# Objectives and Investment Policy
## Investment Objective:

## The Fund aims to provide growth and income on your investment over time.

## Investment Policy:
The Fund invests primarily in a mix of high and lower quality debt issued by governments or government-related entities of emerging markets. The Fund also invests in high and lower quality debt issued by companies based in emerging markets. The debt will be mainly denominated in US Dollars.

## The Fund may invest more than 10% and up to 30% of its assets in securities issued by a single sovereign issuer with a lower credit rating.
The Fund may invest up to 10% of its assets in Chinese onshore bonds through the China Interbank Bond Market, up to 10% its assets in convertible bonds, up to 10% in contingent convertible securities.

## The Fund may invest up to 10% of its assets in other funds and may invest up to 10% in total return swaps.
The Fund may also invest in derivatives and use them for efficient portfolio management purposes, hedging and cashflow management purposes. Derivatives will not be used extensively for investment purposes. Derivatives may also be embedded in other instruments used by the Fund.


## The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to exceed 25%.


## The reference currency of the Fund is USD. The reference currency of this share class is EUR.


## The Fund is actively managed and does not track a benchmark. The Fund has an internal or external target to a reference benchmark, JP Morgan EMBI Global Diversified.

The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark.


## The deviation of the Fund’s performance relative to the benchmark is also monitored, but not constrained, to a defined range.


## Income is reinvested.


## You may sell your investment on most working days.


## Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within a period of 5 years.

Translation (ENES, 2022-05-25):
# Objetivos y Política de inversión
### Objetivo de inversión:

### El objetivo del Fondo es lograr crecimiento e ingresos en su inversión a lo largo del tiempo.

### Política de inversión:
El Fondo invertirá principalmente en una combinación de deuda de alta y menor calidad emitida por Gobiernos y entidades relacionadas con el Gobierno de mercados emergentes. El Fondo invierte en deuda de alta y menor calidad de sociedades con sede en mercados emergentes. La deuda estará denominada principalmente en USD.

### El Fondo puede invertir más del 10 % y hasta el 30 % en valores de un único emisor soberano con una calificación crediticia inferior.

### El Fondo podrá invertir hasta: un 10 % en bonos nacionales chinos a través del Mercado Interbancario de Bonos de China, un 10 % en bonos convertibles, y un 10 % en valores convertibles contingentes.

### El Fondo puede invertir hasta: un 10 % en otros fondos y un 10 % en swaps de rentabilidad total.
El Fondo también puede invertir en derivados con fines de gestión eficiente, cobertura y gestión del flujo de efectivo. Los derivados no se utilizarán ampliamente con fines de inversión. Los derivados también pueden estar integrados en otros instrumentos utilizados por el Fondo.