The fund’s objective is to establish, in the investor’s interest, the Sub-Fund’s asset allocation on the basis of the state of economy and financial markets. In this perspective up to 100% of the Sub-Fund’s assets may be invested in equities. The Sub-Fund shall be characterized by active and absolute performance oriented management. The management style shall include an investment analysis based on the interpretation of the economic cycle with a view to establishing global asset allocation, together with a selection of individual securities within the industry sectors specified below. The debt obligations selected may have any financial duration.