The investment objective of the fund is to replicate the performance of the MSCI Europe Telecommunication ServicesSM (Morgan Stanley Capital International), however it develops. The management strategy aims to ensure the spread between the change in net asset value and in the index (measured by tracking error), is as small as possible and lower than 1%.
The Fund is managed according to the index-based management methods developed by the State Street Group. The management strategy emphasizes the replication method that consists of purchasing all the securities that make up the reference index in proportion to their respective weightings as closely as possible. The structure of the portfolio is therefore very close to that of its benchmark. It does not involve any sector-based speculation or stockpicking.