Performance funds/ETFs

The fund invests primarily in euro-denominated bonds from issuers with high creditworthiness (classified as investment grade by the established rating agencies). The fund may also invest to a limited extent in non-euro, emerging market and high yield bonds. The portfolio has an average credit quality of investment grade. The fund takes active positions in interest rates, credit and currencies using bonds and derivatives. The fund manager combines a mix of carefully selected issuers and bonds across a range of maturities and if desired in various currencies with the aim of exploiting attractive return opportunities while maintaining risk control.