# Objectives and investment policy
1 The Fund seeks long term gains by investing at least two thirds of its net assets in listed or traded shares (or related instruments) of issuers in Europe, or which derive a predominant part of their revenue from Europe. It may also invest in other asset classes, including debt securities, currencies, deposits and other funds and in other regions.
1 The Investment Manager looks to invest in companies rated favourably for ESG behaviours and policies by third party providers compared to equivalent companies operating in the same industry and companies generating a positive impact based on data collected over a medium to long term period. The Investment Manager looks to engage with the companies it invests in,
i.e. working collaboratively with corporate management teams to favour ESG behaviours and implement sustainable changes within these companies.
1 Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') extensively to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset. The Fund is not expected to have an increased market exposure (leverage) as a result of such investments.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in equity securities (including, without limitation, common stock, convertibles and warrants) and fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI Europe Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and
risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error and or relative Value at Risk (VaR) versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (“SFDR”) on sustainability-related disclosures in the financial services sector. The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 Not more than 30% of the Fund's assets will be listed or traded in non- OECD markets and no more than 15% of the Fund's assets or debt securities may have a rating of less than A (or equivalent).
1 The Fund may actively use FDI to provide investors with the currency risk associated with the underlying investments of the Fund, or of an appropriate benchmark.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Investment in the Fund is suitable for long-term investors.

Translation (ENES, 2022-02-14):
# Objetivos y política de inversión
1 El Fondo procura obtener beneficios a largo plazo invirtiendo al menos dos tercios de su patrimonio neto en acciones cotizadas o negociadas (o instrumentos relacionados) de emisores europeos, o que obtengan una parte predominante de sus ingresos en Europa. Asimismo, puede invertir en otras clases de activos, como valores de deuda, divisas, depósitos y otros fondos, además de en otras regiones.
1 La Gestora de Inversiones trata de invertir en empresas calificadas favorablemente en términos de comportamientos y políticas ESG por parte de proveedores externos, en comparación con empresas equivalentes que operan en el mismo sector, y en empresas que generan un impacto positivo sobre la base de datos recopilados durante un periodo de medio a largo plazo. La Gestora de Inversiones pretende comprometerse con las empresas en las que invierte, lo que supone trabajar en colaboración con sus equipos directivos con el fin de favorecer los comportamientos ESG e implementar cambios sostenibles en dichas empresas.
1 Los valores de deuda podrán estar emitidos por cualquier gobierno, sociedad u organismo internacional y no están sujetos a un requisito mínimo de calificación crediticia.
1 El Fondo puede hacer un amplio uso de instrumentos financieros derivados (“IFD”, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente. No se prevé que el Fondo incremente su exposición al mercado (apalancamiento) como resultado de dichas inversiones.
1 Las inversiones de la Cartera, ya sea de manera directa o indirecta mediante derivados, en valores de renta variable (incluyendo, entre otros, acciones comunes, convertibles y warrants) y valores de renta fija cotizados o negociados en Mercados Reconocidos en Rusia no excederán el 20 % del Valor liquidativo de la Cartera.