The Sub-Fund’s investment strategy is to build up a portfolio representative of the Investment Manager’s expectations on the European high yield credit markets. The Sub-Fund’s portfolio will thus invest at least 60% of its net assets in High Yield securities (i.e. with a credit rating lower than BBB- according to Standard & Poor’s, or an equivalent rating assigned by another independent agency, or a deemed equivalent internal rating attributed by the Investment Manager for non-rated securities) having an overall average rating ranging between BB+ and B-. The Sub-Fund will not invest in defaulted or distressed securities. High Yield securities present a higher risk of default than Investment Grade bonds.