# Objectives and investment policy
The Fund seeks to achieve income and long-term growth on your investment by investing primarily in equity securities on a global basis.
The Fund will mainly invest in equities with above-average dividend yields and large market capitalisations and will also invest in other income-producing equity securities including preferred equities, real estate investment trusts and master limited partnerships.
The Fund may also invest in money-market instruments for ancillary liquidity purposes. The Fund may invest up to 10% of its net assets in collective investment schemes including, exchange traded funds.
The Fund may use derivatives (investments which allow the Fund exposure to an asset without investing directly in the asset through a financial contract) with the aim of managing interest rate and currency risk more efficiently.
The Fund may also use derivatives for both hedging purposes and for taking investment positions. These may include short positions where the Fund seeks to benefit from the sale of an asset that it does not physically own.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 18 months.
Your shares are accumulating, meaning that income and gains of the Fund will be reinvested to increase the value of the Fund.
Your shares are denominated in US Dollars, the Fund’s base currency. Typically, assets held by the Fund which are denominated in a currency other than the base currency may be hedged or substantially hedged to the base currency.
Shares can normally be bought and sold on any business day, being a day on which banks are open for business in Ireland, the UK and the US.
The Fund is actively managed with reference to the MSCI World Value Index (N) (the “Index”). The Index is used (i) as a universe from which to select or hold securities; (ii) to measure performance of the Fund; and (iii) for the purposes of calculating relative VaR. The investment manager has discretion over the composition of the portfolio of the Fund and may select securities not included in the Index. However, in normal market circumstances, whilst it is expected that a significant portion of the Fund’s constituents will also be Index constituents, deviations from the Index may be material. Whilst the investment manager does not employ a defined strategy to align with a benchmark during periods of volatility, it will take account of market environment and perceived risks at any given time and will employ its investment discretion as described in the investment policy accordingly.
For more information about the investment policy of the Fund, please see the section of the prospectus titled “Investment Objectives and Policies”.

Translation (ENFR, 2020-07-21):
# Objectifs et politique d’investissement
## Le Compartiment cherche à générer des revenus et une croissance à long terme sur votre investissement en investissant principalement dans des titres de participation à l'échelle mondiale.
Le Compartiment investira principalement dans des actions offrant des rendements supérieurs à la moyenne et affichant une grande capitalisation boursière et investira également dans d'autres titres de participation générateurs de revenus, y compris des actions privilégiées, des sociétés civiles de placement immobilier et des sociétés en commandite principales.
Le Compartiment peut également investir dans des instruments des marchés monétaires à des fins de liquidité à titre accessoire. Le Compartiment peut investir à hauteur de 10 % de ses actifs nets dans des organismes de placement collectif, y compris des fonds indiciels cotés.
Le Compartiment peut utiliser des instruments dérivés (des investissements qui permettent d'exposer le Compartiment à un actif sans investir directement dans cet actif au moyen d'un contrat financier) dans le but de gérer plus efficacement le risque de taux d'intérêt et de change.
Le Compartiment peut également utiliser des instruments dérivés à des fins de couverture et pour prendre des positions d'investissement. Ces dernières peuvent comprendre des positions courtes où le Compartiment cherche à tirer avantage de la vente d'un actif qu'il ne détient pas physiquement.

## Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leurs capitaux dans les 18 mois.

## Vos actions sont des actions de capitalisation, à savoir que les revenus et les plus- values du Compartiment seront réinvestis pour augmenter la valeur du Compartiment.

## Vos actions sont libellées en USD, la devise de référence du Compartiment. En