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The Investment Objective of the Sub-Fund is to achieve mid-term capital appreciation with a flexible approach. The Sub-Fund seeks to accomplish this objective through investing mainly in equity and in fixed income 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 in equities and in bonds (including but not limited to convertible bonds, fixed-rate or floating securities, zero-coupon bonds and treasury bonds, as well as in contingency convertible bonds (CoCos), with a maximum exposure of 15% of the SubFunds total net assets, and in high yield bonds, with a maximum exposure of 25% of the Sub-Fund total net assets), money market instruments issued or dealt on the Eurozone and other international regulated markets and deposits.
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