###### American Absolute Alpha
The American Absolute Alpha Portfolio seeks to achieve an absolute return. The Portfolio will principally invest in equity securities and equity related derivative contracts of corporate issuers headquartered in North America or exercising a predominant part of their activity in North America, and when determined appropriate, cash and Money Market Instruments. Secondarily, the Portfolio may invest in securities and derivatives related to corporate issuers headquartered outside North America.
The Portfolio is actively managed and will take long positions in publicly traded equity securities. Short positions (and possibly long positions) will be taken by the use of financial derivative instruments to include, but not limited to, equity swaps and futures and options related to individual equity securities, related to exchange traded funds and/or related to equity
indices in accordance with section A(7)(i) in Appendix A “Investment Restrictions”. The Portfolio may gain exposure to such short positions (and possibly long positions) through a single total return swap as described below. Hedging may also be achieved through the purchase of exchange traded funds.
The Sub-Advisor may choose to use one or a combination of the above investment methods. It is however expected that the Sub-Advisor will obtain part of its long and short exposure by investing in a single total return swap entered into with a counterparty, where the return is linked to the performance of a portfolio of actively managed investments. These investments will consist mainly of equity-related securities, exchange- traded funds and equity index positions and will be selected by the Sub-Advisor at its sole and entire discretion.
For further information on counterparties, please refer to Appendix B.I of the Prospectus and to the SICAV’s annual report.
It is expected that the assets above mentioned will be subject to total return swaps under the following proportions:
Total return swaps	200%	30-70%
The Portfolio will use financial derivative instruments and forward transactions for both efficient portfolio management and investment purposes. The use of derivatives may increase or decrease the risk profile of the Portfolio.
For the purposes of calculating the performance fee, the Portfolio references the 90-day Average Secured Overnight Financing Rate (SOFR)
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Translation (ENFR, 2021-07-31):
###### American Absolute Alpha
Le Compartiment American Absolute Alpha vise à assurer un rendement absolu. Le Compartiment sera investi principalement dans des valeurs mobilières de type actions et des contrats dérivés d’actions émises par des sociétés ayant leur siège ou exerçant une part prépondérante de leur activité en Amérique du Nord, et si approprié dans des disponibilités et des Instruments du Marché Monétaire. Le Compartiment peut investir, à titre subsidiaire, en valeurs mobilières et instruments financiers dérivés issus de valeurs mobilières émises par des sociétés ayant leur siège en dehors de l’Amérique du Nord.
Le Compartiment est géré de façon active et prendra des positions longues sur des actions de sociétés cotées. Des positions courtes (et éventuellement des positions longues) seront prises via des instruments financiers dérivés comprenant notamment des contrats d’échange
Le Compartiment pourra également avoir recours à des instruments financiers dérivés aux fins d’investissement et de gestion optimale de son portefeuille. Le recours aux instruments dérivés peut augmenter ou diminuer le profil de risque du Compartiment.
Pour calculer la commission de performance, le Compartiment se réfère au 90-day Average Secured Overnight Financing Rate (SOFR)
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