# Objectives and investment policy
1 The Fund seeks to provide investors with positive returns by investing primarily in listed shares and related instruments of shares listed in Europe, or of issues which derive a substantial part of their revenue from activities in Europe.
1 The Fund may also invest in issuers and markets outside Europe and in other asset classes. These asset classes include, but are not limited to, currency, debt and interest rates globally and other funds. The Fund may increase its holdings in cash and other liquid assets in times of market turbulence.
1 The Fund may invest up to 50% of its Net Asset Value in emerging markets. The Fund is, however, managed to be market neutral (meaning it will seek to achieve returns regardless of whether markets are rising or falling) with tight risk constraints such that any such allocation to emerging markets may result in a limited directional exposure (ie exposure to the direction of movement of value of positions). The emerging market exposure will not exceed 15% of the gross Fund value (ie the absolute value of all long and short positions in the Fund).
1 Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio.
1 The Fund will pursue a 'long-short strategy' whereby, in addition to buying and holding assets, it may use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets, 'FDI') extensively to achieve its investment objectives or to take 'short' positions where the Fund may benefit from a fall in value of the underlying asset.
1 Benchmarks. The Fund is actively managed; no benchmark is used as a universe for selection or for performance comparison purposes.
1 The Fund may actively use FDI to achieve the investment objective, for hedging a given investment or against anticipated movements in a market or other sector or where it is more cost effective than directly holding the underlying asset. The use of FDI may multiply the gains or losses made by the Fund on a given investment or on its investments generally.
1 FDI may allow the Fund to obtain market exposure in excess of the value of the Fund's assets (leverage).
1 The extensive use of FDI, and the fact that FDI may only require a small upfront payment, may mean the Fund is consistently required to hold a substantial portion of its assets in bank deposits and other money market securities.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (EUR).
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.

Translation (ENES, 2022-10-19):
# Objetivos y política de inversión
1 El Fondo procura ofrecer a los inversores rendimientos positivos invirtiendo principalmente en acciones cotizadas e instrumentos relacionados con acciones cotizadas en Europa o emisores que obtengan una parte significativa de sus ingresos en Europa.
1 Asimismo, el Fondo podrá invertir en emisores y mercados de fuera de Europa, además de en otras clases de activos. Estas clases de activos incluyen, entre otros, divisas, deuda y tipos de interés de todo el mundo y otros fondos. El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de inestabilidad en el mercado.
1 El Fondo puede invertir hasta un 50 % de su Valor liquidativo en mercados emergentes. Sin embargo, el Fondo se gestiona de forma neutral con respecto al mercado (lo que significa que tratará de obtener rendimientos independientemente de si los mercados suben o bajan), con estrictas limitaciones de riesgo, de modo que cualquier asignación a los mercados emergentes puede dar lugar a una exposición direccional limitada (es decir, exposición a la dirección del movimiento del valor de las posiciones). La exposición a los mercados emergentes no superará el 15 % del valor bruto del Fondo (es decir, el valor absoluto de todas las posiciones largas y cortas del Fondo).
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 Las inversiones de la Cartera, ya sea de manera directa o indirecta mediante derivados, en valores de renta fija cotizados o negociados en Mercados Reconocidos en Rusia no excederán el 20 % del Valor liquidativo de la Cartera.
1 El Fondo seguirá una “estrategia de inversión en posiciones largas y cortas”, por la cual, además de comprar y mantener activo, podrá hacer un amplio uso de instrumentos financieros derivados (“IFD”, es decir, instrumentos