# Risk and Reward Profile
The Fund aims to achieve long-term capital growth by investing primarily in an actively managed	
portfolio of emerging market companies. The Fund invests directly or indirectly up to 100% of its assets primarily in equities and equity related securities of companies. These are listed, incorporated, domiciled or carry out the main part of their economic activity in an emerging market country. The Fund can further invest directly or indirectly up to 100% of its assets in China A shares via both, the Shanghai-Hong Kong Stock Connect or the Shenzhen-Hong Kong Stock Connect. The Fund may hold up to 100% of its assets in cash or invest in ancillary liquid assets (such as Money Market Instruments) for liquidity purpose. The Fund may use financial derivatives for investment, efficient portfolio and/or hedging purposes The Fund may use investment techniques known as ‘hedging’ to provide protection against exchange risks for the efficient management of its investments or to hedge a non-base currency share class. The Fund may have exposure of up to 10% of NAV in limited partnerships or investment trusts including in REITs. The Fund may have exposure of up to 5% of NAV in warrants.
FUND OPPORTUNITIES
A highly qualified and experienced investment manager actively manages the Fund. Equities are selected using a fundamental, bottom-up selection approach combined with a top down view on countries.
RISK FACTORS
A significant portion of the Fund's assets may be invested in emerging market assets. Emerging markets generally carry greater political, legal, counterparty and operational risk. In exceptional circumstances the Fund may encounter difficulties when buying and selling these investments. The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. The Fund may invest in financial derivative instruments which can result in greater fluctuations of the Fund's value and may cause the Fund to lose as much as or more than the amount invested. Due to the fact that the Fund may invest into the China A Shares market via both, Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect, various additional risks which include but are not limited to regulatory risks and suspension risks may thereby be caused and should be emphasised to the general investment and equity related risks.
110
Lower Risk	Higher Risk
Typically Lower Rewards	Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
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Translation (ENES, 2022-10-31):
# Perfil de riesgo y remuneración
El fondo pretende obtener plusvalías del capital a largo plazo mediante la inversión principalmente en	
una cartera de empresas de mercados emergentes gestionada de forma activa. El fondo invierte directa o indirectamente hasta el 100% de sus activos principalmente en valores de renta variable de empresas y asociados con esta. Estas cotizan, han sido constituidas, tienen su domicilio o desarrollan la mayor parte
Menor riesgo	Mayor riesgo
de su actividad económica en un país de mercados emergentes. El fondo puede invertir directa o indirectamente como máximo el 100% de sus activos en acciones A de China tanto a través de Shanghai- Hong Kong Stock Connect como de Shenzhen-Hong Kong Stock Connect.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |

Con fines de liquidez, el fondo puede mantener hasta el 100% de sus activos en tesorería o invertir en activos líquidos accesorios (como instrumentos del mercado monetario).
Remuneración normalmente menor
Remuneración normalmente mayor
El fondo puede recurrir a los derivados financieros con fines de inversión, gestión eficiente de la cartera o