This sub-fund actively invests in companies with smaller market capitalizations and domiciled in Europe or carrying out the major part of their production or sales activities in Europe. The sub-fund invests mainly in companies with market capitalizations of less than EUR 3 billion at the time of investment. The objective is to achieve an excess return over its benchmark, the MSCI Small Cap Europe (net dividends reinvested) over a 1 year cycle. Investments in unlisted equities according to par. 1.1c) of the investment principles are limited to 10% of the fund’s NAV.