# Investment Policy
The Fund will invest at least 70% of its Net Asset Value in a portfolio of global corporate high yield bonds.
The Fund may also, to a lesser extent, hold transferable securities (other than corporate high yield bonds), including debt securities, equity securities, money market instruments, shares or units in collective investment schemes, cash, near cash and deposits.
The choice of debt securities held by the Fund is not restricted by the currency denomination of the debt securities or the industry/ sector of the relevant issuers.
The Fund will be subject to the following limits:
- not more than 20% of its Net Asset Value will be invested (in aggregate) in: (i) securities that are convertible into equity securities; (ii) certificates of deposits; and/or (iii) bankers' acceptances;
- not more than 20% of its Net Asset Value will be invested in emerging market countries (as defined below);
- not more than 20% of its Net Asset Value will be invested in investment grade corporate debt securities (measured by taking the average, as calculated by the Investment Manager, of the credit rating for that debt security issued by each of Moody's, Standard & Poor's and Fitch);
- not more than 10% of its Net Asset Value will be invested in debt securities issued by and/or guaranteed by sovereign issuers;
- not more than 10% of its Net Asset Value will be invested in debt securities which are unrated by any of Moody's, Standard & Poor's and Fitch;
- not more than 10% of the Fund's Net Asset Value will be invested in asset backed securities and/ or mortgage backed securities;
- not more than 10% of the Fund's Net Asset Value will be invested in contingent convertible bonds;
- not more than 10% of the Fund's Net Asset Value will be invested in distressed securities (as defined in the risk factor section of this Prospectus).

Subject to the limits set out in the Investment Restrictions, the Fund will have the ability to use financial derivative instruments, including options, futures, portfolio swaps, and forward currency contracts, for hedging purposes and for Efficient Portfolio Management purposes. Financial derivative instruments will not be used either extensively or primarily in order to achieve the Fund's investment objectives or for investment purposes.
For the purposes of the above:
"emerging market countries" means those countries which are included in the JPMorgan CEMBI Broad Diversified Total Return Index, JPMorgan Emerging Markets Bond Index Global Diversified Index or J.P. Morgan Next Generation Markets Index at the time of the relevant investment.
"high yield bond" means any debt security that has a credit rating of BB+/Ba1 or lower (measured by taking the average, as calculated by the Investment Manager, of the credit rating for that debt security issued by each of Moody's, Standard & Poor's and Fitch), or in the case of unrated bonds, as determined by the Investment Manager.

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.