Anlageziel

The investment objective of the Sub-Fund is to achieve superior risk-adjusted returns by investing primarily in high yield bonds issued by European issuers and on an ancillary basis in high yield bonds denominated in European currencies issued by North American issuers. The Sub-Fund is actively managed with reference to the benchmark ICE BofAML Global HY European Iss. Non-Fin. Excl. Russia (TR) (EUR-H). While the Sub-Fund has a reference benchmark, it is actively managed by implementing the investment philosophy and process described in this section. The Investment Manager has an ample degree of freedom to deviate from the benchmark.