# GAM Star Global Defensive
S
UPPLEMENT 
20

##### This Supplement forms part of the Prospectus dated 28 July, 2021 for GAM Star Fund p.l.c. and should be read in conjunction with that Prospectus.
This Supplement contains specific information in relation to GAM Star Global Defensive (the “Fund”), a sub-fund of GAM Star Fund p.l.c. (the “Company”), an open -ended umbrella type investment company with segregated liability between Funds and authorised by the Central Bank pursuant to the provisions of the 1989 UCITS Regulations and subject to the 2011 Regulations.
WARNING: (HONG KONG RESIDENTS ONLY) The contents of the Prospectus and this Supplement in relation to the offering of P Shares of GAM Star Fund p.l.c. have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of th e contents of this document, you should obtain independent professional advice. Further information relating to the offer of Shares in the Fund in Hong Kong is set out below at the section entitled "Notice to Hong Kong Residents"
The Fund may invest in financial derivative instruments for efficient portfolio management purposes only. In relation to the leverage effect of investing in financial derivative instruments, see “Investment Objectives and Policies – Global Exposure and Leverage” below.
Although the Fund may invest substantially in cash deposits, certificates of deposits and/or Money Market Instruments in certain circumstances, Shares in the Fund are not deposits and are different in nature to a deposit in that the investment is not guaranteed and the value of the investment is capable of fluctuation. Investment in the Fund involves certain investment risks, including the possible loss of principal.
Shareholders should note that fees and expenses payable by Income II Classes may be charged to the capital of the Income II Classes. Thus on redemptions of holdings, Shareholders may not receive back the full amount in- vested due to capital reduction.
Holders of Income II Shares should also note that distributions may be paid out of capital attributable to such Shares. This will have the effect of eroding capital and the maximising of income will be achieved by foregoing the potential for future capital growth. This cycle may continue until all capital is depleted.
- I
- NVESTMENT 
- O
- BJECTIVES AND 
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- OLICIESThe investment objective of the Fund is to seek to achieve long term capital growth.

The Fund aims to achieve this investment objective primarily through investment in open -ended collective investment schemes which provide exposure to equities, Fixed Income Securities, property, commodities and currencies as set out below. The Fund will not invest in closed-ended collective investment schemes.

##### Typically, the Fund will gain exposure of a minimum of 45% of its net assets to Money Market Instruments, cash

##### instruments including deposits and short term fixed income investments and collective in vestment schemes which invest in Fixed Income Securities.
Investment by the Fund in equity long only funds will range from 0%-35% of its net assets. The Fund will not invest directly in property or commodities and such indirect exposure shall be generated as described below.
It is intended to manage the assets of the Fund on a defensive basis through active allocation and portfolio diversification and to this end, the Co-Investment Manager will maintain the volatility of the Net Asset Value of the Fund between 2% and 7% per annum over a rolling 5 year period. Sophisticated risk models help monitor the level and nature of the risk taken. The Co-Investment Manager will actively adjust the weighting between the asset classes to anticipate and reflect changing economic and market conditions and to exploit investment opportunities. The suitability of investment

##### opportunities will be continuously assessed against their potential risks.
The open-ended UCITS collective investment schemes to which the Fund may gain exposure will be UCITS collective investment schemes which will primarily be domiciled in Luxembourg, United Kingdom and Ireland.

##### The Fund may invest in exchange traded securities, to optimise the Fund’s exposure to the asset classes listed above.

##### The underlying collective investment schemes, in which the Fund may invest, will gain exposure to a broad range of asset classes which can be broken down as follows:
(i) Equity: The Fund may gain exposure to equities through investing in collective investment schemes which focus on investing in equities. (ii) Fixed Income: The Fund may gain exposure to collective investment schemes which focus on
investing in Fixed Income Securities and financial derivative instruments based on such securities. There is no restrict ion on the minimum credit rating of Fixed Income Securities held by these collective investment schemes.

