The objective of the Sub-Fund is to invest up to 100% of its assets of in Small Caps companies being listed in any stock exchange of the Euro zone. The Sub-Fund is an equity fund. The benchmark of the Sub-Fund is the MSCI EMU SMALL CAPS Index. There will be no copyright fee paid by the Delegate Manager. At the moment of the entrance at the Sub-Fund portfolio, the market capitalization of the company has to be less or equal than 2 billion Euros. The remainder of the assets of the portfolio of the Sub-Fund will be invested in the monetary market or in fixed income. It might be public or private with a minimum rating of investment grade according S&P Ratings. The average duration of the fixed income portfolio might not be more than 2 years. This Sub-Fund will not invest in emerging markets, derivatives, in non-Euro currency or in other funds or open-ended ETFs.