# Investment Policy
The Fund will invest at least 70 per cent of its Net Asset Value in a global portfolio consisting of: (i) equity and equity related securities (including preference shares, warrants, participation notices and depositary receipts) which may be issued by issuers located in any country and which the Investment Manager believes drive or benefit from (or have the potential to drive or benefit from) financial innovation, including but not limited to payments technology, digital financial services, mobile banking and blockchain; (ii) and financial derivative instruments. The companies in which the Fund invests are considered by the Investment Manager to be undervalued and exhibit favourable growth prospects arising from characteristics such as proven management or strong products or services. Subject to the limits set out in the Investment Restrictions, the Fund will have the ability: to hedge against directional risk using index futures and/or cash; to hold bonds and warrants on transferable securities; to use options and futures for hedging purposes and for Efficient Portfolio Management; to enter into portfolio swaps; to use forward currency contracts; and to hold liquid assets on an ancillary basis. The Fund will not take positions in cryptocurrencies. However, the Fund may invest in companies which provide cryptocurrency-related services.
The Fund has wider investment powers than most of the other Funds within the Company in relation to its use of financial derivative instruments. In particular it has the power to use financial derivative instruments for investment purposes and/or for hedging or Efficient Portfolio Management. While the purpose behind these wider investment powers is designed to enable the Investment Manager to achieve positive returns across varying market conditions, there are specific risks associated with the strategy and the instruments to be used as outlined in the section headed "Risk Factors" on page 46 of this Prospectus.
In particular, the Fund may use futures and options and enter into portfolio swaps in order to gain both long and short exposures to indices, sectors, baskets or individual securities for investment purposes and/or for hedging or Efficient Portfolio Management. For example, core long positions within the portfolio may be wholly or partially hedged from time to time, at the Investment Manager's discretion, using futures, options or portfolio swaps.
To the extent that financial derivative instruments are used (whether for investment purposes, hedging or Efficient Portfolio Management), the Fund's gross exposure to the market will not exceed 150% of its net assets at any time. A large gross exposure in the Fund will commonly be indicative of increased hedging using financial derivative instruments such as futures, rather than a large directional weighting using financial derivative instruments for investment purposes. The Fund's maximum long exposure to the market shall be 130% of its net assets and its maximum short exposure shall not exceed 20% of its net assets.
Subject to the limits set out in the Investment Restrictions, the Fund may invest in fixed interest securities, equities and equity related securities (including participation notes) issued by governments or companies which have their registered office in emerging market economies or exercise the predominant part of their economic activities in emerging market economies.

Translation (ENFR, 2021-04-01):
# Politique d’investissement
Le Compartiment investira au moins les deux tiers de sa valeur nette d'inventaire dans des actions et des titres rattachés à des actions (en ce compris des actions privilégiées cotées, des obligations convertibles non garanties cotées (convertible unsecured loan stock), des warrants cotés et d'autres titres similaires) de sociétés : (i) qui ont leur siège social dans la région Asie-Pacifique (hors Japon) et/ou (ii) exercent une part prépondérante de leurs activités économiques dans la région Asie- Pacifique (hors Japon), dans des secteurs et des zones géographiques qui, de l'avis du Gestionnaire de portefeuille, offrent de bonnes perspectives de revenus et de croissance du capital, compte tenu des tendances économiques et des développements commerciaux.
Sous réserve des limites fixées dans les Restrictions d’investissement, le Compartiment peut : couvrir tout risque directionnel au moyen de futures sur indices et/ou de liquidités ; détenir des obligations et des warrants sur valeurs mobilières ; avoir recours à des options et des futures à des fins de couverture et de gestion efficace de portefeuille ; conclure des swaps de portefeuille ; conclure des contrats de change à terme et détenir des actifs liquides à titre accessoire.
Aux fins susmentionnées, « la région Asie-Pacifique (hors Japon) » comprend tous les pays inclus dans l’indice MSCI All Country Asia Pacific Ex-Japan Gross TR
1
, au moment de l’investissement concerné.
Bien que le Compartiment cherche généralement à investir dans des actions génératrices de dividendes de sociétés s'étant engagées à partager leurs bénéfices, il n'est pas garanti que tous les investissements sous-jacents produisent des dividendes. Dans la mesure où les investissements sous-jacents du Compartiment produisent des revenus, le potentiel de croissance du capital peut diminuer.