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Please note that since 8th June 2016 the new following documents are available: Prospectus, Offering Supplement, KIID, Listing document, Interim Report. In addition since 25th May 2016 shares of Class B are listed on ETF Plus market, open OICR’ segment, managed by Borsa Italiana s.p.a

The investment objective of the Sub-Fund is to achieve long-term capital growth through the investment primarily in transferable securities and financial derivative instruments. The Investment Manager shall invest either directly or through eligible collective investment schemes primarily in a diversified portfolio of listed transferable securities including equities; bonds (including corporate and sovereign bonds as well as other forms of securitised debt); currencies (through the use of futures and other FDIs which are quoted on regulated exchanges or traded in the OTC market); indices (including, but not limited to, the S&P 550, DAX, FTSE MIB, IBEX 35, EUROSTOXX50 and SMI) without having a high exposure to any one particular index; eligible ETFs; and eligible ETCs indirectly in the form of debt securities and collective investment schemes, consisting of energy, industrial metals and precious metal commodities.

The Investment Manager may also invest in FDIs (including futures, forward and swaps) linked to equities, bonds, currencies and indices. The Sub-Fund may invest up to: 80% of total assets in debt securities and money market instruments; 40% of total assets in equities; 20% of total assets in FDIs; 50% of total assets in ETFs and ETCs.

The selection process will be based on a combination of Macroeconomic Analysis and an accurate assessment and breakdown of the macroeconomic variables with the aim of anticipating the direction of specific markets.