The objective of the Subfund is to achieve the highest possible return in Euros (Reference Currency), while taking due account of the principle of risk diversification, the security of the capital invested, and the liquidity of the assets. This Subfund aims to outperform the return of the MSCI EMU (NR) benchmark. The Subfund is actively managed. The benchmark is used as a reference point for portfolio construction and as a basis for setting risk constraints, and/or for Performance Fee measurement purposes. The majority of the Subfund’s equity securities will not necessarily be components of or have weightings derived from the benchmark. The Investment Manager will use its discretion to significantly deviate the weighting of certain components of the benchmark and to significantly invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.