Short Term Euro

Investment Objective:

The objective of the sub-fund is to achieve capital growth and generate income by investing primarily in fixed income and money instruments for which the remaining period to maturity does not exceed 2 years for each investment. As a minimum, two thirds of its assets will be denominated in Euro.

Investment Philosophy:

The sub-fund invests primarily in bonds, funds, ETFs, money market instruments and derivatives. Two thirds of its assets will be invested in instruments with a minimum rating of “Investment Grade”. One third of its assets may be invested in instruments of any currency and without restriction in terms of the issuer’s rating.

Derivatives are used for the purposes of good management of the portfolio as well as for hedging purposes.

The investment currencies are not necessarily identical to the sub-fund’s benchmark currency. The resulting foreign exchange exposure is not systematically hedged, but will be managed actively by the Fund Manager.

The sub-fund is actively managed in an environment of rigorous risk control.

Investment Horizon: 6-12 months