Measured over a period of several years this Sub-Fund aims to beat the performance of the Index as listed in the Appendix II of the Company’s Prospectus. The Index is a broad representation of the Sub-Fund’s investment universe. The Sub-Fund can also include bonds that are not part of the Index universe. The Sub-Fund is actively managed with a focus on bond selection and global sector rotation. We combine our analysis on specific issuers of corporate bonds with a broader market analysis to construct the optimal portfolio.

We aim to exploit differences in bond valuations across regions, sectors and quality segments (ratings). Therefore the Sub-Fund investments can materially deviate from the Index. As issuer specific risk is an important driver of performance, we subject all issuers in the investable universe to an in-depth analysis of business and financial risk. Deviation limits are maintained relative to the Index. The Sub-Fund may also invest, on an ancillary basis, in other Transferable Securities (including warrants on Transferable Securities up to 10% of the SubFund’s net assets), contingent convertible securities (up to a maximum of 10% of the Sub-Fund’s net assets), Money Market Instruments, Rule 144 A securities, units of UCITS and other UCIs and deposits as described in Chapter III “Investment restrictions”, section A “Eligible investments” of Part III of this prospectus. However, investments in UCITS and UCIs may not exceed a total of 10% of the net assets. Where the Sub-Fund invests in warrants on Transferable Securities, please note that the net asset value may fluctuate more than if the Sub-Fund were invested in the underlying assets because of the higher volatility of the value of the warrant. The Sub-Fund may hold bank deposits at sight, such as cash held in current accounts with a bank accessible at any time. Such holdings may not exceed 20% of the Sub-Fund's net assets under normal market conditions. Cash equivalents such as deposits, Money Market Instruments and money market funds may be used for cash management purposes and in case of unfavourable market conditions.