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The Sub-Fund seeks to achieve stable absolute returns in excess of its benchmark. The targeted returns are intended to be largely de-correlated from those of European equities. To reach this objective the Sub-Fund assets will be actively allocated, primarily to long and short positions in European equities and equity equivalent securities. Exposures will be mainly achieved by using direct investment in equities and in financial derivative instruments (including equity futures, contracts for differences, total return swaps and currency forwards) through the taking of both long and short positions. Short synthetic positions are only taken by using financial derivative instruments. The global exposure relating to the use of financial derivative instruments shall not exceed the total net asset value of the Sub-Fund. The global exposure relating to financial derivative instruments will be calculated using a Value-at-Risk approach.