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The investment objective of the Sub-Fund is to achieve capital appreciation by investing primarily in Spanish equities. The Sub-Fund’s benchmark is IBEX 35 TR Index. The Sub-Fund aims to achieve its investment objective by investing in small, medium and large-sized companies that have high, sustainable earnings prospects along with attractive valuations, and which are listed or traded on the European market and exchanges. The Fund’s investments are concentrated in Spanish equity securities and accordingly the Fund is more vulnerable to economic, political, regulatory or other developments in the Europe than a more diversified portfolio would be. The Sub-Fund may also use financial derivative instruments and financial derivative indices dealt in on a Regulated Market either for hedging and on ancillary basis investment purposes, at all times in compliance with the Grand-Ducal Regulation.
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