# 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 (ENDE, 2020-07-21):
# Anlageziele und Anlagepolitik
Ziel des Fonds ist das Erreichen von laufenden Erträgen und langfristigem Wachstum Ihrer Anlage vorwiegend durch die Investition in Dividendenpapiere weltweit.
Der Fonds investiert hauptsächlich in Aktien mit überdurchschnittlicher Dividendenrendite und hoher Marktkapitalisierung und legt auch in anderen Erträge erzielenden Beteiligungspapieren einschließlich Vorzugsaktien, Immobilieninvestmentfonds und Master Limited Partnerships an.
Der Fonds kann außerdem zur Beschaffung zusätzlicher Liquidität in Geldmarktinstrumente investieren. Der Fonds kann bis zu 10 % seines Nettovermögens in Organismen für gemeinsame Anlagen, wie u.a. Exchange Traded Funds, anlegen.
Der Fonds kann Derivate (Anlagen, die es dem Fonds ermöglichen, im Rahmen eines Finanzkontrakts eine Anlage in einen Vermögenswert vorzunehmen, ohne eine direkte Beteiligung daran zu erwerben) mit dem Ziel verwenden, Zins- und Wechselkursrisiken effizienter zu steuern.
Darüber hinaus kann der Fonds Derivate sowohl zu Sicherungszwecken als auch zum Eingehen von Anlagepositionen einsetzen. Dazu können Short-Positionen gehören, bei denen der Fonds sich bemüht, Gewinne aus dem Verkauf eines Vermögenswerts zu erzielen, der sich nicht in seinem physischen Besitz befindet.
Hinweis: Entsprechend ist dieser Fonds gegebenenfalls nicht für Anleger geeignet, die ihr Geld innerhalb von 18 Monaten wieder aus dem Fonds zurückziehen möchten.
Ihre Anteile sind thesaurierend; das bedeutet, dass Erträge und Gewinne des Fonds wieder angelegt werden, um den Wert des Fonds zu steigern.