Anlageziel

The investment objective of the Subfund is to achieve a positive absolute return in all market conditions in USD (Reference Currency) while applying the principle of risk diversification by entering into long-, short-directional and relative value positions using fixed income instruments. This Subfund aims to outperform the return of the 3-month Libor USD benchmark. The Subfund is actively managed. The benchmark is used as a reference point for determining the long term target performance that the Subfund intends to achieve whatever the market conditions are. It is thus expected that the performance of the Subfund will to a significant extent deviate from the benchmark. There are however market conditions that may result in the performance of the Subfund being closer to the performance of the Benchmark or, on the contrary, significantly different from the performance of the Benchmark.