The fund’s objective is to outperform its reference indicator (MSCI AC WORLD NR, and Citigroup WGBI All Maturities Eur) over a recommended investment horizon of 3 years. The allocation of the portfolio between the different asset classes and categories of UCITS (equities, balanced, bonds, money market, etc.) based on fundamental analysis of the global macroeconomic environment and of its indicators (growth, inflation, deficits, etc.) may vary according to the manager’s expectations. As the Fund is managed on an active, discretionary basis, its asset allocation may differ substantially from that of its performance indicator.