The objective of the Investment Manager is to provide growth on the invested capital by optimizing the participation in the international financial markets within defined risk constraints (the “Objective”). This Sub-Fund is managed based on strategic and tactical allocation processes aiming at identifying the best allocation among asset classes. The risk level of the portfolio is dynamically identified on the basis of market valuations, economic and technical aspects such as technical analyses, investor positioning and sentiment analyses. No guarantee is given with respect to this Objective actually being reached. The fund will have a limit of 10% to investments in Contingent Convertible Bonds.