# Objectives and investment policy
1 The Fund seeks dividend income and long term gains by investing primarily in shares of companies which are listed or traded on a recognised market in Europe or companies which are domiciled, headquartered or derive a predominant part of their revenues from activities in Europe.
1 The Investment Manager, through the application of detailed screening criteria, seeks to invest in companies with a growing business model and companies which are considered to be in mature, cyclical or regulated businesses, all of which generate high free cash flows that can be used to either reinvest in the business to generate future growth or be paid shareholders in the form a dividend.
1 In addition, the Fund may also invest in a number of other assets including up to 10% of its net asset value in shares of other funds such as money market funds which have a similar investment policy to the Fund.
1 The Fund may actively use financial derivative instruments (instruments whose prices are dependent on one or more underlying assets “FDI”) 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.
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 typically applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal production. At least 20% of the net long positions will consist of investments that contribute to the environmental and social characteristics promoted by the Fund.
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.
The Fund does not intend to track the MSCI Europe Value Index and is not constrained by it, it is included here for performance comparison purposes only. The Fund may not hold all or any of the benchmark components.
1 The Fund is expected to hold a concentrated pool of assets (holding approximately 25-35 securities) and fluctuations in the value of an asset may have a more significant impact than in a broadly diversified pool of assets.
1 The Fund is not expected to have an increased market exposure (leverage) as a result of its use of FDI.
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 medium to long-term investors.

Translation (ENDE, 2022-02-14):
# Ziele und Anlagepolitik
1 Der Fonds strebt Dividendenerträge und langfristige Gewinne an, indem er hauptsächlich in Aktien von Unternehmen anlegt, die auf einem in Europa anerkannten Markt notiert sind oder gehandelt werden, oder in Aktien von Unternehmen, die in Europa ansässig sind, ihren Hauptsitz in Europa haben oder einen überwiegenden Teil ihrer Erlöse aus Europa erzielen.
1 Der Portfolioverwalter investiert auf der Grundlage detaillierter Prüfungskriterien in Unternehmen mit einem wachsenden Geschäftsmodell und in Unternehmen, die in voll entwickelten, zyklischen oder regulierten Geschäften aktiv sind, die alle starke freie Cashflows erzeugen, die entweder in das Unternehmen reinvestiert werden können, um zukünftiges Wachstum zu erzeugen, oder an Anteilsinhaber in Form einer Dividende ausgezahlt werden können.
1 Außerdem kann der Fonds auch in eine Reihe anderer Vermögenswerte investieren, darunter bis zu 10 % seines Nettoinventarwerts in Aktien anderer Fonds wie etwa Geldmarktfonds, die eine ähnliche Anlagepolitik verfolgen wie der Fonds.
1 Der Fonds kann sich aktiv 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.
1 Der Fonds bewirbt neben anderen Merkmalen auch ökologische und soziale Merkmale im Sinne von Artikel 8 der Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor („Offenlegungsverordnung“ bzw. „SFDR“). Der Anlageverwalter wendet normalerweise eine Ausschlussliste mit kontroversen Aktien oder Branchen an, die möglicherweise mit Waffen und Munition, Atomwaffen, Tabak und Kohleförderung in Verbindung stehen. Mindestens 20 % der Netto-Long- Positionen werden aus Anlagen bestehen, die zu den vom Fonds