# What are the risks and what could I get in return?
## Risk Indicator
The summary risk indicator is a guide to the level of risk of this fund compared to other products. It shows how likely it is that the fund will lose money because of movements in the markets.
environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors.
Prices of equity securities can vary significantly in response to issuer, market, economic, industry, political, geopolitical, public health, and regulatory conditions. This risk may be higher where the fund invests in a specific country or region or invests in a smaller number of companies. Emerging markets can be more volatile and less liquid than more developed markets. Changes in currency rates can significantly affect the value of your investment, and may also affect the financial condition of the issuers in which the fund invests. For more information about the fund’s risks, please see the Prospectus.
The fund’s benchmark, MSCI Europe (ex-UK) Index (net div) (EUR), has been designated for performance comparison only. Although the fund’s investments will generally be represented in the benchmark, components are likely to be weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objectives and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.

## Distributions
Income will not be distributed to shareholders but reflected in the assets of the fund.

## Intended Retail Investor
The fund is intended as a long term investment for investors who have the ability to bear fluctuations in the value of their investment, including in extraordinary market conditions, the total loss of their investment. The fund is available for investors with basic knowledge of financial instruments and limited or no previous experience investing in pooled investment products. Notwithstanding the above, investment decisions should be based on each investor’s specific risk profile and investment portfolio.
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|  | The risk indicator assumes you keep the fund for 10 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. |

We have classified this Product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a
medium level. Be aware of currency risk if your reference currency differs from the base currency of the fund as the final return you receive depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown.
The rating reflects the risks of investing in a portfolio of continental European equity securities. It does not reflect the risk that these

Translation (ENFR, 2023-01-01):
# Quels sont les risques et qu'est-ce que cela pourrait me rapporter ?
## Indicateur de risque
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce compartiment par rapport à d'autres produits. Il indique la probabilité que ce compartiment enregistre des pertes en cas de mouvements sur les marchés.
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| Risque le plus faible | Risque le plus élevé |
|  | L’indicateur de risque part de l'hypothèse que vous conservez le produit pendant 10 ans. Le risque réel peut être très différent si vous optez pour une sortie avant échéance, et vous pourriez obtenir moins en retour. |