# Objectives and Investment Policy
### Investment Objective:

### The Fund aims to provide long term capital growth and income by investing in a portfolio of Asian high yield bonds.

### Investment Policy:
In normal market conditions, the Fund invests a minimum of 70% of its assets in Non-Investment Grade rated and unrated fixed income securities which are either issued by companies which are domiciled in in Asia, or issued by government, government agencies or supranational bodies in Asia.
The Fund may invest up to 30% of its assets in onshore Chinese bonds traded on the China Interbank Bond Market and up to 10% of its assets in Chinese onshore bonds which are rated below Investment Grade.

### The Fund may invest up to 10% of its assets in convertible bonds, up to 10% of its assets in contingent convertible securities and up to 10% in other funds.

### The Fund's primary currency exposure is to the US Dollar. The Fund may also have exposure up to 30% in non-US Dollar currencies including Asian currencies.

### The Fund may also invest in derivatives. The Fund may use them for hedging, cashflow management and investment purposes.
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### The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to exceed 25%.
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### Currency hedging is carried out in respect of the share class. The aim is to protect against exchange rate fluctuations between the share class currency CHF and the base currency of the Fund USD.
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### The Fund is actively managed and does not track a benchmark. The Fund has an internal or external target to a reference

### benchmark, JACI Non-Investment Grade Corporate Index.
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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.
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### The deviation of the Fund’s underlying investments’ weightings relative to the benchmark are monitored, but not constrained, to a defined range.
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### Income is reinvested.
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### You may sell your investment on most working days.
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### Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within a period of 5 years.

Translation (ENES, 2022-11-08):
# Objetivos y Política de inversión
### Objetivo de inversión:

### Aumentar el capital y los ingresos a largo plazo invirtiendo en una cartera de bonos asiáticos de alto rendimiento.

### Política de inversión:
Normalmente, el Fondo invierte al menos el 70 % en valores de renta fija de grado especulativo o sin calificación de compañías con sede en Asia, o de Gobiernos, organismos públicos o entidades supranacionales de Asia.

### El Fondo puede invertir hasta: un 30 % en bonos nacionales chinos negociados en el CIBM y un 10 % en bonos nacionales chinos con una calificación por debajo de grado de Inversión.

### El Fondo puede invertir hasta: un 10 % en bonos convertibles; un 10 % en valores convertibles contingentes, y un 10 % en otros fondos.

### La principal exposición a divisas del Fondo es al USD. El Fondo puede tener una exposición máxima del 30 % a divisas que no sean USD, incluso asiáticas.

### El Fondo también puede invertir en derivados. Puede usarlos con fines de cobertura, gestión del flujo de efectivo e inversión.
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### El Fondo puede destinar hasta el 29 % de sus activos a operaciones de préstamo de valores. Sin embargo, no se espera que exceda el 25 %.
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La cobertura de divisas se lleva a cabo con respecto a la clase de acciones. El objetivo es proteger contra las fluctuaciones del tipo de cambio entre la divisa de la clase de acciones CHF y la divisa base del Fondo USD.