The gross performance (BVI method) takes into account all costs incurred at fund level (e.g. management fees), while the net performance also takes into account the front-end load incurred at investor level. An exemplary investment amount of 1000 USD would result in the following costs in addition to the costs incurred at fund level: Initial sales charge on the initial sales price once upon purchase, currently 0% (=0 USD). Additional costs may be incurred at investor level (e.g. custody account costs), which are not included in the presentation. Please refer to the price list of your custodian bank. Past performance is not a reliable indicator of future performance. In the case of foreign currencies, the return may rise or fall as a result of currency fluctuations and/or costs incurred in hedging currency risks.
The objective of the sub-fund's investment policy is to achieve a money market return in the reference currency of the sub-fund and an adequate risk premium by investing in a portfolio of debt instruments linked to insurance events ("insurance-linked securities", "ILS" or "Cat Bonds").
To this end, the sub-fund invests mainly in debt securities and rights (bonds, notes, preference shares) from issuers worldwide. Of these investments, a maximum of 50% may be invested in ILS linked to direct, independent insurance events. In addition, up to 30% may be invested in ILS linked to indirect, independent insurance events. The sub-fund must invest in at least five independent insurance events. The individual ILS may not exceed 10% of the assets of a sub-fund. In addition, the sub-fund's assets may be invested as follows: (a) As indirect investments in ILS in the form of units of open-ended investment funds or other open-ended undertakings for collective investment with a similar function and/or in units of closed-end investment funds, investment companies or other closed-end undertakings for collective investment with a similar function; (b) As short-term liquid investments in the form of sight or time deposits (at banks, fiduciary investments) or in the form of money market instruments. The sub-fund may invest no more than 10% of fund assets in UCITS and UCI. The sub-fund may also hold liquid assets and borrow up to 10% of its net asset value on a temporary basis.
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