##### (iii) Alternative: The Fund may invest in alternative funds (which will be established as UCITS schemes) which gain
exposure to currencies, fixed income instruments, equities and commodities aiming to spot price differentials and exploit anomalies. These funds may use futures and options, but have to comply to similar rules as the Fund. The flexibility to combine elements and vary market exposure means that these funds may have low or zero correlation to equity, bond, currency or commodities markets. The Fund may also invest in collective investment schemes which satisfy the criteria set down by the Central Bank in order to gain exposure to property related securities.
The Fund may invest in other Funds of the Company and in other collective investment schemes which are managed by the Co-Investment Manager or its affiliates. Investment is not permitted in Funds of the Company which in turn invest in other Funds of the Company.
Where the Fund invests in an underlying fund which is managed by the Manager or any other company with which the Manager is linked by common management or control or by a substantial direct or indirect holding, the Manager (or other relevant entity) may not charge any subscription, conversion or redemption fees on account of such inves tment by the Fund.
The Fund will not charge an annual management fee (or minimum annual management fee where applicable) or investment management fee in respect of that portion of its assets invested in other Funds of the Company.

##### The Fund’s allocation between the asset classes described above will be made at the Co -Investment Manager’s

##### discretion.
The Fund may also gain exposure to the asset classes described above via exchange traded securities described below which are listed or traded on Recognised Markets worldwide. Such exchange traded securities shall not embed any

##### derivatives.

##### Exchange-traded funds track an index or a collection of assets, but they trade like a stock, their price changing throughout the day as they are bought and sold.

##### Exchange traded commodities (“ETC’s”) are debt securities typically issued by an investment vehicle that tracks the

##### performance of a single underlying commodity or a group of associated commodities, including inter alia gold, silver,

##### platinum, diamonds, palladium, uranium, coal, oil, gas, copper and crop. ETC’s are liquid securities and may be traded

##### on a regulated exchange in the same way as an equity. ETC’s enable investors to gain exposure to commodities without

##### trading futures or taking physical delivery of assets.
The Fund may also retain or move to up to 100% of its net assets in deposits, Government debt securities and Money Market Instruments in the appropriate circumstances. Such circumstances include where market conditions may require a defensive investment strategy, the holding of cash on deposit pending reinvestment, the holding of cash in order to meet redemptions and payment of expenses, in order to support derivative exposure or in any extraordinary market circumstances such as a market crash or major crises which in the reasonable opinion of the Co -Investment Manager would be likely to have a significant detrimental effect on the performance of the Fund.
The Fund may invest up to 100% of its Net Asset Value in securities issued or guaranteed by any Me mber State, its local authorities, non-Member States or public international body of which one or more Member States are members, and
which are set out in Section 2.12 of the “Investment Restrictions” section of the Prospectus, (i) in order to support any derivative exposure; or (ii) in any extraordinary market circumstances such as a market crash or major crises which in the reasonable opinion of the Co-Investment Manager would be likely to have a significant detrimental effect on the

##### performance of the Fund.

##### For performance monitoring purposes, the Fund may be measured against the Lipper Global Mixed Asset GBP Con- servative/ GBP Average 1 Month Deposit Rate (the “Benchmarks”).
The Lipper Global Mixed Asset GBP Conservative is a sector average of funds inves ting more than 65% in fixed income securities and the remainder in variable income securities. Investments are limited to country/region where specified.

##### The Fund is considered to be actively managed in reference to the Benchmarks by virtue of the fact th at it uses the
Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not

##### constituents of the Benchmarks.

##### Derivatives
Subject to the 2011 Regulations and as more fully described under the heading “ Investment Restrictions” in the Prospectus, the Fund may use the currency forwards below for efficient portfolio management purposes (being the reduction of risk).

##### For the avoidance of doubt, derivatives instruments which are used for efficient portfolio management purposes only will not be considered as synthetic instruments.

##### Where a class is denoted as a hedged share class in Appendix I of the Prospectus, the Fund will enter into certain
currency related transactions in order to hedge the currency exposure of such class denominated in a currency other than the Base Currency, as described in the section of the Prospectus entitled “Share Currency Designation Risk”. Where the Fund does not enter into such hedging transactions, a currency conversion will take place on subscription,
redemption, switching and distributions at prevailing exchange rates where the value of the share expressed in the class currency will be subject to exchange rate risk in relation to the Base Currency.

##### Such derivatives may be traded over-the-counter or on a Recognised Market.
Currency Forwards: These may be used for hedging purposes: (a) to protect the strength of the Base Currency of the Fund; and/or (b) to mitigate the exchange rate risk between the Base Currency of the Fund and the currency in which Shares in a class of the Fund are designated where that designated currency is different to the Base Currency of the Fund. The use of derivative instruments for the purposes outlined above may expose the Fund to the risks disclosed under the heading “Introduction – Risk Factors”.

