Objectives

The objective of this fund is to achieve a return in excess of inflation (real return) in EUR over a 3 to 5-year period. The share class is accumulating.

Investment policy

The fund gains most of its exposure to investment grade bonds from anywhere in the world, including emerging markets, by investing directly in securities or indirectly, through derivatives and other funds. The fund may also invest in equities.

The fund invests at least 50% of net assets in bonds (including government inflation-linked bonds and covered bonds) and other debt instruments, and in money market instruments.

In actively managing the fund¿s portfolio, the management team applies a flexible and dynamic asset allocation (including both strategic and tactical asset allocation) that seeks to take full advantage of market changes and opportunities, and to protect the fund against inflation. Asset allocation and derivatives are also used for risk diversification and mitigation of downside risk.

The fund may use derivatives for hedging and efficient portfolio management, as well as for investment purposes. The fund may take short positions through derivatives. The fund may use credit default swaps with or without underlying assets and total return swaps, including contracts for difference.

Usually the expected level of leverage is 100% to 300% with a maximum expected leverage of 550%. Leverage may increase the effects of adverse market movements or decrease the effects of favourable market movements.

Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 3 years.