The Fund does not offer any capital guarantee or protection and you may not get back the amount invested.

• The Fund is subject to the following risks which are materially relevant:
  Fund operations: The fund is subject to the risk of loss resulting from inadequate or failed internal processes, people or systems or those of third parties such as those responsible for the custody of its assets, especially to the extent that it invests in developing countries.
  Geographical focus: This fund invests primarily in the United States, which means that it is more sensitive to local economic, market, political or regulatory events in the United States, and will be more affected by these events than other funds that invest in a broader range of regions.
  Investment in company shares: The fund invests in shares of companies, and the value of these shares can be negatively affected by changes in the company, its industry or the economy in which it operates.
  Sustainability: The fund's integration of sustainability risks in the investment decision process may have the effect of excluding profitable investments from the investment universe of the fund and may also cause the fund to sell investments that will continue to perform well. A sustainability risk could materialise due to an environmental, social or governance event or condition which may impact the fund's investments and negatively affect the returns of the fund.

Complete information on the risks of investing in the Fund are set out in the Fund's prospectus.

The Fund promotes environmental and social characteristics in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (the “SFDR”).

In its implementation of the Fund’s Environmental, Social and Governance (ESG) strategy, the Investment Manager integrates consideration of financially material ESG issues in the fundamental research process, such as Environmental issues including greenhouse gas (GHG) emissions; Social issues such as diversity, equity and inclusion and employee well-being and Governmental issues such as Board composition.

The Investment Advisor considers ESG analysis as additive and complementary to the fundamental understanding that is at the center of its investment philosophy. Relevant issues are considered within the operating context of an issuer. The Investment Advisor’s ESG and sustainability research is guided by its internally developed materiality map which was inspired and guided by the materiality mapping of the Sustainable Accounting Standards Board (SASB) / the International Sustainability Standards Board (ISSB). The Investment Manager also uses third-party data to augment the investment process in terms of measuring and reporting. While the Investment Manager does not rely solely on third-party scoring, it uses these inputs as part of the overall research analysis.  

As part of its investment decision making process, the Fund’s ESG strategy also uses binding criteria for the selection of underlying assets and applies specific ESG exclusions. The Fund promotes environmental and/or social characteristics but does not have as its objective sustainable investment.

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