The Sub-fund mainly invests in convertible bonds and exchangeable bonds denominated in Euro. It may also invest on an ancillary basis in other bonds having an underlying exposure to equities, in participating shares and warrants and in short term money market instruments.
In any event, the total assets of the Sub-fund shall at all times essentially be invested in convertible bonds denominated in Euro. A maximum of 10% of the total assets of the Sub-fund may be invested in shares and other participation rights. The total assets of the Sub-fund may be invested on an ancillary basis in money market instruments and bank deposits.