##### Integration of Sustainability Risks

##### Sustainability risk is integrated into the investment process of the Fund in the manner detailed in the “Sustainable
Finance Disclosures” section of the Prospectus. The results of the assessment of the likely impact of sustainability risk on the return of the Fund is detailed in the “Risk Factors” section of this Sup plement.

##### Global Exposure and Leverage

##### The Fund will only use a limited number of simple derivative instruments for efficient portfolio management.

##### The Fund will use the Commitment Approach to calculate the global exposure generated through the use of financial derivative instruments as part of its risk management process.

##### The Fund will not be leveraged but the Fund may borrow up to 10% of its Net As set Value to settle investor redemptions.
- I
- NVESTMENT 
- R
- ESTRICTIONSThe Fund’s investment restrictions are as set out in the Prospectus under the heading “ Investment Restrictions”.
- R
- ISK 
- F
- ACTORSIn addition to the particular risks outlined below, potential investors attention is drawn to the heading “Risk Factors” inthe Prospectus which potential investors should consider before investing in the Fund.


##### Sustainability Risk
The investments of the Fund are subject to sustainability risk, as outlined and defined under the “Sustainable Finance Disclosures” section of the Prospectus. Investment into open-ended collective investment schemes is understood to carry low sustainability risk as such are composed of a base of underlying investments. Should the market value of an underlying investment be impacted by sustainability risk, the wider impact on the holding instrument should be limited.
This diversification curtails the sustain ability risk of the Fund. The Fund has been determined to have a sustainability risk rating of low. The degree of sustainability risk is likely to vary to a limited extent should the composition of the portfolio be modified. The assessment of sustainability risk is integrated into the investment process of the Fund, and shall be
conducted periodically on an individual basis for all investments held in the portfolio. When conducting a sustainability risk assessment, the Co-Investment Manager may utilise whatever public information it considers relevant, including but not limited to documentation released by investee entities or external data vendors, and credit ratings (where

##### appropriate).
- B
- ASE 
- C
- URRENCYSterling
- I
- NITIAL 
- O
- FFERThe Shares in each class will be offered at the initial offer price contained in the Prospectus under the heading entitled“Investing in the Company”-“Description of Shares” with the exception of the Share classes which have already launched, a current list of which is available from GAM Fund Management Limited or on the GAM internet site www.gam.com. The Shares in each class being offered at an initial offer price (with the exception of the ILS Shareclasses as identified in Appendix I of the Prospectus) will continue to be offered during the initial offer period of each class until 29 October, 2021 and the aforementioned ILS Share classes will be offered during the initial offer period which shall be from the first Business Day subsequent to the date of th is Supplement until 29 October, 2021 (hereinafter referred to as the “Initial Offer Period” in respect of each unlaunched class). Subject to acceptance by the Company of applications for Shares in a class being offered at an initial offer price, Shares in that class will be issued for the first time on the last Business Day of the Initial Offer Period in respect of that class.

The Initial Offer Period may be shortened or extended by the Directors. The Central Bank will be notified in advance of any such shortening or extension if subscriptions for Shares have been received or otherwise on an annual basis. After the closing of the Initial Offer Period, Shares in the relevant class will be issued at the Net Asset Value per Share of that class on each Dealing Day plus any dilution levy applicable (as described in the Prospectus under the heading “Dilution Levy”).
- D
- EALING 
- D
- AYEvery Business Day.
- D
- EALING 
- N
- OTICESubscriptions and redemptions of Shares will be effected each Dealing Day provided that subscription/redemption notice has been received by the Manager by 10:00 hours (UK time) on the relevant Dealing Day.
- P
- URCHASE OF 
- S
- HARESThe procedures to be followed in applying for Shares are set out in the Prospectus under the heading “ How to Buy Shares”.


##### Payment must be received by the Manager by 10:00 hours, UK time, on the relevant Dealing Day, or in the case of

##### investors or intermediaries approved by the Manager, within four Business Days of the relevant Dealing Day, in cleared funds and in the designated currency of the Shares being purchased.
- F
- EESPlease refer to the heading “Fees and Expenses” in the Prospectus for full details of fees and expenses applicable.

In addition, in the case of Income II Shares, management fees and/or other fees and expenses may be charged to the capital of the Fund. Please refer to the section of the Prospectus entitled “Charging of Fees and Expenses to Capital” for further information.

