Investment Framework

Maximum cash share
The Fund may place 100% of its capital in the moneymarket.
 
Individual equity exposure
Maximum 20% of the Fund’s capital (but maximum 5% in a single derivative instrument).
 
Maximum gross market exposure
Via borowings and financial instruments up to 250% or EUR 250 for each EUR 100 of the Fund’s capital in equities or the equity market.
 
Net market exposure
Maximum positive exposure: The sum of bought and sold positions (net exposure) may not exceed 150% of the Fund’s capital or EUR 150 for each EUR 100.

Maximum negative exposure: The sum of bought and sold positions (net exposure) may not exceed -50% of the Fund’s capital or EUR 50 for each EUR 100.

The terms net positive exposure and net negative exposure designate the sum of bought positions minus the sum of sold positions. In other words, if the Fund has a net asset value of EUR 100, with long investments of EUR 70 and short investments of EUR 40, the net exposure is long 30%. The gross exposure in this case will be 110% of the net asset value.