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The Sub-Fund is actively managed without any reference or constraints relative to a benchmark or index. The investment objective of the Sub-Fund is to achieve growth by investing directly and indirectly in equities with the objective of generating positive average annual returns from global equities markets. The focus is primarily on the European and U.S. companies but also in emerging markets (with a maximum exposure of 25% of the Sub-Fund total net assets). The maximum exposure to Russia is limited to 10%, no investment in China is envisaged. The investment objective of the Sub-Fund will be achieved through a granular investment in equities and UCIs/UCITS, including European exchange trade funds (“EU ETFs”). The investments through UCITS/UCIs will be limited up to 30% of the Sub-Fund total net assets.
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