##### Ordinary, PO, Distribution MO, Distribution PMO, Distribution PMCO, Distribution QO and Distribution SO Shares

##### Global Distributor and Co-Investment

##### Manager Fee:	Up to 1.05% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### This fee may be increased up to 1.70% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of the Fund upon reasonable written notice to Shareholders.

##### Manager Fee:	Up to 0.15% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of
Shares of the Fund subject to a minimum fee payable by the Fund of GBP 30,000 per annum. Please refer to paragraph 9 of the section entitled ‘Investment Objectives and Policies’ of the Prospectus for further information.

##### Depositary Fee:	Up to 0.0425% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### Subscription Fee:	Up to 5% of the value of the gross subscription with the exception of Ordinary, PO, Distribution MO, Distribution PMO, Distribution PMCO, Distribution QO and Distribution SO

##### Shares denominated in GBP in respect of which no Subscription Fee applies .

##### U and V Shares

##### Global Distributor and Co-Investment

##### Manager Fee:	Up to 1.35% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### This fee may be increased up to 1.85% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of the Fund upon reasonable written notice to Shareholders.

##### Manager Fee:	Up to 0.15% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of

##### Shares of the Fund subject to a minimum fee payable by the Fund of GBP 30,000 per annum.

##### Depositary Fee:	Up to 0.0425% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### Subscription Fee:	Up to 5% of the value of the gross subscription with the exception of U and V Shares denominated in GBP in respect of which no Subscription Fee applies .

##### Institutional, Distribution MI, Distribution MR, Distribution QI, Distribution QR, Distribution SI, Distribution SR, PI, R, W and X Shares

##### Global Distributor and Co-Investment

##### Manager Fee:	Up to 0.70% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### This fee may be increased up to 1.20% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of the Fund upon reasonable written notice to Shareholders.

##### Manager Fee:	Up to 0.15% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of

##### Shares of the Fund subject to a minimum fee payable by the Fund of GBP 30,000 per annum.

##### Depositary Fee:	Up to 0.0425% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.
Subscription Fee:	Up to 5% of the value of the gross subscription with the exception of Institutional, Distribution MI, Distribution MR, Distribution QI, Distribution QR, Distribution SI, Distribution SR, PI, R, W and X Shares denominated in GBP in respect of which no Subscription Fee applies .

##### Selling Agents’ Shares

##### Global Distributor and Co-Investment

##### Manager Fee:	Up to 0.85% per annum (plus VAT, if any) of the Net Asset Value of the Selling Agents’

##### Shares of the Fund.

##### Manager Fee:	Up to 0.15% per annum (plus VAT, if any) of the Net Asset Value of the Selling Agents’

##### Shares of the Fund subject to a minimum fee payable by the Fund of GBP 30,000 per annum.

##### Shareholder Services Fee: 0.5% per annum of the Net Asset Value of the Selling Agents’ Shares in the Fund.

##### Depositary Fee:	Up to 0.0425% per annum (plus VAT, if any) of the Net Asset Value of the Selling Agents’

##### Shares of the Fund.

##### Subscription Fee:	Up to 5% of the value of the Shares purchased with the exception of Selling Agents’ Shares

##### denominated in GBP in respect of which no Subscription Fee applies .

##### Switching Fee:	Up to 0.5% of the value of the Shares to be switched.

##### Selling Agent C Class Shares, Selling Agent F Class Shares, Selling Agent G Class Shares and Selling Agent PC Shares Only

##### Sales Distribution Charge: 0.75% per annum of the Net Asset Value of the relevant class of Shares in the Fund.

##### Z Shares

##### Global Distributor and Co-Investment

##### Investment Manager Fee: Up to 0.70% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### This fee may be increased up to 1.20% per annum (plus VAT, if an y) of the Net Asset Value of the relevant class of Shares of the Fund upon reasonable written notice to Shareholders.

##### Manager Fee:	Up to 0.15% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### Depositary Fee:	Up to 0.0425% per annum (plus VAT, if any) of the Net Asset Value of the relevant class of Shares of the Fund.

##### Subscription Fee:	Up to 5% of the value of the gross subscription with the exception of Z Shares denominated in GBP in respect of which no Subscription Fee applies.

