# Objectives and investment policy
1 The Fund seeks long term gains by investing at least two thirds of its net assets in listed or traded shares (or related instruments) of issuers in Europe, or which derive a predominant part of their revenue from Europe. It may also invest in other asset classes, including debt securities, currencies, deposits and other funds and in other regions.
1 The Investment Manager looks to invest in companies rated favourably for ESG behaviours and policies by third party providers compared to equivalent companies operating in the same industry and companies generating a positive impact based on data collected over a medium to long term period. The Investment Manager looks to engage with the companies it invests in,
i.e. working collaboratively with corporate management teams to favour ESG behaviours and implement sustainable changes within these companies.
1 Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') extensively to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset. The Fund is not expected to have an increased market exposure (leverage) as a result of such investments.
1 The Portfolio's investment, directly, or indirectly through the use of derivatives, in equity securities (including, without limitation, common stock, convertibles and warrants) and fixed-income securities listed or traded on Recognised Markets in Russia shall not exceed 20% of the Net Asset Value of the Portfolio.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI Europe Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and
risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error and or relative Value at Risk (VaR) versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (“SFDR”) on sustainability-related disclosures in the financial services sector. The Investment Manager will apply an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production.
1 Not more than 30% of the Fund's assets will be listed or traded in non- OECD markets and no more than 15% of the Fund's assets or debt securities may have a rating of less than A (or equivalent).
1 The Fund may actively use FDI to provide investors with the currency risk associated with the underlying investments of the Fund, or of an appropriate benchmark.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Investment in the Fund is suitable for long-term investors.

Translation (ENDE, 2022-02-14):
# Ziele und Anlagepolitik
1 Ziel des Fonds ist die Erwirtschaftung langfristiger Gewinne, indem er mindestens zwei Drittel seines Nettovermögens in notierten oder gehandelten Aktien (oder damit verbundenen Instrumenten) anlegt, die von Emittenten begeben werden, die ihren Sitz in Europa haben oder einen überwiegenden Teil ihrer Erlöse aus Europa erzielen. Darüber hinaus kann der Fonds auch in anderen Vermögensklassen wie Schuldtitel, Devisen, Einlagen und anderen Fonds sowie in anderen Regionen anlegen.
1 Der Anlageverwalter ist bestrebt, in Unternehmen zu investieren, die in Bezug auf ESG-Verhaltensweisen und -Richtlinien im Vergleich zu gleichwertigen Unternehmen in derselben Branche von Drittanbietern positiv bewertet werden, sowie in Unternehmen, die auf der Grundlage mittel- bis langfristiger Daten eine positive Wirkung erzielen. Der Anlageverwalter ist daran interessiert, mit den Unternehmen zu interagieren, in die er investiert, also mit den Managementteams der Unternehmen mit dem Ziel zusammenzuarbeiten, so dass ESG-konforme Verhaltensweisen bevorzugt und nachhaltige Veränderungen innerhalb dieser Unternehmen umgesetzt werden.
1 Schuldverschreibungen können von allen Regierungen, Unternehmen oder internationalen Behörden begeben werden und erfordern keine Mindestbewertung.
1 Der Fonds kann sich in hohem Maße derivativer Finanzinstrumente (Instrumente, deren Kurs von einem oder mehreren zugrunde liegenden Vermögenswerten abhängt, „FDI“) bedienen, um das Anlageziel zu erreichen, sich gegen erwartete Veränderungen auf einem Markt oder eines Wertpapiers abzusichern, oder wenn dies wirtschaftlicher ist als die direkte Anlage im Basiswert. Ein erhöhtes Marktrisiko („Leverage“) wird für den Fonds durch diese Investitionen nicht erwartet.
1 Die Anlage des Teilfonds in Aktienwerten (insbesondere Stammaktien, Wandelschuldverschreibungen und Optionsscheinen) und festverzinslichen Wertpapieren, die an anerkannter Märkten in Russland notiert sind oder