##### The Fund may be liable to pay, without limitation, subscription, redemption, management, performance, distribution, administration and/or custody fees or charges in respect of each collective investment scheme in which it invests. Such typical fee ranges of underlying collective investment schemes include up to 2% of the collective investment scheme’s net asset value in respect of management fees and a range of 0.35% of the collective investment scheme’s net asset value in respect of administration and trustee fees. Performance fees payable to investment managers of the underlying collective investment schemes will typically include up to 20% of the portion of the increase of performance of the net asset value of the respect ive underlying collective investment schemes over a predetermined period of time (except in some cases where such performance fees are payable only in excess of the applicable hurdle rate).
- D
- IVIDENDSIt is anticipated that distributions will be made un der normal circumstances as set out below.


##### Monthly distributions

##### Under normal circumstances it is anticipated distributions of the Distribution MO, Distribution MI Shares, Distribution MR,

##### Distribution PMO Shares and Distribution PMCO Shares will be made monthly (following the end of each calendar month).

##### Quarterly distributions
Under normal circumstances it is anticipated distributions of the Distribution QO, Distribution QI Shares, Distribution QR, Selling Agent AQ, Selling Agent CQ and Selling Agent TQ Shares will be made quarterly (following the end of each calendar quarter).

##### Semi Annual distributions
Under normal circumstances it is anticipated distributions of Distribution SO, SI and SR Shares will go “ex dividend” on the first Dealing Day in January and July and the semi-annual distribution will normally be paid to Shareholders on or before 28 February and 31 August respectively.

##### Annual distributions
For all other relevant share classes of the Fund comprising of Income Shares or Income II Shares it is anticipated that distributions will normally go “ex-dividend” on the first Dealing Day of July in each year and the annual distribution will normally be paid to Shareholders on or before 31 August in each year.

##### Further information relating to the payment of dividends is contained at the section of the Prospectus entitled “Dividends”.
- P
- ROFILE OF 
- T
- YPICAL 
- I
- NVESTORAn investment in the Fund is designed to be a long term investment of typically 5 years therefore investors should not expect to obtain short-term gains from such investment. The Fund is suitable for investors who can afford to set aside the capital for the investment cycle and who seek a low level of investment risk.
- N
- OTICE TO 
- H
- ONG 
- K
- ONG 
- R
- ESIDENTSThe Prospectus and this Supplement in relation to the offering of P Shares of the Fund have not been reviewed orapproved by the Securities and Futures Commission (the “SFC”) pursuant to the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the “SFO”). Accordingly, the P Shares of the Fund may not be offered or sold by means of theProspectus and this Supplement or any other document other than in circumstances which do not result in theProspectus and this Supplement or any other document in relati on to the offering of P Shares of the Fund being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the “CO”) or which do not constitute an offer to the public within the meaning of the CO and the SFO.


##### No person may issue or have in his possession for the purposes of issue, whether in Hong Kong or elsewhere, any
advertisement, invitation or document relating to the P Shares of the Fund, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of
Hong Kong). No person in Hong Kong other than the person to whom a copy of the Prospectus and this Supplement has been addressed may treat the same as constituting an invitation to him to invest, and a subscription for P Shares of the Fund will only be accepted from such person for such minimum amount of P Shares of the Fund as set out in this

##### Supplement. The Prospectus and this Supplement may not be reproduced in any form or transmitted to any person other than the person to whom it is addressed.
The minimum initial subscription and minimum holding amount applicable to P Shares is set down in the sections of the Prospectus entitled “Minimum Initial Subscription” and “Minimum Holding Amount (P Shares Only)” respectively.

Translation (ENFR, 2021-09-17):
# GAM Star Global Defensive
S

###### UPPLEMENT 
20

###### Le présent Supplément fait partie du Prospectus daté du 28 juillet 2021 de GAM Star Fund p.l.c. et doit être lu conjointement à celui-ci.
Le présent Supplément renferme des renseignements précis à propos de GAM Star Global Defensive (ci-après le « Fonds »), un compartiment de GAM Star Fund p.l.c. (ci-après la « Société »), société d’investissement à capital variable et compartiments multiples avec séparation du passif et agréée par la Banque Centrale en application des dispositions des Règlementations relatives aux OPCVM de 1989 et sous réserve de la Réglementation de 2011.
AVERTISSEMENT : (UNIQUEMENT POUR LES RESIDENTS DE HONG-KONG) Le contenu du Prospectus et du présent Supplément relatif à l’offre d’Actions P de GAM Star Fund p.l.c. n’a pas été examiné par une autorité réglementaire de Hong-Kong. Nous vous encourageons à exercer la plus grande prudence à l’égard de cette offre. Si vous avez des doutes concernant le contenu du présent document, sollicitez les conseils de professionnels indépendants. Des informations supplémentaires relatives à l’offre d’Actions dans le Fonds à Hong-Kong se trouvent ci-dessous dans la section intitulée « Avis aux résidents de Hong-Kong ».
Le Fonds peut investir dans des instruments financiers dérivés exclusivement à des fins de gestion efficace du portefeuille. En ce qui concerne l’effet de levier d’un investissement dans des instruments financiers dérivés, veuillez consulter le paragraphe « R
ISQUE GLOBAL ET EFFET DE LEVIER 

###### » sous la rubrique « Objectifs et politiques d’investissement » ci-dessous.
Bien que le Fonds puisse investir de manière substantielle dans des dépôts en espèces, certificats de dépôts et/ou Instruments du marché monétaire dans certaines circonstances, les Actions du Fonds ne constituent pas des dépôts et sont différentes en nature aux dépôts en ce que l’investissement n’est pas garanti et que la valeur de l’investissement est sujette à des fluctuations. Un investissement dans le Fonds implique certains risques liés aux placements, y compris la perte éventuelle du principal.
Les actionnaires doivent prendre acte du fait que les frais et les dépenses dus par les Catégories de rendement II peuvent être portés au débit du capital desdites Catégories de rendement II. En conséquence, sur les rachats de détentions, il se peut que les Actionnaires ne récupèrent pas le montant total investi en raison de la réduction de capital.
Les détenteurs d’Actions de rendement II doivent également noter que les distributions peuvent être versées à partir du capital attribuable à ces Actions. Ceci aura pour effet d’éroder le capital, et l’optimisation du revenu sera atteinte en renonçant à l’éventualité d’une future croissance du capital. Ce cycle peut continuer jusqu’à ce que tout le capital soit épuisé.
- 
### Objectifs et politiques d’investissement


###### L’objectif d’investissement du Fonds est de chercher à obtenir une croissance du capital à long terme.
Le Fonds vise à atteindre cet objectif d’investissement principalement par le biais d’investissement dans des organismes de placement collectif à capital variable qui offrent une exposition aux titres, aux titres à revenu fixe, à l’immobilier, aux matières premières et aux devises tel que défini ci-dessous.
En général, le Fonds sera exposé à un minimum de 45 % de son actif net aux Instruments du marché monétaire, aux instruments équivalents donnant lieu à un règlement en espèce dont les dépôts et les investissements à revenu fixe à court terme et les organismes de placement collectif qui investissement dans des titres à revenu fixe.
L’investissement par le Fonds dans des fonds actions long only ira de 0 à 35 % de son actif net. Le Fonds n'investira pas dans des organismes de placement collectif de type fermé. Le Fonds n’investira pas directement dans l’immobilier ou les matières premières, et cette exposition indirecte doit être générée tel que décrit ci-dessous.
Il est prévu de gérer les actifs du Fonds de façon défensive par le biais de l’allocation active et à la diversification de portefeuille et à cette fin, le Co-Investment Manager maintiendra la volatilité de la Valeur Liquidative du Compartiment entre 2% et 7% par an sur une période continue de 5 ans. Les modèles de risque sophistiqués aident à surveiller le niveau et la nature du risque pris. Le Co-Gestionnaire d’investissement va ajuster de façon active la pondération entre les catégories d’actifs afin d’anticiper et de refléter le changement des conditions de marché et économiques et pour exploiter des opportunités de placement. L’adéquation des opportunités de placement sera évaluée en continu par rapport à leurs risques potentiels.
La préférence du Co-Gestionnaire d’investissement sera d’investir dans des organismes de placement collectif OPCVM éligibles. Les organismes de placement collectif OPCVM de type ouvert avec lesquels le Fonds peut obtenir une exposition seront des organismes de placement collectif OPCVM principalement domiciliés au Luxembourg, au Royaume-Uni et en Irlande.

###### Le Fonds peut investir dans des titres négociés en bourse, afin d’optimiser son exposition aux catégories d’actifs énumérées ci-dessus.

###### Les organismes de placement collectif sous-jacents, dans lesquels le Fonds peut investir, seront exposés à une large gamme de catégories

###### d’actifs qui peuvent être résumées comme suit :
- Action : le Fonds peut être exposé aux actions par le biais de l’investissement dans des organismes de placement collectif qui concentrent leurs investissements sur les actions.